Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 (1) T1-F1 $ 8,004,924.00 (2) T1-V1 $ 8,004,924.00 (3) T1-F2 $ 9,977,840.50 (2) T1-V2 $ 9,977,840.50 (3) T1-F3 $ 11,939,322.50 (2) T1-V3 $ 11,939,322.50 (3) T1-F4 $ 13,873,423.50 (2) T1-V4 $ 13,873,423.50 (3) T1-F5 $ 15,763,672.00 (2) T1-V5 $ 15,763,672.00 (3) T1-F6 $ 17,593,254.50 (2) T1-V6 $ 17,593,254.50 (3) T1-F7 $ 19,345,206.00 (2) T1-V7 $ 19,345,206.00 (3) T1-F8 $ 21,002,631.00 (2) T1-V8 $ 21,002,631.00 (3) T1-F9 $ 22,548,927.50 (2) T1-V9 $ 22,548,927.50 (3) T1-F10 $ 23,965,883.00 (2) T1-V10 $ 23,965,883.00 (3) T1-F11 $ 23,117,112.00 (2) T1-V11 $ 23,117,112.00 (3) T1-F12 $ 22,123,993.00 (2) T1-V12 $ 22,123,993.00 (3) T1-F13 $ 21,173,788.50 (2) T1-V13 $ 21,173,788.50 (3) T1-F14 $ 20,264,634.50 (2) T1-V14 $ 20,264,634.50 (3) T1-F15 $ 19,394,748.50 (2) T1-V15 $ 19,394,748.50 (3) T1-F16 $ 18,562,424.00 (2) T1-V16 $ 18,562,424.00 (3) T1-F17 $ 17,766,033.00 (2) T1-V17 $ 17,766,033.00 (3) T1-F18 $ 17,004,014.00 (2) T1-V18 $ 17,004,014.00 (3) T1-F19 $ 16,274,876.00 (2) T1-V19 $ 16,274,876.00 (3) T1-F20 $ 15,577,194.00 (2) T1-V20 $ 15,577,194.00 (3) T1-F21 $ 14,909,602.00 (2) T1-V21 $ 14,909,602.00 (3) T1-F22 $ 210,260,687.50 (2) T1-V22 $ 210,260,687.50 (3) T1-F23 $ 22,301,576.50 (2) T1-V23 $ 22,301,576.50 (3) T1-F24 $ 5,962,632.00 (2) T1-V24 $ 5,962,632.00 (3) T1-F25 $ 5,439,414.00 (2) T1-V25 $ 5,439,414.00 (3) T1-F26 $ 4,972,125.50 (2) T1-V26 $ 4,972,125.50 (3) T1-F27 $ 3,736,052.50 (2) T1-V27 $ 3,736,052.50 (3) T1-F28 $ 3,292,538.00 (2) T1-V28 $ 3,292,538.00 (3) T1-F29 $ 3,154,929.50 (2) T1-V29 $ 3,154,929.50 (3) T1-F30 $ 3,023,443.00 (2) T1-V30 $ 3,023,443.00 (3) T1-F31 $ 2,897,789.00 (2) T1-V31 $ 2,897,789.00 (3) T1-F32 $ 2,777,688.00 (2) T1-V32 $ 2,777,688.00 (3) T1-F33 $ 2,662,878.50 (2) T1-V33 $ 2,662,878.50 (3) T1-F34 $ 8,643,709.00 (2) T1-V34 $ 8,643,709.00 (3) T1-F35 $ 3,835,820.50 (2) T1-V35 $ 3,835,820.50 (3) T1-F36 $ 1,895,043.00 (2) T1-V36 $ 1,895,043.00 (3) T1-F37 $ 1,826,410.00 (2) T1-V37 $ 1,826,410.00 (3) T1-F38 $ 1,760,282.00 (2) T1-V38 $ 1,760,282.00 (3) T1-F39 $ 1,696,567.00 (2) T1-V39 $ 1,696,567.00 (3) T1-F40 $ 1,635,174.50 (2) T1-V40 $ 1,635,174.50 (3) T1-F41 $ 1,576,019.00 (2) T1-V41 $ 1,576,019.00 (3) T1-F42 $ 1,519,017.50 (2) T1-V42 $ 1,519,017.50 (3) T1-F43 $ 1,464,090.50 (2) T1-V43 $ 1,464,090.50 (3) T1-F44 $ 1,411,161.50 (2) T1-V44 $ 1,411,161.50 (3) T1-F45 $ 1,360,156.50 (2) T1-V45 $ 1,360,156.50 (3) T1-F46 $ 1,311,005.00 (2) T1-V46 $ 1,311,005.00 (3) T1-F47 $ 34,945,430.50 (2) T1-V47 (5) $ 34,945,430.50 (3) R-I (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.20%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.20%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. (5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (1) A2 T2-A3(5) $ 162,751,500.00 (1) A3 T2-A4(5) $ 48,919,000.00 (1) A4 T2-A5(5) $ 85,924,500.00 (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (1) M1 T2-M2(5) $ 25,399,500.00 (1) M2 T2-M3(5) $ 19,402,500.00 (1) M3 T2-M4(5) $ 8,819,500.00 (1) M4 T2-M5(5) $ 11,641,500.00 (1) M5 T2-M6(5) $ 10,936,000.00 (1) M6 T2-M7(5) $ 9,877,500.00 (1) M7 T2-M8(5) $ 7,408,000.00 (1) M8 T2-M9(5) $ 6,350,000.00 (1) M9 T2-M10(5) $ 14,463,500.00 (1) M10 T2-M11(5) $ 3,527,500.00 (1) M11 T2-P (4) (5) $ 50.00 (1) P T2-Accrual Interest $ 712,953,739.55 (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________ (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2. (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trust Administrator shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 19,807,750.96 (1) T1-F1 $ 8,004,924.00 4,208,906.50 (2) T1-V1 $ 8,004,924.00 4,208,906.50 (3) T1-F2 $ 9,977,840.50 4,786,580.00 (2) T1-V2 $ 9,977,840.50 4,786,580.00 (3) T1-F3 $ 11,939,322.50 5,356,699.50 (2) T1-V3 $ 11,939,322.50 5,356,699.50 (3) T1-F4 $ 13,873,423.50 5,916,111.50 (2) T1-V4 $ 13,873,423.50 5,916,111.50 (3) T1-F5 $ 15,763,672.00 6,461,017.00 (2) T1-V5 $ 15,763,672.00 6,461,017.00 (3) T1-F6 $ 17,593,254.50 6,992,385.50 (2) T1-V6 $ 17,593,254.50 6,992,385.50 (3) T1-F7 $ 19,345,206.00 7,692,206.00 (2) T1-V7 $ 19,345,206.00 7,692,206.00 (3) T1-F8 $ 21,002,631.00 8,183,673.00 (2) T1-V8 $ 21,002,631.00 8,183,673.00 (3) T1-F9 $ 22,548,927.50 8,653,477.50 (2) T1-V9 $ 22,548,927.50 8,653,477.50 (3) T1-F10 $ 23,965,883.00 9,098,121.50 (2) T1-V10 $ 23,965,883.00 9,098,121.50 (3) T1-F11 $ 23,117,112.00 9,518,804.50 (2) T1-V11 $ 23,117,112.00 9,518,804.50 (3) T1-F12 $ 22,123,993.00 9,911,444.50 (2) T1-V12 $ 22,123,993.00 9,911,444.50 (3) T1-F13 $ 21,173,788.50 10,587,255.00 (2) T1-V13 $ 21,173,788.50 10,587,255.00 (3) T1-F14 $ 20,264,634.50 11,094,936.50 (2) T1-V14 $ 20,264,634.50 11,094,936.50 (3) T1-F15 $ 19,394,748.50 11,239,775.50 (2) T1-V15 $ 19,394,748.50 11,239,775.50 (3) T1-F16 $ 18,562,424.00 11,169,011.50 (2) T1-V16 $ 18,562,424.00 11,169,011.50 (3) T1-F17 $ 17,766,033.00 11,098,286.50 (2) T1-V17 $ 17,766,033.00 11,098,286.50 (3) T1-F18 $ 17,004,014.00 10,763,691.00 (2) T1-V18 $ 17,004,014.00 10,763,691.00 (3) T1-F19 $ 16,274,876.00 10,452,985.50 (2) T1-V19 $ 16,274,876.00 10,452,985.50 (3) T1-F20 $ 15,577,194.00 10,139,146.50 (2) T1-V20 $ 15,577,194.00 10,139,146.50 (3) T1-F21 $ 14,909,602.00 12,955,928.00 (2) T1-V21 $ 14,909,602.00 12,955,928.00 (3) T1-F22 $ 210,260,687.50 12,564,722.00 (2) T1-V22 $ 210,260,687.50 12,564,722.00 (3) T1-F23 $ 22,301,576.50 14,192,733.00 (2) T1-V23 $ 22,301,576.50 14,192,733.00 (3) T1-F24 $ 5,962,632.00 13,442,110.00 (2) T1-V24 $ 5,962,632.00 13,442,110.00 (3) T1-F25 $ 5,439,414.00 12,967,107.50 (2) T1-V25 $ 5,439,414.00 12,967,107.50 (3) T1-F26 $ 4,972,125.50 12,278,969.00 (2) T1-V26 $ 4,972,125.50 12,278,969.00 (3) T1-F27 $ 3,736,052.50 9,683,349.00 (2) T1-V27 $ 3,736,052.50 9,683,349.00 (3) T1-F28 $ 3,292,538.00 9,142,118.50 (2) T1-V28 $ 3,292,538.00 9,142,118.50 (3) T1-F29 $ 3,154,929.50 7,344,609.50 (2) T1-V29 $ 3,154,929.50 7,344,609.50 (3) T1-F30 $ 3,023,443.00 7,389,156.50 (2) T1-V30 $ 3,023,443.00 7,389,156.50 (3) T1-F31 $ 2,897,789.00 6,944,537.50 (2) T1-V31 $ 2,897,789.00 6,944,537.50 (3) T1-F32 $ 2,777,688.00 63,252,569.50 (2) T1-V32 $ 2,777,688.00 63,252,569.50 (3) T1-F33 $ 2,662,878.50 7,814,543.50 (2) T1-V33 $ 2,662,878.50 7,814,543.50 (3) T1-F34 $ 8,643,709.00 47,172,469.00 (2) T1-V34 $ 8,643,709.00 47,172,469.00 (3) T1-F35 $ 3,835,820.50 3,019,632.00 (2) T1-V35 $ 3,835,820.50 3,019,632.00 (3) T1-F36 $ 1,895,043.00 2,789,258.50 (2) T1-V36 $ 1,895,043.00 2,789,258.50 (3) T1-F37 $ 1,826,410.00 2,695,624.00 (2) T1-V37 $ 1,826,410.00 2,695,624.00 (3) T1-F38 $ 1,760,282.00 2,553,716.00 (2) T1-V38 $ 1,760,282.00 2,553,716.00 (3) T1-F39 $ 1,696,567.00 2,392,523.00 (2) T1-V39 $ 1,696,567.00 2,392,523.00 (3) T1-F40 $ 1,635,174.50 2,286,434.50 (2) T1-V40 $ 1,635,174.50 2,286,434.50 (3) T1-F41 $ 1,576,019.00 1,782,282.50 (2) T1-V41 $ 1,576,019.00 1,782,282.50 (3) T1-F42 $ 1,519,017.50 1,723,622.50 (2) T1-V42 $ 1,519,017.50 1,723,622.50 (3) T1-F43 $ 1,464,090.50 2,299,105.00 (2) T1-V43 $ 1,464,090.50 2,299,105.00 (3) T1-F44 $ 1,411,161.50 3,000,785.00 (2) T1-V44 $ 1,411,161.50 3,000,785.00 (3) T1-F45 $ 1,360,156.50 1,655,241.00 (2) T1-V45 $ 1,360,156.50 1,655,241.00 (3) T1-F46 $ 1,311,005.00 13,919,663.50 (2) T1-V46 $ 1,311,005.00 13,919,663.50 (3) T1-F47 $ 34,945,430.50 1,173,955.50 (2) T1-V47 $ 1,173,955.50 (3) T1-F48 $ 918,689.50 (2) T1-V48 $ 918,689.50 (3) T1-F49 $ 760,524.50 (2) T1-V49 $ 760,524.50 (3) T1-F50 $ 737,276.50 (2) T1-V50 $ 737,276.50 (3) T1-F51 $ 714,750.50 (2) T1-V51 $ 714,750.50 (3) T1-F52 $ 692,923.00 (2) T1-V52 $ 692,923.00 (3) T1-F53 $ 671,772.00 (2) T1-V53 $ 671,772.00 (3) T1-F54 $ 651,277.50 (2) T1-V54 $ 651,277.50 (3) T1-F55 $ 631,431.50 (2) T1-V55 $ 631,431.50 (3) T1-F56 $ 612,183.50 (2) T1-V56 $ 612,183.50 (3) T1-F57 $ 593,560.50 (2) T1-V57 $ 593,560.50 (3) T1-F58 $ 576,118.00 (2) T1-V58 $ 576,118.00 (3) T1-F59 $ 559,095.50 (2) T1-V59 $ 559,095.50 (3) T1-F60 $ 13,331,118.50 (2) T1-V60 (5) $ 34,945,430.50 13,331,118.50 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2010.638%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2010.638%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series MO 2006-He6), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series MO 2006-He6)
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 14,480,842.31 (1) T1-F1 $ 8,004,924.00 4,313,514.00 (2) T1-V1 $ 8,004,924.00 4,313,514.00 (3) T1-F2 $ 9,977,840.50 4,896,089.00 (2) T1-V2 $ 9,977,840.50 4,896,089.00 (3) T1-F3 $ 11,939,322.50 5,469,735.50 (2) T1-V3 $ 11,939,322.50 5,469,735.50 (3) T1-F4 $ 13,873,423.50 6,032,264.50 (2) T1-V4 $ 13,873,423.50 6,032,264.50 (3) T1-F5 $ 15,763,672.00 6,581,125.00 (2) T1-V5 $ 15,763,672.00 6,581,125.00 (3) T1-F6 $ 17,593,254.50 7,112,063.00 (2) T1-V6 $ 17,593,254.50 7,112,063.00 (3) T1-F7 $ 19,345,206.00 7,628,262.50 (2) T1-V7 $ 19,345,206.00 7,628,262.50 (3) T1-F8 $ 21,002,631.00 8,124,800.00 (2) T1-V8 $ 21,002,631.00 8,124,800.00 (3) T1-F9 $ 22,548,927.50 8,599,663.00 (2) T1-V9 $ 22,548,927.50 8,599,663.00 (3) T1-F10 $ 23,965,883.00 9,050,575.50 (2) T1-V10 $ 23,965,883.00 9,050,575.50 (3) T1-F11 $ 23,117,112.00 9,473,644.50 (2) T1-V11 $ 23,117,112.00 9,473,644.50 (3) T1-F12 $ 22,123,993.00 9,872,431.00 (2) T1-V12 $ 22,123,993.00 9,872,431.00 (3) T1-F13 $ 21,173,788.50 10,242,395.50 (2) T1-V13 $ 21,173,788.50 10,242,395.50 (3) T1-F14 $ 20,264,634.50 10,631,668.50 (2) T1-V14 $ 20,264,634.50 10,631,668.50 (3) T1-F15 $ 19,394,748.50 10,921,634.50 (2) T1-V15 $ 19,394,748.50 10,921,634.50 (3) T1-F16 $ 18,562,424.00 11,052,029.00 (2) T1-V16 $ 18,562,424.00 11,052,029.00 (3) T1-F17 $ 17,766,033.00 10,716,186.00 (2) T1-V17 $ 17,766,033.00 10,716,186.00 (3) T1-F18 $ 17,004,014.00 10,390,557.00 (2) T1-V18 $ 17,004,014.00 10,390,557.00 (3) T1-F19 $ 16,274,876.00 10,074,830.00 (2) T1-V19 $ 16,274,876.00 10,074,830.00 (3) T1-F20 $ 15,577,194.00 9,768,704.00 (2) T1-V20 $ 15,577,194.00 9,768,704.00 (3) T1-F21 $ 14,909,602.00 10,206,765.00 (2) T1-V21 $ 14,909,602.00 10,206,765.00 (3) T1-F22 $ 210,260,687.50 15,505,104.00 (2) T1-V22 $ 210,260,687.50 15,505,104.00 (3) T1-F23 $ 22,301,576.50 14,647,135.50 (2) T1-V23 $ 22,301,576.50 14,647,135.50 (3) T1-F24 $ 5,962,632.00 13,838,596.50 (2) T1-V24 $ 5,962,632.00 13,838,596.50 (3) T1-F25 $ 5,439,414.00 13,076,581.00 (2) T1-V25 $ 5,439,414.00 13,076,581.00 (3) T1-F26 $ 4,972,125.50 12,358,355.50 (2) T1-V26 $ 4,972,125.50 12,358,355.50 (3) T1-F27 $ 3,736,052.50 11,212,813.50 (2) T1-V27 $ 3,736,052.50 11,212,813.50 (3) T1-F28 $ 3,292,538.00 6,985,785.50 (2) T1-V28 $ 3,292,538.00 6,985,785.50 (3) T1-F29 $ 3,154,929.50 6,763,750.00 (2) T1-V29 $ 3,154,929.50 6,763,750.00 (3) T1-F30 $ 3,023,443.00 6,548,809.00 (2) T1-V30 $ 3,023,443.00 6,548,809.00 (3) T1-F31 $ 2,897,789.00 6,340,735.00 (2) T1-V31 $ 2,897,789.00 6,340,735.00 (3) T1-F32 $ 2,777,688.00 20,514,564.50 (2) T1-V32 $ 2,777,688.00 20,514,564.50 (3) T1-F33 $ 2,662,878.50 116,728,712.00 (2) T1-V33 $ 2,662,878.50 116,728,712.00 (3) T1-F34 $ 8,643,709.00 1,974,968.50 (2) T1-V34 $ 8,643,709.00 1,974,968.50 (3) T1-F35 $ 3,835,820.50 1,895,142.00 (2) T1-V35 $ 3,835,820.50 1,895,142.00 (3) T1-F36 $ 1,895,043.00 1,819,079.50 (2) T1-V36 $ 1,895,043.00 1,819,079.50 (3) T1-F37 $ 1,826,410.00 1,746,582.50 (2) T1-V37 $ 1,826,410.00 1,746,582.50 (3) T1-F38 $ 1,760,282.00 1,677,464.00 (2) T1-V38 $ 1,760,282.00 1,677,464.00 (3) T1-F39 $ 1,696,567.00 1,521,576.50 (2) T1-V39 $ 1,696,567.00 1,521,576.50 (3) T1-F40 $ 1,635,174.50 1,300,605.50 (2) T1-V40 $ 1,635,174.50 1,300,605.50 (3) T1-F41 $ 1,576,019.00 1,264,005.00 (2) T1-V41 $ 1,576,019.00 1,264,005.00 (3) T1-F42 $ 1,519,017.50 1,228,442.50 (2) T1-V42 $ 1,519,017.50 1,228,442.50 (3) T1-F43 $ 1,464,090.50 1,193,887.50 (2) T1-V43 $ 1,464,090.50 1,193,887.50 (3) T1-F44 $ 1,411,161.50 1,915,510.50 (2) T1-V44 $ 1,411,161.50 1,915,510.50 (3) T1-F45 $ 1,360,156.50 2,632,965.50 (2) T1-V45 $ 1,360,156.50 2,632,965.50 (3) T1-F46 $ 1,311,005.00 1,020,459.00 (2) T1-V46 $ 1,311,005.00 1,020,459.00 (3) T1-F47 $ 34,945,430.50 992,171.00 (2) T1-V47 $ 992,171.00 (3) T1-F48 $ 964,670.50 (2) T1-V48 $ 964,670.50 (3) T1-F49 $ 937,936.50 (2) T1-V49 $ 937,936.50 (3) T1-F50 $ 911,946.00 (2) T1-V50 $ 911,946.00 (3) T1-F51 $ 886,679.00 (2) T1-V51 $ 886,679.00 (3) T1-F52 $ 862,115.00 (2) T1-V52 $ 862,115.00 (3) T1-F53 $ 838,235.00 (2) T1-V53 $ 838,235.00 (3) T1-F54 $ 815,018.50 (2) T1-V54 $ 815,018.50 (3) T1-F55 $ 792,448.00 (2) T1-V55 $ 792,448.00 (3) T1-F56 $ 770,612.50 (2) T1-V56 $ 770,612.50 (3) T1-F57 $ 752,167.00 (2) T1-V57 $ 752,167.00 (3) T1-F58 $ 730,783.50 (2) T1-V58 $ 730,783.50 (3) T1-F59 $ 710,508.50 (2) T1-V59 $ 710,508.50 (3) T1-F60 $ 17,618,452.00 (2) T1-V60 (5) $ 34,945,430.50 17,618,452.00 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2010.42%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2010.42%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series OOMC 2006-He3), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series OOMC 2006-He3)
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 24,816,293.21 (1) T1-F1 $ 8,004,924.00 3,813,611.00 (2) T1-V1 $ 8,004,924.00 3,813,611.00 (3) T1-F2 $ 9,977,840.50 4,429,986.50 (2) T1-V2 $ 9,977,840.50 4,429,986.50 (3) T1-F3 $ 11,939,322.50 5,042,116.00 (2) T1-V3 $ 11,939,322.50 5,042,116.00 (3) T1-F4 $ 13,873,423.50 5,645,286.00 (2) T1-V4 $ 13,873,423.50 5,645,286.00 (3) T1-F5 $ 15,763,672.00 6,237,188.50 (2) T1-V5 $ 15,763,672.00 6,237,188.50 (3) T1-F6 $ 17,593,254.50 6,815,527.00 (2) T1-V6 $ 17,593,254.50 6,815,527.00 (3) T1-F7 $ 19,345,206.00 7,375,569.00 (2) T1-V7 $ 19,345,206.00 7,375,569.00 (3) T1-F8 $ 21,002,631.00 7,920,063.00 (2) T1-V8 $ 21,002,631.00 7,920,063.00 (3) T1-F9 $ 22,548,927.50 8,444,335.50 (2) T1-V9 $ 22,548,927.50 8,444,335.50 (3) T1-F10 $ 23,965,883.00 8,946,272.50 (2) T1-V10 $ 23,965,883.00 8,946,272.50 (3) T1-F11 $ 23,117,112.00 9,423,838.50 (2) T1-V11 $ 23,117,112.00 9,423,838.50 (3) T1-F12 $ 22,123,993.00 9,872,659.00 (2) T1-V12 $ 22,123,993.00 9,872,659.00 (3) T1-F13 $ 21,173,788.50 10,295,874.50 (2) T1-V13 $ 21,173,788.50 10,295,874.50 (3) T1-F14 $ 20,264,634.50 10,688,893.00 (2) T1-V14 $ 20,264,634.50 10,688,893.00 (3) T1-F15 $ 19,394,748.50 11,050,026.50 (2) T1-V15 $ 19,394,748.50 11,050,026.50 (3) T1-F16 $ 18,562,424.00 11,378,052.00 (2) T1-V16 $ 18,562,424.00 11,378,052.00 (3) T1-F17 $ 17,766,033.00 11,637,822.00 (2) T1-V17 $ 17,766,033.00 11,637,822.00 (3) T1-F18 $ 17,004,014.00 11,289,507.00 (2) T1-V18 $ 17,004,014.00 11,289,507.00 (3) T1-F19 $ 16,274,876.00 10,947,890.50 (2) T1-V19 $ 16,274,876.00 10,947,890.50 (3) T1-F20 $ 15,577,194.00 10,618,770.00 (2) T1-V20 $ 15,577,194.00 10,618,770.00 (3) T1-F21 $ 14,909,602.00 10,298,501.50 (2) T1-V21 $ 14,909,602.00 10,298,501.50 (3) T1-F22 $ 210,260,687.50 9,996,924.00 (2) T1-V22 $ 210,260,687.50 9,996,924.00 (3) T1-F23 $ 22,301,576.50 14,696,086.00 (2) T1-V23 $ 22,301,576.50 14,696,086.00 (3) T1-F24 $ 5,962,632.00 13,957,915.50 (2) T1-V24 $ 5,962,632.00 13,957,915.50 (3) T1-F25 $ 5,439,414.00 13,247,543.00 (2) T1-V25 $ 5,439,414.00 13,247,543.00 (3) T1-F26 $ 4,972,125.50 12,574,695.50 (2) T1-V26 $ 4,972,125.50 12,574,695.50 (3) T1-F27 $ 3,736,052.50 11,939,285.50 (2) T1-V27 $ 3,736,052.50 11,939,285.50 (3) T1-F28 $ 3,292,538.00 11,332,733.00 (2) T1-V28 $ 3,292,538.00 11,332,733.00 (3) T1-F29 $ 3,154,929.50 7,564,671.50 (2) T1-V29 $ 3,154,929.50 7,564,671.50 (3) T1-F30 $ 3,023,443.00 7,319,420.50 (2) T1-V30 $ 3,023,443.00 7,319,420.50 (3) T1-F31 $ 2,897,789.00 7,132,341.00 (2) T1-V31 $ 2,897,789.00 7,132,341.00 (3) T1-F32 $ 2,777,688.00 6,890,860.50 (2) T1-V32 $ 2,777,688.00 6,890,860.50 (3) T1-F33 $ 2,662,878.50 6,852,266.00 (2) T1-V33 $ 2,662,878.50 6,852,266.00 (3) T1-F34 $ 8,643,709.00 104,431,691.50 (2) T1-V34 $ 8,643,709.00 104,431,691.50 (3) T1-F35 $ 3,835,820.50 4,670,028.50 (2) T1-V35 $ 3,835,820.50 4,670,028.50 (3) T1-F36 $ 1,895,043.00 4,224,999.50 (2) T1-V36 $ 1,895,043.00 4,224,999.50 (3) T1-F37 $ 1,826,410.00 4,015,097.50 (2) T1-V37 $ 1,826,410.00 4,015,097.50 (3) T1-F38 $ 1,760,282.00 3,815,859.50 (2) T1-V38 $ 1,760,282.00 3,815,859.50 (3) T1-F39 $ 1,696,567.00 3,628,240.00 (2) T1-V39 $ 1,696,567.00 3,628,240.00 (3) T1-F40 $ 1,635,174.50 3,439,620.50 (2) T1-V40 $ 1,635,174.50 3,439,620.50 (3) T1-F41 $ 1,576,019.00 2,347,227.50 (2) T1-V41 $ 1,576,019.00 2,347,227.50 (3) T1-F42 $ 1,519,017.50 2,260,894.50 (2) T1-V42 $ 1,519,017.50 2,260,894.50 (3) T1-F43 $ 1,464,090.50 2,205,822.50 (2) T1-V43 $ 1,464,090.50 2,205,822.50 (3) T1-F44 $ 1,411,161.50 2,127,019.50 (2) T1-V44 $ 1,411,161.50 2,127,019.50 (3) T1-F45 $ 1,360,156.50 2,404,212.50 (2) T1-V45 $ 1,360,156.50 2,404,212.50 (3) T1-F46 $ 1,311,005.00 30,232,278.00 (2) T1-V46 $ 1,311,005.00 30,232,278.00 (3) T1-F47 $ 34,945,430.50 1,443,918.50 (2) T1-V47 $ 1,443,918.50 (3) T1-F48 $ 945,027.50 (2) T1-V48 $ 945,027.50 (3) T1-F49 $ 919,984.00 (2) T1-V49 $ 919,984.00 (3) T1-F50 $ 895,600.50 (2) T1-V50 $ 895,600.50 (3) T1-F51 $ 871,859.50 (2) T1-V51 $ 871,859.50 (3) T1-F52 $ 848,744.00 (2) T1-V52 $ 848,744.00 (3) T1-F53 $ 826,237.50 (2) T1-V53 $ 826,237.50 (3) T1-F54 $ 804,324.00 (2) T1-V54 $ 804,324.00 (3) T1-F55 $ 783,021.00 (2) T1-V55 $ 783,021.00 (3) T1-F56 $ 762,241.00 (2) T1-V56 $ 762,241.00 (3) T1-F57 $ 742,015.00 (2) T1-V57 $ 742,015.00 (3) T1-F58 $ 723,752.50 (2) T1-V58 $ 723,752.50 (3) T1-F59 $ 705,570.50 (2) T1-V59 $ 705,570.50 (3) T1-F60 $ 17,846,954.00 (2) T1-V60 (5) $ 34,945,430.50 17,846,954.00 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2010.391%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2010.391%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4P(4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________A
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7), Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7)
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 18,183,995.50 (1) T1-F1 $ 8,004,924.00 3,441,411.00 (2) T1-V1 $ 8,004,924.00 3,441,411.00 (3) T1-F2 $ 9,977,840.50 3,988,373.50 (2) T1-V2 $ 9,977,840.50 3,988,373.50 (3) T1-F3 $ 11,939,322.50 4,528,235.00 (2) T1-V3 $ 11,939,322.50 4,528,235.00 (3) T1-F4 $ 13,873,423.50 5,062,043.00 (2) T1-V4 $ 13,873,423.50 5,062,043.00 (3) T1-F5 $ 15,763,672.00 5,586,021.50 (2) T1-V5 $ 15,763,672.00 5,586,021.50 (3) T1-F6 $ 17,593,254.50 6,097,788.50 (2) T1-V6 $ 17,593,254.50 6,097,788.50 (3) T1-F7 $ 19,345,206.00 6,594,329.50 (2) T1-V7 $ 19,345,206.00 6,594,329.50 (3) T1-F8 $ 21,002,631.00 7,074,091.00 (2) T1-V8 $ 21,002,631.00 7,074,091.00 (3) T1-F9 $ 22,548,927.50 7,537,851.00 (2) T1-V9 $ 22,548,927.50 7,537,851.00 (3) T1-F10 $ 23,965,883.00 7,981,674.50 (2) T1-V10 $ 23,965,883.00 7,981,674.50 (3) T1-F11 $ 23,117,112.00 8,404,105.00 (2) T1-V11 $ 23,117,112.00 8,404,105.00 (3) T1-F12 $ 22,123,993.00 8,801,501.50 (2) T1-V12 $ 22,123,993.00 8,801,501.50 (3) T1-F13 $ 21,173,788.50 9,127,825.50 (2) T1-V13 $ 21,173,788.50 9,127,825.50 (3) T1-F14 $ 20,264,634.50 9,413,257.50 (2) T1-V14 $ 20,264,634.50 9,413,257.50 (3) T1-F15 $ 19,394,748.50 9,672,190.50 (2) T1-V15 $ 19,394,748.50 9,672,190.50 (3) T1-F16 $ 18,562,424.00 9,898,650.50 (2) T1-V16 $ 18,562,424.00 9,898,650.50 (3) T1-F17 $ 17,766,033.00 10,077,326.00 (2) T1-V17 $ 17,766,033.00 10,077,326.00 (3) T1-F18 $ 17,004,014.00 10,067,406.00 (2) T1-V18 $ 17,004,014.00 10,067,406.00 (3) T1-F19 $ 16,274,876.00 9,761,461.00 (2) T1-V19 $ 16,274,876.00 9,761,461.00 (3) T1-F20 $ 15,577,194.00 9,464,821.00 (2) T1-V20 $ 15,577,194.00 9,464,821.00 (3) T1-F21 $ 14,909,602.00 9,177,202.50 (2) T1-V21 $ 14,909,602.00 9,177,202.50 (3) T1-F22 $ 210,260,687.50 8,898,331.00 (2) T1-V22 $ 210,260,687.50 8,898,331.00 (3) T1-F23 $ 22,301,576.50 10,768,469.50 (2) T1-V23 $ 22,301,576.50 10,768,469.50 (3) T1-F24 $ 5,962,632.00 14,351,128.50 (2) T1-V24 $ 5,962,632.00 14,351,128.50 (3) T1-F25 $ 5,439,414.00 13,546,515.00 (2) T1-V25 $ 5,439,414.00 13,546,515.00 (3) T1-F26 $ 4,972,125.50 12,788,599.00 (2) T1-V26 $ 4,972,125.50 12,788,599.00 (3) T1-F27 $ 3,736,052.50 12,074,623.00 (2) T1-V27 $ 3,736,052.50 12,074,623.00 (3) T1-F28 $ 3,292,538.00 11,401,996.50 (2) T1-V28 $ 3,292,538.00 11,401,996.50 (3) T1-F29 $ 3,154,929.50 9,400,037.50 (2) T1-V29 $ 3,154,929.50 9,400,037.50 (3) T1-F30 $ 3,023,443.00 6,390,013.50 (2) T1-V30 $ 3,023,443.00 6,390,013.50 (3) T1-F31 $ 2,897,789.00 6,286,376.00 (2) T1-V31 $ 2,897,789.00 6,286,376.00 (3) T1-F32 $ 2,777,688.00 6,079,753.00 (2) T1-V32 $ 2,777,688.00 6,079,753.00 (3) T1-F33 $ 2,662,878.50 5,915,093.50 (2) T1-V33 $ 2,662,878.50 5,915,093.50 (3) T1-F34 $ 8,643,709.00 47,652,646.50 (2) T1-V34 $ 8,643,709.00 47,652,646.50 (3) T1-F35 $ 3,835,820.50 83,228,101.00 (2) T1-V35 $ 3,835,820.50 83,228,101.00 (3) T1-F36 $ 1,895,043.00 1,346,067.50 (2) T1-V36 $ 1,895,043.00 1,346,067.50 (3) T1-F37 $ 1,826,410.00 1,233,850.50 (2) T1-V37 $ 1,826,410.00 1,233,850.50 (3) T1-F38 $ 1,760,282.00 1,194,241.50 (2) T1-V38 $ 1,760,282.00 1,194,241.50 (3) T1-F39 $ 1,696,567.00 1,133,759.00 (2) T1-V39 $ 1,696,567.00 1,133,759.00 (3) T1-F40 $ 1,635,174.50 1,100,656.00 (2) T1-V40 $ 1,635,174.50 1,100,656.00 (3) T1-F41 $ 1,576,019.00 1,994,151.00 (2) T1-V41 $ 1,576,019.00 1,994,151.00 (3) T1-F42 $ 1,519,017.50 3,008,901.50 (2) T1-V42 $ 1,519,017.50 3,008,901.50 (3) T1-F43 $ 1,464,090.50 929,065.00 (2) T1-V43 $ 1,464,090.50 929,065.00 (3) T1-F44 $ 1,411,161.50 1,419,165.50 (2) T1-V44 $ 1,411,161.50 1,419,165.50 (3) T1-F45 $ 1,360,156.50 1,109,130.00 (2) T1-V45 $ 1,360,156.50 1,109,130.00 (3) T1-F46 $ 1,311,005.00 795,562.50 (2) T1-V46 $ 1,311,005.00 795,562.50 (3) T1-F47 $ 34,945,430.50 774,323.50 (2) T1-V47 $ 774,323.50 (3) T1-F48 $ 753,649.00 (2) T1-V48 $ 753,649.00 (3) T1-F49 $ 733,524.00 (2) T1-V49 $ 733,524.00 (3) T1-F50 $ 713,934.50 (2) T1-V50 $ 713,934.50 (3) T1-F51 $ 694,865.50 (2) T1-V51 $ 694,865.50 (3) T1-F52 $ 676,304.00 (2) T1-V52 $ 676,304.00 (3) T1-F53 $ 658,235.50 (2) T1-V53 $ 658,235.50 (3) T1-F54 $ 640,648.00 (2) T1-V54 $ 640,648.00 (3) T1-F55 $ 623,806.00 (2) T1-V55 $ 623,806.00 (3) T1-F56 $ 608,024.00 (2) T1-V56 $ 608,024.00 (3) T1-F57 $ 592,181.50 (2) T1-V57 $ 592,181.50 (3) T1-F58 $ 576,260.50 (2) T1-V58 $ 576,260.50 (3) T1-F59 $ 560,826.50 (2) T1-V59 $ 560,826.50 (3) T1-F60 $ 11,097,511.50 (2) T1-V60 (5) $ 34,945,430.50 11,097,511.50 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2010.60%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2010.60%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (6) (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (6) (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (1) M11 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 11,194,070.04 (1) T1-F1 $ 8,004,924.00 2,853,345.50 (2) T1-V1 $ 8,004,924.00 2,853,345.50 (3) T1-F2 $ 9,977,840.50 3,303,274.50 (2) T1-V2 $ 9,977,840.50 3,303,274.50 (3) T1-F3 $ 11,939,322.50 3,750,613.50 (2) T1-V3 $ 11,939,322.50 3,750,613.50 (3) T1-F4 $ 13,873,423.50 4,191,168.00 (2) T1-V4 $ 13,873,423.50 4,191,168.00 (3) T1-F5 $ 15,763,672.00 4,623,207.50 (2) T1-V5 $ 15,763,672.00 4,623,207.50 (3) T1-F6 $ 17,593,254.50 5,045,087.00 (2) T1-V6 $ 17,593,254.50 5,045,087.00 (3) T1-F7 $ 19,345,206.00 5,452,569.00 (2) T1-V7 $ 19,345,206.00 5,452,569.00 (3) T1-F8 $ 21,002,631.00 5,849,190.50 (2) T1-V8 $ 21,002,631.00 5,849,190.50 (3) T1-F9 $ 22,548,927.50 6,230,774.00 (2) T1-V9 $ 22,548,927.50 6,230,774.00 (3) T1-F10 $ 23,965,883.00 6,595,732.50 (2) T1-V10 $ 23,965,883.00 6,595,732.50 (3) T1-F11 $ 23,117,112.00 6,942,622.50 (2) T1-V11 $ 23,117,112.00 6,942,622.50 (3) T1-F12 $ 22,123,993.00 7,267,485.00 (2) T1-V12 $ 22,123,993.00 7,267,485.00 (3) T1-F13 $ 21,173,788.50 7,574,143.50 (2) T1-V13 $ 21,173,788.50 7,574,143.50 (3) T1-F14 $ 20,264,634.50 7,858,767.50 (2) T1-V14 $ 20,264,634.50 7,858,767.50 (3) T1-F15 $ 19,394,748.50 8,120,142.50 (2) T1-V15 $ 19,394,748.50 8,120,142.50 (3) T1-F16 $ 18,562,424.00 8,349,669.00 (2) T1-V16 $ 18,562,424.00 8,349,669.00 (3) T1-F17 $ 17,766,033.00 8,492,531.00 (2) T1-V17 $ 17,766,033.00 8,492,531.00 (3) T1-F18 $ 17,004,014.00 8,236,756.00 (2) T1-V18 $ 17,004,014.00 8,236,756.00 (3) T1-F19 $ 16,274,876.00 7,986,178.50 (2) T1-V19 $ 16,274,876.00 7,986,178.50 (3) T1-F20 $ 15,577,194.00 7,743,227.50 (2) T1-V20 $ 15,577,194.00 7,743,227.50 (3) T1-F21 $ 14,909,602.00 7,562,475.50 (2) T1-V21 $ 14,909,602.00 7,562,475.50 (3) T1-F22 $ 210,260,687.50 7,363,447.00 (2) T1-V22 $ 210,260,687.50 7,363,447.00 (3) T1-F23 $ 22,301,576.50 12,343,140.00 (2) T1-V23 $ 22,301,576.50 12,343,140.00 (3) T1-F24 $ 5,962,632.00 11,674,425.00 (2) T1-V24 $ 5,962,632.00 11,674,425.00 (3) T1-F25 $ 5,439,414.00 11,014,556.50 (2) T1-V25 $ 5,439,414.00 11,014,556.50 (3) T1-F26 $ 4,972,125.50 10,393,168.00 (2) T1-V26 $ 4,972,125.50 10,393,168.00 (3) T1-F27 $ 3,736,052.50 9,773,248.00 (2) T1-V27 $ 3,736,052.50 9,773,248.00 (3) T1-F28 $ 3,292,538.00 9,203,522.50 (2) T1-V28 $ 3,292,538.00 9,203,522.50 (3) T1-F29 $ 3,154,929.50 5,351,811.50 (2) T1-V29 $ 3,154,929.50 5,351,811.50 (3) T1-F30 $ 3,023,443.00 5,160,744.50 (2) T1-V30 $ 3,023,443.00 5,160,744.50 (3) T1-F31 $ 2,897,789.00 4,995,624.50 (2) T1-V31 $ 2,897,789.00 4,995,624.50 (3) T1-F32 $ 2,777,688.00 4,835,813.00 (2) T1-V32 $ 2,777,688.00 4,835,813.00 (3) T1-F33 $ 2,662,878.50 4,720,380.50 (2) T1-V33 $ 2,662,878.50 4,720,380.50 (3) T1-F34 $ 8,643,709.00 108,626,371.00 (2) T1-V34 $ 8,643,709.00 108,626,371.00 (3) T1-F35 $ 3,835,820.50 1,547,905.00 (2) T1-V35 $ 3,835,820.50 1,547,905.00 (3) T1-F36 $ 1,895,043.00 928,932.00 (2) T1-V36 $ 1,895,043.00 928,932.00 (3) T1-F37 $ 1,826,410.00 900,449.00 (2) T1-V37 $ 1,826,410.00 900,449.00 (3) T1-F38 $ 1,760,282.00 872,936.00 (2) T1-V38 $ 1,760,282.00 872,936.00 (3) T1-F39 $ 1,696,567.00 820,934.00 (2) T1-V39 $ 1,696,567.00 820,934.00 (3) T1-F40 $ 1,635,174.50 796,668.50 (2) T1-V40 $ 1,635,174.50 796,668.50 (3) T1-F41 $ 1,576,019.00 764,689.50 (2) T1-V41 $ 1,576,019.00 764,689.50 (3) T1-F42 $ 1,519,017.50 743,070.50 (2) T1-V42 $ 1,519,017.50 743,070.50 (3) T1-F43 $ 1,464,090.50 722,720.00 (2) T1-V43 $ 1,464,090.50 722,720.00 (3) T1-F44 $ 1,411,161.50 2,177,895.50 (2) T1-V44 $ 1,411,161.50 2,177,895.50 (3) T1-F45 $ 1,360,156.50 1,109,521.00 (2) T1-V45 $ 1,360,156.50 1,109,521.00 (3) T1-F46 $ 1,311,005.00 890,844.00 (2) T1-V46 $ 1,311,005.00 890,844.00 (3) T1-F47 $ 34,945,430.50 594,794.00 (2) T1-V47 $ 594,794.00 (3) T1-F48 $ 559,581.50 (2) T1-V48 $ 559,581.50 (3) T1-F49 $ 544,670.50 (2) T1-V49 $ 544,670.50 (3) T1-F50 $ 530,155.00 (2) T1-V50 $ 530,155.00 (3) T1-F51 $ 516,022.50 (2) T1-V51 $ 516,022.50 (3) T1-F52 $ 502,264.50 (2) T1-V52 $ 502,264.50 (3) T1-F53 $ 488,870.00 (2) T1-V53 $ 488,870.00 (3) T1-F54 $ 475,830.50 (2) T1-V54 $ 475,830.50 (3) T1-F55 $ 463,135.50 (2) T1-V55 $ 463,135.50 (3) T1-F56 $ 450,776.50 (2) T1-V56 $ 450,776.50 (3) T1-F57 $ 438,745.50 (2) T1-V57 $ 438,745.50 (3) T1-F58 $ 427,032.50 (2) T1-V58 $ 427,032.50 (3) T1-F59 $ 415,629.50 (2) T1-V59 $ 415,629.50 (3) T1-F60 $ 9,369,344.00 (2) T1-V60 (5) $ 34,945,430.50 9,369,344.00 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (other than the April 2006 Distribution Date) (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.209.96%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. The interest rate with respect to the Distribution Date in April 2006 (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 13.5%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (other than the April 2006 Distribution Date) (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.96%. For the April 2006 Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2013.5%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (6) (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 50,032,307.38 (1) T1-F1 $ 8,004,924.00 3,305,322.00 (2) T1-V1 $ 8,004,924.00 3,305,322.00 (3) T1-F2 $ 9,977,840.50 3,703,997.50 (2) T1-V2 $ 9,977,840.50 3,703,997.50 (3) T1-F3 $ 11,939,322.50 4,095,193.00 (2) T1-V3 $ 11,939,322.50 4,095,193.00 (3) T1-F4 $ 13,873,423.50 4,477,200.50 (2) T1-V4 $ 13,873,423.50 4,477,200.50 (3) T1-F5 $ 15,763,672.00 4,847,006.50 (2) T1-V5 $ 15,763,672.00 4,847,006.50 (3) T1-F6 $ 17,593,254.50 5,206,421.00 (2) T1-V6 $ 17,593,254.50 5,206,421.00 (3) T1-F7 $ 19,345,206.00 5,552,481.00 (2) T1-V7 $ 19,345,206.00 5,552,481.00 (3) T1-F8 $ 21,002,631.00 5,883,654.50 (2) T1-V8 $ 21,002,631.00 5,883,654.50 (3) T1-F9 $ 22,548,927.50 6,201,124.50 (2) T1-V9 $ 22,548,927.50 6,201,124.50 (3) T1-F10 $ 23,965,883.00 6,496,614.00 (2) T1-V10 $ 23,965,883.00 6,496,614.00 (3) T1-F11 $ 23,117,112.00 6,774,989.50 (2) T1-V11 $ 23,117,112.00 6,774,989.50 (3) T1-F12 $ 22,123,993.00 7,033,602.50 (2) T1-V12 $ 22,123,993.00 7,033,602.50 (3) T1-F13 $ 21,173,788.50 7,271,276.00 (2) T1-V13 $ 21,173,788.50 7,271,276.00 (3) T1-F14 $ 20,264,634.50 7,485,924.50 (2) T1-V14 $ 20,264,634.50 7,485,924.50 (3) T1-F15 $ 19,394,748.50 7,655,532.50 (2) T1-V15 $ 19,394,748.50 7,655,532.50 (3) T1-F16 $ 18,562,424.00 7,464,999.50 (2) T1-V16 $ 18,562,424.00 7,464,999.50 (3) T1-F17 $ 17,766,033.00 7,235,351.50 (2) T1-V17 $ 17,766,033.00 7,235,351.50 (3) T1-F18 $ 17,004,014.00 7,012,420.00 (2) T1-V18 $ 17,004,014.00 7,012,420.00 (3) T1-F19 $ 16,274,876.00 6,811,046.00 (2) T1-V19 $ 16,274,876.00 6,811,046.00 (3) T1-F20 $ 15,577,194.00 6,671,969.00 (2) T1-V20 $ 15,577,194.00 6,671,969.00 (3) T1-F21 $ 14,909,602.00 9,842,729.00 (2) T1-V21 $ 14,909,602.00 9,842,729.00 (3) T1-F22 $ 210,260,687.50 9,541,628.50 (2) T1-V22 $ 210,260,687.50 9,541,628.50 (3) T1-F23 $ 22,301,576.50 9,031,264.50 (2) T1-V23 $ 22,301,576.50 9,031,264.50 (3) T1-F24 $ 5,962,632.00 8,550,000.50 (2) T1-V24 $ 5,962,632.00 8,550,000.50 (3) T1-F25 $ 5,439,414.00 8,086,832.50 (2) T1-V25 $ 5,439,414.00 8,086,832.50 (3) T1-F26 $ 4,972,125.50 7,643,869.00 (2) T1-V26 $ 4,972,125.50 7,643,869.00 (3) T1-F27 $ 3,736,052.50 5,063,381.00 (2) T1-V27 $ 3,736,052.50 5,063,381.00 (3) T1-F28 $ 3,292,538.00 4,753,777.00 (2) T1-V28 $ 3,292,538.00 4,753,777.00 (3) T1-F29 $ 3,154,929.50 4,601,786.50 (2) T1-V29 $ 3,154,929.50 4,601,786.50 (3) T1-F30 $ 3,023,443.00 4,531,302.00 (2) T1-V30 $ 3,023,443.00 4,531,302.00 (3) T1-F31 $ 2,897,789.00 4,777,768.50 (2) T1-V31 $ 2,897,789.00 4,777,768.50 (3) T1-F32 $ 2,777,688.00 68,923,997.50 (2) T1-V32 $ 2,777,688.00 68,923,997.50 (3) T1-F33 $ 2,662,878.50 6,458,468.00 (2) T1-V33 $ 2,662,878.50 6,458,468.00 (3) T1-F34 $ 8,643,709.00 2,190,727.50 (2) T1-V34 $ 8,643,709.00 2,190,727.50 (3) T1-F35 $ 3,835,820.50 2,092,109.00 (2) T1-V35 $ 3,835,820.50 2,092,109.00 (3) T1-F36 $ 1,895,043.00 1,996,228.50 (2) T1-V36 $ 1,895,043.00 1,996,228.50 (3) T1-F37 $ 1,826,410.00 1,905,330.50 (2) T1-V37 $ 1,826,410.00 1,905,330.50 (3) T1-F38 $ 1,760,282.00 1,717,241.00 (2) T1-V38 $ 1,760,282.00 1,717,241.00 (3) T1-F39 $ 1,696,567.00 1,407,070.00 (2) T1-V39 $ 1,696,567.00 1,407,070.00 (3) T1-F40 $ 1,635,174.50 1,307,553.00 (2) T1-V40 $ 1,635,174.50 1,307,553.00 (3) T1-F41 $ 1,576,019.00 1,266,961.00 (2) T1-V41 $ 1,576,019.00 1,266,961.00 (3) T1-F42 $ 1,519,017.50 1,229,166.50 (2) T1-V42 $ 1,519,017.50 1,229,166.50 (3) T1-F43 $ 1,464,090.50 4,155,703.00 (2) T1-V43 $ 1,464,090.50 4,155,703.00 (3) T1-F44 $ 1,411,161.50 8,117,817.50 (2) T1-V44 $ 1,411,161.50 8,117,817.50 (3) T1-F45 $ 1,360,156.50 1,155,750.00 (2) T1-V45 $ 1,360,156.50 1,155,750.00 (3) T1-F46 $ 1,311,005.00 794,239.50 (2) T1-V46 $ 1,311,005.00 794,239.50 (3) T1-F47 $ 34,945,430.50 728,093.50 (2) T1-V47 $ 728,093.50 (3) T1-F48 $ 707,758.50 (2) T1-V48 $ 707,758.50 (3) T1-F49 $ 687,990.00 (2) T1-V49 $ 687,990.00 (3) T1-F50 $ 668,772.50 (2) T1-V50 $ 668,772.50 (3) T1-F51 $ 650,090.00 (2) T1-V51 $ 650,090.00 (3) T1-F52 $ 631,928.50 (2) T1-V52 $ 631,928.50 (3) T1-F53 $ 614,272.50 (2) T1-V53 $ 614,272.50 (3) T1-F54 $ 597,109.00 (2) T1-V54 $ 597,109.00 (3) T1-F55 $ 580,423.50 (2) T1-V55 $ 580,423.50 (3) T1-F56 $ 564,371.00 (2) T1-V56 $ 564,371.00 (3) T1-F57 $ 548,669.00 (2) T1-V57 $ 548,669.00 (3) T1-F58 $ 533,387.00 (2) T1-V58 $ 533,387.00 (3) T1-F59 $ 518,533.00 (2) T1-V59 $ 518,533.00 (3) T1-F60 $ 17,889,775.00 (2) T1-V60 (5) $ 34,945,430.50 17,889,775.00 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2010.297%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2010.297%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (1) A1 T2-A1A(5) $ 16,330,000.00 (6) (1) A1A T2-A1B(5) (6) (1) A1B T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4P(4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________A
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 18,285,116.07 (1) T1-F1 $ 8,004,924.00 3,346,742.50 (2) T1-V1 $ 8,004,924.00 3,346,742.50 (3) T1-F2 $ 9,977,840.50 3,901,507.00 (2) T1-V2 $ 9,977,840.50 3,901,507.00 (3) T1-F3 $ 11,939,322.50 4,453,880.50 (2) T1-V3 $ 11,939,322.50 4,453,880.50 (3) T1-F4 $ 13,873,423.50 4,998,466.50 (2) T1-V4 $ 13,873,423.50 4,998,466.50 (3) T1-F5 $ 15,763,672.00 5,532,746.50 (2) T1-V5 $ 15,763,672.00 5,532,746.50 (3) T1-F6 $ 17,593,254.50 6,054,635.50 (2) T1-V6 $ 17,593,254.50 6,054,635.50 (3) T1-F7 $ 19,345,206.00 6,562,063.50 (2) T1-V7 $ 19,345,206.00 6,562,063.50 (3) T1-F8 $ 21,002,631.00 7,053,327.50 (2) T1-V8 $ 21,002,631.00 7,053,327.50 (3) T1-F9 $ 22,548,927.50 7,526,196.50 (2) T1-V9 $ 22,548,927.50 7,526,196.50 (3) T1-F10 $ 23,965,883.00 7,978,870.50 (2) T1-V10 $ 23,965,883.00 7,978,870.50 (3) T1-F11 $ 23,117,112.00 8,408,961.00 (2) T1-V11 $ 23,117,112.00 8,408,961.00 (3) T1-F12 $ 22,123,993.00 8,811,611.50 (2) T1-V12 $ 22,123,993.00 8,811,611.50 (3) T1-F13 $ 21,173,788.50 9,198,055.50 (2) T1-V13 $ 21,173,788.50 9,198,055.50 (3) T1-F14 $ 20,264,634.50 9,551,175.00 (2) T1-V14 $ 20,264,634.50 9,551,175.00 (3) T1-F15 $ 19,394,748.50 9,875,534.00 (2) T1-V15 $ 19,394,748.50 9,875,534.00 (3) T1-F16 $ 18,562,424.00 10,169,861.00 (2) T1-V16 $ 18,562,424.00 10,169,861.00 (3) T1-F17 $ 17,766,033.00 10,409,126.00 (2) T1-V17 $ 17,766,033.00 10,409,126.00 (3) T1-F18 $ 17,004,014.00 10,090,851.00 (2) T1-V18 $ 17,004,014.00 10,090,851.00 (3) T1-F19 $ 16,274,876.00 9,778,517.50 (2) T1-V19 $ 16,274,876.00 9,778,517.50 (3) T1-F20 $ 15,577,194.00 9,475,844.50 (2) T1-V20 $ 15,577,194.00 9,475,844.50 (3) T1-F21 $ 14,909,602.00 9,181,340.50 (2) T1-V21 $ 14,909,602.00 9,181,340.50 (3) T1-F22 $ 210,260,687.50 9,118,252.50 (2) T1-V22 $ 210,260,687.50 9,118,252.50 (3) T1-F23 $ 22,301,576.50 15,492,742.50 (2) T1-V23 $ 22,301,576.50 15,492,742.50 (3) T1-F24 $ 5,962,632.00 14,636,498.00 (2) T1-V24 $ 5,962,632.00 14,636,498.00 (3) T1-F25 $ 5,439,414.00 13,794,921.50 (2) T1-V25 $ 5,439,414.00 13,794,921.50 (3) T1-F26 $ 4,972,125.50 12,998,818.50 (2) T1-V26 $ 4,972,125.50 12,998,818.50 (3) T1-F27 $ 3,736,052.50 12,249,282.00 (2) T1-V27 $ 3,736,052.50 12,249,282.00 (3) T1-F28 $ 3,292,538.00 11,402,002.50 (2) T1-V28 $ 3,292,538.00 11,402,002.50 (3) T1-F29 $ 3,154,929.50 6,469,404.50 (2) T1-V29 $ 3,154,929.50 6,469,404.50 (3) T1-F30 $ 3,023,443.00 6,231,517.50 (2) T1-V30 $ 3,023,443.00 6,231,517.50 (3) T1-F31 $ 2,897,789.00 6,027,797.00 (2) T1-V31 $ 2,897,789.00 6,027,797.00 (3) T1-F32 $ 2,777,688.00 11,709,456.50 (2) T1-V32 $ 2,777,688.00 11,709,456.50 (3) T1-F33 $ 2,662,878.50 9,988,044.00 (2) T1-V33 $ 2,662,878.50 9,988,044.00 (3) T1-F34 $ 8,643,709.00 136,434,498.50 (2) T1-V34 $ 8,643,709.00 136,434,498.50 (3) T1-F35 $ 3,835,820.50 1,945,388.50 (2) T1-V35 $ 3,835,820.50 1,945,388.50 (3) T1-F36 $ 1,895,043.00 1,109,642.50 (2) T1-V36 $ 1,895,043.00 1,109,642.50 (3) T1-F37 $ 1,826,410.00 1,052,426.00 (2) T1-V37 $ 1,826,410.00 1,052,426.00 (3) T1-F38 $ 1,760,282.00 998,370.50 (2) T1-V38 $ 1,760,282.00 998,370.50 (3) T1-F39 $ 1,696,567.00 947,347.00 (2) T1-V39 $ 1,696,567.00 947,347.00 (3) T1-F40 $ 1,635,174.50 866,140.00 (2) T1-V40 $ 1,635,174.50 866,140.00 (3) T1-F41 $ 1,576,019.00 595,821.00 (2) T1-V41 $ 1,576,019.00 595,821.00 (3) T1-F42 $ 1,519,017.50 571,583.50 (2) T1-V42 $ 1,519,017.50 571,583.50 (3) T1-F43 $ 1,464,090.50 988,670.00 (2) T1-V43 $ 1,464,090.50 988,670.00 (3) T1-F44 $ 1,411,161.50 537,319.50 (2) T1-V44 $ 1,411,161.50 537,319.50 (3) T1-F45 $ 1,360,156.50 871,299.50 (2) T1-V45 $ 1,360,156.50 871,299.50 (3) T1-F46 $ 1,311,005.00 2,770,685.50 (2) T1-V46 $ 1,311,005.00 2,770,685.50 (3) T1-F47 $ 34,945,430.50 266,376.50 (2) T1-V47 $ 266,376.50 (3) T1-F48 $ 251,600.00 (2) T1-V48 $ 251,600.00 (3) T1-F49 $ 240,700.50 (2) T1-V49 $ 240,700.50 (3) T1-F50 $ 230,310.50 (2) T1-V50 $ 230,310.50 (3) T1-F51 $ 220,404.50 (2) T1-V51 $ 220,404.50 (3) T1-F52 $ 210,959.00 (2) T1-V52 $ 210,959.00 (3) T1-F53 $ 201,950.00 (2) T1-V53 $ 201,950.00 (3) T1-F54 $ 193,356.50 (2) T1-V54 $ 193,356.50 (3) T1-F55 $ 185,158.00 (2) T1-V55 $ 185,158.00 (3) T1-F56 $ 177,335.00 (2) T1-V56 $ 177,335.00 (3) T1-F57 $ 169,389.00 (2) T1-V57 $ 169,389.00 (3) T1-F58 $ 162,239.50 (2) T1-V58 $ 162,239.50 (3) T1-F59 $ 155,400.50 (2) T1-V59 $ 155,400.50 (3) T1-F60 $ 3,152,921.00 (2) T1-V60 (5) $ 34,945,430.50 3,152,921.00 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.2011.1496%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.2011.1496%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (6) (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________A
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Master Servicer Trustee shall elect that each of REMIC I, REMIC II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 0.55 30,257,620.88 (1) T1-F1 $ 8,004,924.00 4,772,439.50 (2) T1-V1 $ 8,004,924.00 4,772,439.50 (3) T1-F2 $ 9,977,840.50 5,430,570.50 (2) T1-V2 $ 9,977,840.50 5,430,570.50 (3) T1-F3 $ 11,939,322.50 6,079,019.50 (2) T1-V3 $ 11,939,322.50 6,079,019.50 (3) T1-F4 $ 13,873,423.50 6,715,300.00 (2) T1-V4 $ 13,873,423.50 6,715,300.00 (3) T1-F5 $ 15,763,672.00 7,336,944.00 (2) T1-V5 $ 15,763,672.00 7,336,944.00 (3) T1-F6 $ 17,593,254.50 7,937,936.00 (2) T1-V6 $ 17,593,254.50 7,937,936.00 (3) T1-F7 $ 19,345,206.00 8,523,095.00 (2) T1-V7 $ 19,345,206.00 8,523,095.00 (3) T1-F8 $ 21,002,631.00 9,086,472.00 (2) T1-V8 $ 21,002,631.00 9,086,472.00 (3) T1-F9 $ 22,548,927.50 9,625,788.00 (2) T1-V9 $ 22,548,927.50 9,625,788.00 (3) T1-F10 $ 23,965,883.00 10,138,861.00 (2) T1-V10 $ 23,965,883.00 10,138,861.00 (3) T1-F11 $ 23,117,112.00 10,620,070.00 (2) T1-V11 $ 23,117,112.00 10,620,070.00 (3) T1-F12 $ 22,123,993.00 11,074,649.00 (2) T1-V12 $ 22,123,993.00 11,074,649.00 (3) T1-F13 $ 21,173,788.50 11,497,151.00 (2) T1-V13 $ 21,173,788.50 11,497,151.00 (3) T1-F14 $ 20,264,634.50 11,885,883.00 (2) T1-V14 $ 20,264,634.50 11,885,883.00 (3) T1-F15 $ 19,394,748.50 12,239,218.50 (2) T1-V15 $ 19,394,748.50 12,239,218.50 (3) T1-F16 $ 18,562,424.00 12,552,401.00 (2) T1-V16 $ 18,562,424.00 12,552,401.00 (3) T1-F17 $ 17,766,033.00 12,177,613.50 (2) T1-V17 $ 17,766,033.00 12,177,613.50 (3) T1-F18 $ 17,004,014.00 11,808,185.00 (2) T1-V18 $ 17,004,014.00 11,808,185.00 (3) T1-F19 $ 16,274,876.00 11,449,970.50 (2) T1-V19 $ 16,274,876.00 11,449,970.50 (3) T1-F20 $ 15,577,194.00 11,102,630.00 (2) T1-V20 $ 15,577,194.00 11,102,630.00 (3) T1-F21 $ 14,909,602.00 10,773,203.50 (2) T1-V21 $ 14,909,602.00 10,773,203.50 (3) T1-F22 $ 210,260,687.50 17,660,393.00 (2) T1-V22 $ 210,260,687.50 17,660,393.00 (3) T1-F23 $ 22,301,576.50 16,707,208.50 (2) T1-V23 $ 22,301,576.50 16,707,208.50 (3) T1-F24 $ 5,962,632.00 15,784,750.00 (2) T1-V24 $ 5,962,632.00 15,784,750.00 (3) T1-F25 $ 5,439,414.00 14,915,395.50 (2) T1-V25 $ 5,439,414.00 14,915,395.50 (3) T1-F26 $ 4,972,125.50 14,096,023.50 (2) T1-V26 $ 4,972,125.50 14,096,023.50 (3) T1-F27 $ 3,736,052.50 13,319,104.00 (2) T1-V27 $ 3,736,052.50 13,319,104.00 (3) T1-F28 $ 3,292,538.00 7,960,535.50 (2) T1-V28 $ 3,292,538.00 7,960,535.50 (3) T1-F29 $ 3,154,929.50 7,691,933.50 (2) T1-V29 $ 3,154,929.50 7,691,933.50 (3) T1-F30 $ 3,023,443.00 7,447,894.50 (2) T1-V30 $ 3,023,443.00 7,447,894.50 (3) T1-F31 $ 2,897,789.00 7,211,638.50 (2) T1-V31 $ 2,897,789.00 7,211,638.50 (3) T1-F32 $ 2,777,688.00 7,112,449.50 (2) T1-V32 $ 2,777,688.00 7,112,449.50 (3) T1-F33 $ 2,662,878.50 152,666,286.00 (2) T1-V33 $ 2,662,878.50 152,666,286.00 (3) T1-F34 $ 8,643,709.00 2,314,114.00 (2) T1-V34 $ 8,643,709.00 2,314,114.00 (3) T1-F35 $ 3,835,820.50 1,809,448.50 (2) T1-V35 $ 3,835,820.50 1,809,448.50 (3) T1-F36 $ 1,895,043.00 1,747,860.00 (2) T1-V36 $ 1,895,043.00 1,747,860.00 (3) T1-F37 $ 1,826,410.00 1,688,709.50 (2) T1-V37 $ 1,826,410.00 1,688,709.50 (3) T1-F38 $ 1,760,282.00 1,631,885.00 (2) T1-V38 $ 1,760,282.00 1,631,885.00 (3) T1-F39 $ 1,696,567.00 1,576,962.50 (2) T1-V39 $ 1,696,567.00 1,576,962.50 (3) T1-F40 $ 1,635,174.50 1,411,816.50 (2) T1-V40 $ 1,635,174.50 1,411,816.50 (3) T1-F41 $ 1,576,019.00 1,354,307.50 (2) T1-V41 $ 1,576,019.00 1,354,307.50 (3) T1-F42 $ 1,519,017.50 1,317,209.00 (2) T1-V42 $ 1,519,017.50 1,317,209.00 (3) T1-F43 $ 1,464,090.50 1,281,126.50 (2) T1-V43 $ 1,464,090.50 1,281,126.50 (3) T1-F44 $ 1,411,161.50 1,246,032.00 (2) T1-V44 $ 1,411,161.50 1,246,032.00 (3) T1-F45 $ 1,360,156.50 4,546,567.50 (2) T1-V45 $ 1,360,156.50 4,546,567.50 (3) T1-F46 $ 1,311,005.00 1,464,587.50 (2) T1-V46 $ 1,311,005.00 1,464,587.50 (3) T1-F47 $ 34,945,430.50 1,025,664.50 (2) T1-V47 $ 1,025,664.50 (3) T1-F48 $ 998,277.00 (2) T1-V48 $ 998,277.00 (3) T1-F49 $ 971,616.50 (2) T1-V49 $ 971,616.50 (3) T1-F50 $ 945,663.00 (2) T1-V50 $ 945,663.00 (3) T1-F51 $ 920,397.50 (2) T1-V51 $ 920,397.50 (3) T1-F52 $ 895,802.00 (2) T1-V52 $ 895,802.00 (3) T1-F53 $ 871,859.50 (2) T1-V53 $ 871,859.50 (3) T1-F54 $ 848,552.00 (2) T1-V54 $ 848,552.00 (3) T1-F55 $ 825,863.00 (2) T1-V55 $ 825,863.00 (3) T1-F56 $ 803,776.00 (2) T1-V56 $ 803,776.00 (3) T1-F57 $ 782,272.50 (2) T1-V57 $ 782,272.50 (3) T1-F58 $ 763,584.00 (2) T1-V58 $ 763,584.00 (3) T1-F59 $ 16,336,948.50 (2) T1-V59 (5) $ 34,945,430.50 16,336,948.50 (3) R-I (4) (4)
(1) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of all the Mortgage Loans as of the first day of the related Due Period, weighted on their outstanding principal balances of such day and adjusted (a) to take into account any prepayments of principal occurring after such day that were distributed in the prior calendar month and (b) to take into account the CIFG Premium (the “REMIC Net WAC Rate”).
(2) The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.209.84%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.209.84%.
(4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority:
(i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and
(ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1(5) $ 92,537,000.00 (6) (1) A1 T2-A1A(5) $ 16,330,000.00 (1) A1A T2-A2(5) $ 109,001,000.00 (6) (1) A2 T2-A3(5) $ 162,751,500.00 (6) (1) A3 T2-A4(5) $ 48,919,000.00 (6) (1) A4 T2-A5(5) $ 85,924,500.00 (1) A5 T2-A6(5) $ 41,565,000.00 (1) A6 T2-M1(5) $ 23,283,000.00 (6) (1) M1 T2-M2(5) $ 25,399,500.00 (6) (1) M2 T2-M3(5) $ 19,402,500.00 (6) (1) M3 T2-M4(5) $ 8,819,500.00 (6) (1) M4 T2-M5(5) $ 11,641,500.00 (6) (1) M5 T2-M6(5) $ 10,936,000.00 (6) (1) M6 T2-M7(5) $ 9,877,500.00 (6) (1) M7 T2-M8(5) $ 7,408,000.00 (6) (1) M8 T2-M9(5) $ 6,350,000.00 (6) (1) M9 T2-M10(5) $ 14,463,500.00 (6) (1) M10 T2-M11(5) $ 3,527,500.00 (6) (1) M11 T2-M12(5) (6) (1) M12 T2-P (4) (5) $ 50.00 (6) (1) P T2-Accrual Interest $ 712,953,739.55 (7) (1) N/A T2-IO (2) (2) N/A R-II (3) (3) N/A ___________________________
(1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.
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Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Trust, Series 2006-He1)