Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC. (b) REMIC II will be evidenced by (x) the Class II-A, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Interests and the Class P Certificates (the “REMIC II Regular Interests”), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “regular interests” in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “residual interest” in REMIC II. The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________ (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates). (2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust. (3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Ser 2002-4)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC II I will be evidenced by (x) the Class II-AIA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II-M-1, Class II-M-2IJ, Class II-B, the IK and Class II-Q IN Interests and the Class P Certificates (together, the “"REMIC II I Regular Interests”"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the “"regular interests” " in REMIC II I and (y) the Class R-2 R-1 Certificates, which are hereby designated as the single “"residual interest” " in REMIC III (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC II I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II I as being issued to and held by the Trustee on behalf of REMIC I. II. The REMIC II The I Certificates will have the following table sets forth (or describes) the class designationdesignations, interest rate, and initial principal amount for each class of balances and pass-through rates: -49- Pass- REMIC II Interests. REMIC II Class Designation REMIC 2 Interest I Initial Through Certificates Balance Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A ------------ ------- ---- P $100 0%(2) IA $12,972,973 (1) $ 92,250,000.00 Class A Class II-M-1 IB $1,729,730 (1) $ 7,875,000.00 Class M-1 Class II-M-2 IC $2,594,594 (1) $ 6,187,500.00 Class M-2 Class II-B ID $2,162,162 (1) $ 4,275,000.00 Class B-1 Class II-Q IE $3,891,892 (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2IF $3,027,027 (1) N/A Class R-2 IG $2,162,163 (31) IH $864,864 (31) N/A ___________________________II $864,865 (1) IJ $2,248,649 (1) IK $908,108 (1) IN 81,572,973 (1) R-1 $0 0%
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of Pass-Through Rate on these REMIC II I Regular Interests is a per annum rate shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Loan Rates of the Adjustable Rate Certificates)Mortgage Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied in reduction to the principal balance of the Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class P R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to a principal payment only those distributable assets, if any, remaining in an amount equal REMIC I on each Distribution Date after all amounts required to be distributed to the Class P Deposit REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the TrustClass R-1 Certificate.
(3c) The REMIC II will be evidenced by (x) the Class II-A, Class II-M-1, Class II-M-2, Class II-B, the 11 components of Class II-A-IO described in note (4) below, Class II-M Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificate is Certificates, which are hereby designated as the sole class of single "residual interest interest" in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). It does The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not have an interest rate or a be paid directly as principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in Regular Interests, but instead a portion of the manner described below shall be distributed interest payable with respect to the Class R-2II-M Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-A, Class II-M-1, Class II-M-2 and Class II-B Interests in the same manner in which the Turbo Amount is allocated among the Class A, Class M-1 and Class M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M Interest and 1% to the Class II-A, Class II-B, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A, Class II-B, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A, Class B, Class M-1, Class M-2 and Class B Certificates, respectively. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A, Class II-B, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class A, Class B, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M Interest is equal to the sum of the aggregate Principal Balance of the Mortgage Loans and the Pre-Funded Amount, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- --------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Trust 2000-4)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Supplemental Interest Reserve Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AAF-1, Class II-M-1AF-2, Class II-M-2AF-3, Class II-BAF-4, Class II-AF-5, Class II-AF-6, Class II-MF-1, Class II-MF-2 and Class II-BF, and Class II-QF Interests (the "Group I REMIC II Regular Interests") and the Class II-Q AV, Class II-MV-1, Class II-MV-2, Class II-BV and Class II-QV Interests and the Class P Certificates (the “"Group II REMIC II Regular Interests”") (collectively, the "REMIC II Regular Interests"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Subordination Increase Amount for the Group I Home Equity Loans that is used to pay an amount to the Group I Offered Certificates pursuant to Section 7.03(b)(C)(1) (the "Turbo Amount") and that is payable from interest on the Group I Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates otherwise payable with respect to the Class II-A QF Interest which equals .01% of the Turbo Amount will be payable as a reduction of the principal balances of the Group I REMIC II Regular Interests (other than the Class II-QF Interests), in the same manner in which the Turbo Amount is allocated among the Group I Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QF Interests in the same proportion as interest otherwise payable on such Group I REMIC II Regular Interests is used to reduce principal on other Group I REMIC II Regular Interests as just described). Any Subordination Increase Amount for the Group II Home Equity Loans that is used to pay an amount to the Group II Offered Certificates pursuant to Section 7.03(b)(C)(1) (the "Turbo Amount") and that is payable from interest on the Group II Home Equity Loans will not be paid as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-QV Interest which equals .01% of the Turbo Amount will be payable as a reduction of the principal balances of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), in the same manner in which the Turbo Amount is allocated among the Group II Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QV Interests in the same proportion as interest otherwise payable on such Group II REMIC II Regular Interests is used to reduce principal on other Group II REMIC II Regular Interests as just described). Principal payments on the Group I Home Equity Loans shall be allocated 99.99% to the Class II-QF Interests and .01% to the Group I REMIC II Regular Interests (other than the Class II-QF Interests) until paid in full. The aggregate amount of principal allocated to the Group I REMIC II Regular Interests (other than the Class II-QF Interests) shall be apportioned among such Group I REMIC II Regular Interests in the same manner in which principal is payable with respect to the Group I Offered Certificates, respectively. Notwithstanding the above, principal payments on the Group I Home Equity Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QF Interests. Principal payments on the Group II Home Equity Loans shall be allocated 99.99% to the Class II-QV Interests and .01% to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) until paid in full. The aggregate amount of principal allocated to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) shall be apportioned among such Group II REMIC II Regular Interests in the same manner in which principal is payable with respect to the Group II offered Certificates, respectively. Notwithstanding the above, principal payments on the Group II Home Equity Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QV Interests. Realized Losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group I REMIC II Regular Interests (other than the Class II-QF Interests) are each .01% of the principal balances of the Group I Offered Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-QF Interests. Realized Losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests) are each .01% of the principal balances of the Group II Offered Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-QV Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: REMIC II Certificates Initial Balance Certificate Rate Allocation of Principal Allocation of Interest II-AF-1 $8,050.00 (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (4)(5) II-AF-2 $4,000.00 (1) (3) (4)(5) II-AF-3 $3,600.00 (1) (3) (4)(5) II-AF-4 $4,050.00 (1) (3) (4)(5) II-AF-5 $904.00 (1) (3) (4)(5) II-AF-6 $2,280.00 (1) (3) (4)(5) II-MF-1 $1,530.00 (1) (3) (4)(5) II-MF-2 $1,197.40 (1) (3) (4)(5) II-BF $998.00 (1) (3) (4)(5) II-QF $266,067,390.60 (1) (3) (4)(5) II-AV $20,410.30 (2) (3) (4)(6) II-MV-1 $1,804.60 (2) (3) (4)(6) II-MV-2 $1,057.80 (2) (3) (4)(6) II-BV $1,617.90 (2) (3) (4)(6) II-QV $248,901,519.70 (2) (3) (4)(6) R-2 0 0% N/A ___________________________N/A(7) ----------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this Group I REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case weighted average of the Adjustable Rate Certificates)Certificate Rates of the Group I Home Equity Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of Certificate Rate on this Group II REMIC II Interests and Regular Interest shall not be applied in reduction at any time of determination equal the weighted average of the Class P Class Certificate Rates of the Group II Home Equity Loans.
(3) Principal Balance. The Class P will be allocated to and apportioned among the Offered Certificates shall be entitled to as provided in Section 7.03(b), except that a portion of such principal payment in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnote (5) and (6), interest will be allocated among the Offered Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this Group I REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group I REMIC II Regular Interests where each of the Group I REMIC II Regular Interests (other than the Class R-2 II-QF Interests), is subject to a cap and floor equal to the rate on each of the Group I Offered Certificates of the same letter designation, respectively, and the Class II-QF Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group I REMIC II Certificate shall not be allocated to the Group I Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this Group II REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group II REMIC II Regular Interests where each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), is subject to a cap and floor equal to the sole class rate on each of residual the Group II Offered Certificates of the same letter designation, respectively, and the Class II-QV Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group II REMIC II Certificate shall not be allocated to the Group II Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in REMIC II. It does not have an interest rate or a principal balance. Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining in REMIC II after all payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AV and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the other "REMIC II Interests have been made I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in the manner described below REMIC I after payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date ----------------- ------------------- ------------------ Class AF-1 $80,500,000 December 25, 2016 Class AF-2 $40,000,000 February 25, 2020 Class AF-3 $36,000,000 August 25, 2026 Class AF-4 $40,500,000 August 25, 2030 Class AF-5 $9,040,000 January 25, 2032 Class AF-6 $22,800,000 January 25, 2032 Class MF-1 $15,300,000 January 25, 2032 Class MF-2 $11,974,000 January 25, 2032 Class BF $9,980,000 January 25, 2032 Class AV $204,103,000 January 25, 2032 Class MV-1 $18,046,000 January 25, 2032 Class MV-2 $10,578,000 January 25, 2032 Class BV $16,179,000 January 25, 2032 Class X-IO (1) Class R-1 (1) ----------------
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is January 25, 2036.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK and Class IL Interests and the Class IQ Certificates (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests (other than the Class P Certificates, ) shall constitute be recorded on the assets records of REMIC I. I as being issued to and held by the Trustee on behalf of REMIC II. The Interest REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through Certificates Balance Rate Cap Agreements------------ ------- ---- IA $ 18,500,000 (1) IB 6,000,000 (1) IC 1,000,000 (1) ID 4,500,000 (1) IE 5,000,000 (1) IF 5,750,000 (1) IG 6,000,000 (1) IH 6,500,000 (1) II 6,750,000 (1) IJ 13,700,000 (1) IK 6,325,000 (1) IL 4,125,000 (1) IQ 95,850,000 (1) R-1 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans, provided that the Pass-Through Rate for the first month during the Pre-Funding Account and the Net Rate Cap Fund Period shall not exceed the weighted average of the Certificate Rates of the REMIC III Regular Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans shall be assets allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any REMICdistributions on the Class R-1 Certificate.
(bc) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-A-1A, Class II-M-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (2) below, Class II-Q Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates payable with respect to the Class II-A (Q Interest which equals 1) $ 92,250,000.00 Class A % of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-M-1 (1) $ 7,875,000.00 A-1F, Class M-1 II-A-1A, Class II-M-1, Class II-M-2 (1) $ 6,187,500.00 Class M-2 and Class II-B Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0, Class M-2 and Class B Certificates, respectively (1) $ 4,275,000.00 Class B-1 and will be accrued and added to principal on the Class II-Q Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-Q Interest and 1% to the Class II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class X-0X, Xxxxx X-0X, Xxxxx X-0, Class M-2 and Class B Certificates, respectively. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-Q Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B Interests are each 1% of the principal balances of the Class X-0X, Xxxxx X-0X, Xxxxx X-0, Class M-2 and Class B Certificates, respectively; and (ii) the aggregate principal balance of the Class II-Q Interest is equal to the sum of the aggregate Principal Balance of the Mortgage Loans and the Pre-Funded Amount, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-A-1F $ 1,079,000 (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2(3) (4),(5) II-A-2 415,000 (1) (3) (4),(5) II-M-1 126,000 (1) (3) (4),(5) II-M-2 90,000 (1) (3) (4),(5) II-B 90,000 (1) (3) (4),(5) II-Q 178,200,000 (1) (3) (4),(5) II-A-IO Notional (2) N/A Class IO R-2 (3) (3) 0 0% N/A ___________________________N/A(6)
(1) The interest rate with respect to Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests, after first subtracting 6.0% from the Pass-Through Rates of each of such regular interests (other than the Class IQ Interest) for the Distribution Date (and the related Interest Period) Dates indicated below for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment regular interests, but for the actual/360 day count convention in first month during the case Pre- Funding Period such Pass-Through Rate shall not exceed the weighted average of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit Certificate Rates on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the TrustREMIC III Regular Certificates.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AF-1, Class II-AF-2, Class II-A-VI, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Interests Interest and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Interest from the Mortgage Loans that is allocable to payments of principal on the Mortgage Loans (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 payable with respect to the Class II-Q Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of each of the REMIC II Regular Interests, other than the Class Q-II Interest, in the same manner in which the Turbo Amount is allocated among the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates, respectively (and will be accrued and added to principal on the Class II-Q Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-Q Interest and 1% to each of the REMIC II Regular Interests, other than the Class Q-II Interest, until paid in full. The aggregate amount of principal allocated to each of the REMIC II Regular Interests, other than the Class Q-II Interest, shall be apportioned among such classes in the same manner as principal is payable with respect to the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates, respectively. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-Q Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of each of the REMIC II Regular Interests, other than the Class Q-II Interest, are each 1% of the principal balances of the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates, respectively; and (ii) the aggregate principal balance of the Class II-Q Interest is equal to the sum of the aggregate Principal Balance of the Mortgage Loans, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-AF-1 $ 305,500 (1) $ 110,587,500 N/A Class (2) (3),(4) II-AF-2 641,600 (1) (2) (3),(4) II-AV-1 487,900 (1) (2) (3),(4) II-M-1 122,500 (1) (2) (3),(4) II-M-2 87,500 (1) (2) (3),(4) II-B 70,000 (1) (2) (3),(4) II-Q 169,785,000 (1) (2) (3),(4) P 0.00100 0% $ 100.00(2(5) N/A Class R-2 (3) (3) 0 0% N/A ___________________________N/A(6)
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of Pass-Through Rate on these REMIC II Regular Interests is a per annum rate shall at any time of determination equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case weighted average of the Adjustable Rate Certificates)Pass-Through Rates of the REMIC I Regular Interests.
(2) Principal will be allocated to and apportioned among the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class BIO Certificates, and all principal will be allocated as a payment of interest to the Class BIO Certificates after the principal balances of the other Regular Certificates have been reduced to zero.
(3) Except as provided in note (4), interest will be allocated among the Class AF-1, Class A-F-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(4) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of each of the REMIC II Regular Interests, where each of such classes, other than the Class II-Q Interest is first subject to a cap and floor equal to the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Pass-Through Rates, respectively, and the Class II-Q Interest is subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the other Certificates but will be allocated to the Class BIO Certificates. However, the Class BIO Certificates shall be subordinated to the extent provided in Section 5.01.
(5) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges prepayment charges shall not be available for distribution with respect to any other Class of REMIC II Interests Certificates and shall not be applied in reduction to the Principal Balance of the Class P Class Principal BalanceCertificates. The Class P Deposit may be added to principal and interest collections on the Mortgage Loans on the first Distribution Date and allocated pursuant to Section 5.01. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal distributions until there are no Mortgage Loans with respect to which prepayment penalties are applicable left in the Trust, at which time the P Certificates shall be entitled to a principal payment receive their Class Principle Balance.
(6) On each Distribution Date, available funds, if any, remaining in an amount equal REMIC II after payments of interest and principal, as designated above, will be distributed to the Class P Deposit R-2 Certificate. It is expected that there will not be any distributions on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the TrustClass R-2 Certificates.
(3c) The Class R-2 AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2, Class B, and Class BIO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Interests") and the Class R-1 Certificate is hereby designated as the sole class of single "residual interest in interest" with respect to REMIC II. It does not have an interest rate or a principal balance. I. On each Distribution Date, Available Funds Funds, if any, remaining in REMIC I after all distributions with respect to the other REMIC II Interests have been made in the manner described below payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1 Certificates. It is expected that there will not be any distributions on the Class R-1 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Asset-BKD Cert Series 2002-1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap LIBOR Carryover Fund, the Pre-Funding Account, First Payment Loan Account Class B Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA- 1F, Class II-M-1A-2F, Class II-M-2A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) the class designationRegular Interests, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed payable with respect to the Class R-2II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class XX-X-0X, XX-X-0X, XX-X-0X, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- X-0X, Xxxxx XX-X-0X, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class X-0X, Xxxxx X, Xxxxx X- 0X and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) III shall 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 II I shall include the Mortgage Loans, the Accounts accounts (other than the Net Rate Cap WAC Reserve Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC II I will be evidenced by (x) the Class II-A, IA and Class II-M-1, Class II-M-2, Class II-B, the Class II-Q IN Interests and the Class P Certificates (together, the “"REMIC II I Regular Interests”"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the “"regular interests” " in REMIC II I and (y) the Class R-2 R-1 Certificates, which are hereby designated as the single “"residual interest” " in REMIC III (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC II I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II I as being issued to and held by the Trustee on behalf of REMIC I. II. The REMIC II The I Certificates will have the following table sets forth (or describes) the class designationdesignations, interest rate, and initial principal amount for each class of balances and pass-through rates: Pass- REMIC II Interests. REMIC II Class Designation REMIC 2 Interest I Initial Through Certificates Balance Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A ------------ ------- ---- P $100 0% (2) IA $45,000,000 (1) $ 92,250,000.00 Class A Class II-M-1 IN $955,857,543 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00R-1 $0 0% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________-------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of Pass-Through Rate on these REMIC II I Regular Interests is a per annum rate shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Loan Rates of the Adjustable Rate Certificates)Mortgage Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied in reduction to the principal balance of the Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class P R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-B, Class II-BIO described in note (4) below, Class II-M Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal payment balances of the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2 and Class II-B Interests in the same manner in which the Turbo Amount is allocated among the Class A, Class M-1, Class M-2 and Class II-B Certificates, respectively (and will be accrued and added to principal on the Class II-M Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M Interest and 1% to the Class II-A-1, Class II-A-2 Class II-B, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-B, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class X-0, Xxxxx X-0, Class B, Class M-1 and Class M-2 Certificates, respectively. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-B, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class X-0, Xxxxx X-0, Class B, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M Interest is equal to the Loan Group Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-A-1 $4,103,500 (1) (5) (6),(7) II-A-2 $4,103,500 (1) (5) (6),(7) II-B $650,575.43 (1) (5) (6),(7) II-M-1 $625,500 (1) (5) (6),(7) II-M-2 $525,500 (1) (5) (6),(7) II-M $90,848,967.57 (1) (5) (6),(7) II-BIO notional (4) N/A Class BIO R-2 $0 0% N/A N/A(8) __________
(1) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests (other than the Class P Deposit Certificates), after first subtracting 8.25% from the Pass-Through Rates of each of such regular interests (other than the Class IN Interests) for the Distribution Dates indicated below for each of such regular interests. 8.25% Subtraction REMIC I Distribution Certificates Dates IA 1 - 30
(2) Interest on the first Class II-BIO will equal the sum of 1 strip of interest, with such strip being a strip off the principal balance of each REMIC I Regular Interest (other than the Class IN Interests and the Class P Certificates) at 8.25% per annum for the Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining Dates indicated in the Trusttable in note (1) for such regular interest, and 0.0% thereafter.
(3) Principal will be allocated to and apportioned among the Class X-0, Xxxxx X-0, Class B, Class M-1, and Class M-2 Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class X Certificates, and all principal will be allocated as a payment of interest to the Class X Certificates after the principal balances of the other Regular Certificates (other than the Class P Certificates) have been reduced to zero.
(4) Except as provided in note (7), interest will be allocated among the Class X-0, Xxxxx X-0, Class B, Class M-1 and Class M-2 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-B, Class II-M-1, Class II-M-2 and Class II-M, where each of such classes, other than the Class II-M Interest is first subject to a cap and floor equal to the Class X-0, Xxxxx X-0, Class B, Class M-1 and Class M-2 Pass-Through Rates, respectively, and the Class II-M Interest is subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the other Certificates but will be allocated to the Class X Certificates. However, the Class X Certificates shall be subordinated to the extent provided in Section 5.01.
(6) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any distributions on the Class R-2 Certificates.
(d) The Class R-2 A-1, Class A-2, Class B, Class M-1, Class M-2, Class IO and Class X Certificates are hereby designated as "regular interests" with respect to REMIC III (the "REMIC III Regular Interests") and the Class R-3 Certificate is hereby designated as the sole class of single "residual interest in interest" with respect to REMIC II. It does not have an interest rate or a principal balanceIII. On each Distribution Date, Available Funds Funds, if any, remaining in REMIC III after all distributions with respect to the other REMIC II Interests have been made in the manner described below payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-3 Certificates. It is expected that there will not be any distributions on the Class R-3 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-B, the M-1 and Class II-Q M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Total Monthly Excess Cashflow that is used to pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A payable with respect to the Class II-M-1 (1) $ 7,875,000.00 Interest which equals .01% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balance of the Class M-1 II-A-1 Certificates, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-2, and Class II-A-3 Interests, in the same manner in which the Turbo Amount is allocated among the Class A-1, Class A-2 and Class A-3 Certificates, respectively (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99.99% to the Class II-M-1 Interest, and .01% to the Class II-A-1 Interests until paid in full. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-2 and Class II-A-3 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-2 and Class II-A-3 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group II is payable with respect to the Class A-2 and Class A-3 Certificates, respectively. Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3 Interests are each .01% of the principal balances of the Class A-1, Class A-2 and Class A-3 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I (including any remaining Original Group I Pre-Funded Amount) less the principal balance of the Class II-A-1 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II (including any remaining Original Group II Pre-Funded Amount) less the sum of the principal balances of the Class II-A-2 and Class II-A-3 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Allocation Allocation REMIC II Initial Certificate of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-A-1 $ 24,600 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (4)(5) II-A-2 $ 14,500 (2) (3) (4)(6) II-A-3 $ 2,400 (2) (3) (4)(6) II-M-1 $ 245,975,400 (1) (3) (4)(5) II-M-2 $ 168,985,500 (2) (3) (4)(6) R-2 $ 0 0% N/A ___________________________N/A(7) ---------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Coupon Rates of the Adjustable Rate Certificates).Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class P A-1, Class A-2 and Class A-3 Certificates shall be entitled to receive all Prepayment Charges collected in the same proportion as principal from the Home Equity Loans is payable with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class such Certificates, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnotes (5) and (6), interest will be allocated among the Class R-2 A-1, Class A-2 and Class A-3 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1 and Class II-M-1 Interests where the Class II-A-I Interest is subject to a cap and floor equal to the rate on Class A-1 and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-2, Class II-A-3 and Class II-M-2 Interests, where the Class II-A-2 Certificate is subject to a cap and floor equal to the sole class rate on Class A-2, the Class II-A-3 Certificate is subject to a cap and floor equal to the rate on Class A-3 and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of residual interest this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in REMIC II. It does not have an interest rate or a principal balance. Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining in REMIC II after all payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. The Class II-A-1 Certificates are the "Group I Marker Classes", and the Class II-A-2 and Class II-A-3 Certificates are the "Group II Marker Classes" (collectively, the "Marker Classes"). It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the other "REMIC II Interests have been made I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in the manner described below REMIC I after payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account the LIBOR Carryover Fund, the Class B Carryover Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through CERTIFICATES BALANCE RATE IA $ 32,000,000 (1) IB $ 7,500,000 (1) IC $ 9,500,000 (1) ID $ 11,500,000 (1) IE $ 5,000,000 (1) IF $ 10,500,000 (1) IG $ 2,000,000 (1) IH $ 4,000,000 (1) II $ 19,000,000 (1) IJ $ 2,500,000 (1) IK $ 9,500,000 (1) IL $ 4,000,000 (1) IM $251,000,000 (1) IN $ 32,000,000 (2) R-1 $ 0 0%
(1) The pass-through rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The pass-through rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there shall not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-M-1A-2F, Class II-M-2A-3F, Class II-A-4F, Class II-A-IA, Class II-B, the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (either under sections 5.01(a)C.3, 5.01(a)C.5, or 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, and Class II-A-1A Interests in the same manner in which the Turbo Amount is allocated among the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B, and Class A-1A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, and Class II-A-1A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, and Class II-A-1A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-1A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, and Class II-A-1A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B, and Class A-1A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest II-A-1F $ (1) $ 92,250,000.00 Class A Class (5) (6),(7) 1,088,800 II-M-1 A-2F $ (1) $ 7,875,000.00 Class M-1 Class (5) (6),(7) 751,200 II-M-2 A-3F $ (1) (5) (6),(7) 1,332,000 II-A-4F $ 6,187,500.00 Class M-2 Class (1) (5) (6),(7) 368,000 II-B $ (1) $ 4,275,000.00 Class B-1 Class (5) (6),(7) 140,000 II-Q A-1A $ (1) (5) (6),(7) 320,000 II-M $ 110,587,500 N/392,000,000 (1) (5) (6),(7) II-M-F $ (2) (5) (6),(7) 3,680,000 II-M-A Class P 0.00% $ 100.00(2(3) (5) (6),(7) 320,000 II-A-IO $ (4) N/A Class IOF 0 R-2 (3) (3) $ 0% N/A ___________________________N/A(8) 0 ---------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of Pass-Through Rate on these REMIC II Regular Interests is a per annum rate shall at any time of determination equal to the Net Rate Cap in effect for weighted average of the REMIC I Regular Interests, after first subtracting 6.0% from each of such Distribution Date regular interests (computed without regard to other than the adjustment Class IM and Class IN Interests) for the actual/360 day count convention in the case of the Adjustable Rate Certificates).Distribution Dates indicated below for each such regular interest, and 0.0% thereafter. REMIC I 6.0% Subtraction REMIC I 6.0% Subtraction CERTIFICAT DISTRIBUTION DISTRIBUTION ES DATES CERTIFICATES DATES IA 1 - 36 IG 1 - 17 IB 1 - 33 IH 1 - 15 IC 1 - 30 II 1 - 12 ID 1 - 27 IJ 1 - 11 IE 1 - 24 IK 1 - 6 IF 1 - 18 IL 1 - 3
(2) The pass-through rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the REMIC I Regular Interests (other than the Class P Certificates IN Interest), after first subtracting 6.0% from each such regular interest (other than the Class IM Interests) for the Distribution Dates indicated in the table in note (1), and 0.0% thereafter
(3) The pass-through rate on this REMIC II Regular Interest shall at any time of determination equal the pass-through rate on the Class IN Interest issued by REMIC I.
(4) Interest on the Class II-A-IO will equal the sum of 12 strips of interest, with each strip being a strip off the principal balance of a REMIC I Regular Interest (other than the Class IM and Class IN Interests) at 6.0% per annum for the Distribution Dates indicated in the table in note (1) for such regular interest, and 0.0% thereafter. Each of the 12 interest strips comprising the interest on the Class II-A-IO shall constitute 12 separate components of the Class II-A-IO, each of which shall be entitled designated as a separate REMIC II Regular Interest.
(5) Principal will be allocated to receive all Prepayment Charges collected and apportioned among the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-1A Certificates, in the same proportion as principal is payable with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class such Certificates, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class P Deposit on BIO Certificates, and all principal will be allocated as a payment of interest to the first Distribution Date following date on which there are no Mortgage Loans Class BIO Certificates after the principal balances of the Group F and Group A Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(36) Except as provided in note (7), interest will be allocated among the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-1A Xxxxxxxxxxxx xx xxx xxxx proportion as interest is payable on such Certificates.
(7) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, Class II-A-IA, Class II-M, Class II-M-F, and Class II-M-A Interests, where each of such classes, other than the Class II-M, Class II-M-F, and Class II-M-A Interests is first subject to a cap and floor equal to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-IA pass-through rates, respectively, and the Class II-M, Class II-M-F, and Class II-M-A Interest are each subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the Group F or Group A Certificates but will be allocated to the Class BIO Certificates. However, the Class BIO Certificates shall be subordinated to the extent provided in Section 5.01.
(8) On each Distribution Date, Available Funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any distributions on the Class R-2 Certificates.
(d) The Class R-2 A-1F, Class A-2F, Class A-3F, Class A-4F, Class B, Class A-1A, Class IOF and Clxxx XXX Xxxxxxxxxxxx xxx xxxeby designated as "regular interests" with respect to REMIC III (the "REMIC III Regular Interests") and the Class R-3 Certificate is hereby designated as the sole class of single "residual interest in interest" with respect to REMIC II. It does not have an interest rate or a principal balanceIII. On each Distribution Date, Available Funds Funds, if any, remaining in REMIC III after all distributions with respect to the other REMIC II Interests have been made in the manner described below payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-3 Certificates. It is expected that there will not be any distributions on the Class R-3 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and I, REMIC II and each of the Fifty REMIC IIIs described in subsection (which, b) (which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and assets of the Supplemental Interest Rate Cap Agreements Reserve Fund constitute the Trust) shall 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 the Fifty REMIC II IIIs shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property allocable to each of such Fifty REMIC IIIs and any proceeds of the foregoing. The separate assets of each of the Fifty REMIC II IIIs are separately identified on Schedule I-F attached hereto. The Fifty REMIC III Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. II Regular Interests. The Interest Rate Cap AgreementsREMIC II Regular Interests shall constitute the assets of REMIC I.
(b) Fifty (50) lower-tier REMICs (the "Fifty REMIC IIIs" and each a "REMIC III") will be established and evidenced by (x) the one hundred classes of REMIC III numbered REMIC regular interest certificates listed below (together, the Pre"REMIC III Regular Interests"), which will be uncertificated and non-Funding Account transferable, and will hereby designated as the "regular interests" in each of the Fifty REMIC IIIs and (y) the fifty classes of REMIC III numbered REMIC residual interest certificates listed below which are hereby designated as the single "residual interest" in each of the Fifty REMIC IIIs. Principal payments and losses realized on mortgages in each of the Fifty REMIC IIIs will be paid or allocated to the REMIC III Regular Interest that is issued by the appropriate REMIC III with the pool designation corresponding to the mortgage's pool. REMIC IIIs REMIC IIIs REMIC IIIs REMIC IIIs Regular Interest Regular Interest Regular Interest Residual Interest Certificate Certificate Initial Certificates Certificate REMIC IIIs Designations Balances Pass-Through Rates Designations (2)
(1) The Certificate Rate on these REMIC III Regular Interests shall at any time of determination equal the weighted average of the Net Rate Cap Fund shall not be assets Coupon Rates of any REMICthe Home Equity Loans in the specific REMIC III in which such Regular Interest evidences an interest, with those REMIC III Regular Interests designated "Q-F" corresponding to Group I and those REMIC III Regular Interests designated "Q-A" corresponding to Group II.
(b2) This REMIC III residual interest does not have a Certificate Principal Balance and will not pay interest.
(c) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Q, Class II-S-F and Class II-S-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Net Monthly Excess Cashflow for either Group that is used to pay an amount to the Offered Certificates pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the REMIC II The following table sets forth (or describes) Regular Interests will not be paid as principal to the class designation, interest rate, and initial principal amount for each class of REMIC II Regular Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is , but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed otherwise payable with respect to the Class R-2II-Q Interest which equals .01% of the Turbo Amount (and, to the extent .01% of the Turbo Amount exceeds the interest payable on the Class II-Q Interest, a pro rata portion of the interest payable on the Class II-S-F and Class II-S-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests, in the same manner in which the Turbo Amount is allocated among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Claxx X-0, Xxxxx M-1, Class M-2 and Class B Certificates, respectively, (and will be accrued and added to principal on the Class II-Q, Class II-S-F and Class II-S-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the REMIC III Regular Interests shall be allocated 99.99% to the Class II-Q, Class II-S-F, and Class II-S-A Interests, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal is payable with respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Claxx X-0 Xxxxx X-1, Class M-2 and Class B Certificates, respectively. The aggregate amount of principal allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be allocated and apportioned among such Interests first, to the Class II-S-F and Class II-S-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-S-F Interests to the principal balance of the Class II-S-A Interests equals the ratio of the Group I Balance to the Group II Balance (the "Balance Ratio"), and second, to the Class II-Q Interests. Notwithstanding the above, principal payments on REMIC III Regular Interests that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests (allocated first to the Class II-Q Interests until paid in full, and second to the Class II-S-F and Class II-S-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2 and Class II-B Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-Q, Class II-S-A and Class II-S-F Interests. Losses allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be applied first, to the Class II-S-F and Class II-S-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-Q Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC II I will be evidenced by (x) the Class II-AIA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II-M-1, Class II-M-2IJ, Class II-B, the IK and Class II-Q IL Interests and the Class P IQ Certificates (together, the “"REMIC II I Regular Interests”"), which (except in the case of the Class P Certificatesi) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the “"regular interests” " in REMIC II I and (y) the Class R-2 R-1 Certificates, which are hereby designated as the single “"residual interest” " in REMIC III (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC II I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II I as being issued to and held by the Trustee on behalf of REMIC I. II. The REMIC II The I Certificates will have the following table sets forth (or describes) the class designationdesignations, interest rate, and initial principal amount for each class of balances and pass-through rates: Pass- REMIC II Interests. REMIC II Class Designation REMIC 2 Interest I Initial Through Certificates Balance Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A ------------ ------- -------- IA 12,150,000 (1) $ 92,250,000.00 Class A Class II-M-1 IB 1,800,000 (1) $ 7,875,000.00 Class M-1 Class II-M-2 IC 2,700,000 (1) $ 6,187,500.00 Class M-2 Class II-B ID 3,600,000 (1) $ 4,275,000.00 Class B-1 Class II-Q IE 3,600,000 (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2IF 4,500,000 (1) N/A Class R-2 IG 4,500,000 (31) IH 4,500,000 (31) N/A ___________________________II 4,500,000 (1) IJ 6,300,000 (1) IK 4,500,000 (1) IL 3,150,000 (1) IQ 109,200,000 (1) R-1 0 0%
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of Pass-Through Rate on these REMIC II I Regular Interests is a per annum rate shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Loan Rates of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges , provided that the Pass-Through Rate for the first month during the Pre-Funding Period shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction exceed the weighted average of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to Certificate Rates of the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balanceIII Regular Certificates. On each Distribution Date, Available Funds principal collections and realized losses on the Mortgage Loans shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all distributions with respect amounts required to be distributed to the other REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II Interests have been made in the manner described below shall will be distributed with respect to evidenced by (x) the Class R-2II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-Q Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- IA $18,000,000 (1) IC $ 1,500,000 (1) ID $ 1,000,000 (1) IE $ 5,500,000 (1) IF $ 4,500,000 (1) IG $ 5,000,000 (1) IH $ 5,500,000 (1) II $ 5,000,000 (1) IJ $ 6,000,000 (1) IK $ 3,000,000 (1) IL $ 3,500,000 (1) Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- IM $97,697,829.20 (1) IN $49,200,417.05 (2) R-1 $0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-M-1, Class II-M-2, Class II-B, B the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates under sections 5.01(a)C.7 and 5.01(b) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) the class designationRegular Interests, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed payable with respect to the Class R-2II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Q, Class II-S-F and Class II-S-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Subordination Increase Amount for either Group that is used to pay an amount to the Offered Certificates pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates otherwise payable with respect to the Class II-A Q Interest which equals .01% of the Turbo Amount (1) $ 92,250,000.00 Class A and, to the extent .01% of the Turbo Amount exceeds the interest payable on the Class II-M-1 (1Q Interest, a pro rata portion of the interest payable on the Class II-S-F and Class II-S-A Interests equal to such excess) $ 7,875,000.00 will be payable as a reduction of the principal balances of the Class M-1 II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 (1) $ 6,187,500.00 Class M-2 and Class II-B Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively, (1) $ 4,275,000.00 and will be accrued and added to principal on the Class B-1 II-Q, Class II-S-F and Class II-S-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Home Equity Loans shall be allocated 99.99% to the Class II-Q, Class II-S-F, and Class II-S-A Interests, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 Class M-1, Class M-2 and Class B Certificates, respectively. The aggregate amount of principal allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be allocated and apportioned among such Interests first, to the Class II-S-F and Class II-S-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-S-F Interests to the principal balance of the Class II-S-A Interests equals the ratio of the Group I Balance to the Group II Balance (the "Balance Ratio"), and second, to the Class II-Q Interests. Notwithstanding the above, principal payments on the Home Equity Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests (allocated first to the Class II-Q Interests until paid in full, and second to the Class II-S-F and Class II-S-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized Losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2 and Class II-B Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-Q, Class II-S-A and Class II-S-F Interests. Losses allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be applied first, to the Class II-S-F and Class II-S-A Interests the least amount of Realized Losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-Q Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:REMIC II Certificate Allocation Allocation Certificates Initial Balance Rate of Principal of Interest ------------ --------------- ------------ ------------ ----------- II-A-1 $11,600.00 (1) $ 110,587,500 N/(4) (5)(6) II-A-2 4,660.00 (1) (4) (5)(6) II-A-3 4,640.00 (1) (4) (5)(6) II-A-4 2,250.00 (1) (4) (5)(6) II-A-5 2,210.00 (1) (4) (5)(6) II-A-6 3,050.00 (1) (4) (5)(6) II-A-7 16,310.00 (1) (4) (5)(6) II-M-1 3,120.00 (1) (4) (5)(6) II-M-2 2,470.00 (1) (4) (5)(6) II-B 1,690.00 (1) (4) (5)(6) II-Q 519,897,052.62 (1) (4) (5)(6) II-S-F 35,690.00 (2) (4) (5)(6) II-S-A Class P 0.00% $ 100.00(2) N/A Class R-2 16,310.00 (3) (34) (5)(6) R-2 0 0% N/A ___________________________N/A(7)
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case weighted average of the Adjustable Rate Certificates)Certificate Rates of the Home Equity Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of Certificate Rate on this REMIC II Interests and Regular Interest shall not be applied in reduction at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group I.
(3) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group II.
(4) Principal will be allocated to and apportioned among the Class P A-1, Class Principal Balance. The A-2, Class P A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates shall be entitled to as provided in Section 7.03(b), except that a portion of such principal payment in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(35) The Except as provided in footnote (6), interest will be allocated among the Class R-2 X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(6) Any interest with respect to this REMIC II Certificate is in excess of the sole class product of residual (i) 10,000 times the weighted average coupon of the REMIC II Regular Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B Interests, subject to a cap and floor equal to the rate on each of Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively and each of the Class II-Q, Class II-S-F and Class II-S-A Interests, subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate shall not be allocated to the Offered Certificates but will be allocated to the Class X-IO Certificates, any interest so allocated shall not itself bear interest. However, the Class X-IO Certificates shall be subordinated to the extent provided in REMIC II. It does not have an interest rate or a principal balance. Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining in REMIC II after all payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the other "REMIC II Interests have been made I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in the manner described below REMIC I after payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date ----------------- ----------------- ----------------- Class A-1 $116,000,000 June 25, 2019 Class A-2 $46,600,000 February 25, 2025 Class A-3 $46,400,000 March 25, 2029 Class A-4 $22,500,000 February 25, 2030 Class A-5 $22,100,000 October 25, 2032 Class A-6 $30,500,000 October 25, 2032 Class A-7 $163,100,000 October 25, 2032 Class M-1 $31,200,000 October 25, 2032 Class M-2 $24,700,000 October 25, 2032 Class B $16,900,000 October 25, 2032 Class X-IO (1) Class R-1 (1)
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is October 25, 2037.
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Initial Interest Coverage Account and Interest Rate Cap Agreements Agreement constitute the Trust) shall 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan the Initial Interest Coverage Account and the Interest Rate Cap AgreementsAgreement), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap AgreementsAgreement, the Pre-Funding Account, the Initial Interest Coverage Account and the Net Rate Cap Fund shall not be assets of any REMIC.
(b) REMIC II will be evidenced by (x) the Class II-A, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Interests and the Class P Certificates (the “REMIC II Regular Interests”), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “regular interests” in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “residual interest” in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the “REMIC II Interests Certificates”). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 $102,500,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 8,437,500.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 7,500,000.00 Class M-2 Class II-B (1) $ 4,275,000.00 5,000,000.00 Class B-1 Class II-Q (1) $ 110,587,500 $126,562,500.06 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificatesconvention).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE and Class IF Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The Class IA, Class IB, Class IC, Class ID, Class IE and Class IF Interests shall have initial principal balances equal to $20,396,000, $35,229,000, $18,541,000, $38,938,000, $331,896,000 (i.e., the excess of the initial Loan Group F Balance over $113,104,000) and $30,000,000 (i.e., the initial Loan Group A Balance), respectively. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially to the Class IE, Class IA, Class IB, Class IC, and Class ID Interests until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IF Interest. The Class IA, Class IB, Class IC, Class ID and Class IE Interests shall each have pass-through rates equal to the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F. The Class IF Interest shall have a pass-through rate equal to the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the Class IA, Class IB, Class IC, Class ID, Class IE and Class IF Interests and applicable Trust expenses have been paid. It is expected that there shall not be any distributions on the Class R- 1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA- 1F, Class II-M-1A-2F, Class II-M-2A-3F, Class II-BA-4F, the Class II-Q A-5F, Class II-A-6F, Class II-A-IA, Class II-A-IO, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II InterestsIII. REMIC II Class Designation REMIC 2 Any Excess Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect up to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit Subordination Increase Amount (the "Turbo Amount") that is payable from interest on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual will not be paid as interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in Regular Interests, but instead a portion of the manner described below shall be distributed interest payable with respect to the Class R-2II-M-F Interests which equals 1% of the Turbo Amount that is applied to Group F Certificates and a portion of the interest payable with respect to the Class II-M-A Interest which equals 1% of the Turbo Amount that is applied to the Group A Certificates will be payable as a reduction of the principal balances of the Class II- X-0X, Xxxxx XX-X-0X, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, and Class II-A-1A Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X- 0X, Xxxxx X-0X, Class A-4F, Class A-5F, Class A-6F and Class A-1A Certificates, respectively (and will be accrued and added to principal on the Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on Loan Group F shall be allocated 99% to the Class II-M-F Interest, and 1% to the Class XX-X-0X, Xxxxx XX-X- 0X, Xxxxx XX-X-0X, Class II-A-4F, Class II-A-5F and Class II-A-6F Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, and Class II-A-6F Interests shall be apportioned among such classes in the same manner as principal on Loan Group F is payable with respect to the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class A-4F, Class A-5F and Class A-6F Certificates, respectively. Notwithstanding the above, principal payments on Loan Group F that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M-F Interest. Principal payments on Loan Group A shall be allocated 99% to the Class II-M-A Interest and 1% to the Class II- A-1A Interest until paid in full. Notwithstanding the above, the principal payments on Loan Group A that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M-A Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class XX-X-0X, Xxxxx XX-X- 0X, Xxxxx XX-X-0X, Class II-A-4F, Class II-A-5F, Class II-A-6F, and Class II-A-1A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class X-0X, Xxxxx X-0X, Xxxxx X-
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) [the REMIC I classes] (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the [___________], which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the [_____________], the "REMIC I Certificates"). The REMIC I Regular Interests (other than the [Class ___] Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through Certificates Balance Rate Cap Agreements------------ ------- ---- [(1)] [The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans, provided that the Pass-Through Rate for the first month during the Pre-Funding Account and the Net Rate Cap Fund Period shall not exceed the weighted average of the Certificate Rates of the REMIC III Regular Certificates.] On each Distribution Date, principal collections and realized losses on the Mortgage Loans shall be assets allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. The Class [R-1] Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any REMICdistributions on the Class [R-1] Certificate.
(bc) REMIC II will be evidenced by (x) [the REMIC II Classes] (2) below, [Class II-A, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Q] Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 [R-2] Certificates, which are hereby designated as the single “"residual interest” " in REMIC II (the REMIC II Regular Interests, together with the Class [R-II] Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the REMIC I Regular Interests that is allocable to payments of principal on the Mortgage Loans (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designationinterest payable with respect to the Class [II-Q] Interest which equals [1]% of the Turbo Amount will be payable as a reduction of the principal balances of the Class [II-A-1F, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A A-1A, Class II-M-1 (1) $ 7,875,000.00 Class M-1 M-1, Class II-M-2 (1) $ 6,187,500.00 Class M-2 and Class II-B B] Interests in the same manner in which the Turbo Amount is allocated among the Class [A-1F, Class A-1A, Class M-1, Class M-2 and Class B] Certificates, respectively (1) $ 4,275,000.00 Class B-1 and will be accrued and added to principal on the Class II-Q Interest). Principal payments on the REMIC I Regular Interests shall be allocated [99]% to the Class [II-Q] Interest and [1]% to the Class [II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B] Interests, until paid in full. The aggregate amount of principal allocated to the Class [II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B] Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class [A-1F, Class A-1A, Class M-1, Class M-2 and Class B] Certificates, respectively. Notwithstanding the above, principal payments on REMIC I Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class [II-Q] Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (1i) the principal balances of the Class [II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B] Interests are each [1]% of the principal balances of the Class [A-1F, Class A-1A, Class M-1, Class M-2 and Class B] Certificates, respectively; and (ii) the aggregate principal balance of the Class [II-Q] Interest is equal to the sum of the aggregate Principal Balance of the Mortgage Loans and the Pre-Funded Amount, less an amount equal [1]% of the aggregate Class Principal Balances of the Certificates. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- [_____] $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] ---------------
(1) [The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests, after first subtracting [___]% from the Pass-Through Rates of each of such regular interests (other than the Class IQ Interest) for the Distribution Dates indicated below for each of such regular interests, but for the first month during the Pre-Funding Period such Pass-Through Rate shall not exceed the weighted average of the Certificate Rates on the REMIC III Regular Certificates.] 6.00% Subtraction 6.00% Subtraction REMIC I Distribution REMIC I Distribution Certificates Dates Certificates Dates ------------ ----- ------------ ----- [____] [1 - 36] [____] [1 - 18] [____] [1 - 33] [____] [1 - 15] [____] [1 - 30] [____] [1 - 12] [____] [1 - 27] [____] [1 - 9] [____] [1 - 24] [____] [1 - 6] [____] [1 - 21] [____] [1 - 3] [(2)] [Interest on the Class II-A-IO will equal the sum of 12 strips of interest, with each strip being a strip off the principal balance of a REMIC I Regular Interest at [___]% per annum for the Distribution Dates indicated in the table in note (1) for such regular interest, and 0.0% thereafter. Each of the 12 interest rate strips comprising the interest on the Class II-A-IO shall constitute 12 separate components of the Class II-A-IO, each of which shall be designated as a separate REMIC II Regular Interest.] [(3)] [Principal will be allocated to and apportioned among the Class A-1F Class A-1A, Class M-1, Class M-2 and Class B Certificates, in the same proportion as principal is payable with respect to any Distribution Date (and the related Interest Period) for each such Certificates, except that a portion of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which BIO Certificates, and all principal will be allocated as a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class payment of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2BIO Certificates after the principal balances of the other Regular Certificates have been reduced to zero.]
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-A-8, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Total Monthly Excess Cashflow that is used to pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A payable with respect to the Class II-M-1 (1) $ 7,875,000.00 Interest which equals .01% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balances of the Class M-1 II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Certificates, and a portion of the interest payable with respect to the Class II-M-2 (1) $ 6,187,500.00 Class M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-B (1) $ 4,275,000.00 Class B-1 A-7, and Class II-Q A-8 Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates, respectively (1and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99.99% to the Class II-M-1 Interest, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-7 and Class II-A-8 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-7 and Class II-A-8 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group II is payable with respect to the Class A-7 and Class A-8 Certificates, respectively. Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7 and Class II-A-8 Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the sum of the principal balances of the Class II-A-7 and Class II-A-8 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Allocation Allocation REMIC II Initial Certificate of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-A-1 $ 110,587,500 N/A Class P 0.007,342.70 5.91% $ 100.00(2) N/A Class R-2 (3) (4)(5) II-A-2 $ 1,336.60 6.10% (3) (4)(5) II-A-3 $ 3,118.50 6.26% (3) (4)(5) II-A-4 $ 2,991.60 6.60% (3) (4)(5) II-A-5 $ 1,950.60 (8) (3) (4)(5) II-A-6 $ 1,860.00 6.60% (3) (4)(5) II-A-7 $ 8,400.00 (8) (3) (4)(6) II-A-8 $ 1,500.00 6.04% (3) (4)(6) II-M-1 $185,981,598.89 (1) (3) (4)(5) II-M-2 $ 98,992,001.65 (2) (3) (4)(6) R-2 $ 0 0% N/A ___________________________N/A(7) ---------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Coupon Rates of the Adjustable Rate Certificates).Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class P A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates shall be entitled to receive all Prepayment Charges collected in the same proportion as principal from the Home Equity Loans is payable with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class such Certificates, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnotes (5) and (6), interest will be allocated among the Class R-2 X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests where the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the sole class principal balance of residual this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-7, Class II-A-8 and Class II-M-2 Interests, where the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC IIII Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. It does not have an interest rate or a principal balance. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining after all distributions with respect to the other in REMIC II Interests have been made in after payments of interest and principal and expenses of the manner described below shall Trust, as designated above, will be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 1999-2)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Net Monthly Excess Cashflow for either Group that is used to pay an Extra Principal Distribution Amount pursuant to Section 7.03(b) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) the class designationRegular Interests, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed payable with respect to the Class R-2II-M-1 Interest which equals .01% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99.99% to the Class II-M-1 Interest, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-A-7 Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the principal balance of the Class II-A-7 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2000-A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than LIBOR Carryover Fund and the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ------- P $100 0% (3) IA $13,800,000 (1) IB $ 1,700,000 (1) IC $ 2,000,000 (1) ID $ 2,800,000 (1) IE $ 2,700,000 (1) IF $ 3,000,000 (1) IG $ 3,600,000 (1) IH $ 4,400,000 (1) II $ 4,400,000 (1) IJ $ 5,200,000 (1) IK $ 2,800,000 (1) IL $ 2,400,000 (1) IM $96,200,000 (1) IN $55,000,000 (2) R-1 $0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A.
(3) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of the Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-M-1, Class II-M-2, Class II-B, the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates under sections 5.01(a)C.7 and 5.01(b) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) the class designationRegular Interests, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed payable with respect to the Class R-2II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- P $ 100 0% (3) IA $ 15,000,000 (1) IB $ 3,000,000 (1) IC $ 3,000,000 (1) ID $ 3,000,000 (1) IE $ 4,000,000 (1) IF $ 4,500,000 (1) IG $ 4,500,000 (1) IH $ 5,500,000 (1) II $ 5,500,000 (1) IJ $ 6,500,000 (1) IK $ 3,500,000 (1) IL $ 3,000,000 (1) IM $124,000,000 (1) IN $ 65,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A.
(3) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-M-1, Class II-M-2, Class II-B, the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates under sections 5.01(a)C.7 and 5.01(b) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A (1Interests equal to such excess) $ 92,250,000.00 will be payable as a reduction of the principal balances of the Class A II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A, Class II-M-1 (1) $ 7,875,000.00 Class M-1 and Class II-M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, , Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, , Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, , Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-A-1F $ 533,000 (1) (5) (6),(7) II-A-2F $ 6,187,500.00 Class M-2 Class 227,000 (1) (5) (6),(7) II-A-3F $ 303,000 (1) (5) (6),(7) II-A-4F $ 153,000 (1) (5) (6),(7) II-A-5F $ 149,000 (1) (5) (6),(7) II-A-6F $ 100,000 (1) (5) (6),(7) II-B $ 106,250 (1) $ 4,275,000.00 Class B-1 Class (5) (6),(7) II-Q A-1A $ 650,000 (1) (5) (6),(7) Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ---- --------- -------- II-M-1 $ 110,587,500 N/165,000 (1) (5) (6),(7) II-M-2 $ 113,750 (1) (5) (6),(7) II-M $245,000,000 (1) (5) (6),(7) II-M-F $ 1,850,000 (2) (5) (6),(7) II-M-A Class P 0.00% $ 100.00(2650,000 (3) (5) (6),(7) II-A-IO $ 0 (4) N/A Class IOF R-2 (3) (3) $ 0 0% N/A ___________________________N/A(8) ---------------
(1) The interest rate with respect to Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests (other than the Class P Certificates), after first subtracting 6.4% from the Pass-Through Rates of each of such regular interests (other than the Class IM and Class IN Interests) for the Distribution Date (and the related Interest Period) Dates indicated below for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates)regular interests.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Q, Class II-S-F and Class II-S-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Subordination Increase Amount for either Group that is used to pay an amount to the Offered Certificates pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates otherwise payable with respect to the Class II-A Q Interest which equals .01% of the Turbo Amount (1) $ 92,250,000.00 Class A and, to the extent .01% of the Turbo Amount exceeds the interest payable on the Class II-M-1 (1Q Interest, a pro rata portion of the interest payable on the Class II-S-F and Class II-S-A Interests equal to such excess) $ 7,875,000.00 will be payable as a reduction of the principal balances of the Class M-1 II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 (1) $ 6,187,500.00 Class M-2 and Class II-B Interests, in the same manner in which the Turbo Amount is allocated among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Xxxxx X-0, Xlass M-2 and Class B Certificates, respectively, (1) $ 4,275,000.00 and will be accrued and added to principal on the Class B-1 II-Q, Class II-S-F and Class II-S-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Home Equity Loans shall be allocated 99.99% to the Class II-Q, Class II-S-F, and Class II-S-A Interests, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-B Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal is payable with respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 Xxxxx X-0, Xxass M-2 and Class B Certificates, respectively. The aggregate amount of principal allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be allocated and apportioned among such Interests first, to the Class II-S-F and Class II-S-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-S-F Interests to the principal balance of the Class II-S-A Interests equals the ratio of the Group I Balance to the Group II Balance (the "Balance Ratio"), and second, to the Class II-Q Interests. Notwithstanding the above, principal payments on the Home Equity Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests (1allocated first to the Class II-Q Interests until paid in full, and second to the Class II-S-F and Class II-S-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized Losses shall be applied such that after all distributions have been made on such Distribution Date: (i) $ 110,587,500 N/the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2 and Class II-B Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-Q, Class II-S-A and Class P 0.00% $ 100.00(2) N/II-S-F Interests. Losses allocated to the Class II-Q, Class II-S-F and Class II-S-A Interests shall be applied first, to the Class R-2 (3) (3) N/II-S-F and Class II-S-A Interests the least amount of Realized Losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-Q Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: REMIC II CERTIFICATES INITIAL BALANCE CERTIFICATE RATE ALLOCATION OF PRINCIPAL ALLOCATION OF INTEREST ------------ --------------- ---------------- ----------------------- ---------------------- II-A-1 $____________________________ (1) (4) (5)(6) II-A-2 (1) (4) (5)(6) II-A-3 (1) (4) (5)(6) II-A-4 (1) (4) (5)(6) II-A-5 (1) (4) (5)(6) II-A-6 (1) (4) (5)(6) II-A-7 (1) (4) (5)(6) II-M-1 (1) (4) (5)(6) II-M-2 (1) (4) (5)(6) II-B (1) (4) (5)(6) II-Q (1) (4) (5)(6) II-S-F (2) (4) (5)(6) II-S-A (3) (4) (5)(6) R-2 0 0% N/A N/A(7) ---------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case weighted average of the Adjustable Rate Certificates)Certificate Rates of the Home Equity Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of Certificate Rate on this REMIC II Interests and Regular Interest shall not be applied in reduction at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group I.
(3) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group II.
(4) Principal will be allocated to and apportioned among the Class P A-1, Class Principal Balance. The A-2, Class P A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates shall be entitled to as provided in Section 7.03(b), except that a portion of such principal payment in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(35) The Except as provided in footnote (6), interest will be allocated among the Class R-2 A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Clasx X-0, Xxxxx X-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(6) Any interest with respect to this REMIC II Certificate is in excess of the sole class product of residual (i) 10,000 times the weighted average coupon of the REMIC II Regular Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B Interests, subject to a cap and floor equal to the rate on each of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Clasx X-0, Xxxxx X-1, Class M-2 and Class B Certificates, respectively and each of the Class II-Q, Class II-S-F and Class II-S-A Interests, subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate shall not be allocated to the Offered Certificates but will be allocated to the Class X-IO Certificates, any interest so allocated shall not itself bear interest. However, the Class X-IO Certificates shall be subordinated to the extent provided in REMIC II. It does not have an interest rate or a principal balance. Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining after all distributions with respect to the other in REMIC II Interests have been made in after payments of interest and principal and expenses of the manner described below shall Trust, as designated above, will be distributed with respect to the Class R-2
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Net Monthly Excess Cashflow that is used to pay an Extra Principal Distribution Amount pursuant to Section 7.03(b) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A payable with respect to the Class II-M-1 (1) $ 7,875,000.00 Interest which equals ___% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balances of the Class M-1 II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively, and a portion of the interest payable with respect to the Class II-M-2 (1) $ 6,187,500.00 Class M-2 Interest which equals_____ % of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-B A-7 Interests (1) $ 4,275,000.00 Class B-1 and will be accrued and added to principal on the Class II-Q M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated ______% to the Class II-M-1 Interest, and ___% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Overcollateralization Release Amount shall be allocated _____% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated ______% to the Class II-M-2 Interest and ______% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated _______ % to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (1i) $ 110,587,500 N/A the principal balances of the Class P 0.00% $ 100.00(2) N/A II-A-1, Class R-2 (3) (3) N/A II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-A-7 Interests are each ___________________________% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the principal balance of the Class II-A-7 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Coupon Rates of the Adjustable Rate Certificates).Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class P A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates shall be entitled to receive all Prepayment Charges collected in the same proportion as principal from the Home Equity Loans is payable with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class such Certificates, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnotes (5) and (6), interest will be allocated among the Class R-2 X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 Interests is subject to a cap and floor equal to the sole class rate on each of residual Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-7 and Class II-M-2 Interests, where the Class II-A-7 Interest is subject to a cap and floor equal to the lesser of the rate on Class A-7 Certificate or the Group II Net WAC Cap, and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC IIII Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. It does not have an interest rate or a principal balance. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining after all distributions with respect to the other in REMIC II Interests have been made in after payments of interest and principal and expenses of the manner described below shall Trust, as designated above, will be distributed with respect to the Class R-2
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-A-8, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 R- 2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. Any Total Monthly Excess Cashflow that is used to pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A payable with respect to the Class II-M-1 (Interest which equals 1) $ 7,875,000.00 Class M-1 % of the Turbo Amount that is applied to Group I Certificates and a portion of the interest payable with respect to the Class II-M-2 Interest which equals 1% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, ClassII-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, and Class II-A-8 Interests in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates, respectively (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99% to the Class II-M-1 Interest, and 1% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99% to the Class II-M-2 Interest and 1% to the Class II-A-7 and Class II-A-8 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-7 and Class II-A-8 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group II is payable with respect to the Class A-7 and Class A-8 Certificates, respectively. Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7 and Class II-A-8 Interests are each 1% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the sum of the principal balances of the Class II-A-7 and Class II-A-8 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ---- --------- -------- II-A-1 $ 650,000 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (4)(5) II-A-2 $ 200,000 (1) (3) (4)(5) II-A-3 $ 330,000 (1) (3) (4)(5) II-A-4 $ 270,000 (1) (3) (4)(5) II-A-5 $ 192,670 (1) (3) (4)(5) II-A-6 $ 180,000 (1) (3) (4)(5) II-A-7 $ 588,630 (2) (3) (4)(6) II-A-8 $ 200,000 (2) (3) (4)(6) II-M-1 $ 180,444,954.54 (1) (3) (4)(5) II-M-2 $ 78,075,288.70 (2) (3) (4)(6) R-2 $ 0 0% N/A ___________________________N/A(7) ---------------
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date Coupon Rates (computed each calculated without regard to the adjustment for the actual/360 day count convention in the case subtraction of the Adjustable Rate Certificates).Minimum Spread) of the Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class P A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates shall be entitled to receive all Prepayment Charges collected in the same proportion as principal from the Home Equity Loans is payable with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class such Certificates, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnotes (5) and (6), interest will be allocated among the Class R-2 X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests, where each of such REMIC II Regular Interests (other than the Class II-M-1 Interests) is subject to a cap and floor equal to the sole class Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificate Rates, respectively, and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of residual this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-7, Class II-A-8 and Class II-M-2 Interests, where the Class II-A-7 and Class II-A-8 Interests are subject to a cap and floor equal to the Class A-7 and Class A-8 Certificate Rates, respectively, and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC IIII Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. It does not have an interest rate or a principal balance. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining in REMIC II after all payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there shall not be any distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the other "REMIC II Interests have been made I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in the manner described below REMIC I after payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account Agreement and the Net Rate Cap Fund shall not be assets of any REMIC.
(b) REMIC II will be evidenced by (x) the Class II-A, Class II-M-1, Class II-M-2, Class II-B, the Class II-Q Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Interests Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 82,000,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 7000,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 5,250,000.00 Class M-2 Class IIII-2-B (1) $ 4,275,000.00 4,250,000.00 Class B-1 Class II-Q (1) $ 110,587,500 $101,500,000.00 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificatesconvention).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed with respect to the Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount Any Net Monthly Excess Cashflow for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect either Group that is used to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in pay an amount equal to the Class P Deposit A Certificates pursuant to Section 7.03(b) (vii), (viii) and (xii) (the "Turbo Amount") and that is payable from interest on the first Distribution Date following date on which there are no Mortgage Home Equity Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does will not have an interest rate or a be paid as principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in Regular Interests, but instead a portion of the manner described below shall be distributed interest payable with respect to the Class R-2II-M-1 Interest which equals .01% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99.99% to the Class II-M-1 Interest, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-A-7 Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the principal balance of the Class II-A-7 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Credit Corp Home Eq Ln Asset Backed Cert Ser 2000 B)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Supplemental Interest Rate Cap Agreements Reserve Fund constitute the Trust) shall 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Supplemental Interest Reserve Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AAF-1A, Class II-M-1AF-1B, Class II-M-2AF-2, Class II-BAF-3, Class II-AF-4, Class II-AF-5, Class II-AF-6, Class II-AF-7, Class II-MF-1, Class II-MF-2 and Class II-BF, and Class II-QF Interests (the "Group I REMIC II Regular Interests") and the Class II-Q AV, Class II-MV-1, Class II-MV-2, Class II-BV and Class II-QV Interests and the Class P Certificates (the “"Group II REMIC II Regular Interests”") (collectively, the "REMIC II Regular Interests"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II XXXXX XX as being issued to and held by the Trustee on behalf of REMIC I. Any Subordination Increase Amount for the Group I Mortgage Loans that is paid to the Group I Offered Certificates pursuant to Section 8.03 (the "Turbo I Amount") and that is payable from interest on the Group I Mortgage Loans will not be paid as principal to the REMIC II The following table sets forth (or describes) Regular Interests, but instead a portion of the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates otherwise payable with respect to the Class II-A QF Interest which equals ..01% of the Turbo I Amount will be payable as a reduction of the principal balances of the Group I REMIC II Regular Interests (other than the Class II-QF Interests), in the same manner in which the Turbo I Amount is allocated among the Group I Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QF Interests in the same proportion as interest otherwise payable on such Group I REMIC II Regular Interests is used to reduce principal on other Group I REMIC II Regular Interests as just described). Any Subordination Increase Amount for the Group II Mortgage Loans that is paid to the Group II Offered Certificates pursuant to Section 8.03 (the "Turbo II Amount") and that is payable from interest on the Group II Mortgage Loans will not be paid as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-QV Interest which equals .01% of the Turbo II Amount will be payable as a reduction of the principal balances of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), in the same manner in which the Turbo II Amount is allocated among the Group II Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QV Interests in the same proportion as interest otherwise payable on such Group II REMIC II Regular Interests is used to reduce principal on other Group II REMIC II Regular Interests as just described). Principal payments on the Group I Mortgage Loans shall be allocated 99.99% to the Class II-QF Interests and .01% to the Group I REMIC II Regular Interests (other than the Class II-QF Interests) until paid in full. The aggregate amount of principal allocated to the Group I REMIC II Regular Interests (other than the Class II-QF Interests) shall be apportioned among such Group I REMIC II Regular Interests in the same manner in which principal is payable with respect to the Group I Offered Certificates, respectively. Notwithstanding the above, principal payments on the Group I Mortgage Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QF Interests. Principal payments on the Group II Mortgage Loans shall be allocated 99.99% to the Class II-QV Interests and .01% to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) until paid in full. The aggregate amount of principal allocated to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) shall be apportioned among such Group II REMIC II Regular Interests in the same manner in which principal is payable with respect to the Group II offered Certificates, respectively. Notwithstanding the above, principal payments on the Group II Mortgage Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QV Interests. Realized Losses on the Group I Mortgage Loans shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group I REMIC II Regular Interests (other than the Class II-QF Interests) are each .01% of the principal balances of the Group I Offered Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-QF Interests. Realized Losses on the Group II Mortgage Loans shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests) are each .01% of the principal balances of the Group II Offered Certificates, respectively; and (ii) the remaining losses shall be allocated to the Class II-QV Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Remic II Certificates Initial Balance Certificate Rate Allocation of Principal Allocation of Interest ------------ --------------- ---------------- ----------------------- ---------------------- II-AF-1A $ 10,932 (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (4)(5) II-AF-1B 9,831 (1) (3) (4)(5) II-AF-2 6,773 (1) (3) (4)(5) II-AF-3 6,859 (1) (3) (4)(5) II-AF-4 5,019 (1) (3) (4)(5) II-AF-5 3,121 (1) (3) (4)(5) II-AF-6 4,726 (1) (3) (4)(5) II-AF-7 22,500 (1) (3) (4)(5) II-MF-1 3,567 (1) (3) (4)(5) II-MF-2 3,369 (1) (3) (4)(5) II-BF 2,576 (1) (3) (4)(5) II-QF 792,657,228.80 (1) (3) (4)(5) II-AV 17,203 (2) (3) (4)(6) II-MV-1 1,347 (2) (3) (4)(6) II-MV-2 1,088 (2) (3) (4)(6) II-BV 1,089 (2) (3) (4)(6) II-QV 207,243,154.10 (2) (3) (4)(6) R-2 0 0% N/A ___________________________N/A(7)
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these Certificate Rate on this Group I REMIC II Interests is a per annum rate Regular Interest shall at any time of determination equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case weighted average of the Adjustable Rate Certificates)Certificate Rates of the Group I Mortgage Loans.
(2) The Class P Certificates Certificate Rate on this Group II REMIC II Regular Interest shall be entitled to receive all Prepayment Charges collected with respect to at any time of determination equal the weighted average of the Certificate Rates of the Group II Mortgage Loans. Such Prepayment Charges shall not .
(3) Principal will be available for distribution with respect allocated to any other Class and apportioned among the Offered Certificates as provided in Section 8.03, except that a portion of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a such principal payment in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class P Deposit on X-IO Certificates, and all principal will be allocated to the first Distribution Date following date on which there are no Mortgage Loans Class X-IO Certificates after the principal balances of the Certificates have been reduced to which a Prepayment Charge would apply remaining in the Trustzero.
(34) The Except as provided in footnote (5) and (6), interest will be allocated among the Offered Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this Group I REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group I REMIC II Regular Interests where each of the Group I REMIC II Regular Interests (other than the Class R-2 II-QF Interests), is subject to a cap and floor equal to the rate on each of the Group I Offered Certificates of the same letter designation, respectively, and the Class II-QF Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group I REMIC II Certificate shall not be allocated to the Group I Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 8.03.
(6) Any interest with respect to this Group II REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group II REMIC II Regular Interests where each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), is subject to a cap and floor equal to the sole class rate on each of residual the Group II Offered Certificates of the same letter designation, respectively, and the Class II-QV Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group II REMIC II Certificate shall not be allocated to the Group II Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in REMIC II. It does not have an interest rate or a principal balance. Section 8.03.
(7) On each Distribution Date, Available Funds available funds, if any, remaining in REMIC II after all payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) Each class of Offered Certificates and the Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the other "REMIC II Interests have been made I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in the manner described below REMIC I after payments of interest and principal as designated herein shall be distributed with respect to the Class R-2R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date Class AF-1A $109,320,000 February 25, 2017 Class AF-1B $98,310,000 February 25,2017 Class AF-2 $67,730,000 January 25, 2023 Class AF-3 $68,590,000 January 25, 2027 Class AF-4 $50,190,000 March 25, 2029 Class AF-5 $31,210,000 February 25, 2033 Class AF-6 $47,260,000 February 25, 2030 Class AF-7 $225,000,000 February 25, 2033 Class MF-1 $35,670,000 January 25, 2030 Class MF-2 $33,690,000 December 25, 2029 Class BF $25,760,000 February 25, 2033 Class AV $172,030,000 March 25, 2033 Class MV-1 $13,470,000 September 25, 2030 Class MV-2 $10,880,000 August 25, 2030 Class BV $10,890,000 March 25, 2033 Class X-IO (1) Class R-1 (1)
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is February 25, 2032.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2002-1)
Designation of Interests in REMICs. (a) REMIC I ------- The Trustee shall elect that each make an election to treat the segregated pool of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall be treated as a REMIC under Section 860D assets consisting 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 Mortgage Loans and all other assets of REMIC II shall include the Mortgage Loans, the Accounts (Trust other than the Net Rate Cap FundREMIC I Interests, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not as a REMIC for federal income tax purposes, and such segregated pool of assets will be assets of any REMIC.
(b) designated as "REMIC II I." REMIC I will be evidenced by (x) the Class REMIC I Regular Interests IA, IB, IC, ID, IE, IF, IG, IH, II-A, Class II-M-1IJ, Class II-M-2IK, Class II-B, the Class II-Q IL and IN Interests and the Class P Certificates (together, the “"REMIC II I Regular Interests”"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the “"regular interests” " in REMIC II I and (y) the Class R-2 R-1 Certificates, which are hereby designated as the single “sole class of "residual interest” interests" in REMIC III (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Interests"). The following table irrevocably sets forth the designation, the initial REMIC II Regular I Principal Balance, and the REMIC I Pass-Through Rate for each of the REMIC I Interests. Each of the REMIC I Interests (other than the Class P Certificates and the Class R-1 Certificates) shall be recorded on accrue interest at the records of related REMIC II as being issued I Pass-Through Rate in effect from time to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest ratetime, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial REMIC I Principal Balance as set forth below. The REMIC I Certificates will have the following designations, initial principal amount for each class of balances and pass-through rates:
REMIC II Interests. I REMIC II Class Designation I REMIC 2 Interest Rate Initial Class I Principal Amount Corresponding Class of Certificates Class IIPass-A Through INTERESTS BALANCE RATE --------- ------- ------------- P $100 0% (2) IA $12,880,102 (1) $ 92,250,000.00 Class A Class II-M-1 IB $1,431,122 (1) $ 7,875,000.00 Class M-1 Class II-M-2 IC $4,293,368 (1) $ 6,187,500.00 Class M-2 Class II-B ID $2,862,245 (1) $ 4,275,000.00 Class B-1 Class II-Q IE $4,293,367 (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2IF $4,293,367 (1) N/A Class R-2 IG $4,293,368 (31) IH $2,862,245 (31) N/A ___________________________II $1,431,122 (1) IJ $1,431,123 (1) IK $1,431,122 (1) IL $1,431,122 (1) IN $62,652,855.25 (1) R-1 $0 0%
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of REMIC I Pass-Through Rate on these REMIC II I Regular Interests is a per annum rate shall at any time of determination equal to the weighted average of the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case Loan Rates of the Adjustable Rate Certificates)Mortgage Loans.
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and I Interests. The Prepayment Charges received by the Class P Certificates shall not be applied in reduction to the principal balance of the Class P Certificates. On each Distribution Date, the following amounts from Available Funds shall be deemed to be distributed by the Trustee from REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class Principal Balance. The R-1 Certificates, as the case may be:
(1) first, to the Holders of REMIC I Regular Interest IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK and IL, pro rata in an amount equal to (A) the REMIC I Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest IN in an amount equal to (A) the REMIC I Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(2) second, to the Holders of REMIC I Regular Interests (other than the Class P Certificates shall be entitled to a principal payment Certificates), in an amount equal to the Class P Deposit on remainder of the first Available Funds for such Distribution Date following date on which there are no Mortgage Loans after the distributions made pursuant to which a Prepayment Charge would apply remaining in the Trust.clause (1) above, allocated as follows:
(3A) The to the Holders of REMIC I Regular Interest IN, until the REMIC I Principal Balance of REMIC I Regular Interest IN is reduced to zero;
(B) to the Holders of REMIC I Regular Interest IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK and IL, in reverse sequential order, until the related REMIC I Principal Balance is reduced to zero; then
(C) any remaining amount to the Holders of the Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balanceR-1 Certificates. On each Distribution Date, Available Funds Applied Realized Loss Amounts shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests, until the principal balance of each such class is reduced to zero. Notwithstanding the above, REMIC I will distribute principal to the Class P Certificates at the time and in the amount specified in Section 5.01 and such amounts shall be deducted from the amounts distributed under this Section. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all distributions with respect amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate. REMIC II -------- The Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests (other than the Class P Certificates) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC II." REMIC II will be evidenced by (x) REMIC II Regular Interests IIA, IIB, IIC, IID, IIE, IIF and II-A-IO (together, the "REMIC II Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the sole class of "residual interests" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Interests, the "REMIC II Interests"). The following table irrevocably sets forth the designation, the initial REMIC II Principal Balance, and the REMIC II Pass-Through Rate for each of the REMIC II Interests. Each of the REMIC II Interests (other than the Class R-2 Certificates) shall accrue interest at the related REMIC II Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial REMIC II Principal Balance as set forth below. The REMIC II Certificates will have been made the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the manner described below following manner:
REMIC II Initial Balance Pass-Through Interests Rate ------------- ---------------- ------------- IA $103,474,797.69 (1) IB $921,250.00 (1) IC $63,350.00 (1) ID $42,230.00 (1) IE $29,030.00 (1) IF $1,055,870.56 (1) II-A-IO (2) (3) R-2 $0 0%
(1) The REMIC II Pass-Through Rate on these REMIC II Regular Interests shall be distributed with respect to at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests (other than the Class R-2P Certificates), after first subtracting 7.00% from the Pass-Through Rates of each of such regular interests (other than the Class IN Interest) for the Distribution Dates indicated below for each of such regular interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II shall include the Mortgage Home Equity Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.I.
(b) REMIC II will be evidenced by (x) the Class II-AA-1, Class II-M-1A-2, Class II-M-2A-3, Class II-BA-4, the Class II-Q A-5, Class II-A-6, Class II-A-7, Class II-M-1 and Class II-M-2 Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. REMIC II The following table sets forth (or describes) the class designation, interest rate, and initial principal amount Any Net Monthly Excess Cashflow for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect either Group that is used to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in pay an amount equal to the Class P Deposit A Certificates pursuant to Section 7.03(b) (vii), (viii) and (xii) (the "Turbo Amount") and that is payable from interest on the first Distribution Date following date on which there are no Mortgage Home Equity Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does will not have an interest rate or a be paid as principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in Regular Interests, but instead a portion of the manner described below shall be distributed interest payable with respect to the Class R-2II-M-1 Interest which equals .01% of the Turbo Amount that is applied to Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balance of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on Group I shall be allocated 99.99% to the Class II-M-1 Interest, and .01% to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests shall be apportioned among such REMIC II Regular Interests in the same manner in which principal from Group I is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-A-7 Interests are each .01% of the principal balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, respectively; (ii) the principal balance of the Class II-M-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Interests; and (iii) the principal balance of the Class II-M-2 Interest is equal to the aggregate Loan Balance of Group II less the principal balance of the Class II-A-7 Interests. The REMIC II Certificates will have the following designations and Certificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III (which, which together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) shall 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 II I shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Rate Cap AgreementsCoverage Account), any REO Property, and any proceeds of the foregoing. The REMIC II I Regular Interests (as defined below), other than the Class P Certificates, ) shall constitute the assets of REMIC I. II. The Interest Rate Cap Agreements, REMIC II Regular Interests shall constitute the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMICREMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: -50- Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- P $ 100 0% (3) IA $ 34,662,000 (1) IB $ 5,003,000 (1) IC $ 2,789,000 (1) ID $ 2,981,000 (1) IE $ 3,186,000 (1) IF $ 3,447,000 (1) IG $ 3,641,000 (1) IH $ 3,892,000 (1) II $ 29,519,000 (1) IJ $ 5,776,000 (1) IK $ 13,033,000 (1) IL $ 3,583,000 (1) IM $258,488,000 (1) IN $ 50,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A.
(3) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-AA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-A-1A, Class II-M-1, Class II-M-2, Class II-B, the 12 components of Class II-Q A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests and the Class P Certificates (the “"REMIC II Regular Interests”"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the “"regular interests” " in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single “"residual interest” " in REMIC IIII (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC I. III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates under sections 5.01(a)C.7 and 5.01(b) (the "Turbo Amount") will not be paid directly as principal to the REMIC II The following table sets forth (or describes) the class designationRegular Interests, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 92,250,000.00 Class A Class II-M-1 (1) $ 7,875,000.00 Class M-1 Class II-M-2 (1) $ 6,187,500.00 Class M-2 Class II-B (1) $ 4,275,000.00 Class B-1 Class II-Q (1) $ 110,587,500 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is but instead a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention in the case portion of the Adjustable Rate Certificates).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(3) The Class R-2 Certificate is the sole class of residual interest in REMIC II. It does not have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Interests have been made in the manner described below shall be distributed payable with respect to the Class R-2II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class A-4F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A, Class II-M-1 and Class II-M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class B, Class A-1A, Class M-1 and Class M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)
