Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-B), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-A)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R ~~Certificate~~Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO IO, Class R and Class P Certificates, also represents rights with respect to payments to be made from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement and from the Swap Account as further described in Section 7.12 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (6) (1) T1-F1 $ 4,638,765.50 (2) T1-V1 $ 4,638,765.50 (3) T1-F2 $ 5,522,906.50 (2) T1-V2 $ 5,522,906.50 (3) T1-F3 $ 6,398,549.00 (2) T1-V3 $ 6,398,549.00 (3) T1-F4 $ 7,258,955.00 (2) T1-V4 $ 7,258,955.00 (3) T1-F5 $ 8,096,669.50 (2) T1-V5 $ 8,096,669.50 (3) T1-F6 $ 8,904,088.50 (2) T1-V6 $ 8,904,088.50 (3) T1-F7 $ 9,674,288.50 (2) T1-V7 $ 9,674,288.50 (3) T1-F8 $ 10,397,059.00 (2) T1-V8 $ 10,397,059.00 (3) T1-F9 $ 10,762,058.00 (2) T1-V9 $ 10,762,058.00 (3) T1-F10 $ 10,387,514.50 (2) T1-V10 $ 10,387,514.50 (3) T1-F11 $ 10,021,281.50 (2) T1-V11 $ 10,021,281.50 (3) T1-F12 $ 9,668,177.00 (2) T1-V12 $ 9,668,177.00 (3) T1-F13 $ 9,327,724.50 (2) T1-V13 $ 9,327,724.50 (3) T1-F14 $ 8,999,463.50 (2) T1-V14 $ 8,999,463.50 (3) T1-F15 $ 8,682,946.50 (2) T1-V15 $ 8,682,946.50 (3) T1-F16 $ 8,377,755.00 (2) T1-V16 $ 8,377,755.00 (3) T1-F17 $ 8,083,473.50 (2) T1-V17 $ 8,083,473.50 (3) T1-F18 $ 7,804,697.50 (2) T1-V18 $ 7,804,697.50 (3) T1-F19 $ 9,154,558.50 (2) T1-V19 $ 9,154,558.50 (3) T1-F20 $ 11,902,983.50 (2) T1-V20 $ 11,902,983.50 (3) T1-F21 $ 11,093,508.50 (2) T1-V21 $ 11,093,508.50 (3) T1-F22 $ 10,334,978.00 (2) T1-V22 $ 10,334,978.00 (3) T1-F23 $ 9,646,751.00 (2) T1-V23 $ 9,646,751.00 (3) T1-F24 $ 9,006,021.50 (2) T1-V24 $ 9,006,021.50 (3) T1-F25 $ 7,421,729.00 (2) T1-V25 $ 7,421,729.00 (3) T1-F26 $ 5,900,630.00 (2) T1-V26 $ 5,900,630.00 (3) T1-F27 $ 45,878,904.50 (2) T1-V27 $ 45,878,904.50 (3) T1-F28 $ 2,308,163.00 (2) T1-V28 $ 2,308,163.00 (3) T1-F29 $ 2,239,954.00 (2) T1-V29 $ 2,239,954.00 (3) T1-F30 $ 2,173,773.00 (2) T1-V30 $ 2,173,773.00 (3) T1-F31 $ 2,109,559.50 (2) T1-V31 $ 2,109,559.50 (3) T1-F32 $ 4,507,947.00 (2) T1-V32 $ 4,507,947.00 (3) T1-F33 $ 4,526,811.00 (2) T1-V33 $ 4,526,811.00 (3) T1-F34 $ 1,733,142.50 (2) T1-V34 $ 1,733,142.50 (3) T1-F35 $ 1,683,788.00 (2) T1-V35 $ 1,683,788.00 (3) T1-F36 $ 1,635,830.00 (2) T1-V36 $ 1,635,830.00 (3) T1-F37 $ 1,589,230.00 (2) T1-V37 $ 1,589,230.00 (3) T1-F38 $ 1,543,948.00 (2) T1-V38 $ 1,543,948.00 (3) T1-F39 $ 1,499,949.00 (2) T1-V39 $ 1,499,949.00 (3) T1-F40 $ 1,457,194.50 (2) T1-V40 $ 1,457,194.50 (3) T1-F41 $ 1,415,651.50 (2) T1-V41 $ 1,415,651.50 (3) T1-F42 $ 1,375,284.50 (2) T1-V42 $ 1,375,284.50 (3) T1-F43 $ 1,336,061.00 (2) T1-V43 $ 1,336,061.00 (3) T1-F44 $ 1,297,948.50 (2) T1-V44 $ 1,297,948.50 (3) T1-F45 $ 1,260,915.50 (2) T1-V45 $ 1,260,915.50 (3) T1-F46 $ 1,224,841.50 (2) T1-V46 $ 1,224,841.50 (3) T1-F47 $ 1,189,882.00 (2) T1-V47 $ 1,189,882.00 (3) T1-F48 $ 1,155,913.50 (2) T1-V48 $ 1,155,913.50 (3) T1-F49 $ 1,122,907.00 (2) T1-V49 $ 1,122,907.00 (3) T1-F50 $ 1,090,837.00 (2) T1-V50 $ 1,090,837.00 (3) T1-F51 $ 1,059,676.00 (2) T1-V51 $ 1,059,676.00 (3) T1-F52 $ 1,029,399.00 (2) T1-V52 $ 1,029,399.00 (3) T1-F53 $ 999,980.50 (2) T1-V53 $ 999,980.50 (3) T1-F54 $ 971,396.50 (2) T1-V54 $ 971,396.50 (3) T1-F55 $ 943,623.50 (2) T1-V55 $ 943,623.50 (3) T1-F56 $ 920,212.00 (2) T1-V56 $ 920,212.00 (3) T1-F57 $ 890,165.00 (2) T1-V57 $ 890,165.00 (3) T1-F58 $ 864,363.00 (2) T1-V58 $ 864,363.00 (3) T1-F59 $ 839,638.00 (2) T1-V59 $ 839,638.00 (3) T1-F60 $ 815,615.00 (2) T1-V60 $ 815,615.00 (3) T1-F61 $ 792,274.50 (2) T1-V61 $ 792,274.50 (3) T1-F62 $ 769,596.00 (2) T1-V62 $ 769,596.00 (3) T1-F63 $ 747,561.50 (2) T1-V63 $ 747,561.50 (3) T1-F64 $ 726,153.50 (2) T1-V64 $ 726,153.50 (3) T1-F65 $ 705,353.00 (2) T1-V65 $ 705,353.00 (3) T1-F66 $ 685,143.50 (2) T1-V66 $ 685,143.50 (3) T1-F67 $ 22,928,456.00 (2) T1-V67 $ 22,928,456.00 (3) T1-Arrearage (5) (5) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 10.30%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 10.30%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. (5) The T1-Arrearage interest shall not bear interest. The T1-Arrearage interest shall have an Initial Principal Balance equal to the aggregate Arrearage amount as of the Cut-off Date. (6) This interest shall have an initial principal balance equal to the excess of the aggregate outstanding principal balance of the Home Equity Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to the aggregate outstanding principal balance of the Class M-10 Certificates taking into account distributions on such Distribution Date, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. On the Business Day prior to each Distribution Date, all Prepayment Charges shall be allocated to the Class T1-V67 interest and all amounts paid with respect to unreimbursed Arrearages shall be allocated to the Class T1-Arrearage interest. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-1-AV-1(4) (5) (1) 1-AV-1 T2-2-AV-1(4) (5) (1) 2-AV-1 T2-2-AV-2(4) (5) (1) 2-AV-2 T2-2-AV-3(4) (5) (1) 2-AV-3 T2-2-AV-4(4) (5) (1) 2-AV-4 T2-M1(4) (5) (1) M-1 T2-M2(4) (5) (1) M-2 T2-M3(4) (5) (1) M-3 T2-M4(4) (5) (1) M-4 T2-M5(4) (5) (1) M-5 T2-M6(4) (5) (1) M-6 T2-M7(4) (5) (1) M-7 T2-M8(4) (5) (1) M-8 T2-M9(4) (5) (1) M-9 T2-M10(4) (5) (1) M-10 T2-Accrual Interest (6) (1) N/A T2-IO (2) (2) N/A T2-Arrearage (7) (7) Arrearage R-2 (3) (3) N/A (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2 (the “REMIC II Net WAC”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R ~~Certificate~~and Class P Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO IO, Class R and Class P Certificates, also represents rights with respect to payments to be made from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 25,788,717.63 (1) T1-F1 $ 4,832,570.20 (2) T1-V1 $ 4,832,570.20 (3) T1-F2 $ 5,657,021.43 (2) T1-V2 $ 5,657,021.43 (3) T1-F3 $ 7,196,006.35 (2) T1-V3 $ 7,196,006.35 (3) T1-F4 $ 9,185,780.80 (2) T1-V4 $ 9,185,780.80 (3) T1-F5 $ 9,368,763.93 (2) T1-V5 $ 9,368,763.93 (3) T1-F6 $ 10,235,939.02 (2) T1-V6 $ 10,235,939.02 (3) T1-F7 $ 10,691,458.68 (2) T1-V7 $ 10,691,458.68 (3) T1-F8 $ 11,537,989.40 (2) T1-V8 $ 11,537,989.40 (3) T1-F9 $ 12,410,749.61 (2) T1-V9 $ 12,410,749.61 (3) T1-F10 $ 16,072,450.20 (2) T1-V10 $ 16,072,450.20 (3) T1-F11 $ 16,984,222.01 (2) T1-V11 $ 16,984,222.01 (3) T1-F12 $ 15,945,216.46 (2) T1-V12 $ 15,945,216.46 (3) T1-F13 $ 14,239,946.14 (2) T1-V13 $ 14,239,946.14 (3) T1-F14 $ 12,675,407.27 (2) T1-V14 $ 12,675,407.27 (3) T1-F15 $ 11,339,940.00 (2) T1-V15 $ 11,339,940.00 (3) T1-F16 $ 9,889,963.14 (2) T1-V16 $ 9,889,963.14 (3) T1-F17 $ 9,553,388.21 (2) T1-V17 $ 9,553,388.21 (3) T1-F18 $ 9,227,057.16 (2) T1-V18 $ 9,227,057.16 (3) T1-F19 $ 9,304,691.22 (2) T1-V19 $ 9,304,691.22 (3) T1-F20 $ 53,168,487.05 (2) T1-V20 $ 53,168,487.05 (3) T1-F21 $ 82,058,759.90 (2) T1-V21 $ 82,058,759.90 (3) T1-F22 $ 4,153,337.80 (2) T1-V22 $ 4,153,337.80 (3) T1-F23 $ 4,705,695.23 (2) T1-V23 $ 4,705,695.23 (3) T1-F24 $ 4,049,978.19 (2) T1-V24 $ 4,049,978.19 (3) T1-F25 $ 3,852,220.93 (2) T1-V25 $ 3,852,220.93 (3) T1-F26 $ 3,781,379.50 (2) T1-V26 $ 3,781,379.50 (3) T1-F27 $ 3,424,196.63 (2) T1-V27 $ 3,424,196.63 (3) T1-F28 $ 3,248,427.96 (2) T1-V28 $ 3,248,427.96 (3) T1-F29 $ 3,132,860.38 (2) T1-V29 $ 3,132,860.38 (3) T1-F30 $ 3,025,198.21 (2) T1-V30 $ 3,025,198.21 (3) T1-F31 $ 2,934,540.89 (2) T1-V31 $ 2,934,540.89 (3) T1-F32 $ 6,775,273.97 (2) T1-V32 $ 6,775,273.97 (3) T1-F33 $ 2,797,257.78 (2) T1-V33 $ 2,797,257.78 (3) T1-F34 $ 2,632,869.77 (2) T1-V34 $ 2,632,869.77 (3) T1-F35 $ 2,888,842.24 (2) T1-V35 $ 2,888,842.24 (3) T1-F36 $ 2,414,739.77 (2) T1-V36 $ 2,414,739.77 (3) T1-F37 $ 2,319,298.40 (2) T1-V37 $ 2,319,298.40 (3) T1-F38 $ 2,261,751.13 (2) T1-V38 $ 2,261,751.13 (3) T1-F39 $ 2,119,347.50 (2) T1-V39 $ 2,119,347.50 (3) T1-F40 $ 2,068,953.39 (2) T1-V40 $ 2,068,953.39 (3) T1-F41 $ 2,019,782.49 (2) T1-V41 $ 2,019,782.49 (3) T1-F42 $ 1,971,799.36 (2) T1-V42 $ 1,971,799.36 (3) T1-F43 $ 1,924,967.66 (2) T1-V43 $ 1,924,967.66 (3) T1-F44 $ 1,879,256.51 (2) T1-V44 $ 1,879,256.51 (3) T1-F45 $ 1,834,173.11 (2) T1-V45 $ 1,834,173.11 (3) T1-F46 $ 1,790,628.85 (2) T1-V46 $ 1,790,628.85 (3) T1-F47 $ 1,748,116.57 (2) T1-V47 $ 1,748,116.57 (3) T1-F48 $ 1,705,357.52 (2) T1-V48 $ 1,705,357.52 (3) T1-F49 $ 1,661,982.92 (2) T1-V49 $ 1,661,982.92 (3) T1-F50 $ 1,615,144.18 (2) T1-V50 $ 1,615,144.18 (3) T1-F51 $ 1,576,907.88 (2) T1-V51 $ 1,576,907.88 (3) T1-F52 $ 1,539,255.81 (2) T1-V52 $ 1,539,255.81 (3) T1-F53 $ 1,552,243.12 (2) T1-V53 $ 1,552,243.12 (3) T1-F54 $ 1,465,217.08 (2) T1-V54 $ 1,465,217.08 (3) T1-F55 $ 1,430,149.01 (2) T1-V55 $ 1,430,149.01 (3) T1-F56 $ 1,396,263.13 (2) T1-V56 $ 1,396,263.13 (3) T1-F57 $ 1,362,758.67 (2) T1-V57 $ 1,362,758.67 (3) T1-F58 $ 1,330,483.32 (2) T1-V58 $ 1,330,483.32 (3) T1-F59 $ 1,298,879.43 (2) T1-V59 $ 1,298,879.43 (3) T1-F60 $ 1,268,096.86 (2) T1-V60 $ 1,268,096.86 (3) T1-F61 $ 1,238,032.30 (2) T1-V61 $ 1,238,032.30 (3) T1-F62 $ 1,208,670.11 (2) T1-V62 $ 1,208,670.11 (3) T1-F63 $ 1,179,993.47 (2) T1-V63 $ 1,179,993.47 (3) T1-F64 $ 1,151,821.11 (2) T1-V64 $ 1,151,821.11 (3) T1-F65 $ 1,124,252.07 (2) T1-V65 $ 1,124,252.07 (3) T1-F66 $ 1,097,551.88 (2) T1-V66 $ 1,097,551.88 (3) T1-F67 $ 1,071,329.61 (2) T1-V67 $ 1,071,329.61 (3) T1-F68 $ 1,045,867.35 (2) T1-V68 $ 1,045,867.35 (3) T1-F69 $ 1,020,999.48 (2) T1-V69 $ 1,020,999.48 (3) T1-F70 $ 996,713.17 (2) T1-V70 $ 996,713.17 (3) T1-F71 $ 972,994.75 (2) T1-V71 $ 972,994.75 (3) T1-F72 $ 949,831.27 (2) T1-V72 $ 949,831.27 (3) T1-F73 $ 37,754,232.26 (2) T1-V73 $ 37,754,232.26 (3) T1-Arrearage (5) (5) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 10.6%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 10.6%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. (5) The T1-Arrearage interest shall not bear interest. The T1-Arrearage interest shall have an Initial Principal Balance equal to the aggregate Arrearage amount as of the Cut-off Date. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. On the Business Day prior to each Distribution Date, all Prepayment Charges shall be allocated to the Class T1-V73 interest and all amounts paid with respect to unreimbursed Arrearages shall be allocated to the Class T1-Arrearage interest. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-AV-1(4) (5) (1) AV-1 T2-AV-2(4) (5) (1) AV-2 T2-AV-3(4) (5) (1) AV-3 T2-AV-4(4) (5) (1) AV-4 T2-M1(4) (5) (1) M-1 T2-M2(4) (5) (1) M-2 T2-M3(4) (5) (1) M-3 T2-M4(4) (5) (1) M-4 T2-M4(4) (5) (1) M-5 T2-M6(4) (5) (1) M-6 T2-M7(4) (5) (1) M-7 T2-M8(4) (5) (1) M-8 T2-M9(4) (5) (1) M-9 T2-M10(4) (5) (1) M-10 T2-M11(4) (5) (1) M-11 T2-Accrual Interest (6) (1) N/A T2-IO (2) (2) N/A T2-Arrearage (7) (7) Arrearage R-2 (3) (3) N/A (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2 (the “REMIC II Net WAC”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Designation of Interests in REMICs. (a) As provided herein, the ~~Trustee~~ Securities Administrator shall elect that the Trust Estate (exclusive of the assets held in the Net WAC Cap Carryover Reserve Fund, the Supplemental Interest ~~Reserve Fund~~ Trust, and the ~~Cap Agreement Reserve Fund~~Swap Account and the Swap Agreement) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R ~~Certificate~~Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO IO, Class R and Class P Certificates, also represents rights with respect to payments ~~to be made~~ in respect of Net WAC Cap Carryovers from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve ~~Fund~~ Fund, as further described in Section 7.04 of this Agreement. Moreover, each Certificate other than the Class X-IO, Class R .Class P, Class M-7B, Class M-8, and Class M-9B Certificates represent the right to receive payments in respect of Net WAC Cap Carryovers from the Swap Account, as further described in Section 7.12 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section ~~7.04~~ 7.04(b) hereof, and those held from time to time in the Swap Account, as further described in Section 7.12(d) hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the assets held in the Net WAC Cap Carryover Reserve Fund, the Supplemental Interest ~~Reserve Fund~~ Trust, and the ~~Cap Agreement Reserve Fund~~Swap Account and the Swap Agreement. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 148,102,705.91 (1) T1-F1 $ 13,456,986.50 (2) T1-V1 $ 13,456,986.50 (3) T1-F2 $ 15,676,680.00 (2) T1-V2 $ 15,676,680.00 (3) T1-F3 $ 17,851,027.00 (2) T1-V3 $ 17,851,027.00 (3) T1-F4 $ 19,947,829.00 (2) T1-V4 $ 19,947,829.00 (3) T1-F5 $ 21,921,574.50 (2) T1-V5 $ 21,921,574.50 (3) T1-F6 $ 23,643,783.50 (2) T1-V6 $ 23,643,783.50 (3) T1-F7 $ 24,906,887.50 (2) T1-V7 $ 24,906,887.50 (3) T1-F8 $ 25,406,527.50 (2) T1-V8 $ 25,406,527.50 (3) T1-F9 $ 24,814,604.50 (2) T1-V9 $ 24,814,604.50 (3) T1-F10 $ 23,917,490.00 (2) T1-V10 $ 23,917,490.00 (3) T1-F11 $ 23,055,397.50 (2) T1-V11 $ 23,055,397.50 (3) T1-F12 $ 22,224,538.50 (2) T1-V12 $ 22,224,538.50 (3) T1-F13 $ 21,425,161.00 (2) T1-V13 $ 21,425,161.00 (3) T1-F14 $ 20,747,239.50 (2) T1-V14 $ 20,747,239.50 (3) T1-F15 $ 20,270,401.00 (2) T1-V15 $ 20,270,401.00 (3) T1-F16 $ 20,523,252.50 (2) T1-V16 $ 20,523,252.50 (3) T1-F17 $ 26,095,292.50 (2) T1-V17 $ 26,095,292.50 (3) T1-F18 $ 42,290,959.00 (2) T1-V18 $ 42,290,959.00 (3) T1-F19 $ 47,190,009.00 (2) T1-V19 $ 47,190,009.00 (3) T1-F20 $ 41,342,478.50 (2) T1-V20 $ 41,342,478.50 (3) T1-F21 $ 30,774,425.00 (2) T1-V21 $ 30,774,425.00 (3) T1-F22 $ 21,123,200.00 (2) T1-V22 $ 21,123,200.00 (3) T1-F23 $ 20,651,146.00 (2) T1-V23 $ 20,651,146.00 (3) T1-F24 $ 26,695,583.50 (2) T1-V24 $ 26,695,583.50 (3) T1-F25 $ 28,156,327.00 (2) T1-V25 $ 28,156,327.00 (3) T1-F26 $ 32,005,479.00 (2) T1-V26 $ 32,005,479.00 (3) T1-F27 $ 16,526,395.50 (2) T1-V27 $ 16,526,395.50 (3) T1-F28 $ 5,596,638.50 (2) T1-V28 $ 5,596,638.50 (3) T1-F29 $ 6,260,580.50 (2) T1-V29 $ 6,260,580.50 (3) T1-F30 $ 7,108,584.50 (2) T1-V30 $ 7,108,584.50 (3) T1-F31 $ 8,160,157.00 (2) T1-V31 $ 8,160,157.00 (3) T1-F32 $ 10,192,266.50 (2) T1-V32 $ 10,192,266.50 (3) T1-F33 $ 5,860,368.50 (2) T1-V33 $ 5,860,368.50 (3) T1-F34 $ 2,730,219.00 (2) T1-V34 $ 2,730,219.00 (3) T1-F35 $ 2,613,853.00 (2) T1-V35 $ 2,613,853.00 (3) T1-F36 $ 2,509,224.50 (2) T1-V36 $ 2,509,224.50 (3) T1-F37 $ 2,411,884.50 (2) T1-V37 $ 2,411,884.50 (3) T1-F38 $ 2,318,116.00 (2) T1-V38 $ 2,318,116.00 (3) T1-F39 $ 2,228,000.50 (2) T1-V39 $ 2,228,000.50 (3) T1-F40 $ 2,141,490.00 (2) T1-V40 $ 2,141,490.00 (3) T1-F41 $ 2,058,319.00 (2) T1-V41 $ 2,058,319.00 (3) T1-F42 $ 1,978,504.00 (2) T1-V42 $ 1,978,504.00 (3) T1-F43 $ 1,901,619.50 (2) T1-V43 $ 1,901,619.50 (3) T1-F44 $ 1,827,248.50 (2) T1-V44 $ 1,827,248.50 (3) T1-F45 $ 1,754,919.50 (2) T1-V45 $ 1,754,919.50 (3) T1-F46 $ 1,686,405.00 (2) T1-V46 $ 1,686,405.00 (3) T1-F47 $ 1,621,103.50 (2) T1-V47 $ 1,621,103.50 (3) T1-F48 $ 1,558,421.00 (2) T1-V48 $ 1,558,421.00 (3) T1-F49 $ 1,498,215.00 (2) T1-V49 $ 1,498,215.00 (3) T1-F50 $ 1,440,368.50 (2) T1-V50 $ 1,440,368.50 (3) T1-F51 $ 1,388,402.50 (2) T1-V51 $ 1,388,402.50 (3) T1-F52 $ 1,350,614.50 (2) T1-V52 $ 1,350,614.50 (3) T1-F53 $ 1,285,136.00 (2) T1-V53 $ 1,285,136.00 (3) T1-F54 $ 1,253,522.50 (2) T1-V54 $ 1,253,522.50 (3) T1-F55 $ 1,257,707.50 (2) T1-V55 $ 1,257,707.50 (3) T1-F56 $ 1,309,717.50 (2) T1-V56 $ 1,309,717.50 (3) T1-F57 $ 1,144,470.00 (2) T1-V57 $ 1,144,470.00 (3) T1-F58 $ 1,032,888.00 (2) T1-V58 $ 1,032,888.00 (3) T1-F59 $ 993,188.00 (2) T1-V59 $ 993,188.00 (3) T1-F60 $ 955,010.00 (2) T1-V60 $ 955,010.00 (3) T1-F61 $ 918,295.00 (2) T1-V61 $ 918,295.00 (3) T1-F62 $ 882,987.00 (2) T1-V62 $ 882,987.00 (3) T1-F63 $ 849,032.50 (2) T1-V63 $ 849,032.50 (3) T1-F64 $ 816,380.00 (2) T1-V64 $ 816,380.00 (3) T1-F65 $ 784,979.00 (2) T1-V65 $ 784,979.00 (3) T1-F66 $ 754,782.00 (2) T1-V66 $ 754,782.00 (3) T1-F67 $ 725,743.50 (2) T1-V67 $ 725,743.50 (3) TI-F68 $ 697,818.00 (2) TI-V68 $ 697,818.00 (3) TI-F69 $ 670,964.50 (2) TI-V69 $ 670,964.50 (3) TI-F70 $ 645,139.50 (2) TI-V70 $ 645,139.50 (3) TI-F71 $ 620,307.00 (2) TI-V71 $ 620,307.00 (3) TI-F72 $ 15,425,734.00 (2) TI-V72 $ 15,425,734.00 (3) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 10.8%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 10.8 %. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. (i) On each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A Interest until the outstanding principal balance of such interest is reduced to zero; and (ii) Second, to the remaining REMIC I Regular Interests sequentially in ascending numerical order, and with respect to each pair of REMIC I Regular Interests having the same numerical designation, pro rata between the two REMIC I Regular Interests, until the principal balance of each such REMIC I Regular Interest is reduced to zero. (ii) On each Distribution Date, all Prepayment Charges shall be allocated to the Class T1-V72 Interest. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-1-AV-1 $ 333,098,500.00 (1) 0-XX-0 X0-0-XX-0 $ 198,065,000.00 (1) 2-AV-1 T2-2-AV-2 $ 22,728,000.00 (1) 2-AV-2 T2-2-AV-3 $ 51,107,500.00 (1) 2-AV-3 T2-2-AV-4 $ 25,966,000.00 (1) 2-AV-4 T2-M1 $ 33,966,500.00 (1) M-1 T2-M2 $ 30,957,000.00 (1) M-2 T2-M3 $ 18,693,000.00 (1) M-3 T2-M4 $ 17,198,000.00 (1) M-4 T2-M5 $ 16,338,500.00 (1) M-5 T2-M6 $ 14,618,500.00 (1) M-6 T2-M7A $ 2,500,000.00 (1) M-7A T2-M7B $ 11,258,500.00 (1) M-7B T2-M8 $ 12,898,500.00 (1) M-8 T2-M9A $ 6,000,000.00 (1) M-9A T2-M9B $ 7,328,500.00 (1) M-9B T2-P $ 50.00 0.00% P T2-Accrual Interest $ 917,100,655.91 (1) N/A T2-IO (2) (2) N/A R-2 (3) (3) N/A (1) The interest rate for each of these interests (the “REMIC II Net WAC”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to Swap LIBOR for such Distribution Date. (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I Regular Interests listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I Regular Interest for such Distribution Date over (ii) Swap LIBOR for such Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Loan Trust 2007-Fre1)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the Trust Prepayment Charges and the assets held in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R ~~Certificate~~and Class P Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO and Class P Certificates, also represents rights with respect to payments to be made from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. The Class P Certificate represents ownership of the Trust Prepayment Charges. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 20,578,805.38 (1) T1-F1 $ 2,982,500.00 (2) T1-V1 $ 2,982,500.00 (3) T1-F2 $ 6,244,500.00 (2) T1-V2 $ 6,244,500.00 (3) T1-F3 $ 8,014,500.00 (2) T1-V3 $ 8,014,500.00 (3) T1-F4 $ 9,410,000.00 (2) T1-V4 $ 9,410,000.00 (3) T1-F5 $ 10,367,500.00 (2) T1-V5 $ 10,367,500.00 (3) T1-F6 $ 10,993,000.00 (2) T1-V6 $ 10,993,000.00 (3) T1-F7 $ 11,882,500.00 (2) T1-V7 $ 11,882,500.00 (3) T1-F8 $ 13,007,000.00 (2) T1-V8 $ 13,007,000.00 (3) T1-F9 $ 14,782,500.00 (2) T1-V9 $ 14,782,500.00 (3) T1-F10 $ 17,027,000.00 (2) T1-V10 $ 17,027,000.00 (3) T1-F11 $ 18,277,000.00 (2) T1-V11 $ 18,277,000.00 (3) T1-F12 $ 16,581,000.00 (2) T1-V12 $ 16,581,000.00 (3) T1-F13 $ 15,018,500.00 (2) T1-V13 $ 15,018,500.00 (3) T1-F14 $ 12,957,500.00 (2) T1-V14 $ 12,957,500.00 (3) T1-F15 $ 11,832,500.00 (2) T1-V15 $ 11,832,500.00 (3) T1-F16 $ 10,497,500.00 (2) T1-V16 $ 10,497,500.00 (3) T1-F17 $ 10,032,000.00 (2) T1-V17 $ 10,032,000.00 (3) T1-F18 $ 9,692,000.00 (2) T1-V18 $ 9,692,000.00 (3) T1-F19 $ 9,518,500.00 (2) T1-V19 $ 9,518,500.00 (3) T1-F20 $ 9,886,000.00 (2) T1-V20 $ 9,886,000.00 (3) T1-F21 $ 141,688,500.00 (2) T1-V21 $ 141,688,500.00 (3) T1-F22 $ 3,938,000.00 (2) T1-V22 $ 3,938,000.00 (3) T1-F23 $ 4,498,500.00 (2) T1-V23 $ 4,498,500.00 (3) T1-F24 $ 3,757,000.00 (2) T1-V24 $ 3,757,000.00 (3) T1-F25 $ 3,547,000.00 (2) T1-V25 $ 3,547,000.00 (3) T1-F26 $ 3,451,000.00 (2) T1-V26 $ 3,451,000.00 (3) T1-F27 $ 3,067,000.00 (2) T1-V27 $ 3,067,000.00 (3) T1-F28 $ 2,872,500.00 (2) T1-V28 $ 2,872,500.00 (3) T1-F29 $ 2,745,500.00 (2) T1-V29 $ 2,745,500.00 (3) T1-F30 $ 2,629,000.00 (2) T1-V30 $ 2,629,000.00 (3) T1-F31 $ 2,527,500.00 (2) T1-V31 $ 2,527,500.00 (3) T1-F32 $ 2,445,000.00 (2) T1-V32 $ 2,445,000.00 (3) T1-F33 $ 7,861,500.00 (2) T1-V33 $ 7,861,500.00 (3) T1-F34 $ 2,183,500.00 (2) T1-V34 $ 2,183,500.00 (3) T1-F35 $ 2,474,500.00 (2) T1-V35 $ 2,474,500.00 (3) T1-F36 $ 1,775,500.00 (2) T1-V36 $ 1,775,500.00 (3) T1-F37 $ 227,000.00 (2) T1-V37 $ 227,000.00 (3) T1-F38 $ 1,533,500.00 (2) T1-V38 $ 1,533,500.00 (3) T1-F39 $ 1,716,500.00 (2) T1-V39 $ 1,716,500.00 (3) T1-F40 $ 1,673,000.00 (2) T1-V40 $ 1,673,000.00 (3) T1-F41 $ 1,631,000.00 (2) T1-V41 $ 1,631,000.00 (3) T1-F42 $ 1,590,500.00 (2) T1-V42 $ 1,590,500.00 (3) T1-F43 $ 1,550,500.00 (2) T1-V43 $ 1,550,500.00 (3) T1-F44 $ 1,512,000.00 (2) T1-V44 $ 1,512,000.00 (3) T1-F45 $ 1,473,500.00 (2) T1-V45 $ 1,473,500.00 (3) T1-F46 $ 1,437,000.00 (2) T1-V46 $ 1,437,000.00 (3) T1-F47 $ 1,401,000.00 (2) T1-V47 $ 1,401,000.00 (3) T1-F48 $ 1,366,000.00 (2) T1-V48 $ 1,366,000.00 (3) T1-F49 $ 1,331,500.00 (2) T1-V49 $ 1,331,500.00 (3) T1-F50 $ 1,298,000.00 (2) T1-V50 $ 1,298,000.00 (3) T1-F51 $ 1,265,500.00 (2) T1-V51 $ 1,265,500.00 (3) T1-F52 $ 1,234,000.00 (2) T1-V52 $ 1,234,000.00 (3) T1-F53 $ 1,202,500.00 (2) T1-V53 $ 1,202,500.00 (3) T1-F54 $ 1,186,500.00 (2) T1-V54 $ 1,186,500.00 (3) T1-F55 $ 1,192,500.00 (2) T1-V55 $ 1,192,500.00 (3) T1-F56 $ 1,163,000.00 (2) T1-V56 $ 1,163,000.00 (3) T1-F57 $ 1,224,000.00 (2) T1-V57 $ 1,224,000.00 (3) T1-F58 $ 1,102,000.00 (2) T1-V58 $ 1,102,000.00 (3) T1-F59 $ 1,074,000.00 (2) T1-V59 $ 1,074,000.00 (3) T1-F60 $ 1,047,500.00 (2) T1-V60 $ 1,047,500.00 (3) T1-F61 $ 1,022,000.00 (2) T1-V61 $ 1,022,000.00 (3) T1-F62 $ 996,000.00 (2) T1-V62 $ 996,000.00 (3) T1-F63 $ 971,500.00 (2) T1-V63 $ 971,500.00 (3) T1-F64 $ 947,000.00 (2) T1-V64 $ 947,000.00 (3) T1-F65 $ 923,500.00 (2) T1-V65 $ 923,500.00 (3) T1-F66 $ 900,500.00 (2) T1-V66 $ 900,500.00 (3) T1-F67 $ 878,000.00 (2) T1-V67 $ 878,000.00 (3) T1-F68 $ 856,000.00 (2) T1-V68 $ 856,000.00 (3) T1-F69 $ 835,000.00 (2) T1-V69 $ 835,000.00 (3) T1-F70 $ 814,000.00 (2) T1-V70 $ 814,000.00 (3) T1-F71 $ 793,500.00 (2) T1-V71 $ 793,500.00 (3) T1-F72 $ 773,500.00 (2) T1-V72 $ 773,500.00 (3) T1-F73 $ 754,500.00 (2) T1-V73 $ 754,500.00 (3) T1-F74 $ 735,500.00 (2) T1-V74 $ 735,500.00 (3) T1-F75 $ 717,500.00 (2) T1-V75 $ 717,500.00 (3) T1-F76 $ 699,500.00 (2) T1-V76 $ 699,500.00 (3) T1-F77 $ 682,000.00 (2) T1-V77 $ 682,000.00 (3) T1-F78 $ 665,000.00 (2) T1-V78 $ 665,000.00 (3) T1-F79 $ 648,000.00 (2) T1-V79 $ 648,000.00 (3) T1-F80 $ 632,500.00 (2) T1-V80 $ 632,500.00 (3) T1-F81 $ 616,500.00 (2) T1-V81 $ 616,500.00 (3) T1-F82 $ 601,000.00 (2) T1-V82 $ 601,000.00 (3) T1-F83 $ 585,500.00 (2) T1-V83 $ 585,500.00 (3) T1-F84 $ 571,500.00 (2) T1-V84 $ 571,500.00 (3) T1-F85 $ 557,000.00 (2) T1-V85 $ 557,000.00 (3) T1-F86 $ 543,000.00 (2) T1-V86 $ 543,000.00 (3) T1-F87 $ 529,500.00 (2) T1-V87 $ 529,500.00 (3) T1-F88 $ 516,500.00 (2) T1-V88 $ 516,500.00 (3) T1-F89 $ 503,500.00 (2) T1-V89 $ 503,500.00 (3) T1-F90 $ 490,500.00 (2) T1-V90 $ 490,500.00 (3) T1-F91 $ 478,500.00 (2) T1-V91 $ 478,500.00 (3) T1-F92 $ 466,500.00 (2) T1-V92 $ 466,500.00 (3) T1-F93 $ 455,000.00 (2) T1-V93 $ 455,000.00 (3) T1-F94 $ 443,500.00 (2) T1-V94 $ 443,500.00 (3) T1-F95 $ 432,500.00 (2) T1-V95 $ 432,500.00 (3) T1-F96 $ 421,500.00 (2) T1-V96 $ 421,500.00 (3) T1-F97 $ 410,500.00 (2) T1-V97 $ 410,500.00 (3) T1-F98 $ 400,500.00 (2) T1-V98 $ 400,500.00 (3) T1-F99 $ 390,500.00 (2) T1-V99 $ 390,500.00 (3) T1-F100 $ 12,444,000.00 (2) T1-V100 $ 12,444,000.00 (3) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 10.655%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 10.655%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-AV-1(4) (5) (1) AV-1 T2-AV-2(4) (5) (1) AV-2 T2-AV-3(4) (5) (1) AV-3 T2-AV-4(4) (5) (1) AV-4 T2-M1(4) (5) (1) M-1 T2-M2(4) (5) (1) M-2 T2-M3(4) (5) (1) M-3 T2-M4(4) (5) (1) M-4 T2-M4(4) (5) (1) M-5 T2-M6(4) (5) (1) M-6 T2-M7(4) (5) (1) M-7 T2-M8(4) (5) (1) M-8 T2-M9(4) (5) (1) M-9 T2-M10(4) (5) (1) M-10 T2-M11(4) (5) (1) M-11 T2-Accrual Interest (6) (1) N/A T2-IO (2) (2) N/A R-2 (3) (3) N/A (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2 (the “REMIC II Net WAC”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “Subsidiary ~~REMIC~~REMIC 1,” “Subsidiary REMIC 2,” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class A-IO and Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of ~~the~~ Subsidiary ~~REMIC~~REMIC 1, Subsidiary REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated Subsidiary REMIC 2 Interests, other than the LTLT2-R Interest, and each such Subsidiary REMIC 2 Interest (other than the LTLT2-R Interest) is hereby designated as a regular interest in ~~the~~ Subsidiary REMIC 2 for purposes of the REMIC Provisions. ~~The~~ Subsidiary REMIC 2 shall hold as its assets the several classes of uncertificated Subsidiary REMIC 1 Interests, other than the LT1-R Interest, and each such Subsidiary REMIC 1 Interest (other than the LT1-R Interest) is hereby designated as a regular interest in Subsidiary REMIC 1. Subsidiary REMIC 1 shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~Subsidiary REMIC 1. Subsidiary REMIC 1 shall be evidenced by (x) the Class F1, Class F2, Class F3, Class F4, Class F5, Class F6, Class F7, Class F8, Class F9, Class F10, Class F11, Class F12, Class F13, Class F14, Class F15, Class F16, Class F17, Class F18, Class F19, Class F20, Class F21, Class F22, Class F23, Class F24 Interests, and Class F25 Interests (the “Group I Subsidiary REMIC 1 Regular Interests”), the Class V-II Interest (the “Group II Subsidiary REMIC 1 Regular Interest”) and the Class V1, Class V2, Class V3, Class V4, Class V5, Class V6, Class V7, Class V8, Class V9, Class V10, Class V11, Class V12, Class V13, Class V14, Class V15, Class V16, Class V17, Class V18, Class V19, Class V20, Class V21, Class V22, and Class V23 Interests (the “Group III Subsidiary REMIC 1 Regular Interests”) (together, the “Subsidiary REMIC 1 Regular Interests”), which (i) shall be uncertificated and non-transferable, and (ii) are hereby designated as the “regular interests” in Subsidiary REMIC 1 and (y) the LT1-R Interest, which is hereby designated as the single “residual interest” in Subsidiary REMIC 1 (the Subsidiary REMIC 1 Regular Interests, together with the LT1-R Interest, the “Subsidiary REMIC 1 Interests”). The Subsidiary REMIC 1 Regular Interests shall be recorded on the records of Subsidiary REMIC 1 as being issued to and held by the Trustee on behalf of Subsidiary REMIC 2. The Subsidiary REMIC 1 Interests shall have the following designations, initial principal balances and interest rates: F1 (4) (1) V1 (6) (3) F2 1,000,000.00 (1) V2 10,000,000.00 (3) F3 1,000,000.00 (1) V3 9,000,000.00 (3) F4 2,000,000.00 (1) V4 9,000,000.00 (3) F5 2,000,000.00 (1) V5 7,000,000.00 (3) F6 2,000,000.00 (1) V6 8,000,000.00 (3) F7 3,000,000.00 (1) V7 7,000,000.00 (3) F8 3,000,000.00 (1) V8 7,000,000.00 (3) F9 2,000,000.00 (1) V9 6,000,000.00 (3) F10 3,000,000.00 (1) V10 6,000,000.00 (3) F11 4,000,000.00 (1) V11 4,000,000.00 (3) F12 2,000,000.00 (1) V12 5,000,000.00 (3) F13 3,000,000.00 (1) V13 5,000,000.00 (3) F14 3,000,000.00 (1) V14 4,000,000.00 (3) F15 2,000,000.00 (1) V15 4,000,000.00 (3) F16 2,000,000.00 (1) V16 3,000,000.00 (3) F17 2,000,000.00 (1) V17 3,000,000.00 (3) F18 2,000,000.00 (1) V18 4,000,000.00 (3) F19 2,000,000.00 (1) V19 2,000,000.00 (3) F20 1,000,000.00 (1) V20 3,000,000.00 (3) F21 2,000,000.00 (1) V21 2,000,000.00 (3) F22 1,000,000.00 (1) V22 3,000,000.00 (3) F23 1,000,000.00 (1) V23 28,000,000.00 (3) F24 1,000,000.00 (1) V-II (5) (2) F25 14,000,000.00 (1) (1) The interest rate on these Subsidiary REMIC 1 Regular Interests shall at any time of determination equal the weighted average of the Net Coupon Rates of the Group I Home Equity Loans. (2) The interest rate on these Subsidiary REMIC 1 Regular Interests shall at any time of determination equal the weighted average of the Net Coupon Rates of the Group II Home Equity Loans. (3) The interest rate on these Subsidiary REMIC 1 Regular Interests shall at any time of determination equal the weighted average of the Net Coupon Rates of the Group III Home Equity Loans. (4) This Interest shall have an initial principal balance equal to the excess of (i) the principal balance of the Group I Home Equity Loans as of the Cut-Off Date over (ii) $61,000,000. (5) This Interest shall have an initial principal balance equal to the principal balance of the Group II Home Equity Loans as of the Cut-Off Date. (6) This Interest shall have an initial principal balance equal to the excess of (i) the principal balance of the Group III Home Equity Loans as of the Cut-Off Date over (ii) $139,000,000. (7) The LT1-R Interest shall have no principal balance and no interest rate and shall be entitled to only those distributable assets, if any, remaining in Subsidiary REMIC 1 on each Distribution Date after all amounts required to be distributed to the Subsidiary REMIC 1 Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the LT1-R Interest. On each Distribution Date, (a) principal collections and Realized Losses on the Group I Home Equity Loans shall be allocated sequentially to the Group I Subsidiary REMIC 1 Regular Interests, beginning with the Group I Subsidiary REMIC 1 Regular Interest with the lowest numerical designation (until such Interest’s principal balance is reduced to zero), (b) principal collections and Realized Losses on the Group II Home Equity Loans shall be allocated to the V-II REMIC 1 Regular Interests, and (c) principal collections and Realized Losses on the Group III Home Equity Loans shall be allocated sequentially to the Group III Subsidiary REMIC 1 Regular Interests, beginning with the Group III Subsidiary REMIC 1 Regular Interest with the lowest numerical designation (until such Interest’s principal balance is reduced to zero). (f) Subsidiary REMIC 2. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each Subsidiary REMIC 2 Interest (each such Interest other than the LT-R Interest, a “Subsidiary REMIC 2 Regular Interest”): LT-A1(1) (2) (7) Class AF-1 LT-A2(1) (2) (7) Class AF-2 LT-A3(1) (2) (7) Class AF-3 LT-A4(1) (2) (7) Class AF-4 LT-A5(1) (2) (7) Class AF-5 LT-A6(1) (2) (7) Class AF-6 LT-AV-1(1) (2) (7) Class AV-1 LT-AV-2(1) (2) (7) Class AV-2 LT-AV-3(1) (2) (7) Class AV-3 LT-AV-4(1) (2) (7) Class AV-4 LT-AV-5(1) (2) (7) Class AV-5 LT-M1(1) (2) (7) Class M-1 LT-M2(1) (2) (7) Class M-2 LT-M3(1) (2) (7) Class M-3 LT-M4(1) (2) (7) Class M-4 LT-M5(1) (2) (7) Class M-5 LT-M6(1) (2) (7) Class M-6 LT-M7(1) (2) (7) Class M-7 LT-B(1) (2) (7) Class B LT-A-IO(1) (3) N/A Class A-IO LT-Grp IA (4) (8) Not Applicable LT-Grp IB (4) (8) Not Applicable LT-Grp IIA (5) (9) Not Applicable LT-Grp IIB (5) (9) Not Applicable LT-Grp IIIA (6) (10) Not Applicable LT-Grp IIIB (6) (10) Not Applicable LT-Excess (2) (11) Not Applicable LT-R (12) (12) Not Applicable (1) This Interest is also referred to as a Subsidiary REMIC 2 Accretion Directed Interests. (2) The interest rate on this Interest shall be a rate equal to the Adjusted Pool Net WAC, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Subsidiary REMIC 1 Regular Interests, except that (i) the rate on each Subsidiary REMIC 1 Regular Interest with an F designation listed below shall be reduced by 3.5% per annum for each Distribution Date on and prior to the date listed next to such interest in the table below and not reduced thereafter, and (ii) the rate on each Subsidiary REMIC 1 Regular Interest with an V designation listed below shall be reduced by 3.5% per annum for each Distribution Date on and prior to the date listed next to such interest in the table below and not reduced thereafter: (3) The interest rate on this Interest shall be a rate equal the sum of 46 strips of interest, with each strip being a 3.50% per annum (using s 30 day month and a 360 year day count convention) strip off the principal balance of a Subsidiary REMIC 1 Regular Interests F2 through Subsidiary REMIC 1 Interest F25, respectively and Subsidiary REMIC 1 Interest V2 through Subsidiary REMIC 1 Interest V23, respectively through the Distribution Dates indicated in the table in note (1) for such Interest, and 0.0% thereafter. Each of the 46 interest strips comprising the interest on the LT-AIO Interest shall constitute 46 separate components of the LT-AIO Interest, each of which shall be designated as a separate regular interest in Subsidiary REMIC 2. (4) The interest rate on this Interest shall be a rate equal to the Group I Net WAC Cap, which rate for this purpose can be calculated as a rate equal to the weighted average of the interest rates on the Subsidiary REMIC 1 Regular Interests with an F designation, except that the rate on each such Interest (other than the F1) shall be reduced by 3.50% per annum for each Distribution Date on and prior to the date listed next as such Interest in the table in note 2 above and not reduced thereafter. (5) The interest rate on this Interest shall be a rate equal to the Group II Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group II Home Equity Loans. (6) The interest rate on this Interest shall be a rate equal to the Group III Net WAC Cap, which rate for this purpose can be calculated as a rate equal to the weighted average of the interest rates on the Subsidiary REMIC 2 Regular Interests with a V designation, except that the rate on each such Interest (other than the V1) shall be reduced by 3.50% per annum for each Distribution Date on and prior to the date listed next as such Interest in the table in note 2 above and not reduced thereafter. (7) This Interest shall have an initial principal balance equal to 25% of the initial principal balance of its corresponding class in the Master REMIC. Principal payments and Realized Losses from the Subsidiary REMIC 1 Interests shall be paid (or allocated) to maintain the 25% ratio for the Subsidiary REMIC 2 Interests corresponding to the Master REMIC Classes. (8) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group I Home Equity Loan as of the Cut-Off Date. (9) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group II Home Equity Loan as of the Cut-Off Date. (10) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group III Home Equity Loan as of the Cut-Off Date. (11) This Interest shall have an initial principal balance equal to (i) the initial principal balances of the Home Equity Loans as of the Cut-Off Date less (ii) an amount equal to the sum of the initial principal balances of the Subsidiary REMIC 2 Interests, other than the LT-Excess Regular Interest (i.e., itself). (12) The LT-R Interest shall have no principal balance and no interest rate and shall be entitled to only those distributable assets, if any, remaining in the Subsidiary REMIC 2 on each Distribution Date after all amounts required to be distributed to the remaining Subsidiary REMIC 2 Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the LT-R Interest. On each Distribution Date, all principal payments received (or advances) and any Realized Losses with respect to the Home Equity Loans (plus accrued interest on the LT-Excess Interest to the extent necessary) shall be allocated and applied in reduction of the principal balances of the Subsidiary REMIC 2 Interests such that following such allocation and distribution: (i) the principal balance of each of the Subsidiary REMIC 2 Accretion Directed Interests equal 25% of the principal balance of its Corresponding Class of Master REMIC Certificates; (ii) the principal balance of each of the LT-Grp IA and LT-Grp IB Interests equals 25% of the aggregate of the principal balances of the Group I Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (iii) the principal balance of each of the LT-Grp IIA and LT-Grp IIB Interests equals 25% of the aggregate of the principal balances of the Group II Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; and (iv) the principal balance of each of the LT-Grp IIIA and LT-Grp IIIB Interests equals 25% of the aggregate of the principal balances of the Group III Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (v) the principal balance of the LT-Excess Interest equals the excess of the aggregate of the principal balances of the Home Equity Loans as of the opening of business on the first Business Day of the Remittance Period related to the next Distribution Date over the aggregate of the principal balances of the remaining Subsidiary REMIC 2 Interests as reduced on such Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-C)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund) be treated for federal income tax purposes as comprising two real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of the Subsidiary REMIC, and the Master REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated Subsidiary REMIC Interests, other than the LT-R Interest, and each such Subsidiary REMIC Interest (other than the LT-R Interest) is hereby designated as a regular interest in the Subsidiary REMIC for purposes of the REMIC Provisions. The Subsidiary REMIC shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) [Reserved]. (f) Subsidiary REMIC. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each Subsidiary REMIC Interest (each such Interest other than the LT-R Interest, a “Subsidiary REMIC Regular Interest”): Interest Designation Interest Rate Initial Principal Balance Corresponding Class of Master REMIC Certificates LT-A1(1) (2) (5) Class AF-1 LT-A2(1) (2) (5) Class AF-2 LT-A3(1) (2) (5) Class AF-3 LT-A4(1) (2) (5) Class AF-4 LT-A5(1) (2) (5) Class AF-5 LT-A6(1) (2) (5) Class AF-6 LT-AV(1) (2) (5) Class AV LT-M1(1) (2) (5) Class M-1 LT-M2(1) (2) (5) Class M-2 LT-M3(1) (2) (5) Class M-3 LT-B(1) (2) (5) Class B LT-Grp IA (3) (6) Not Applicable LT-Grp IB (3) (6) Not Applicable LT-Grp IIA (4) (7) Not Applicable LT-Grp IIB (4) (7) Not Applicable LT-Excess (2) (8) Not Applicable LT-R (9) (9) Not Applicable ________________________ (1) The Subsidiary REMIC Accretion Directed Interests. (2) The interest rate on this Interest shall be a rate equal to the Adjusted Pool Net WAC, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Home Equity Loans. (3) The interest rate on this Interest shall be a rate equal to the Group I Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group I Home Equity Loans. (4) The interest rate on this Interest shall be a rate equal to the Group II Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group II Home Equity Loans. (5) This Interest shall have an initial principal balance equal to 25% of the initial principal balance of its corresponding class in the Master REMIC. Principal payments and Realized Losses from Group I Home Equity Loans shall be paid (or allocated) to maintain the 25% ratio for the Subsidiary REMIC Interests corresponding to the Master REMIC Classes. (6) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group I Home Equity Loan as of the Cut-Off Date. (7) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group II Home Equity Loan as of the Cut-Off Date. (8) This Interest shall have an initial principal balance equal to (i) the initial principal balances of the Group I and Group II Home Equity Loans as of the Cut-Off Date less (ii) an amount equal to the sum of the initial principal balances of the other Subsidiary REMIC Interests, other than the LT-Excess Regular Interest. (9) The LT-R Interest shall have no principal balance and no interest rate and shall be entitled to only those distributable assets, if any, remaining in the Subsidiary REMIC on each Distribution Date after all amounts required to be distributed to the remaining Subsidiary REMIC Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the LT-R Interest. On each Distribution Date, all principal payments received (or advances) and any Realized Losses with respect to the Home Equity Loans (plus accrued interest on the LT-Excess to the extent necessary) shall be allocated and applied in reduction of the principal balances of the Subsidiary REMIC Interests such that following such allocation and distribution: (i) the principal balance of each of the Subsidiary REMIC Accretion Directed Interests equal 25% of the principal balance of its Corresponding Class of Master REMIC Certificates; (ii) the principal balance of each of the LT1-Grp IA and LT1-Grp IB Interests equals 25% of the aggregate of the principal balances of the Group I Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (iii) the principal balance of each of the LT1-Grp IIA and LT1-Grp IIB Interests equals 25% of the aggregate of the principal balances of the Group II Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (iv) the principal balance of the LT1-Excess Interest equals the excess of the aggregate of the principal balances of the Home Equity Loans as of the opening of business on the first Business Day of the Remittance Period related to the next Distribution Date over the aggregate of the principal balances of the remaining Subsidiary REMIC Interests as reduced on such Distribution Date. (g) The Master REMIC. The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AV, Class M-1, Class M-2, Class M-3, Class B and Class X-IO Certificates are hereby designated as “regular interests” with respect to the Master REMIC (the “Master REMIC Regular Certificates”) and the R-1 Interest is hereby designated as the single “residual interest” with respect to the Master REMIC. The beneficial ownership interest in the Master REMIC created hereunder shall be evidenced by the interests having the following characteristics and terms: Class Designation Initial Certificate Principal Balance Certificate Interest Rate Final Scheduled Distribution Date Class AF-1 $113,000,000 (1) July 25, 2018 Class AF-2 $27,000,000 (2) May 25, 2021 Class AF-3 $59,000,000 (3) March 27, 2028 Class AF-4 $76,000,000 (4) April 26, 2032 Class AF-5 $10,600,000 (5) September 26, 2033 Class AF-6 $31,700,000 (6) September 26, 2033 Class AV $388,200,000 (7) September 26, 2033 Class M-1 $57,375,000 (8) September 26, 2033 Class M-2 $46,750,000 (9) September 26, 2033 Class M-3 $27,625,000 (10) September 26, 2033 Class B $12,750,000 (11) September 26, 2033 Class X-IO (12) (13) Class R-1 (14) _____________________ (1) For each Interest Period, this Class shall bear interest at the least of (i) 2.14% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (2) For each Interest Period, this Class shall bear interest at the least of (i) 2.92% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (3) For each Interest Period, this Class shall bear interest at the least of (i) 3.69% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (4) For each Interest Period, this Class shall bear interest at the least of (i) 4.96% per annum (or 5.46% per annum for each Interest Period after the Clean-up Call Date), (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (5) For each Interest Period, this Class shall bear interest at the least of (i) 5.35% per annum (or 5.85% per annum for each Interest Period after the Clean-up Call Date), (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (6) For each Interest Period, this Class shall bear interest at the least of (i) 4.81% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (7) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 0.30%, (ii) the Group II Net WAC Cap and (iii) the Adjusted Pool Net WAC. (8) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 0.70% and (ii) the Adjusted Pool Net WAC. (9) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 1.60% and (ii) the Adjusted Pool Net WAC. (10) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 3.05% and (ii) the Adjusted Pool Net WAC. (11) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 3.90% and (ii) the Adjusted Pool Net WAC. (12) The Class X-IO Certificate shall have an initial principal balance equal to the excess of the principal balance of the Group I and Group II Home Equity Loans as of the Cut-Off Date over the sum of the initial principal balances of the Certificates, other than the Class X-IO and Class R Certificates. It shall not be entitled to interest on its principal balance. The Class X-IO Certificate shall also have an initial notional balance equal to the aggregate of the principal balance of each Home Equity Loan as of the Cut-Off Date and such notional balance for each Distribution Date shall equal the aggregate principal balance of the Home Equity Loans as of the beginning of the related Remittance Period. (13) The Class X-IO Certificate shall be entitled to receive interest on its notional balance at a per annum rate equal to the excess of (i) the weighted average of the interest rates of the Subsidiary REMIC Accretion Directed Interests, and the LT-Grp IA, XX-Xxx XX, XX-Xxx XXX, XX-Xxx IIB, LT-Excess Interests, weighted on the principal balance of each such Interest, over (ii) the product of (x) two and (y) the weighted average of the interest rates of the Subsidiary REMIC Accretion Directed Interests and LT-Excess Interest, weighted on the principal balance of each such interest, treating for purposes of this clause (y) the interest rates of the LT-Excess Interest as capped at zero and the interest rate of each of the remaining of such interests as capped at the interest rate of its corresponding class in the Master REMIC. (14) The Class R Certificates represent ownership of the R-1 Interest, and the LT-R Interest. The Class R Certificates do not have either a principal balance or an interest rate. (h) The foregoing REMIC structure is intended to cause all of the cash from the Home Equity Loans to flow through to the Master REMIC as cash flow on a REMIC regular interest, without creating any shortfall—actual or potential (other than for credit losses) to any REMIC regular interest. To the extent that the structure is believed to diverge from such intention the Trustee shall resolve ambiguities to accomplish such result and shall to the extent necessary rectify any drafting errors or seek clarification to the structure without Certificateholder approval (but with guidance of counsel) to accomplish such intention.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2003-C)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R ~~Certificate~~Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO IO, Class R and Class P Certificates, also represents rights with respect to payments to be made from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement and from the Swap Account as further described in Section 7.12 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (6) (1) T1-F1 $ 5,634,127.36 (2) T1-V1 $ 5,634,127.36 (3) T1-F2 $ 6,590,695.59 (2) T1-V2 $ 6,590,695.59 (3) T1-F3 $ 7,536,067.99 (2) T1-V3 $ 7,536,067.99 (3) T1-F4 $ 8,462,727.90 (2) T1-V4 $ 8,462,727.90 (3) T1-F5 $ 9,362,756.11 (2) T1-V5 $ 9,362,756.11 (3) T1-F6 $ 10,225,600.09 (2) T1-V6 $ 10,225,600.09 (3) T1-F7 $ 11,044,973.65 (2) T1-V7 $ 11,044,973.65 (3) T1-F8 $ 11,806,823.93 (2) T1-V8 $ 11,806,823.93 (3) T1-F9 $ 11,878,271.46 (2) T1-V9 $ 11,878,271.46 (3) T1-F10 $ 11,490,667.89 (2) T1-V10 $ 11,490,667.89 (3) T1-F11 $ 11,085,928.76 (2) T1-V11 $ 11,085,928.76 (3) T1-F12 $ 10,695,709.17 (2) T1-V12 $ 10,695,709.17 (3) T1-F13 $ 10,319,458.04 (2) T1-V13 $ 10,319,458.04 (3) T1-F14 $ 9,956,663.97 (2) T1-V14 $ 9,956,663.97 (3) T1-F15 $ 9,606,841.45 (2) T1-V15 $ 9,606,841.45 (3) T1-F16 $ 9,283,683.40 (2) T1-V16 $ 9,283,683.40 (3) T1-F17 $ 8,956,745.21 (2) T1-V17 $ 8,956,745.21 (3) T1-F18 $ 8,673,309.48 (2) T1-V18 $ 8,673,309.48 (3) T1-F19 $ 12,267,236.74 (2) T1-V19 $ 12,267,236.74 (3) T1-F20 $ 12,746,062.63 (2) T1-V20 $ 12,746,062.63 (3) T1-F21 $ 12,010,420.84 (2) T1-V21 $ 12,010,420.84 (3) T1-F22 $ 11,199,383.08 (2) T1-V22 $ 11,199,383.08 (3) T1-F23 $ 10,460,643.18 (2) T1-V23 $ 10,460,643.18 (3) T1-F24 $ 9,756,837.11 (2) T1-V24 $ 9,756,837.11 (3) T1-F25 $ 6,740,162.15 (2) T1-V25 $ 6,740,162.15 (3) T1-F26 $ 45,286,190.96 (2) T1-V26 $ 45,286,190.96 (3) T1-F27 $ 2,528,068.80 (2) T1-V27 $ 2,528,068.80 (3) T1-F28 $ 2,454,744.67 (2) T1-V28 $ 2,454,744.67 (3) T1-F29 $ 2,501,897.69 (2) T1-V29 $ 2,501,897.69 (3) T1-F30 $ 2,309,795.58 (2) T1-V30 $ 2,309,795.58 (3) T1-F31 $ 2,340,082.94 (2) T1-V31 $ 2,340,082.94 (3) T1-F32 $ 3,395,832.97 (2) T1-V32 $ 3,395,832.97 (3) T1-F33 $ 3,090,953.84 (2) T1-V33 $ 3,090,953.84 (3) T1-F34 $ 2,324,932.22 (2) T1-V34 $ 2,324,932.22 (3) T1-F35 $ 1,894,272.26 (2) T1-V35 $ 1,894,272.26 (3) T1-F36 $ 1,840,340.47 (2) T1-V36 $ 1,840,340.47 (3) T1-F37 $ 1,787,932.79 (2) T1-V37 $ 1,787,932.79 (3) T1-F38 $ 1,736,970.16 (2) T1-V38 $ 1,736,970.16 (3) T1-F39 $ 1,687,485.11 (2) T1-V39 $ 1,687,485.11 (3) T1-F40 $ 1,639,399.20 (2) T1-V40 $ 1,639,399.20 (3) T1-F41 $ 1,592,673.11 (2) T1-V41 $ 1,592,673.11 (3) T1-F42 $ 1,547,268.62 (2) T1-V42 $ 1,547,268.62 (3) T1-F43 $ 1,503,148.54 (2) T1-V43 $ 1,503,148.54 (3) T1-F44 $ 1,460,276.79 (2) T1-V44 $ 1,460,276.79 (3) T1-F45 $ 1,418,527.79 (2) T1-V45 $ 1,418,527.79 (3) T1-F46 $ 1,378,052.38 (2) T1-V46 $ 1,378,052.38 (3) T1-F47 $ 1,338,722.73 (2) T1-V47 $ 1,338,722.73 (3) T1-F48 $ 1,300,506.61 (2) T1-V48 $ 1,300,506.61 (3) T1-F49 $ 1,263,372.67 (2) T1-V49 $ 1,263,372.67 (3) T1-F50 $ 1,227,290.46 (2) T1-V50 $ 1,227,290.46 (3) T1-F51 $ 1,192,200.21 (2) T1-V51 $ 1,192,200.21 (3) T1-F52 $ 1,157,787.89 (2) T1-V52 $ 1,157,787.89 (3) T1-F53 $ 1,124,703.83 (2) T1-V53 $ 1,124,703.83 (3) T1-F54 $ 1,092,341.88 (2) T1-V54 $ 1,092,341.88 (3) T1-F55 $ 1,060,806.02 (2) T1-V55 $ 1,060,806.02 (3) T1-F56 $ 1,030,480.96 (2) T1-V56 $ 1,030,480.96 (3) T1-F57 $ 1,032,491.97 (2) T1-V57 $ 1,032,491.97 (3) T1-F58 $ 985,447.88 (2) T1-V58 $ 985,447.88 (3) T1-F59 $ 942,754.47 (2) T1-V59 $ 942,754.47 (3) T1-F60 $ 915,797.61 (2) T1-V60 $ 915,797.61 (3) T1-F61 $ 889,604.73 (2) T1-V61 $ 889,604.73 (3) T1-F62 $ 864,154.30 (2) T1-V62 $ 864,154.30 (3) T1-F63 $ 839,425.44 (2) T1-V63 $ 839,425.44 (3) T1-F64 $ 815,397.82 (2) T1-V64 $ 815,397.82 (3) T1-F65 $ 792,051.69 (2) T1-V65 $ 792,051.69 (3) T1-F66 $ 769,367.86 (2) T1-V66 $ 769,367.86 (3) T1-F67 $ 747,327.68 (2) T1-V67 $ 747,327.68 (3) T1-F68 $ 725,913.02 (2) T1-V68 $ 725,913.02 (3) T1-F69 $ 24,264,850.39 (2) T1-V69 $ 24,264,850.39 (3) T1-Arrearage (5) (5) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 9.84%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 9.84%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. (5) The T1-Arrearage interest shall not bear interest. The T1-Arrearage interest shall have an Initial Principal Balance equal to the aggregate Arrearage amount as of the Cut-off Date. (6) This interest shall have an initial principal balance equal to the excess of the aggregate outstanding principal balance of the Home Equity Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to the aggregate outstanding principal balance of the Class M-8 and Class M-9 Certificates taking into account distributions on such Distribution Date, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. On the Business Day prior to each Distribution Date, all Prepayment Charges shall be allocated to the Class T1-V69 interest and all amounts paid with respect to unreimbursed Arrearages shall be allocated to the Class T1-Arrearage interest. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-1-AV-1(4) (5) (1) 1-AV-1 T2-2-AV-1(4) (5) (1) 2-AV-1 T2-2-AV-2(4) (5) (1) 2-AV-2 T2-2-AV-3(4) (5) (1) 2-AV-3 T2-2-AV-4(4) (5) (1) 2-AV-4 T2-M1(4) (5) (1) M-1 T2-M2(4) (5) (1) M-2 T2-M3(4) (5) (1) M-3 T2-M4(4) (5) (1) M-4 T2-M5(4) (5) (1) M-5 T2-M6(4) (5) (1) M-6 T2-M7(4) (5) (1) M-7 T2-M8(4) (5) (1) M-8 T2-M9(4) (5) (1) M-9 T2-Accrual Interest (6) (1) N/A T2-IO (2) (2) N/A T2-Arrearage (7) (7) Arrearage R-2 (3) (3) N/A (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2 (the “REMIC II Net WAC”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund) be treated for federal income tax purposes as comprising two real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of the Subsidiary REMIC, and the Master REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated Subsidiary REMIC Interests, other than the LT-R Interest, and each such Subsidiary REMIC Interest (other than the LT-R Interest) is hereby designated as a regular interest in the Subsidiary REMIC for purposes of the REMIC Provisions. The Subsidiary REMIC shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) [Reserved]. (f) Subsidiary REMIC. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each Subsidiary REMIC Interest (each such Interest other than the LT-R Interest, a “Subsidiary REMIC Regular Interest”): Interest Designation Interest Rate Initial Principal Balance Corresponding Class of Master REMIC Certificates LT-A1(1) (2) (6) Class AF-1 LT-A2(1) (2) (6) Class AF-2 LT-A3(1) (2) (6) Class AF-3 LT-A4(1) (2) (6) Class AF-4 LT-A5(1) (2) (6) Class AF-5 LT-A6(1) (2) (6) Class AF-6 LT-AV-1(1) (2) (6) Class AV-1 LT-AV-2(1) (2) (6) Class AV-2 LT-M1(1) (2) (6) Class M-1 LT-M2(1) (2) (6) Class M-2 LT-M3(1) (2) (6) Class M-3 LT-M4(1) (2) (6) Class M-4 LT-M5(1) (2) (6) Class M-5 LT-B(1) (2) (7) Class B LT-Grp IA (3) (7) Not Applicable LT-Grp IB (3) (7) Not Applicable LT-Grp IIA (4) (8) Not Applicable LT-Grp IIB (4) (8) Not Applicable LT-Grp IIIA (5) (9) Not Applicable LT-Grp IIIB (5) (9) Not Applicable LT-Excess (2) (10) Not Applicable LT-R (11) (11) Not Applicable (1) The Subsidiary REMIC Accretion Directed Interests. (2) The interest rate on this Interest shall be a rate equal to the Adjusted Pool Net WAC, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Home Equity Loans. (3) The interest rate on this Interest shall be a rate equal to the Group I Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group I Home Equity Loans. (4) The interest rate on this Interest shall be a rate equal to the Group II Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group II Home Equity Loans. (5) The interest rate on this Interest shall be a rate equal to the Group III Net WAC Cap, which rate can be calculated as a rate equal to the weighted average of the interest rates on the Group III Home Equity Loans. (6) This Interest shall have an initial principal balance equal to 25% of the initial principal balance of its corresponding class in the Master REMIC. Principal payments and Realized Losses from Group I Home Equity Loans shall be paid (or allocated) to maintain the 25% ratio for the Subsidiary REMIC Interests corresponding to the Master REMIC Classes. (7) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group I Home Equity Loan as of the Cut-Off Date. (8) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group II Home Equity Loan as of the Cut-Off Date. (9) This Interest shall have an initial principal balance equal to 25% of the aggregate of the principal balances of each Group III Home Equity Loan as of the Cut-Off Date. (10) This Interest shall have an initial principal balance equal to (i) the initial principal balances of the Home Equity Loans as of the Cut-Off Date less (ii) an amount equal to the sum of the initial principal balances of the Subsidiary REMIC Interests, other than the LT-Excess Regular Interest. (11) The LT-R Interest shall have no principal balance and no interest rate and shall be entitled to only those distributable assets, if any, remaining in the Subsidiary REMIC on each Distribution Date after all amounts required to be distributed to the remaining Subsidiary REMIC Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the LT-R Interest. On each Distribution Date, all principal payments received (or advances) and any Realized Losses with respect to the Home Equity Loans (plus accrued interest on the LT-Excess Interest to the extent necessary) shall be allocated and applied in reduction of the principal balances of the Subsidiary REMIC Interests such that following such allocation and distribution: (i) the principal balance of each of the Subsidiary REMIC Accretion Directed Interests equal 25% of the principal balance of its Corresponding Class of Master REMIC Certificates; (ii) the principal balance of each of the LT-Grp IA and LT-Grp IB Interests equals 25% of the aggregate of the principal balances of the Group I Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (iii) the principal balance of each of the LT-Grp IIA and LT-Grp IIB Interests equals 25% of the aggregate of the principal balances of the Group II Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; and (iv) the principal balance of each of the LT-Grp IIIA and LT-Grp IIIB Interests equals 25% of the aggregate of the principal balances of the Group III Home Equity Loans as of the beginning of the Remittance Period related to the next Distribution Date; (v) the principal balance of the LT-Excess Interest equals the excess of the aggregate of the principal balances of the Home Equity Loans as of the opening of business on the first Business Day of the Remittance Period related to the next Distribution Date over the aggregate of the principal balances of the remaining Subsidiary REMIC Interests as reduced on such Distribution Date. (g) The Master REMIC. The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AV-1, Class AV-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B and Class X-IO Certificates are hereby designated as “regular interests” with respect to the Master REMIC (the “Master REMIC Regular Certificates”) and the R-1 Interest is hereby designated as the single “residual interest” with respect to the Master REMIC. The beneficial ownership interest in the Master REMIC created hereunder shall be evidenced by the interests having the following characteristics and terms: Class AF-1 $134,100,000 (1) June 25, 2019 Class AF-2 $25,800,000 (2) December 27, 2021 Class AF-3 $66,700,000 (3) April 25, 2028 Class AF-4 $93,200,000 (4) August 25, 2032 Class AF-5 $8,500,000 (5) January 25, 2034 Class AF-6 $36,500,000 (6) January 25, 2034 Class AV-1 $95,000,000 (7) January 25, 2034 Class AV-2 $331,070,000 (8) January 25, 2034 Class M-1 $59,370,000 (9) January 25, 2034 Class M-2 $33,250,000 (10) January 25, 2034 Class M-3 $19,000,000 (11) January 25, 2034 Class M-4 $14,250,000 (12) January 25, 2034 Class M-5 $14,250,000 (13) January 25, 2034 Class B $19,010,000 (14) January 25, 2034 Class X-IO (15) (16) Class R-1 (17) (17) (1) For each Interest Period, this Class shall bear interest at the least of (i) 2.03% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (2) For each Interest Period, this Class shall bear interest at the least of (i) 2.67% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (3) For each Interest Period, this Class shall bear interest at the least of (i) 3.26% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (4) For each Interest Period, this Class shall bear interest at the least of (i) 4.51% per annum (or 5.01% per annum for each Interest Period after the Clean-up Call Date), (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (5) For each Interest Period, this Class shall bear interest at the least of (i) 4.93% per annum (or 5.43% per annum for each Interest Period after the Clean-up Call Date), (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (6) For each Interest Period, this Class shall bear interest at the least of (i) 4.27% per annum, (ii) the Group I Net WAC Cap and (iii) the Adjusted Pool Net WAC. (7) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 0.26%, (ii) the Group II Net WAC Cap and (iii) the Adjusted Pool Net WAC. (8) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 0.28%, (ii) the Group III Net WAC Cap and (iii) the Adjusted Pool Net WAC. (9) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 0.60% and (ii) the Adjusted Pool Net WAC. (10) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 1.05% and (ii) the Adjusted Pool Net WAC. (11) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 1.25% and (ii) the Adjusted Pool Net WAC. (12) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 1.55% and (ii) the Adjusted Pool Net WAC. (13) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 1.75% and (ii) the Adjusted Pool Net WAC. (14) For each Interest Period, this Class shall bear interest at the least of (i) LIBOR plus 2.00% and (ii) the Adjusted Pool Net WAC. (15) The Class X-IO Certificate shall have an initial principal balance equal to the excess of the principal balance of the Home Equity Loans as of the Cut-Off Date over the sum of the initial principal balances of the Certificates, other than the Class X-IO and Class R Certificates. It shall not be entitled to interest on its principal balance. The Class X-IO Certificate shall also have an initial notional balance equal to the aggregate of the principal balance of each Home Equity Loan as of the Cut-Off Date and such notional balance for each Distribution Date shall equal the aggregate principal balance of the Home Equity Loans as of the beginning of the related Remittance Period. (16) The Class X-IO Certificate shall be entitled to receive interest on its notional balance at a per annum rate equal to the excess of (i) the weighted average of the interest rates of the Subsidiary REMIC Accretion Directed Interests, and the LT-Grp IA, XX-Xxx XX, XX-Xxx XXX, XX-Xxx XXX, XX-Xxx IIIA, LT-Grp IIIB, LT-Excess Interests, weighted on the principal balance of each such Interest, over (ii) the product of (x) two and (y) the weighted average of the interest rates of the Subsidiary REMIC Accretion Directed Interests and LT-Excess Interest, weighted on the principal balance of each such Interest, treating for purposes of this clause (y) the interest rates of the LT-Excess Interest as capped at zero and the interest rate of each of the remaining of such interests as capped at the interest rate of its corresponding class in the Master REMIC. (17) The Class R Certificates represent ownership of the R-1 Interest and the LT-R Interest. The Class R Certificates do not have either a principal balance or an interest rate. (h) The foregoing REMIC structure is intended to cause all of the cash from the Home Equity Loans to flow through to the Master REMIC as cash flow on a REMIC regular interest, without creating any shortfall—actual or potential (other than for credit losses) to any REMIC regular interest. To the extent that the structure is believed to diverge from such intention the Trustee shall resolve ambiguities to accomplish such result and shall to the extent necessary rectify any drafting errors or seek clarification to the structure without Certificateholder approval (but with guidance of counsel) to accomplish such intention.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-A)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, ~~the~~ “~~Subsidiary REMIC~~REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO Certificates, also represents rights with respect to payments to be made from the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each ~~of the Subsidiary REMIC, and the Master~~ REMIC for purposes of the REMIC Provisions. (b) The Master REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ REMIC II Interests, other than the ~~LT-R~~ R-2 Interest, and each such ~~Subsidiary~~ REMIC II Interest (other than the ~~LT-R~~ R-2 Interest) is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the several classes of uncertificated REMIC I Interests, other than the R-1 Interest, and each such REMIC I Interest (other than the R-1 Interest) is hereby designated as a regular interest in REMIC I for purposes of the REMIC Provisions. REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the ~~Supplemental Interest~~ Net WAC Cap Carryover Reserve Fund and the ~~Cap Agreement Reserve Fund~~Swap Account. (c) For purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. (d) [Reserved]. (e) ~~[Reserved]~~REMIC I. The following table sets forth (or describes) the class designation, interest rate, and initial principal balance for each REMIC I Interest (each such Interest other than the R-1 Interest, a “REMIC I Regular Interest”): REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-1 interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A $ 20,578,805.38 (1) T1-F1 $ 2,982,500.00 (2) T1-V1 $ 2,982,500.00 (3) T1-F2 $ 6,244,500.00 (2) T1-V2 $ 6,244,500.00 (3) T1-F3 $ 8,014,500.00 (2) T1-V3 $ 8,014,500.00 (3) T1-F4 $ 9,410,000.00 (2) T1-V4 $ 9,410,000.00 (3) T1-F5 $ 10,367,500.00 (2) T1-V5 $ 10,367,500.00 (3) T1-F6 $ 10,993,000.00 (2) T1-V6 $ 10,993,000.00 (3) T1-F7 $ 11,882,500.00 (2) T1-V7 $ 11,882,500.00 (3) T1-F8 $ 13,007,000.00 (2) T1-V8 $ 13,007,000.00 (3) T1-F9 $ 14,782,500.00 (2) T1-V9 $ 14,782,500.00 (3) T1-F10 $ 17,027,000.00 (2) T1-V10 $ 17,027,000.00 (3) T1-F11 $ 18,277,000.00 (2) T1-V11 $ 18,277,000.00 (3) T1-F12 $ 16,581,000.00 (2) T1-V12 $ 16,581,000.00 (3) T1-F13 $ 15,018,500.00 (2) T1-V13 $ 15,018,500.00 (3) T1-F14 $ 12,957,500.00 (2) T1-V14 $ 12,957,500.00 (3) T1-F15 $ 11,832,500.00 (2) T1-V15 $ 11,832,500.00 (3) T1-F16 $ 10,497,500.00 (2) T1-V16 $ 10,497,500.00 (3) T1-F17 $ 10,032,000.00 (2) T1-V17 $ 10,032,000.00 (3) T1-F18 $ 9,692,000.00 (2) T1-V18 $ 9,692,000.00 (3) T1-F19 $ 9,518,500.00 (2) T1-V19 $ 9,518,500.00 (3) T1-F20 $ 9,886,000.00 (2) T1-V20 $ 9,886,000.00 (3) T1-F21 $ 141,688,500.00 (2) T1-V21 $ 141,688,500.00 (3) T1-F22 $ 3,938,000.00 (2) T1-V22 $ 3,938,000.00 (3) T1-F23 $ 4,498,500.00 (2) T1-V23 $ 4,498,500.00 (3) T1-F24 $ 3,757,000.00 (2) T1-V24 $ 3,757,000.00 (3) T1-F25 $ 3,547,000.00 (2) T1-V25 $ 3,547,000.00 (3) T1-F26 $ 3,451,000.00 (2) T1-V26 $ 3,451,000.00 (3) T1-F27 $ 3,067,000.00 (2) T1-V27 $ 3,067,000.00 (3) T1-F28 $ 2,872,500.00 (2) T1-V28 $ 2,872,500.00 (3) T1-F29 $ 2,745,500.00 (2) T1-V29 $ 2,745,500.00 (3) T1-F30 $ 2,629,000.00 (2) T1-V30 $ 2,629,000.00 (3) T1-F31 $ 2,527,500.00 (2) T1-V31 $ 2,527,500.00 (3) T1-F32 $ 2,445,000.00 (2) T1-V32 $ 2,445,000.00 (3) T1-F33 $ 7,861,500.00 (2) T1-V33 $ 7,861,500.00 (3) T1-F34 $ 2,183,500.00 (2) T1-V34 $ 2,183,500.00 (3) T1-F35 $ 2,474,500.00 (2) T1-V35 $ 2,474,500.00 (3) T1-F36 $ 1,775,500.00 (2) T1-V36 $ 1,775,500.00 (3) T1-F37 $ 227,000.00 (2) T1-V37 $ 227,000.00 (3) T1-F38 $ 1,533,500.00 (2) T1-V38 $ 1,533,500.00 (3) T1-F39 $ 1,716,500.00 (2) T1-V39 $ 1,716,500.00 (3) T1-F40 $ 1,673,000.00 (2) T1-V40 $ 1,673,000.00 (3) T1-F41 $ 1,631,000.00 (2) T1-V41 $ 1,631,000.00 (3) T1-F42 $ 1,590,500.00 (2) T1-V42 $ 1,590,500.00 (3) T1-F43 $ 1,550,500.00 (2) T1-V43 $ 1,550,500.00 (3) T1-F44 $ 1,512,000.00 (2) T1-V44 $ 1,512,000.00 (3) T1-F45 $ 1,473,500.00 (2) T1-V45 $ 1,473,500.00 (3) T1-F46 $ 1,437,000.00 (2) T1-V46 $ 1,437,000.00 (3) T1-F47 $ 1,401,000.00 (2) T1-V47 $ 1,401,000.00 (3) T1-F48 $ 1,366,000.00 (2) T1-V48 $ 1,366,000.00 (3) T1-F49 $ 1,331,500.00 (2) T1-V49 $ 1,331,500.00 (3) T1-F50 $ 1,298,000.00 (2) T1-V50 $ 1,298,000.00 (3) T1-F51 $ 1,265,500.00 (2) T1-V51 $ 1,265,500.00 (3) T1-F52 $ 1,234,000.00 (2) T1-V52 $ 1,234,000.00 (3) T1-F53 $ 1,202,500.00 (2) T1-V53 $ 1,202,500.00 (3) T1-F54 $ 1,186,500.00 (2) T1-V54 $ 1,186,500.00 (3) T1-F55 $ 1,192,500.00 (2) T1-V55 $ 1,192,500.00 (3) T1-F56 $ 1,163,000.00 (2) T1-V56 $ 1,163,000.00 (3) T1-F57 $ 1,224,000.00 (2) T1-V57 $ 1,224,000.00 (3) T1-F58 $ 1,102,000.00 (2) T1-V58 $ 1,102,000.00 (3) T1-F59 $ 1,074,000.00 (2) T1-V59 $ 1,074,000.00 (3) T1-F60 $ 1,047,500.00 (2) T1-V60 $ 1,047,500.00 (3) T1-F61 $ 1,022,000.00 (2) T1-V61 $ 1,022,000.00 (3) T1-F62 $ 996,000.00 (2) T1-V62 $ 996,000.00 (3) T1-F63 $ 971,500.00 (2) T1-V63 $ 971,500.00 (3) T1-F64 $ 947,000.00 (2) T1-V64 $ 947,000.00 (3) T1-F65 $ 923,500.00 (2) T1-V65 $ 923,500.00 (3) T1-F66 $ 900,500.00 (2) T1-V66 $ 900,500.00 (3) T1-F67 $ 878,000.00 (2) T1-V67 $ 878,000.00 (3) T1-F68 $ 856,000.00 (2) T1-V68 $ 856,000.00 (3) T1-F69 $ 835,000.00 (2) T1-V69 $ 835,000.00 (3) T1-F70 $ 814,000.00 (2) T1-V70 $ 814,000.00 (3) T1-F71 $ 793,500.00 (2) T1-V71 $ 793,500.00 (3) T1-F72 $ 773,500.00 (2) T1-V72 $ 773,500.00 (3) T1-F73 $ 754,500.00 (2) T1-V73 $ 754,500.00 (3) T1-F74 $ 735,500.00 (2) T1-V74 $ 735,500.00 (3) T1-F75 $ 717,500.00 (2) T1-V75 $ 717,500.00 (3) T1-F76 $ 699,500.00 (2) T1-V76 $ 699,500.00 (3) T1-F77 $ 682,000.00 (2) T1-V77 $ 682,000.00 (3) T1-F78 $ 665,000.00 (2) T1-V78 $ 665,000.00 (3) T1-F79 $ 648,000.00 (2) T1-V79 $ 648,000.00 (3) T1-F80 $ 632,500.00 (2) T1-V80 $ 632,500.00 (3) T1-F81 $ 616,500.00 (2) T1-V81 $ 616,500.00 (3) T1-F82 $ 601,000.00 (2) T1-V82 $ 601,000.00 (3) T1-F83 $ 585,500.00 (2) T1-V83 $ 585,500.00 (3) T1-F84 $ 571,500.00 (2) T1-V84 $ 571,500.00 (3) T1-F85 $ 557,000.00 (2) T1-V85 $ 557,000.00 (3) T1-F86 $ 543,000.00 (2) T1-V86 $ 543,000.00 (3) T1-F87 $ 529,500.00 (2) T1-V87 $ 529,500.00 (3) T1-F88 $ 516,500.00 (2) T1-V88 $ 516,500.00 (3) T1-F89 $ 503,500.00 (2) T1-V89 $ 503,500.00 (3) T1-F90 $ 490,500.00 (2) T1-V90 $ 490,500.00 (3) T1-F91 $ 478,500.00 (2) T1-V91 $ 478,500.00 (3) T1-F92 $ 466,500.00 (2) T1-V92 $ 466,500.00 (3) T1-F93 $ 455,000.00 (2) T1-V93 $ 455,000.00 (3) T1-F94 $ 443,500.00 (2) T1-V94 $ 443,500.00 (3) T1-F95 $ 432,500.00 (2) T1-V95 $ 432,500.00 (3) T1-F96 $ 421,500.00 (2) T1-V96 $ 421,500.00 (3) T1-F97 $ 410,500.00 (2) T1-V97 $ 410,500.00 (3) T1-F98 $ 400,500.00 (2) T1-V98 $ 400,500.00 (3) T1-F99 $ 390,500.00 (2) T1-V99 $ 390,500.00 (3) T1-F100 $ 12,444,000.00 (2) T1-V100 $ 12,444,000.00 (3) R-1 (4) (4) (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Coupon Rates of all the Home Equity Loans as of the first day of the related Remittance Period, weighted on their outstanding loan balances of such day and adjusted to take into account any prepayments occurring after such day that were distributed in the prior calendar month (the “REMIC Net WAC Rate”). (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these interests is a per annum rate equal to the lesser of (i) 10.655%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 10.655%. (4) The R-I interest shall not have a principal balance and shall not bear interest. The R-I interest is hereby designated as the sole class of residual interest in REMIC I. On the Business Day prior to each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: (i) First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero, and (ii) Second, to the outstanding T1 interest with the lowest numerical denomination until such interest is reduced to zero; provided that in the case of T1 interests with the same numerical denomination, principal shall be allocated equally between such interests. (f) REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-2 interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-AV-1(4) (5) (1) AV-1 T2-AV-2(4) (5) (1) AV-2 T2-AV-3(4) (5) (1) AV-3 T2-AV-4(4) (5) (1) AV-4 T2-M1(4) (5) (1) M-1 T2-M2(4) (5) (1) M-2 T2-M3(4) (5) (1) M-3 T2-M4(4) (5) (1) M-4 T2-M4(4) (5) (1) M-5 T2-M6(4) (5) (1) M-6 T2-M7(4) (5) (1) M-7 T2-M8(4) (5) (1) M-8 T2-M9(4) (5) (1) M-9 T2-M10(4) (5) (1) M-10 T2-M11(4) (5) (1) M-11 T2-Accrual Interest (6) (1) N/A T2-IO (2) (2) N/A R-2 (3) (3) N/A ___________________________ (1) The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Period) is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Swap Counterparty Payment adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2 (the “REMIC II Net WAC”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I interest for such Distribution Date over (ii) the product of Swap LIBOR for such Distribution Date and 2.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)

Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve ~~Fund and the Cap Agreement Reserve~~ Fund) be treated for federal income tax purposes as comprising ~~two~~ three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, REMIC I, REMIC II and REMIC III; REMIC I also being referred to as the “~~Subsidiary REMIC” and the “Master~~ Upper Tier REMIC”). Each Certificate, other than the Class R Certificate and the Class X-IO Certificate, represents ownership of a regular interest in the ~~Master~~ Upper Tier REMIC for purposes of the REMIC Provisions. ~~Each~~ The Class X-IO Certificate represents ownership of three regular interests in the Upper Tier REMIC for purposes of the REMIC provisions. In addition, each Certificate, other than the Class X-IO and Class R Certificates, ~~also~~ represents ~~rights~~ the right to receive payments with respect to ~~payments to be made~~ any Group I Net WAC Cap Carryover, in the case of the Group I Certificates, or Group II Net WAC Cap Carryover, in the case of the Group II Certificates, from the Supplemental Interest Reserve Fund ~~as further described in~~ pursuant to Section ~~7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof~~8.05. The Class R Certificate represents ownership of the sole class of residual interest in each of ~~the Subsidiary REMIC~~REMIC II, REMIC III and the ~~Master~~ Upper Tier REMIC for purposes of the REMIC Provisions~~. (b)~~ . The ~~Master~~ Upper Tier REMIC shall hold as its assets the several classes of uncertificated ~~Subsidiary~~ Lower Tier Interests in REMIC ~~Interests~~II, other than the LTClass LT2-R Interest, and each such ~~Subsidiary REMIC~~ Lower Tier Interest ~~(other than the LT-R Interest)~~ is hereby designated as a regular interest in ~~the Subsidiary~~ REMIC II for purposes of the REMIC Provisions. ~~The Subsidiary~~ REMIC II shall hold as its assets the ~~Home Equity Loans and all collections and accounts related thereto~~several classes of uncertificated Lower Tier Interests in REMIC III, other than the Class LT3-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC III. REMIC III shall hold as its assets the property constituting the Trust Estate other than the Lower Tier Interests in REMIC II and REMIC III and the Supplemental Interest Reserve ~~Fund and the Cap Agreement Reserve~~ Fund~~. (c) For~~ . The startup day for each REMIC created hereby for purposes of the REMIC ~~Provisions,~~ Provisions is the Closing Date. The latest possible maturity date for each regular interest in each REMIC created hereby is the ~~Latest Possible Maturity~~ Distribution Date in July 2032. (b) The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC III Lower Tier Interests. Class LT3-A (1) $189,840,000.00 Class LT3-B (1) $ 473,291,863.51 Class LT3-C (2) $ 316,870,000.00 Class LT3-R (3) (3) ___________________________ (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC III Lower Tier Interests is a per annum rate equal to the Weighted Average Net Mortgage Rate for the Group I Mortgage Loans as of the beginning of the related Due Period. (2) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of this REMIC III Lower Tier Interest is a per annum rate equal to the Group II Net WAC Cap in effect for such Distribution Date. (3) The Class LT3-R Interest is the sole class of residual interest in REMIC 1. It does not have an interest rate or a principal balance. On each Distribution Date, funds remaining in REMIC II following the distributions described below shall be distributed to the Class LT3-R Interest. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC III all expenses of the Trust for such Distribution Date. On each Distribution Date, the Trustee shall distribute the Group I Monthly Interest Remittance Amount to the Class LT3-A and Class LT3-B Interests at the rate shown above, in the following order and priority: (i) First to the Class LT3-A Interests, and (ii) Second, to the Class LT1-B Interest. On each Distribution Date, the Trustee shall distribute the Group II Monthly Interest Remittance Amount to the Class LT3-C Interest at the rate shown above. On each Distribution Date the Trustee shall distribute the remaining portion of the Group I Monthly Remittance Amount in the following order and priority: (i) First, to the Class LT3-B Interest until its principal balance is reduced to zero; and (ii) Second, to the Class LT3-A Interest until its principal balance is reduced to zero. On each Distribution Date the Trustee shall distribute the remaining portion of the Group II Monthly Remittance Amount to the Class LT3-C Interest until its balance is reduced to zero. On each Distribution Date the Trustee shall allocate Realized Losses in the same order and priority used to allocate the principal payments among the Lower Tier Interests in REMIC III. (c) The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC 2 Lower Tier Interests. Class LT2-AF (1) $290,950,000.00 Class AF Class LT2-MF-1 (1) $ 16,580,000.00 Class MF-1 Class LT2-MF-2 (1) $ 13,265,000.00 Class MF-2 Class LT2-BF (1) $ 10,770,000.00 Class BF Class LT2-AIO (2) (2) Class A-IO Class LT2-QF (1) $331,566,863.51 N/A Class LT2-AV (3) $131,105,000.00 Class AV Class LT2-MV-1 (3) $ 9,900,000.00 Class MV-1 Class LT2-MV-2 (3) $ 8,715,000.00 Class MV-2 Class LT2-BV (3) $ 8,715,000.00 Class BV Class LT2-QV (3) $158,435,000.00 N/A Class LT2-R (4) (4) Class R ___________________________ (1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Lower Tier Interests is a per annum rate equal to the weighted average of the interest rates on the Class LT3-A and Class LT3-B Interests computed after reducing the rate payable on the Class LT A Interests by 5.00% for each Distribution Date for which interest is payable on the Class A-IO Certificates (i.e., the rate will equal the Group I Net WAC Cap). (2) The Class LT2-AIO-1 Interest is an interest-only Class and does not have a principal balance. For each of the first 12 Distribution Dates the Class LT2-AIO Interest shall be entitled to interest payable on the Class LT3-A Interest at a rate of 5.00% per annum and shall not be entitled to any distributions thereafter. (3) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Lower Tier Interests is a per annum rate equal to the Group II Net WAC Cap. (4) The Class LT2-R Interest is the sole class of residual interests in REMIC 2. It does not have an interest rate or a principal balance. On each Distribution Date, funds remaining in REMIC II following the distributions described below shall be distributed to the Class LT2-R Interest. On each Distribution Date interest shall be distributed with respect to each of the Lower Tier Interests in REMIC II based on the above-described interest rates, provided however, that interest that accrues on the Class LT2-QF Interest shall be deferred in an amount equal to one-half of the Subordination Increase Amount for Group I, if any, for such Distribution Date. Any interest so deferred shall itself bear interest at the interest rate for the Class LT2-QF Interest. Similarly, interest that accrues on the Class LT2-QV Interest shall be deferred in an amount equal to one-half of the Subordination Increase Amount for Group II, if any, for such Distribution Date. Any interest so deferred shall itself bear interest at the interest rate for the Class LT2-QV Interest. An amount equal to the interest so deferred on the Class LT2-QF and Class LT2-QV Interests shall be distributed as additional principal on the other REMIC 2 Lower Tier Interests having a principal balance in the manner described below. On each Distribution Date the principal distributed on the Class LT3-A and Class LT3-B Interests (together with an amount equal to the interest deferred on the Class LT2-QF and LT2-QV Interests for such Distribution Date) shall be distributed, and Realized Losses shall be allocated, among the Class LT2-AF, Class LT2-MF-1, Class LT2-MF-2, and Class LT2-BF Interests in the following order of priority: (i) First, to the Class LT2-AF Interest until the principal balance of such Lower Tier Interest equals one-half of the Certificate Principal Balance of the Class AF Certificates immediately after such Distribution Date; (ii) Second, to the Class LT2-MF-1 Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class MF-1 Certificates immediately after such Distribution Date; (iii) Third, to the Class LT2-MF-2 Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class MF-2 Certificates immediately after such Distribution Date; (iv) Fourth, to the Class LT2-BF Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class BF Certificates immediately after such Distribution Date; and (v) Finally, to the Class LT-QF Interest, any remaining amounts. On each Distribution Date the principal distributed on the Class LT3-C Interests (together with an amount equal to the interest deferred on the Class LT2-QF and LT2-QV Interests for such Distribution Date to the extent not distributed under the preceding paragraph) shall be distributed, and Realized Losses shall be allocated, among the Class LT2-AV, Class LT2-MV-1, Class LT2-MV-2, and Class LT2-BV Interests in the following order of priority: (vi) First, to the Class LT2-AV Interest until the principal balance of such Lower Tier Interest equals one-half of the Certificate Principal Balance of the Class AV Certificates immediately after such Distribution Date; (vii) Second, to the Class LT2-MV-1 Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class MV-1 Certificates immediately after such Distribution Date; (viii) Third, to the Class LT2-MV-2 Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class MV-2 Certificates immediately after such Distribution Date; (ix) Fourth, to the Class LT2-BV Interest until its principal balance equals one-half of the Certificate Principal Balance of the Class BV Certificates immediately after such Distribution Date; and (x) Finally, to the Class LT-QV Interest, any remaining amounts. (d) ~~[Reserved].~~Each class of Offered Certificates and the Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. The Class X-IO represent ownership of three discrete regular interests in REMIC I. One such regular interest is a principal only interest and represents the right to receive the Class X-IO Initial Principal Balance. The second such regular interest is an interest only interest and represents the right to receive interest at the Class X-IO-F Rate on the Class X-IO-F Notional Amount. The third such regular interest is an interest only interest and represents the right to receive interest at the Class X-IO-V Rate on the Class X-IO-V Notional Amount. each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Class AF $581,900,000 June, 2033 Class A-IO (1) June, 2003 Class MF-1 $ 33,160,000 February, 2031 Class MF-2 $ 26,530,000 December, 2030 Class BF $ 21,540,000 June, 2033 Class AV $262,210,000 June, 2033 Class MV-1 $ 19,800,000 December, 2031 Class MV-2 $ 17,430,000 November, 2031 Class BV $ 17,430,000 June, 2033 Class X-IO (1) Class R-1 (1) ________________ (e1) ~~[Reserved]~~The Class A-IO, Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp)

Common use of Designation of Interests in REMICs Clause in Contracts