Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 Interest and Class S-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual Interest, the Class II-A Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest and the Class II-Marker Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC will consist of the REMIC II Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Right of the Class A Certificates), Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The Class R-III Interest will represent the sole class of "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Final Scheduled Maturity Date for each of the Sub-REMIC Regular Interests, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate shall be the Distribution Date in June 2005. (b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Principal Balance Pass-Through Rate ----- ----------------- ----------------- Class A(1) $330,600,000 (3) Class A-IO (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 (5) Class B(1) $5,700,000 (6) Class X $3,800,000 (7) (8) Class R (9) (9) (1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC. (2) On the first Distribution Date through the Distribution Date in June 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0. (3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.428% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.928% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. (4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. (5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. (6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. (7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance. (8) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker Interests), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest. (9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full. (c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ----------------- --------------
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Abfs Mort Loan Trust 2002-4 Mort Pass Thru Cert Ser 2002-4)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Pre-Funding Account, if any, the Capitalized Interest Account, Supplemental Interest Payment if any, the Net WAC Cap Carryover Fund, the Special Reserve Account and the Pre-Funding AccountInterest Rate Hedge Payment Fund) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 Interest and Class S-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 I-1 Interest and the Class I-N3 Q-1 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual I-2 Interest, the Class II-A InterestAIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x Interests (collectively, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest AIO-2 Interests) and the Class II-Marker Q-2 Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The REMIC III will consist of the REMIC II Regular Interests and will be evidenced by the Class R-S I-3 Interest, the Class RA-3 Interest, the Class AIO-3 Interest, the Class M1-I 3 Interest, the Class M2-3 Interest, the Class M3-3 Interest and the Class R-II Q-3 Interest (collectively, the "REMIC III Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC III. The Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest will represent the sole class of "residual interest" in each of the Sub-REMICREMIC I, REMIC I II and REMIC IIIII, respectively. The Trustee will hold the Sub-REMIC I Regular Interests, the REMIC I II Regular Interests and the REMIC II III Regular Interests. The Master REMIC will consist of the REMIC II III Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Net WAC Cap Carryover Right of the Class A Certificates), Class A-IO, Class M-1 I, Class M-1, Class M-2, Class M-3 (for each of Class X-0, X-0 xxx X-0, other than the Supplemental Net WAC Cap Carryover Right and the Interest Rate Hedge Payment Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B M Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMICREMIC (also known as REMIC IV). The Class R-III R-4 Interest will represent the sole class of "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-SX-0, R-IX-0, R-II X-0 and R-III R-4 Interests. The Final Scheduled Maturity Date for each of the Sub-REMIC Regular Interests, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than Class I-2), the REMIC III Regular Interests (other than Class II-AIO, Class II-N1, Class II-N2, Class II-N3 AIO-3 and Class II-Marker InterestsI-3) and the Master REMIC Regular Interests (other than the Class A-IO Certificate and the Class I Certificate) shall be the Distribution Date in December August, 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 I-2 and Class II-Marker I-3 Interests shall be the Distribution Date in March 2003September, 2005 and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate and Class AIO-3 Interest shall be the Distribution Date in June September, 2005.
(b) The Master REMIC Regular Interests and the Class R-III R-4 Interest shall have the initial principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Initial Principal Balance Pass-Through Rate ----- ----------------- ------------------------- ----------------- Class A(1A (1) $330,600,000 387,000,000 (34) Class A-IO (3) (9) Class M-1 (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 25,875,000 (5) Class B(1M-2 (2) $5,700,000 23,625,000 (65) Class M-3 (2) 13,500,000 (5) Class X $3,800,000 $ 0(6) (7) Class I (8) Class R 3) (9) Class R/R-4 (9)8) (8)
(1) The Capped Class A Certificates represent two separate investments: (i) a regular interest in a REMIC (a "Regular Interest") represented by the Capped Certificates Class A Certificates, without the Supplemental Interest Net WAC Cap Carryover Rights (the "Regular Interests") and (ii) the Supplemental Interest Net WAC Cap Carryover Rights. Only the first investment, the Regular Interests, Interests will be treated as regular interests in the Master REMIC.
(2) The Class M Certificates represent five separate investments: (i) three Regular Interests represented by the Class M-1, Class M-2 and Class M-3 Components, without the Net WAC Cap Carryover Rights or Interest Rate Hedge Payment Rights, (ii) the Net WAC Cap Carryover Rights and (iii) the Interest Rate Hedge Payment Rights. In the event that separate Class M-1, Class M-2 and Class M-3 Certificates are issued, each such Class will represent three separate investments: (i) a Regular Interest represented by such Class, without the Net WAC Cap Carryover Rights or Interest Rate Hedge Payment Rights, (ii) the Net WAC Cap Carryover Rights and (iii) the Interest Rate Hedge Payment Rights. In each case, only the Regular Interests will be treated as regular interests in the Master REMIC.
(3) On the first Distribution Date through the Distribution Date in June September, 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of Class AIO-3, and for each Distribution Date thereafter, $0. On the first Distribution Date through the Distribution Date in September, 2005, the Class II-AIOI Certificates will have a notional balance equal to the notational balance of Class I-3, and for each Distribution Date thereafter, $0.
(34) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.4283.78% per annum and (2) the REMIC II III Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.9284.28% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II III Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% LIBOR plus 1.50 per annum and annum, (2) the REMIC II III Net WAC Cap for such Distribution DateDate and (3) prior to the termination of the Interest Rate Hedge Agreement, 5.50%. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923LIBOR plus 2.25% per annum and annum, (2) the REMIC II III Net WAC Cap for such Distribution DateDate and (3) prior to the termination of the Interest Rate Hedge Agreement, 6.25%.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,00068, but it will not accrue earn interest on such balance but will accrue interest on a notional its principal balance. Any principal on the Class X Certificates will be paid after all other regular interests have been paid in full. The Class X Certificates will have a notional principal balance balance, on which the Class X Certificates will earn interest, equal to the Aggregate Principal BalanceBalance of the Mortgage Loans.
(8) 7) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II III Net WAC Cap over (ii) the product of: (A) two 10,000 and (B) the weighted average of the Pass-Through Rates on the REMIC II III Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 AIO-3 and Class II-Marker InterestsI-3), where the Class II-Accrual Interest Q-3 is subject to a cap equal to zero and the Class II-AA-3, Class IIM1-M13, Class IIM2-M2 3 and Class IIM3-B 3 are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balanceClass. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X Certificates shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) 8) The Class R Certificates will represent the beneficial ownership of the Class R-SX-0, R-IX-0, R-II X-0 and R-III R-4 Interests. The Class R-III R-4 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(9) On each Distribution Date up to and including the Distribution Date in September, 2005, a per annum rate equal to 4.00% and (ii) thereafter, a Pass-Through Rate equal to 0%.
(c) The REMIC II III Regular Interests and the Class R-II R-3 Interest shall have the Initial Principal Balancesinitial principal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ------------------------ ----------------- ---------------------------- Q-3 $449,955,068 (1) N/A A-3 $ 38,700 (1) A AIO-3 (2) (3) A-IO M1-3 $ 2,587.50 (1) X0 X0-0 $ 2,362.50 (1) X0 X0-0 $ 1,350 (1) M3 I-3 $37,655,100 notional (5) (3) I R-3 (4) (4) N/A
(1) On any Distribution Date, a Pass-Through Rate equal to the REMIC III Net WAC Cap.
(2) The Class AIO-3 will have a notional balance equal to (a) on the first Distribution Date through the Distribution Date in June 2003, the sum of the principal balances of Class AIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (b) from the Distribution Date in July 2003 through the Distribution Date in September 2003, the sum of the principal balances of AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (c) from the Distribution Date in October 2003 through the Distribution Date in December 2003, the sum of the principal balances of AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (d) from the Distribution Date in January 2004 through the Distribution Date in March 2004, the sum of the principal balances of AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (e) from the Distribution Date in April 2004 through the Distribution Date in June 2004, the sum of the principal balances of Class AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (f) from the Distribution Date in July 2004 through the Distribution Date in September 2004, the sum of the principal balances of AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (g) from the Distribution Date in October 2004 through the Distribution Date in December 2004, the sum of the principal balances of AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (h) from the Distribution Date in January 2005 through the Distribution Date in March 2005, the sum of the principal balances of AIO-2viii, AIO-2ix and AIO-2x; (i) from the Distribution Date in April 2005 through the Distribution Date in June 2005, the sum of the principal balances of AIO-2ix and AIO-2x; (j) from the Distribution Date in July 2005 through the Distribution Date in September 2005, the principal balance of Class AIO-2x; and (k) on each Distribution Date thereafter, $0.
(3) On each Distribution Date up to and including the Distribution Date in September 2005, a per annum rate equal to 4.0% and (ii) thereafter, a Pass Through Rate equal to 0%.
(4) The Class R-3 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full.
(5) The Class I-3 notional balance is equal to the notional balance of Class I-2. On each Distribution Date, 0.01% of the increase in the Overcollateralized Amount will be payable as a reduction of the principal balances of Class A-3, Class M1-3, Class M2-3 and Class M3-3 (in the order and amount of such reduction to the principal balance of each classes' Corresponding Class) and will be accrued and added to the principal balance of the Class Q-3. The remaining 99.99% increase in the Overcollateralized Amount will be allocable to Class Q-3. On each Distribution Date, the Principal Remittance Amount shall be allocated 99.99% to Class Q-3 and 0.01% to Class A-3, Class M1-3, Class M2-3 and Class M3-3 (in the order and amount of reductions to the principal balances of each classes' Corresponding Class) until paid in full. Notwithstanding the above, payments allocated to the Class X Certificates that result in the reduction of the Overcollateralized Amount shall be allocated to the Class Q-3 Interest (until paid in full). Liquidated Loan Losses shall be applied so that after all distributions have been made on each Distribution Date the principal balances of the Class X-0, Xxxxx X0-0, X0-0 and M3-3 Interests are each equal to 0.01% of the principal balance of its Corresponding Class and the remainder shall be allocated to Class Q-3.
(d) The REMIC II Regular Interests and the Class R-2 Interest shall have the initial principal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Pass-Through Class of Master Interests Balance Rate REMIC Interest --------- ------------------------ ------------ --------------- Q-2 $331,875,068 (1) N/A AIO-2i $ 562,500 (1) A-IO AIO-2ii $ 5,456,250 (1) A-IO AIO-2iii $ 6,131,250 (1) A-IO AIO-2iv $ 7,256,250 (1) A-IO AIO-2v $ 6,356,250 (1) A-IO AIO-2vi $ 1,012,500 (1) A-IO AIO-2vii $ 19,012,500 (1) A-IO AIO-2viii $ 14,962,500 (1) A-IO AIO-2ix $ 8,437,500 (1) A-IO AIO-2x $ 48,937,500 (1) A-IO I-2 $37,655,100 notional (4) (3) I R-2 (2) (2) N/A
(1) On any Distribution Date, a Pass-Through Rate equal to the REMIC II Net WAC Cap.
(2) The Class R-2 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full.
(3) On each Distribution Date up to and including the Distribution Date in September, 2005, a per annum rate equal to 4.00% and (ii) thereafter, a Pass-Through Rate equal to 0%.
(4) The Class I-2 notional amount is equal to the Class I-1 principal balance. On each Distribution Date, the Principal Remittance Amount and losses will be allocated to Class Q-2 until the Class Q-2 is paid in full or eliminated by such losses; and thereafter, such amounts will be allocated to the Class AIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x in such order until each is paid in full or eliminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 Interest and Class S-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 B10 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual Interest, the Class II-A Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest and the Class II-Marker B Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" interest in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC will consist of the REMIC II Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Right of the Class A Certificates), Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The Class R-III Interest will represent the sole class of "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Final Scheduled Maturity Date for each of the Sub-REMIC Regular Interests, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Principal Balance Pass-Through Rate ----- ----------------- --------------- ---------------------------- ----------------- Class A(1) $330,600,000 321,900,000 (3) Class A-IO (2) 4.007.00% Class M-1(1) $21,850,000 22,200,000 (4) Class M-2(1) $18,050,000 18,500,000 (5) Class B(1) $5,700,000 7,400,000 (6) Class X $3,800,000 (7) (8) Class R (9) (9)
(1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June March 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.4284.263% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.9284.763% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.4425.402% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.9425.902 % per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.4235.895% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.9236.395% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.6126.860% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.1127.360% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
(8) The Passpass-Through Rate through rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker InterestsAIO Interest), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interestClass.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) . The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balancesprincipal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Interest Class of Master Interests Balance Rate REMIC Interest -------------- ------------------------------- ------------- ---------------- II-Accrual 50% of the Aggregate Principal (1) N/A Balance for the Mortgage Loans plus 50% of the Overcollateralized Amount II-A 50% of the Corresponding Class (1) A balance II-AIO (2) (3) A-IO II-M-1 50% of the Corresponding Class (1) M-1 balance II-M-2 50% of the Corresponding Class (1) M-2 balance II-B 50% of the Corresponding Class (1) B balance R-II (4) (4) N/A
(1) REMIC II Net WAC Cap.
(2) The Class II-A-IO will have a notional balance equal to (a) on the first Distribution Date through the Distribution Date in December 2002, the sum of the principal balances of Class I-B1, Class I-B2, Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (b) from the Distribution Date in January 2003 through the Distribution Date in March 2003, the sum of the principal balances of Class I-B2, Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (c) from the Distribution Date in April 2003 through the Distribution Date in June 2003, the sum of the principal balances of Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (d) from the Distribution Date in July 2003 through the Distribution Date in September 2003, the sum of the principal balances of Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (e) from the Distribution Date in October 2003 through the Distribution Date in December 2003, the sum of the principal balances of Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (f) from the Distribution Date in January 2004 through the Distribution Date in March 2004, the sum of the principal balances of Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (g) from the Distribution Date in April 2004 through the Distribution Date in June 2004, the sum of the principal balances of Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (h) from the Distribution Date in July 2004 through the Distribution Date in September 2004, the sum of the principal balances of Class I-B8, Class I-B9, and Class I-B10; (i) from the Distribution Date in October 2004 through the Distribution Date in December 2004, the sum of the principal balances of Class I-B9 and Class I-B10; (j) from the Distribution Date in January 2005 through the Distribution Date in March 2005, the principal balance of Class I-B10; and (k) on each Distribution Date thereafter, $0.
(3) On each Distribution Date up to and including the Distribution Date in March 2005, a per annum rate equal to 7.00%. On each Distribution Date thereafter, 0%.
(4) The Class R-II Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full. On each Distribution Date, 50% of the increase in the Overcollateralized Amount will be payable as a reduction of the principal balances of Class II-A, Class II-M-1, Class II-M-2 and Class II-B (in the order and amount of such reduction to the principal balance of each classes' Corresponding Class) and will be accrued and added to the principal balance of the Class II-Accrual Interest. On each Distribution Date, the increase in principal balance of the Class II-Accrual Interest --------- ------------------------------ ----------------- --------------may not exceed interest accruals for such Distribution Date for the Class II-Accrual Interest. In the event that (i) 50% of the increase in the Overcollateralized Amount exceeds (ii) interest accruals on the Class II-Accrual Interest for such Distribution Date, the excess for such Distribution Date (accumulated with all such excesses for all prior Distribution Dates) will be added to any increase in the Overcollateralized Amount for purposes of determining the amount of interest accrual on the Class II-Accrual Interest payable as principal on the Class II-Accrual Interest on the next Distribution Date pursuant to the first sentence of this paragraph. On each Distribution Date, the Principal Remittance Amount shall be allocated 50% to the Class II-Accrual Interest and 50% to Class II-A, Class II-M-1, Class II-M-2 and Class II-B (in the order and amount of reductions to the principal balances of each classes' Corresponding Class) until paid in full. Notwithstanding the above, payments allocated to the Class X Certificates that result in the reduction of the Overcollateralized Amount shall be allocated to the Class II-Accrual Interest (until paid in full). Liquidated Loan Losses shall be applied so that after all distributions have been made on each Distribution Date the principal balances of the Class II-A, Class II-M-1, Class II-M-2 and Class II-B are each equal to 50% of the principal balance of its Corresponding Class and the Class II-Accrual Interest is equal to the sum of (i) 50% of the Aggregate Principal Balance and (ii) 50% of the Overcollateralized Amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Abfs Mort Ln Tr 2002-3)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 Interest and Class S-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 B10 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual Interest, the Class II-A Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest and the Class II-Marker B Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" interest in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC will consist of the REMIC II Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Right of the Class A Certificates), Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The Class R-III Interest will represent the sole class of "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Final Scheduled Maturity Date for each of the Sub-REMIC Regular Interests, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Principal Balance Pass-Through Rate ----- ----------------- ------------ -------------------- ----------------- Class A(1) $330,600,000 $ 321,900,000 (3) Class A-IO (2) 4.007.00% Class M-1(1) $21,850,000 $ 22,200,000 (4) Class M-2(1) $18,050,000 $ 18,500,000 (5) Class B(1) $5,700,000 $ 7,400,000 (6) Class X $3,800,000 (7) (8) Class R (9) (9)
(1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June March 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.4284.263% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.9284.763% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.4425.402% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.9425.902 % per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.4235.895% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.9236.395% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.6126.860% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.1127.360% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
(8) The Passpass-Through Rate through rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker InterestsAIO Interest), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interestClass.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balancesprincipal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Interest Class of Master Interests Balance Rate REMIC Interest ---------- ------------------------------ -------- --------------- II-Accrual 50% of the Aggregate Principal (1) N/A Balance for the Mortgage Loans plus 50% of the Overcollateralized Amount II-A 50% of the Corresponding Class (1) A balance II-AIO (2) (3) A-IO II-M-1 50% of the Corresponding Class (1) M-1 balance II-M-2 50% of the Corresponding Class (1) M-2 balance II-B 50% of the Corresponding Class (1) B balance R-II (4) (4) N/A
(1) REMIC II Net WAC Cap.
(2) The Class II-A-IO will have a notional balance equal to (a) on the first Distribution Date through the Distribution Date in December 2002, the sum of the principal balances of Class I-B1, Class I-B2, Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (b) from the Distribution Date in January 2003 through the Distribution Date in March 2003, the sum of the principal balances of Class I-B2, Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (c) from the Distribution Date in April 2003 through the Distribution Date in June 2003, the sum of the principal balances of Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (d) from the Distribution Date in July 2003 through the Distribution Date in September 2003, the sum of the principal balances of Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (e) from the Distribution Date in October 2003 through the Distribution Date in December 2003, the sum of the principal balances of Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (f) from the Distribution Date in January 2004 through the Distribution Date in March 2004, the sum of the principal balances of Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (g) from the Distribution Date in April 2004 through the Distribution Date in June 2004, the sum of the principal balances of Class I-B7, Class I-B8, Class I-B9 and Class I-B10; (h) from the Distribution Date in July 2004 through the Distribution Date in September 2004, the sum of the principal balances of Class I-B8, Class I-B9, and Class I-B10; (i) from the Distribution Date in October 2004 through the Distribution Date in December 2004, the sum of the principal balances of Class I-B9 and Class I-B10; (j) from the Distribution Date in January 2005 through the Distribution Date in March 2005, the principal balance of Class I-B10; and (k) on each Distribution Date thereafter, $0.
(3) On each Distribution Date up to and including the Distribution Date in March 2005, a per annum rate equal to 7.00%. On each Distribution Date thereafter, 0%.
(4) The Class R-II Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full. On each Distribution Date, 50% of the increase in the Overcollateralized Amount will be payable as a reduction of the principal balances of Class II-A, Class II-M-1, Class II-M-2 and Class II-B (in the order and amount of such reduction to the principal balance of each classes' Corresponding Class) and will be accrued and added to the principal balance of the Class II-Accrual Interest. On each Distribution Date, the increase in principal balance of the Class II-Accrual Interest --------- ------------------------------ ----------------- --------------may not exceed interest accruals for such Distribution Date for the Class II-Accrual Interest. In the event that (i) 50% of the increase in the Overcollateralized Amount exceeds (ii) interest accruals on the Class II-Accrual Interest for such Distribution Date, the excess for such Distribution Date (accumulated with all such excesses for all prior Distribution Dates) will be added to any increase in the Overcollateralized Amount for purposes of determining the amount of interest accrual on the Class II-Accrual Interest payable as principal on the Class II-Accrual Interest on the next Distribution Date pursuant to the first sentence of this paragraph. On each Distribution Date, the Principal Remittance Amount shall be allocated 50% to the Class II-Accrual Interest and 50% to Class II-A, Class II-M-1, Class II-M-2 and Class II-B (in the order and amount of reductions to the principal balances of each classes' Corresponding Class) until paid in full. Notwithstanding the above, payments allocated to the Class X Certificates that result in the reduction of the Overcollateralized Amount shall be allocated to the Class II-Accrual Interest (until paid in full). Liquidated Loan Losses shall be applied so that after all distributions have been made on each Distribution Date the principal balances of the Class II-A, Class II-M-1, Class II-M-2 and Class II-B are each equal to 50% of the principal balance of its Corresponding Class and the Class II-Accrual Interest is equal to the sum of (i) 50% of the Aggregate Principal Balance and (ii) 50% of the Overcollateralized Amount.
(d) The REMIC I Regular Interests and the Class R-I Interest shall have the principal balances and Pass-Through Rates set forth in the following table:
(1) On any Distribution Date, a Pass-Through Rate equal to the Net Weighted Average Mortgage Interest Rate.
(2) The Class R-I Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC I Regular Interests have been paid in full. On each Distribution Date, the Principal Remittance Amount will be allocated to Class I-A until the Class I-A is paid in full or eliminated by such losses; and thereafter, such amounts will be allocated sequentially to the Class I-B1, Class I-B2, Class I-B3, Class I-B4, Class I-B5, Class I-B6, Class I-B7, Class I-B8, Class I-B9 and Class I-B10 until each such Class is paid in full or eliminated by such losses.
(e) The Closing Date will be the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 LT-1 Interest and Class S-4 LT-AIO Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. Subsidiary REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the Subsidiary REMIC I Regular Interests and will be evidenced by the Class IIIT-Accrual A-IO Interest, the IT-Accrual Interest (the "Intermediate REMIC Accrual Class"), and the Class IIIT-A A-1 Interest (the "Intermediate REMIC Accretion Directed Class", together with the Intermediate REMIC Accrual Class and the IT-A-IO Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest and the Class II-Marker Interest (collectively, the "Intermediate REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" interest in each of the Sub-REMIC, REMIC I and REMIC IIII , respectively. The Trustee will hold the Sub-Subsidiary REMIC Regular Interests, the REMIC I Regular Interests and the Intermediate REMIC II Regular Interests. The Master REMIC will consist of the Intermediate REMIC II Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Right of the Class A Certificates)A-1, Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) IO and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The ) and the Class R-III Interest will represent as the sole class of single "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. .
(i) The Final Scheduled Maturity Date for following table sets forth characteristics of the Certificates, each of the Sub-REMIC Regular Interestswhich, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date except for the Class I-N1R Certificates, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be is hereby designated as a "regular interest" in the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Master REMIC: ------------------- ------------------------- -------------------- Original Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Principal Pass-Through Rates set forth in the following table: Original Certificate Balance Rate ------------------- ------------------------- -------------------- Class Principal Balance Pass-Through Rate ----- ----------------- ----------------- Class A(1A-1 $275,000,000 6.28%(1) $330,600,000 (3) ------------------- ------------------------- -------------------- Class A-IO (2) 4.006% ------------------- ------------------------- -------------------- Class M-1(1X (3) $21,850,000 (4) ------------------- ------------------------- -------------------- Class M-2(1) $18,050,000 R (5) Class B(1) $5,700,000 (6) Class X $3,800,000 (7) (8) Class R (9) (9)
(1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.428% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.928% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
(8) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker Interests), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ----------------- --------------------------------- ------------------------- --------------------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 I-1 Interest and Class S-4 I-2 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual A-1 Interest, the Class II-A A-2 Interest, the Class II-AIO A-3 Interest, the Class II-M1 A-4 Interest, the Class II-M2 A-5 Interest, the Class II-B Interest, the Class Accrual Interest and II-N1 Interest, the Class IIA-N2 Interest, the Class II-N3 Interest and the Class II-Marker IO Interest (collectively, the "REMIC II Regular Interests)") , which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" interest in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC will consist of the REMIC II Regular Interests and will be evidenced by the Class A A-1 (other than the Class A-1 Supplemental Interest Right of the Right), Class A Certificates)A-2, Class A-3, Class A-4, Class A-5, Class A-IO, Class M-1 IO (other than the Class A-IO Supplemental Interest Right of the Class M-1 CertificatesRight), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The ) and the Class R-III Interest will represent as the sole class of single "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. .
(i) The Final Scheduled Maturity Date for following table sets forth characteristics of the Certificates, each of the Sub-REMIC Regular Interestswhich, the REMIC I Regular Interests (other than except for the Class I-N1R Certificates, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and is hereby designated as a "regular interest" in the Master REMIC Regular Interests REMIC: ---------------------- ---------------------- ------------------ Original Certificate Principal Pass-Through Balance Rate ---------------------- ---------------------- ------------------ Class A-1(1) $107,527,000 (other than the 2) ---------------------- ---------------------- ------------------ Class A-2 $38,958,000 4.04% ---------------------- ---------------------- ------------------ Class A-3 $57,167,000 4.75% ---------------------- ---------------------- ------------------ Class A-4 $63,457,000 5.61% ---------------------- ---------------------- ------------------ Class A-5 $52,891,000 6.51% (3) ---------------------- ---------------------- ------------------ Class A-IO CertificateIO(4) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Principal Balance Pass-Through Rate ----- ----------------- ----------------- Class A(1) $330,600,000 (3) Class A-IO (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 (5) 10.00% ---------------------- ---------------------- ------------------ Class B(1) $5,700,000 X (6) Class X $3,800,000 (7) (8) ---------------------- ---------------------- ------------------ Class R (9) 8) (9)8) ---------------------- ---------------------- ------------------
(1) The Capped Class A-1 Certificates represent two separate investments: (i) the Capped Class A-1 Certificates without the Class A-1 Supplemental Interest Rights Right (the "Class A-1 Regular InterestsInterest") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.428% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.928% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
(8) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker Interests), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ----------------- --------------A-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Pre-Funding Account, if any, the Capitalized Interest Account, Supplemental Interest Payment if any, the Net WAC Cap Carryover Fund, the Special Reserve Account and the Pre-Funding AccountInterest Rate Hedge Payment Fund) and will be evidenced by the Class S-1 Interest, Class S-2 Interest, Class S-3 Interest and Class S-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 I-1 Interest and the Class I-N3 Q-1 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual I-2 Interest, the Class II-A InterestAIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x Interests (collectively, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 Interest AIO-2 Interests) and the Class II-Marker Q-2 Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The REMIC III will consist of the REMIC II Regular Interests and will be evidenced by the Class R-S I-3 Interest, the Class RA-3 Interest, the Class AIO-3 Interest, the Class M1-I 3 Interest, the Class M2-3 Interest, the Class M3-3 Interest and the Class R-II Q-3 Interest (collectively, the "REMIC III Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC III. The Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest will represent the sole class of "residual interest" in each of the Sub-REMICREMIC I, REMIC I II and REMIC IIIII, respectively. The Trustee will hold the Sub-REMIC I Regular Interests, the REMIC I II Regular Interests and the REMIC II III Regular Interests. The Master REMIC will consist of the REMIC II III Regular Interests and will be evidenced by Class A (other than the Supplemental Interest Net WAC Cap Carryover Right of the Class A Certificates), Class A-IO, Class M-1 I, Class M-1, Class M-2, Class M-3 (for each of Class X-0, X-0 xxx X-0, other than the Supplemental Net WAC Cap Carryover Right and the Interest Rate Hedge Payment Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B M Certificates) and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMICREMIC (also known as REMIC IV). The Class R-III R-4 Interest will represent the sole class of "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-SX-0, R-IX-0, R-II X-0 and R-III R-4 Interests. The Final Scheduled Maturity Date for each of the Sub-REMIC Regular Interests, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than Class I-2), the REMIC III Regular Interests (other than Class II-AIO, Class II-N1, Class II-N2, Class II-N3 AIO-3 and Class II-Marker InterestsI-3) and the Master REMIC Regular Interests (other than the Class A-IO Certificate and the Class I Certificate) shall be the Distribution Date in December August, 2033. The Final Scheduled Maturity Date for the Class I-N1, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 I-2 and Class II-Marker I-3 Interests shall be the Distribution Date in March 2003September, 2005 and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Certificate and Class AIO-3 Interest shall be the Distribution Date in June September, 2005.
(b) The Master REMIC Regular Interests and the Class R-III R-4 Interest shall have the initial principal balances and Pass-Through Rates set forth in the following table: Original Certificate Class Initial Principal Balance Pass-Through Rate ----- ----------------- ---------------------- ------------------------- ----------------- Class A(1A (1) $330,600,000 387,000,000 (34) Class A-IO (3) (9) Class M-1 (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 25,875,000 (5) Class B(1M-2 (2) $5,700,000 23,625,000 (65) Class M-3 (2) 13,500,000 (5) Class X $3,800,000 0(6) (7) Class I (8) Class R 3) (9) Class R/R-4 (9)8) (8)
(1) The Capped Class A Certificates represent two separate investments: (i) a regular interest in a REMIC (a "Regular Interest") represented by the Capped Certificates Class A Certificates, without the Supplemental Interest Net WAC Cap Carryover Rights (the "Regular Interests") and (ii) the Supplemental Interest Net WAC Cap Carryover Rights. Only the first investment, the Regular Interests, Interests will be treated as regular interests in the Master REMIC.
(2) The Class M Certificates represent five separate investments: (i) three Regular Interests represented by the Class M-1, Class M-2 and Class M-3 Components, without the Net WAC Cap Carryover Rights or Interest Rate Hedge Payment Rights, (ii) the Net WAC Cap Carryover Rights and (iii) the Interest Rate Hedge Payment Rights. In the event that separate Class M-1, Class M-2 and Class M-3 Certificates are issued, each such Class will represent three separate investments: (i) a Regular Interest represented by such Class, without the Net WAC Cap Carryover Rights or Interest Rate Hedge Payment Rights, (ii) the Net WAC Cap Carryover Rights and (iii) the Interest Rate Hedge Payment Rights. In each case, only the Regular Interests will be treated as regular interests in the Master REMIC.
(3) On the first Distribution Date through the Distribution Date in June September, 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of Class AIO-3, and for each Distribution Date thereafter, $0. On the first Distribution Date through the Distribution Date in September, 2005, the Class II-AIOI Certificates will have a notional balance equal to the notational balance of Class I-3, and for each Distribution Date thereafter, $0.
(34) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.4283.78% per annum and (2) the REMIC II III Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.9284.28% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II III Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% LIBOR plus 1.50 per annum and annum, (2) the REMIC II III Net WAC Cap for such Distribution DateDate and (3) prior to the termination of the Interest Rate Hedge Agreement, 5.50%. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923LIBOR plus 2.25% per annum and annum, (2) the REMIC II III Net WAC Cap for such Distribution DateDate and (3) prior to the termination of the Interest Rate Hedge Agreement, 6.25%.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,00068, but it will not accrue earn interest on such balance but will accrue interest on a notional its principal balance. Any principal on the Class X Certificates will be paid after all other regular interests have been paid in full. The Class X Certificates will have a notional principal balance balance, on which the Class X Certificates will earn interest, equal to the Aggregate Principal BalanceBalance of the Mortgage Loans.
(8) 7) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II III Net WAC Cap over (ii) the product of: (A) two 10,000 and (B) the weighted average of the Pass-Through Rates on the REMIC II III Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 AIO-3 and Class II-Marker InterestsI-3), where the Class II-Accrual Interest Q-3 is subject to a cap equal to zero and the Class II-AA-3, Class IIM1-M13, Class IIM2-M2 3 and Class IIM3-B 3 are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balanceClass. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X Certificates shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) 8) The Class R Certificates will represent the beneficial ownership of the Class R-SX-0, R-IX-0, R-II X-0 and R-III R-4 Interests. The Class R-III R-4 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(9) On each Distribution Date up to and including the Distribution Date in September, 2005, a per annum rate equal to 4.00% and (ii) thereafter, a Pass-Through Rate equal to 0%.
(c) The REMIC III Regular Interests and the Class R-3 Interest shall have the initial principal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table:
(1) M2 M3-3 $1,350 (1) M3 I-3 $37,655,100 notional (5) (3) I R-3 (4) (4) N/A
(1) On any Distribution Date, a Pass-Through Rate equal to the REMIC III Net WAC Cap.
(2) The Class AIO-3 will have a notional balance equal to (a) on the first Distribution Date through the Distribution Date in June 2003, the sum of the principal balances of Class AIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (b) from the Distribution Date in July 2003 through the Distribution Date in September 2003, the sum of the principal balances of AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (c) from the Distribution Date in October 2003 through the Distribution Date in December 2003, the sum of the principal balances of AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (d) from the Distribution Date in January 2004 through the Distribution Date in March 2004, the sum of the principal balances of AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (e) from the Distribution Date in April 2004 through the Distribution Date in June 2004, the sum of the principal balances of Class AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (f) from the Distribution Date in July 2004 through the Distribution Date in September 2004, the sum of the principal balances of AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (g) from the Distribution Date in October 2004 through the Distribution Date in December 2004, the sum of the principal balances of AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x; (h) from the Distribution Date in January 2005 through the Distribution Date in March 2005, the sum of the principal balances of AIO-2viii, AIO-2ix and AIO-2x; (i) from the Distribution Date in April 2005 through the Distribution Date in June 2005, the sum of the principal balances of AIO-2ix and AIO-2x; (j) from the Distribution Date in July 2005 through the Distribution Date in September 2005, the principal balance of Class AIO-2x; and (k) on each Distribution Date thereafter, $0.
(3) On each Distribution Date up to and including the Distribution Date in September 2005, a per annum rate equal to 4.0% and (ii) thereafter, a Pass Through Rate equal to 0%.
(4) The Class R-3 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full.
(5) The Class I-3 notional balance is equal to the notional balance of Class I-2. On each Distribution Date, 0.01% of the increase in the Overcollateralized Amount will be payable as a reduction of the principal balances of Class A-3, Class M1-3, Class M2-3 and Class M3-3 (in the order and amount of such reduction to the principal balance of each classes' Corresponding Class) and will be accrued and added to the principal balance of the Class Q-3. The remaining 99.99% increase in the Overcollateralized Amount will be allocable to Class Q-3. On each Distribution Date, the Principal Remittance Amount shall be allocated 99.99% to Class Q-3 and 0.01% to Class A-3, Class M1-3, Class M2-3 and Class M3-3 (in the order and amount of reductions to the principal balances of each classes' Corresponding Class) until paid in full. Notwithstanding the above, payments allocated to the Class X Certificates that result in the reduction of the Overcollateralized Amount shall be allocated to the Class Q-3 Interest (until paid in full). Liquidated Loan Losses shall be applied so that after all distributions have been made on each Distribution Date the principal balances of the Class X-0, Xxxxx X0-0, X0-0 and M3-3 Interests are each equal to 0.01% of the principal balance of its Corresponding Class and the remainder shall be allocated to Class Q-3.
(d) The REMIC II Regular Interests and the Class R-II R-2 Interest shall have the Initial Principal Balancesinitial principal balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: 52 Corresponding REMIC Initial Principal Pass-Through Class of Master Interests Balance Rate REMIC Interest -------------- -------------------------- ------------------ ------------------------ Q-2 $331,875,068 (1) N/A AIO-2i $562,500 (1) A-IO AIO-2ii $5,456,250 (1) A-IO AIO-2iii $6,131,250 (1) A-IO AIO-2iv $7,256,250 (1) A-IO AIO-2v $6,356,250 (1) A-IO AIO-2vi $1,012,500 (1) A-IO AIO-2vii $19,012,500 (1) A-IO AIO-2viii $14,962,500 (1) A-IO AIO-2ix $8,437,500 (1) A-IO AIO-2x $48,937,500 (1) A-IO I-2 $37,655,100 notional (4) (3) I R-2 (2) (2) N/A
(1) On any Distribution Date, a Pass-Through Rate equal to the REMIC II Net WAC Cap.
(2) The Class R-2 Interest --------- ------------------------------ does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC II Regular Interests have been paid in full.
(3) On each Distribution Date up to and including the Distribution Date in September, 2005, a per annum rate equal to 4.00% and (ii) thereafter, a Pass-Through Rate equal to 0%.
(4) The Class I-2 notional amount is equal to the Class I-1 principal balance. On each Distribution Date, the Principal Remittance Amount and losses will be allocated to Class Q-2 until the Class Q-2 is paid in full or eliminated by such losses; and thereafter, such amounts will be allocated to the Class AIO-2i, AIO-2ii, AIO-2iii, AIO-2iv, AIO-2v, AIO-2vi, AIO-2vii, AIO-2viii, AIO-2ix and AIO-2x in such order until each is paid in full or eliminated.
(e) The REMIC I Regular Interests and the Class R-1 Interest shall have the Initial Principal Balances and Pass-Through Rates set forth in the following table: REMIC Initial Principal Pass-Through Interests Balance Rate ------------ ------------------- ---------------- I-1 $ 37,655,100 (1) Q-1 $412,344,968 (1) R-1 (2) (2)
(1) On any Distribution Date, a Pass-Through Rate equal to the Net Weighted Average Mortgage Interest Rate.
(2) The Class R-1 Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the REMIC I Regular Interests have been paid in full.
(f) The REMIC II Net WAC Cap equals the weighted average of Q-1 and I-1, where I-1 is first reduced by 4% through the Distribution Date in September, 2005. The REMIC III Net WAC Cap is the weighted average of the Q-2 and AIO-2 Interests where each of the AIO-2 Interests is reduced by 4% for the following periods: REMIC Interests Period ----------------- ---------------------------------------- AIO-2x through September, 2005 AIO-2ix through June, 2005 AIO-2viii through March, 2005 AIO-2vii through December, 2004 AIO-2vi through September, 2004 AIO-2v through June, 2004 AIO-2iv through March, 2004 AIO-2iii through December, 2003 AIO-2ii through September, 2003 AIO-2i through June, 2003
(g) The Closing Date will be the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 I-1 Interest, Class S-2 I-2 Interest, Class S-3 I-3 Interest and Class S-4 I-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual II-1 Interest, the Class II-A Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 II-2 Interest and the Class II-Marker II-3 Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC III will consist of the REMIC II Regular Interests and will be evidenced by the Class A III-A-1 Interest, Class III-Accrual I Interest, Class III-A-2 Interest, Class III-A-3 Interest, Class III-A-4 Interest, Class III-Accrual II and III-A-IO Interest (the "REMIC III Regular Interests") which will be uncertificated and will represent "regular interests" in REMIC III. The Class R-I Interest, Class R-II Interest and Class R-III Interest will represent the sole class of residual interest in each of REMIC I, REMIC II and REMIC III, respectively. The Trustee will hold the REMIC I Regular Interests, REMIC II Regular Interests and REMIC III Regular Interests. The Master REMIC will consist of the REMIC III Regular Interests and will be evidenced by the Class A-1, Class A-2 (other than the Class A-2 Supplemental Interest Right of the Right), Class A Certificates)A-3, Class A-4, Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) IO and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The ) and the Class R-III IV Interest will represent as the sole class of single "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II II, R-III and R-III IV Interests. .
(i) The Final Scheduled Maturity Date for following table sets forth characteristics of the Certificates, each of the Sub-REMIC Regular Interestswhich, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date except for the Class I-N1R Certificates, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be is hereby designated as a "regular interest" in the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Master REMIC: --------------------------------------------------------------------------------------------------------------- Original Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Principal Pass-Through Rates set forth in the following table: Original Certificate Balance Rate ------------------------------ ------------------------------------ ------------------------------------------- Class Principal Balance Pass-Through Rate ----- ----------------- ----------------- A-1 $275,000,000 6.34%(1) ------------------------------ ------------------------------------ ------------------------------------------- Class A(1A-2(2) $330,600,000 32,798,000 (3) ------------------------------ ------------------------------------ ------------------------------------------- Class A-3 $23,278,000 5.82% ------------------------------ ------------------------------------ ------------------------------------------- Class A-4 $23,924,000 6.99%(4) ------------------------------ ------------------------------------ ------------------------------------------- Class A-IO (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 (5) 8.00% ------------------------------ ------------------------------------ ------------------------------------------- Class B(1) $5,700,000 X (6) Class X $3,800,000 (7) (8) ------------------------------ ------------------------------------ ------------------------------------------- Class R (9) (9)
(1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.428% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.928% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
8) (8) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker Interests), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ----------------- -----------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/)
Designations under REMIC Provisions; Designation of Startup Day. (a) The Sub-REMIC I will consist of all of the assets of the Trust Fund (other than the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account) and will be evidenced by the Class S-1 I-1 Interest, Class S-2 I-2 Interest, Class S-3 I-3 Interest and Class S-4 I-4 Interest (collectively, the Sub-REMIC Regular Interests) which will be uncertificated and will represent the "regular interests" in the Sub-REMIC. REMIC I will consist of the Sub-REMIC Regular Interests and will be evidenced by the Class I-A Interest, the Class I-B1 Interest, the Class I-B2 Interest, the Class I-B3 Interest, the Class I-B4 Interest, the Class I-B5 Interest, the Class I-B6 Interest, the Class I-B7 Interest, the Class I-B8 Interest, the Class I-B9 Interest, the Class I-B10 Interest, the Class I-N1 Interest, the Class I-N2 Interest and the Class I-N3 Interest (collectively, the "REMIC I Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC I. REMIC II will consist of the REMIC I Regular Interests and will be evidenced by the Class II-Accrual II-1 Interest, the Class II-A Interest, the Class II-AIO Interest, the Class II-M1 Interest, the Class II-M2 Interest, the Class II-B Interest, the Class II-N1 Interest, the Class II-N2 Interest, the Class II-N3 II-2 Interest and the Class II-Marker II-3 Interest (collectively, the "REMIC II Regular Interests") which will be uncertificated and will represent the "regular interests" in REMIC II. The Class R-S Interest, the Class R-I Interest and the Class R-II Interest will represent the sole class of "residual interest" in each of the Sub-REMIC, REMIC I and REMIC II, respectively. The Trustee will hold the Sub-REMIC Regular Interests, the REMIC I Regular Interests and the REMIC II Regular Interests. The Master REMIC III will consist of the REMIC II Regular Interests and will be evidenced by the Class A III-A-1 Interest, Class III-Accrual I Interest, Class III-A-2 Interest, Class III-A-3 Interest, Class III-A-4 Interest, Class III-Accrual II and III-A-IO Interest (the "REMIC III Regular Interests") which will be uncertificated and will represent "regular interests" in REMIC III. The Class R-I Interest, Class R-II Interest and Class R-III Interest will represent the sole class of residual interest in each of REMIC I, REMIC II and REMIC III, respectively. The Trustee will hold the REMIC I Regular Interests, REMIC II Regular Interests and REMIC III Regular Interests. The Master REMIC will consist of the REMIC III Regular Interests and will be evidenced by the Class A-1, Class A-2 (other than the Class A-2 Supplemental Interest Right of the Right), Class A Certificates)A-3, Class A-4, Class A-IO, Class M-1 (other than the Supplemental Interest Right of the Class M-1 Certificates), Class M-2 (other than the Supplemental Interest Right of the Class M-2 Certificates), Class B (other than the Supplemental Interest Right of the Class B Certificates) IO and Class X Certificates (collectively, the "Master REMIC Regular Interests") which will represent the "regular interests" in the Master REMIC. The ) and the Class R-III IV Interest will represent as the sole class of single "residual interest" in the Master REMIC. The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II II, R-III and R-III IV Interests. .
(i) The Final Scheduled Maturity Date for following table sets forth characteristics of the Certificates, each of the Sub-REMIC Regular Interestswhich, the REMIC I Regular Interests (other than the Class I-N1, Class I-N2 and Class I-N3 Interests), the REMIC II Regular Interests (other than the Class II-AIO, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests) and the Master REMIC Regular Interests (other than the Class A-IO Certificate) shall be the Distribution Date in December 2033. The Final Scheduled Maturity Date except for the Class I-N1R Certificates, Class I-N2, Class I-N3, Class II-N1, Class II-N2, Class II-N3 and Class II-Marker Interests shall be is hereby designated as a "regular interest" in the Distribution Date in March 2003, and the Final Scheduled Maturity Date for the Class II-AIO Interest and the Class A-IO Master REMIC: ------------ ------------------------------------ ----------------------- Original Certificate shall be the Distribution Date in June 2005.
(b) The Master REMIC Regular Interests and the Class R-III Interest shall have the principal balances and Principal Pass-Through Rates set forth in the following table: Original Certificate Balance Rate ------------ ------------------------------------ ----------------------- Class Principal Balance Pass-Through Rate ----- ----------------- ----------------- A-1 $275,000,000 6.34%(1) ------------ ------------------------------------ ----------------------- Class A(1A-2(2) $330,600,000 32,798,000 (3) ------------ ------------------------------------ ----------------------- Class A-3 $23,278,000 5.82% ------------ ------------------------------------ ----------------------- Class A-4 $23,924,000 6.99%(4) ------------ ------------------------------------ ----------------------- Class A-IO (2) 4.00% Class M-1(1) $21,850,000 (4) Class M-2(1) $18,050,000 (5) 8.00% ------------ ------------------------------------ ----------------------- Class B(1) $5,700,000 X (6) Class X $3,800,000 (7) (8) ------------ ------------------------------------ ----------------------- Class R (9) (9)
(1) The Capped Certificates represent two separate investments: (i) the Capped Certificates without the Supplemental Interest Rights (the "Regular Interests") and (ii) the Supplemental Interest Rights. Only the first investment, the Regular Interests, will be treated as regular interests in the Master REMIC.
(2) On the first Distribution Date through the Distribution Date in June 2005, the Class A-IO Certificates will have a notional balance equal to the notional balance of the Class II-AIO, and for each Distribution Date thereafter, $0.
(3) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 4.428% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 4.928% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(4) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 6.442% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 6.942% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(5) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 7.423% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 7.923% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(6) With respect to any Distribution Date prior to the Clean-up Call Date, the lesser of (1) 8.612% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date. With respect to any Distribution Date after the Clean-up Call Date, the lesser of (1) 9.112% per annum and (2) the REMIC II Net WAC Cap for such Distribution Date.
(7) The Class X has an initial principal balance of $3,800,000, but it will not accrue interest on such balance but will accrue interest on a notional principal balance. The Class X Certificates will have a notional principal balance equal to the Aggregate Principal Balance.
8) (8) The Pass-Through Rate of the Class X Certificates will be the excess of: (i) the REMIC II Net WAC Cap over (ii) the product of: (A) two and (B) the weighted average of the Pass-Through Rates on the REMIC II Regular Interests (other than the Class II-AIO, Class II-N2, Class II-N3 and Class II-Marker Interests), where the Class II-Accrual Interest is subject to a cap equal to zero and the Class II-A, Class II-M1, Class II-M2 and Class II-B are each subject to a cap equal to the Pass-Through Rate on its Corresponding Class and the Class II-N1 is weighted on the basis of its notional principal balance. With respect to any Distribution Date, interest that so accrues on the notional principal balance of the Class X shall be deferred in an amount equal to the Overcollateralization Increase Amount on such Distribution Date. Such deferred interest shall not itself bear interest.
(9) The Class R Certificates will represent the beneficial ownership of the Class R-S, R-I, R-II and R-III Interests. The Class R-III Interest does not have a principal balance or a Pass-Through Rate but is entitled to any remaining distributions of principal and interest after the Master REMIC Regular Interests have been paid in full.
(c) The REMIC II Regular Interests and the Class R-II Interest shall have the Initial Principal Balances, Pass-Through Rates and Corresponding Classes of Certificates set forth in the following table: Corresponding REMIC Initial Principal Class of Master Interests Balance Pass-Through Rate REMIC Interest --------- ------------------------------ ----------------- -------------------------- ------------------------------------ -----------------------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
