Lower-Tier REMIC. The Lower Tier REMIC shall issue the following interests, and each such interest, other than the Class LT-R Interest, is hereby designated as a regular interest in the Lower Tier REMIC. The Class LT-R Interest is hereby designated as the sole class of residual interest in the Lower Tier REMIC and shall be represented by the Class R Certificates. Lower Tier Corresponding Lower Tier REMIC REMIC Interest Initial Lower Tier Upper Tier REMIC Class Designation Rate REMIC Principal Amount Regular Interest ----------------- -------------- ---------------------------------- ---------------- Class LT-A-1 (1) 1/2 Corresponding Upper Tier REMIC A-1 Regular Interest initial Class Principal Balance Class LT-A-2 (1) 1/2 Corresponding Upper Tier REMIC A-2 Regular Interest initial Class Principal Balance Class LT-A-3 (1) 1/2 Corresponding Upper Tier REMIC A-3 Regular Interest initial Class Principal Balance Class LT-M-1 (1) 1/2 Corresponding Upper Tier REMIC M-1 Regular Interest initial Class Principal Balance Class LT-M-2 (1) 1/2 Corresponding Upper Tier REMIC M-2 Regular Interest initial Class Principal Balance Class LT-M-3 (1) 1/2 Corresponding Upper Tier REMIC M-3 Regular Interest initial Class Principal Balance Class LT-B-1 (1) 1/2 Corresponding Upper Tier REMIC B-1 Regular Interest initial Class Principal Balance Class LT-B-2 (1) 1/2 Corresponding Upper Tier REMIC B-2 Regular Interest initial Class Principal Balance Class LT-B-3 (1) 1/2 Corresponding Upper Tier REMIC B-3 Regular Interest initial Class Principal Balance Class LT-Accrual (1) 1/2 Pool Stated Principal Balance N/A plus 1/2 Subordinated Amount Class LT-IO (2) (2) N/A Class LT-R (3) (3) N/A ------------------------------
Lower-Tier REMIC. The Class LA, Class LB, Class LC, Class LD, Class LE and Class LF Uncertificated Interests will evidence “regular interests” in the Lower-Tier REMIC created hereunder. The Class LT-R Interest will constitute the sole Class of “residual interests” in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table sets forth the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests and the Class LT-R Interest comprising the interests in the Lower-Tier REMIC created hereunder: Class LA 3.6220% $86,360,000 Class LB 3.8237% $13,540,000 Class LC 4.0755% $27,500,000 Class LD (1) $32,700,000 Class LE (1) $47,000,000 Class LF (1) $22,900,000 Class LT-R None(2) None(2)
Lower-Tier REMIC. The Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and LRR Uncertificated Interests (the “Lower-Tier Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates. The following table sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier Regular Interests and the Class LR Interest: Class LA1 (1) $ 33,805,000 Class LA2 (1) $ 88,384,000 Class LASB (1) $ 44,824,000 Class LA3 (1) $ 235,000,000 Class LA4 (1) $ 268,432,000 Class LAS (1) $ 67,045,000 Class LB (1) $ 43,100,000 Class LC (1) $ 45,494,000 Class LD (1) $ 56,270,000 Class LE (1) $ 21,550,000 Class LF (1) $ 10,775,000 Class LG (1) $ 43,100,400 Class LR None(2) None LRR (1) $ 50,409,442
Lower-Tier REMIC. Regular Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group I Net Rate and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest I in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest I have been reimbursed. Any excess funds attributable to the Group I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the LR Interest. Lower-Tier REMIC Regular Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group II Net Rate and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest II have been reimbursed. Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the LR Interest. Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate. The Middle-Tier REMIC Group I Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group I Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group...
Lower-Tier REMIC. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement as a real estate mortgage investment conduit ("REMIC") for federal income tax purposes, and such segregated pool of assets will be designated as the "Lower-Tier REMIC."
Lower-Tier REMIC. As to any Two Tier Series or Three Tier Series, the portion of the Trust Fund as to which a REMIC election is made that consists of (i) the Mortgage-Backed Securities included in such Trust Fund and all proceeds thereof, (ii) the Certificate Account for the related Trust and all amounts held therein or credited thereto, and (iii) any other assets specified in the related Issue Supplement.
Lower-Tier REMIC. The following table specifies the class designation, pass-through rate and principal amount for each class of Lower-Tier REMIC Interest.
Lower-Tier REMIC. The following table specifies the class designation, pass-through rate and principal amount for each class of Lower-Tier REMIC Interest. Lower-Tier Initial Pass-Through Related REMIC Interest Principal Amount Rate Subgroup -------------- ------------------ ------------ ----------- LT-R (1) (1) N/A LTA-P $78,289.6078854545 0.00% N/A LT1-A (2) 5.50% Subgroup 1 LT1-B (3) 5.50% Subgroup 1 LT2-A (4) 6.00% Subgroup 2 LT2-B (3) 6.00% Subgroup 2 LT3-A (5) 6.50% Subgroup 3 LT3-B (3) 6.50% Subgroup 3 LT4-A (6) 7.50% Subgroup 4 LT4-B (3) 7.50% Subgroup 4
Lower-Tier REMIC. The following table specifies the class designation, interest rate and principal amount for each class of Lower-Tier REMIC Interest. ----------------------------------------------------------------------------------------------------------------- Lower-Tier REMIC Interest Initial Balance Pass-Through Rate Related Group ------------------------- --------------- ----------------- ------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- LTA-P $190,188.63823321 0.00% Group A-P ----------------------------------------------------------------------------------------------------------------- LTIA $10,362.99382975 5.00% Group One ----------------------------------------------------------------------------------------------------------------- LTIB $36,795,936.38914566 5.00% Group One ----------------------------------------------------------------------------------------------------------------- LTIIA $35,694.47419691 5.50% Group Two ----------------------------------------------------------------------------------------------------------------- LTIIB $127,426,752.94549407 5.50% Group Two ----------------------------------------------------------------------------------------------------------------- LTIIIA $44,960.35229100 6.00% Group Three ----------------------------------------------------------------------------------------------------------------- LTIIIB $160,496,174.87680939 6.00% Group Three ----------------------------------------------------------------------------------------------------------------- LTIIIA-X (1) 6.00% Group Three ----------------------------------------------------------------------------------------------------------------- LT-R (2) (2) N/A -----------------------------------------------------------------------------------------------------------------
