Middle. Tier REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC 1, other than the LT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT1-R Interest, is hereby designated as a REMIC regular interest. The Class MT1-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 1. The Upper-Tier REMIC shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Offered Certificates represent ownership of regular interests in the Upper-Tier REMIC. Each of the Offered Certificates (other than the Class A-IO Certificates) also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. In addition, each of the Offered Certificates represents the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class X Certificates represent ownership of regular interests in the Upper-Tier REMIC and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X and Class S-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in the Upper-Tier REMIC. The Class R Certificate represents ownership of the sole class of residual interest in the Upper-Tier REMIC as well as ownership of the Class LT1-R and Class MT1-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): LT1-A $ 25,837,637.69 (1) LT1-F1 $ 18,059,931.50 (2) LT1-V1 $ 18,059,931.50 (3) LT1-F2 $ 11,822,760.00 (2) LT1-V2 $ 11,822,760.00 (3) LT1-F3 $ 11,785,598.00 (2) LT1-V3 $ 11,785,598.00 (3) LT1-F4 $ 10,986,807.50 (2) LT1-V4 $ 10,986,807.50 (3) LT1-F5 $ 10,729,386.50 (2) LT1-V5 $ 10,729,386.50 (3) LT1-F6 $ 10,648,632.50 (2) LT1-V6 $ 10,648,632.50 (3) LT1-F7 $ 9,992,087.00 (2) LT1-V7 $ 9,992,087.00 (3) LT1-F8 $ 9,486,742.00 (2) LT1-V8 $ 9,486,742.00 (3) LT1-F9 $ 9,220,032.00 (2) LT1-V9 $ 9,220,032.00 (3) LT1-F10 $ 8,824,157.00 (2) LT1-V10 $ 8,824,157.00 (3) LT1-F11 $ 26,497,239.00 (2) LT1-V11 $ 26,497,239.00 (3) LT1-F12 $ 8,942,041.50 (2) LT1-V12 $ 8,942,041.50 (3) LT1-F13 $ 8,567,915.00 (2) LT1-V13 $ 8,567,915.00 (3) LT1-F14 $ 8,209,433.50 (2) LT1-V14 $ 8,209,433.50 (3) LT1-F15 $ 7,865,941.00 (2) LT1-V15 $ 7,865,941.00 (3) LT1-F16 $ 7,587,094.50 (2) LT1-V16 $ 7,587,094.50 (3) LT1-F17 $ 7,219,353.00 (2) LT1-V17 $ 7,219,353.00 (3) LT1-F18 $ 7,024,101.50 (2) LT1-V18 $ 7,024,101.50 (3) LT1-F19 $ 6,623,355.00 (2) LT1-V19 $ 6,623,355.00 (3) LT1-F20 $ 8,304,586.50 (2) LT1-V20 $ 8,304,586.50 (3) LT1-F21 $ 6,334,590.00 (2) LT1-V21 $ 6,334,590.00 (3) LT1-F22 $ 6,763,761.00 (2) LT1-V22 $ 6,763,761.00 (3) LT1-F23 $ 25,651,486.50 (2) LT1-V23 $ 25,651,486.50 (3) LT1-F24 $ 5,098,827.50 (2) LT1-V24 $ 5,098,827.50 (3) LT1-F25 $ 4,850,140.00 (2) LT1-V25 $ 4,850,140.00 (3) LT1-F26 $ 4,613,576.00 (2) LT1-V26 $ 4,613,576.00 (3) LT1-F27 $ 4,388,545.50 (2) LT1-V27 $ 4,388,545.50 (3) LT1-F28 $ 4,174,486.00 (2) LT1-V28 $ 4,174,486.00 (3) LT1-F29 $ 3,970,862.50 (2) LT1-V29 $ 3,970,862.50 (3) LT1-F30 $ 3,793,831.00 (2) LT1-V30 $ 3,793,831.00 (3) LT1-F31 $ 3,592,092.00 (2) LT1-V31 $ 3,592,092.00 (3) LT1-F32 $ 3,649,348.00 (2) LT1-V32 $ 3,649,348.00 (3) LT1-F33 $ 3,709,638.50 (2) LT1-V33 $ 3,709,638.50 (3) LT1-F34 $ 18,769,316.00 (2) LT1-V34 $ 18,769,316.00 (3) LT1-F35 $ 7,617,921.50 (2) LT1-V35 $ 7,617,921.50 (3) LT1-F36 $ 1,771,413.00 (2) LT1-V36 $ 1,771,413.00 (3) LT1-F37 $ 1,684,927.00 (2) LT1-V37 $ 1,684,927.00 (3) LT1-F38 $ 1,602,662.50 (2) LT1-V38 $ 1,602,662.50 (3) LT1-F39 $ 1,524,411.00 (2) LT1-V39 $ 1,524,411.00 (3) LT1-F40 $ 1,449,979.00 (2) LT1-V40 $ 1,449,979.00 (3) LT1-F41 $ 1,379,178.50 (2) LT1-V41 $ 1,379,178.50 (3) LT1-F42 $ 1,311,833.50 (2) LT1-V42 $ 1,311,833.50 (3) LT1-F43 $ 1,247,774.50 (2) LT1-V43 $ 1,247,774.50 (3) LT1-F44 $ 1,186,842.00 (2) LT1-V44 $ 1,186,842.00 (3) LT1-F45 $ 1,128,883.50 (2) LT1-V45 $ 1,128,883.50 (3) LT1-F46 $ 1,073,753.50 (2) LT1-V46 $ 1,073,753.50 (3) LT1-F47 $ 1,021,314.00 (2) LT1-V47 $ 1,021,314.00 (3) LT1-F48 $ 971,434.00 (2) LT1-V48 $ 971,434.00 (3) LT1-F49 $ 923,989.00 (2) LT1-V49 $ 923,989.00 (3) LT1-F50 $ 878,859.50 (2) LT1-V50 $ 878,859.50 (3) LT1-F51 $ 835,933.00 (2) LT1-V51 $ 835,933.00 (3) LT1-F52 $ 809,973.50 (2) LT1-V52 $ 809,973.50 (3) LT1-F53 $ 755,540.50 (2) LT1-V53 $ 755,540.50 (3) LT1-F54 $ 718,634.00 (2) LT1-V54 $ 718,634.00 (3) LT1-F55 $ 780,448.50 (2) LT1-V55 $ 780,448.50 (3) LT1-F56 $ 722,771.00 (2) LT1-V56 $ 722,771.00 (3) LT1-F57 $ 2,853,158.50 (2) LT1-V57 $ 2,853,158.50 (3) LT1-F58 $ 5,572,711.00 (2) LT1-V58 $ 5,572,711.00 (3) LT1-F59 $ 4,052,432.00 (2) LT1-V59 $ 4,052,432.00 (3) LT1-R (4) (4)
Appears in 1 contract
Middle. Tier REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC 1, other than the LT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT1-R Interest, is hereby designated as a REMIC regular interest. The Class MT1-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 1. Middle-Tier REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the MT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT2-R Interest, is hereby designated as a REMIC regular interest. The Class MT2-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 2. The Upper-Tier REMIC shall hold the uncertificated interests issued by Middle-Tier REMIC 12, other than the Class MT1MT2-R Interest. Each of the Offered Certificates represent ownership of regular interests in the Upper-Tier REMIC. Each of the Offered Certificates (other than the Class A-IO and Class M9 Certificates) also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. In addition, each of the Offered Certificates represents the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class XS Component of the Class X Certificates represent ownership of regular interests in the Upper-Tier REMIC and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered LIBOR Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X CX and Class SSX Components of the Class 1-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in the Upper-Tier REMIC. The Class R Certificate represents ownership of the sole class of residual interest in the Upper-Tier REMIC as well as ownership of the Class LT1-R R, Class MT1-R, and Class MT1MT2-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): LT1-A $ 25,837,637.69 (5) (1) LT1-F1 $ 18,059,931.50 7,795,007.50 (2) LT1-V1 $ 18,059,931.50 7,795,007.50 (3) LT1-F2 $ 11,822,760.00 7,518,947.00 (2) LT1-V2 $ 11,822,760.00 7,518,947.00 (3) LT1-F3 $ 11,785,598.00 7,252,655.50 (2) LT1-V3 $ 11,785,598.00 7,252,655.50 (3) LT1-F4 $ 10,986,807.50 6,995,787.50 (2) LT1-V4 $ 10,986,807.50 6,995,787.50 (3) LT1-F5 $ 10,729,386.50 6,748,011.00 (2) LT1-V5 $ 10,729,386.50 6,748,011.00 (3) LT1-F6 $ 10,648,632.50 6,560,863.00 (2) LT1-V6 $ 10,648,632.50 6,560,863.00 (3) LT1-F7 $ 9,992,087.00 6,276,625.50 (2) LT1-V7 $ 9,992,087.00 6,276,625.50 (3) LT1-F8 $ 9,486,742.00 6,054,301.00 (2) LT1-V8 $ 9,486,742.00 6,054,301.00 (3) LT1-F9 $ 9,220,032.00 5,839,845.50 (2) LT1-V9 $ 9,220,032.00 5,839,845.50 (3) LT1-F10 $ 8,824,157.00 5,632,980.50 (2) LT1-V10 $ 8,824,157.00 5,632,980.50 (3) LT1-F11 $ 26,497,239.00 16,802,463.50 (2) LT1-V11 $ 26,497,239.00 16,802,463.50 (3) LT1-F12 $ 8,942,041.50 5,712,624.00 (2) LT1-V12 $ 8,942,041.50 5,712,624.00 (3) LT1-F13 $ 8,567,915.00 5,473,585.00 (2) LT1-V13 $ 8,567,915.00 5,473,585.00 (3) LT1-F14 $ 8,209,433.50 5,244,542.50 (2) LT1-V14 $ 8,209,433.50 5,244,542.50 (3) LT1-F15 $ 7,865,941.00 5,025,078.00 (2) LT1-V15 $ 7,865,941.00 5,025,078.00 (3) LT1-F16 $ 7,587,094.50 4,814,792.50 (2) LT1-V16 $ 7,587,094.50 4,814,792.50 (3) LT1-F17 $ 7,219,353.00 4,785,437.00 (2) LT1-V17 $ 7,219,353.00 4,785,437.00 (3) LT1-F18 $ 7,024,101.50 4,412,978.00 (2) LT1-V18 $ 7,024,101.50 4,412,978.00 (3) LT1-F19 $ 6,623,355.00 4,438,296.50 (2) LT1-V19 $ 6,623,355.00 4,438,296.50 (3) LT1-F20 $ 8,304,586.50 4,042,476.50 (2) LT1-V20 $ 8,304,586.50 4,042,476.50 (3) LT1-F21 $ 6,334,590.00 3,895,279.50 (2) LT1-V21 $ 6,334,590.00 3,895,279.50 (3) LT1-F22 $ 6,763,761.00 3,827,481.00 (2) LT1-V22 $ 6,763,761.00 3,827,481.00 (3) LT1-F23 $ 25,651,486.50 16,520,425.00 (2) LT1-V23 $ 25,651,486.50 16,520,425.00 (3) LT1-F24 $ 5,098,827.50 3,330,524.00 (2) LT1-V24 $ 5,098,827.50 3,330,524.00 (3) LT1-F25 $ 4,850,140.00 3,168,050.00 (2) LT1-V25 $ 4,850,140.00 3,168,050.00 (3) LT1-F26 $ 4,613,576.00 3,044,171.50 (2) LT1-V26 $ 4,613,576.00 3,044,171.50 (3) LT1-F27 $ 4,388,545.50 2,926,999.00 (2) LT1-V27 $ 4,388,545.50 2,926,999.00 (3) LT1-F28 $ 4,174,486.00 2,767,135.00 (2) LT1-V28 $ 4,174,486.00 2,767,135.00 (3) LT1-F29 $ 3,970,862.50 2,602,144.50 (2) LT1-V29 $ 3,970,862.50 2,602,144.50 (3) LT1-F30 $ 3,793,831.00 2,658,393.00 (2) LT1-V30 $ 3,793,831.00 2,658,393.00 (3) LT1-F31 $ 3,592,092.00 2,367,130.50 (2) LT1-V31 $ 3,592,092.00 2,367,130.50 (3) LT1-F32 $ 3,649,348.00 2,394,658.50 (2) LT1-V32 $ 3,649,348.00 2,394,658.50 (3) LT1-F33 $ 3,709,638.50 2,191,893.50 (2) LT1-V33 $ 3,709,638.50 2,191,893.50 (3) LT1-F34 $ 18,769,316.00 2,052,568.50 (2) LT1-V34 $ 18,769,316.00 2,052,568.50 (3) LT1-F35 $ 7,617,921.50 1,932,263.00 (2) LT1-V35 $ 7,617,921.50 1,932,263.00 (3) LT1-F36 $ 1,771,413.00 1,796,843.00 (2) LT1-V36 $ 1,771,413.00 1,796,843.00 (3) LT1-F37 $ 1,684,927.00 1,709,157.50 (2) LT1-V37 $ 1,684,927.00 1,709,157.50 (3) LT1-F38 $ 1,602,662.50 1,625,749.50 (2) LT1-V38 $ 1,602,662.50 1,625,749.50 (3) LT1-F39 $ 1,524,411.00 1,546,409.00 (2) LT1-V39 $ 1,524,411.00 1,546,409.00 (3) LT1-F40 $ 1,449,979.00 1,470,939.00 (2) LT1-V40 $ 1,449,979.00 1,470,939.00 (3) LT1-F41 $ 1,379,178.50 1,399,150.50 (2) LT1-V41 $ 1,379,178.50 1,399,150.50 (3) LT1-F42 $ 1,311,833.50 1,330,863.50 (2) LT1-V42 $ 1,311,833.50 1,330,863.50 (3) LT1-F43 $ 1,247,774.50 1,265,907.00 (2) LT1-V43 $ 1,247,774.50 1,265,907.00 (3) LT1-F44 $ 1,186,842.00 1,204,120.00 (2) LT1-V44 $ 1,186,842.00 1,204,120.00 (3) LT1-F45 $ 1,128,883.50 1,145,347.00 (2) LT1-V45 $ 1,128,883.50 1,145,347.00 (3) LT1-F46 $ 1,073,753.50 1,112,585.00 (2) LT1-V46 $ 1,073,753.50 1,112,585.00 (3) LT1-F47 $ 1,021,314.00 1,035,138.00 (2) LT1-V47 $ 1,021,314.00 1,035,138.00 (3) LT1-F48 $ 971,434.00 984,608.00 (2) LT1-V48 $ 971,434.00 984,608.00 (3) LT1-F49 $ 923,989.00 936,543.50 (2) LT1-V49 $ 923,989.00 936,543.50 (3) LT1-F50 $ 878,859.50 982,003.00 (2) LT1-V50 $ 878,859.50 982,003.00 (3) LT1-F51 $ 835,933.00 866,511.00 (2) LT1-V51 $ 835,933.00 866,511.00 (3) LT1-F52 $ 809,973.50 800,606.00 (2) LT1-V52 $ 809,973.50 800,606.00 (3) LT1-F53 $ 755,540.50 770,906.00 (2) LT1-V53 $ 755,540.50 770,906.00 (3) LT1-F54 $ 718,634.00 723,881.50 (2) LT1-V54 $ 718,634.00 723,881.50 (3) LT1-F55 $ 780,448.50 695,877.00 (2) LT1-V55 $ 780,448.50 695,877.00 (3) LT1-F56 $ 722,771.00 842,504.00 (2) LT1-V56 $ 722,771.00 842,504.00 (3) LT1-F57 $ 2,853,158.50 2,184,401.00 (2) LT1-V57 $ 2,853,158.50 2,184,401.00 (3) LT1-F58 $ 5,572,711.00 4,875,052.00 (2) LT1-V58 $ 5,572,711.00 4,875,052.00 (3) LT1-F59 $ 4,052,432.00 5,494,287.50 (2) LT1-V59 $ 4,052,432.00 5,494,287.50 (3) LT1-R (4) (4)) ___________________________
Appears in 1 contract
Middle. Tier REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC 1, other than the LT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT1-R Interest, is hereby designated as a REMIC regular interest. The Class MT1-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 1. Middle-Tier REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the MT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT2-R Interest, is hereby designated as a REMIC regular interest. The Class MT2-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 2. The Upper-Tier REMIC shall hold the uncertificated interests issued by Middle-Tier REMIC 12, other than the Class MT1MT2-R Interest. Each of the Offered Certificates represent ownership of regular interests in the Upper-Tier REMIC. Each of the Offered Certificates (other than the Class A-IO Certificates) also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. In addition, each of the Offered Certificates represents the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class XS Component of the Class X Certificates represent ownership of regular interests in the Upper-Tier REMIC and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X CX and Class SSX Components of the Class 1-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in the Upper-Tier REMIC. The Class R Certificate represents ownership of the sole class of residual interest in the Upper-Tier REMIC as well as ownership of the Class LT1-R R, Class MT1-R, and Class MT1MT2-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): LT1-A $ 25,837,637.69 118,933,454.08 (1) LT1-F1 $ 18,059,931.50 17,793,164.50 (2) LT1-V1 $ 18,059,931.50 17,793,164.50 (3) LT1-F2 $ 11,822,760.00 17,163,577.50 (2) LT1-V2 $ 11,822,760.00 17,163,577.50 (3) LT1-F3 $ 11,785,598.00 16,556,252.00 (2) LT1-V3 $ 11,785,598.00 16,556,252.00 (3) LT1-F4 $ 10,986,807.50 15,970,402.00 (2) LT1-V4 $ 10,986,807.50 15,970,402.00 (3) LT1-F5 $ 10,729,386.50 15,405,268.00 (2) LT1-V5 $ 10,729,386.50 15,405,268.00 (3) LT1-F6 $ 10,648,632.50 14,860,118.00 (2) LT1-V6 $ 10,648,632.50 14,860,118.00 (3) LT1-F7 $ 9,992,087.00 14,334,245.50 (2) LT1-V7 $ 9,992,087.00 14,334,245.50 (3) LT1-F8 $ 9,486,742.00 13,826,969.50 (2) LT1-V8 $ 9,486,742.00 13,826,969.50 (3) LT1-F9 $ 9,220,032.00 13,337,632.50 (2) LT1-V9 $ 9,220,032.00 13,337,632.50 (3) LT1-F10 $ 8,824,157.00 12,865,600.50 (2) LT1-V10 $ 8,824,157.00 12,865,600.50 (3) LT1-F11 $ 26,497,239.00 38,403,045.00 (2) LT1-V11 $ 26,497,239.00 38,403,045.00 (3) LT1-F12 $ 8,942,041.50 13,050,326.50 (2) LT1-V12 $ 8,942,041.50 13,050,326.50 (3) LT1-F13 $ 8,567,915.00 12,504,668.50 (2) LT1-V13 $ 8,567,915.00 12,504,668.50 (3) LT1-F14 $ 8,209,433.50 11,981,813.00 (2) LT1-V14 $ 8,209,433.50 11,981,813.00 (3) LT1-F15 $ 7,865,941.00 11,480,807.50 (2) LT1-V15 $ 7,865,941.00 11,480,807.50 (3) LT1-F16 $ 7,587,094.50 11,000,739.50 (2) LT1-V16 $ 7,587,094.50 11,000,739.50 (3) LT1-F17 $ 7,219,353.00 10,540,734.00 (2) LT1-V17 $ 7,219,353.00 10,540,734.00 (3) LT1-F18 $ 7,024,101.50 10,099,952.50 (2) LT1-V18 $ 7,024,101.50 10,099,952.50 (3) LT1-F19 $ 6,623,355.00 9,677,593.50 (2) LT1-V19 $ 6,623,355.00 9,677,593.50 (3) LT1-F20 $ 8,304,586.50 9,375,358.50 (2) LT1-V20 $ 8,304,586.50 9,375,358.50 (3) LT1-F21 $ 6,334,590.00 8,880,737.00 (2) LT1-V21 $ 6,334,590.00 8,880,737.00 (3) LT1-F22 $ 6,763,761.00 8,782,518.50 (2) LT1-V22 $ 6,763,761.00 8,782,518.50 (3) LT1-F23 $ 25,651,486.50 38,030,332.00 (2) LT1-V23 $ 25,651,486.50 38,030,332.00 (3) LT1-F24 $ 5,098,827.50 7,633,839.50 (2) LT1-V24 $ 5,098,827.50 7,633,839.50 (3) LT1-F25 $ 4,850,140.00 7,261,685.50 (2) LT1-V25 $ 4,850,140.00 7,261,685.50 (3) LT1-F26 $ 4,613,576.00 6,907,666.50 (2) LT1-V26 $ 4,613,576.00 6,907,666.50 (3) LT1-F27 $ 4,388,545.50 6,570,898.50 (2) LT1-V27 $ 4,388,545.50 6,570,898.50 (3) LT1-F28 $ 4,174,486.00 6,250,541.50 (2) LT1-V28 $ 4,174,486.00 6,250,541.50 (3) LT1-F29 $ 3,970,862.50 5,945,796.00 (2) LT1-V29 $ 3,970,862.50 5,945,796.00 (3) LT1-F30 $ 3,793,831.00 5,676,988.00 (2) LT1-V30 $ 3,793,831.00 5,676,988.00 (3) LT1-F31 $ 3,592,092.00 5,379,090.00 (2) LT1-V31 $ 3,592,092.00 5,379,090.00 (3) LT1-F32 $ 3,649,348.00 5,116,814.00 (2) LT1-V32 $ 3,649,348.00 5,116,814.00 (3) LT1-F33 $ 3,709,638.50 5,472,090.00 (2) LT1-V33 $ 3,709,638.50 5,472,090.00 (3) LT1-F34 $ 18,769,316.00 4,923,138.00 (2) LT1-V34 $ 18,769,316.00 4,923,138.00 (3) LT1-F35 $ 7,617,921.50 4,390,240.00 (2) LT1-V35 $ 7,617,921.50 4,390,240.00 (3) LT1-F36 $ 1,771,413.00 4,146,302.50 (2) LT1-V36 $ 1,771,413.00 4,146,302.50 (3) LT1-F37 $ 1,684,927.00 3,944,111.50 (2) LT1-V37 $ 1,684,927.00 3,944,111.50 (3) LT1-F38 $ 1,602,662.50 3,751,775.50 (2) LT1-V38 $ 1,602,662.50 3,751,775.50 (3) LT1-F39 $ 1,524,411.00 3,568,814.50 (2) LT1-V39 $ 1,524,411.00 3,568,814.50 (3) LT1-F40 $ 1,449,979.00 3,394,770.50 (2) LT1-V40 $ 1,449,979.00 3,394,770.50 (3) LT1-F41 $ 1,379,178.50 3,229,211.00 (2) LT1-V41 $ 1,379,178.50 3,229,211.00 (3) LT1-F42 $ 1,311,833.50 3,071,721.50 (2) LT1-V42 $ 1,311,833.50 3,071,721.50 (3) LT1-F43 $ 1,247,774.50 2,921,908.00 (2) LT1-V43 $ 1,247,774.50 2,921,908.00 (3) LT1-F44 $ 1,186,842.00 2,779,398.50 (2) LT1-V44 $ 1,186,842.00 2,779,398.50 (3) LT1-F45 $ 1,128,883.50 2,643,836.00 (2) LT1-V45 $ 1,128,883.50 2,643,836.00 (3) LT1-F46 $ 1,073,753.50 2,514,881.00 (2) LT1-V46 $ 1,073,753.50 2,514,881.00 (3) LT1-F47 $ 1,021,314.00 2,392,213.50 (2) LT1-V47 $ 1,021,314.00 2,392,213.50 (3) LT1-F48 $ 971,434.00 2,275,526.00 (2) LT1-V48 $ 971,434.00 2,275,526.00 (3) LT1-F49 $ 923,989.00 2,164,527.00 (2) LT1-V49 $ 923,989.00 2,164,527.00 (3) LT1-F50 $ 878,859.50 2,058,940.00 (2) LT1-V50 $ 878,859.50 2,058,940.00 (3) LT1-F51 $ 835,933.00 1,958,500.50 (2) LT1-V51 $ 835,933.00 1,958,500.50 (3) LT1-F52 $ 809,973.50 1,862,958.00 (2) LT1-V52 $ 809,973.50 1,862,958.00 (3) LT1-F53 $ 755,540.50 1,776,773.00 (2) LT1-V53 $ 755,540.50 1,776,773.00 (3) LT1-F54 $ 718,634.00 1,809,064.00 (2) LT1-V54 $ 718,634.00 1,809,064.00 (3) LT1-F55 $ 780,448.50 1,606,116.50 (2) LT1-V55 $ 780,448.50 1,606,116.50 (3) LT1-F56 $ 722,771.00 1,548,606.50 (2) LT1-V56 $ 722,771.00 1,548,606.50 (3) LT1-F57 $ 2,853,158.50 13,063,253.50 (2) LT1-V57 $ 2,853,158.50 13,063,253.50 (3) LT1-F58 $ 5,572,711.00 8,081,401.00 (2) LT1-V58 $ 5,572,711.00 8,081,401.00 (3) LT1-F59 $ 4,052,432.00 8,414,418.00 (2) LT1-V59 $ 4,052,432.00 8,414,418.00 (3) LT1-R (4) (4)
Appears in 1 contract
Samples: Trust Agreement (LXS 2007-8h)
Middle. Tier REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC 1, other than the LT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT1-R Interest, is hereby designated as a REMIC regular interest. The Class MT1-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 1. The Upper-Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Offered Certificates represent ownership of regular interests in the Upper-Tier REMICREMIC 1. Each of the Offered Certificates also represent (other than the Class A-IO Certificatesi) also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. In addition, each of the Offered Certificates represents Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class X Certificates represent ownership of regular interests in the Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X and Class S-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in the Upper-Tier REMICREMIC 1. The Class R Certificate represents ownership of the sole class of residual interest in the Upper-Tier REMIC 1 as well as ownership of the Class LT1-R and Class MT1-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): LT1-A $ 25,837,637.69 31,175,089.01 (1) LT1-F1 $ 18,059,931.50 15,034,911.50 (2) LT1-V1 $ 18,059,931.50 15,034,911.50 (3) LT1-F2 $ 11,822,760.00 14,501,577.50 (2) LT1-V2 $ 11,822,760.00 14,501,577.50 (3) LT1-F3 $ 11,785,598.00 13,987,143.00 (2) LT1-V3 $ 11,785,598.00 13,987,143.00 (3) LT1-F4 $ 10,986,807.50 13,490,938.50 (2) LT1-V4 $ 10,986,807.50 13,490,938.50 (3) LT1-F5 $ 10,729,386.50 13,012,318.50 (2) LT1-V5 $ 10,729,386.50 13,012,318.50 (3) LT1-F6 $ 10,648,632.50 12,550,661.50 (2) LT1-V6 $ 10,648,632.50 12,550,661.50 (3) LT1-F7 $ 9,992,087.00 12,105,365.00 (2) LT1-V7 $ 9,992,087.00 12,105,365.00 (3) LT1-F8 $ 9,486,742.00 11,675,852.00 (2) LT1-V8 $ 9,486,742.00 11,675,852.00 (3) LT1-F9 $ 9,220,032.00 11,261,561.00 (2) LT1-V9 $ 9,220,032.00 11,261,561.00 (3) LT1-F10 $ 8,824,157.00 10,861,954.50 (2) LT1-V10 $ 8,824,157.00 10,861,954.50 (3) LT1-F11 $ 26,497,239.00 32,418,240.50 (2) LT1-V11 $ 26,497,239.00 32,418,240.50 (3) LT1-F12 $ 8,942,041.50 11,105,260.50 (2) LT1-V12 $ 8,942,041.50 11,105,260.50 (3) LT1-F13 $ 8,567,915.00 10,542,133.50 (2) LT1-V13 $ 8,567,915.00 10,542,133.50 (3) LT1-F14 $ 8,209,433.50 10,100,316.00 (2) LT1-V14 $ 8,209,433.50 10,100,316.00 (3) LT1-F15 $ 7,865,941.00 9,676,999.50 (2) LT1-V15 $ 7,865,941.00 9,676,999.50 (3) LT1-F16 $ 7,587,094.50 9,531,871.00 (2) LT1-V16 $ 7,587,094.50 9,531,871.00 (3) LT1-F17 $ 7,219,353.00 9,868,293.00 (2) LT1-V17 $ 7,219,353.00 9,868,293.00 (3) LT1-F18 $ 7,024,101.50 8,458,352.00 (2) LT1-V18 $ 7,024,101.50 8,458,352.00 (3) LT1-F19 $ 6,623,355.00 8,103,795.50 (2) LT1-V19 $ 6,623,355.00 8,103,795.50 (3) LT1-F20 $ 8,304,586.50 7,764,087.50 (2) LT1-V20 $ 8,304,586.50 7,764,087.50 (3) LT1-F21 $ 6,334,590.00 7,845,889.00 (2) LT1-V21 $ 6,334,590.00 7,845,889.00 (3) LT1-F22 $ 6,763,761.00 8,068,012.00 (2) LT1-V22 $ 6,763,761.00 8,068,012.00 (3) LT1-F23 $ 25,651,486.50 31,797,901.00 (2) LT1-V23 $ 25,651,486.50 31,797,901.00 (3) LT1-F24 $ 5,098,827.50 6,333,979.50 (2) LT1-V24 $ 5,098,827.50 6,333,979.50 (3) LT1-F25 $ 4,850,140.00 6,092,174.50 (2) LT1-V25 $ 4,850,140.00 6,092,174.50 (3) LT1-F26 $ 4,613,576.00 5,793,854.00 (2) LT1-V26 $ 4,613,576.00 5,793,854.00 (3) LT1-F27 $ 4,388,545.50 5,635,019.50 (2) LT1-V27 $ 4,388,545.50 5,635,019.50 (3) LT1-F28 $ 4,174,486.00 5,168,444.00 (2) LT1-V28 $ 4,174,486.00 5,168,444.00 (3) LT1-F29 $ 3,970,862.50 4,915,891.50 (2) LT1-V29 $ 3,970,862.50 4,915,891.50 (3) LT1-F30 $ 3,793,831.00 4,690,358.50 (2) LT1-V30 $ 3,793,831.00 4,690,358.50 (3) LT1-F31 $ 3,592,092.00 4,446,452.50 (2) LT1-V31 $ 3,592,092.00 4,446,452.50 (3) LT1-F32 $ 3,649,348.00 4,254,269.50 (2) LT1-V32 $ 3,649,348.00 4,254,269.50 (3) LT1-F33 $ 3,709,638.50 4,383,278.00 (2) LT1-V33 $ 3,709,638.50 4,383,278.00 (3) LT1-F34 $ 18,769,316.00 19,717,206.50 (2) LT1-V34 $ 18,769,316.00 19,717,206.50 (3) LT1-F35 $ 7,617,921.50 7,246,769.00 (2) LT1-V35 $ 7,617,921.50 7,246,769.00 (3) LT1-F36 $ 1,771,413.00 2,491,758.00 (2) LT1-V36 $ 1,771,413.00 2,491,758.00 (3) LT1-F37 $ 1,684,927.00 2,369,817.50 (2) LT1-V37 $ 1,684,927.00 2,369,817.50 (3) LT1-F38 $ 1,602,662.50 2,253,839.50 (2) LT1-V38 $ 1,602,662.50 2,253,839.50 (3) LT1-F39 $ 1,524,411.00 2,143,532.50 (2) LT1-V39 $ 1,524,411.00 2,143,532.50 (3) LT1-F40 $ 1,449,979.00 2,038,618.50 (2) LT1-V40 $ 1,449,979.00 2,038,618.50 (3) LT1-F41 $ 1,379,178.50 1,938,836.00 (2) LT1-V41 $ 1,379,178.50 1,938,836.00 (3) LT1-F42 $ 1,311,833.50 1,843,932.00 (2) LT1-V42 $ 1,311,833.50 1,843,932.00 (3) LT1-F43 $ 1,247,774.50 1,753,670.00 (2) LT1-V43 $ 1,247,774.50 1,753,670.00 (3) LT1-F44 $ 1,186,842.00 1,667,822.00 (2) LT1-V44 $ 1,186,842.00 1,667,822.00 (3) LT1-F45 $ 1,128,883.50 1,586,173.00 (2) LT1-V45 $ 1,128,883.50 1,586,173.00 (3) LT1-F46 $ 1,073,753.50 1,508,517.00 (2) LT1-V46 $ 1,073,753.50 1,508,517.00 (3) LT1-F47 $ 1,021,314.00 1,434,660.00 (2) LT1-V47 $ 1,021,314.00 1,434,660.00 (3) LT1-F48 $ 971,434.00 1,364,415.00 (2) LT1-V48 $ 971,434.00 1,364,415.00 (3) LT1-F49 $ 923,989.00 1,297,606.00 (2) LT1-V49 $ 923,989.00 1,297,606.00 (3) LT1-F50 $ 878,859.50 1,250,976.00 (2) LT1-V50 $ 878,859.50 1,250,976.00 (3) LT1-F51 $ 835,933.00 1,180,367.00 (2) LT1-V51 $ 835,933.00 1,180,367.00 (3) LT1-F52 $ 809,973.50 1,114,990.50 (2) LT1-V52 $ 809,973.50 1,114,990.50 (3) LT1-F53 $ 755,540.50 1,110,792.50 (2) LT1-V53 $ 755,540.50 1,110,792.50 (3) LT1-F54 $ 718,634.00 1,035,556.50 (2) LT1-V54 $ 718,634.00 1,035,556.50 (3) LT1-F55 $ 780,448.50 1,090,063.50 (2) LT1-V55 $ 780,448.50 1,090,063.50 (3) LT1-F56 $ 722,771.00 1,923,517.50 (2) LT1-V56 $ 722,771.00 1,923,517.50 (3) LT1-F57 $ 2,853,158.50 1,976,414.50 (2) LT1-V57 $ 2,853,158.50 1,976,414.50 (3) LT1-F58 $ 5,572,711.00 7,302,834.00 (2) LT1-V58 $ 5,572,711.00 7,302,834.00 (3) LT1-F59 $ 4,052,432.00 7,186,948.50 (2) LT1-V59 $ 4,052,432.00 7,186,948.50 (3) LT1-R (4) (4)
Appears in 1 contract
Middle. Tier REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC 1, other than the LT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT1-R Interest, is hereby designated as a REMIC regular interest. The Class MT1-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 1. Middle-Tier REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the MT1-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT2-R Interest, is hereby designated as a REMIC regular interest. The Class MT2-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 2. The Upper-Tier REMIC shall hold the uncertificated interests issued by Middle-Tier REMIC 12, other than the Class MT1MT2-R Interest. Each of the Offered Certificates represent represents ownership of regular interests in the Upper-Tier REMIC. Each of the Offered Certificates (other than the Class A-IO Certificates) also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. In addition, each of the Offered Certificates represents the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class XS Component of the Class X Certificates represent represents ownership of regular interests in the Upper-Tier REMIC and also represent represents the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered LIBOR Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X CX and Class SSX Components of the Class 1-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in the Upper-Tier REMIC. The Class R Certificate represents ownership of the sole class of residual interest in the Upper-Tier REMIC as well as ownership of the Class LT1-R R, Class MT1-R, and Class MT1MT2-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): LT1-A $ 25,837,637.69 (5) (1) LT1-F1 $ 18,059,931.50 13,351,862.50 (2) LT1-V1 $ 18,059,931.50 13,351,862.50 (3) LT1-F2 $ 11,822,760.00 12,879,731.00 (2) LT1-V2 $ 11,822,760.00 12,879,731.00 (3) LT1-F3 $ 11,785,598.00 12,423,947.50 (2) LT1-V3 $ 11,785,598.00 12,423,947.50 (3) LT1-F4 $ 10,986,807.50 11,984,520.00 (2) LT1-V4 $ 10,986,807.50 11,984,520.00 (3) LT1-F5 $ 10,729,386.50 11,560,656.00 (2) LT1-V5 $ 10,729,386.50 11,560,656.00 (3) LT1-F6 $ 10,648,632.50 11,151,773.50 (2) LT1-V6 $ 10,648,632.50 11,151,773.50 (3) LT1-F7 $ 9,992,087.00 10,757,332.50 (2) LT1-V7 $ 9,992,087.00 10,757,332.50 (3) LT1-F8 $ 9,486,742.00 10,376,660.50 (2) LT1-V8 $ 9,486,742.00 10,376,660.50 (3) LT1-F9 $ 9,220,032.00 10,009,634.50 (2) LT1-V9 $ 9,220,032.00 10,009,634.50 (3) LT1-F10 $ 8,824,157.00 9,655,560.50 (2) LT1-V10 $ 8,824,157.00 9,655,560.50 (3) LT1-F11 $ 26,497,239.00 28,834,693.00 (2) LT1-V11 $ 26,497,239.00 28,834,693.00 (3) LT1-F12 $ 8,942,041.50 9,795,592.50 (2) LT1-V12 $ 8,942,041.50 9,795,592.50 (3) LT1-F13 $ 8,567,915.00 9,386,220.00 (2) LT1-V13 $ 8,567,915.00 9,386,220.00 (3) LT1-F14 $ 8,209,433.50 8,993,959.50 (2) LT1-V14 $ 8,209,433.50 8,993,959.50 (3) LT1-F15 $ 7,865,941.00 8,617,998.50 (2) LT1-V15 $ 7,865,941.00 8,617,998.50 (3) LT1-F16 $ 7,587,094.50 8,257,810.00 (2) LT1-V16 $ 7,587,094.50 8,257,810.00 (3) LT1-F17 $ 7,219,353.00 7,912,656.50 (2) LT1-V17 $ 7,219,353.00 7,912,656.50 (3) LT1-F18 $ 7,024,101.50 7,581,886.00 (2) LT1-V18 $ 7,024,101.50 7,581,886.00 (3) LT1-F19 $ 6,623,355.00 7,264,991.00 (2) LT1-V19 $ 6,623,355.00 7,264,991.00 (3) LT1-F20 $ 8,304,586.50 6,961,321.00 (2) LT1-V20 $ 8,304,586.50 6,961,321.00 (3) LT1-F21 $ 6,334,590.00 6,670,350.00 (2) LT1-V21 $ 6,334,590.00 6,670,350.00 (3) LT1-F22 $ 6,763,761.00 6,391,535.00 (2) LT1-V22 $ 6,763,761.00 6,391,535.00 (3) LT1-F23 $ 25,651,486.50 28,531,694.50 (2) LT1-V23 $ 25,651,486.50 28,531,694.50 (3) LT1-F24 $ 5,098,827.50 5,747,094.00 (2) LT1-V24 $ 5,098,827.50 5,747,094.00 (3) LT1-F25 $ 4,850,140.00 5,467,044.00 (2) LT1-V25 $ 4,850,140.00 5,467,044.00 (3) LT1-F26 $ 4,613,576.00 5,200,629.00 (2) LT1-V26 $ 4,613,576.00 5,200,629.00 (3) LT1-F27 $ 4,388,545.50 4,947,196.50 (2) LT1-V27 $ 4,388,545.50 4,947,196.50 (3) LT1-F28 $ 4,174,486.00 4,706,110.00 (2) LT1-V28 $ 4,174,486.00 4,706,110.00 (3) LT1-F29 $ 3,970,862.50 4,476,766.00 (2) LT1-V29 $ 3,970,862.50 4,476,766.00 (3) LT1-F30 $ 3,793,831.00 4,258,513.50 (2) LT1-V30 $ 3,793,831.00 4,258,513.50 (3) LT1-F31 $ 3,592,092.00 4,050,971.50 (2) LT1-V31 $ 3,592,092.00 4,050,971.50 (3) LT1-F32 $ 3,649,348.00 3,853,545.50 (2) LT1-V32 $ 3,649,348.00 3,853,545.50 (3) LT1-F33 $ 3,709,638.50 3,665,737.00 (2) LT1-V33 $ 3,709,638.50 3,665,737.00 (3) LT1-F34 $ 18,769,316.00 3,487,078.00 (2) LT1-V34 $ 18,769,316.00 3,487,078.00 (3) LT1-F35 $ 7,617,921.50 3,317,122.50 (2) LT1-V35 $ 7,617,921.50 3,317,122.50 (3) LT1-F36 $ 1,771,413.00 3,155,436.50 (2) LT1-V36 $ 1,771,413.00 3,155,436.50 (3) LT1-F37 $ 1,684,927.00 3,001,691.00 (2) LT1-V37 $ 1,684,927.00 3,001,691.00 (3) LT1-F38 $ 1,602,662.50 2,855,380.00 (2) LT1-V38 $ 1,602,662.50 2,855,380.00 (3) LT1-F39 $ 1,524,411.00 2,716,221.00 (2) LT1-V39 $ 1,524,411.00 2,716,221.00 (3) LT1-F40 $ 1,449,979.00 2,583,818.00 (2) LT1-V40 $ 1,449,979.00 2,583,818.00 (3) LT1-F41 $ 1,379,178.50 2,457,866.50 (2) LT1-V41 $ 1,379,178.50 2,457,866.50 (3) LT1-F42 $ 1,311,833.50 2,338,051.00 (2) LT1-V42 $ 1,311,833.50 2,338,051.00 (3) LT1-F43 $ 1,247,774.50 2,224,073.50 (2) LT1-V43 $ 1,247,774.50 2,224,073.50 (3) LT1-F44 $ 1,186,842.00 2,115,650.50 (2) LT1-V44 $ 1,186,842.00 2,115,650.50 (3) LT1-F45 $ 1,128,883.50 2,012,509.50 (2) LT1-V45 $ 1,128,883.50 2,012,509.50 (3) LT1-F46 $ 1,073,753.50 1,914,395.00 (2) LT1-V46 $ 1,073,753.50 1,914,395.00 (3) LT1-F47 $ 1,021,314.00 1,821,061.50 (2) LT1-V47 $ 1,021,314.00 1,821,061.50 (3) LT1-F48 $ 971,434.00 1,732,275.50 (2) LT1-V48 $ 971,434.00 1,732,275.50 (3) LT1-F49 $ 923,989.00 1,647,816.50 (2) LT1-V49 $ 923,989.00 1,647,816.50 (3) LT1-F50 $ 878,859.50 1,567,473.00 (2) LT1-V50 $ 878,859.50 1,567,473.00 (3) LT1-F51 $ 835,933.00 1,491,045.50 (2) LT1-V51 $ 835,933.00 1,491,045.50 (3) LT1-F52 $ 809,973.50 1,418,342.00 (2) LT1-V52 $ 809,973.50 1,418,342.00 (3) LT1-F53 $ 755,540.50 1,349,223.50 (2) LT1-V53 $ 755,540.50 1,349,223.50 (3) LT1-F54 $ 718,634.00 1,284,160.00 (2) LT1-V54 $ 718,634.00 1,284,160.00 (3) LT1-F55 $ 780,448.50 1,221,533.50 (2) LT1-V55 $ 780,448.50 1,221,533.50 (3) LT1-F56 $ 722,771.00 1,161,937.00 (2) LT1-V56 $ 722,771.00 1,161,937.00 (3) LT1-F57 $ 2,853,158.50 1,105,256.50 (2) LT1-V57 $ 2,853,158.50 1,105,256.50 (3) LT1-F58 $ 5,572,711.00 1,051,411.50 (2) LT1-V58 $ 5,572,711.00 1,051,411.50 (3) LT1-F59 $ 4,052,432.00 20,477,586.50 (2) LT1-V59 $ 4,052,432.00 20,477,586.50 (3) LT1-R (4) (4)) ___________________________
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