Common use of PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS Clause in Contracts

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 SECTION 4.01. Priorities of Distribution...........................................................106 SECTION 4.02. Allocation of Losses.................................................................115 SECTION 4.03. Recoveries...........................................................................117 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. Monthly Statements to Certificateholders.............................................117 SECTION 4.06. Servicer to Cooperate................................................................118 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds..............................118 SECTION 4.08. Reserved.............................................................................119 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 SECTION 4.13. Replacement Swap Counterparty........................................................123 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 SECTION 5.01. Advances by the Master Servicer and Servicers........................................124 ARTICLE VI THE CERTIFICATES.....................................................................................125 SECTION 6.01. The Certificates.....................................................................125 SECTION 6.02. Registration of Transfer and Exchange of Certificates................................126 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................131 SECTION 6.04. Persons Deemed Owners................................................................131 SECTION 6.05. Access to List of Certificateholders' Names and Addresses............................131 SECTION 6.06. Maintenance of Office or Agency......................................................131 SECTION 6.07. Book Entry Certificates..............................................................132 SECTION 6.08. Notices to Clearing Agency...........................................................132 SECTION 6.09. Definitive Certificates..............................................................133

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 73 SECTION 4.01. Priorities of Distribution...........................................................106 ............................................................73 SECTION 4.02. Allocation of Losses.................................................................115 ..................................................................73 SECTION 4.03. Recoveries...........................................................................117 ............................................................................73 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. Monthly Statements to Certificateholders.............................................117 ..............................................73 SECTION 4.064.05. Servicer to Cooperate................................................................118 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds..............................118 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Reserved.............................................................................119 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 ...........................................................75 SECTION 4.134.10. Replacement Swap Counterparty........................................................123 .........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers........................................124 ....................76 ARTICLE VI THE CERTIFICATES.....................................................................................125 ......................................................................................78 SECTION 6.01. The Certificates.....................................................................125 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates................................126 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................131 .....................................84 SECTION 6.04. Persons Deemed Owners................................................................131 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses............................131 .............................84 SECTION 6.06. Maintenance of Office or Agency......................................................131 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..............................................................132 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...........................................................132 ............................................................85 SECTION 6.09. Definitive Certificates..............................................................133...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE SERVICERS, THE SPECIAL SERVICER AND THE MODIFICATION OVERSIGHT AGENT...............................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent.............................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and Others......88 SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing......................................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 73 SECTION 4.01. Priorities of Distribution...........................................................106 ............................................................73 SECTION 4.02. Allocation of Losses.................................................................115 ..................................................................73 SECTION 4.03. Recoveries...........................................................................117 ............................................................................73 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. Monthly Statements to Certificateholders.............................................117 ..............................................73 SECTION 4.064.05. Servicer to Cooperate................................................................118 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds..............................118 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Reserved.............................................................................119 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 ...........................................................75 SECTION 4.134.10. Replacement Swap Counterparty........................................................123 .........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers........................................124 ....................76 ARTICLE VI THE CERTIFICATES.....................................................................................125 ......................................................................................78 SECTION 6.01. The Certificates.....................................................................125 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates................................126 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................131 .....................................84 SECTION 6.04. Persons Deemed Owners................................................................131 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses............................131 .............................84 SECTION 6.06. Maintenance of Office or Agency......................................................131 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..............................................................132 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...........................................................132 ............................................................85 SECTION 6.09. Definitive Certificates..............................................................133...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE SERVICERS, THE SPECIAL SERVICER AND THE MODIFICATION OVERSIGHT AGENT..................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent..................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing............................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 99 SECTION 4.01 Certificate Account.........................99 SECTION 4.02 Distributions..............................100 SECTION 4.03 Allocation of Realized Losses..............106 SECTION 4.01. Priorities of Distribution...........................................................106 SECTION 4.02. Allocation of Losses.................................................................115 SECTION 4.03. Recoveries...........................................................................117 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. 4.04 Monthly Statements to Certificateholders.............................................117 ...107 SECTION 4.06. Servicer to Cooperate................................................................118 4.05 Prepayment Interest Shortfalls and Relief Act Shortfalls......................109 SECTION 4.07. Cross-Collateralization4.06 Auction Administration Agreement; Adjustments to Available Funds..............................118 Swap Agreement..................................110 SECTION 4.08. Reserved.............................................................................119 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 SECTION 4.13. Replacement Swap Counterparty........................................................123 4.07 Deemed Distributions on REMIC Regular Interests..................................111 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ADVANCES...........................................112 SECTION 5.01. 5.01 Monthly Advances by the Master Servicer and Servicers........................................124 Servicer...........112 SECTION 5.02 Advances for Attorneys' Fees...............113 SECTION 5.03 Nonrecoverable Advances....................113 SECTION 5.04 Advance Procedures.........................113 ARTICLE VI THE CERTIFICATES.....................................................................................125 ...................................113 SECTION 6.01. 6.01 The Certificates.....................................................................125 ...........................113 SECTION 6.02. 6.02 Registration of Transfer and Exchange of Certificates................................126 ...............................115 SECTION 6.03. 6.03 Mutilated, Destroyed, Lost or Stolen Certificates....................................131 ...............................122 SECTION 6.04. 6.04 Persons Deemed Owners................................................................131 ......................123 SECTION 6.05. 6.05 Access to List of Certificateholders' Names and Addresses............................131 ........................123 SECTION 6.06. 6.06 Maintenance of Office or Agency......................................................131 ............123 ARTICLE VII THE DEPOSITOR, SELLER AND THE SERVICER.............124 SECTION 6.07. Book Entry Certificates..............................................................132 SECTION 6.08. Notices to Clearing Agency...........................................................132 SECTION 6.09. Definitive Certificates..............................................................1337.01 Liabilities of the Depositor, Seller and the Servicer...............................124

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 121 SECTION 4.01. Priorities of Distribution...........................................................106 ...............................121 SECTION 4.02. Allocation of Losses.................................................................115 .....................................133 SECTION 4.03. Recoveries...........................................................................117 ...............................................134 SECTION 4.04. Reserved.............................................................................117 .................................................134 SECTION 4.05. Monthly Statements to Certificateholders.............................................117 .................134 SECTION 4.06. Servicer to Cooperate................................................................118 ....................................135 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds..............................118 ....................................................136 SECTION 4.08. Reserved.............................................................................119 Group 9 Basis Risk Reserve Fund..........................137 SECTION 4.09. Reserved.............................................................................119 Class C-B-1 Basis Risk Reserve Fund......................138 SECTION 4.10. Group 6 Class 9-A-4 Interest Rate Cap Account....................................................119 ....................139 SECTION 4.11. Supplemental Class 9-A-5 Interest Trust..........................................................121 Rate Cap Account....................140 SECTION 4.12. Rights of Swap Counterparty..........................................................123 Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Replacement Swap Counterparty........................................................123 Class 9-A-7 Interest Rate Cap Account....................143 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ....................146 SECTION 5.01. Advances by the Master Servicer and Servicers........................................124 ............146 ARTICLE VI THE CERTIFICATES.....................................................................................125 ................................................147 SECTION 6.01. The Certificates.....................................................................125 .........................................147 SECTION 6.02. Registration of Transfer and Exchange of Certificates................................126 .............................................148 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................131 ........152 SECTION 6.04. Persons Deemed Owners................................................................131 ....................................153 SECTION 6.05. Access to List of Certificateholders' Names and Addresses............................131 ................................................153 SECTION 6.06. Maintenance of Office or Agency......................................................131 ..........................153 SECTION 6.07. Book Entry Certificates..............................................................132 ..................................153 SECTION 6.08. Notices to Clearing Agency...........................................................132 ...............................154 SECTION 6.09. Definitive Certificates..............................................................133..................................154 ARTICLE VII THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SERVICERS AND THE SPECIAL SERVICER............................

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 73 SECTION 4.01. Priorities of Distribution...........................................................106 ............................................................73 SECTION 4.02. Allocation of Losses.................................................................115 ..................................................................73 SECTION 4.03. Recoveries...........................................................................117 ............................................................................73 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. Monthly Statements to Certificateholders.............................................117 ..............................................73 SECTION 4.064.05. Servicer to Cooperate................................................................118 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds..............................118 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Reserved.............................................................................119 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 ...........................................................75 SECTION 4.134.10. Replacement Swap Counterparty........................................................123 .........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers........................................124 ....................76 ARTICLE VI THE CERTIFICATES.....................................................................................125 ......................................................................................78 SECTION 6.01. The Certificates.....................................................................125 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates................................126 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................131 .....................................84 SECTION 6.04. Persons Deemed Owners................................................................131 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses............................131 .............................84 SECTION 6.06. Maintenance of Office or Agency......................................................131 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..............................................................132 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...........................................................132 ............................................................85 SECTION 6.09. Definitive Certificates..............................................................133...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE SERVICERS, THE SPECIAL SERVICER AND THE MODIFICATION OVERSIGHT AGENT..................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent..................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and Others................................................................................88 SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing............................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 106 117 SECTION 4.01. Priorities of Distribution...........................................................106 4.01 Certificate Account..............................117 SECTION 4.02. 4.02 Distributions....................................118 SECTION 4.03 Allocation of Realized Losses.................................................................115 ....................127 SECTION 4.03. Recoveries...........................................................................117 SECTION 4.04. Reserved.............................................................................117 SECTION 4.05. 4.04 Monthly Statements to Certificateholders.............................................117 .........129 SECTION 4.06. Servicer to Cooperate................................................................118 4.05 Prepayment Interest Shortfalls and Relief Act Shortfalls...................................131 SECTION 4.07. Cross-Collateralization4.06 Auction Administration Agreement; Adjustments to Available Funds..............................118 Swap Agreement........................................132 SECTION 4.08. Reserved.............................................................................119 SECTION 4.09. Reserved.............................................................................119 SECTION 4.10. Group 6 Interest Rate Cap Account....................................................119 SECTION 4.11. Supplemental Interest Trust..........................................................121 SECTION 4.12. Rights of Swap Counterparty..........................................................123 SECTION 4.13. Replacement Swap Counterparty........................................................123 4.07 Deemed Distributions on REMIC Regular Interests........................................133 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS.........................................................124 ADVANCES.................................................135 SECTION 5.01. 5.01 Monthly Advances by the Master Servicer and Servicers........................................124 Servicer.................135 SECTION 5.02 Advances for Attorneys' Fees.....................136 SECTION 5.03 Nonrecoverable Advances..........................136 SECTION 5.04 Advance Procedures...............................136 ARTICLE VI THE CERTIFICATES.....................................................................................125 .........................................137 SECTION 6.01. 6.01 The Certificates.....................................................................125 .................................137 SECTION 6.02. 6.02 Registration of Transfer and Exchange of Certificates................................126 .....................................139 SECTION 6.03. 6.03 Mutilated, Destroyed, Lost or Stolen Certificates....................................131 .....................................146 SECTION 6.04. 6.04 Persons Deemed Owners................................................................131 ............................146 SECTION 6.05. 6.05 Access to List of Certificateholders' Names and Addresses............................131 ....................................147 SECTION 6.06. 6.06 Maintenance of Office or Agency......................................................131 ..................147 ARTICLE VII THE DEPOSITOR, SELLER AND THE SERVICER...................147 SECTION 6.07. Book Entry 7.01 Liabilities of the Depositor, Seller and the Servicer.....................................147 SECTION 7.02 Merger or Consolidation of the Depositor, the Seller or the Servicer...........................148 SECTION 7.03 Limitation on Liability of the Depositor, the Servicer and Others..............................149 SECTION 7.04 Servicer Not to Resign...........................150 -ii- SECTION 7.05 Errors and Omissions Insurance; Fidelity Bonds............................................150 SECTION 7.06 Seller and Servicer May Own Certificates..............................................................132 .........150 ARTICLE VIII DEFAULT..................................................150 SECTION 6.08. Notices 8.01 Events of Default................................150 SECTION 8.02 Trustee to Clearing Agency...........................................................132 Act; Appointment of Successor.........152 SECTION 6.09. Definitive Certificates..............................................................1338.03 Notification to Certificateholders...............153 SECTION 8.04 Waiver of Events of Default......................153