REMIC 1. 30 REMIC 1 Regular Interest LT-1...........................................................................30 REMIC 1 Regular Interest LT-2...........................................................................31 REMIC 1 Regular Interest LT-3...........................................................................31 REMIC 1 Regular Interest LT-4...........................................................................31 REMIC 1 Regular Interest LT-5...........................................................................31 REMIC 1 Regular Interest LT-P...........................................................................31 REMIC 1 Regular Interests...............................................................................31
REMIC 1. On each Distribution Date, the REMIC 1 Regular Interests shall receive distributions of interest and principal equal in the aggregate to amounts distributable pursuant to Sections 4.01 and 4.02 (other than to the Class R Certificates in respect of the Class R-4 Interest) from amounts on deposit in the Distribution Account. Such amounts with respect to interest shall accrue at the Adjusted Weighted Average Net Mortgage Rate on the Class T1-1, Class T1-2 and Class T1-3 Regular Interests and at the Weighted Average Net Mortgage Rate on the Class T1-4 Regular Interest. Any shortfalls of interest will be allocated, first, to the Class T1-4 Interest, to the extent that interest shortfalls are allocated to the Class TB-4 Interest; and, second, to the Class T1-1, Class T1-2 and Class T1-3 Interests, pro rata based on interest accrued. Amounts in reduction of principal balance of the REMIC 1 Regular Interests shall be allocated to the Class T1-1, Class T1-2 and Class T1-3 Interests in the aggregate in an amount equal to the Principal Remittance Amount less the lesser of Overcollateralization Release Amount and the Overcollateralization Amount. Such aggregate amount shall be allocated so that the principal balance of the Class T1-1, Class T1-2 and Class T1-3 Interests equal the amounts specified in the definitions thereof in Article I. Amounts in reduction of principal balance shall be allocated to the Class T1-4 Interest, to the extent such amounts are allocated to the Class TB-4 Interest. Realized Losses shall be allocated first to the Class T1-4 Interest, to the extent such Realized Losses are allocated to the Class TB-4 Interest, and then pro rata to the Class T1-1, Class T1-2 and Class T1-3
REMIC 1. 28 REMIC 1
REMIC 1. On each Distribution Date, REMIC 1 shall be deemed to have received the amounts deemed distributed in respect of the SWAP REMIC Regular Interests. Amounts with respect to interest shall accrue on the REMIC 1 Regular Interests at the rates specified in the Preliminary Statement. Payments and Realized Losses shall be allocated among the REMIC 1 Regular Interests so that (i) each of the Marker Interests shall have a principal balance equal to 50% of the principal balance of the related REMIC 2 Regular Interest (with, for purposes of this Section 9.01(w), the REMIC 2 A-1 Interest being related to the Class LT1-A1 Interest, the REMIC 2 A-2A Interest being related to the Class LT1-A2A Interest, the REMIC 2 A-2B Interest being related to the Class LT1-A2B Interest, the REMIC 2 A-2C Interest being related to the Class LT1-A2C Interest, the REMIC 2 A-2D Interest being related to the Class LT1-A2D Interest, the REMIC 2 M-1 Interest being related to the Class LT1-M1 Interest, the REMIC 2 M-2 Interest being related to the Class LT1-M2 Interest, the REMIC 2 M-3 Interest being related to the Class LT1-M3 Interest, the REMIC 2 M-4 Interest being related to the Class LT1-M4 Interest, the REMIC 2 M-5 Interest being related to the Class LT1-M5 Interest, the REMIC 2 M-6 Interest being related to the Class LT1-M6 Interest, the REMIC 2 M-7 Interest being related to the Class LT1-M7 Interest, the REMIC 2 M-8 Interest being related to the Class LT1-M8 Interest, the REMIC 2 B-1 Interest being related to the Class LT1-B1 Interest, the REMIC 2 B-2 Interest being related to the Class 133
REMIC 1. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 1 Mortgage Certificates and such amounts as shall be deemed held in the Group 1 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 1.” The Class R1 Interest will represent the sole class of “residual interests” in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 1A1 Interest, Class 1A2 Interest and Class 1A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will be deemed to distribute the interest portion of the REMIC Distribution Amount for the related Group to pay Uncertificated Accrued Interest on the Class 1A1 Interest, Class 1A2 Interest and Class 1A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case to the extent actually distributed thereon. On each Distribution Date, the Trustee will be deemed to distribute the principal portion of the REMIC Distribution Amount for the related Group to reduce the Uncertificated Balance of the Class 1A1 Interest, Class 1A2 Interest and Class 1A3 Interest until the Uncertificated Balances equal the Class Balances of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 1A3 Interest to the extent of any Class 1-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 1A1 Interest, Class 1A2 Interest and Class 1A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 1A1 Interest, Class 1A2 Interest and Class 1A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will be distributed to the Class 1-A-R Certificate (in respect of the Class R1 Interest).
REMIC 1. All payments received by REMIC 1 shall be paid to the REMIC 1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LT1-R Interest. On each Distribution Date,
(i) interest shortfalls with respect to the Mortgage Loans (other than interest shortfalls attributable to Negative Amortization) shall be allocated to the REMIC 1 Regular Interests (other than the Class LT1-IO Interest) pro rata based on interest otherwise accrued thereon;
(ii) the principal balance of each REMIC 1 Regular Interest shall be increased by the amount of interest accrued thereon (net of interest shortfalls allocated thereto pursuant to the immediately preceding clause (i));
(iii) cash received by REMIC 1 with respect to the SWAP REMIC Regular Interests shall be distributed first to the Class LT1-IO Interest in reduction of its principal balance so that its principal balance is as close as possible to zero.
(iv) the remaining cash received by REMIC 1 shall be distributed to, and losses with respect to the Mortgage Loans shall be allocated to the REMIC 1 Marker Classes and the Class LT1-X Interest in reduction of their principal amounts as follows:
REMIC 1. On each Distribution Date, the REMIC 1 Regular Interests shall receive distributions of interest and principal equal in the aggregate to amounts distributable pursuant to Sections 4.01 and 4.02 (other than to the Class R Certificates) from amounts on deposit in the Distribution Account. Such amounts with respect to interest shall accrue at the rate specified in the Preliminary Statement with respect to each REMIC 1 Regular Interest. Any shortfalls of interest on the Group I Mortgage Loans will be allocated, first, to the Class LT1-I-X Interest then to the remaining REMIC 1 Regular Interests designated with a "I" in numerical order. Any shortfalls of interest on the Group II Mortgage Loans will be allocated, first, to the Class LT1-II-X Interest then to the remaining REMIC 1 Regular Interests designated with a "II" in numerical order. Amounts in reduction of principal balance of the REMIC 1 Regular Interests in respect of Loan Group I shall be allocated first, to the Class LT1-I-X Interest and then to the remaining REMIC 1 Regular Interests with the designation "I" in numerical order. Amounts in reduction of principal balance of the REMIC 1 Regular Interests in respect of Loan Group II shall be allocated first, to the Class LT1-II-X Interest and then to the remaining REMIC 1 Regular Interests with the designation "II" in numerical order. Realized Losses in respect of principal shall be allocated in the same manner as amounts in reduction of principal balance. Such amounts with respect to principal and any Realized Losses with respect to principal shall reduce the principal balances of the REMIC 1 Regular Interests so that (i) in the aggregate, such balances correspond to the Pool Balance of the Mortgage Loans as of the last day of the related Due Period, (ii) in the aggregate, the principal balances of the REMIC 1 Regular Interests with the designation "I" correspond to the Pool Balance of the Group I Mortgage Loans as of the last day of the related Due Period and (iii) in the aggregate, the principal balances of the REMIC 1 Regular Interests with the designation "II" correspond to the Pool Balance of the Group II Mortgage Loans as of the last day of the related Due Period. Amounts in the Distribution Account deemed distributed in respect of the REMIC 1 Regular Interests shall be treated as held by REMIC 2 for distribution in accordance with Section 4.08(g). Any amounts remaining in REMIC 1 on a Distribution Date shall be distributed to the Class R Certific...
REMIC 1. The REMIC 1 Interests will have the principal balances, pass-through rates and Corresponding Loan Groups as set forth below. REMIC 1 Interests Initial Balance Pass-Through Rate Corresponding Loan Group(s) R-1-1-I................................................ (1) (5) 1 R-1-1-S............................................... (2) (6) 1 R-1-2-I................................................ (1) (5) 2 R-1-2-S............................................... (2) (6) 2 R-1-3-I................................................ (1) (5) 3
REMIC 1. The REMIC 1 Interests will have the Initial Principal Balances and Pass-Through Rates as set forth in the following table: Class 2-1A (1) (2) Class 2-1B (1) (2) Class 2-2A (1) (2) Class 2-2B (1) (2) Class 2-3A (1) (2) Class 2-3B (1) (2) Class 2-4A (1) (2) Class 2-4B (1) (2) Class 2-5A (1) (2) Class 2-5B (1) (2) Class 2-6A (1) (2) Class 2-6B (1) (2) Class 2-7A (1) (2) Class 2-7B (1) (2) Class 2-8A (1) (2) Class 2-8B (1) (2) Class 2-9A (1) (2) Class 2-9B (1) (2) Class 2-10A (1) (2) Class 2-10B (1) (2) Class 2-11A (1) (2) Class 2-11B (1) (2) Class 2-12A (1) (2) Class 2-12B (1) (2) Class 2-13A (1) (2) Class 2-13B (1) (2) Class 2-14A (1) (2) Class 2-14B (1) (2) Class 2-15A (1) (2) Class 2-15B (1) (2) Class 2-16A (1) (2) Class 2-16B (1) (2) Class 2-Support (3) (2) Class 2-Swap LIBOR (4) (4)
REMIC 1. 31 REMIC 1 Interest Loss Allocation Amount.................................................................31
