REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each 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 2A1 Interest, Class 2A2 Interest and Class 2A3 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 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 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 2A1 Interest, Class 2A2 Interest and Class 2A3 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 R2 Interest).
REMIC 2. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC 2 Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC 1 Regular Interests pursuant to Section 4.08(d). For these purposes, the Class T2-1 and Class T2-11 Interests correspond to the Class T1-1 Interest, the Class T2-2 and Class T2-12 Interests correspond to the Class T1-2 Interest, the Class T2-3 and Class T2-13 Interests correspond to the Class T1-3 Interest, the Class T2-101 Interest corresponds to the Class T1-101 Interest, the Class T2-102 Interest corresponds to the Class T1-102 Interest and the Class T2-AIO Interest corresponds to the Class T1-AIO Interest. Interest will accrue on each of the Class T2-1, Class T2-2 and Class T2-3 Interests at the REMIC 2 Pass-Through Rate. Interest will accrue on each of the Class T2-11, Class T2-12 and Class T2-13 Interests at the excess, if any, of the Adjusted Weighted Average Net Mortgage Rate over the REMIC 2 Pass-Through Rate. Interest will accrue on the Class T2-101 Interest at the Loan Group I Weighted Average Net Mortgage Rate. Interest will accrue on the Class T2-102 Interest at the Loan Group II Weighted Average Net Mortgage Rate. Any shortfalls of interest will be allocated, first, pro rata, to the Class T2-11, Class T2-12 and Class T2-13 Interests; and second, pro rata, to the Class T2-1, Class T2-2, Class T2-3 Interests, Class T2-101 and Class T2-102 Interests, and third, to the Class T2-AIO Interest. Amounts in the Distribution Account deemed distributed in respect of the REMIC 2 Regular Interests shall be treated as held by REMIC 3 for distribution in accordance with Section 4.08(b). Any portion of Available Funds remaining in REMIC 2 on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-2
REMIC 2. 34 REMIC 2 Group 1 Interest Loss Allocation Amount.........................................................34 REMIC 2 Group 2 Interest Loss Allocation Amount.........................................................34 REMIC 2 Group 1 Overcollateralized Amount...............................................................34 REMIC 2 Group 2 Overcollateralized Amount...............................................................34 REMIC 2 Group 1 Principal Loss Allocation Amount........................................................35 REMIC 2 Group 2 Principal Loss Allocation Amount........................................................35 REMIC 2 Overcollateralization Target Amount.............................................................35 REMIC 2 Regular Interest LT2A-IO........................................................................35 REMIC 2 Regular Interest LT2-1AA........................................................................35 REMIC 2 Regular Interest LT2-AI1........................................................................35 REMIC 2 Regular Interest LT2-AI2........................................................................36 REMIC 2 Regular Interest LT2-AI3........................................................................36 REMIC 2 Regular Interest LT2-AI4........................................................................36 REMIC 2 Regular Interest LT2-1M1........................................................................36 REMIC 2 Regular Interest LT2-1B.........................................................................36 REMIC 2 Regular Interest LT2-1ZZ........................................................................36 REMIC 2 Regular Interest LT2-2AA........................................................................36 REMIC 2 Regular Interest LT2-AII........................................................................37 REMIC 2 Regular Interest LT2-2M1........................................................................37 REMIC 2 Regular Interest LT2-2M2........................................................................37 REMIC 2 Regular Interest LT2-2B.........................................................................37 REMIC 2 Regular Interest LT2-2ZZ........................................................................37 REMIC 2 Regular Interest LT2P...........................................................................37 REMIC 2 Regular Interests..............
REMIC 2. 31 REMIC 2 Interest Loss Allocation Amount.................................................................32
REMIC 2. 26 REMIC 2 Interest Loss Allocation Amount...................................26 REMIC 2 Overcollateralization Target Amount...............................26 REMIC 2 Regular Interest MT-AA............................................27 REMIC 2 Regular Interest MT-A1............................................27 REMIC 2 Regular Interest MT-M1............................................27 REMIC 2 Regular Interest MT-B.............................................27 REMIC 2 Regular Interest MT-ZZ............................................27 REMIC 2 Regular Interest MT-IO............................................27 REMIC 2 Regular Interest MT-P.............................................28 REMIC 2 Regular Interests.................................................28
REMIC 2. The following table sets forth the designations, principal balances and interest rates for each interest in REMIC 2, each of which (other than the Class LT2-R Lower Tier Interest) is hereby designated as a regular interest in REMIC 2 (the “REMIC 2 Regular Interests”): LT2-A $61,007,388.83 (1) LT2-F1 16,020,500.00 (2) LT2-V1 16,020,500.00 (3) LT2-F2 15,547,500.00 (2) LT2-V2 15,547,500.00 (3) LT2-F3 15,088,500.00 (2) LT2-V3 15,088,500.00 (3) LT2-F4 14,643,000.00 (2) LT2-V4 14,643,000.00 (3) LT2-F5 14,211,000.00 (2) LT2-V5 14,211,000.00 (3) LT2-F6 13,790,500.00 (2) LT2-V6 13,790,500.00 (3) LT2-F7 13,384,000.00 (2) LT2-V7 13,384,000.00 (3) LT2-F8 12,988,000.00 (2) LT2-V8 12,988,000.00 (3) LT2-F9 12,605,000.00 (2) LT2-V9 12,605,000.00 (3) LT2-F10 12,232,000.00 (2) LT2-V10 12,232,000.00 (3) LT2-F11 11,871,000.00 (2) LT2-V11 11,871,000.00 (3) LT2-F12 11,520,500.00 (2) LT2-V12 11,520,500.00 (3) LT2-F13 13,546,500.00 (2) LT2-V13 13,546,500.00 (3) LT2-F14 14,503,500.00 (2) LT2-V14 14,503,500.00 (3) LT2-F15 14,391,500.00 (2) LT2-V15 14,391,500.00 (3) LT2-F16 14,113,000.00 (2) LT2-V16 14,113,000.00 (3) LT2-F17 13,944,500.00 (2) LT2-V17 13,944,500.00 (3) LT2-F18 13,666,000.00 (2) LT2-V18 13,666,000.00 (3) LT2-F19 13,444,000.00 (2) LT2-V19 13,444,000.00 (3) LT2-V20 13,165,000.00 (3) LT2-F21 12,829,500.00 (2) LT2-V21 12,829,500.00 (3) LT2-F22 12,495,000.00 (2) LT2-V22 12,495,000.00 (3) LT2-F23 43,174,500.00 (2) LT2-V23 43,174,500.00 (3) LT2-F24 23,205,500.00 (2) LT2-V24 23,205,500.00 (3) LT2-F25 20,247,000.00 (2) LT2-V25 20,247,000.00 (3) LT2-F26 15,396,000.00 (2) LT2-V26 15,396,000.00 (3) LT2-F27 12,049,000.00 (2) LT2-V27 12,049,000.00 (3) LT2-F28 9,539,000.00 (2) LT2-V28 9,539,000.00 (3) LT2-F29 7,642,500.00 (2) LT2-V29 7,642,500.00 (3) LT2-F30 6,247,000.00 (2) LT2-V30 6,247,000.00 (3) LT2-F31 5,076,000.00 (2) LT2-V31 5,076,000.00 (3) LT2-F32 4,183,500.00 (2) LT2-V32 4,183,500.00 (3) LT2-F33 3,961,000.00 (2) LT2-V33 3,961,000.00 (3) LT2-F34 3,737,500.00 (2) LT2-V34 3,737,500.00 (3) LT2-F35 3,569,500.00 (2) LT2-V35 3,569,500.00 (3) LT2-F36 3,402,000.00 (2) LT2-V36 3,402,000.00 (3) LT2-F37 3,235,500.00 (2) LT2-V37 3,235,500.00 (3) LT2-F38 3,068,500.00 (2) LT2-V38 3,068,500.00 (3) LT2-F39 2,956,500.00 (2) LT2-V39 2,956,500.00 (3) LT2-F40 2,733,500.00 (2) LT2-V40 2,733,500.00 (3) LT2-F41 2,676,500.00 (2) LT2-V41 2,676,500.00 (3) LT2-V42 2,510,000.00 (3) LT2-F43 2,399,000.00 (2) LT2-V43 2,399,000.00 (3) LT2-F44 2,287,500.00 (2) LT2-V44 2,287,500.00 (3) LT2-F45 2,119,000.00 ...
REMIC 2. On each Distribution Date, the REMIC 2 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 2 Regular Interest. Any shortfalls of interest on the Group I Mortgage Loans will be allocated, first, to the Class LT2-I-X Interest, then to the remaining REMIC 2 Regular Interests (other than the REMIC 2 IO Interests) designated with a "I" in numerical order and finally to the REMIC 2 Regular Interests designated with both a "I" and an "IO". Any shortfalls of interest on the Group II Mortgage Loans will be allocated, first, to the Class LT2-II-X Interest, then to the remaining REMIC 2 Regular Interests (other than the REMIC 2 IO Interests) designated with a "II" in numerical order and finally to the REMIC 2 Regular Interests designated with both a "II" and an "IO". Amounts in reduction of principal balance of the REMIC 2 Regular Interests in respect of Loan Group I shall be allocated first, to the Class LT2-I-X Interest and then to the remaining REMIC 2 Regular Interests (other than the REMIC 2 IO Interests) with the designation "I" in numerical order, so that the principal balance of each REMIC 2 Regular Interest (other than the REMIC 2 IO Interests) designated with a "I" is equal to the principal balance of the REMIC 1 Regular Interest designated with a "I" that has the same numerical designation. Amounts in reduction of principal balance of the REMIC 2 Regular Interests in respect of Loan Group II shall be allocated first, to the Class LT2-II-X Interest and then to the remaining REMIC 2 Regular Interests (other than the REMIC 2 IO Interests) with the designation "II" in numerical order, so that the principal balance of each REMIC 2 Regular Interest (other than the REMIC 2 IO Interests) designated with a "II" is equal to the principal balance of the REMIC 1 Regular Interest designated with a "II" that has the same numerical designation. 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 2 Regular Interests so that (i) in the aggregate, ...
REMIC 2. On each Distribution Date, REMIC 2 shall be deemed to have received the amounts deemed distributed in respect of the REMIC 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of LIBOR Carryover Amounts, which shall be deemed paid in respect of the REMIC 2 X/N
REMIC 2. The REMIC 2 Interests will have the original certificate principal balances and pass-through rates as set forth in the following table:
REMIC 2. 26 REMIC 1 ACCRETION DIRECTED CLASSES...........................................................................26
