REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement. (b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________ (1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1. (2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period. (3) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date. (4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount. (5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest. (c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II2A-1 (1) 5.50% 2A-1 II2A-2 (1) 5.50% 2A-2 II2A-3 (1) 5.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) 0.00% A-P IIA-X (2) 6.00% A-X II-B1 (1) (3) B1 II-B2 (1) (3) B2 II-B3 (1) (3) B3 II-B4 (1) (3) B4 II-B5 (1) (3) B5 II-B6 (1) (3) B6 II-R (4) (4) R1 _______________ (1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate. (2) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount. (3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination). (4) The Class II-R Interests shall not be entitled to payments of principal or interest. (d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests Certificates shall constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall represent ownership of the sole Class class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest the related Accrual Period, weighted on the Scheduled Principal Balance principal balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance principal balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(32) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(53) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c4) N/A means Not Applicable. REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) 5.00$50,000,000 4.50% 1A-1 II1A-2 $2,027,000 4.50% 1A-2 II1A-3 $28,475,000 4.50% 1A-3 II1A-4 $14,051,000 4.50% 1A-4 II1A-5 $64,617,000 4.50% 1A-5 II1A-6 $50,000,000 4.50% 1A-6 II1A-7 $647,000 4.50% 1A-7 II2A-1 (1) 5.50$86,228,000 5.00% 2A-1 II2A-2 (1) 5.50$6,228,000 5.00% 2A-2 II2A-3 (1) 5.50$10,000,000 5.00% 2A-3 II2A-4 (1) 5.50$138,953,000 5.00% 2A-4 II2A-5 (1) $406,000 5.00% 2A-5 II3A-1 $63,654,000 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) $55,211,000 6.00% 4A-1 II5A-1 (1) 7.50$21,434,000 8.00% 5A-1, 5A-2 5A-1 II6A-1 (1) 4.50$142,460,000 5.00% 6A-1 II7A-1 (1) $192,798,000 5.50% 7A-1 II8A-1 $147,700,000 6.00% 8A-1, 8A-2 II8A-3 $70,655,000 6.00% 8A-3 II9A-1 $37,346,000 8.00% 9A-1 IIA-P (1) $1,906,837 0.00% A-P IIA-X (21) 6.0011.00% A-X II-1-B1 $12,166,000 (2) B-1 II-1-B2 $4,836,000 (2) B-2 II-1-B3 $2,418,000 (2) B-3 II-1-B4 $1,814,000 (2) B-4 II-1-B5 $1,814,000 (2) B-5 II-1-B6 $1,209,134 (2) B-6 II-B1 R (13) (3) B1 II-B2 (1) (3) B2 II-B3 (1) (3) B3 II-B4 (1) (3) B4 II-B5 (1) (3) B5 II-B6 (1) (3) B6 II-R (4) (4) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall will not be entitled to payments of principal or interest.
(d) . REMIC I-3I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.Certificates. 1A-1 $50,000,000 4.50% 1A-2 $2,027,000 4.50% 1A-3 $28,475,000 4.50% 1A-4 $14,051,000 4.50% 1A-5 $64,617,000 4.50% 1A-6 $50,000,000 4.50% 1A-7 $647,000 4.50% 2A-1 $86,228,000 5.00% 2A-2 $6,228,000 5.00% 2A-3 $10,000,000 5.00% 2A-4 $138,953,000 5.00% 2A-5 $406,000 5.00% 3A-1 $63,654,000 5.50% 4A-1 $55,211,000 6.00% 5A-1 $21,434,000 8.00% 6A-1 $142,460,000 5.00% 7A-1 $192,798,000 5.50% 8A-1 $147,700,000 4.50% 8A-2 $36,925,000(1) 6.00% 8A-3 $70,655,000 6.00% 9A-1 $37,346,000 8.00% B-1 $12,166,000 (2) B-2 $4,836,000 (2) B-3 $2,418,000 (2) B-4 $1,814,000 (2) B-5 $1,814,000 (2) B-6 $1,209,134 (2) A-P $1,906,837 0.00% A-X $223,222(1) 11.00% R (3) (3) ____________
Appears in 1 contract
Samples: Trust Agreement (GS Mortgage GSR Loan Trust 2004-10f)
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3I-2” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; I-1 and the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3I-2. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, I-1 and REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(4) The Class I-R Interests shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(6) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II2A-1 (1) 5.50% 2A-1 II2A-2 (1) 5.50% 2A-2 II2A-3 (1) 5.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) 0.00% A-P IIA-X (2) 6.00% A-X II-B1 (1) (3) B1 II-B2 (1) (3) B2 II-B3 (1) (3) B3 II-B4 (1) (3) B4 II-B5 (1) (3) B5 II-B6 (1) (3) B6 II-R (4) (4) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(4) The Class II-R Interests shall not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X R2 Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Residual Certificates and the Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest TrustCertificates) shall be a Class of REMIC I-3 I-2 Regular Interests.. 1A-1 $ 20,683,000.00 4.50% 2A-1 $100,230,000.00 5.00% 3A-1 $ 49,232,000.00 6.50% 4A-1 $ 40,333,000.00 5.50% 4A-2 $ 21,667,000.00 5.50% 4A-3 $ 30,556,000.00 5.50% 4A-4 $ 10,082,000.00 5.50% 4A-5 $ 1,849,522.00 0.00% 4A-6 $ 4,674,000.00 5.75% 4A-7 $ 11,930,000.00 5.75% 4A-8 $ 3,830,000.00 5.75% 4A-9 $ 1,255,478.00 5.75% 4A-10 $ 3,500,000.00 5.75% 4A-11 $ 1,500,000.00 5.75% 4A-12 $ 7,000,000.00 5.50% 4A-13 $ 7,000,000.00 6.00% 5A-1 $142,084,000.00 6.00% 5A-2 $ 4,940,000.00 6.00% 6A-1 $ 31,649,000.00 6.50% B1 $ 6,831,000.00 (2) B2 $ 2,549,000.00 (2) B3 $ 1,529,000.00 (2) B4 $ 1,279,000.00 (2) B5 $ 1,020,000.00 (2) B6 $ 765,526.83 (2) A-P $ 1,913,140.93 0.00% A-X $ 414,278.84(1) 6.50% R1 (3) (3) R2 (3) (3) C (4) (4) __________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall Certificates will constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall will represent ownership of the sole Class class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________I-Pool $428,806,356.86 (1) N/A I-Sub-A 4,375,575.07 (1) N/A I-Sub-B 4,375,575.07 (1) N/A 1-AX (2) 8.00% A-X Residual
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such the Interest Accrual Period, weighted on the Scheduled Principal Balance principal balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Collateral Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)Loan) divided by (y) the aggregate Scheduled Principal Balance principal balance of the Mortgage Loans as of the beginning of such the Interest Accrual Period.
(32) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(53) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c4) N/A means Not Applicable. REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II-IA-1 $165,993,000 5.50% IA-1 II-IA-2 $ 3,932,000 5.50% IA-2 II-IIA-1 $133,700,000 6.00% IIA-1, IIA-2 II-IIA-3 $ 59,159,000 6.00% IIA-3 II-IIIA-1 $ 61,611,000 8.00% IIIA-1, IIIA-2 II-IIIA-3 $ 1,129,000 8.00% IIIA-3, IIIA-2 II-A-X (1) 8.00% A-X II-B1 $ 6,345,000 (2) B1 II-B2 $ 1,969,000 (2) B2 II-B3 $ 1,531,000 (2) B3 II-B4 $ 875,000 (2) B4 II-B5 $ 875,000 (2) B5 II-B6 $ 438,507 (2) B6 II-R (3) (3) N/A
(1) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(2) This Interest shall bear interest at the same rate as the Class B Certificates. For purposes of the REMIC provisions, this class shall be treated as bearing interest at the weighted average rate of the Class I-Sub-A and Class I-Sub-B Interests, weighted on the principal balances thereof and determined by subjecting the Class I-Sub-A Interest to a floor of 7.250% and subjecting the Class I-Sub-B Interest to a cap of 4.940%.
(3) The Class II-R Interests will not be entitled to payments of principal or interest. REMIC I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates, with the designations, initial principal balances Certificate Balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II2A-1 (1) I-3 Certificates. IA-1 $165,993,000 5.50% 2A-1 II2A-2 (1) IA-2 $ 3,932,000 5.50% 2A-2 II2A-3 (1) 5.50IIA-1 $133,700,000 4.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 IIA-2 (1) 6.00% 3A-1 II3A-2 (1) IIA-3 $ 59,159,000 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) 0.00% A-P IIA-X IIIA-1 $ 61,611,000 (2) 6.00% A-X II-B1 IIIA-2 (1) (32) B1 IIIIIA-3 $ 1,129,000 (2) A-B2 X (1) 8.00% B1 $ 6,345,000 (3) B2 II-B3 (1) $ 1,969,000 (3) B3 II-B4 (1) $ 1,531,000 (3) B4 II-B5 (1) $ 875,000 (3) B5 II-B6 (1) $ 875,000 (3) B6 II-$ 438,507 (3) R (4N/A(4) (4) R1 _______________N/A(4)
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only CertificateAmount.
(2) This interest shall have a notional balance, which The Annual Certificate Interest Rate for any Distribution Date shall be equal to certificates with variable rates of interests are set forth in the Class A-X Notional Amount.table below:
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear each of the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates will accrue interest at a per annum rate equal to the B Average Rate, adjusted . The initial Average Rate is equal to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination)6.095%.
(4) N/A means Not Applicable REMIC Final Scheduled Distribution. The Class II-R final scheduled distribution date for the Regular Interests shall not be entitled to payments of principal or interest.
(d) in REMIC I-3. I-1, REMIC I-2 and REMIC I-3 shall issue is the Distribution Date following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive third anniversary of the right to receive any amounts from scheduled maturity date of the Separate Interest Trust) shall be a Class Mortgage Loan having the latest scheduled maturity as of REMIC I-3 Regular Intereststhe Closing Date.
Appears in 1 contract
Samples: Trust Agreement (GS Mortgage GSR Loan Trust 2004-8f)
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(54) The Class I-R Interest Interests shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(c) REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) $13,167,000.00 5.50% 1A-1 II1A-2 $69,774,000.00 5.00% 1A-1 II2A-1 (1) 1A-2 II1A-3 $23,258,000.00 7.00% 1A-3, 1A-4 II1A-5 $12,456,000.00 5.50% 2A-1 II2A-2 (1) 1A-5 II1A-6 $7,209,000.00 5.50% 1A-6 II2A-1 $105,000,000.00 6.00% 2A-1, 2A-2 II2A-3 (1) 5.50$45,860,000.00 6.00% 2A-3 II2A-4 (1) 5.50II3A-1 $13,172,000.00 8.00% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-23A-1, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 3A-2 IIA-P (1) $1,199,835.00 0.00% A-P IIA-X (21) 6.008.00% A-X II-B1 $5,431,000.00 (12) (3) B1 B-1 II-B2 $1,961,000.00 (12) (3) B2 B-2 II-B3 $1,207,000.00 (12) (3) B3 B-3 II-B4 $754,000.00 (12) (3) B4 B-4 II-B5 $603,000.00 (12) (3) B5 B-5 II-B6 $603,798.84 (12) (3) B6 B-6 II-R (43) (43) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.Certificates. 1A-1 $13,167,000.00 5.50% 1A-2 $69,774,000.00 5.00% 1A-3 $23,258,000.00 (4) 1A-4 $23,258,000.00(1) (4) 1A-5 $12,456,000.00 5.50% 1A-6 $7,209,000.00 5.50% 2A-1 $105,000,000.00 4.25% 2A-2 $30,625,000.00(1) 6.00% 2A-3 $45,860,000.00 6.00% 3A-1 $13,172,000.00 (4) 3A-2 $13,172,000.00(1) (4) B1 $5,431,000.00 (2) B2 $1,961,000.00 (2) B3 $1,207,000.00 (2) B4 $754,000.00 (2) B5 $603,000.00 (2) B6 $603,798.84 (2) AP $1,199,835.00 0.00% A-X $127,206.87 (1) 8.00% R1 (3) (3) R2 (3) (3)
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(4) The Class I-R Interests shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(6) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II1A-2 (1) 5.00% 1A-2 II2A-1 (1) 5.50% 2A-1 II2A-2 (1) 5.50% 2A-2 II2A-3 (1) 5.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II2A-9 (1) 5.50% 2A-9 II2A-10 (1) 5.50% 2A-10 II2A-11 (1) 5.50% 2A-11 II2A-12 (1) 5.50% 2A-12 II2A-13 (1) 5.50% 2A-13 II2A-14 (1) 5.50% 2A-14 II2A-15 (1) 5.50% 2A-15 II2A-16 (1) 5.50% 2A-16 II2A-17 (1) 5.50% 2A-17 II2A-18 (1) 5.50% 2A-18 II2A-19 (1) 5.50% 2A-19 II3A-1 (1) 6.005.25% 3A-1 II3A-2 (1) 6.005.00% 3A-2, 3A-2 II3A-3 (1) 5.00% 3A-3 II3A-4 (1) 6.007.00% 3A-4 II3A-5 (1) 6.00% 3A-5 3A-4, 3-A-5 II3A-6 (1) 6.005.25% 3A-6 II3A-7 (1) 6.005.25% 3A-7 II4A-1 (1) 7.50% 4A-1, 4A-2 II4A-3 (1) 6.00% 4A-1 4A-3 II4A-4 (1) 6.00% 4A-4 II4A-5 (1) 5.50% 4A-5 II4A-6 (1) 5.50% 4A-6 II4A-7 (1) 5.50% 4A-7 II4A-8 (1) 5.50% 4A-8 II5A-1 (1) 7.504.50% 5A-1, 5A-2 5A-1 II6A-1 (1) 4.505.00% 6A-1 II7A-1 (1) 7.00% 7A-1, 7A-2 II8A-1 (1) 5.50% 7A-1 8A-1, 8A-4 II8A-2 (1) 5.50% 8A-2, 8A-5 II8A-3 (1) 5.50% 8A-3, 8A-4 II8A-6 (1) 5.50% 8A-6, 8A8 II8A-7 (1) 5.50% 8A-7 II8A-9 (1) 5.50% 8A-9 II8A-10 (1) 5.50% 8A-10 IIA-P (1) 0.00% A-P IIA-X (2) 6.006.50% A-X II-B1 (1) (3) B1 B-1 II-B2 (1) (3) B2 B-2 II-B3 (1) (3) B3 B-3 II-B4 (1) (3) B4 B-4 II-B5 (1) (3) B5 B-5 II-B6 (1) (3) B6 B-6 II-R (4) (4) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(4) The Class II-R Interests shall not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest TrustCertificates) shall be a Class of REMIC I-3 Regular Interests.. 1A-1 $28,202,000.00 5.00% 1A-2 $5,351,000.00 5.00% 2A-1 $32,844,000.00 5.50% 2A-2 $35,466,000.00 5.50% 2A-3 $136,000,000.00 5.50% 2A-4 $8,170,000.00 5.50% 2A-5 $18,714,000.00 5.50% 2A-6 $7,721,000.00 5.50% 2A-7 $3,000,000.00 5.50% 2A-8 $41,802,000.00 5.50% 2A-9 $6,000,000.00 5.50% 2A-10 $29,779,466.00 (6) 2A-11 $10,000,000.00 (6) 2A-12 $5,214,588.00 (6) 2A-13 $1,977,946.00 (6) 2A-14 $17,600,000.00 (6) 2A-15 $6,400,000.00 (6) 2A-16 $628,571.00 (6) 2A-17 $146,287.00 (6) 2A-18 $25,142.00 (6) 2A-19 $27,942,000.00 5.50% 3A-1 $12,959,000.00 5.25% 3A-2 $90,570,000.00 5.00% 3A-3 $2,942,125.00 5.00% 3A-4 $13,358,875.00 (6) 3A-5 $13,358,875.00(1) (6) 3A-6 $14,517,000.00 5.25% 3A-7 $1,001,000.00 5.25% 4A-1 $201,751,250.00 (6) 4A-2 $201,751,250.00(1) (6) 4A-3 $100,000,000.00 6.00% 4A-4 $3,249,000.00 6.00% 4A-5 $14,374,000.00 5.50% 4A-6 $1,110,000.00 5.50% 4A-7 $127,063,000.00 5.50% 4A-8 $7,579,750.00 5.50% 5A-1 $8,913,000.00 4.50% 6A-1 $74,022,000.00 5.00% 7A-1 $7,084,000.00 (6) 7A-2 $7,084,000.00(1) (6) 8A-1 $164,000,000.00 (6) 8A-2 $25,000,000.00 (6) 8A-3 $225,845,000.00 (6) 8A-4 $389,845,000.00(1) (6) 8A-5 $25,000,000.00(1) (6) 8A-6 $49,147,000.00 5.25% 8A-7 $49,147,000.00 5.50% 8A-8 $2,233,954.00(1) 5.50% 8A-9 $2,000,000.00 5.50% 8A-10 $7,591,000.00 5.50% B1 $24,570,000.00 (2) B2 $10,057,000.00 (2) B3 $5,028,000.00 (2) B4 $4,190,000.00 (2) B5 $3,352,000.00 (2) B6 $2,517,964.95 (2) A-P $385,956.70 0.00% A-X $468,232.66(1) 6.50% R1 (3) (3) R2 (3) (3) C (4) (4) X (5) (5) __________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall Certificates will constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall will represent ownership of the sole Class class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: I-V Pool $531,406,459.22 (1) N/A(5) I-V-Sub-A $5,422,514.89 (1) N/A I-V-Sub-B $5,422,514.89 (1) N/A Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest the related Accrual Period, weighted on the Scheduled Principal Balance principal balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)Loan) divided by (y) the aggregate Scheduled Principal Balance principal balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(32) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X X(I) Notional Amount.
(53) A notional amount, which for any Distribution Date shall equal the Class A-X(II) Notional Amount.
(4) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c5) N/A means Not Applicable. REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) 2IA-1 $24,017,000 5.00% 1A-1 II2A-1 (1) IA-1 2IA-2 $3,180,000 5.00% IA-2 2IA-3 $3,107,000 5.00% IA-3 2IIA-1 $139,984,000 5.50% 2A-1 II2A-2 (1) IIA-1 2IIA-2 $17,870,000 5.50% 2A-2 II2A-3 (1) IIA-2 2IIA-3 $12,870,000 5.50% 2A-3 II2A-4 (1) IIA-3 2IIA-4 $21,859,000 5.50% 2A-4 II2A-5 (1) IIA-4 2IIA-5 $25,453,000 5.50% 2A-5 II2A-6 (1) IIA-5 2IIA-6 $684,000 5.50% 2A-6 II2A-7 (1) IIA-6 2IIA-7 $1,000,000 5.50% 2A-7 II2A-8 (1) IIA-7 2IIA-8 $35,246,000 5.50% 2A-8 II3A-1 (1) 6.00IIA-8 2IIIA-1 $70,000,000 6.50% 3A-1 II3A-2 (1) 6.00IIIA-1, IIIA-2 2IIIA-3 $11,700,000 6.50% 3A-2, 3A-3 II3A-4 (1) 6.00IIIA-3 2IIIA-4 $13,817,000 6.50% 3A-4 II3A-5 (1) 6.00IIIA-4 2IIIA-5 $34,032,267 6.50% 3A-5 II3A-6 (1) 6.00IIIA-5 2IIIA-6 $5,235,733 6.50% 3A-6 II3A-7 (1) 6.00IIIA-6 2IVA-1 $65,529,000 5.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) IVA-1 2VA-1 $43,263,000 5.50% 7A-1 IIAVA-1 2-A-P (1) 0.00$115,381 5.50% A-P IIA2-A-X (2) 6.007.00% A-X II2-I-B1 (1) $6,510,000 (3) B1 IIB-1 2-I-B2 (1) $2,711,000 (3) B2 IIB-2 2-I-B3 (1) $1,356,000 (3) B3 IIB-3 2-I-B4 (1) $1,084,000 (3) B4 IIB-4 2-I-B5 (1) $1,085,000 (3) B5 IIB-5 2-I-B6 (1) $542,328 (3) B6 B-6 II-R (4) (43) R1 R _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificateamount.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(4) The Class II-R Interests shall will not be entitled to payments of principal or interest.
(d) . REMIC I-3I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Certificates. IA-1 $24,017,000 5.00% IA-2 $3,180,000 5.00% IA-3 $3,107,000 5.00% IIA-1 $139,984,000 5.50% IIA-2 $17,870,000 5.50% IIA-3 $12,870,000 5.50% IIA-4 $21,859,000 5.50% IIA-5 $25,453,000 5.50% IIA-6 $684,000 5.50% IIA-7 $1,000,000 5.50% IIA-8 $35,246,000 5.50% IIIA-1 $70,000,000 4.60% IIIA-2 $20,461,538(1) 6.50% IIIA-3 $11,700,000 6.50% IIIA-4 $13,817,000 6.50% IIIA-5 $34,032,267 (2) IIIA-6 $5,235,733 (2) IVA-1 $65,529,000 5.00% VA-1 $43,263,000 5.50% B1 $6,510,000 (3) B2 $2,711,000 (3) B3 $1,356,000 (3) B4 $1,084,000 (3) B5 $1,085,000 (3) B6 $542,328 (3) A-P $115,381 0.00% A-X $3,031,408(1) 7.00% R N/A N/A _________
(1) Notional Amount.
(2) The Annual Certificate Interest Rate for certificates with variable rates of interests are set forth in the table below:
(3) For each Distribution Date (and the related Accrual Period) each of the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates will accrue interest at a per annum rate equal to the B Average Rate. REMIC Final Scheduled Distribution. The final scheduled distribution date for the Regular InterestsInterests in REMIC I-1, REMIC I-2 and REMIC I-3 is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity as of the Closing Date.
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall represent ownership of the sole Class of residual interest in REMIC I-1, REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: I-Sub-A $ 6,916,672.41 (2) N/A I-Sub-B $ 6,916,672.41 (2) N/A Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(54) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(c) REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) 5.00$79,000,000 5.50% 1A-1 II1A-2 $17,489,000 5.50% 1A-2 II1A-3 $10,790,000 5.50% 1A-3 II1A-4 $25,439,000 5.50% 1A-4 II1A-5 $19,857,000 5.50% 1A-5 II1A-6 $24,080,000 5.50% 1A-6 II1A-7 $38,617,000 5.50% 1A-7 II1A-8 $345,000 5.50% 1A-8 II1A-9 $369,000 5.50% 1A-9 II2A-1 (1) 5.50$145,000,000 6.00% 2A-1 II2A-2 (1) 5.50$32,302,000 6.00% 2A-2 II2A-3 (1) 5.50$19,700,000 6.00% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) $143,000,000 6.00% 3A-1 II3A-2 (1) 3A-1, 3A-2 II3A-3 $56,327,000 6.00% 3A-23A-3 II4A-1 $57,599,000 8.00% 4A-1, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 4A-2 IIA-P (1) $1,000,989 0.00% A-P IIA-X (21) 6.008.50% A-X II-B1 $9,685,000 (12) (3) B1 B-1 II-B2 $4,150,000 (12) (3) B2 B-2 II-B3 $2,767,000 (12) (3) B3 B-3 II-B4 $1,383,000 (12) (3) B4 B-4 II-B5 $1,729,000 (12) (3) B5 B-5 II-B6 $1,038,251 (12) (3) B6 II-R (4) (4) R1 B-6 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall will not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.Certificates. 1A-1 $79,000,000.00 5.50% 1A-2 $17,489,000.00 5.50% 1A-3 $10,790,000.00 5.50% 1A-4 $25,439,000.00 5.50% 1A-5 $19,857,000.00 5.50% 1A-6 24,080,000.00 5.50% 1A-7 $38,617,000.00 5.50% 1A-8 $345,000.00 5.50% 1A-9 $369,000.00 5.50% 2A-1 $145,000,000.00 6.00% 2A-2 $32,302,000.00 6.00% 2A-3 $19,700,000.00 6.00% 3A-1 $143,000,000.00 4.25% 3A-2 $41,708,333.33 (1) 6.00% 3A-3 $56,327,000.00 6.00% 4A-1 $57,599,000.00 (4) 4A-2 $57,599,000.00 (1) (4) B1 $9,685,000.00 (2) B2 $4,150,000.00 (2) B3 $2,767,000.00 (2) B4 $1,383,000.00 (2) B5 $1,729,000.00 (2) B6 $1,038,251.16 (2) A-P $1,000,989.00 0.00% A-X $149,363.44 (1) 8.50% R (3) (3) ____________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests Certificates shall constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall represent ownership of the sole Class of residual interest in REMIC I-1, REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(32) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(53) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(4) N/A means Not Applicable.
(c) REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) 5.00$16,518,000.00 5.50% 1A-1 II2A-1 (1) 5.50$100,000,000.00 6.00% 2A-1 II2A-2 (1) 5.50% 2A-1, 2A-2 II2A-3 (1) 5.50$29,863,000.00 6.00% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) $65,000,000.00 6.00% 3A-1 II3A-2 (1) 6.003A-1, 3A-2 II3A-3 $19,667,000.00 4.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00$97,379,000.00 8.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) $40,902.33 0.00% A-P IIA-X (21) 6.008.50% A-X IIII-1-B1 $4,359,000.00 (12) (3) B1 IIB-1 II-1-B2 $1,006,000.00 (12) (3) B2 IIB-2 II-1-B3 $502,000.00 (12) (3) B3 IIB-3 II-1-B4 $336,000.00 (12) (3) B4 IIB-4 II-1-B5 $167,000.00 (12) (3) B5 IIB-5 II-1-B6 $335,918.05 (12) (3) B6 II-R (4) (4) R1 B-6 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall will not be entitled to payments of principal or interest.
(d) REMIC I-3I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.Certificates. 1A-1 $16,518,000.00 5.50% 2A-1 $100,000,000.00 4.25% 2A-2 $29,166,666.66(1) 6.00% 2A-3 $29,863,000.00 6.00% 3A-1 $65,000,000.00 4.00% 3A-2 $21,666,666.66(1) 6.00% 3A-3 $19,677,000.00 6.50% 4A-1 $97,379,000.00 (4) 4A-2 $97,379,000.00(1) (4) B-1 $4,359,000.00 (2) B-2 $1,006,000.00 (2) B-3 $502,000.00 (2) B-4 $336,000.00 (2) B-5 $167,000.00 (2) B-6 $335,918.05 (2) A-P $40,902.33 0.00% A-X $249,347.92(1) 8.50% R (3) (3) ____________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: I-Sub-B (4) (2) Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) The Class I-R Interests shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(4) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II1A-2 (1) 5.25% 1A-2 II1A-3 (1) 7.00% 1A-3, 1A-4 II1A-5 (1) 5.25% 1A-5 II1A-6 (1) 5.25% 1A-6 II1A-7 (1) 5.25% 1A-7 II2A-1 (1) 5.507.25% 2A-1 II2A-2 (1) 5.50% 2A-1, 2A-2 II2A-3 (1) 5.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 3A-1, 3A-3 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.007.25% 3A-6 II3A-7 3A-6, 3A-7, 3A-9 II3A-8 (1) 7.25% 3A-8, 3A-9 II3A-10 (1) 6.00% 3A-7 3A-10 II3A-11 (1) 7.50% 3A-11, 3A-12 II3A-13 (1) 5.50% 3A-13 II3A-14 (1) 5.50% 3A-14 II3A-15 (1) 5.50% 3A-15 II3A-16 (1) 5.50% 3A-16 II3A-17 (1) 5.50% 3A-17 II3A-18 (1) 5.50% 3A-18 II3A-19 (1) 5.50% 3A-19 II3A-20 (1) 5.50% 3A-20 II4A-1 (1) 6.00% 4A-1 II5A-1 4A-1, 4A-2 II4A-3 (1) 7.506.00% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 4A-3 IIA-P (1) 0.00% A-P IIA-X (2) 6.00% A-X II-B1 (1) (32) B1 II-B2 (1) (32) B2 II-B3 (1) (32) B3 II-B4 (1) (32) B4 II-B5 (1) (32) B5 II-B6 (1) (32) B6 II-R (43) (43) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.. 1A-1 $177,583,875.00 5.00% 1A-2 $ 50,000,000.00 5.25% 1A-3 $ 25,369,125.00 (6) 1A-4 $ 25,369,125.00 (6) 1A-5 $ 48,830,000.00 5.25% 1A-6 $ 31,272,000.00 5.25% 1A-7 $ 2,259,000.00 5.25% 2A-1 $ 25,343,000.00 (6) 2A-2 $ 25,343,000.00 (6) 3A-1 $ 45,000,000.00 (6) 3A-2 $ 30,000,000.00 (6) 3A-3 $ 45,000,000.00 (6) 3A-4 $ 30,000,000.00 (6) 3A-5 $ 15,664,000.00 6.00% 3A-6 $ 86,000,000.00 (6) 3A-7 $ 86,000,000.00 (6) 3A-8 $ 3,237,000.00 (6) 3A-9 $ 89,237,000.00 (6) 3A-10 $ 3,086,000.00 6.00% 3A-11 $ 31,036,875.00 (6) 3A-12 $ 31,036,875.00 (6) 3A-13 $100,000,000.00 5.50% 3A-14 $ 32,878,000.00 5.50% 3A-15 $ 52,150,000.00 5.50% 3A-16 $ 52,383,000.00 5.50% 3A-17 $ 23,586,000.00 5.50% 3A-18 $ 23,586,125.00 5.50% 3A-19 $ 29,490,000.00 5.50% 3A-20 $ 2,130,000.00 5.50% 4A-1 $ 20,000,000.00 (6) 4A-2 $ 20,000,000.00 (6) 4A-3 $ 5,048,000.00 6.00% B1 $ 15,200,000.00 (2) B2 $ 7,124,000.00 (2) B3 $ 3,325,000.00 (2) B4 $ 3,325,000.00 (2) B5 $ 2,849,000.00 (2) B6 $ 1,425,763.77 (2) A-P $ 716,232.00 0.00% R1 (3) (3) R2 (3) (3) C (4) (4) X (5) (5) __________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall constitute the regular interests in REMIC I-3. The Class R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(4) The Class I-R Interests shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(6) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00$26,522,000.00 5.50% 1A-1 II2A-1 (1) II1A-2 $40,866,000.00 5.50% 2A-1 II2A-2 (1) 1A-2 II1A-3 $67,380,000.00 5.50% 1A-3 II1A-4 $28,661,000.00 5.50% 1A-4 II1A-5 $ 3,128,000.00 5.50% 1A-5 II1A-6 $ 1,120,000.00 5.50% 1A-6 II1A-7 $ 848,000.00 5.50% 1A-7 II1A-8 $ 1,112,000.00 5.50% 1A-8 II1A-9 $ 2,988,000.00 5.50% 1A-9 II1A-10 $ 4,000,000.00 5.50% 1A-10 II1A-11 $ 6,760,000.00 5.50% 1A-11 II1A-12 $ 5,000,000.00 5.50% 1A-12 II1A-13 $ 4,056,000.00 5.50% 1A-13 II1A-14 $24,087,066.00 5.50% 1A-14 II1A-15 $ 6,049,140.00 5.50% 1A-15 II1A-16 $ 2,709,794.00 5.50% 1A-16 II1A-17 $ 6,000,000.00 5.50% 1A-17 II2A-1 $53,899,000.00 6.00% 2A-1, 2A-2 II2A-3 (1) 5.50$20,196,000.00 6.00% 2A-3 II2A-4 (1) 5.50$17,792,000.00 6.00% 2A-4 II2A-5 (1) 5.50$ 1,155,000.00 6.00% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) $ 983,627.14 0.00% A-P IIA-X (21) 6.00% A-X II-B1 $ 6,739,000.00 (12) (3) B1 B-1 II-B2 $ 1,853,000.00 (12) (3) B2 B-2 II-B3 $ 1,179,000.00 (12) (3) B3 B-3 II-B4 $ 674,000.00 (12) (3) B4 B-4 II-B5 $ 505,000.00 (12) (3) B5 B-5 II-B6 $ 674,619.83 (12) (3) B6 B-6 II-R (43) (43) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall not be entitled to payments of principal or interest.
(d) REMIC I-3. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest TrustResidual Certificates) shall be a Class of REMIC I-3 Regular Interests.. 1A-1 $26,522,000.00 5.50% 1A-2 $40,866,000.00 5.50% 1A-3 $67,380,000.00 5.50% 1A-4 $28,661,000.00 5.50% 1A-5 $ 3,128,000.00 5.50% 1A-6 $ 1,120,000.00 5.50% 1A-7 $ 848,000.00 5.50% 1A-8 $ 1,112,000.00 5.50% 1A-9 $ 2,988,000.00 5.50% 1A-10 $ 4,000,000.00 5.50% 1A-11 $ 6,760,000.00 (5) 1A-12 $ 5,000,000.00 5.50% 1A-13 $ 4,056,000.00 (5) 1A-14 $24,087,066.00 (5) 1A-15 $ 6,049,140.00 (5) 1A-16 $ 2,709,794.00 (5) 1A-17 $ 6,000,000.00 5.50% 2A-1 $53,899,000 4.50% 2A-2 $13,474,750.00(1) 6.00% 2A-3 $20,196,000.00 6.00% 2A-4 $17,792,000.00 6.00% 2A-5 $ 1,155,000.00 6.00% B1 $ 6,739,000.00 (2) B2 $ 1,853,000.00 (2) B3 $ 1,179,000.00 (2) B4 $ 674,000.00 (2) B5 $ 505,000.00 (2) B6 $ 674,619.83 (2) A-P $ 983,627.14 0.00% A-X $ 36,140.46 (1) 6.00% C (4) (4) R1 (3) (3) R2 (3) (3) __________
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests Certificates shall constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall represent ownership of the sole Class of residual interest in REMIC I-1, REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: I-Sub-A $5,486,137.54 (2) N/A I-Sub-B $5,486,137.54 (2) N/A 1-AX (3) 6.00% A-X Residual _______________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of such Interest Accrual Period, weighted on the Scheduled Principal Balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(54) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(5) N/A means Not Applicable.
(c) REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 (1) 5.00$86,047,000.00 5.50% 1A-1 II1A-2 $19,854,000.00 5.50% 1A-2 II1A-3 $11,376,000.00 5.50% 1A-3 II1A-4 $391,000.00 5.50% 1A-4 II2A-1 (1) 5.50$75,423,000.00 6.00% 2A-1 II2A-2 (1) 5.50$91,099,000.00 6.00% 2A-2 II2A-3 (1) 5.50% 2A-2, 2A-3 II2A-4 (1) 5.50$13,373,000.00 6.00% 2A-4 II2A-5 (1) 5.50II3A-1 $44,939,000.00 8.00% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-23A-1, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 3A-2 II4A-1 (1) 6.00$38,507,000.00 4.75% 4A-1 II5A-1 (1) 7.50$101,668,000.00 5.50% 5A-1, 5A-2 5A-1 II6A-1 (1) 4.50$40,123,000.00 6.00% 6A-1 II7A-1 (1) 5.50$12,052,000.00 7.70% 7A-1 7A-1, 7A-2 IIA-P (1) $686,163.40 0.00% A-P IIA-X (21) 6.00% A-X IIII-1-B1 $6,492,000.00 (12) (3) B1 IIB-1 II-1-B2 $2,743,000.00 (12) (3) B2 IIB-2 II-1-B3 $1,097,000.00 (12) (3) B3 IIB-3 II-1-B4 $1,372,000.00 (12) (3) B4 IIB-4 II-1-B5 $822,000.00 (12) (3) B5 IIB-5 II-1-B6 $549,590.82 (12) (3) B6 II-R (4) (4) R1 B-6 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(32) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account Rate less the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination).
(43) The Class II-R Interests shall will not be entitled to payments of principal or interest.
(d) REMIC I-3I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.Certificates. 1A-1 $86,047,000.00 5.50% 1A-2 $19,854,000.00 5.50% 1A-3 $11,376,000.00 5.50% 1A-4 $391,000.00 5.50% 2A-1 $75,423,000.00 6.00% 2A-2 $91,099,000.00 5.00% 2A-3 $15,183,166.66 (1) 6.00% 2A-4 $13,373,000.00 6.00% 3A-1 $44,939,000.00 (4) 3A-2 $44,939,000.00 (1) (4) 4A-1 $38,507,000.00 4.75% 5A-1 $101,668,000.00 5.50% 6A-1 $40,123,000.00 6.00% 7A-1 $12,052,000.00 (4) 7A-2 $12,052,000.00 (1) (4) B-1 $6,492,000.00 (2) B-2 $2,743,000.00 (2) B-3 $1,097,000.00 (2) B-4 $1,372,000.00 (2) B-5 $822,000.00 (2) B-6 $549,590.82 (2) A-P $686,163.40 0.00% A-X $695,498.56 (1) 6.00% R (3) (3)
Appears in 1 contract
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator Trustee to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3I-2” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; I-1 and the REMIC I-3 Regular Interests shall Certificates (other than the Class R Certificates) will constitute the regular interests in REMIC I-3I-2. The Class R1 R Certificates shall will represent ownership of the sole Class class of residual interest in REMIC I-2 I-1 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust AgreementI-2.
(b) REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: Residual _______________I-Pool $245,107,190.44 (1) N/A(4) I-Sub-A $2,501,093.78 (1) N/A I-Sub-B $2,501,093.78 (1) N/A 1-AX (2) 6.50% A-X Residual
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans in Collateral Groups I and II as of the beginning of such the Interest Accrual Period, weighted on the Scheduled Principal Balance principal balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Collateral Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of such Interest Accrual Period.
(3) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(5) The Class I-R Interest shall not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c) REMIC I-2. REMIC I-2 shall issue the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests: II1A-1 (1) 5.00% 1A-1 II2A-1 (1) 5.50% 2A-1 II2A-2 (1) 5.50% 2A-2 II2A-3 (1) 5.50% 2A-3 II2A-4 (1) 5.50% 2A-4 II2A-5 (1) 5.50% 2A-5 II2A-6 (1) 5.50% 2A-6 II2A-7 (1) 5.50% 2A-7 II2A-8 (1) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIA-P (1) 0.00% A-P IIA-X (2) 6.00% A-X II-B1 (1) (3) B1 II-B2 (1) (3) B2 II-B3 (1) (3) B3 II-B4 (1) (3) B4 II-B5 (1) (3) B5 II-B6 (1) (3) B6 II-R (4) (4) R1 _______________
(1) This initial class principal balance for this Interest shall equal the Initial Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only Certificate.
(2) This interest shall have a notional balance, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear interest at a per annum rate equal to the B Average Rate, adjusted to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, ) divided by (iiy) such expense is not an “unanticipated expense” within the meaning aggregate principal balance of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing Mortgage Loans as of the interest rate beginning of an interest with a greater level of subordination)the Interest Accrual Period.
(42) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(3) The Class III-R Interests shall will not be entitled to payments of principal or interest.
(d4) N/A means Not Applicable.
(c) REMIC I-3I-2 Certificates. REMIC I-3 I-2 shall issue the following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive of the right to receive any amounts from the Separate Interest Trust) shall be a Class of REMIC I-3 Regular Interests.I-2 Certificates. IA-1 $ 16,718,000 5.50% IIA-1 $100,000,000 6.00% IIA-2 $102,068,000 6.00% IIA-3 $ 15,000,000 6.00% A-P $ 190,424 0.00% A-X (1) 6.50% B1 $ 8,629,000 (2) B2 $ 2,626,000 (2) B3 $ 1,751,000 (2) B4 $ 1,376,000 (2) B5 $ 875,000 (2) B6 $ 875,953 (2) R (3) N/A(4) ____________
Appears in 1 contract
Samples: Trust Agreement (Gs Mortgage Securities Corp. Gsaa Trust 2004-Cw1)
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Regular Interests shall Certificates (other than the Class R Certificates) will constitute the regular interests in REMIC I-3. The Class R1 R Certificates shall will represent ownership of the sole Class class of residual interest in REMIC I-2 and REMIC I-3. The Class R2 Certificates shall represent ownership of the sole Class of residual interests in REMIC I-1. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I-1, REMIC I-2 and REMIC I-3 referred to herein, as modified by this Trust Agreement.
(b) I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: I-Pool $501,941,697.84 (1) N/A(4) I-Sub-A 2,535,059.08 (1) N/A I-Sub-B 2,535,059.08 (1) N/A 1-AX (2) 6.50% A-X Residual _____I-R (3) (3) N/A __________
(1) This interest shall have an initial principal balance equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date, over (ii) the aggregate initial principal balance of each other regular interest in REMIC I-1.
(2) This Interest shall bear interest for any Interest Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans in Collateral Groups I through III as of the beginning of such the Interest Accrual Period, weighted on the Scheduled Principal Balance principal balance of each such Mortgage Loan as of the first day of the preceding calendar month and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Collateral Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)Loan) divided by (y) the aggregate Scheduled Principal Balance principal balance of the Mortgage Loans as of the beginning of such the Interest Accrual Period.
(32) This Interest shall have an initial principal balance of 1% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date.
(4) This interest shall have a A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(53) The Class I-R Interest shall Interests will not be entitled to payments of principal or interest. The Class R2 Certificates shall represent beneficial ownership of the Class I-R Interest.
(c4) N/A means Not Applicable. REMIC I-2I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, with the designations, initial principal balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 II-IA-1 $37,754,000 5.000% IA-1 II-IIA-1 $85,576,000 5.500% IIA-1, IIA-2 II-IIA-3 $31,137,000 5.500% IIA-3 II-IIA-4 $21,213,000 5.500% IIA-4 II-IIA-5 $5,675,000 5.500% IIA-5 II-IIA-6 $38,353,334 (1) 5.00IIA-6, IIA-7 II-IIA-8 $16,000,000 5.500% 1A-1 II2A-1 IIA-8 II-IIA-9 $15,444,734 (1) 5.50IIA-9 II-IIA-10 $19,562,932 (2) IIA-10 II-IIA-11 $26,277,000 5.500% 2A-1 II2A-2 IIA-11 II-IIA-12 $500,000 5.500% IIA-12 II-IIIA-1 $87,000,000 6.165% IIIA-1, IIIA-2 II-IIIA-3 $36,845,894 (13) 5.50IIIA-3, IIIA-4 II-IIIA-5 $30,332,571 (3) IIIA-5 II-IIIA-6 $19,995,535 (4) IIIA-6 II-IIIA-7 $19,578,582 6.000% 2A-2 II2A-3 IIIA-7 II-IIIA-8 $440,418 13.500% IIIA-8 II-B1 $7,606,000 (15) 5.50% 2A-3 II2A-4 B1 II-B2 $2,788,000 (15) 5.50% 2A-4 II2A-5 B2 II-B3 $1,775,000 (15) 5.50% 2A-5 II2A-6 B3 II-B4 $1,268,000 (15) 5.50% 2A-6 II2A-7 B4 II-B5 $1,014,000 (15) 5.50% 2A-7 II2A-8 B5 II-B6 $760,550 (15) 5.50% 2A-8 II3A-1 (1) 6.00% 3A-1 II3A-2 (1) 6.00% 3A-2, 3A-3 II3A-4 (1) 6.00% 3A-4 II3A-5 (1) 6.00% 3A-5 II3A-6 (1) 6.00% 3A-6 II3A-7 (1) 6.00% 3A-7 II4A-1 (1) 6.00% 4A-1 II5A-1 (1) 7.50% 5A-1, 5A-2 II6A-1 (1) 4.50% 6A-1 II7A-1 (1) 5.50% 7A-1 IIAB6 II-A-P (1) 0.00$114,266 0.000% A-P IIAII-A-X (26) 6.006.50% A-X II-B1 R (17) (37) B1 II-B2 (1) (3) B2 II-B3 (1) (3) B3 II-B4 (1) (3) B4 II-B5 (1) (3) B5 II-B6 (1) (3) B6 II-R (4) (4) R1 N/A _______________
(1) This initial class principal balance for this Interest shall equal will bear interest at the Initial same rate as Class Principal Balance of its Corresponding Class of Certificates, but shall not include the Notional Amount of any Interest Only CertificateII-A9.
(2) This Interest will bear interest at the same rate as Class II-A10.
(3) This Interest will bear interest at the same rate as Class III-A5.
(4) This Interest will bear interest at the same rate as Class III-A6.
(5) This Interest shall have bear interest at the same rate as the Class B Certificates. For purposes of the REMIC provisions, this class shall be treated as bearing interest at the weighted average rate of the Class I-Sub-A and Class I--Sub-B Interests, weighted on the principal balances thereof and determined by subjecting the Class I-Sub-A Interest to a floor of 7.448% and subjecting the Class I-Sub-B Interest to a cap of 4.000%.
(6) A notional balanceamount, which for any Distribution Date shall be equal to the Class A-X Notional Amount.
(7) The Class II-R Interests will not be entitled to payments of principal or interest. REMIC I-3 Certificates. REMIC I-3 shall issue the following Classes of Certificates, with the designations, initial Certificate Balances and Certificate Rates indicated, each of which shall be a Class of REMIC I-3 Certificates. IA-1 $ 37,754,000 5.00% IIA-1 $ 85,576,000 4.25% IIA-2 (1) 5.50% IIA-3 $ 31,137,000 5.50% IIA-4 $ 21,213,000 5.50% IIA-5 $ 5,675,000 5.50% IIA-6 $ 38,353,334 (2) IIA-8 $ 16,000,000 5.50% IIA-9 $ 15,444,734 (2) IIA-10 $ 19,562,932 (2) IIA-11 $ 26,277,000 5.50% IIA-12 $ 500,000 5.50% IIIA-1 $ 87,000,000 3.90% IIIA-3 $ 36,845,894 (2) IIIA-5 $ 30,332,571 (2) IIIA-6 $ 19,995,535 (2) IIIA-7 $ 19,578,582 6.00% IIIA-8 $ 440,418 13.50% A-P $ 114,266 0.00% A-X (1) 6.50% B1 $ 7,606,000 (3) B2 $ 2,788,000 (3) B3 $ 1,775,000 (3) B4 $ 1,268,000 (3) B5 $ 1,014,000 (3) B6 $ 760,550 (3) R (4) N/A(4) ____________
(1) Notional Amount.
(2) The Annual Certificate Interest Rate for certificates with variable rates of interests are set forth in the table below:
(3) For each Distribution Date (and the related Interest Accrual Period) this Interest shall bear each of the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates will accrue interest at a per annum rate equal to the B Average Rate, adjusted . The initial Average Rate is equal to take into account the sum of any expenses payable to the Securities Administrator or the Trustee (to the extent (i) not taken into account in computing the Net Rate of any Mortgage Loan, (ii) such expense is not an “unanticipated expense” within the meaning of the Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was not taken into account in computing the interest rate of an interest with a greater level of subordination)5.724%.
(4) N/A means Not Applicable REMIC Final Scheduled Distribution. The Class II-R final scheduled distribution date for the Regular Interests shall not be entitled to payments of principal or interest.
(d) in REMIC I-3. I-1, REMIC I-2 and REMIC I-3 shall issue is the Distribution Date following Classes of Certificates (other than the Class R1, Class R2, Class C and Class X Certificates), with the designations, initial Certificate Balances and Certificate Rates indicated, each of which (other than the Class R1, Class R2, Class C and Class X Certificates and exclusive third anniversary of the right to receive any amounts from scheduled maturity date of the Separate Interest Trust) shall be a Class Mortgage Loan having the latest scheduled maturity as of REMIC I-3 Regular Intereststhe Closing Date.
Appears in 1 contract
Samples: Trust Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2004-3f)
