Common use of REMIC II Designations Clause in Contracts

REMIC II Designations. The pass-through rate with respect to the Class II-1A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 and Class II-3A2 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-4A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each of the Class II-5A1 and Class II-5A2 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. For federal income tax purposes, the Pass-Through Rate for the Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5 and Class 1B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “1B” or “2B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. On each Distribution Date prior to distributions on the Certificates as provided in Section 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.

REMIC II Designations. The pass-through rate with respect to the Class II-1A1 II-3B Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 and Class II-3A2 Interests II-3Q Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-4A1 II-4B Interest and Class II-4Q Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each of the Class II-5A1 II-5B Interest and Class II-5A2 Interests II-5Q Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. For federal income tax purposes, the PassThe pass-Through Rate for through rate with respect to the Class 1B1, Class 1B2, Class 1B3, Class 1B4, Class 1B5 II-6B Interest and Class 1B6 Certificates and each Corresponding REMIC II Regular II-6Q Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “1B” or “2B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Net WAC Rate for Loan Group 6. The pass-through rate with respect to the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 II-7B Interest and Class 2B6 Certificates and each Corresponding REMIC II Regular II-7Q Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having Net WAC Rate for Loan Group 7. The pass-through rate with respect to the letter “3B,” “4B” or “5B” in its designation weighted on Class II-8B Interest and Class II-8Q Interest shall be a per annum rate equal to the basis Net WAC Rate for Loan Group 8. As of the respective Closing Date and any date of determination, (i) the principal balances balance of each such REMIC I the Class II-3B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 3, (ii) the principal balance of the Class II-4B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 4, (iii) the principal balance of the Class II-5B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 5, (iv) the principal balance of the Class II-6B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 6, (v) the principal balance of the Class II-7B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 7, and (vi) the principal balance of the Class II-8B Interest shall equal 0.10% of the Group Subordinate Amount for Loan Group 8. As of the Closing Date and any date of determination, (i) the principal balance of the Class II-3Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 3 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-3B Interest (less $100 allocable to the Class RH Certificates until paid pursuant to Section 3.01(a)(ii)); (ii) the principal balance of the Class II-4Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 4 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-4B Interest; (iii) the principal balance of the Class II-5Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 5 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-5B Interest; (iv) the principal balance of the Class II-6Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 6 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-6B Interest; (v) the principal balance of the Class II-7Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 7 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-7B Interest; and (vi) the principal balance of the Class II-8Q Interest shall equal the excess of the aggregate Scheduled Principal Balance of the Group 8 Mortgage Loans as of the end of the related Prepayment Period over the principal balance of the Class II-8B Interest. On each Distribution Date Date, prior to distributions on the Certificates as provided in Section 3.01, interest shall be paid 3.01(a): (i) the Available Distribution Amount (without regard to each REMIC II Regular Interest at clause (1)(g) of the time and in the amount that interest is definition thereof) from Loan Group 3 (other than amounts paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest RH Certificates pursuant to Section 3.01) shall equal be deemed distributed to the Class Principal Balance II-3B Interest and Class II-3Q Interest; (ii) the Available Distribution Amount (without regard to clause (1)(g) of the respective Corresponding definition thereof) from Loan Group 4 shall be deemed distributed to the Class of Certificates. The initial principal balance of each REMIC II Regular II-4B Interest shall equal and Class II-4Q Interest; (iii) the initial Class Principal Balance Available Distribution Amount (without regard to clause (1)(g) of the respective Corresponding definition thereof) from Loan Group 5 shall be deemed distributed to the Class or Classes II-5B Interest and Class II-5Q Interest; (iv) the Available Distribution Amount (without regard to clause (1)(g) of Certificates set forth in Section 2.03(c)the definition thereof) from Loan Group 6 shall be deemed distributed to the Class II-6B Interest and Class II-6Q Interest; (v) the Available Distribution Amount (without regard to clause (1)(g) of the definition thereof) from Loan Group 7 shall be deemed distributed to the Class II-7B Interest and Class II-7Q Interest; and (vi) the Available Distribution Amount (without regard to clause (1)(g) of the definition thereof) from Loan Group 8 shall be deemed distributed to the Class II-8B Interest and Class II-8Q Interest. Distributions of principal shall be deemed paid made, and Realized Losses shall be deemed allocated: (i) first, to the Class II-3B Interest, Class II-4B Interest, Class II-5B Interest, Class II-6B Interest, Class II-7B Interest and Class II-8B Interest, each from the related Loan Group, so that their respective principal balances (computed to at least eight decimal places) are equal to (A) 0.10% of the Group Subordinate Amount for Loan Group 3; (B) 0.10% of the Group Subordinate Amount for Loan Group 4; (C) 0.10% of the Group Subordinate Amount for Loan Group 5; (D) 0.10% of the Group Subordinate Amount for Loan Group 6; (E) 0.10% of the Group Subordinate Amount for Loan Group 7; and (F) 0.10% of the Group Subordinate Amount for Loan Group 8 (except that if any such amount is a larger number than in the preceding distribution period, the least amount of principal shall be distributed or losses shall be allocated to the Class II-3B Interest, Class II-4B Interest, Class II-5B Interest, Class II-6B Interest, Class II-7B Interest and Class II-8B Interest, as applicable, such that the REMIC II Regular Interests in Subordinated Balance Ratio is maintained); and (ii) second, any remaining amounts of principal shall be distributed and losses shall be allocated from the same manner as they are allocated related Loan Group to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 II-3Q Interest, Class II-4Q Interest, Class II-5Q Interest, Class II-6Q Interest, Class II-7Q Interest and Section 3.02Class II-8Q Interest, respectively.

REMIC II Designations. The pass-through rate with respect to each of the Class II-1A1 Interest II-1A1, Class II-1A2, Class II-1B1, Class II-1B2, Class II-1B3, Class II-1B4, Class II-1B5 and Class II-1B6 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest II-2A1, Class II-2A2 and Class II-2A3 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 II-3A1, Class II-3A2, Class II-3A3, Class II-3A4, Class II-3A5 and Class II-3A2 II-3A6 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-4A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each of the Class II-5A1 and Class II-5A2 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. For federal income tax purposes, the Pass-Through Rate for the Class 1B1II-2B1, Class 1B2II-2B2, Class 1B3II-2B3, Class 1B4II-2B4, Class 1B5 II-2B5 and Class 1B6 II-2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “1B2B” or “2B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. On each Distribution Date prior to distributions on the Certificates as provided in Section 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c2.03(d). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.

REMIC II Designations. The pass-through rate with respect to the Class II-1A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest, the Class II-2A2 Interest and the Class II-2A4 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 and the Class II-3A2 Interests Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-4A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each Each of the Class II-5A1 and Class II-5A2 Interests foregoing determinations shall be a per annum rate equal to weighted on the Net WAC Rate for Loan Group 5basis of their respective Scheduled Principal Balances, as of the beginning of the related Due Period (after taking into account scheduled payments of principal on such date). For federal income tax purposes, the Pass-Through Rate for the Class 1B1B1, Class 1B2B2, Class 1B3B3, Class 1B4B4, Class 1B5 B5 and Class 1B6 B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having (i) the letter “1B” or “2B” in its designation pass-through rate for the Class I-1B Interest, (ii) the pass-through rate for the Class I-2B Interest, (iii) the pass-through rate for the Class I-3B Interest, and (iv) the pass-through rate for the Class I-4B Interest, weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5B” in its designation weighted on the basis of the respective principal balances of each such REMIC I InterestInterests. On each Distribution Date prior to distributions on the Certificates as provided in Section Sections 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c2.03(d). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.

REMIC II Designations. The pass-through rate with respect to each of the Class II-1A1 and the Class II-1A2 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 and Class II-3A2 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-3A2 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to the Class II-4A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each of the Class II-5A1 and Class II-5A2 Interests Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A2 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A3 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A4 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A5 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A6 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A7 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-5A8 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. The pass-through rate with respect to the Class II-6A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 6. The pass-through rate with respect to the Class II-7A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 7. For federal income tax purposes, the Pass-Through Rate for the Class 1B1B1, Class 1B2B2, Class 1B3B3, Class 1B4B4, Class 1B5 B5 and Class 1B6 B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “1B” or “2B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5BB” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. On each Distribution Date prior to distributions on the Certificates as provided in Section Sections 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c2.03(d). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.

REMIC II Designations. The pass-through rate with respect to each of the Class II-1A1 and the Class II-1A2 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-2A2 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to the Class II-2A3 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to the Class II-3A1 and Class II-3A2 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each of the Class II-4A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each of the Class II-5A1 and Class II-5A2 Interests Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 5. For federal income tax purposes, the Pass-Through Rate for the Class 1B1B1, Class 1B2B2, Class 1B3B3, Class 1B4B4, Class 1B5 B5 and Class 1B6 B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “1B” or “2B” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5BB” in its designation weighted on the basis of the respective principal balances of each such REMIC I Interest. On each Distribution Date prior to distributions on the Certificates as provided in Section Sections 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of Certificates. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c2.03(d). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.

REMIC II Designations. The pass-through rate with respect to each of the Class II-1A1 Interest II-1A1, the Class II-1A2 and the Class II-1A3 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 1. The pass-through rate with respect to the Class II-2A1 Interest shall be a per annum rate equal to the Net WAC Rate for Loan Group 2. The pass-through rate with respect to each of the Class II-3A1 II-3A1, the Class II-3A2 and Class II-3A2 II-3A3 Interests shall be a per annum rate equal to the Net WAC Rate for Loan Group 3. The pass-through rate with respect to each Each of the Class II-4A1 Interest foregoing determinations shall be a per annum rate equal to weighted on the Net WAC Rate for Loan Group 4. The pass-through rate with respect to each basis of their respective Scheduled Principal Balances, as of the Class II-5A1 and Class II-5A2 Interests shall be a per annum rate equal to beginning of the Net WAC Rate for Loan Group 5related Due Period (after taking into account scheduled payments of principal on such date). For federal income tax purposes, the Pass-Through Rate for the Class 1B1B1, Class 1B2B2, Class 1B3B3, Class 1B4B4, Class 1B5 B5 and Class 1B6 B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having (i) the letter “1B” or “2B” in its designation pass-through rate for the Class I-1B Interest, (ii) the pass-through rate for the Class I-2B Interest and (iii) the pass-through rate for the Class I-3B Interest, weighted on the basis of the respective principal balances of each such REMIC I Interest. For federal income tax purposes, the Pass-Through Rate for the Class 2B1, Class 2B2, Class 2B3, Class 2B4, Class 2B5 and Class 2B6 Certificates and each Corresponding REMIC II Regular Interest for any Distribution Date shall be expressed as a per annum rate equal to the weighted average of each interest in REMIC I having the letter “3B,” “4B” or “5B” in its designation weighted on the basis of the respective principal balances of each such REMIC I InterestInterests. On each Distribution Date prior to distributions on the Certificates as provided in Section Sections 3.01, interest shall be paid to each REMIC II Regular Interest at the time and in the amount that interest is paid to the Corresponding Class or Classes of CertificatesCertificates or Components. As of any date, the principal balance of each REMIC II Regular Interest shall equal the Class Principal Balance of the respective Corresponding Class of Certificates. The initial principal balance of each REMIC II Regular Interest shall equal the initial Class Principal Balance of the respective Corresponding Class or Classes of Certificates set forth in Section 2.03(c2.03(d). Distributions of principal shall be deemed paid and Realized Losses shall be deemed allocated to the REMIC II Regular Interests in the same manner as they are allocated to the Corresponding Class or Classes of Certificates pursuant to Section 3.01 and Section 3.02.