RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,
Depositor,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
JPMORGAN CHASE BANK, N.A.
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of May 1, 2005
Mortgage Loan Backed Certificates
Series 2005-SP1
ARTICLE I
DEFINITIONS
Section 1.01. Definitions........................................................................... 7
Accretion Directed Certificates.................................................................. 7
Accretion Termination Date....................................................................... 7
Accrual Certificates............................................................................. 7
Accrual Distribution Amount...................................................................... 7
Accrued Certificate Interest..................................................................... 7
Adjusted Mortgage Rate........................................................................... 8
Aggregate Planned Principal Balance.............................................................. 8
Advance.......................................................................................... 8
Affiliate........................................................................................ 8
Agreement........................................................................................ 8
Amount Held for Future Distribution.............................................................. 8
Appraised Value.................................................................................. 9
Assignment....................................................................................... 9
Assignment Agreement............................................................................. 9
Assignment of Proprietary Lease.................................................................. 9
Available Distribution Amount.................................................................... 9
Bankruptcy Amount................................................................................ 10
Bankruptcy Code.................................................................................. 10
Bankruptcy Loss.................................................................................. 10
Book-Entry Certificate........................................................................... 10
Business Day..................................................................................... 10
Calendar Quarter................................................................................. 10
Capitalization Reimbursement Amount.............................................................. 10
Capitalization Reimbursement Shortfall Amount.................................................... 10
Cash Liquidation................................................................................. 11
Certificate...................................................................................... 11
Certificate Account.............................................................................. 11
Certificate Account Deposit Date................................................................. 11
Certificateholder or Holder...................................................................... 11
Certificate Owner................................................................................ 11
Certificate Principal Balance.................................................................... 11
Certificate Register and Certificate Registrar................................................... 12
Class............................................................................................ 12
Class A Certificates............................................................................. 12
Class A-I Certificates........................................................................... 12
Class A-I-PO Collection Shortfall, Class A-II-PO Collection Shortfall, Class A-III-PO
Collection Shortfall or Class A-IV-PO Collection Shortfall....................................... 12
Class A-I-PO Distribution Amount, Class A-II-PO Distribution Amount, Class A-III-PO
Distribution Amount or Class A-IV-PO Distribution Amount......................................... 12
Class A-II Certificates.......................................................................... 13
Class A-II-3 Accretion Termination Date.......................................................... 13
Class A-II-3 Accrual Distribution Amount......................................................... 13
Class A-III Certificates......................................................................... 13
Class A-III-5 Accretion Termination Date......................................................... 13
Class A-III-7 Accretion Termination Date......................................................... 13
Class A-III-5 Accrual Distribution Amount........................................................ 13
Class A-III-7 Accrual Distribution Amount........................................................ 14
Class A-IO Certificates.......................................................................... 14
Class A-IV Certificates.......................................................................... 14
Class A-PO Collection Shortfall.................................................................. 14
Class A-PO Certificates.......................................................................... 14
Class B Certificates............................................................................. 14
Class B-1 Certificate............................................................................ 14
Class B-2 Certificate............................................................................ 14
Class B-3 Certificate............................................................................ 15
Class M Certificates............................................................................. 15
Class M-1 Certificate............................................................................ 15
Class M-2 Certificate............................................................................ 15
Class M-3 Certificate............................................................................ 15
Class R Certificate.............................................................................. 15
Class R-I Certificate............................................................................ 15
Class R-II Certificate........................................................................... 15
Class R-III Certificate.......................................................................... 15
Closing Date..................................................................................... 16
Code............................................................................................. 16
Commission....................................................................................... 16
Cooperative...................................................................................... 16
Cooperative Apartment............................................................................ 16
Cooperative Lease................................................................................ 16
Cooperative Loans................................................................................ 16
Cooperative Stock................................................................................ 16
Cooperative Stock Certificate.................................................................... 16
Corporate Trust Office........................................................................... 16
Corresponding Class.............................................................................. 16
Credit Repository................................................................................ 16
Credit Support Depletion Date.................................................................... 16
Curtailment...................................................................................... 17
Custodial Account................................................................................ 17
Custodial Agreement.............................................................................. 17
Custodian........................................................................................ 17
Cut-off Date..................................................................................... 17
Cut-off Date Balance............................................................................. 17
Cut-off Date Principal Balance................................................................... 17
Debt Service Reduction........................................................................... 17
Deficient Valuation.............................................................................. 17
Definitive Certificate........................................................................... 17
Deleted Mortgage Loan............................................................................ 17
Delinquent....................................................................................... 17
Depository....................................................................................... 18
Depository Participant........................................................................... 18
Destroyed Mortgage Note.......................................................................... 18
Determination Date............................................................................... 18
Discount Fraction................................................................................ 18
Discount Mortgage Loan........................................................................... 18
Discount Net Mortgage Loan....................................................................... 18
Discount Net Mortgage Rate....................................................................... 18
Disqualified Organization........................................................................ 18
Distribution Date................................................................................ 19
Due Date......................................................................................... 19
Due Period....................................................................................... 19
Eligible Account................................................................................. 19
Eligible Funds................................................................................... 19
Eligible Master Servicing Compensation........................................................... 20
ERISA............................................................................................ 20
Event of Default................................................................................. 20
Excess Bankruptcy Loss........................................................................... 20
Excess Loss...................................................................................... 20
Excess Special Hazard Loss....................................................................... 20
Excess Subordinate Principal Amount.............................................................. 20
Exchange Act..................................................................................... 20
Extraordinary Events............................................................................. 20
Extraordinary Losses............................................................................. 21
Xxxxxx Xxx....................................................................................... 21
FASIT............................................................................................ 21
FDIC............................................................................................. 21
FHA.............................................................................................. 21
Final Certification.............................................................................. 21
Final Distribution Date.......................................................................... 21
Fitch............................................................................................ 21
Foreclosure Profits.............................................................................. 21
Xxxxxxx Mac...................................................................................... 22
Fraud Losses..................................................................................... 22
Group I Cut-off Date Balance..................................................................... 22
Fraud Loss Amount................................................................................ 22
Group I Loan..................................................................................... 22
Group I Pool Stated Principal Balance............................................................ 22
Group I Senior Certificates...................................................................... 23
Group I Senior Percentage........................................................................ 23
Group I Senior Principal Distribution Amount..................................................... 23
Group II Cut-off Date Balance.................................................................... 23
Group II Loan.................................................................................... 23
Group II Lockout Percentage...................................................................... 23
Group II Pool Stated Principal Balance........................................................... 23
Group II Senior Certificates..................................................................... 23
Group II Senior Percentage....................................................................... 23
Group II Senior Principal Distribution Amount.................................................... 24
Group III Cut-off Date Balance................................................................... 24
Group III Loan................................................................................... 24
Group III Lockout Percentage..................................................................... 24
Group III Pool Stated Principal Balance.......................................................... 24
Group III Senior Certificates.................................................................... 24
Group III Senior Percentage...................................................................... 24
Group III Senior Principal Distribution Amount................................................... 24
Group IV Cut-off Date Balance.................................................................... 24
Group IV Loan.................................................................................... 24
Group IV Pool Stated Principal Balance........................................................... 25
Group IV Senior Certificates..................................................................... 25
Group IV Senior Percentage....................................................................... 25
Group IV Senior Principal Distribution Amount.................................................... 25
Hazardous Materials.............................................................................. 25
Highest Priority................................................................................. 25
Independent...................................................................................... 25
Initial Certificate Principal Balance............................................................ 25
Initial Notional Amount.......................................................................... 25
Initial Subordinate Class Percentage............................................................. 26
Insurance Proceeds............................................................................... 26
Interest Accrual Period.......................................................................... 26
Interest Only Certificate........................................................................ 26
Interim Certification............................................................................ 26
Interested Person................................................................................ 26
Late Collections................................................................................. 26
Liquidation Proceeds............................................................................. 27
Loan Group....................................................................................... 27
Loan-to-Value Ratio.............................................................................. 27
Lower Priority................................................................................... 27
Lowest Priority.................................................................................. 27
Maturity Date.................................................................................... 27
MERS............................................................................................. 27
MERS System...................................................................................... 27
MIN.............................................................................................. 27
Modified Mortgage Loan........................................................................... 27
Modified Net Mortgage Rate....................................................................... 28
MOM Loan......................................................................................... 28
Monthly Payment.................................................................................. 28
Xxxxx'x.......................................................................................... 28
Mortgage......................................................................................... 28
Mortgage File.................................................................................... 28
Mortgage Loan Schedule........................................................................... 28
Mortgage Loans................................................................................... 29
Mortgage Note.................................................................................... 29
Mortgage Rate.................................................................................... 29
Mortgaged Property............................................................................... 29
Mortgagor........................................................................................ 29
Net Mortgage Rate................................................................................ 29
Non-Discount Mortgage Loan....................................................................... 00
Xxx-Xxxxxxx Xxxxxxxxx Xxxxx...................................................................... 00
Xxx-Xxxxxx Xxxxxx Person......................................................................... 30
Nonrecoverable Advance........................................................................... 30
Nonsubserviced Mortgage Loan..................................................................... 30
Notice........................................................................................... 30
Notional Amount.................................................................................. 30
Officers' Certificate............................................................................ 31
Opinion of Counsel............................................................................... 31
Optional Termination Date........................................................................ 31
Outstanding Mortgage Loan........................................................................ 31
Ownership Interest............................................................................... 31
Pass-Through Rate................................................................................ 31
Paying Agent..................................................................................... 32
Percentage Interest.............................................................................. 32
Permitted Investments............................................................................ 32
Permitted Transferee............................................................................. 33
Person........................................................................................... 33
Planned Principal Balance........................................................................ 33
Pool Strip Rate.................................................................................. 33
Prepayment Assumption............................................................................ 33
Prepayment Distribution Percentage............................................................... 33
Prepayment Distribution Trigger.................................................................. 34
Prepayment Interest Shortfall.................................................................... 35
Prepayment Period................................................................................ 35
Primary Insurance Policy......................................................................... 35
Principal Only Certificates...................................................................... 35
Principal Prepayment............................................................................. 35
Principal Prepayment in Full..................................................................... 35
Program Guide.................................................................................... 35
Purchase Price................................................................................... 35
Qualified Insurer................................................................................ 36
Qualified Substitute Mortgage Loan............................................................... 36
Rating Agency.................................................................................... 36
Realized Loss.................................................................................... 37
Record Date...................................................................................... 37
Regular Certificates............................................................................. 37
Regular Interest................................................................................. 38
Related Classes.................................................................................. 38
Relief Act....................................................................................... 38
Relief Act Shortfalls............................................................................ 38
REMIC............................................................................................ 38
REMIC Administrator.............................................................................. 38
REMIC I.......................................................................................... 38
REMIC I.......................................................................................... 38
REMIC I A-I-IO Regular Interests................................................................. 38
REMIC I A-III-IO Regular Interests............................................................... 39
REMIC I A-IV-IO Regular Interests................................................................ 39
REMIC I Pass-Through Rate........................................................................ 39
REMIC I Regular Interests........................................................................ 39
REMIC I Regular Interest I-SUB................................................................... 39
REMIC I Regular Interest I-ZZZ................................................................... 39
REMIC I Regular Interest A-I-PO.................................................................. 40
REMIC I Regular Interest II-SUB.................................................................. 40
REMIC I Regular Interest II-ZZZ.................................................................. 40
REMIC I Regular Interest A-II-PO................................................................. 40
REMIC I Regular Interest III-SUB................................................................. 40
REMIC I Regular Interest III-ZZZ................................................................. 40
REMIC I Regular Interest A-III-PO................................................................ 40
REMIC I Regular Interest IV-SUB.................................................................. 40
REMIC I Regular Interest IV-ZZZ.................................................................. 40
REMIC I Regular Interest A-IV-PO................................................................. 40
REMIC I Subordinated Balance Ratio............................................................... 40
REMIC II......................................................................................... 41
REMIC II A-I-IO Regular Interests................................................................ 41
REMIC II A-III-IO Regular Interests.............................................................. 41
REMIC II A-IV-IO Regular Interests............................................................... 41
REMIC II Pass-Through Rate....................................................................... 41
REMIC II Regular Interests....................................................................... 42
REMIC II Regular Interest A-I-1.................................................................. 42
REMIC II Regular Interest A-I-2.................................................................. 42
REMIC II Regular Interest A-I-3.................................................................. 42
REMIC II Regular Interest A-I-4.................................................................. 42
REMIC II Regular Interest A-I-5.................................................................. 42
REMIC II Regular Interest A-I-6.................................................................. 42
REMIC II Regular Interest A-I-7.................................................................. 43
REMIC II Regular Interest A-I-8.................................................................. 43
REMIC II Regular Interest A-I-9.................................................................. 43
REMIC II Regular Interest A-I-10................................................................. 43
REMIC II Regular Interest A-I-PO................................................................. 43
REMIC II Regular Interest A-II-1................................................................. 43
REMIC II Regular Interest A-II-2................................................................. 43
REMIC II Regular Interest A-II-3................................................................. 43
REMIC II Regular Interest A-II-4................................................................. 43
REMIC II Regular Interest A-II-5................................................................. 43
REMIC II Regular Interest A-II-6................................................................. 44
REMIC II Regular Interest A-II-7................................................................. 44
REMIC II Regular Interest A-II-8................................................................. 44
REMIC II Regular Interest A-II-9................................................................. 44
REMIC II Regular Interest A-II-10................................................................ 44
REMIC II Regular Interest A-II-11................................................................ 44
REMIC II Regular Interest A-II-12................................................................ 44
REMIC II Regular Interest A-II-13................................................................ 44
REMIC II Regular Interest A-II-PO................................................................ 44
REMIC II Regular Interest A-III-1................................................................ 44
REMIC II Regular Interest A-III-2................................................................ 45
REMIC II Regular Interest A-III-3................................................................ 45
REMIC II Regular Interest A-III-5................................................................ 45
REMIC II Regular Interest A-III-6................................................................ 45
REMIC II Regular Interest A-III-7................................................................ 45
REMIC II Regular Interest A-III-9................................................................ 45
REMIC II Regular Interest A-III-10............................................................... 45
REMIC II Regular Interest A-III-PO............................................................... 45
REMIC II Regular Interest A-IV-1................................................................. 45
REMIC II Regular Interest A-IV-2................................................................. 45
REMIC II Regular Interest A-IV-PO................................................................ 46
REMIC III........................................................................................ 46
REMIC Provisions................................................................................. 46
REO Acquisition.................................................................................. 46
REO Disposition.................................................................................. 46
REO Imputed Interest............................................................................. 46
REO Proceeds..................................................................................... 46
REO Property..................................................................................... 46
Reportable Modified Mortgage Loan................................................................ 46
Repurchase Event................................................................................. 46
Repurchase Price................................................................................. 46
Request for Release.............................................................................. 47
Required Insurance Policy........................................................................ 47
Residential Funding.............................................................................. 47
Responsible Officer.............................................................................. 47
Sale Agreement................................................................................... 47
Schedule of Discount Fractions................................................................... 47
Seller........................................................................................... 47
Security Agreement............................................................................... 48
Senior Accelerated Distribution Percentage....................................................... 48
Senior Certificates.............................................................................. 49
Senior Percentage................................................................................ 49
Senior Principal Distribution Amount............................................................. 49
Senior Support Certificates...................................................................... 49
Servicing Accounts............................................................................... 49
Servicing Advances............................................................................... 49
Servicing Fee.................................................................................... 49
Servicing Fee Rate............................................................................... 50
Senior Interest Distribution Amount.............................................................. 50
Servicing Modification........................................................................... 50
Servicing Officer................................................................................ 50
Special Hazard Amount............................................................................ 50
Special Hazard Loss.............................................................................. 51
Standard & Poor's................................................................................ 51
Startup Date..................................................................................... 51
Stated Principal Balance......................................................................... 51
Subclass......................................................................................... 51
Subordination.................................................................................... 51
Subordinate Certificate.......................................................................... 52
Subordinate Class Percentage..................................................................... 52
Subordinate Percentage........................................................................... 52
Subordinate Principal Distribution Amount........................................................ 52
Subsequent Recoveries............................................................................ 53
Subserviced Mortgage Loan........................................................................ 53
Subservicer...................................................................................... 53
Subservicer Advance.............................................................................. 53
Subservicing Account............................................................................. 53
Subservicing Agreement........................................................................... 53
Subservicing Fee................................................................................. 53
Subservicing Fee Rate............................................................................ 53
Super Senior Certificates........................................................................ 53
Targeted Principal Balance..................................................................... 53
Tax Returns...................................................................................... 53
Transfer......................................................................................... 54
Transferee....................................................................................... 54
Transferor....................................................................................... 54
Trust Fund....................................................................................... 54
Uniform Single Attestation Program for Mortgage Bankers.......................................... 54
Uncertificated Accrued Interest.................................................................. 54
Uncertificated Class A-I-IO REMIC III Regular Interests.......................................... 55
Uncertificated Class A-III-IO REMIC III Regular Interests........................................ 55
Uncertificated Class A-IV-IO REMIC III Regular Interests......................................... 55
Uncertificated Notional Amount................................................................... 55
Uncertificated Pass-Through Rate................................................................. 56
Uncertificated Principal Balance................................................................. 56
Uncertificated REMIC Regular Interest Distribution Amount........................................ 56
Uncertificated REMIC III Regular Interests....................................................... 56
Uninsured Xxxxx.................................................................................. 00
Xxxxxx Xxxxxx Person............................................................................. 56
VA............................................................................................... 56
Voting Rights.................................................................................... 57
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.......................................................... 59
Section 2.02. Acceptance by Trustee................................................................. 63
Section 2.03. Representations, Warranties and Covenants of the Master Servicer and the Depositor.... 65
Section 2.04. Representations and Warranties of Residential Funding................................. 67
Section 2.05. Execution and Authentication of Certificates; Conveyance of Uncertificated REMIC
Regular Interests................................................................... 69
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.................................................... 70
Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of
Subservicers' Obligations............................................................. 71
Section 3.03. Successor Subservicers................................................................ 72
Section 3.04. Liability of the Master Servicer...................................................... 73
Section 3.05. No Contractual Relationship Between Subservicer and Trustee or Certificateholders..... 73
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee....................... 73
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to Custodial Account........... 74
Section 3.08. Subservicing Accounts; Servicing Accounts............................................. 76
Section 3.09. Access to Certain Documentation and Information Regarding the Mortgage Loans.......... 78
Section 3.10. Permitted Withdrawals from the Custodial Account...................................... 78
Section 3.11. Maintenance of Primary Insurance Coverage............................................. 80
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage..................... 80
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain
Assignments........................................................................... 82
Section 3.14. Realization Upon Defaulted Mortgage Loans............................................. 84
Section 3.15. Trustee to Cooperate; Release of Mortgage Files....................................... 86
Section 3.16. Servicing and Other Compensation; Eligible Master Servicing
Compensation.......................................................................... 87
Section 3.17. Reports to the Trustee and the Depositor.............................................. 89
Section 3.18. Annual Statement as to Compliance..................................................... 89
Section 3.19. Annual Independent Public Accountants' Servicing Report............................... 90
Section 3.20. Right of the Depositor in Respect of the Master Servicer.............................. 90
Section 3.21. Advance Facility...................................................................... 91
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account................................................................... 96
Section 4.02. Distributions......................................................................... 96
Section 4.03. Statements to Certificateholders; Statements to Rating Agencies; Exchange Act
Reporting...........................................................................111
Section 4.04. Distribution of Reports to the Trustee and the Depositor; Advances by the Master
Servicer............................................................................113
Section 4.05. Allocation of Realized Losses.........................................................115
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.........................116
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.........................................117
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates......................................................................118
Section 5.02. Registration of Transfer and Exchange of Certificates.................................120
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.....................................126
Section 5.04. Persons Deemed Owners.................................................................126
Section 5.05. Appointment of Paying Agent...........................................................127
ARTICLE VI
THE DEPOSITOR AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Depositor and the Master Servicer.......................128
Section 6.02. Merger or Consolidation of the Depositor or the Master Servicer; Assignment of Rights
and Delegation of Duties by Master Servicer.........................................128
Section 6.03. Limitation on Liability of the Depositor, the Master Servicer
and Others............................................................................129
Section 6.04. Depositor and Master Servicer Not to Resign...........................................130
ARTICLE VII
DEFAULT
Section 7.01. Events of Default.....................................................................131
Section 7.02. Trustee or Depositor to Act; Appointment of Successor.................................132
Section 7.03. Notification to Certificateholders....................................................134
Section 7.04. Waiver of Events of Default...........................................................134
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.....................................................................135
Section 8.02. Certain Matters Affecting the Trustee.................................................136
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.................................138
Section 8.04. Trustee May Own Certificates..........................................................138
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...................138
Section 8.06. Eligibility Requirements for Trustee..................................................139
Section 8.07. Resignation and Removal of the Trustee................................................139
Section 8.08. Successor Trustee.....................................................................140
Section 8.09. Merger or Consolidation of Trustee....................................................141
Section 8.10. Appointment of Co-Trustee or Separate Trustee.........................................141
Section 8.11. Appointment of Custodians.............................................................142
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans.144
Section 9.02. Additional Termination Requirements...................................................146
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration..................................................................148
Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification......................151
Section 10.03. Distributions on the REMIC I Regular Interests and REMIC II Regular Interests.........152
Section 10.04. Distributions on the Uncertificated REMIC III Regular Interests.......................153
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.............................................................................154
Section 11.02. Recordation of Agreement; Counterparts................................................156
Section 11.03. Limitation on Rights of Certificateholders............................................157
Section 11.04. Governing Law.........................................................................157
Section 11.05. Notices...............................................................................158
Section 11.06. Notices to Rating Agencies............................................................158
Section 11.07. Severability of Provisions............................................................159
Section 11.08. Supplemental Provisions for Resecuritization..........................................159
Exhibit A Form of Class A Certificate
Exhibit B Form of Class M Certificate
Exhibit C Form of Class B Certificate
Exhibit D Form of Class R Certificate
Exhibit E Form of Custodial Agreement
Exhibit F-1 Group I Loan Schedule
Exhibit F-2 Group II Loan Schedule
Exhibit F-3 Group III Loan Schedule
Exhibit F-4 Group IV Loan Schedule
Exhibit G Forms of Request for Release
Exhibit H-1 Form of Transfer Affidavit and Agreement
Exhibit H-2 Form of Transferor Certificate
Exhibit I Form of Investor Representation Letter
Exhibit J Form of Transferor Representation Letter
Exhibit K Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a Limited
Guaranty
Exhibit L Form of Limited Guaranty
Exhibit M Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N Form of Rule 144A Investment Representation
Exhibit O [Reserved]
Exhibit P Schedule of Discount Fractions
Exhibit Q Form of Request for Exchange
Exhibit R-1 Form of Form 10-K Certification
Exhibit R-2 Form of Back-Up Certification to Form 10-K Certificate
Exhibit S Information to be Provided by the Master Servicer to the Rating Agencies Relating to Reportable
Modified Mortgage Loans
Exhibit T: Aggregate Planned Principal Balances and Planned Principal Balances
Exhibit U: Targeted Principal Balances
This Pooling and Servicing Agreement, effective as of May 1, 2005,
among RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., as the depositor (together with
its permitted successors and assigns, the "Depositor"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and JPMORGAN CHASE BANK, N.A., a banking
association organized under the laws of the United States, as trustee (together
with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Depositor intends to sell mortgage loan backed certificates
(collectively, the "Certificates"), to be issued hereunder in forty-five
classes, which in the aggregate will evidence the entire beneficial ownership
interest in the Mortgage Loans (as defined herein).
REMIC I
As provided herein, the REMIC Administrator will make an election to
treat the segregated pool of assets consisting of the Group I Loans, Group II
Loans, Group III Loans and Group IV Loans and certain other related assets
subject to this Agreement as a real estate mortgage investment conduit (a
"REMIC") for federal income tax purposes, and such segregated pool of assets
will be designated as "REMIC I." The Class R-I Certificates will represent the
sole class of "residual interests" in REMIC I for purposes of the REMIC
Provisions (as defined herein) under federal income tax law. The following table
irrevocably sets forth the designation, remittance rate (the "REMIC I
Pass-Through Rate") and initial Uncertificated Principal Balance for each of the
"regular interests" in REMIC I (the "REMIC I Regular Interests"). The "latest
possible maturity date" (determined for purposes of satisfying Treasury
regulation Section 1.860G-1(a)(4)(iii)) for each REMIC I Regular Interest shall
be the date set forth below. None of the REMIC I Regular Interests will be
certificated.
REMIC I REGULAR INTEREST REMIC I PASS-THROUGH UNCERTIFICATED REMIC I LATEST POSSIBLE
DESIGNATION RATE PRINCIPAL BALANCE MATURITY DATE
I-SUB 5.00% $394.55 June 2035
I-ZZZ 5.00% $196,708,088.73 June 2035
REMIC I A-I-IO Regular Interests (1) (2) June 2035
I-PO 0.00% $549,055.00 June 2035
II-SUB 5.25% $657.40 June 2035
II-ZZZ 5.25% $328,033,347.37 June 2035
II-PO 0.00% $626,019.00 June 2035
III-SUB 6.00% $354.89 June 2035
III-ZZZ 6.00% $176,913,686.51 June 2035
REMIC I A-III-IO Regular (1) (2) June 2035
Interests
III-PO 0.00% $519,504.00 June 2035
IV-SUB 6.25% $255.33 June 2035
IV-ZZZ 6.25% $127,178,020.94 June 2035
REMIC I A-IV-IO Regular Interests (1) (2) June 2035
IV-PO 0.00% $462,578.00 June 2035
_______________
(1) Calculated as provided in the definition of REMIC I Pass-Through Rate.
(2) REMIC I A-I-IO Regular Interests, REMIC I A-III-IO Regular Interests
and REMIC I A-IV-IO Regular Interests will not have an Uncertificated
Principal Balance.
REMIC II
As provided herein, the REMIC Administrator will make an election to
treat the segregated pool of assets consisting of the REMIC I Regular Interests
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes, and such segregated pool of assets will be designated as "REMIC II."
The Class R-II Certificates will represent the sole class of "residual
interests" in REMIC II for purposes of the REMIC Provisions (as defined herein)
under federal income tax law. The following table irrevocably sets forth the
designation, remittance rate (the "REMIC II Pass-Through Rate") and initial
Uncertificated Principal Balance for each of the "regular interests" in REMIC II
(the "REMIC II Regular Interests"). The "latest possible maturity date"
(determined for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii)) for each REMIC II Regular Interest shall be the date set
forth below. None of the REMIC II Regular Interests will be certificated.
Latest Possible Maturity
REMIC II Regular Interest Designation REMIC II Pass-Through Rate Uncertificated Principal Balance Date
REMIC II Regular Interest A-I-1 5.00% $ 76,200,000.00 September 25, 2034
REMIC II Regular Interest A-I-2 5.00% $ 769,697.00 September 25, 2034
REMIC II Regular Interest A-I-3 5.00% $ 31,990,500.00 September 25, 2034
REMIC II Regular Interest A-I-4 5.00% $ 10,340,400.00 September 25, 2034
REMIC II Regular Interest A-I-5 5.00% $ 21,831,000.00 September 25, 2034
REMIC II Regular Interest A-I-6 5.00% $ 3,105,900.00 September 25, 2034
REMIC II Regular Interest A-I-7 5.00% $ 5,556,900.00 September 25, 2034
REMIC II Regular Interest A-I-8 5.00% $ 6,100,400.00 September 25, 2034
REMIC II Regular Interest A-I-9 5.00% $ 5,937,600.00 September 25, 2034
REMIC II Regular Interest A-I-10 5.00% $ 30,930,603.00 September 25, 2034
REMIC II A-I-IO Regular Interests (1) (2) September 25, 2034
REMIC II Regular Interest A-I-PO 0.00% $ 549,055.00 September 25, 2034
REMIC II Regular Interest A-II-1 5.25% $ 33,000,000.00 September 25, 2034
REMIC II Regular Interest A-II-2 5.25% $ 120,945,900.00 September 25, 2034
REMIC II Regular Interest A-II-3 5.25% $ 6,784,100.00 September 25, 2034
REMIC II Regular Interest A-II-4 5.25% $ 17,158,000.00 September 25, 2034
REMIC II Regular Interest A-II-5 5.25% $ 10,413,800.00 September 25, 2034
REMIC II Regular Interest A-II-6 5.25% $ 15,305,300.00 September 25, 2034
REMIC II Regular Interest A-II-7 5.25% $ 16,625,200.00 September 25, 2034
REMIC II Regular Interest A-II-8 5.25% $ 28,554,200.00 September 25, 2034
REMIC II Regular Interest A-II-9 5.25% $ 5,021,800.00 September 25, 2034
REMIC II Regular Interest A-II-10 5.25% $ 13,360,000.00 September 25, 2034
REMIC II Regular Interest A-II-11 5.25% $ 7,717,800.00 September 25, 2034
REMIC II Regular Interest A-II-12 5.25% $ 3,955,500.00 September 25, 2034
REMIC II Regular Interest A-II-13 5.25% $ 42,618,400.00 September 25, 2034
REMIC II Regular Interest A-II-PO 0.00% $ 626,019.00 September 25, 2034
REMIC II Regular Interest A-III-1 6.00% $ 31,117,000.00 September 25, 2034
REMIC II Regular Interest A-III-2 6.00% $ 39,417,000.00 September 25, 2034
REMIC II Regular Interest A-III-3 6.00% $ 57,000,000.00 September 25, 2034
REMIC II Regular Interest A-III-5 6.00% $ 9,183,000.00 September 25, 2034
REMIC II Regular Interest A-III-6 6.00% $ 3,647,500.00 September 25, 2034
REMIC II Regular Interest A-III-7 6.00% $ 4,444,500.00 September 25, 2034
REMIC II Regular Interest A-III-9 6.00% $ 3,556,000.00 September 25, 2034
REMIC II Regular Interest A-III-10 6.00% $ 25,000,000.00 September 25, 2034
REMIC II A-III-IO Regular Interests (1) (2) September 25, 2034
REMIC II Regular Interest A-III-PO 0.00% $ 519,504.00 September 25, 2034
REMIC II Regular Interest A-IV-1 6.25% $ 111,272,321.00 September 25, 2034
REMIC II Regular Interest A-IV-2 6.25% $ 13,352,679.00 September 25, 2034
REMIC II A-IV-IO Regular Interests (1) (2) September 25, 2034
REMIC II Regular Interest A-IV-PO 0.00% $ 462,578.00 September 25, 2034
REMIC II Regular Interest M-1 (1) $ 8,310,000.00 September 25, 2034
REMIC II Regular Interest M-2 (1) $ 3,324,000.00 September 25, 2034
REMIC II Regular Interest M-3 (1) $ 2,077,000.00 September 25, 2034
REMIC II Regular Interest R-III 6.00% $ 50.00 September 25, 2034
REMIC II Regular Interest B-1 (1) $ 1,246,000.00 September 25, 2034
REMIC II Regular Interest B-2 (1) $ 1,246,000.00 September 25, 2034
REMIC II Regular Interest B-3 (1) $ 418,705.72 September 25, 2034
___________________________
(1) Calculated as provided in the definition of REMIC II Pass-Through Rate.
(2) REMIC II A-I-IO Regular Interests, REMIC II A-III-IO Regular Interests
and REMIC II A-IV-IO Regular Interests will not have an Uncertificated
Principal Balance.
REMIC III
As provided herein, the REMIC Administrator will elect to treat the
segregated pool of assets consisting of the REMIC II Regular Interests as a
REMIC for federal income tax purposes, and such segregated pool of assets will
be designated as REMIC III. The Class R-III Certificates will represent the sole
class of "residual interests" in REMIC III for purposes of the REMIC Provisions
under federal income tax law. The following table irrevocably sets forth the
designation, Pass-Through Rate, aggregate Initial Certificate Principal Balance,
certain features, Maturity Date and initial ratings for each Class of
Certificates comprising the interests representing "regular interests" in REMIC
III and the Class R-III Certificates. The "latest possible maturity date"
(determined solely for purposes of satisfying Treasury Regulation Section
1.860G-1(a)(4)(iii)) for each Class of REMIC III Regular Certificates shall be
the date set forth below.
AGGREGATE
INITIAL
CERTIFICATE
PRINCIPAL INITIAL
DESIGNATION TYPE PASS-THROUGH BALANCE FEATURES MATURITY DATE RATINGS(7)
S&P XXXXX'X
Class A-I-1 Senior 5.00% $ 76,200,000.00 Super Senior/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-2 Senior 5.00% $ 769,697.00 Senior Support/Fixed September 25, 2034 AAA Aaa
Rate
Class A-I-3 Senior 5.00% $ 31,990,500.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-4 Senior 5.00% $ 10,340,400.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-5 Senior 5.00% $ 21,831,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-6 Senior 5.00% $ 3,105,900.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-7 Senior 5.00% $ 5,556,900.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-8 Senior 5.00% $ 6,100,400.00 Senior//PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-9 Senior 5.00% $ 5,937,600.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-I-10 Senior 5.00% $ 30,930,603.00 Senior/Companion/Fixed September 25, 2034 AAA Aaa
Rate
Class A-I-IO (2) Senior 5.00% $0.00 Senior/Interest September 25, 2034 AAA Aaa
Only/Fixed Rate
Class A-I-PO Senior 0.00% $ 549,055.98 Senior/Principal Only September 25, 2034 AAA Aaa
Class A-II-1 Senior 5.25% $ 33,000,000.00 Senior/Lockout/Fixed September 25, 2034 AAA Aaa
Rate
Class A-II-2 Senior 5.25% $ 120,945,900.00 Senior/Accretion September 25, 2034 AAA Aaa
Directed/Fixed Rate
Class A-II-3 Senior 5.25% $ 6,784,100.00 Senior/Accrual/ Fixed September 25, 2034 AAA Aaa
Rate
Class A-II-4 Senior 5.25% $ 17,158,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-5 Senior 5.25% $ 10,413,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-6 Senior 5.25% $ 15,305,300.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-7 Senior 5.25% $ 16,625,200.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-8 Senior 5.25% $ 28,554,200.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-9 Senior 5.25% $ 5,021,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-10 Senior 5.25% $ 13,360,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-11 Senior 5.25% $ 7,717,800.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-12 Senior 5.25% $ 3,955,500.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-II-13 Senior 5.25% $ 42,618,400.00 Senior/Companion/Fixed September 25, 2034 AAA Aaa
Rate
Class A-II-PO Senior 0.00% $ 626,019.09 Senior/Principal Only September 25, 2034 AAA Aaa
Class A-III-1 Senior 6.00% $ 31,117,000.00 Super September 25, 2034 AAA Aaa
Senior/Lockout/Fixed
Rate
Class A-III-2 Senior 5.00% $ 39,417,000.00 Senior/PAC/Fixed Rate September 25, 2034 AAA Aaa
Class A-III-3 Senior 5.40% $ 57,000,000.00 Senior/Accretion September 25, 2034 AAA Aaa
Directed/TAC/Fixed Rate
Class A-III-4 Senior 6.00% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa
Only/Fixed Rate
Class A-III-5 Senior 6.00% $ 9,183,000.00 Senior/Accrual/Companion/September 25, 2034 AAA Aaa
Rate
Class A-III-6 Senior 6.00% $ 3,647,500.00 Senior/Accretion September 25, 2034 AAA Aaa
Directed/Fixed Rate
Class A-III-7 Senior 6.00% $ 4,444,500.00 Senior/Accrual/ Fixed September 25, 2034 AAA Aaa
Rate
Class A-III-8 Senior 6.00% $ 0.00 Senior/Interest Only/ September 25, 2034 AAA Aaa
Fixed Rate
Class A-III-9 Senior 6.00% $ 3,556,000.00 Senior September 25, 2034 AAA Aa1
Support/Lockout/Fixed
Rate
Class A-III-10 Senior 5.00% $ 25,000,000.00 Super Senior/PAC/ Fixed September 25, 2034 AAA Aaa
Rate
Class A-III-IO (3) Senior 6.00% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa
Only/Fixed Rate
Class A-III-PO Senior 0.00% $ 519,503.50 Senior/Principal Only September 25, 2034 AAA Aaa
Class A-IV-1 Senior 7.00% $ 111,272,321.00 Senior/Fixed Rate September 25, 2034 AAA Aaa
Class A-IV-2 Senior 0.00% $ 13,352,679.00 Senior/Principal Only September 25, 2034 AAA Aaa
Class A-IV-IO Senior 6.25% $ 0.00 Senior/Interest September 25, 2034 AAA Aaa
(4) Only/Fixed Rate
Class A-IV-PO Senior 0.00% $ 462,577.75 Senior/Principal Only September 25, 2034 AAA Aaa
Class R-I Residual 5.00% $100.00 Residual September 25, 2034 AAA Aaa
Class R-II Residual 6.00% $50.00 Residual September 25, 2034 AAA Aaa
Class R-III Residual 6.00% $50.00 Residual September 25, 2034 AAA Aaa
Class M-1 Mezzanine Variable $ 8,310,000.00 Mezzanine/Variable Rate September 25, 2034 AA Aa2
Rate (1)
Class M-2 Mezzanine Variable $ 3,324,000.00 Mezzanine/ Variable September 25, 2034 A A2
Rate (1) Rate
Class M-3 Mezzanine Variable $ 2,077,000.00 Mezzanine/Variable Rate September 25, 2034 BBB Ba2
Rate (1)
Class B-1 Subordinate Variable $1,246,000.00 Subordinate/Variable September 25, 2034 BB N/A
Rate (1) Rate
Class B-2 Subordinate Variable $1,246,000.00 Subordinate/Variable September 25, 2034 B N/A
Rate (1) Rate
Class B-3 Subordinate Variable $418,705.40 Subordinate/Variable September 25, 2034 N/A N/A
Rate (1) Rate
_______________
(1) Calculated in accordance with the definition of "Pass-Through Rate"
herein.
(2) The Class A-I-IO Certificates or any Subclass thereof issued pursuant
to Section 5.01(d) represent ownership of the Uncertificated Class
A-I-IO REMIC III Regular Interests represented.
(3) The Class A-III-IO Certificates or any Subclass thereof issued pursuant
to Section 5.01(d) represent ownership of the Uncertificated Class
A-III-IO REMIC III Regular Interests represented by such Class or
Subclass on such date.
(4) The Class A-IV-IO Certificates or any Subclass thereof issued pursuant
to Section 5.01(d) represent ownership of the Uncertificated Class
A-IV-IO REMIC III Regular Interests represented by such Class or
Subclass on such date.
The Group I Loans have an aggregate Cut-off Date Principal Balance
equal to $197,257,638.28. The Group II Loans have an aggregate Cut-off Date
Principal Balance equal to $328,660,023.77. The Group III Loans have an
aggregate Cut-off Date Principal Balance equal to $177,433,545.40. The Group IV
Loans have an aggregate Cut-off Date Principal Balance equal to $127,640,854.27.
The Mortgage Loans are fixed-rate, fully amortizing, first lien mortgage loans
having terms to maturity at origination or modification of generally not more
than 30 years. The Mortgage Loans have an aggregate Cut-off Date Principal
Balance equal to $830,992,061.72.
In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.
Accretion Directed Certificates: Any one of the Class A-II-2, Class
A-III-3 or Class A-III-6 Certificates.
Accretion Termination Date: Any of the Class A-II-3 Accretion
Termination Date, Class A-III-5 Accretion Termination Date or Class A-III-7
Accretion Termination Date.
Accrual Certificates: Any of the Class A-II-3, Class A-III-5 and Class
A-III-7 Certificates.
Accrual Distribution Amount: Any of the Class A-II-3 Accrual
Distribution Amount, Class A-III-5 Accrual Distribution Amount or Class A-III-7
Accrual Distribution Amount.
Accrued Certificate Interest: With respect to each Distribution Date,
as to any Class of Certificates (other than the Principal Only Certificates), an
amount equal to interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day months. In each case Accrued Certificate Interest on any Class of
Certificates will be reduced by interest shortfalls from the Mortgage Loans in
the related Loan Group, if any, allocated to such Class of Certificates for such
Distribution Date, to the extent not covered with respect to the Senior
Certificates by the Subordination provided by the Class B Certificates and Class
M Certificates and, with respect to each Class of Subordinate Certificates to
the extent not covered by the Subordination provided by each Subordinate
Certificate with a Lower Priority, including in each case:
(i) Prepayment Interest Shortfalls on the Mortgage Loans in the
related Loan Group, to the extent not offset by the Master
Servicer with a payment of Eligible Master Servicing
Compensation as provided in Section 4.01), allocated among the
Certificates on a pro rata basis in accordance with the amount
of Accrued Certificate Interest payable from the related Loan
Group for such Distribution Date absent such shortfalls,
(ii) the interest portion (adjusted to the Net Mortgage Rate (or
the Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan)) of Realized Losses on the Mortgage Loans in
the related Loan Group (including Excess Losses from the
related Loan Group) not allocated solely to one or more
specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on the
Mortgage Loans in the related Loan Group, which remained
unreimbursed following the Cash Liquidation or REO Disposition
of such Mortgage Loan or REO Property or (B) made with respect
to delinquencies that were ultimately determined to be Excess
Losses from the related Loan Group, and
7
(iv) any other interest shortfalls not covered by the subordination
provided by the Class M Certificates and Class B Certificates,
including interest that is not collectible from the Mortgagor
pursuant to the Relief Act or similar legislation or
regulations as in effect from time to time,
with all such reductions allocated among all of the related Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions. In addition to that portion of
the reductions described in the preceding sentence that are allocated to any
Class of Class B Certificates or any Class of Class M Certificates, Accrued
Certificate Interest on such Class of Class B Certificates or such Class of
Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
related Subservicing Fee Rate.
Aggregate Planned Principal Balance: With respect to certain Classes of
Certificates as so identified and each Distribution Date, the amount set forth
for such Classes on such Distribution Date on Exhibit T hereto.
Advance: As to any Mortgage Loan, any advance made by the Master
Servicer, pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
Agreement: This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.
Amount Held for Future Distribution: As to any Distribution Date, the
total of the amounts held in the Custodial Account at the close of business on
the preceding Determination Date on account of (i) Liquidation Proceeds,
Subsequent Recoveries, REO Proceeds, Insurance Proceeds, Principal Prepayments,
Mortgage Loan purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and
Mortgage Loan substitutions made pursuant to Section 2.03 or 2.04 received or
made in the month of such Distribution Date (other than such Liquidation
Proceeds, Subsequent Recoveries, REO Proceeds, Insurance Proceeds and purchases
of Mortgage Loans that the Master Servicer has deemed to have been received in
the preceding month in accordance with Section 3.07(b)) and (ii) payments which
represent early receipt of scheduled payments of principal and interest due on a
date or dates subsequent to the Due Date in the related Due Period.
8
Appraised Value: As to any Mortgaged Property, one of the following:
(i) the lesser of (a) the appraised value of such Mortgaged Property based upon
the appraisal made at the time of the origination of the related Mortgage Loan,
and (b) the sales price of the Mortgaged Property at such time of origination or
(ii) in the case of a Mortgaged Property securing a refinanced or modified
Mortgage Loan, one of (1) the appraised value based upon the appraisal made at
the time of origination of the loan which was refinanced or modified, (2) the
appraised value determined in an appraisal made at the time of refinancing or
modification or (3) the sales price of the Mortgaged Property.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if
permitted by law and accompanied by an Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption Agreement, dated
the Closing Date, between Residential Funding and the Depositor relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan,
the assignment of the related Cooperative Lease from the Mortgagor to the
originator of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date and each
Loan Group, an amount equal to (a) the sum of (i) the amount relating to the
related Mortgage Loans on deposit in the Custodial Account as of the close of
business on the immediately preceding Determination Date and amounts deposited
in the Custodial Account in connection with the substitution of Qualified
Substitute Mortgage Loans that are related Mortgage Loans, (ii) the amount of
any Advance made on the immediately preceding Certificate Account Deposit Date
with respect to the related Mortgage Loans, (iii) any amount deposited in the
Certificate Account on the related Certificate Account Deposit Date pursuant to
Section 3.12(a) in respect of the related Mortgage Loans, (iv) any amount that
the Master Servicer is not permitted to withdraw from the Custodial Account
pursuant to Section 3.16(e) in respect of the related Mortgage Loans and (v) any
amount deposited in the Certificate Account pursuant to Section 4.07 or 9.01 in
respect of the related Mortgage Loans, reduced by (b) the sum as of the close of
business on the immediately preceding Determination Date of (x) the Amount Held
for Future Distribution with respect to the related Mortgage Loans and (y)
amounts permitted to be withdrawn by the Master Servicer from the Custodial
Account in respect of the related Mortgage Loans pursuant to clauses (ii)-(x),
inclusive, of Section 3.10(a).
Bankruptcy Amount: As of any date of determination, an amount equal to
$100,000, less the sum of any amounts allocated through Section 4.05 for
Bankruptcy Losses on the Mortgage Loans up to such date of determination. The
Bankruptcy Amount may be further reduced by the Master Servicer (including
accelerating the manner in which such coverage is reduced) provided that prior
to any such reduction, the Master Servicer shall (i) obtain written confirmation
from each Rating Agency that such reduction shall not reduce the rating assigned
to the Class A, Class M and Class B Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
9
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the States of New York, California,
Minnesota, Illinois, Texas, Iowa or Michigan (and such other state or states in
which the Custodial Account or the Certificate Account are at the time located)
are required or authorized by law or executive order to be closed.
Calendar Quarter: A Calendar Quarter shall consist of one of the
following time periods in any given year: January 1 through March 31, April 1
through June 30, July 1 though September 30, and October 1 through December 31.
Capitalization Reimbursement Amount: As to any Distribution Date and
each Loan Group, the amount of Advances or Servicing Advances that were added to
the Stated Principal Balance of the related Mortgage Loans during the prior
calendar month and reimbursed to the Master Servicer or Subservicer on or prior
to such Distribution Date pursuant to Section 3.10(a)(vii), plus the
Capitalization Reimbursement Shortfall Amount remaining unreimbursed from any
prior Distribution Date and reimbursed to the Master Servicer or Subservicer on
or prior to such Distribution Date.
Capitalization Reimbursement Shortfall Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding calendar month exceeds the amount of principal payments on the
Mortgage Loans included in the Available Distribution Amount for that
Distribution Date.
10
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate: Any Class A Certificate, Class M Certificate, Class B
Certificate or Class R Certificate.
Certificate Account: The account or accounts created and maintained
pursuant to Section 4.01, which shall be entitled "JPMorgan Chase Bank, N.A., as
trustee, in trust for the registered holders of Residential Asset Mortgage
Products, Inc., Mortgage Loan Backed Certificates, Series 2005-SP1" and which
must be an Eligible Account.
Certificate Account Deposit Date: As to any Distribution Date, the
Business Day prior thereto.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, except that neither a Disqualified
Organization nor a Non-United States Person shall be a holder of a Class R
Certificate for any purpose hereof. Solely for the purpose of giving any consent
or direction pursuant to this Agreement, any Certificate, other than a Class R
Certificate, registered in the name of the Depositor, the Master Servicer or any
Subservicer or any Affiliate thereof shall be deemed not to be outstanding and
the Percentage Interest or Voting Rights evidenced thereby shall not be taken
into account in determining whether the requisite amount of Percentage Interests
or Voting Rights necessary to effect any such consent or direction has been
obtained. All references herein to "Holders" or "Certificateholders" shall
reflect the rights of Certificate Owners as they may indirectly exercise such
rights through the Depository and participating members thereof, except as
otherwise specified herein; provided, however, that the Trustee shall be
required to recognize as a "Holder" or "Certificateholder" only the Person in
whose name a Certificate is registered in the Certificate Register.
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Certificate (other
than any Interest Only Certificate), on any date of determination, an amount
equal to:
(i) the Initial Certificate Principal Balance of such Certificate
as specified on the face thereof, plus
(ii) any Subsequent Recoveries added to the Certificate Principal
Balance of such Certificate pursuant to Section 4.02, plus
(iii) in the case of each Accrual Certificate, an amount equal to
the aggregate Accrued Certificate Interest added to the
Certificate Principal Balance thereof prior to such date of
determination, minus
11
(iv) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any
predecessor Certificate) and applied to reduce the Certificate
Principal Balance thereof pursuant to Section 4.02(a) and (y)
the aggregate of all reductions in Certificate Principal
Balance deemed to have occurred in connection with Realized
Losses which were previously allocated to such Certificate (or
any predecessor Certificate) pursuant to Section 4.05;
provided, that the Certificate Principal Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the Percentage Interest evidenced by such Certificate
multiplied by the excess, if any, of (A) the then aggregate Certificate
Principal Balance of all Classes of Certificates then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.
Certificate Register and Certificate Registrar: The register maintained
and the registrar appointed pursuant to Section 5.02.
Class: Collectively, all of the Certificates or uncertificated interests
bearing the same designation.
Class A Certificates: Any one of the Class A-I-I, Class A-I-2, Class
A-I-3, Class A-I-4, Class A-I-5, Class A-I-6, Class A-I-7, Class A-I-8, Class
A-I-9, Class A-I-10, Class A-I-IO, Class A-I-PO, Class A-II-1, Class A-II-2,
Class A-II-3, Class A-II-4, Class A-II-5, Class A-II-6, Class A-II-7, Class
A-II-8, Class A-II-9, Class A-II-10, Class A-II-11, Class A-II-12, Class
A-II-13, Class A-II-PO, Class A-III-1, Class A-III-2, Class A-III-3, Class
A-III-4, Class A-III-5, Class A-III-6, Class A-III-7, Class A-III-8, Class
A-III-9, Class A-III-10, Class A-III-IO, Class A-III-PO, Class A-IV-1, Class
A-IV-2, Class A-IV-IO or Class A-IV-PO Certificates executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed
hereto as Exhibit A, senior to the Class M Certificates and Class B Certificates
with respect to distributions and the allocation of Realized Losses in respect
of the Mortgage Loans as set forth in Section 4.05, and evidencing an interest
designated as a "regular interest" in REMIC III for purposes of the REMIC
Provisions.
Class A-I Certificates: Any one of the Class A-I-I, Class A-I-2, Class
A-I-3, Class A-I-4, Class A-I-5, Class A-I-6, Class A-I-7, Class A-I-8, Class
A-I-9, Class A-I-10, Class A-I-IO or Class A-I-PO Certificates.
Class A-I-PO Collection Shortfall, Class A-II-PO Collection Shortfall,
Class A-III-PO Collection Shortfall or Class A-IV-PO Collection Shortfall: With
respect to the Cash Liquidation or REO Disposition of a related Discount
Mortgage Loan and any Distribution Date, the excess of the amount described in
Section 4.02(b)(i)(C)(1) in respect of the Class A-I-PO, Class A-II-PO, Class
A-III-PO or Class A-IV-PO Certificates, respectively, over the amount described
in Section 4.02(b)(i)(C)(2) in respect of the Class A-I-PO, Class A-II-PO, Class
A-III-PO or Class A-IV-PO Certificates.
Class A-I-PO Distribution Amount, Class A-II-PO Distribution Amount,
Class A-III-PO Distribution Amount or Class A-IV-PO Distribution Amount: As
defined in Section 4.02(b)(i). Any of the Class A-I-PO Distribution Amount,
Class A-II-PO Distribution Amount, Class A-III-PO Distribution Amount and Class
A-IV-PO Distribution Amount will also be referred to as the Class A-PO
Distribution Amount as applicable.
12
Class A-II Certificates: Any one of the Class A-II-1, Class A-II-2,
Class A-II-3, Class A-II-4, Class A-II-5, Class A-II-6, Class A-II-7, Class
A-II-8, Class A-II-9, Class A-II-10, Class A-II-11, Class A-II-12, Class A-II-13
or Class A-II-PO Certificates.
Class A-II-3 Accretion Termination Date: The earlier to occur of (i)
the Distribution Date on which the Certificate Principal Balance of the Class
A-II-2 Certificates has been reduced to zero and (ii) the Credit Support
Depletion Date.
Class A-II-3 Accrual Distribution Amount: With respect to each
Distribution Date preceding the Class A-II-3 Accretion Termination Date, an
amount equal to the aggregate amount of Accrued Certificate Interest on the
Class A-II-3 Certificates for such date which will be added to the Certificate
Principal Balance of the Class A-II-3 Certificates and distributed to the
holders of the Class A-II-2 Certificates in the manner and priority pursuant to
section 4.02(f) hereof, as principal, in reduction of the Certificate Principal
Balance of the Class A-II-2 Certificates; provided that, with respect to each
Distribution Date on or after the Class A-II-3 Accretion Termination Date, the
entire amount of Accrued Certificate Interest on the Class A-II-3 Certificates
for that date will be payable to the holders of the Class A-II-3 Certificates as
interest pursuant to Section 4.02(c)(i) hereof on the Class A-II-3 Accretion
Termination Date; and provided, further, that if the Class A-II-3 Accretion
Termination Date is the Credit Support Depletion Date, the entire amount of
Accrued Certificate Interest for that date will be payable as interest to the
Class A-II-3 Certificateholders pursuant to Section 4.02(a)(i) hereof.
Class A-III Certificates: Any one of the Class A-III-1, Class A-III-2,
Class A-III-3, Class A-III-4, Class A-III-5, Class A-III-6, Class A-III-7, Class
A-III-8, Class A-III-9, Class A-III-10, Class A-III-IO or Class A-III-PO
Certificates.
Class A-III-5 Accretion Termination Date: The earlier to occur of (i)
the Distribution Date on which the Certificate Principal Balance of the Class
A-III-3 Certificates has been reduced to zero and (ii) the Credit Support
Depletion Date.
Class A-III-7 Accretion Termination Date: The earlier to occur of (i)
the Distribution Date on which the Certificate Principal Balance of the Class
A-III-6 Certificates has been reduced to zero and (ii) the Credit Support
Depletion Date.
Class A-III-5 Accrual Distribution Amount: With respect to each
Distribution Date preceding the Class A-III-5 Accretion Termination Date, an
amount equal to the aggregate amount of Accrued Certificate Interest on the
Class A-III-5 Certificates for such date which will be added to the Certificate
Principal Balance of the Class A-III-5 Certificates and distributed first, to
the holders of the Class A-III-3 Certificates as principal, in reduction of the
Certificate Principal Balance of the Class A-III-3 Certificates to its Targeted
Principal Balance, and then to the Class A-III-5 Certificates as principal, in
reduction of its Certificate Principal Balance, pursuant to Section 4.02(g)
hereof; provided that, with respect to each Distribution Date on or after the
Class A-III-5 Accretion Termination Date, the entire amount of Accrued
Certificate Interest on the Class A-III-5 Certificates for that date will be
payable to the holders of the Class A-III-5 Certificates as interest pursuant to
Section 4.02(c)(i) hereof, on the Class A-III-5 Accretion Termination Date; and
provided further, that if the Class A-III-5 Accretion Termination Date is the
Credit Support Depletion Date, the entire amount of Accrued Certificate Interest
for that date will be payable as interest to the Class A-III-5
Certificateholders pursuant to Section 4.02(a)(i) hereof.
13
Class A-III-7 Accrual Distribution Amount: With respect to each
Distribution Date the Class A-III-7 Accretion Termination Date, an amount equal
to the aggregate amount of Accrued Certificate Interest on the Class A-III-7
Certificates for such date which will be added to the Certificate Principal
Balance of the Class A-III-7 Certificates and distributed to the holders of the
Class A-III-6 Certificates as principal, in reduction of the Certificate
Principal Balance of the Class A-III-6 Certificates, pursuant to Section 4.02(h)
hereof; provided that, with respect to each Distribution Date on or after the
Class A-III-7 Accretion Termination Date, the entire Accrued Certificate
Interest on the Class A-III-7 Certificates for that date will be payable to the
holders of the Class A-III-7 Certificates as interest pursuant to Section
4.02(c)(i), on the Class A-III-7 Accretion Termination Date; and provided
further, that if the Class A-III-7 Accretion Termination Date is the Credit
Support Depletion Date, the entire amount of Accrued Certificate Interest for
that date will be payable as interest to the Class A-III-7 Certificateholders
pursuant to Section 4.02(a)(i) hereof.
Class A-IO Certificates: Any of the Class A-I-IO, Class A-III-IO or
Class A-IV-IO Certificates.
Class A-IV Certificates: Any one of the Class A-IV-1, Class A-IV-2,
Class-A-IV-IO or Class A-IV-PO Certificates.
Class A-PO Collection Shortfall: The Class A-I-PO Collection Shortfall,
Class A-II-PO Collection Shortfall, Class A-III-PO Collection Shortfall or Class
A-IV-PO Collection Shortfall will be referred to collectively herein as the
Class A-P Collection Shortfall.
Class A-PO Certificates: Any one of the Class A-I-PO, Class A-II-PO,
Class A-III-PO or Class A-IV-PO Certificates.
Class B Certificates: Any one of the Class B-1, Class B-2 or Class B-3
Certificates.
Class B-1 Certificate: Any one of the Class B-1 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit C, senior to the Class B-2 and Class B-3
Certificates with respect to distributions and the allocation of Realized Losses
in respect of the Mortgage Loans as set forth in Section 4.05, and evidencing an
interest designated as a "regular interest" in REMIC III for purposes of the
REMIC Provisions.
Class B-2 Certificate: Any one of the Class B-2 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit C, senior to the Class B-3 Certificates with
respect to distributions and the allocation of Realized Losses in respect of the
Mortgage Loans as set forth in Section 4.05, and evidencing an interest
designated as a "regular interest" in REMIC III for purposes of the REMIC
Provisions.
Class B-3 Certificate: Any one of the Class B-3 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit C, and evidencing an interest designated as a
"regular interest" in REMIC III for purposes of the REMIC Provisions.
14
Class M Certificates: Any one of the Class M-1, Class M-2 or Class M-3
Certificates.
Class M-1 Certificate: Any one of the Class M-1 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit B, senior to the Class M-2, Class M-3 and
Class B Certificates with respect to distributions and the allocation of
Realized Losses in respect of the Mortgage Loans as set forth in Section 4.05,
and evidencing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions.
Class M-2 Certificate: Any one of the Class M-2 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit B, senior to the Class M-3 and Class B
Certificates with respect to distributions and the allocation of Realized Losses
in respect of the Mortgage Loans as set forth in Section 4.05, and evidencing an
interest designated as a "regular interest" in REMIC III for purposes of the
REMIC Provisions.
Class M-3 Certificate: Any one of the Class M-3 Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit B, senior to the Class B Certificates with
respect to distributions and the allocation of Realized Losses in respect of the
Mortgage Loans as set forth in Section 4.05, and evidencing an interest
designated as a "regular interest" in REMIC III for purposes of the REMIC
Provisions.
Class R Certificate: Any one of the Class R-I Certificates, Class R-II
or Class R-III Certificates.
Class R-I Certificate: Any one of the Class R-I Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC I for purposes of the REMIC Provisions.
Class R-II Certificate: Any one of the Class R-II Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC II for purposes of the REMIC Provisions.
Class R-III Certificate: Any one of the Class R-III Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit D and evidencing an interest
designated as a "residual interest" in REMIC III for purposes of the REMIC
Provisions.
Closing Date: May 31, 2005.
Code: The Internal Revenue Code of 1986.
Commission: The Securities and Exchange Commission.
15
Cooperative: A private, cooperative housing corporation which owns or
leases land and all or part of a building or buildings, including apartments,
spaces used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at 0 Xxx Xxxx Xxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000,
Attention: Worldwide Securities Services/Global Debt, RAMP, Series 2005-SP1.
Corresponding Class: With respect to each REMIC II Regular Interest,
the Class of Certificates with the corresponding designation.
Credit Repository: Equifax, Transunion and Experian, or their successors
in interest.
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
16
Custodial Agreement: An agreement that may be entered into among the
Depositor, the Master Servicer, the Trustee and a Custodian in substantially the
form of Exhibit E hereto.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
Cut-off Date: May 1, 2005.
Cut-off Date Balance: The Group I Cut-off Date Balance, Group II
Cut-off Date Balance, Group III Cut-off Date Balance or Group IV Cut-off Date
Balance, as the case may be.
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto (or due during the month of
May 2005), whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by
a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any definitive, fully registered Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the next following monthly
scheduled due date; "60 to 89 days" or "60 or more days" delinquent when a
payment due on any scheduled due date remains unpaid as of the close of business
on the second following monthly scheduled due date; and so on. The determination
as to whether a Mortgage Loan falls into these categories is made as of the
close of business on the last business day of each month. For example, a
Mortgage Loan with a payment due on July 1 that remained unpaid as of the close
of business on August 31 would then be considered to be 30 to 59 days
delinquent. Delinquency information as of the Cut-off Date is determined and
prepared as of the close of business on the last business day immediately prior
to the Cut-off Date.
Depository: The Depository Trust Company, or any successor Depository
hereafter named. The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede &
Co. The Depository shall at all times be a "clearing corporation" as defined in
Section 8-102(5) of the Uniform Commercial Code of the State of New York and a
"clearing agency" registered pursuant to the provisions of Section 17A of the
Exchange Act.
17
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: With respect to any Distribution Date, the second
Business Day prior to such Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, in Loan
Group I, Loan Group II, Loan Group III or Loan Group IV, the fraction expressed
as a percentage, the numerator of which is the related Discount Net Mortgage
Rate minus the related Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the
related Discount Net Mortgage Rate. The Discount Fraction with respect to each
Discount Mortgage Loan is set forth as Exhibit P hereto.
Discount Mortgage Loan: Any Group I Loan, Group II Loan, Group III Loan
or Group IV Loan having a Net Mortgage Rate (or the initial Net Mortgage Rate)
of less than the related Discount Net Mortgage Rate per annum and any Group I
Loan, Group II Loan, Group III Loan, Group IV Loan deemed to be a Discount
Mortgage Loan pursuant to the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Loan: With respect to the Loans Group I, any
Group I Loan with a Net Mortgage Rate less than 5.00% per annum. With respect to
the Loan Group II, any Group Loan with a Net Mortgage Rate less than 5.25% per
annum. With respect to the Loan Group III, any Group III Loan with a Net
Mortgage Rate less than 6.00% per annum. With respect to the Loan Group IV, any
Group IV Loan with a Net Mortgage Rate less than 6.25% per annum.
Discount Net Mortgage Rate: With respect to Loan Group I, Loan Group
II, Loan Group III and Loan Group IV, 5.00% per annum, 5.25% per annum, 6.00%
per annum and 6.25% per annum.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, which includes any of the
following: (i) the United States, any State or political subdivision thereof,
any possession of the United States, or any agency or instrumentality of any of
the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for Xxxxxxx Mac, a majority of its
board of directors is not selected by such governmental unit), (ii) a foreign
government, any international organization, or any agency or instrumentality of
any of the foregoing, (iii) any organization (other than certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of
the Code on unrelated business taxable income) and (iv) rural electric and
18
Disqualified Organization also includes any "electing large partnership," as
defined in Section 775(a) of the Code and any other Person so designated by the
Trustee based upon an Opinion of Counsel that the holding of an Ownership
Interest in a Class R Certificate by such Person may cause any REMIC or any
Person having an Ownership Interest in any Class of Certificates (other than
such Person) to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Class R Certificate to such Person. The terms "United States",
"State" and "international organization" shall have the meanings set forth in
Section 7701 of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.
Due Period: With respect to any Distribution Date, the calendar month
of such Distribution Date.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of JPMorgan
Chase Bank, N.A., or (B) an account or accounts maintained in the corporate
asset services department of Bank One, National Association as long as its short
term debt obligations are rated P-1 (or the equivalent) or better by each Rating
Agency, and its long term debt obligations are rated A2 (or the equivalent) or
better, by each Rating Agency, or (iv) in the case of the Certificate Account, a
trust account or accounts maintained in the corporate trust division of JPMorgan
Chase Bank, N.A., or (v) an account or accounts of a depository institution
acceptable to each Rating Agency (as evidenced in writing by each Rating Agency
that use of any such account as the Custodial Account or the Certificate Account
will not reduce the rating assigned to any Class of Certificates by such Rating
Agency below the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency).
Eligible Funds: With respect to each Loan Group, on any Distribution
Date, the portion, if any, of the related Available Distribution Amount
remaining after reduction by the sum of (i) the aggregate amount of Accrued
Certificate Interest on the related Senior Certificates, (ii) the applicable
Senior Principal Distribution Amount (determined without regard to Section
4.02(a)(ii)(Y)(D) hereof), (iii) the related Class A-PO Distribution Amount
(determined without regard to Section 4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued Certificate Interest on the Class M, Class B-1 and
Class B-2 Certificates payable from the related Available Distribution Amount.
19
Eligible Master Servicing Compensation: As determined with respect to
each Loan Group, with respect to any Distribution Date, an amount equal to
Prepayment Interest Shortfalls resulting from Principal Prepayments during the
related Prepayment Period and included in the related Available Distribution
Amount for such Distribution Date, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans in
the related Loan Group immediately preceding such Distribution Date and (b) the
sum of the Servicing Fee and all income and gain on amounts held in the
Custodial Account and the Certificate Account and payable to the
Certificateholders with respect to such Distribution Date; provided that for
purposes of this definition the amount of the Servicing Fee will not be reduced
pursuant to Section 7.02 except as may be required pursuant to the last sentence
of Section 7.02(a).
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
Event of Default: As defined in Section 7.01.
Excess Bankruptcy Loss: Any Bankruptcy Loss on the Mortgage Loans, or
portion thereof, which exceeds the then-applicable Bankruptcy Amount.
Excess Fraud Loss: Any Fraud Loss on the Mortgage Loans, or portion
thereof, which exceeds the then-applicable Fraud Loss Amount.
Excess Loss: Any Excess Special Hazard Loss, Excess Fraud Losses, Excess
Bankruptcy Loss or Extraordinary Loss.
Excess Special Hazard Loss: Any Special Hazard Loss on the Mortgage
Loans, or portion thereof, that exceeds the then-applicable Special Hazard
Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such Class or Classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E).
Exchange Act: The Securities Exchange Act of 1934, as amended.
Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity
bond and the errors and omissions insurance policy required to be
maintained pursuant to Section 3.12(b) but are in excess of the
coverage maintained thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination,
all whether controlled or uncontrolled, and whether such loss be direct
or indirect, proximate or remote or be in whole or in part caused by,
contributed to or aggravated by a peril covered by the definition of
the term "Special Hazard Loss";
20
(c) hostile or warlike action in time of peace or war, including action
in hindering, combating or defending against an actual, impending or
expected attack;
1. by any government or sovereign power, de jure or defacto,
or by any authority maintaining or using military, naval or
air forces; or
2. by military, naval or air forces; or
3. by an agent of any such government, power, authority or
forces; or
4. any weapon of war employing atomic fission or radioactive
force whether in time of peace or war; or
5. insurrection, rebellion, revolution, civil war, usurped
power or action taken by governmental authority in hindering,
combating or defending against such an occurrence, seizure or
destruction under quarantine or customs regulations,
confiscation by order of any government or public authority;
or risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
Xxxxxx Xxx: Xxxxxx Xxx, a federally chartered and privately owned
corporation organized and existing under the Federal National Mortgage
Association Charter Act, or any successor thereto.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
FDIC: The Federal Deposit Insurance Corporation or any successor
thereto.
FHA: The Federal Housing Administration, or its successor.
Final Certification: As defined in Section 2.02.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
Fitch: Fitch, Inc., or its successor in interest.
Foreclosure Profits: As to any Distribution Date or related
Determination Date and any Mortgage Loan, the excess, if any, of Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable
therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash Liquidation or REO Disposition occurred in the
related Prepayment Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage
Rate on such unpaid principal balance from the Due Date to which interest was
last paid by the Mortgagor to the first day of the month following the month in
which such Cash Liquidation or REO Disposition occurred.
21
Xxxxxxx Mac: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in
the origination of such Mortgage Loan.
Group I Cut-off Date Balance: $197,257,638.28.
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the third anniversary of the Cut-off
Date, an amount equal to 1.0% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of related
Certificates in accordance with Section 4.05 of this Agreement since the Cut-off
Date up to such date of determination plus any Excess Fraud Losses on the
non-related Mortgage Loans allocated to the related group as set forth in
Section 4.05 and (Y) from the third to the fifth anniversary of the Cut-off
Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Agreement since the most recent anniversary of the
Cut-off Date up to such date of determination plus any Excess Fraud Losses on
the non-related Mortgage Loans allocated to the related group as set forth in
Section 4.05. On and after the fifth anniversary of the Cut-off Date, the Fraud
Loss Amount shall be zero.
Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Group I Loan: The Mortgage Loans designated on the Mortgage Loan
Schedule attached hereto as Exhibit F-1.
Group I Pool Stated Principal Balance: As to any date of determination,
the aggregate of the Stated Principal Balances of each Group I Loan that was an
Outstanding Mortgage Loan on the Due Date immediately preceding the Due Period
preceding such date of determination.
Group I Senior Certificates: Any of the Class A-I Certificates and Class
R-I Certificates.
22
Group I Senior Percentage: As of any Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group I Senior Certificates
(other than the Class A-I-PO Certificates) immediately prior to such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount Fraction of each related Discount Mortgage Loan) in Loan Group
I immediately prior to such Distribution Date.
Group I Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group I remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section
4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed
therefrom to the Group I Senior Certificateholders on such Distribution Date
pursuant to Section 4.02(a)(ii)(Y).
Group II Cut-off Date Balance: $328,660,023.77.
Group II Loan: The Mortgage Loans designated on the Mortgage Loan
Schedule attached hereto as Exhibit F-2.
Group II Lockout Percentage: With respect to the Class A-II-1
Certificates and any Distribution Date occurring prior to the Distribution Date
in June 2010, 0%. For any Distribution Date occurring after the first five years
following the Closing Date, the product of (a) a fraction, the numerator of
which is the sum of (i) $13,200,000 and (ii) the Certificate Principal Balance
of the Class A-II-1 Certificates, and the denominator of which is the aggregate
Certificate Principal Balance of the Class A-II-1, Class A-II-2 and Class A-II-3
Certificates (but in no event shall such fraction exceed 1), and (b) the
following percentage: (i) for any Distribution Date during the sixth year after
the Closing Date, 30%; (ii) for any Distribution Date during the seventh year
after the Closing Date, 40%; (iii) for any Distribution Date during the eighth
year after the Closing Date, 60%; (iv) for any Distribution Date during the
ninth year after the Closing Date, 80%; and (v) for any Distribution Date
thereafter, 100%.
Group II Pool Stated Principal Balance: As to any date of
determination, the aggregate of the Stated Principal Balances of each Group II
Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding
the Due Period preceding such date of determination.
Group II Senior Certificates: Any of the Class A-II Certificates.
Group II Senior Percentage: As of any Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group II Senior Certificates
(other than the Class A-II-PO Certificates) immediately prior to such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount Fraction of each related Discount Mortgage Loan) in Loan Group
II immediately prior to such Distribution Date.
Group II Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group II remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section
4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed
therefrom to the Group II Senior Certificateholders on such Distribution Date
pursuant to Section 4.02(a)(ii)(Y).
23
Group III Cut-off Date Balance: $177,433,545.40.
Group III Loan: The Mortgage Loans designated on the Mortgage Loan
Schedule attached hereto as Exhibit F-3.
Group III Lockout Percentage: With respect to the Class A-III-1
Certificates and Class A-III-9 Certificates and any Distribution Date occurring
prior to the Distribution Date in June 2010, 0%. For any Distribution Date
occurring after the first five years following the Closing Date, a percentage
determined as follows: (i) for any Distribution Date during the sixth year after
the Closing Date, 30%; (ii) for any Distribution Date during the seventh year
after the Closing Date, 40%; (iii) for any Distribution Date during the eighth
year after the Closing Date, 60%; (iv) for any Distribution Date during the
ninth year after the Closing Date, 80%; and (v) for any Distribution Date
thereafter, 100%.
Group III Pool Stated Principal Balance: As to any date of
determination, the aggregate of the Stated Principal Balances of each Group III
Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding
the Due Period preceding such date of determination.
Group III Senior Certificates: Any of the Class A-III, Class R-II and
Class R-III Certificates.
Group III Senior Percentage: As of any Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group III Senior Certificates
(other than the Class A-III-PO Certificates) immediately prior to such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount Fraction of each related Discount Mortgage Loan) in Loan Group
III immediately prior to such Distribution Date.
Group III Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group III remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section
4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed
therefrom to the Group III Senior Certificateholders on such Distribution Date
pursuant to Section 4.02(a)(ii)(Y).
Group IV Cut-off Date Balance: $127,640,854.27.
Group IV Loan: The Mortgage Loans designated on the Mortgage Loan
Schedule attached hereto as Exhibit F-4.
Group IV Pool Stated Principal Balance: As to any date of
determination, the aggregate of the Stated Principal Balances of each Group IV
Loan that was an Outstanding Mortgage Loan on the Due Date immediately preceding
the Due Period preceding such date of determination.
24
Group IV Senior Certificates: Any of the Class A-IV Certificates.
Group IV Senior Percentage: As of any Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group IV Senior Certificates
(other than the Class A-IV-PO Certificates) immediately prior to such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount Fraction of each related Discount Mortgage Loan) in Loan Group
IV immediately prior to such Distribution Date.
Group IV Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group IV remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i) and Section
4.02(a)(ii)(X), and (b) the sum of the amounts required to be distributed
therefrom to the Group IV Senior Certificateholders on such Distribution Date
pursuant to Section 4.02(a)(ii)(Y).
Hazardous Materials: Any dangerous, toxic or hazardous pollutants,
chemicals, wastes, or substances, including, without limitation, those so
identified pursuant to the Comprehensive Environmental Response, Compensation
and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental
laws now existing, and specifically including, without limitation, asbestos and
asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum
and petroleum products, urea formaldehyde and any substances classified as being
"in inventory", "usable work in progress" or similar classification which would,
if classified unusable, be included in the foregoing definition.
Highest Priority: As of any date of determination and any Loan Group,
the Class of Subordinate Certificates then outstanding with the earliest
priority for payments pursuant to Section 4.02(a), in the following order: Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.
Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Depositor, the Master Servicer
and the Trustee, or any Affiliate thereof, (ii) does not have any direct
financial interest or any material indirect financial interest in the Depositor,
the Master Servicer or the Trustee or in an Affiliate thereof, and (iii) is not
connected with the Depositor, the Master Servicer or the Trustee as an officer,
employee, promoter, underwriter, trustee, partner, director or person performing
similar functions.
Initial Certificate Principal Balance: With respect to each Class of
Certificates (other than the Interest Only Certificates), the Certificate
Principal Balance of such Class of Certificates as of the Cut-off Date as set
forth in the Preliminary Statement hereto.
Initial Notional Amount: With respect to the Class A-III-4
Certificates, $5,700,000. For federal income tax purposes, however, as of any
Distribution Date, the notional amount of the Class A-III-4 Certificates will be
equal to the Uncertificated Principal Balance of REMIC II Regular Interest
A-III-3. With respect to the Class A-III-8 Certificates, $10,736,166. For
federal income tax purposes, however, as of any Distribution Date, the notional
amount of the Class A-III-8 Certificates will be equal to the sum of the
Uncertificated Principal Balances of REMIC II Regular Interest A-III-2 and REMIC
II Regular Interest A-III-10. With respect to any Class A-I-IO Certificates or
Subclass thereof issued pursuant to Section 5.01(c), the aggregate Cut-off Date
Principal Balance of the Group I Loans corresponding to the Uncertificated Class
25
A-I-IO REMIC II Regular Interests represented by such Class or Subclass on such
date. With respect to any Class A-III-IO Certificates or Subclass thereof issued
pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance of the
Group III Loans corresponding to the Uncertificated Class A-III-IO REMIC II
Regular Interests represented by such Class or Subclass on such date. With
respect to any Class A-IV-IO Certificates or Subclass thereof issued pursuant to
Section 5.01(c), the aggregate Cut-off Date Principal Balance of the Group IV
Loans corresponding to the Uncertificated Class A-IV-IO REMIC II Regular
Interests represented by such Class or Subclass on such date.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:
Class M-1: 1.00% Class B-1: 0.15%
Class M-2: 0.40% Class B-2: 0.15%
Class M-3: 0.25% Class B-3: 0.05%
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan, to the extent such proceeds are payable to the
mortgagee under the Mortgage, any Subservicer, the Master Servicer or the
Trustee and are not applied to the restoration of the related Mortgaged Property
(or, with respect to a Cooperative Loan, the related Cooperative Apartment) or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account.
Interest Accrual Period: With respect to any Certificates and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Interest Only Certificate: Any of the Class A-I-IO, Class A-III-4,
Class A-III-8, Class A-III-IO or Class A-IV-IO Certificates.
Interim Certification: As defined in Section 2.02.
Interested Person: As of any date of determination, the Depositor, the
Master Servicer, the Trustee, any Mortgagor, any manager of a Mortgaged
Property, or any Person actually known to a Responsible Officer of the Trustee
to be an Affiliate of any of them.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Loan through trustee's sale,
foreclosure sale or otherwise, other than REO Proceeds and Subsequent
Recoveries.
26
Loan Group: With respect to the Class A-I Certificates, Class R-I
Certificates and REMIC I Regular Interests I-SUB, I-ZZZ, A-I-PO and each REMIC I
A-I-IO Regular Interest, the Group I Loans; with respect to the Class A-II
Certificates and REMIC I Regular Interests II-SUB, II-ZZZ and A-II-PO, the Group
II Loans; with respect to the Class A-III Certificates, Class R-II Certificates,
Class R-III Certificates and REMIC I Regular Interests III-SUB, III-ZZZ,
A-III-PO and each REMIC I A-III-IO Regular Interest, the Group III Loans, and
with respect to the Class M Certificates and Class B Certificates, the Group I
Loans, Group II Loans, Group III Loans and Group IV Loans.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a later priority for payments pursuant to Section 4.02(a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
Maturity Date: With respect to each Class of Certificates of regular
interest or Regular Interest issued by each of REMIC I and REMIC II, the latest
possible maturity date, for purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, by which the Certificate Principal Balance of each such
Class of Certificates representing a regular interest in the Trust Fund would be
reduced to zero, which is the date set forth in the Preliminary Statement.
MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.
MERS(R) System: The system of recording transfers of Mortgages
electronically maintained by MERS.
MIN: The Mortgage Identification Number for Mortgage Loans registered
with MERS on the MERS(R)System.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of
a Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate, minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
27
MOM Loan: With respect to any Mortgage Loan, MERS acting as the
mortgagee of such Mortgage Loan, solely as nominee for the originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and the Due Date in any Due Period, the payment of principal and
interest due thereon in accordance with the amortization schedule at the time
applicable thereto (after adjustment, if any, for Curtailments and for Deficient
Valuations occurring prior to such Due Date but before any adjustment to such
amortization schedule by reason of any bankruptcy, other than a Deficient
Valuation, or similar proceeding or any moratorium or similar waiver or grace
period and before any Servicing Modification that constitutes a reduction of the
interest rate on such Mortgage Loan).
Moody's: Xxxxx'x Investors Service, Inc., or its successor in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first or junior lien on an estate in fee simple interest
in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.
Mortgage Loan Schedule: The lists of the Mortgage Loans attached hereto
as Exhibit F-1, Exhibit F-2, Exhibit F-3 and Exhibit F-4 (as amended from time
to time to reflect the addition of Qualified Substitute Mortgage Loans), which
lists shall set forth at a minimum the following information as to each Mortgage
Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
(ii) [reserved];
(iii) the maturity of the Mortgage Note ("MATURITY DATE" or "MATURITY
DT");
(iv) the Mortgage Rate as of the Cut-off Date ("ORIG RATE");
(v) the Mortgage Rate as of the Cut-off Date for an adjustable rate
Mortgage Loan ("CURR RATE");
(vi) the Net Mortgage Rate as of the Cut-off Date ("CURR NET");
(vii) the scheduled monthly payment of principal, if any, and interest
as of the Cut-off Date ("ORIGINAL P & I" or "CURRENT P & I" for the
adjustable rate Mortgage Loans);
(viii) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(ix) the Loan-to-Value Ratio at origination ("LTV");
28
(x) a code "T", "BT" or "CT" under the column "LN FEATURE," indicating
that the Mortgage Loan is secured by a second or vacation residence
(the absence of any such code means the Mortgage Loan is secured by a
primary residence); and
(xi) a code "N" under the column "OCCP CODE", indicating that the
Mortgage Loan is secured by a non-owner occupied residence (the absence
of any such code means the Mortgage Loan is secured by an owner
occupied residence).
Such schedules may consist of multiple reports that collectively set
forth all of the information required.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification. The Mortgage Rate on the adjustable rate Mortgage Loans will
adjust on each Adjustment Date to equal the sum (rounded to the nearest multiple
of one-eighth of one percent (0.125%) or up to the nearest one-eighth of one
percent, which are indicated by a "U" on Exhibits F-1 and F-2 hereto.
Mortgaged Property: The underlying real property securing a Mortgage
Loan or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: With respect to any Mortgage Loan as of any date of
determination, a per annum rate equal to the Adjusted Mortgage Rate for such
Mortgage Loan as of such date minus the Servicing Fee Rate.
Non-Discount Mortgage Loan: With respect to Loan Group I, Loan Group
II, Loan III or Loan Group IV, as applicable, a Mortgage Loan that is not a
Discount Mortgage Loan from such Loan Group.
Non-Primary Residence Loans: The Mortgage Loans designated as secured
by second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United States Person.
29
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted Mortgage Loan) which, in the good faith judgment of the Master
Servicer, will not, or, in the case of a proposed Advance, would not, be
ultimately recoverable by the Master Servicer from related Late Collections,
Insurance Proceeds, Liquidation Proceeds or REO Proceeds. To the extent that any
Mortgagor is not obligated under the related Mortgage documents to pay or
reimburse any portion of any Advances that are outstanding with respect to the
related Mortgage Loan as a result of a modification of such Mortgage Loan by the
Master Servicer, which forgives unpaid Monthly Payments or other amounts which
the Master Servicer had previously advanced, and the Master Servicer determines
that no other source of payment or reimbursement for such advances is available
to it, such Advances shall be deemed to be nonrecoverable; provided, however,
that in connection with the foregoing, the Master Servicer shall provide an
Officers' Certificate as described below. The determination by the Master
Servicer that it has made a Nonrecoverable Advance shall be evidenced by a
certificate of a Servicing Officer, Responsible Officer or Vice President or its
equivalent or senior officer of the Master Servicer, delivered to the Depositor,
the Trustee and the Master Servicer setting forth such determination, which
shall include any other information or reports obtained by the Master Servicer
such as property operating statements, rent rolls, property inspection reports
and engineering reports, which may support such determinations. Notwithstanding
the above, the Trustee shall be entitled to rely upon any determination by the
Master Servicer that any Advance previously made is a Nonrecoverable Advance or
that any proposed Advance, if made, would constitute a Nonrecoverable Advance.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notice: As defined in Section 4.04.
Notional Amount: As of any Distribution Date, with respect to the Class
A-III-4 Certificates, a notional amount equal to 10% of the Certificate
Principal Balance of the Class III-A-3 Certificates. For federal income tax
purposes, however, as of any Distribution Date, with respect to the Class
A-III-4 Certificates, a notional amount equal to the Uncertificated Principal
Balance of REMIC II Regular Interest A-III-3. As of any Distribution Date, with
respect to the Class A-III-8 Certificates, a notional amount equal to the
aggregate of the Certificate Principal Balance of the Class A-III-2 Certificates
and Class A-III-10 Certificates. For federal income tax purposes, however, as of
any Distribution Date, with respect to the Class A-III-8 Certificates, a
notional amount equal to the sum of the Uncertificated Principal Balance of
REMIC II Regular Interest A-III-2 and REMIC II Regular Interest A-III-10. As of
any Distribution Date, with respect to any Class A-IO Certificates or Subclass
thereof issued pursuant to Section 5.01(c), the Notional Amount of the Class
A-I-IO Certificates is equal to (a) the aggregate Stated Principal Balance of
the Non-Discount Mortgage Loans in Loan Group I, multiplied by (b) a fraction,
the numerator of which is the weighted average of the Net Mortgage Rates for all
such Non-Discount Mortgage Loans minus 5.00%, and the denominator of which is
5.00%. As of any date of determination, the Notional Amount of the Class
A-III-IO Certificates is equal to (a) the aggregate Stated Principal Balance of
the Non-Discount Mortgage Loans in Loan Group III, multiplied by (b) a fraction,
the numerator of which is the weighted average of the Net Mortgage Rates for all
such Non-Discount Mortgage Loans minus 6.00%, and the denominator of which is
6.00%. As of any date of determination, the Notional Amount of the Class A-IV-IO
30
Certificates is equal to (a) the aggregate Stated Principal Balance of the
Non-Discount Mortgage Loans in Loan Group IV, multiplied by (b) a fraction, the
numerator of which is the weighted average of the Net Mortgage Rates for all
such Non-Discount Mortgage Loans minus 6.25%, and the denominator of which is
6.25%. For federal income tax purposes, however, the Class A-IO Certificates and
any Subclass thereof will not accrue interest on a Notional Amount, but will be
entitled to 100% of the amounts distributed on the Uncertificated Class A-IO
REMIC Regular Interests represented by such Class or Subclass as of the day
immediately preceding such Distribution Date (or, with respect to the initial
Distribution Date, at the close of business on the Cut-off Date).
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President, a Vice President, Assistant Vice President, Director,
Managing Director, the Treasurer, the Secretary, an Assistant Treasurer or an
Assistant Secretary of the Depositor or the Master Servicer, as the case may be,
and delivered to the Trustee, as required by this Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Depositor or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of REMIC I, REMIC II or REMIC III as REMICs or compliance with the REMIC
Provisions must, unless otherwise specified, be an opinion of Independent
counsel.
Optional Termination Date: Any Distribution Date on or after which the
Stated Principal Balance (before giving effect to distributions to be made on
such Distribution Date) of the Mortgage Loans is less than 10.00% of the Cut-off
Date Principal Balance.
Outstanding Mortgage Loan: As to the Due Date in any Due Period, a
Mortgage Loan (including an REO Property) that was not the subject of a
Principal Prepayment in Full, Cash Liquidation or REO Disposition and that was
not purchased, deleted or substituted for prior to such Due Date pursuant to
Section 2.02, 2.03, 2.04 or 4.07.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
Pass-Through Rate: With respect to the Class A-I, Class A-II, Class
A-III and Class A-IV Certificates (other than the Class A-PO Certificates) and
any Distribution Date, the per annum rates set forth in the Preliminary
Statement hereto. With respect to the Class M Certificates and Class B
Certificates and any Distribution Date, the weighted average of 5.00%, 5.25%,
6.00% and 6.25% per annum, weighted in proportion to the results of subtracting
from the aggregate Stated Principal Balance of Loan Group I, Loan Group II, Loan
Group III and Loan Group IV, respectively, (other than the portion of such Loan
Group attributable to the Class A-I-PO, Class A-II-PO, Class A-III-PO and Class
A-IV-PO Certificates) (to an amount not less than zero) the aggregate
Certificate Principal Balance of the related Senior Certificates (other than the
Class A-I-PO, Class A-II-PO, Class A-III-PO and Class A-IV-PO Certificates). The
Pass-Through Rate with respect to the Class M Certificates and Class B
Certificates and the first Interest Accrual Period is expected to be
approximately 5.5044% per annum. The Class Principal Only Certificates have no
Pass-Through Rate and are not entitled to Accrued Certificate Interest.
31
Paying Agent: JPMorgan Chase Bank, N.A., or any successor Paying Agent
appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate, which percentage ownership interest shall
be equal to the Initial Certificate Principal Balance thereof or Initial
Notional Amount (in the case of any Interest Only Certificate) thereof divided
by the aggregate Initial Certificate Principal Balance or the aggregate of the
Initial Notional Amounts, as applicable, of all the Certificates of the same
Class. With respect to a Class R Certificate, the interest in distributions to
be made with respect to such Class evidenced thereby, expressed as a percentage,
as stated on the face of each such Certificate.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by the
United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United
States;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof,
provided that the unsecured obligations of the party agreeing to
repurchase such obligations are at the time rated by each Rating Agency
in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits, time
deposits and bankers' acceptances (which shall each have an original
maturity of not more than 90 days and, in the case of bankers'
acceptances, shall in no event have an original maturity of more than
365 days or a remaining maturity of more than 30 days) denominated in
United States dollars of any U.S. depository institution or trust
company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution
or trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard
& Poor's, in the case of the principal depository institution in a
depository institution holding company, debt obligations of the
depository institution holding company) at the date of acquisition
thereof have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating Agency
is Standard & Poor's and if the depository or trust company is a
principal subsidiary of a bank holding company and the debt obligations
of such subsidiary are not separately rated, the applicable rating
shall be that of the bank holding company; and, provided further that,
if the original maturity of such short-term obligations of a domestic
branch of a foreign depository institution or trust company shall
exceed 30 days, the short-term rating of such institution shall be A-1+
in the case of Standard & Poor's if Standard & Poor's is a Rating
Agency;
(iv) commercial paper and demand notes (having original maturities of
not more than 365 days) of any corporation incorporated under the laws
of the United States or any state thereof which on the date of
acquisition has been rated by each Rating Agency in its highest
short-term rating available; provided that such commercial paper and
demand notes shall have a remaining maturity of not more than 30 days;
32
(v) a money market fund or a qualified investment fund rated by each
Rating Agency in its highest long-term rating available; and
(vi) other obligations or securities that are acceptable to each Rating
Agency as a Permitted Investment hereunder and will not reduce the
rating assigned to any Class of Certificates by such Rating Agency
below the lower of the then-current rating or the rating assigned to
such Certificates as of the Closing Date by such Rating Agency, as
evidenced in writing;
provided, however, that no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean the
following: A-1 in the case of Standard & Poor's, P-1 in the case of Moody's and
F-1 in the case of Fitch.
Permitted Transferee: Any Transferee of a Class R Certificate, other
than a Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Planned Principal Balance: With respect to certain Classes of
Certificates as so identified and each Distribution Date, the amount set forth
for such Classes on such Distribution Date on Exhibit T hereto.
Pool Strip Rate: With respect to each Mortgage Loan in a Loan Group, a
per annum rate equal to the excess of (a) the Net Mortgage Rate of such Mortgage
Loan over (b) the related Discount Net Mortgage Rate (but not less than 0.00%)
per annum.
Prepayment Assumption: With respect to the Class A, Class M and Class B
Certificates, the prepayment assumption to be used for determining the accrual
of original issue discount and premium and market discount on such Certificates
for federal income tax purposes, which assumes a constant prepayment rate of
225% PSA, 250% PSA, 300% PSA and 300% PSA in the case of Loan Group I, Loan
Group II, Loan Group III and Loan Group IV, respectively
Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates, under the applicable
circumstances set forth below, the respective percentages set forth below:
(i) For any Distribution Date for which the related Senior Accelerated
Distribution Percentage is equal to 100%, 0%.
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(ii) For any Distribution Date for which clause (i) above does not
apply, and on which any Class of Subordinate Certificates are
outstanding:
(a) in the case of the Class of Subordinate Certificates then
outstanding with the Highest Priority and each other Class of
Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed
as a percentage, the numerator of which is the Certificate
Principal Balance of such Class immediately prior to such date
and the denominator of which is the sum of the Certificate
Principal Balances immediately prior to such date of (1) the
Class of Subordinate Certificates then outstanding with the
Highest Priority and (2) all other Classes of Subordinate
Certificates for which the respective Prepayment Distribution
Triggers have been satisfied; and
(b) in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers
have not been satisfied, 0%; and
(iii) Notwithstanding the foregoing, if the application of the
foregoing percentages on any Distribution Date as provided in Section
4.02 of this Agreement (determined without regard to the proviso to the
definition of "Subordinate Principal Distribution Amount") would result
in a distribution in respect of principal of any Class or Classes of
Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing
Class"), then: (a) the Prepayment Distribution Percentage of each
Maturing Class shall be reduced to a level that, when applied as
described above, would exactly reduce the Certificate Principal Balance
of such Class to zero; (b) the Prepayment Distribution Percentage of
each other Class of Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with the
provisions in paragraph (ii) above, as if the Certificate Principal
Balance of each Maturing Class had been reduced to zero (such
percentage as recalculated, the "Recalculated Percentage"); (c) the
total amount of the reductions in the Prepayment Distribution
Percentages of the related Maturing Class or Classes pursuant to clause
(a) of this sentence, expressed as an aggregate percentage, shall be
allocated among the related Non-Maturing Classes in proportion to their
respective Recalculated Percentages (the portion of such aggregate
reduction so allocated to any Non-Maturing Class, the "Adjustment
Percentage"); and (d) for purposes of such Distribution Date, the
Prepayment Distribution Percentage of each related Non-Maturing Class
shall be equal to the sum of (1) the Prepayment Distribution Percentage
thereof, calculated in accordance with the provisions in paragraph (ii)
above as if the Certificate Principal Balance of each related Maturing
Class had not been reduced to zero, plus (2) the related Adjustment
Percentage.
Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the related Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to the sum of the related Initial Subordinate Class Percentages of such Classes
of Subordinate Certificates.
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Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of
interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such month to
the date of such Principal Prepayment in Full or (b) a Curtailment during the
related Prepayment Period, an amount equal to one month's interest at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the amount of such Curtailment.
Prepayment Period: As to any Distribution Date and Principal
Prepayment, the calendar month preceding the month of such Distribution Date.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance as indicated on Exhibit F-1, Exhibit F-2, Exhibit F-3 or Exhibit F-4
with the exception of either code "23" or "96" under the column "MI CO CODE".
Principal Only Certificates: Any of the Class A-I-PO, Class A-II-PO,
Class A-III-PO, A-IV-2 and Class A-IV-PO Certificates.
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is received in advance of its scheduled Due Date
and is not accompanied by an amount as to interest representing scheduled
interest on such payment due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.
Program Guide: The Residential Funding Seller Guide for mortgage
collateral sellers that participate in Residential Funding's standard mortgage
programs, and Residential Funding's Servicing Guide and any other subservicing
arrangements which Residential Funding has arranged to accommodate the servicing
of the Mortgage Loans.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)), in the
case of a purchase made by the Master Servicer) on the Stated Principal Balance
thereof to, but not including, the first day of the month following the month of
purchase from the Due Date to which interest was last paid by the Mortgagor.
Qualified Insurer: A mortgage guaranty insurance company duly qualified
as such under the laws of the state of its principal place of business and each
state having jurisdiction over such insurer in connection with the insurance
policy issued by such insurer, duly authorized and licensed in such states to
transact a mortgage guaranty insurance business in such states and to write the
35
insurance provided by the insurance policy issued by it, approved as a FNMA- or
FHLMC-approved mortgage insurer or having a claims paying ability rating of at
least "AA" or equivalent rating by a nationally recognized statistical rating
organization. Any replacement insurer with respect to a Mortgage Loan must have
at least as high a claims paying ability rating as the insurer it replaces had
on the Closing Date.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Depositor for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, (i) have an outstanding principal balance, after
deduction of the principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after
such deduction), not in excess of the Stated Principal Balance of the Deleted
Mortgage Loan (the amount of any shortfall to be deposited by Residential
Funding, in the Custodial Account in the month of substitution); (ii) have a
Mortgage Rate and a Net Mortgage Rate no lower than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of substitution no higher than that of the Deleted Mortgage
Loan at the time of substitution; (iv) have a remaining term to stated maturity
not greater than (and not more than one year less than) that of the Deleted
Mortgage Loan; and (v) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment Agreement.
Notwithstanding any other provisions herein, (x) with respect to any
Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which
was a Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be
deemed to be a Discount Mortgage Loan and to have a Discount Fraction equal to
the Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan
(i) the Pool Strip Rate of such Qualified Substitute Mortgage Loan
shall be equal to the Pool Strip Rate of the related Deleted
Mortgage Loan and
(ii) the excess of the Pool Strip Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of
"Pool Strip Rate" over the Pool Strip Rate on the related
Deleted Mortgage Loan shall be payable to the Class R
Certificates pursuant to Section 4.02 hereof.
Rating Agency: Standard & Poor's and Moody's. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Depositor,
notice of which designation shall be given to the Trustee and the Master
Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property) as
to which a Cash Liquidation or REO Disposition has occurred, an amount (not less
than zero) equal to (i) the Stated Principal Balance of the Mortgage Loan (or
REO Property) as of the date of Cash Liquidation or REO Disposition, plus (ii)
interest (and REO Imputed Interest, if any) at the Net Mortgage Rate, from the
Due Date as to which interest was last paid or advanced to Certificateholders up
to the last day of the month in which the Cash Liquidation (or REO Disposition)
occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property)
36
outstanding during each Due Period that such interest was not paid or advanced,
minus (iii) the proceeds, if any, received during the month in which such Cash
Liquidation (or REO Disposition) occurred, to the extent applied as recoveries
of interest at the Net Mortgage Rate, and to principal of the Mortgage Loan, net
of the portion thereof reimbursable to the Master Servicer or any Subservicer
with respect to related Advances or expenses as to which the Master Servicer or
Subservicer is entitled to reimbursement thereunder but which have not been
previously reimbursed. With respect to each Mortgage Loan which is the subject
of a Servicing Modification, (a) the amount by which the interest portion of a
Monthly Payment or the principal balance of such Mortgage Loan was reduced, and
(b) any such amount with respect to a Monthly Payment that was or would have
been due in the month immediately following the month in which a Principal
Prepayment or the Purchase Price of such Mortgage Loan is received or is deemed
to have been received. With respect to each Mortgage Loan which has become the
subject of a Deficient Valuation, the difference between the principal balance
of the Mortgage Loan outstanding immediately prior to such Deficient Valuation
and the principal balance of the Mortgage Loan as reduced by the Deficient
Valuation. With respect to each Mortgage Loan which has become the object of a
Debt Service Reduction, the amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee in writing that the Master Servicer is
diligently pursuing any remedies that may exist in connection with the
representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
To the extent the Master Servicer receives Subsequent Recoveries with
respect to any Mortgage Loan, the amount of the Realized Loss with respect to
that Mortgage Loan will be reduced to the extent such recoveries are applied to
reduce the Certificate Principal Balance of any Class of Certificates on any
Distribution Date.
Record Date: With respect to each Distribution Date and each Class of
Certificates, the close of business on the last Business Day of the calendar
month immediately preceding the month in which the related Distribution Date
occurs (or in the case of the first Distribution Date, the Closing Date).
Regular Certificates: The Class A Certificates, Class M Certificates and
Class B Certificates.
Regular Interest: Any one of the regular interests in the Trust Fund.
Related Classes: As to any Uncertificated REMIC Regular Interest, those
classes of Certificates identified as Related Classes of Certificates to such
Uncertificated REMIC Regular Interest in the definition of Uncertificated REMIC
Regular Interest.
37
Relief Act: The Servicemembers Civil Relief Act.
Relief Act Shortfalls: Interest shortfalls on the Mortgage Loans
resulting from the Relief Act or similar legislation or regulations.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
REMIC I: The segregated pool of assets subject hereto, constituting a
portion of the primary trust created hereby and to be administered hereunder,
with respect to which a separate REMIC election is to be made (other than with
respect to the items in clause (v) and the proceeds thereof), consisting of: (i)
the Mortgage Loans and the related Mortgage Files; (ii) all payments on and
collections in respect of the Mortgage Loans due after the Cut-off Date as shall
be on deposit in the Custodial Account or in the Certificate Account and
identified as belonging to the Trust Fund; (iii) property which secured a
Mortgage Loans and which has been acquired for the benefit of the
Certificateholders by foreclosure or deed in lieu of foreclosure; (iv) the
hazard insurance policies and Primary Insurance Policy pertaining to the
Mortgage Loans, if any; and (v) all proceeds of clauses (i) through (iv) above.
REMIC I: The segregated pool of assets subject hereto, constituting a
portion of the primary trust created hereby and to be administered hereunder,
with respect to which a separate REMIC election is to be made (other than with
respect to the items in clause (v) and the proceeds thereof), consisting of: (i)
the Mortgage Loans and the related Mortgage Files; (ii) all payments on and
collections in respect of the Mortgage Loans due after the Cut-off Date as shall
be on deposit in the Custodial Account or in the Certificate Account and
identified as belonging to the Trust Fund; (iii) property which secured a
Mortgage Loans and which has been acquired for the benefit of the
Certificateholders by foreclosure or deed in lieu of foreclosure; (iv) the
hazard insurance policies and Primary Insurance Policy pertaining to the
Mortgage Loans, if any; and (v) all proceeds of clauses (i) through (iv) above.
REMIC I A-I-IO Regular Interests: The 362 uncertificated partial
undivided beneficial ownership interests in REMIC I, relating to each
Non-Discount Mortgage Loan in Loan Group I, each relating to a particular
Mortgage Loan identified on the related Mortgage Loan Schedule, each having no
principal balance, and each bearing interest at the related REMIC I Pass-Through
Rate on the related Uncertificated Notional Amount.
REMIC I A-III-IO Regular Interests: The 146 uncertificated partial
undivided beneficial ownership interests in REMIC I, relating to each
Non-Discount Mortgage Loan in Loan Group III, each relating to a particular
Non-Discount Mortgage Loan identified on the related Mortgage Loan Schedule,
each having no principal balance, and each bearing interest at the related REMIC
I Pass-Through Rate on the related Uncertificated Notional Amount.
REMIC I A-IV-IO Regular Interests: The 152 uncertificated partial
undivided beneficial ownership interests in REMIC I, relating to each
Non-Discount Mortgage Loan in Loan Group IV, each relating to a particular
Non-Discount Mortgage Loan identified on the related Mortgage Loan Schedule,
each having no principal balance, and each bearing interest at the related REMIC
I Pass-Through Rate on the related Uncertificated Notional Amount.
38
REMIC I Pass-Through Rate: With respect to REMIC I Regular Interests
I-SUB, I-ZZZ, 5.00%; with respect to REMIC I Regular Interest A-I-PO, 0.00%;
with respect to each REMIC I A-I-IO Regular Interest, the Pool Strip Rate for
the related Non-Discount Mortgage Loan in Loan Group I; with respect to REMIC I
Regular Interest II-SUB and II-ZZZ, 5.25%; with respect to REMIC I Regular
Interest A-II-PO, 0.00%; with respect to REMIC I Regular Interests III-SUB,
III-ZZZ, 6.00%; with respect to REMIC I Regular Interest A-III-PO, 0.00%; with
respect to each REMIC I A-III-IO Regular Interest, the Pool Strip Rate for the
related Non-Discount Mortgage Loan in Loan Group III; with respect to REMIC I
Regular Interests IV-SUB, IV-ZZZ, 6.25%; with respect to REMIC I Regular
Interest A-IV-PO, 0.00%; and with respect to each REMIC I A-IV-IO Regular
Interest, the Pool Strip Rate for the related Non-Discount Mortgage Loan in Loan
Group IV;
REMIC I Regular Interests: Any of the separate non-certificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I. Each such REMIC I Regular Interest shall accrue
interest at the related REMIC I Pass-Through Rate in effect from time to time,
and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated
Principal Balance as set forth in the Preliminary Statement hereto. The
following is a list of the REMIC I Regular Interests: REMIC I Regular Interest
I-SUB, REMIC I Regular Interest I-ZZZ, REMIC I Regular Interest A-I-PO, REMIC I
Regular Interest II-SUB, REMIC I Regular Interest II-ZZZ, REMIC I Regular
Interest A-II-PO, REMIC I Regular Interest III-SUB, REMIC I Regular Interest
III-ZZZ, REMIC I Regular Interest A-III-PO, REMIC I Regular Interest IV-SUB,
REMIC I Regular Interest IV-ZZZ, REMIC I Regular Interest A-IV-PO and each of
REMIC I A-I-IO Regular Interests, REMIC I A-III-IO Regular Interests and REMIC I
A-IV-IO Regular Interests.
REMIC I Regular Interest I-SUB: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest I-ZZZ: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest A-I-PO: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance and that has such other terms as are
described herein.
REMIC I Regular Interest II-SUB: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
39
REMIC I Regular Interest II-ZZZ: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest A-II-PO: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance and that has such other terms as are
described herein.
REMIC I Regular Interest III-SUB: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest III-ZZZ: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest A-III-PO: A regular interest in REMIC I that
is held as an asset of REMIC II, that has an initial principal balance equal to
the related Uncertificated Principal Balance and that has such other terms as
are described herein.
REMIC I Regular Interest IV-SUB: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest IV-ZZZ: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance, that bears interest at the related
REMIC I Pass-Through Rate, and that has such other terms as are described
herein.
REMIC I Regular Interest A-IV-PO: A regular interest in REMIC I that is
held as an asset of REMIC II, that has an initial principal balance equal to the
related Uncertificated Principal Balance and that has such other terms as are
described herein.
REMIC I Subordinated Balance Ratio: The ratio among the Uncertificated
Principal Balances of each of the REMIC I Regular Interests ending with the
designation "SUB" equal to the ratio among:
(1) the excess of (x) the aggregate of the Group I Pool Stated Principal Balance
over (y) the aggregate Certificate Principal Balance of the Class A-I and Class
R-I Certificates;
(2) the excess of (x) the aggregate of the Group II Pool Stated Principal
Balance over (y) the aggregate of the Certificate Principal Balance of the Class
A-II Certificates;
40
(3) the excess of (x) the aggregate of the Group III Pool Stated Principal
Balance over (y) the aggregate of the Certificate Principal Balance of the Class
A-III Certificates, Class R-II Certificates and Class R-III Certificates; and
(4) the excess of (x) the aggregate of the Group IV Pool Stated Principal
Balance over (y) the aggregate of the Certificate Principal Balance of the Class
A-IV Certificates.
REMIC II: The segregated pool of assets subject hereto, constituting a
portion of the primary trust created hereby and to be administered hereunder,
with respect to which a separate REMIC election is to be made, consisting of the
REMIC I Regular Interests.
REMIC II A-I-IO Regular Interests: The 362 uncertificated partial
undivided beneficial ownership interests in REMIC II, relating to each
Non-Discount Mortgage Loan in Loan Group I having a Net Mortgage Rate greater
than 5.00% per annum, each relating to a particular Mortgage Loan identified on
the related Mortgage Loan Schedule, each having no principal balance, and each
bearing interest at the related Uncertificated Pass-Through Rate on the related
Uncertificated Notional Amount.
REMIC II A-III-IO Regular Interests: The 146 uncertificated partial
undivided beneficial ownership interests in REMIC II, relating to each
Non-Discount Mortgage Loan in Loan Group III having a Net Mortgage Rate greater
than 6.00% per annum, each relating to a particular Non-Discount Mortgage Loan
identified on the related Mortgage Loan Schedule, each having no principal
balance, and each bearing interest at the related Uncertificated Pass-Through
Rate on the related Uncertificated Notional Amount.
REMIC II A-IV-IO Regular Interests: The 152 uncertificated partial
undivided beneficial ownership interests in REMIC II, relating to each
Non-Discount Mortgage Loan in Loan Group IV having a Net Mortgage Rate greater
than 6.25% per annum, each relating to a particular Non-Discount Mortgage Loan
identified on the related Mortgage Loan Schedule, each having no principal
balance, and each bearing interest at the related Uncertificated Pass-Through
Rate on the related Uncertificated Notional Amount.
REMIC II Pass-Through Rate: With respect to REMIC II Regular Interests
X-X-0, X-X-0, X-X-0, X-X-0, X-X-0, X-X-0, X-X-0, X-X-0, A-I-9 and A-I-10, 5.00%;
with respect to REMIC II Regular Interest A-I-PO, 0.00%; each REMIC II A-I-IO
Regular Interest will not have a REMIC II Pass-Through Rate but will be entitled
to 100% of the Uncertificated Accrued Interest distributed on the related REMIC
I A-I-IO Regular Interest; with respect to REMIC II Regular Interests A-II-1,
A-II-2, A-II-3, A-II-4, A-II-5, A-II-6, A-II-7, A-II-8, A-II-9, A-II-10,
A-II-11, A-II-12 and A-II-13, 5.25%; with respect to REMIC II Regular Interest
A-II-PO, 0.00%; with respect to REMIC II Regular Interests A-III-1, A-III-2,
A-III-3, A-III-5, A-III-6, A-III-7, A-III-9, A-III-10, 6.00%; with respect to
REMIC II Regular Interest A-III-PO, 0.00%; with respect to REMIC II Regular
Interest R-III, 6.00%, each REMIC II A-III-IO Regular Interest will not have a
REMIC II Pass-Through Rate but will be entitled to 100% of the Uncertificated
Accrued Interest distributed on the related REMIC I A-III-IO Regular Interest;
with respect to REMIC II Regular Interests A-IV-1 and A-IV-2, 6.25%; with
respect to REMIC II Regular Interest A-IV-PO, 0.00%; and each REMIC II A-IV-IO
Regular Interest will not have a REMIC II Pass-Through Rate but will be entitled
41
to 100% of the Uncertificated Accrued Interest distributed on the related REMIC
I A-IV-IO Regular Interest; with respect to each of the REMIC II Regular
Interests X-0, X-0, X-0, X-0, X-0 and B-3, a per annum rate equal to the
weighted average of the REMIC I Pass-Through Rates on each REMIC I Regular
Interest ending with the designation "SUB," weighted on the basis of the
Uncertificated Principal Balance of each such REMIC I Regular Interest
immediately preceding the related Distribution Date.
REMIC II Regular Interests: Any of the separate non-certificated
beneficial ownership interests in REMIC II issued hereunder and designated as a
"regular interest" in REMIC II. Each such REMIC II Regular Interest shall accrue
interest at the related REMIC II Pass-Through Rate in effect from time to time,
and shall be entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial Uncertificated
Principal Balance as set forth in the Preliminary Statement hereto.
REMIC II Regular Interest A-I-1: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-2: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-3: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-4: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-5: A regular interest make sure def. of t
in REMIC II that is held as an asset of REMIC III, that has an initial principal
balance equal to the related Uncertificated Principal Balance, that bears
interest at the related REMIC II Pass-Through Rate, and that has such other
terms as are described herein.
REMIC II Regular Interest A-I-6: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-7: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-8: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
42
REMIC II Regular Interest A-I-9: A regular interest in REMIC II that is
held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-10: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-I-PO: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance and that has such other terms as
are described herein.
REMIC II Regular Interest A-II-1: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-2: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-3: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-4: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-5: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-6: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-7: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
43
REMIC II Regular Interest A-II-8: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-9: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-10: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-11: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-12: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-13: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-II-PO: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance and that has such other terms as
are described herein.
REMIC II Regular Interest A-III-1: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-2: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-3: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
44
REMIC II Regular Interest A-III-5: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-6: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-7: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-9: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-10: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-III-PO: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance and that has such other terms as
are described herein.
REMIC II Regular Interest A-IV-1: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-IV-2: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance, that bears interest at the related
REMIC II Pass-Through Rate, and that has such other terms as are described
herein.
REMIC II Regular Interest A-IV-PO: A regular interest in REMIC II that
is held as an asset of REMIC III, that has an initial principal balance equal to
the related Uncertificated Principal Balance and that has such other terms as
are described herein.
REMIC III: The segregated pool of assets subject hereto, constituting a
portion of the primary trust created hereby and to be administered hereunder,
with respect to which a separate REMIC election is to be made, consisting of the
REMIC II Regular Interests.
45
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received substantially all Insurance Proceeds, Liquidation
Proceeds, REO Proceeds and other payments and recoveries (including proceeds of
a final sale) which the Master Servicer expects to be finally recoverable from
the sale or other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at a rate equal to the sum of the Net Mortgage Rate,
that would have been applicable to the related Mortgage Loan had it been
outstanding) on the unpaid principal balance of the Mortgage Loan as of the date
of acquisition thereof for such period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
Reportable Modified Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a Mortgage Loan modified in accordance with clause (i) above for a
temporary period shall not be a Reportable Modified Mortgage Loan if (a) such
Mortgage Loan has not been delinquent in payments of principal and interest for
six months since the date of such modification if that interest rate reduction
is not made permanent thereafter or (b) if such Mortgage Loan is subject to a
Deficient Valuation or Debt Service Reduction.
Repurchase Event: As defined in the Assignment Agreement.
Repurchase Price: With respect to any Deleted Mortgage Loan to be
replaced by the substitution of one or more Qualified Substitute Mortgage Loans
pursuant to Section 2.03, an amount, calculated by the Master Servicer equal
to:(a) the unpaid principal balance of such Mortgage Loan (or, in the case of
any REO Property, the related Mortgage Loan) (after application of all principal
payments (including prepayments) collected and other principal amounts recovered
on such Mortgage Loan) as of the date of receipt of the Repurchase Price or the
date of substitution, as the case may be, hereunder; plus(b) unpaid interest
accrued on such Mortgage Loan or Mortgage Loan related to an REO Property, as
applicable, at the related Mortgage Rate (after application of all interest
payments collected and other amounts recovered (and applied to accrued interest)
on such Mortgage Loan) to, but not including, the Due Date in the Due Period
during which the applicable purchase or substitution occurs; plus(c) any
unreimbursed Servicing Advances, all accrued and unpaid interest on Advances,
any unpaid servicing compensation (other than Master Servicer fees), and any
46
unpaid or unreimbursed expenses of the Trust Fund allocable to such Mortgage
Loan or Mortgage Loan related to an REO Property, as applicable, as of the date
of receipt of such Repurchase Price or the date of substitution, as the case may
be, hereunder; plus(d) in the event that such Mortgage Loan or Mortgage Loan
related to an REO Property, as applicable, is required to be repurchased or
replaced pursuant to Section 2.03, expenses reasonably incurred or to be
incurred by the Master Servicer or the Trustee in respect of the breach or
defect giving rise to the repurchase or replacement obligation, including any
expenses arising out of the enforcement of the repurchase or replacement
obligation.
Request for Release: A request for release, the forms of which are
attached as Exhibit G hereto, or an electronic request in a form acceptable to
the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Residential Funding: Residential Funding Corporation, a Delaware
corporation, in its capacity as seller of the Mortgage Loans to the Depositor
and any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Worldwide Securities/Structured Finance Services of the Trustee,
including any Senior Vice President, any Vice President, any Assistant Vice
President, any Assistant Secretary, any Trust Officer or Assistant Trust Officer
with direct responsibility for the administration of this Agreement, or any
other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers to whom, with respect to a
particular matter, such matter is referred.
Sale Agreement: An agreement from the sale of the Mortgage Loans in
such form as has been approved by Residential Funding and the Depositor, each
containing representations and warranties in respect to one or more Mortgage
Loans.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as Exhibit P
hereof.
Seller: As to any Mortgage Loan, a Person including any subservicer,
that executed a Sale Agreement.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Senior Accelerated Distribution Percentage: With respect to each Loan
Group and any Distribution Date occurring during the first five years after the
Closing Date, 100%. With respect to any Distribution Date thereafter and each
Loan Group, as follows:
47
(i) for any Distribution Date during the sixth year after the
Closing Date, the related Senior Percentage for such
Distribution Date plus 70% of the related Subordinate
Percentage for such Distribution Date;
(ii) for any Distribution Date during the seventh year after the
Closing Date, the related Senior Percentage for such
Distribution Date plus 60% of the related Subordinate
Percentage for such Distribution Date;
(iii) for any Distribution Date during the eighth year after the
Closing Date, the related Senior Percentage for such
Distribution Date plus 40% of the related Subordinate
Percentage for such Distribution Date;
(iv) for any Distribution Date during the ninth year after the
Closing Date, the related Senior Percentage for such
Distribution Date plus 20% of the related Subordinate
Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage
for such Distribution Date;
provided, however,
(i) that any scheduled reduction to the related Senior Accelerated
Distribution Percentage described above shall not occur as of
any Distribution Date unless either:
(a)(1) (X) the aggregate outstanding principal balance of the Mortgage
Loans delinquent 60 days or more averaged over the last six
months, as a percentage of the aggregate outstanding Certificate
Principal Balance of the Subordinate Certificates, is less than
50% or (Y) the aggregate outstanding principal balance of the
Mortgage Loans delinquent 60 days or more averaged over the last
six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last
six months, does not exceed 2% and (2) Realized Losses on the
Mortgage Loans to date for such Distribution Date if occurring
during the sixth, seventh, eighth, ninth or tenth year (or any
year thereafter) after the Closing Date are less than 30%, 35%,
40%, 45% or 50%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate Certificates
or
(b)(1) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more averaged over the last six months,
as a percentage of the aggregate outstanding principal balance
of all Mortgage Loans averaged over the last six months, does
not exceed 4% and (2) Realized Losses on the Mortgage Loans to
date for such Distribution Date, if occurring during the
sixth, seventh, eighth, ninth or tenth year (or any year
thereafter) after the Closing Date are less than 10%, 15%,
20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate
Certificates, and
(ii) that for any Distribution Date on which the weighted average
of the Senior Percentages for each Loan Group, weighted on the
basis of the Stated Principal Balances of the Mortgage Loans
in the related Loan Group, exceeds the weighted average of the
initial Senior Percentages (calculated on such basis) for each
Loan Group, each of the Senior Accelerated Distribution
Percentages for such Distribution Date will equal 100%.
48
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Principal Only
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificates: Any of the Group I Senior Certificates, Group II
Senior Certificates, Group III Senior Certificates or the Group IV Senior
Certificates.
Senior Percentage: The Group I Senior Percentage with respect to Loan
Group I, the Group II Senior Percentage with respect to Loan Group II, the Group
III Senior Percentage with respect to Loan Group III or the Group IV Senior
Percentage with respect to Loan Group IV.
Senior Principal Distribution Amount: The Group I Senior Principal
Distribution Amount, Group II Senior Principal Distribution Amount, Group III
Senior Principal Distribution Amount or Group IV Senior Principal Distribution
Amount, as applicable.
Senior Support Certificates: Any of the Class A-I-2 Certificates and
Class A-III-9 Certificates.
Servicing Accounts: The account or accounts created and maintained
pursuant to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property or, with
respect to a Cooperative Loan, the related Cooperative Apartment, (ii) any
enforcement or judicial proceedings, including foreclosures, including any
expenses incurred in relation to any such proceedings that result from the
Mortgage Loan being registered on the MERS System, (iii) the management and
liquidation of any REO Property, (iv) any mitigation procedures implemented in
accordance with Section 3.07 and (v) compliance with the obligations under
Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the Master Servicer or any
Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate equal to the Servicing Fee Rate
multiplied by the Stated Principal Balance of such Mortgage Loan as of the
related Due Date in the related Due Period, as may be adjusted pursuant to
Section 3.16(e).
Servicing Fee Rate: The sum of the per annum rates designated on the
Mortgage Loan Schedule as the "MSTR SERV FEE" as may be adjusted with respect to
successor Master Servicers as provided in Section 7.02.
49
Senior Interest Distribution Amount: With respect to each group of
Senior Certificates (other than the Principal Only Certificates) as defined in
Section 4.02(a)(i).
Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan, any extension of the final
maturity date of a Mortgage Loan, and any increase to the Stated Principal
Balance of a Mortgage Loan by adding to the Stated Principal Balance unpaid
principal and interest and other amounts owing under the Mortgage Loan, in each
case pursuant to a modification of a Mortgage Loan that is in default or, in the
judgment of the Master Servicer, default is reasonably foreseeable in accordance
with Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$8,309,921 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated to the Mortgage Loans through Subordination in accordance with Section
4.05 and (ii) the Adjustment Amount (as defined below) as most recently
calculated. For each anniversary of the Cut-off Date, the "Adjustment Amount"
shall be equal to the amount, if any, by which the amount calculated in
accordance with the preceding sentence (without giving effect to the deduction
of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Mortgage Loan
that has the largest outstanding principal balance on the Distribution Date
immediately preceding such anniversary, (ii) the product of 1.00% multiplied by
the outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary and (iii) the aggregate outstanding
principal balance (as of the immediately preceding Distribution Date) of the
Mortgage Loans in any single five-digit California zip code area with the
largest amount of Mortgage Loans by aggregate principal balance as of such
anniversary and (B) the greater of (i) the product of 0.50% multiplied by the
outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary multiplied by a fraction, the numerator
of which is equal to the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Mortgage Loans, expressed as a percentage, and the
denominator of which is equal to 50.07% (which percentage is equal to the
percentage of Mortgage Loans initially secured by Mortgaged Properties located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged Property located in the State of California. The Special
Hazard Amount may be further reduced by the Master Servicer (including
accelerating the manner in which coverage is reduced) provided that prior to any
such reduction, the Master Servicer shall obtain the written confirmation from
each Rating Agency that such reduction shall not reduce the rating assigned to
the Class A, Class M and Class B Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency.
50
Special Hazard Loss: Any Realized Loss not in excess of the lesser of
the cost of repair or the cost of replacement of a Mortgaged Property suffered
by such Mortgaged Property (or, with respect to a Cooperative Loan, the related
Cooperative Apartment) suffered by such Mortgaged Property (or Cooperative
Apartment) on account of direct physical loss, exclusive of (i) any loss of a
type covered by a hazard policy or a flood insurance policy required to be
maintained in respect of such Mortgaged Property pursuant to Section 3.12(a),
except to the extent of the portion of such loss not covered as a result of any
coinsurance provision and (ii) any Extraordinary Loss.
Standard & Poor's: Standard & Poor's, a division of The XxXxxx-Xxxx
Companies, Inc., or its successor in interest.
Startup Date: The day designated as such pursuant to Article X hereof.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the sum of (a) Cut-off Date Principal
Balance of the Mortgage Loan, plus (b) any amount by which the Stated Principal
Balance of the Mortgage Loan has been increased pursuant to a Servicing
Modification, minus (ii) the sum of (x) the principal portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property during each Due
Period commencing on the first Due Period after the Cut-Off Date and ending with
the Due Period related to the most recent Distribution Date which were received
or with respect to which an Advance was made, (y) all Principal Prepayments with
respect to such Mortgage Loan or REO Property, and all Insurance Proceeds,
Liquidation Proceeds and REO Proceeds, to the extent applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case which were distributed
pursuant to Section 4.02 or 4.03 on any previous Distribution Date, and (z) any
Realized Loss allocated to Certificateholders with respect thereto for any
previous Distribution Date.
Subclass: With respect to the Class A-I-IO Certificates, any Subclass
thereof issued pursuant to Section 5.01(d). Any such Subclass will represent the
Uncertificated Class A-I-IO REMIC III Regular Interest or Interests specified by
the initial Holder of the Class A-I-IO Certificates pursuant to Section 5.01(d).
With respect to the Class A-III-IO Certificates, any Subclass thereof issued
pursuant to Section 5.01(d). Any such Subclass will represent the Uncertificated
Class A-III-IO REMIC III Regular Interest or Interests specified by the initial
Holder of the Class A-III-IO Certificates pursuant to Section 5.01(d). With
respect to the Class A-IV-IO Certificates, any Subclass thereof issued pursuant
to Section 5.01(d). Any such Subclass will represent the Uncertificated Class
A-IV-IO REMIC III Regular Interest or Interests specified by the initial Holder
of the Class A-IV-IO Certificates pursuant to Section 5.01(d).
Subordination: The provisions described in Section 4.05 relating to the
allocation of Realized Losses.
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate Certificates immediately prior to such Distribution Date
and the denominator of which is the aggregate Stated Principal Balance of all of
the Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of the Stated Principal Balance of each Discount Mortgage Loan)
immediately prior to such Distribution Date.
51
Subordinate Percentage: As of any Distribution Date, 100% minus the
related Senior Percentage as of such Distribution Date.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) such Class's pro rata share, based on the Certificate
Principal Balance of each Class of Subordinate Certificates then outstanding,
and (y) the aggregate of the amounts calculated for such Distribution Date under
clauses (1), (2) and (3) of Section 4.02(a)(ii)(Y)(A) of this Agreement (without
giving effect to the related Senior Percentage), to the extent not payable to
the related Senior Certificates; (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b) of this Agreement (without giving effect to the related
Senior Accelerated Distribution Percentage) to the extent such collections are
not otherwise distributed to the related Senior Certificates; (iii) the product
of (x) the related Prepayment Distribution Percentage and (y) the aggregate of
all Principal Prepayments in Full received in the related Prepayment Period and
Curtailments received in the preceding calendar month (other than the related
Discount Fraction of such Principal Prepayments in Full and Curtailments with
respect to a Discount Mortgage Loan) to the extent not payable to the related
Senior Certificates; (iv) if such Class is the Class of Subordinate Certificates
with the Highest Priority, any Excess Subordinate Principal Amount for such
Distribution Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous Distribution Date, that remain undistributed to
the extent that such amounts are not attributable to Realized Losses which have
been allocated to a Class of Subordinate Certificates minus (b) the sum of (i)
with respect to the Class of Subordinate Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; provided,
however, that the Subordinate Principal Distribution Amount for any Class of
Subordinate Certificates on any Distribution Date shall in no event exceed the
outstanding Certificate Principal Balance of such Class of Certificates
immediately prior to such date; and (ii) the Capitalization Reimbursement Amount
for such Distribution Date, other than the related Discount Fraction of any
portion of that amount related to each Discount Mortgage Loan, multiplied by a
fraction, the numerator of which is the Subordinate Principal Distribution
Amount for such Class of Subordinate Certificates, without giving effect to this
clause (b)(ii), and the denominator of which is the sum of the principal
distribution amounts for all Classes of Certificates other than the Class A-PO
Certificates, without giving effect to any reductions for the Capitalization
Reimbursement Amount.
Subsequent Recoveries: As of any Distribution Date, amounts received by
the Master Servicer (net of any related expenses permitted to be reimbursed
pursuant to Section 3.10) or surplus amounts held by the Master Servicer to
cover estimated expenses (including, but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable Seller's Agreement and assigned to the Trustee pursuant to Section
2.04) specifically related to a Mortgage Loan that was the subject of a Cash
Liquidation or an REO Disposition prior to the related Prepayment Period that
resulted in a Realized Loss.
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Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into
a Subservicing Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in
accordance with Section 3.08.
Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage Loans as provided in Section 3.02, generally in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master Servicer and the Depositor.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues with respect to each Distribution Date at an annual rate equal to the
Subservicing Fee Rate multiplied by the Stated Principal Balance of such
Mortgage Loan as of the related Due Date in the related Due Period.
Subservicing Fee Rate: The per annum rate designated on the Mortgage
Loan Schedule as the "SUBSERV FEE". Super Senior Certificates: Any of
the Class A-I-1 Certificates and Class A-III-1 Certificates.
Targeted Principal Balance: With respect to each certain Classes of
Certificates as so identified and each Distribution Date, the amount set forth
for such Class on such Distribution Date on Exhibit U hereto.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of REMIC I and REMIC II due to their classification as REMICs under
the REMIC Provisions, together with any and all other information, reports or
returns that may be required to be furnished to the Certificateholders or filed
with the Internal Revenue Service or any other governmental taxing authority
under any applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation
or other form of assignment of any Ownership Interest in a Certificate.
53
Transferee: Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
Trust Fund: Collectively, the assets of REMIC I, REMIC II and REMIC III.
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
Uncertificated Accrued Interest: With respect to each Distribution
Date, as to any REMIC I Regular Interest, REMIC II Regular Interest and
Uncertificated REMIC III Regular Interest, interest accrued during the related
Interest Accrual Period at the related Uncertificated Pass-Through Rate on the
Uncertificated Principal Balance or Uncertificated Notional Amount thereof
immediately prior to such Distribution Date. Uncertificated Accrued Interest
will be calculated on the basis of a 360-day year, consisting of twelve 30-day
months. In each case Uncertificated Accrued Interest on any REMIC I Regular
Interest and REMIC II Regular Interest will be reduced by the amount of: (i)
Prepayment Interest Shortfalls on all Mortgage Loans, (ii) the interest portion
(adjusted to the Net Mortgage Rate) of Realized Losses on all Mortgage Loans
(including Excess Special Hazard Losses and Extraordinary Losses), (iii) the
interest portion of Advances that were (A) previously made with respect to a
Mortgage Loan or REO Property on all Mortgage Loans which remained unreimbursed
following the Cash Liquidation or REO Disposition of such Mortgage Loan or REO
Property or (B) made with respect to delinquencies that were ultimately
determined to be Excess Special Hazard Losses or Extraordinary Losses, and (iv)
any other interest shortfalls, including interest that is not collectible from
the Mortgagor pursuant to the Relief Act, with all such reductions allocated
among all of the REMIC I Regular Interests and REMIC II Regular Interests in
proportion to their respective amounts of Uncertificated Accrued Interest
payable on such Distribution Date absent such reductions.
With respect to each Distribution Date, as to each Uncertificated Class
A-I-IO REMIC III Regular Interest, Uncertificated Class A-III-IO REMIC III
Regular Interest or Uncertificated Class A-IV-IO REMIC III Regular Interest, an
amount equal to the aggregate amount of Accrued Certificate Interest that would
result under the terms of the definition thereof with respect to the Class
A-I-IO Certificates, Class A-III-IO Certificates or Class A-IV-IO Certificates
as the case may be, or the related Subclass, if the Pass-Through Rate on such
Certificate or Subclass were equal to the related Uncertificated Pass-Through
Rate and the notional amount of such Certificate or Subclass were equal to the
related Uncertificated Notional Amount, and any reduction in the amount of
Accrued Certificate Interest resulting from the allocation of Prepayment
Interest Shortfalls, Realized Losses or other amounts to the Class A-I-IO
Certificates, Class A-III-IO Certificates or Class A-IV-IO Certificates, as the
54
case may be, pursuant to Section 4.05 hereof shall be allocated to the
Uncertificated Class A-I-IO REMIC III Regular Interests, Uncertificated Class
A-III-IO REMIC III Regular Interests or Uncertificated Class A-IV-IO REMIC III
Regular Interests, respectively, in each case pro rata in accordance with the
amount of interest accrued with respect to each related Uncertificated Class
A-I-IO REMIC III Regular Interest, Uncertificated Class A-III-IO REMIC III
Regular Interest or Uncertificated Class A-IV-IO REMIC III Regular Interests, as
the case may be, and such Distribution Date.
Uncertificated Class A-I-IO REMIC III Regular Interests: The 362
uncertificated partial undivided beneficial ownership interests in the Trust
Fund, relating to each Non-Discount Mortgage Loan in Loan Group I having a Net
Mortgage Rate greater than 5.00% per annum, identified on the related Mortgage
Loan Schedule, each having no principal balance, and each bearing interest at a
per annum rate equal to the related Pool Strip Rate on a notional balance equal
to the Stated Principal Balance of the related Non-Discount Mortgage Loan.
Uncertificated Class A-III-IO REMIC III Regular Interests: The 146
uncertificated partial undivided beneficial ownership interests in the Trust
Fund, relating to each Non-Discount Mortgage Loan in Loan Group III having a Net
Mortgage Rate greater than 6.00% per annum, identified on the related Mortgage
Loan Schedule, each having no principal balance, and each bearing interest at a
per annum rate equal to the related Pool Strip Rate on a notional balance equal
to the Stated Principal Balance of the related Non-Discount Mortgage Loan.
Uncertificated Class A-IV-IO REMIC III Regular Interests: The 152
uncertificated partial undivided beneficial ownership interests in the Trust
Fund, relating to each Non-Discount Mortgage Loan in Loan Group IV having a Net
Mortgage Rate greater than 6.25% per annum, identified on the related Mortgage
Loan Schedule, each having no principal balance, and each bearing interest at a
per annum rate equal to the related Pool Strip Rate on a notional balance equal
to the Stated Principal Balance of the related Non-Discount Mortgage Loan.
Uncertificated Notional Amount: With respect to each REMIC I A-I-IO
Regular Interest, REMIC I A-III-IO Regular Interest or REMIC I A-IV-IO Regular
Interest, an amount equal to the Stated Principal Balance of the related
Mortgage Loan in either Loan Group I, Loan Group III or Loan Group IV (other
than any Discount Mortgage Loans in Loan Group I, Loan Group III or Loan Group
IV). Each REMIC II A-I-IO Regular Interest, REMIC II A-III-IO Regular Interest
and REMIC II A-IV-IO Regular Interest, shall not have an Uncertificated Notional
Amount, and Uncertificated Accrued Interest with respect thereto shall be an
amount equal to 100% of the amount distributed on the related REMIC I A-I-IO
Regular Interest, REMIC I A-III-IO Regular Interest and REMIC I A-IV-IO Regular
Interest. With respect to each Uncertificated Class A-I-IO REMIC III Regular
Interest, Uncertificated Class A-III-IO REMIC III Regular Interest and
Uncertificated Class A-IV-IO REMIC III Regular Interest, the Uncertificated
Notional Amount of the related REMIC II A-I-IO Regular Interest, REMIC II
A-III-IO Regular Interest or REMIC II A-IV-IO Regular Interest, provided,
however, that for federal income tax purposes, each Uncertificated Class A-I-IO
REMIC III Regular Interest, Uncertificated Class A-III-IO REMIC III Regular
Interest and Uncertificated Class A-IV-IO REMIC III Regular Interest shall not
have an Uncertificated Notional Amount, and Uncertificated Accrued Interest with
respect thereto shall be an amount equal to 100% of the amount distributed on
the related REMIC II A-I-IO Regular Interest, REMIC II A-III-IO Regular Interest
or REMIC II A-IV-IO Regular Interest.
Uncertificated Pass-Through Rate: Any REMIC I Pass-Through Rate or
REMIC II Pass-Through Rate, and with respect to each Uncertificated Class A-I-IO
REMIC III Regular Interest, Uncertificated Class A-III-IO REMIC III Regular
Interest or Uncertificated Class A-IV-IO REMIC III Regular Interest, a per annum
rate equal to the Pool Strip Rate with respect to the related Mortgage Loan. For
federal income tax purposes, however, each Uncertificated Class A-I-IO REMIC III
55
Regular Interest, Uncertificated Class A-III-IO REMIC III Regular Interest and
Uncertificated Class A-IV-IO REMIC III Regular Interest shall not have an
Uncertificated Pass-Through Rate, and Uncertificated Accrued Interest with
respect thereto shall be an amount equal to 100% of the amount distributed on
the related REMIC II A-I-IO Regular Interest, REMIC II A-III-IO Regular Interest
or REMIC II A-IV-IO Regular Interest, respectively.
Uncertificated Principal Balance: With respect to each REMIC I Regular
Interest and REMIC II Regular Interest on any date of determination, the amount
set forth in the Preliminary Statement hereto minus the sum of (x) the aggregate
of all amounts previously deemed distributed with respect to such interest and
applied to reduce the Uncertificated Principal Balance thereof pursuant to
Section 10.03 and (y) the aggregate of all reductions in Certificate Principal
Balance deemed to have occurred in connection with Realized Losses that were
previously deemed allocated to the Uncertificated Principal Balance of such
REMIC I Regular Interest and REMIC II Regular Interest pursuant to Section
10.03.
Uncertificated REMIC Regular Interest Distribution Amount: With respect
to any Distribution Date, the sum of the amounts deemed to be distributed on the
Uncertificated REMIC III Regular Interests for such Distribution Date pursuant
to Section 10.04.
Uncertificated REMIC III Regular Interests: The Uncertificated Class
A-I-IO REMIC III Regular Interests, the Uncertificated Class A-III-IO REMIC III
Regular Interests and the Uncertificated Class A-IV-IO REMIC III Regular
Interests.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity (treated as a corporation or
partnership for United States federal income tax purposes) created or organized
in, or under the laws of, the United States, any state thereof, or the District
of Columbia (except in the case of a partnership, to the extent provided in
Treasury regulations) provided that, for purposes solely of the restrictions on
the transfer of Class R Certificates, no partnership or other entity treated as
a partnership for United States federal income tax purposes shall be treated as
a United States Person unless all persons that own an interest in such
partnership either directly or through any entity that is not a corporation for
United States federal income tax purposes are required by the applicable
operative agreement to be United States Persons, or an estate that is described
in Section 7701(a)(30)(D) of the Code, or a trust that is described in Section
7701(a)(30)(E) of the Code.
VA: The Veterans Administration, or its successor.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 94.25% of all of the Voting
Rights shall be allocated among Holders of the Class A Certificates (other than
the Interest Only Certificates and Residual Certificates), the Class M
Certificates and the Class B Certificates, in proportion to the outstanding
56
Certificate Principal Balances of their respective Certificates; 1% of all of
the Voting Rights shall be allocated among Holders of the Class A-I-IO, Class
A-III-IO, Class A-IV-IO, Class A-III-4 and Class A-III-8; and 0.25%, 0.25% and
0.25% of all of the Voting Rights shall be allocated among the Holders of the
Class R-I, Class R-II and Class R-III Certificates, respectively, in each case
to be allocated among the Certificates of such Class in accordance with their
respective Percentage Interest.
57
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Depositor, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee without recourse all the right, title and interest
of the Depositor in and to (i) the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date; and (ii) all proceeds of the foregoing.
The Depositor, the Master Servicer and the Trustee agree that it is not
intended that any mortgage loan be included in the Trust that is either (i) a
"High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective
November 27, 2003 or (ii) a "High-Cost Home Loan" as defined in the New Mexico
Home Loan Protection Act effective January 1, 2004.
(b) In connection with such assignment, and contemporaneously with the delivery
of this Agreement, and except as set forth in Section 2.01(c) below, the
Depositor does hereby deliver to, and deposit with, the Trustee, or to and with
one or more Custodians, as the duly appointed agent or agents of the Trustee for
such purpose, the following documents or instruments (or copies thereof as
permitted by this Section):
(I) with respect to each Mortgage Loan so assigned (other than a
Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse to the order of
the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with
respect to any Destroyed Mortgage Note, an original lost note affidavit
from the related Seller or Residential Funding stating that the
original Mortgage Note was lost, misplaced or destroyed, together with
a copy of the related Mortgage Note;
(ii) The original Mortgage, noting the presence of the MIN of the Mortgage
Loan and language indicating that the Mortgage Loan is a MOM Loan if
the Mortgage Loan is a MOM Loan, with evidence of recording thereon or,
if the original Mortgage has not yet been returned from the public
recording office, a copy of the original Mortgage with evidence of
recording indicated thereon;
(iii) Unless the Mortgage Loan is registered on the MERS(R) System, the
Assignment (which may be included in one or more blanket assignments if
permitted by applicable law) of the Mortgage to the Trustee with
evidence of recording indicated thereon or a copy of such assignment
with evidence of recording indicated thereon;
(iv) The original recorded assignment or assignments of the Mortgage showing
an unbroken chain of title from the originator to the Person assigning
it to the Trustee (or to MERS, if the Mortgage Loan is registered on
the MERS(R) System and noting the presence of a MIN) with evidence of
recordation noted thereon or attached thereto, or a copy of such
assignment or assignments of the Mortgage with evidence of recording
indicated thereon;
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(v) The original of each modification, assumption agreement or preferred
loan agreement, if any, relating to such Mortgage Loan, or a copy of
each modification, assumption agreement or preferred loan agreement;
and
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to the order of
the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with
respect to any Destroyed Mortgage Note, an original lost note affidavit
from the related Seller or Residential Funding stating that the
original Mortgage Note was lost, misplaced or destroyed, together with
a copy of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment of
Proprietary Lease to the originator of the Cooperative Loan with
intervening assignments showing an unbroken chain of title from such
originator to the Trustee;
(iii) The related Cooperative Stock Certificate, representing the related
Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument)
executed in blank;
(iv) The original recognition agreement by the Cooperative of the interests
of the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any continuation
statements, filed by the originator of such Cooperative Loan as secured
party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of
Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from
the originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement
and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator in the
Security Agreement, Assignment of Proprietary Lease and the recognition
agreement referenced in clause (iv) above, showing an unbroken chain of
title from the originator to the Trustee;
(ix) The original of each modification, assumption agreement or preferred
loan agreement, if any, relating to such Cooperative Loan; and
(x) A duly completed UCC-1 financing statement showing Residential Funding
as debtor, the Depositor as secured party and the Trustee as assignee
and a duly completed UCC-1 financing statement showing the Depositor as
debtor and the Trustee as secured party, each in a form sufficient for
filing, evidencing the interest of such debtors in the Cooperative
Loans.
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The Depositor may, in lieu of delivering the original of the documents
set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by
Section 2.01(b)) to the Trustee or the Custodian or Custodians, deliver such
documents to the Master Servicer, and the Master Servicer shall hold such
documents in trust for the use and benefit of all present and future
Certificateholders until such time as is set forth in the next sentence. Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii), (iii),
(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) (or copies
thereof as permitted by such Section) for any Mortgage Loan and (ii) a written
request by the Trustee to deliver those documents with respect to any or all of
the Mortgage Loans then being held by the Master Servicer, the Master Servicer
shall deliver a complete set of such documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.
(c) In connection with any Mortgage Loan, if the Depositor cannot deliver the
original of the Mortgage, any assignment, modification, assumption agreement or
preferred loan agreement (or copy thereof as permitted by Section 2.01(b)) with
evidence of recording thereon concurrently with the execution and delivery of
this Agreement because of (i) a delay caused by the public recording office
where such Mortgage, assignment, modification, assumption agreement or preferred
loan agreement as the case may be, has been delivered for recordation, or (ii) a
delay in the receipt of certain information necessary to prepare the related
assignments, the Depositor shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage, assignment, modification,
assumption agreement or preferred loan agreement.
The Depositor shall promptly cause to be recorded in the appropriate
public office for real property records the Assignment referred to in clause
(I)(iii) of Section 2.01(b), except (a) in states where, in the opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the Trustee's interests in the Mortgage Loan or (b) if MERS
is identified on the Mortgage or on a properly recorded assignment of the
Mortgage as the mortgagee of record solely as nominee for Residential Funding
and its successors and assigns, and shall promptly cause to be filed the Form
UCC-3 assignment and UCC-1 financing statement referred to in clause (II)(vii)
and (x), respectively, of Section 2.01(b). If any Assignment, Form UCC-3 or Form
UCC-1, as applicable, is lost or returned unrecorded to the Depositor because of
any defect therein, the Depositor shall prepare a substitute Assignment, Form
UCC-3 or Form UCC-1, as applicable, or cure such defect, as the case may be, and
cause such Assignment, Form UCC-3 or Form UCC-1, as applicable, to be recorded
in accordance with this paragraph. The Depositor shall promptly deliver or cause
to be delivered to the Trustee or the respective Custodian such Mortgage or
Assignment, Form UCC-3 or Form UCC-1, as applicable (or copy thereof as
permitted by Section 2.01(b)), with evidence of recording indicated thereon upon
receipt thereof from the public recording office or from the related
Subservicer. In connection with its servicing of Cooperative Loans, the Master
Servicer will use its best efforts to file timely continuation statements with
regard to each financing statement and assignment relating to Cooperative Loans
as to which the related Cooperative Apartment is located outside of the State of
New York.
If the Depositor delivers to the Trustee or Custodian any Mortgage Note
or Assignment of Mortgage in blank, the Depositor shall, or shall cause the
Custodian to, complete the endorsement of the Mortgage Note and the Assignment
of Mortgage in the name of the Trustee in conjunction with the Interim
Certification issued by the Custodian, as contemplated by Section 2.02.
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Any of the items set forth in Sections 2.01(b)(I)(ii), (iii), (iv) and
(v) and (II)(vi) and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.
In connection with the assignment of any Mortgage Loan registered on
the MERS(R) System, the Depositor further agrees that it will cause, at the
Depositor's own expense, within 30 days after the Closing Date, the MERS(R)
System to indicate that such Mortgage Loans have been assigned by the Depositor
to the Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans. The Depositor further agrees that it
will not, and will not permit the Master Servicer to, and the Master Servicer
agrees that it will not, alter the codes referenced in this paragraph with
respect to any Mortgage Loan during the term of this Agreement unless and until
such Mortgage Loan is repurchased in accordance with the terms of this
Agreement.
(d) [Reserved]
(e) It is intended that the conveyances by the Depositor to the Trustee of the
Mortgage Loans as provided for in this Section 2.01 be construed as a sale by
the Depositor to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders. Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage Loans by the Depositor to the Trustee to
secure a debt or other obligation of the Depositor. However, in the event that
the Mortgage Loans are held to be property of the Depositor or of Residential
Funding, or if for any reason this Agreement is held or deemed to create a
security interest in the Mortgage Loans, then it is intended that (a) this
Agreement shall also be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction; (b) the conveyances
provided for in this Section 2.01 shall be deemed to be (1) a grant by the
Depositor to the Trustee of a security interest in all of the Depositor's right
(including the power to convey title thereto), title and interest, whether now
owned or hereafter acquired, in and to (A) the Mortgage Loans, including (i)
with respect to each Cooperative Loan, the related Mortgage Note, Security
Agreement, Assignment of Proprietary Lease, Cooperative Stock Certificate and
Cooperative Lease, (ii) with respect to each Mortgage Loan other than a
Cooperative Loan, the related Mortgage Note and Mortgage, and (ii) any insurance
policies and all other documents in the related Mortgage File, (B) all amounts
payable pursuant to the Mortgage Loans in accordance with the terms thereof and
(C) any and all general intangibles consisting of, arising from or relating to
any of the foregoing, and all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other
property, including without limitation all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Depositor to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B) and (C) granted by Residential
61
Funding to the Depositor pursuant to the Assignment Agreement; (c) the
possession by the Trustee, the Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be "possession by the
secured party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest pursuant to the
Uniform Commercial Code as in effect in the States of New York and Minnesota and
any other applicable jurisdiction; and (d) notifications to persons holding such
property, and acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under
applicable law.
The Depositor and, at the Depositor's direction, Residential Funding
and the Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Mortgage Loans and the other
property described above, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the
generality of the foregoing, the Depositor shall prepare and deliver to the
Trustee not less than 15 days prior to any filing date and, the Trustee shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Depositor, all filings necessary to maintain the effectiveness of any
original filings necessary under the Uniform Commercial Code as in effect in any
jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage Loans as evidenced by an Officers' Certificate of the Depositor,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Depositor or the Trustee (such preparation and filing shall be at
the expense of the Trustee, if occasioned by a change in the Trustee's name),
(2) any change of location of the place of business or the chief executive
office of Residential Funding or the Depositor or (3) any transfer of any
interest of Residential Funding or the Depositor in any Mortgage Loan.
Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) above (except that for purposes of such acknowledgment only, a
Mortgage Note may be endorsed in blank and an Assignment of Mortgage may be in
blank) and declares that it, or a Custodian as its agent, holds and will hold
such documents and the other documents constituting a part of the Mortgage Files
delivered to it, or a Custodian as its agent, in trust for the use and benefit
of all present and future Certificateholders. The Trustee or Custodian (such
Custodian being so obligated under a Custodial Agreement) agrees, for the
benefit of Certificateholders, to review each Mortgage File delivered to it
pursuant to Section 2.01(b) within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule, as supplemented, that have been
conveyed to it, and to deliver to the Trustee a certificate (the "Interim
Certification") to the effect that all documents required to be delivered
pursuant to Section 2.01(b) above have been executed and received and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
except for any exceptions listed on Schedule A attached to such Interim
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Certification. Upon delivery of the Mortgage Files by the Depositor or the
Master Servicer, the Trustee shall acknowledge receipt (or, with respect to
Mortgage Loans subject to a Custodial Agreement, and based solely upon a receipt
or certification (the "Final Certification") executed by the Custodian, receipt
by the respective Custodian as the duly appointed agent of the Trustee) of the
documents referred to in Section 2.01(c) above. If the Custodian, as the
Trustee's agent, finds any document or documents constituting a part of a
Mortgage File to be missing or defective, the Trustee, after receiving notice
from the Custodian shall promptly so notify the Master Servicer and the
Depositor; provided, that if the Mortgage Loan related to such Mortgage File is
listed on Schedule A of the Assignment Agreement, no notification shall be
necessary. Pursuant to Section 2.3 of the Custodial Agreement, the Custodian
will notify the Master Servicer, the Depositor and the Trustee of any such
omission or defect found by it in respect of any Mortgage File held by it. If
such omission or defect materially and adversely affects the interests in the
related Mortgage Loan of the Certificateholders, the Master Servicer shall
promptly notify the related Subservicer or Seller of such omission or defect and
request that such Subservicer or Seller correct or cure such omission or defect
within 60 days from the date the Master Servicer was notified of such omission
or defect and, if such Subservicer or Seller does not correct or cure such
omission or defect within such period, that such Subservicer or Seller purchase
such Mortgage Loan from the Trust Fund at its Purchase Price, in either case
within 90 days from the date the Master Servicer was notified of such omission
or defect; provided that if the omission or defect would cause the Mortgage Loan
to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the
Code, any such cure or repurchase must occur within 90 days from the date such
breach was discovered; and provided further, that no cure, substitution or
repurchase shall be required if such omission or defect is in respect of a
Mortgage Loan listed on Schedule A of the Assignment Agreement. The Purchase
Price for any such Mortgage Loan shall be deposited or caused to be deposited by
the Master Servicer in the Custodial Account maintained by it pursuant to
Section 3.07 and, upon receipt by the Trustee of written notification of such
deposit signed by a Servicing Officer, the Trustee or any Custodian, as the case
may be, shall release to the Master Servicer the related Mortgage File and the
Trustee shall execute and deliver such instruments of transfer or assignment
prepared by the Master Servicer, in each case without recourse, as shall be
necessary to vest in the Subservicer or its designee, as the case may be, any
Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan shall
not be part of the Trust Fund. In furtherance of the foregoing, if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System, the Master Servicer, at
its own expense and without any right of reimbursement, shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the Mortgage from MERS to such Subservicer or Seller and shall cause such
Mortgage to be removed from registration on the MERS(R) System in accordance
with MERS' rules and regulations. It is understood and agreed that the
obligation of the Subservicer or Seller, to so cure or purchase any Mortgage
Loan as to which a material and adverse defect in or omission of a constituent
document exists shall constitute the sole remedy respecting such defect or
omission available to Certificateholders or the Trustee on behalf of
Certificateholders.
Section 2.03. Representations, Warranties and Covenants of the Master
Servicer and the Depositor.
(a) The Master Servicer hereby represents and warrants to the Trustee for
the benefit of the Certificateholders that:
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(i) The Master Servicer is a corporation duly organized, validly existing
and in good standing under the laws governing its creation and
existence and is or will be in compliance with the laws of each state
in which any Mortgaged Property is located to the extent necessary to
ensure the enforceability of each Mortgage Loan in accordance with the
terms of this Agreement;
(ii) The execution and delivery of this Agreement by the Master Servicer and
its performance and compliance with the terms of this Agreement will
not violate the Master Servicer's Certificate of Incorporation or
Bylaws or constitute a material default (or an event which, with notice
or lapse of time, or both, would constitute a material default) under,
or result in the material breach of, any material contract, agreement
or other instrument to which the Master Servicer is a party or which
may be applicable to the Master Servicer or any of its assets;
(iii) This Agreement, assuming due authorization, execution and delivery by
the Trustee and the Depositor, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against it in accordance
with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in
equity or at law;
(iv) The Master Servicer is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have
consequences that would materially and adversely affect the condition
(financial or other) or operations of the Master Servicer or its
properties or might have consequences that would materially adversely
affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master Servicer's
knowledge, threatened against the Master Servicer which would prohibit
its entering into this Agreement or performing its obligations under
this Agreement;
(vi) The Master Servicer will comply in all material respects in the
performance of this Agreement with all reasonable rules and
requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement furnished in
writing or report delivered to the Depositor, any Affiliate of the
Depositor or the Trustee by the Master Servicer will, to the knowledge
of the Master Servicer, contain any untrue statement of a material fact
or omit a material fact necessary to make the information, certificate,
statement or report not misleading;
(viii) The Master Servicer has examined each existing, and will examine each
new, Subservicing Agreement and is or will be familiar with the terms
thereof. The terms of each existing Subservicing Agreement and each
designated Subservicer are acceptable to the Master Servicer and any
new Subservicing Agreements will comply with the provisions of Section
3.02; and
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(ix) The Master Servicer is a member of MERS in good standing, and will
comply in all material respects with the rules and procedures of MERS
in connection with the servicing of the Mortgage Loans that are
registered with MERS.
It is understood and agreed that the representations and warranties set
forth in this Section 2.03(a) shall survive delivery of the respective Mortgage
Files to the Trustee or any Custodian. Upon discovery by either the Depositor,
the Master Servicer, the Trustee or any Custodian of a breach of any
representation or warranty set forth in this Section 2.03(a) which materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the
other parties (any Custodian being so obligated under a Custodial Agreement).
Within 90 days of its discovery or its receipt of notice of such breach, the
Master Servicer shall either (i) cure such breach in all material respects or
(ii) to the extent that such breach is with respect to a Mortgage Loan or a
related document, purchase such Mortgage Loan from the Trust Fund at the
Purchase Price and in the manner set forth in Section 2.02; provided that if the
omission or defect would cause the Mortgage Loan to be other than a "qualified
mortgage" as defined in Section 860G(a)(3) of the Code, any such cure or
repurchase must occur within 90 days from the date such breach was discovered.
The obligation of the Master Servicer to cure such breach or to so purchase such
Mortgage Loan shall constitute the sole remedy in respect of a breach of a
representation and warranty set forth in this Section 2.03(a) available to the
Certificateholders or the Trustee on behalf of the Certificateholders.
(b) The Depositor hereby represents and warrants to the Trustee for the benefit
of the Certificateholders that as of the Closing Date (or, if otherwise
specified below, as of the date so specified): (i) The information set forth in
Exhibits F-1, F-2, F-3 and F-4 hereto with respect to each Mortgage Loan or the
Mortgage Loans, as the case may be, is true and correct in all material respects
at the respective date or dates which such information is furnished; (ii)
Immediately prior to the conveyance of the Mortgage Loans to the Trustee, the
Depositor had good title to, and was the sole owner of, each Mortgage Loan free
and clear of any pledge, lien, encumbrance or security interest (other than
rights to servicing and related compensation) and such conveyance validly
transfers ownership of the Mortgage Loans to the Trustee free and clear of any
pledge, lien, encumbrance or security interest; and (iii) Each Mortgage Loan
constitutes a qualified mortgage under Section 860G(a)(3)(A) of the Code and
Treasury Regulations Section 1.860G-2(a)(1). It is understood and agreed that
the representations and warranties set forth in this Section 2.03(b) shall
survive delivery of the respective Mortgage Files to the Trustee or any
Custodian. Upon discovery by any of the Depositor, the Master Servicer, the
Trustee or any Custodian of a breach of any of the representations and
warranties set forth in this Section 2.03(b) which materially and adversely
affects the interests of the Certificateholders in any Mortgage Loan, the party
discovering such breach shall give prompt written notice to the other parties
(any Custodian being so obligated under a Custodial Agreement); provided,
however, that in the event of a breach of the representation and warranty set
forth in Section 2.03(b)(iii), the party discovering such breach shall give such
notice within five days of discovery. Within 90 days of its discovery or its
receipt of notice of breach, the Depositor shall either (i) cure such breach in
all material respects or (ii) purchase such Mortgage Loan from the Trust Fund at
the Purchase Price and in the manner set forth in Section 2.02; provided that
the Depositor shall have the option to substitute a Qualified Substitute
Mortgage Loan or Loans for such Mortgage Loan if such substitution occurs within
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two years following the Closing Date; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure, substitution or repurchase
must occur within 90 days from the date such breach was discovered. Any such
substitution shall be effected by the Depositor under the same terms and
conditions as provided in Section 2.04 for substitutions by Residential Funding.
It is understood and agreed that the obligation of the Depositor to cure such
breach or to so purchase or substitute for any Mortgage Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Certificateholders or the Trustee on
behalf of the Certificateholders. Notwithstanding the foregoing, the Depositor
shall not be required to cure breaches or purchase or substitute for Mortgage
Loans as provided in this Section 2.03(b) if the substance of the breach of a
representation set forth above also constitutes fraud in the origination of the
Mortgage Loan.
Section 2.04. Representations and Warranties of Residential Funding.
The Depositor, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of the
Certificateholders all of its right, title and interest in respect of the
Assignment Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement relates to the representations and warranties made by Residential
Funding in respect of such Mortgage Loan and any remedies provided thereunder
for any breach of such representations and warranties, such right, title and
interest may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders.
Upon the discovery by the Depositor, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties made
in the Assignment Agreement in respect of any Mortgage Loan or of any Repurchase
Event which materially and adversely affects the interests of the
Certificateholders in such Mortgage Loan, the party discovering such breach
shall give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). The Master Servicer shall promptly
notify Residential Funding of such breach or Repurchase Event and request that
Residential Funding either (i) cure such breach or Repurchase Event in all
material respects within 90 days from the date the Master Servicer was notified
of such breach or Repurchase Event or (ii) purchase such Mortgage Loan from the
Trust Fund at the Purchase Price and in the manner set forth in Section 2.02;
provided that, in the case of a breach or Repurchase Event under the Assignment
Agreement, Residential Funding shall have the option to substitute a Qualified
Substitute Mortgage Loan or Loans for such Mortgage Loan if such substitution
occurs within two years following the Closing Date; provided that if the breach
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or substitution must occur
within 90 days from the date the breach was discovered. If the breach of
representation and warranty that gave rise to the obligation to repurchase or
substitute a Mortgage Loan pursuant to Section 4 of the Assignment Agreement was
the representation and warranty set forth in Section 4(x) thereof, then the
Master Servicer shall request that Residential Funding pay to the Trust Fund,
concurrently with and in addition to the remedies provided in the preceding
sentence, an amount equal to any liability, penalty or expense that was actually
incurred and paid out of or on behalf of the Trust Fund, and that directly
resulted from such breach, or if incurred and paid by the Trust Fund thereafter,
concurrently with such payment. In the event that Residential Funding elects to
substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan pursuant to this Section 2.04, Residential Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an
Assignment of the Mortgage in recordable form, and such other documents and
agreements as are required by Section 2.01, with the Mortgage Note endorsed as
required by Section 2.01. No substitution will be made in any calendar month
after the Determination Date for such month. Monthly Payments due with respect
to Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained by the Master Servicer and remitted
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by the Master Servicer to Residential Funding on the next succeeding
Distribution Date. For the month of substitution, distributions to the
Certificateholders will include the Monthly Payment due on a Deleted Mortgage
Loan for such month and thereafter Residential Funding shall be entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule for the
benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Qualified Substitute Mortgage Loan or
Loans and the Master Servicer shall deliver the amended Mortgage Loan Schedule
to the Trustee and the Custodian. Upon such substitution, the Qualified
Substitute Mortgage Loan or Loans shall be subject to the terms of this
Agreement and the related Subservicing Agreement in all respects, and
Residential Funding shall be deemed to have made the representations and
warranties with respect to the Qualified Substitute Mortgage Loan contained in
Section 4 of the Assignment Agreement, as of the date of substitution, and the
covenants, representations and warranties set forth in this Section 2.04, and in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and by an Opinion of Counsel to the effect that such substitution will not cause
(a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) any portion of REMIC I, REMIC II or REMIC
III to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Residential
Funding to cure such breach or purchase (or in the case of Residential Funding
to substitute for) such Mortgage Loan as to which such a breach has occurred and
is continuing and to make any additional payments required under the Assignment
Agreement in connection with a breach of the representation and warranty in
Section 5(B) thereof shall constitute the sole remedy respecting such breach
available to the Certificateholders or the Trustee on behalf of the
Certificateholders. If the Master Servicer is Residential Funding, then the
Trustee shall also have the right to give the notification and require the
purchase or substitution provided for in the second preceding paragraph in the
event of such a breach of a representation or warranty made by Residential
Funding in the Assignment Agreement. In connection with the purchase of or
substitution for any such Mortgage Loan by Residential Funding, the Trustee
shall assign to Residential Funding all of the right, title and interest in
respect of the Assignment Agreement applicable to such Mortgage Loan.
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Section 2.05. Execution and Authentication of Certificates; Conveyance
of Uncertificated REMIC Regular Interests.
(a) The Trustee acknowledges the assignment to it of the Mortgage Loans and the
delivery of the Mortgage Files to it, or any Custodian on its behalf, subject to
any exceptions noted, together with the assignment to it of all other assets
included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Depositor executed by an officer of the Depositor,
has executed and caused to be authenticated and delivered to or upon the order
of the Depositor the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.
(b) In exchange for the REMIC I Regular Interests and, concurrently with the
assignment to the Trustee thereof, pursuant to the written request of the
Depositor executed by an officer of the Depositor, the Trustee has executed,
authenticated and delivered to or upon the order of the Depositor, the REMIC II
Regular Interests evidencing in authorized denominations (together with the
Class R-II Certificates) the entire beneficial ownership interest in REMIC II.
(c) In exchange for the REMIC II Regular Interests and, concurrently with the
assignment to the Trustee thereof, pursuant to the written request of the
Depositor executed by an officer of the Depositor, the Trustee has executed,
authenticated and delivered to or upon the order of the Depositor, the
Certificates and the Uncertificated REMIC III Regular Interests evidencing in
authorized denominations (together with the Class R-III Certificates) the entire
beneficial ownership interest in REMIC III.
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ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans in
accordance with the terms of this Agreement and the respective Mortgage Loans,
following such procedures that comply with applicable federal, state and local
law and that are in accordance with accepted mortgage servicing practices of
prudent mortgage lending institutions which service loans of the same type as
the Mortgage Loans in the jurisdiction in which the related Mortgaged Property
is located, and shall have full power and authority, acting alone or through
Subservicers as provided in Section 3.02, to do any and all things which it may
deem necessary or desirable in connection with such servicing and
administration. Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Subservicer is hereby authorized
and empowered by the Trustee when the Master Servicer or the Subservicer, as the
case may be, believes it appropriate in its best judgment, to execute and
deliver, on behalf of the Certificateholders and the Trustee or any of them, any
and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, or of consent to assumption or modification in connection
with a proposed conveyance, or of assignment of any Mortgage and Mortgage Note
in connection with the repurchase of a Mortgage Loan and all other comparable
instruments, or with respect to the modification or re-recording of a Mortgage
for the purpose of correcting the Mortgage, the subordination of the lien of the
Mortgage in favor of a public utility company or government agency or unit with
powers of eminent domain, the taking of a deed in lieu of foreclosure, the
completion of judicial or non-judicial foreclosure, the conveyance of a
Mortgaged Property to the related insurer, the acquisition of any property
acquired by foreclosure or deed in lieu of foreclosure, or the management,
marketing and conveyance of any property acquired by foreclosure or deed in lieu
of foreclosure with respect to the Mortgage Loans and with respect to the
Mortgaged Properties.
The Master Servicer further is authorized and empowered by the Trustee,
on behalf of the Certificateholders and the Trustee, in its own name or in the
name of the Subservicer, when the Master Servicer or the Subservicer, as the
case may be, believes it is appropriate in its best judgment to register any
Mortgage Loan on the MERS(R) System, or cause the removal from the registration
of any Mortgage Loan on the MERS(R) System, to execute and deliver, on behalf of
the Trustee and the Certificateholders or any of them, any and all instruments
of assignment and other comparable instruments with respect to such assignment
or re-recording of a Mortgage in the name of MERS, solely as nominee for the
Trustee and its successors and assigns. Any expenses incurred in connection with
the actions described in the preceding sentence shall be borne by the Master
Servicer in accordance with Section 3.16(c), with no right of reimbursement;
provided, that if, as a result of MERS discontinuing or becoming unable to
continue operations in connection with the MERS(R) System, it becomes necessary
to remove any Mortgage Loan from registration on the MERS(R) System and to
arrange for the assignment of the related Mortgages to the Trustee, then any
related expenses shall be reimbursable to the Master Servicer. Notwithstanding
the foregoing, subject to Section 3.07(a), the Master Servicer shall not permit
any modification with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and any proposed, temporary or final regulations promulgated thereunder
(other than in connection with a proposed conveyance or assumption of such
Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to
Section 3.13(d) hereof) and cause any of REMIC I, REMIC II or REMIC III to fail
to qualify as a REMIC under the Code.
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The Trustee shall furnish the Master Servicer with any powers of
attorney and other documents necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans. The Trustee shall not be
liable for any action taken by the Master Servicer or any Subservicer pursuant
to such powers of attorney. In servicing and administering any Nonsubserviced
Mortgage Loan, the Master Servicer shall, to the extent not inconsistent with
this Agreement, comply with the Program Guide as if it were the originator of
such Mortgage Loan and had retained the servicing rights and obligations in
respect thereof. In connection with servicing and administering the Mortgage
Loans, the Master Servicer and any Affiliate of the Master Servicer (i) may
perform services such as appraisals and brokerage services that are customarily
provided by Persons other than servicers of mortgage loans, and shall be
entitled to reasonable compensation therefor in accordance with Section 3.10 and
(ii) may, at its own discretion and on behalf of the Trustee, obtain credit
information in the form of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans shall not, for the purpose of calculating monthly distributions
to the Certificateholders, be added to the amount owing under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the Certificates providing for the payment by the Master Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain Prepayment Interest Shortfalls on the Mortgage Loans, which
payment obligation will thereafter be an obligation of the Master Servicer
hereunder.
Section 3.02. Subservicing Agreements Between Master Servicer
and Subservicers; Enforcement of Subservicers'
Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer shall be either (i) an institution the accounts
of which are insured by the FDIC or (ii) another entity that engages in the
business of originating or servicing mortgage loans, and in either case shall be
authorized to transact business in the state or states in which the related
Mortgaged Properties it is to service are situated, if and to the extent
required by applicable law to enable the Subservicer to perform its obligations
hereunder and under the Subservicing Agreement, and in either case shall be a
Xxxxxxx Mac, Xxxxxx Xxx or HUD approved mortgage servicer. In addition, any
Subservicer of a Mortgage Loan insured by the FHA must be an FHA-approved
servicer, and any Subservicer of a Mortgage Loan guaranteed by the VA must be a
VA-approved servicer. Each Subservicer of a Mortgage Loan shall be entitled to
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receive and retain, as provided in the related Subservicing Agreement and in
Section 3.07, the related Subservicing Fee from payments of interest received on
such Mortgage Loan. For any Mortgage Loan that is a Nonsubserviced Mortgage
Loan, the Master Servicer shall be entitled to receive and retain an amount
equal to the Subservicing Fee from payments of interest. Unless the context
otherwise requires, references in this Agreement to actions taken or to be taken
by the Master Servicer in servicing the Mortgage Loans include actions taken or
to be taken by a Subservicer on behalf of the Master Servicer. Each Subservicing
Agreement will be upon such terms and conditions consistent with this Agreement
and as the Master Servicer and the Subservicer have agreed. With the approval of
the Master Servicer, a Subservicer may delegate its servicing obligations to
third-party servicers, but such Subservicer will remain obligated under the
related Subservicing Agreement. The Master Servicer and a Subservicer may enter
into amendments thereto or a different form of Subservicing Agreement; provided,
however, that any such amendments or different forms shall be consistent with
and not violate the provisions of either this Agreement or the Program Guide in
a manner which would materially and adversely affect the interests of the
Certificateholders. Any Subservicing Agreement entered into between the Master
Servicer and any Subservicer shall require the Subservicer to accurately and
fully report its borrower credit files to each of the Credit Repositories in a
timely manner.
(b) As part of its servicing activities hereunder, the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts to enforce the obligations of each Subservicer under the related
Subservicing Agreement or Seller under the related Sale Agreement, as
applicable, to the extent that the non-performance of any such obligation would
have a material and adverse effect on a Mortgage Loan, including, without
limitation, the obligation to purchase a Mortgage Loan on account of defective
documentation, as described in Section 2.02, or on account of a breach of a
representation or warranty, as described in Section 2.04. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of
Subservicing Agreements or Sale Agreement, as appropriate, and the pursuit of
other appropriate remedies, shall be in such form and carried out to such an
extent and at such time as the Master Servicer would employ in its good faith
business judgment and which are normal and usual in its general mortgage
servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed.
Section 3.03. Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
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Section 3.04. Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
and Certificateholders for the servicing and administering of the Mortgage Loans
in accordance with the provisions of Section 3.01 without diminution of such
obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the
Depositor and to the same extent and under the same terms and conditions as if
the Master Servicer alone were servicing and administering the Mortgage Loans.
The Master Servicer shall be entitled to enter into any agreement with a
Subservicer for indemnification of the Master Servicer and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification.
Section 3.05. No Contractual Relationship Between Subservicer and
Trustee or Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
Section 3.06. Assumption or Termination of Subservicing Agreements by
Trustee.
(a) In the event the Master Servicer shall for any reason no longer be the
master servicer (including by reason of an Event of Default), the Trustee, its
designee or its successor shall thereupon assume all of the rights and
obligations of the Master Servicer under each Subservicing Agreement that may
have been entered into. The Trustee, its designee or the successor servicer for
the Trustee shall be deemed to have assumed all of the Master Servicer's
interest therein and to have replaced the Master Servicer as a party to the
Subservicing Agreement to the same extent as if the Subservicing Agreement had
been assigned to the assuming party except that the Master Servicer shall not
thereby be relieved of any liability or obligations under the Subservicing
Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master Servicer, deliver to the assuming party all documents and records
relating to each Subservicing Agreement and the Mortgage Loans then being
serviced and an accounting of amounts collected and held by it and otherwise use
its best efforts to effect the orderly and efficient transfer of each
Subservicing Agreement to the assuming party.
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Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account.
(a) The Master Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage
Loans, and shall, to the extent such procedures shall be consistent
with this Agreement and the terms and provisions of any related Primary
Insurance Policy, follow such collection procedures as it would employ
in its good faith business judgment and which are normal and usual in
its general mortgage servicing activities. Consistent with the
foregoing, the Master Servicer may in its discretion (i) waive any late
payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the
Due Date for payments due on a Mortgage Loan in accordance with the
Program Guide, provided, however, that the Master Servicer shall first
determine that any such waiver or extension will not impair the
coverage of any related Primary Insurance Policy or materially
adversely affect the lien of the related Mortgage. Notwithstanding
anything in this Section to the contrary, the Master Servicer or any
Subservicer shall not enforce any prepayment charge to the extent that
such enforcement would violate any applicable law. In the event of any
such arrangement, the Master Servicer shall make timely advances on the
related Mortgage Loan during the scheduled period in accordance with
the amortization schedule of such Mortgage Loan without modification
thereof by reason of such arrangements unless otherwise agreed to by
the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement,
the Master Servicer may also waive, modify or vary any term of any
Mortgage Loan or consent to the postponement of strict compliance with
any such term or in any manner grant indulgence to any Mortgagor if in
the Master Servicer's determination such waiver, modification,
postponement or indulgence is not materially adverse to the interests
of the Certificateholders (taking into account any estimated Realized
Loss that might result absent such action), provided, however, that the
Master Servicer may not modify materially or permit any Subservicer to
modify any Mortgage Loan, including without limitation any modification
that would change the Mortgage Rate, forgive the payment of any
principal or interest (unless in connection with the liquidation of the
related Mortgage Loan or except in connection with prepayments to the
extent that such reamortization is not inconsistent with the terms of
the Mortgage Loan), capitalize any amounts owing on the Mortgage Loan
by adding such amount to the outstanding principal balance of the
Mortgage Loan, or extend the final maturity date of such Mortgage Loan,
unless such Mortgage Loan is in default or, in the judgment of the
Master Servicer, such default is reasonably foreseeable. For purposes
of delinquency calculations, any capitalized Mortgage Loan shall be
deemed to be current as of the date of the related Servicing
Modification. No such modification shall reduce the Mortgage Rate (A)
below one-half of the Mortgage Rate as in effect on the Cut-off Date or
(B) below the sum of the rates at which the Servicing Fee, the
Subservicing Fee with respect to such Mortgage Loan accrue. The final
maturity date for any Mortgage Loan shall not be extended beyond the
Maturity Date. Also, the Stated Principal Balance of all Reportable
Modified Mortgage Loans subject to Servicing Modifications (measured at
the time of the Servicing Modification and after giving effect to any
Servicing Modification) can be no more than five percent of the
aggregate Cut-off Date Principal Balance of the Mortgage Loans, unless
such limit is increased from time to time with the consent of the
Rating Agencies. In addition, any amounts owing on a Mortgage Loan
added to the outstanding principal balance of such Mortgage Loan must
be fully amortized over the term of such Mortgage Loan, and such
amounts may be added to the outstanding principal balance of a Mortgage
Loan only once during the life of such Mortgage Loan. Also, the
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addition of such amounts described in the preceding sentence shall be
implemented in accordance with the Program Guide and may be implemented
only by Subservicers that have been approved by the Master Servicer for
such purpose. In connection with any Curtailment of a Mortgage Loan,
the Master Servicer, to the extent not inconsistent with the terms of
the Mortgage Note and local law and practice, may permit the Mortgage
Loan to be re-amortized such that the Monthly Payment is recalculated
as an amount that will fully amortize the remaining Stated Principal
Balance thereof by the original Maturity Date based on the original
Mortgage Rate; provided, that such reamortization shall not be
permitted if it would constitute a reissuance of the Mortgage Loan for
federal income tax purposes.
(b) The Master Servicer shall establish and maintain a Custodial Account in
which the Master Servicer shall deposit or cause to be deposited on a
daily basis, except as otherwise specifically provided herein, the
following payments and collections remitted by Subservicers or received
by it in respect of the Mortgage Loans subsequent to the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans
due on or before the Cut-off Date):
(i) All payments on account of principal, including Principal Prepayments
made by Mortgagors on the Mortgage Loans and the principal component of
any Subservicer Advance or of any REO Proceeds received in connection
with an REO Property for which an REO Disposition has occurred;
(ii) All payments on account of interest at the Adjusted Mortgage Rate on
the Mortgage Loans, including the interest component of any Subservicer
Advance or of any REO Proceeds received in connection with an REO
Property for which an REO Disposition has occurred;
(iii) Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (net
of any related expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to Section 2.02,
2.03, 2.04 or 4.07 and all amounts required to be deposited in
connection with the substitution of a Qualified Substitute Mortgage
Loan pursuant to Section 2.03 or 2.04; and
(v) Any amounts required to be deposited pursuant to Section 3.07(c) or
3.21.
The foregoing requirements for deposit in the Custodial Account shall
be exclusive, it being understood and agreed that, without limiting the
generality of the foregoing, payments on the Mortgage Loans which are not part
of the Trust Fund (consisting of payments in respect of principal and interest
on the Mortgage Loans due on or before the Cut-off Date) and payments or
collections consisting of prepayment charges or late payment charges or
assumption fees may but need not be deposited by the Master Servicer in the
Custodial Account. In the event any amount not required to be deposited in the
Custodial Account is so deposited, the Master Servicer may at any time withdraw
such amount from the Custodial Account, any provision herein to the contrary
notwithstanding. The Custodial Account may contain funds that belong to one or
more trust funds created for mortgage pass-through certificates of other series
and may contain other funds respecting payments on mortgage loans belonging to
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the Master Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds,
Subsequent Recoveries and the proceeds of the purchase of any Mortgage Loan
pursuant to Sections 2.02, 2.03, 2.04 and 4.07 received in any calendar month,
the Master Servicer may elect to treat such amounts as included in the related
Available Distribution Amount for the Distribution Date in the month of receipt,
but is not obligated to do so. If the Master Servicer so elects, such amounts
will be deemed to have been received (and any related Realized Loss shall be
deemed to have occurred) on the last day of the month prior to the receipt
thereof.
(c) The Master Servicer shall use its best efforts to cause the institution
maintaining the Custodial Account to invest the funds in the Custodial Account
attributable to the Mortgage Loans in Permitted Investments which shall mature
not later than the Certificate Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain realized from any such investment shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time. The amount of any losses incurred in
respect of any such investments attributable to the investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds immediately as realized.
(d) The Master Servicer shall give written notice to the Trustee and the
Depositor of any change in the location of the Custodial Account and the
location of the Certificate Account prior to the use thereof.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan pursuant to
a Subservicing Agreement, the Master Servicer shall cause the Subservicer,
pursuant to the Subservicing Agreement, to establish and maintain one or more
Subservicing Accounts which shall be an Eligible Account. The Subservicer will
be required thereby to deposit into the Subservicing Account within two (2)
Business Day of receipt all proceeds of Mortgage Loans received by the
Subservicer, less its Subservicing Fees and unreimbursed advances and expenses,
to the extent permitted by the Subservicing Agreement. If the Subservicing
Account is not an Eligible Account, the Master Servicer shall be deemed to have
received such monies upon receipt thereof by the Subservicer. The Subservicer
shall not be required to deposit in the Subservicing Account payments or
collections consisting of prepayment charges or late charges or assumption fees,
or payments or collections received consisting of prepayment charges to the
extent that the Subservicer is entitled to retain such amounts pursuant to the
Subservicing Agreement. On or before the date specified in the Program Guide,
but in no event later than the Determination Date, the Master Servicer shall
cause the Subservicer, pursuant to the Subservicing Agreement, to remit to the
Master Servicer for deposit in the Custodial Account all funds held in the
Subservicing Account with respect to each Mortgage Loan serviced by such
Subservicer that are required to be remitted to the Master Servicer. The
Subservicer will also be required, pursuant to the Subservicing Agreement, to
advance on such scheduled date of remittance amounts equal to any scheduled
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monthly installments of principal and interest less its Subservicing Fees on any
Mortgage Loans for which payment was not received by the Subservicer. This
obligation to advance with respect to each Mortgage Loan will continue up to and
including the first of the month following the date on which the related
Mortgaged Property is sold at a foreclosure sale or is acquired by the Trust
Fund by deed in lieu of foreclosure or otherwise. All such advances received by
the Master Servicer shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month.
(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause the
Subservicers for Subserviced Mortgage Loans to, establish and maintain one or
more Servicing Accounts and deposit and retain therein all collections from the
Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account may
also function as a Subservicing Account. Withdrawals of amounts related to the
Mortgage Loans from the Servicing Accounts may be made only to effect timely
payment of taxes, assessments, hazard insurance premiums, Primary Insurance
Policy premiums, if applicable, or comparable items, to reimburse the Master
Servicer or Subservicer out of related collections for any payments made
pursuant to Sections 3.11 (with respect to the Primary Insurance Policy) and
3.12(a) (with respect to hazard insurance), to refund to any Mortgagors any sums
as may be determined to be overages, to pay interest, if required, to Mortgagors
on balances in the Servicing Account or to clear and terminate the Servicing
Account at the termination of this Agreement in accordance with Section 9.01 or
in accordance with the Subservicing Agreement. As part of its servicing duties,
the Master Servicer shall, and the Subservicers will, pursuant to the
Subservicing Agreements, be required to pay to the Mortgagors interest on funds
in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the preceding
subsection that are not timely paid by the Mortgagors or advanced by the
Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and Information Regarding
the Mortgage Loans.
In the event that compliance with this Section 3.09 shall make any
Class of Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
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request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10. Permitted Withdrawals from the Custodial Account.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein
pursuant to Section 3.07 that are attributable to the Mortgage Loans
for the following purposes:
(i) to remit to the Trustee for deposit into the Certificate Account the
amounts and in the manner provided for in Section 4.01;
(ii) to reimburse itself or the related Subservicer for previously
unreimbursed Advances, Servicing Advances or expenses made pursuant to
Sections 3.01, 3.08, 3.12(a), 3.14 and 4.04 or otherwise reimbursable
pursuant to the terms of this Agreement, such withdrawal right being
limited to amounts received on particular Mortgage Loans (including, for
this purpose, REO Proceeds, Insurance Proceeds, Liquidation Proceeds and
proceeds from the purchase of a Mortgage Loan pursuant to Section 2.02,
2.03, 2.04 or 4.07) which represent (A) Late Collections of Monthly
Payments for which any such advance was made in the case of Subservicer
Advances or Advances pursuant to Section 4.04 and (B) late recoveries of
the payments for which such advances were made in the case of Servicing
Advances;
(iii) to pay to itself or the related Subservicer (if not previously retained
by such Subservicer) out of each payment received by the Master Servicer
on account of interest on a Mortgage Loan as contemplated by Sections
3.14 and 3.16, an amount equal to that remaining portion of any such
payment as to interest (but not in excess of the Servicing Fee and the
Subservicing Fee, if not previously retained) which, when deducted, will
result in the remaining amount of such interest being interest at a rate
per annum equal to the Net Mortgage Rate (or Modified Net Mortgage Rate
in the case of a Modified Mortgage Loan) on the amount specified in the
amortization schedule of the related Mortgage Loan as the principal
balance thereof at the beginning of the period respecting which such
interest was paid after giving effect to any previous Curtailments;
(iv) to pay to itself as additional servicing compensation any interest or
investment income earned on funds deposited in the Custodial Account
that it is entitled to withdraw pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation any Foreclosure
Profits, and any amounts remitted by Subservicer as interest in respect
of Curtailments pursuant to Section 3.08(b);
(vi) to pay to itself, a Subservicer, a Seller, Residential Funding, the
Depositor or any other appropriate Person, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof
that has been purchased or otherwise transferred pursuant to Section
2.02, 2.03, 2.04, 3.23, 4.07 or 9.01, all amounts received thereon and
not required to be distributed to Certificateholders as of the date on
which the related Stated Principal Balance or Purchase Price is
determined;
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(vii) to reimburse itself or the related Subservicer for any Nonrecoverable
Advance or Advances in the manner and to the extent provided in
subsection (c) below, any Advance or Servicing Advance made in
connection with a modification of a Mortgage Loan that is in default
or, in the judgment of the Master Servicer, default is reasonably
foreseeable pursuant to Section 3.07(a), to the extent the amount of
the Advance or Servicing Advance was added to the Stated Principal
Balance of the Mortgage Loan in the preceding calendar month;
(viii) to reimburse itself or the Depositor for expenses incurred by and
reimbursable to it or the Depositor pursuant to Section 3.14(c), 6.03,
10.01 or otherwise;
(ix) to reimburse itself for amounts expended by it (a) pursuant to Section
3.14 in good faith in connection with the restoration of property
damaged by an Uninsured Cause, and (b) in connection with the
liquidation of a Mortgage Loan or disposition of an REO Property to the
extent not otherwise reimbursed pursuant to clause (ii) or (viii)
above;
(x) to withdraw any amount deposited in the Custodial Account that was not
required to be deposited therein pursuant to Section 3.07, including
any payoff fees or penalties or any other additional amounts payable to
the Master Servicer or Subservicer pursuant to the terms of the
Mortgage Note; and
(xi) to reimburse or pay any Subservicer any such amounts as are due thereto
under the applicable Subservicing Agreement and have not been retained
by or paid to the Subservicer, to the extent provided in the related
Subservicing Agreement.
(b) Since, in connection with withdrawals pursuant to clauses (ii), (iii),
(v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the
Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan
that the Master Servicer determines to be a Nonrecoverable Advance by
withdrawal from the Custodial Account of amounts on deposit therein
attributable to the Mortgage Loans on any Certificate Account Deposit
Date succeeding the date of such determination. Such right of
reimbursement in respect of a Nonrecoverable Advance relating to an
Advance pursuant to Section 4.04 on any such Certificate Account
Deposit Date shall be limited to an amount not exceeding the portion of
such advance previously paid to Certificateholders (and not theretofore
reimbursed to the Master Servicer or the related Subservicer).
Section 3.11. Maintenance of Primary Insurance Coverage.
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(a) The Master Servicer shall not take, or permit any Subservicer to take, any
action which would result in noncoverage under any applicable Primary Insurance
Policy of any loss which, but for the actions of the Master Servicer or
Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value at origination in the case of such a Mortgage Loan having
a Loan-to-Value Ratio at origination in excess of 80%, provided that such
Primary Insurance Policy was in place as of the Cut-off Date and the Master
Servicer had knowledge of such Primary Insurance Policy. The Master Servicer
shall not cancel or refuse to renew any such Primary Insurance Policy applicable
to a Nonsubserviced Mortgage Loan, or consent to any Subservicer canceling or
refusing to renew any such Primary Insurance Policy applicable to a Mortgage
Loan subserviced by it, that is in effect at the date of the initial issuance of
the Certificates and is required to be kept in force hereunder unless the
replacement Primary Insurance Policy for such canceled or non-renewed policy is
maintained with an insurer whose claims-paying ability is acceptable to each
Rating Agency for mortgage pass-through certificates having a rating equal to or
better than the lower of the then-current rating or the rating assigned to the
Certificates as of the Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present or to cause the related
Subservicer to present, on behalf of the Master Servicer, the Subservicer, if
any, the Trustee and Certificateholders, claims to the insurer under any Primary
Insurance Policies, in a timely manner in accordance with such policies, and, in
this regard, to take or cause to be taken such reasonable action as shall be
necessary to permit recovery under any Primary Insurance Policies respecting
defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance Proceeds
collected by or remitted to the Master Servicer under any Primary Insurance
Policies shall be deposited in the Custodial Account, subject to withdrawal
pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage Loan
(other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan (together with the principal balance of any mortgage loan secured
by a lien that is senior to the Mortgage Loan) or 100 percent of the insurable
value of the improvements; provided, however, that such coverage may not be less
than the minimum amount required to fully compensate for any loss or damage on a
replacement cost basis. To the extent it may do so without breaching the related
Subservicing Agreement, the Master Servicer shall replace any Subservicer that
does not cause such insurance, to the extent it is available, to be maintained.
The Master Servicer shall also cause to be maintained on property acquired upon
foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative Loan), fire insurance with extended coverage in an amount which is
at least equal to the amount necessary to avoid the application of any
co-insurance clause contained in the related hazard insurance policy. Pursuant
to Section 3.07, any amounts collected by the Master Servicer under any such
policies (other than amounts to be applied to the restoration or repair of the
related Mortgaged Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing procedures)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
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require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).In the event that the
Master Servicer shall obtain and maintain a blanket fire insurance policy with
extended coverage insuring against hazard losses on all of the Mortgage Loans,
it shall conclusively be deemed to have satisfied its obligations as set forth
in the first sentence of this Section 3.12(a), it being understood and agreed
that such policy may contain a deductible clause, in which case the Master
Servicer shall, in the event that there shall not have been maintained on the
related Mortgaged Property a policy complying with the first sentence of this
Section 3.12(a) and there shall have been a loss which would have been covered
by such policy, deposit in the Certificate Account the amount not otherwise
payable under the blanket policy because of such deductible clause. Any such
deposit by the Master Servicer shall be made on the Certificate Account Deposit
Date next preceding the Distribution Date which occurs in the month following
the month in which payments under any such policy would have been deposited in
the Custodial Account. In connection with its activities as administrator and
servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf
of itself, the Trustee and Certificateholders, claims under any such blanket
policy.
(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect throughout the term of this Agreement a blanket fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities under this Agreement. The amount of coverage
shall be at least equal to the coverage that would be required by Xxxxxx Xxx or
Xxxxxxx Mac, whichever is greater, with respect to the Master Servicer if the
Master Servicer were servicing and administering the Mortgage Loans for Xxxxxx
Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the Program Guide and acceptable to the Depositor. Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master Servicer
and providing the coverage required by this Section 3.12(b) shall satisfy the
requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments.
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(a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or Subservicer, to the extent it has knowledge of such conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental regulations, but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing: (i)
the Master Servicer shall not be deemed to be in default under this Section
3.13(a) by reason of any transfer or assumption which the Master Servicer is
restricted by law from preventing; and (ii) if the Master Servicer determines
that it is reasonably likely that any Mortgagor will bring, or if any Mortgagor
does bring, legal action to declare invalid or otherwise avoid enforcement of a
due-on-sale clause contained in any Mortgage Note or Mortgage, the Master
Servicer shall not be required to enforce the due-on-sale clause or to contest
such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale clause to
the extent set forth in Section 3.13(a), in any case in which a Mortgaged
Property is to be conveyed to a Person by a Mortgagor, and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both constitute a "significant modification"
effecting an exchange or reissuance of such Mortgage Loan under the Code (or
final, temporary or proposed Treasury regulations promulgated thereunder) and
cause any of REMIC I, REMIC II or REMIC III to fail to qualify as REMICs under
the Code or the imposition of any tax on "prohibited transactions" or
"contributions" after the startup date under the REMIC Provisions. The Master
Servicer shall execute and deliver such documents only if it reasonably
determines that (i) its execution and delivery thereof will not conflict with or
violate any terms of this Agreement or cause the unpaid balance and interest on
the Mortgage Loan to be uncollectible in whole or in part, (ii) any required
consents of insurers under any Required Insurance Policies have been obtained
and (iii) subsequent to the closing of the transaction involving the assumption
or transfer (A) the Mortgage Loan will continue to be secured by a first
mortgage lien (or junior lien of the same priority in relation to any senior
mortgage loan, with respect to any Mortgage Loan secured by a junior Mortgage)
pursuant to the terms of the Mortgage, (B) such transaction will not adversely
affect the coverage under any Required Insurance Policies, (C) the Mortgage Loan
will fully amortize over the remaining term thereof, (D) no material term of the
Mortgage Loan (including the interest rate on the Mortgage Loan) will be altered
nor will the term of the Mortgage Loan be changed and (E) if the
seller/transferor of the Mortgaged Property is to be released from liability on
the Mortgage Loan, the buyer/transferee of the Mortgaged Property would be
qualified to assume the Mortgage Loan based on generally comparable credit
quality and such release will not (based on the Master Servicer's or
Subservicer's good faith determination) adversely affect the collectability of
the Mortgage Loan. Upon receipt of appropriate instructions from the Master
Servicer in accordance with the foregoing, the Trustee shall execute any
necessary instruments for such assumption or substitution of liability as
directed by the Master Servicer. Upon the closing of the transactions
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contemplated by such documents, the Master Servicer shall cause the originals or
true and correct copies of the assumption agreement, the release (if any), or
the modification or supplement to the Mortgage Note or Mortgage to be delivered
to the Trustee or the Custodian and deposited with the Mortgage File for such
Mortgage Loan. Any fee collected by the Master Servicer or such related
Subservicer for entering into an assumption or substitution of liability
agreement will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled to approve a request from a Mortgagor for a partial release of the
related Mortgaged Property (or, with respect to a Cooperative Loan, the related
Cooperative Apartment), the granting of an easement thereon in favor of another
Person, any alteration or demolition of the related Mortgaged Property without
any right of reimbursement or other similar matters if it has determined,
exercising its good faith business judgment in the same manner as it would if it
were the owner of the related Mortgage Loan, that the security for, and the
timely and full collectability of, such Mortgage Loan would not be adversely
affected thereby and that each of REMIC I, REMIC II or REMIC III would continue
to qualify as a REMIC under the Code as a result thereof and that no tax on
"prohibited transactions" or "contributions" after the startup day would be
imposed on any of REMIC I, REMIC II or REMIC III as a result thereof. Any fee
collected by the Master Servicer or the related Subservicer for processing such
a request will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(d) Subject to any other applicable terms and conditions of this Agreement, the
Trustee and Master Servicer shall be entitled to approve an assignment in lieu
of satisfaction with respect to any Mortgage Loan, provided the obligee with
respect to such Mortgage Loan following such proposed assignment provides the
Trustee and Master Servicer with a "Lender Certification for Assignment of
Mortgage Loan" in the form attached hereto as Exhibit M, in form and substance
satisfactory to the Trustee and Master Servicer, providing the following: (i)
that the Mortgage Loan is secured by Mortgaged Property located in a
jurisdiction in which an assignment in lieu of satisfaction is required to
preserve lien priority, minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;
(ii) that the substance of the assignment is, and is intended to be, a
refinancing of such Mortgage Loan and that the form of the transaction is solely
to comply with, or facilitate the transaction under, such local laws; (iii) that
the Mortgage Loan following the proposed assignment will have a rate of interest
at least 0.25 percent below or above the rate of interest on such Mortgage Loan
prior to such proposed assignment; and (iv) that such assignment is at the
request of the borrower under the related Mortgage Loan. Upon approval of an
assignment in lieu of satisfaction with respect to any Mortgage Loan, the Master
Servicer shall receive cash in an amount equal to the unpaid principal balance
of and accrued interest on such Mortgage Loan and the Master Servicer shall
treat such amount as a Principal Prepayment in Full with respect to such
Mortgage Loan for all purposes hereof.
Section 3.14. Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably convert
(which may include an REO Acquisition) the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07. Alternatively, the Master Servicer may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the Mortgage Loan for an amount less than the total
amount contractually owed in order to facilitate a sale of the Mortgaged
Property by the Mortgagor) or permitting a short refinancing (a payoff of the
Mortgage Loan for an amount less than the total amount contractually owed in
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order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the Mortgaged Property), (ii) arranging for a repayment plan or (iii)
agreeing to a modification in accordance with Section 3.07. In connection with
such foreclosure or other conversion or action, the Master Servicer shall,
consistent with Section 3.11, follow such practices and procedures as it shall
deem necessary or advisable, and as shall be normal and usual in its general
mortgage servicing activities; provided that the Master Servicer shall not be
liable in any respect hereunder if the Master Servicer is acting in connection
with any such foreclosure or other conversion or action in a manner that is
consistent with the provisions of this Agreement. The Master Servicer, however,
shall not be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or towards the correction of any default on a related senior
mortgage loan, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to Holders of Certificates of one
or more Classes after reimbursement to itself for such expenses or charges and
(ii) that such expenses and charges will be recoverable to it through
Liquidation Proceeds, Insurance Proceeds, or REO Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Custodial Account
pursuant to Section 3.10, whether or not such expenses and charges are actually
recoverable from related Liquidation Proceeds, Insurance Proceeds or REO
Proceeds). In the event of such a determination by the Master Servicer pursuant
to this Section 3.14(a), the Master Servicer shall be entitled to reimbursement
of its funds so expended pursuant to Section 3.10. In addition, the Master
Servicer may pursue any remedies that may be available in connection with a
breach of a representation and warranty with respect to any such Mortgage Loan
in accordance with Sections 2.03 and 2.04. However, the Master Servicer is not
required to continue to pursue both foreclosure (or similar remedies) with
respect to the Mortgage Loans and remedies in connection with a breach of a
representation and warranty if the Master Servicer determines in its reasonable
discretion that one such remedy is more likely to result in a greater recovery
as to the Mortgage Loan. Upon the occurrence of a Cash Liquidation or REO
Disposition, following the deposit in the Custodial Account of all Insurance
Proceeds, Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO Disposition," as applicable, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee or any Custodian, as the case may be, shall
release to the Master Servicer the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master Servicer or its designee, as the case may be, the related Mortgage
Loan, and thereafter such Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding the foregoing or any other provision of this Agreement, in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO Disposition may be deemed to have occurred if substantially all amounts
expected by the Master Servicer to be received in connection with the related
defaulted Mortgage Loan or REO Property have been received, and (ii) for
purposes of determining the amount of any Liquidation Proceeds, Insurance
Proceeds, REO Proceeds or other unscheduled collections or the amount of any
Realized Loss, the Master Servicer may take into account minimal amounts of
additional receipts expected to be received or any estimated additional
liquidation expenses expected to be incurred in connection with the related
defaulted Mortgage Loan or REO Property.
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(b) In the event that title to any Mortgaged Property is acquired by the Trust
Fund as an REO Property by foreclosure or by deed in lieu of foreclosure, the
deed or certificate of sale shall be issued to the Trustee or to its nominee on
behalf of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.
(c) In the event that the Trust Fund acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of the Trust Fund shall dispose of such REO
Property within three full years after the taxable year of its acquisition by
the Trust Fund for purposes of Section 860G(a)(8) of the Code (or such shorter
period as may be necessary under applicable state (including any state in which
such property is located) law to maintain the status of each of REMIC I, REMIC
II or REMIC III as a REMIC under applicable state law and avoid taxes resulting
from such property failing to be foreclosure property under applicable state
law) or, at the expense of the Trust Fund, request, more than 60 days before the
day on which such grace period would otherwise expire, an extension of such
grace period unless the Master Servicer obtains for the Trustee an Opinion of
Counsel, addressed to the Trustee and the Master Servicer, to the effect that
the holding by the Trust Fund of such REO Property subsequent to such period
will not result in the imposition of taxes on "prohibited transactions" as
defined in Section 860F of the Code or cause any of REMIC I, REMIC II or REMIC
III to fail to qualify as a REMIC (for federal (or any applicable State or
local) income tax purposes) at any time that any Certificates are outstanding,
in which case the Trust Fund may continue to hold such REO Property (subject to
any conditions contained in such Opinion of Counsel). The Master Servicer shall
be entitled to be reimbursed from the Custodial Account for any costs incurred
in obtaining such Opinion of Counsel, as provided in Section 3.10.
Notwithstanding any other provision of this Agreement, no REO Property acquired
by the Trust Fund shall be rented (or allowed to continue to be rented) or
otherwise used by or on behalf of the Trust Fund in such a manner or pursuant to
any terms that would (i) cause such REO Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code or
(ii) subject REMIC I, REMIC II or REMIC III to the imposition of any federal
income taxes on the income earned from such REO Property, including any taxes
imposed by reason of Section 860G(c) of the Code, unless the Master Servicer has
agreed to indemnify and hold harmless the Trust Fund with respect to the
imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery (other than Subsequent Recoveries) resulting from a collection
of Liquidation Proceeds, Insurance Proceeds or REO Proceeds, will be applied in
the following order of priority: first, to reimburse the Master Servicer or the
related Subservicer in accordance with Section 3.10(a)(ii); and to reimburse the
related Subservicer for any Subservicing Fees payabe therefrom; second, to the
Certificateholders to the extent of accrued and unpaid interest on the Mortgage
Loan, and any related REO Imputed Interest, at the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), to the Due
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Date in the related Due Period prior to the Distribution Date on which such
amounts are to be distributed; third, to the Certificateholders as a recovery of
principal on the Mortgage Loan (or REO Property) (provided that if any such
Class of Certificates to which such Realized Loss was allocated is no longer
outstanding, such subsequent recovery shall be distributed to the persons who
were the Holders of such Class of Certificates when it was retired); fourth, to
all Servicing Fees payable therefrom (and the Master Servicer shall have no
claims for any deficiencies with respect to such fees which result from the
foregoing allocation); and fifth, to Foreclosure Profits.
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master Servicer of a notification that payment in full will be
escrowed in a manner customary for such purposes, the Master Servicer will
immediately notify the Trustee (if it holds the related Mortgage File) or the
Custodian by a certification of a Servicing Officer (which certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account pursuant to Section 3.07 have been or will be so deposited),
substantially in one of the forms attached hereto as Exhibit G requesting
delivery to it of the Mortgage File. Upon receipt of such certification and
request, the Trustee shall promptly release, or cause the Custodian to release,
the related Mortgage File to the Master Servicer. The Master Servicer is
authorized to execute and deliver to the Mortgagor the request for reconveyance,
deed of reconveyance or release or satisfaction of mortgage or such instrument
releasing the lien of the Mortgage, together with the Mortgage Note with, as
appropriate, written evidence of cancellation thereon and to cause the removal
from the registration on the MERS(R) System of such Mortgage and to execute and
deliver, on behalf of the Trustee and the Certificateholders or any of them, any
and all instruments of satisfaction or cancellation or of partial or full
release, including any applicable UCC termination statements. No expenses
incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Custodial Account or the Certificate
Account.
(b) From time to time as is appropriate for the servicing or foreclosure of any
Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms attached as Exhibit G hereto, requesting that possession of all, or any
document constituting part of, the Mortgage File be released to the Master
Servicer and certifying as to the reason for such release and that such release
will not invalidate any insurance coverage provided in respect of the Mortgage
Loan under any Required Insurance Policy. Upon receipt of the foregoing, the
Trustee shall deliver, or cause the Custodian to deliver, the Mortgage File or
any document therein to the Master Servicer. The Master Servicer shall cause
each Mortgage File or any document therein so released to be returned to the
Trustee, or the Custodian as agent for the Trustee when the need therefor by the
Master Servicer no longer exists, unless (i) the Mortgage Loan has been
liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been
deposited in the Custodial Account or (ii) the Mortgage File or such document
has been delivered directly or through a Subservicer to an attorney, or to a
public trustee or other public official as required by law, for purposes of
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initiating or pursuing legal action or other proceedings for the foreclosure of
the Mortgaged Property either judicially or non-judicially, and the Master
Servicer has delivered directly or through a Subservicer to the Trustee a
certificate of a Servicing Officer certifying as to the name and address of the
Person to which such Mortgage File or such document was delivered and the
purpose or purposes of such delivery. In the event of the liquidation of a
Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings, requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a Mortgaged Property or to any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity. Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a certificate of a Servicing Officer requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage, except for the termination of such a lien upon completion of the
foreclosure or trustee's sale.
Section 3.16. Servicing and Other Compensation; Eligible Master Servicing
Compensation.
(a) The Master Servicer, as compensation for its activities hereunder, shall be
entitled to receive on each Distribution Date the amounts provided for by
clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid, all
expenses incurred by it in connection with its servicing activities hereunder
(including payment of premiums for the Primary Insurance Policies, if any, to
the extent such premiums are not required to be paid by the related Mortgagors,
and the fees and expenses of the Trustee and any Custodian) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.10 and 3.14.
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(d) The Master Servicer's right to receive servicing compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding clauses (a) and (b) above, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Eligible Master Servicing
Compensation (if any) for such Distribution Date, which amount shall be
deposited by the Master Servicer into the Certificate Account to be included in
the Available Distribution Amount for such Distribution Date. Such reduction
shall be applied during such period as follows: first, to any Servicing Fee or
Subservicing Fee to which the Master Servicer is entitled pursuant to Section
3.10(a)(iii); second, to any income or gain realized from any investment of
funds held in the Custodial Account or the Certificate Account to which the
Master Servicer is entitled pursuant to Sections 3.07(c) or 4.01(b),
respectively; and third, to any amounts of servicing compensation to which the
Master Servicer is entitled pursuant to Section 3.10(a)(v) or (vi). In making
such reduction, the Master Servicer shall not withdraw from the Custodial
Account any such amount representing all or a portion of the Servicing Fee to
which it is entitled pursuant to Section 3.10(a)(iii); (ii) shall not withdraw
from the Custodial Account or Certificate Account any such amount to which it is
entitled pursuant to Section 3.07(c) or 4.01(b) and (iii) shall not withdraw
from the Custodial Account any such amount of servicing compensation to which it
is entitled pursuant to Section 3.10(a)(v) or (vi). With respect to any
Distribution Date, Eligible Master Servicing Compensation derived from a Loan
Group shall be used on such Distribution Date (i) to cover any Prepayment
Interest Shortfalls on the Mortgage Loans in such Loan Group and (ii) to cover
any Prepayment Interest Shortfalls on the Mortgage Loans in the other Loan
Groups, but only to the extent not covered by Eligible Master Servicing
Compensation derived from the related Loan Group, on a pro rata basis in
accordance with the amount of Accrued Certificate Interest payable from the
related Loan Group for such Distribution Date absent such Prepayment Interest
Shortfalls.
In the event that one Loan Group has Prepayment Interest Shortfalls not
covered by the Eligible Master Servicing Compensation derived from such Loan
Group on any Distribution Date (such Loan Group, the "Targeted Loan Group") and
the other four Loan Groups (the "Non-related Loan Groups") have the Eligible
Master Servicing Compensation remaining after covering Prepayment Interest
Shortfalls with respect to such Non-related Loan Groups, the amount of
Prepayment Interest Shortfalls outstanding for the Targeted Loan Group will be
covered by the Eligible Master Servicing Compensation derived from the
Non-related Loan Groups (to the extent not covered by the Eligible Master
Servicing Compensation derived from the Targeted Loan Group) on a pro rata
basis, based on the remaining amount of the Eligible Master Servicing
Compensation derived from each Non-related Loan Group relative to the aggregate
amount of remaining Eligible Master Servicing Compensation derived from such
Non-related Loan Groups and the amount of outstanding Prepayment Interest
Shortfalls with respect to the Targeted Loan Group. In the event that two or
more Loan Groups have Prepayment Interest Shortfalls not covered by the Eligible
Master Servicing Compensation derived from such related Loan Groups on any
Distribution Date (such Loan Groups, the "Targeted Loan Groups") and the other
Loan Groups have Eligible Master Servicing Compensation remaining after covering
Prepayment Interest Shortfalls with respect to such Loan Groups, the amount of
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Prepayment Interest Shortfalls outstanding for the Targeted Loan Groups will be
covered by the Eligible Master Servicing Compensation derived from the
Non-related Loan Groups (to the extent not covered by the Eligible Master
Servicing Compensation derived from the respective Targeted Loan Groups) on a
pro rata basis, based on the aggregate amount of outstanding Prepayment Interest
Shortfalls with respect to such Targeted Loan Groups relative to the aggregate
amount of outstanding Prepayment Interest Shortfalls for the Targeted Loan
Groups and the remaining amount of Eligible Master Servicing Compensation
derived from the Non-related Loan Groups.
Section 3.17. Reports to the Trustee and the Depositor.
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Depositor a statement, certified
by a Servicing Officer, setting forth the status of the Custodial Account as of
the close of business on such Distribution Date as it relates to the Mortgage
Loans and showing, for the period covered by such statement, the aggregate of
deposits in or withdrawals from the Custodial Account in respect of the Mortgage
Loans for each category of deposit specified in Section 3.07 and each category
of withdrawal specified in Section 3.10.
Section 3.18. Annual Statement as to Compliance.
The Master Servicer will deliver to the Depositor and the Trustee on or
before the earlier of (a) March 31 of each year, beginning with the first March
31 that occurs at least six months after the Cut-off Date, or (b) with respect
to any calendar year during which the Depositor's annual report on Form 10-K is
required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, the date on which the Depositor's annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission (or, in each case, if such day is not a
Business Day, the immediately preceding Business Day), an Officers' Certificate
stating, as to each signer thereof, that (i) a review of the activities of the
Master Servicer during the preceding calendar year related to its servicing of
mortgage loans and of its performance under the pooling and servicing
agreements, including this Agreement, has been made under such officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations in all
material respects throughout such year, or, if there has been material
noncompliance with such servicing standards or a default in the fulfillment in
all material respects of any such obligation relating to this Agreement, such
statement shall include a description of such noncompliance or specify each such
default, as the case may be, known to such officer and the nature and status
thereof and (iii) to the best of such officers' knowledge, each Subservicer has
complied in all material respects with the minimum servicing standards set forth
in the Uniform Single Attestation Program for Mortgage Bankers and has fulfilled
all of its material obligations under its Subservicing Agreement in all material
respects throughout such year, or if there has been material noncompliance with
such servicing standards or a material default in the fulfillment of such
obligations relating to this Agreement, specifying such statement shall include
a description of such noncompliance or specify each such default, as the case
may be, known to such officer and the nature and status thereof.
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Section 3.19. Annual Independent Public Accountants' Servicing Report.
On or before the earlier of (a) March 31 of each year, beginning with
the first March 31 that occurs at least six months after the Cut-off Date, or
(b) with respect to any calendar year during which the Depositor's annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, the date on which the Depositor's
annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations of the Commission (or, in each case,
if such day is not a Business Day, the immediately preceding Business Day), the
Master Servicer at its expense shall cause a firm of independent public
accountants which shall be members of the American Institute of Certified Public
Accountants to furnish a report to the Depositor and the Trustee stating its
opinion that, on the basis of an examination conducted by such firm
substantially in accordance with standards established by the American Institute
of Certified Public Accountants, the assertions made pursuant to Section 3.18
regarding compliance with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers during the preceding
calendar year are fairly stated in all material respects, subject to such
exceptions and other qualifications that, in the opinion of such firm, such
accounting standards require it to report. In rendering such statement, such
firm may rely, as to matters relating to the direct servicing of mortgage loans
by Subservicers, upon comparable statements for examinations conducted by
independent public accountants substantially in accordance with standards
established by the American Institute of Certified Public Accountants (rendered
within one year of such statement) with respect to such Subservicers.
Section 3.20. Right of the Depositor in Respect of the Master Servicer.
The Master Servicer shall afford the Depositor and the Trustee, upon
reasonable notice, during normal business hours access to all records maintained
by the Master Servicer in respect of its rights and obligations hereunder and
access to officers of the Master Servicer responsible for such obligations. Upon
request, the Master Servicer shall furnish the Depositor and the Trustee with
its most recent financial statements and such other information as the Master
Servicer possesses regarding its business, affairs, property and condition,
financial or otherwise. The Master Servicer shall also cooperate with all
reasonable requests for information including, but not limited to, notices,
tapes and copies of files, regarding itself, the Mortgage Loans or the
Certificates from any Person or Persons identified by the Depositor or
Residential Funding. The Depositor may, but is not obligated to perform, or
cause a designee to perform, any defaulted obligation of the Master Servicer
hereunder or exercise the rights of the Master Servicer hereunder; provided that
the Master Servicer shall not be relieved of any of its obligations hereunder by
virtue of such performance by the Depositor or its designee. The Depositor shall
not have the responsibility or liability for any action or failure to act by the
Master Servicer and is not obligated to supervise the performance of the Master
Servicer under this Agreement or otherwise.
Section 3.21. Advance Facility.
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(a) The Master Servicer is hereby authorized to enter into a financing or
other facility (any such arrangement, an "Advance Facility") under
which (1) the Master Servicer sells, assigns or pledges to another
Person (an "Advancing Person") the Master Servicer's rights under this
Agreement to be reimbursed for any Advances or Servicing Advances
and/or (2) an Advancing Person agrees to fund some or all Advances
and/or Servicing Advances required to be made by the Master Servicer
pursuant to this Agreement. No consent of the Depositor, the Trustee,
the Certificateholders or any other party shall be required before the
Master Servicer may enter into an Advance Facility. Notwithstanding the
existence of any Advance Facility under which an Advancing Person
agrees to fund Advances and/or Servicing Advances on the Master
Servicer's behalf, the Master Servicer shall remain obligated pursuant
to this Agreement to make Advances and Servicing Advances pursuant to
and as required by this Agreement. If the Master Servicer enters into
an Advance Facility, and for so long as an Advancing Person remains
entitled to receive reimbursement for any Advances including
Nonrecoverable Advances ("Advance Reimbursement Amounts") and/or
Servicing Advances including Nonrecoverable Advances ("Servicing
Advance Reimbursement Amounts" and together with Advance Reimbursement
Amounts, "Reimbursement Amounts") (in each case to the extent such type
of Reimbursement Amount is included in the Advance Facility), as
applicable, pursuant to this Agreement, then the Master Servicer shall
identify such Reimbursement Amounts consistent with the reimbursement
rights set forth in Section 3.10(a)(ii) and (vii) and remit such
Reimbursement Amounts in accordance with this Section 3.21 or otherwise
in accordance with the documentation establishing the Advance Facility
to such Advancing Person or to a trustee, agent or custodian (an
"Advance Facility Trustee") designated by such Advancing Person in an
Advance Facility Notice described below in Section 3.21(b).
Notwithstanding the foregoing, if so required pursuant to the terms of
the Advance Facility, the Master Servicer may direct, and if so
directed in writing the Trustee is hereby authorized to and shall pay
to the Advance Facility Trustee the Reimbursement Amounts identified
pursuant to the preceding sentence. An Advancing Person whose
obligations hereunder are limited to the funding of Advances and/or
Servicing Advances shall not be required to meet the qualifications of
a Master Servicer or a Subservicer pursuant to Section 3.02(a) or
6.02(c) hereof and shall not be deemed to be a Subservicer under this
Agreement. Notwithstanding anything to the contrary herein, in no event
shall Advance Reimbursement Amounts or Servicing Advance Reimbursement
Amounts be included in the Available Distribution Amount or distributed
to Certificateholders.
(b) If the Master Servicer enters into an Advance Facility and makes the
election set forth in Section 3.21(a), the Master Servicer and the
related Advancing Person shall deliver to the Trustee a written notice
and payment instruction (an "Advance Facility Notice"), providing the
Trustee with written payment instructions as to where to remit Advance
Reimbursement Amounts and/or Servicing Advance Reimbursement Amounts
(each to the extent such type of Reimbursement Amount is included
within the Advance Facility) on subsequent Distribution Dates. The
payment instruction shall require the applicable Reimbursement Amounts
to be distributed to the Advancing Person or to an Advance Facility
Trustee designated in the Advance Facility Notice. An Advance Facility
Notice may only be terminated by the joint written direction of the
Master Servicer and the related Advancing Person (and any related
Advance Facility Trustee).
(c) Reimbursement Amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage
Loans for which the Master Servicer would be permitted to reimburse
itself in accordance with Section 3.10(a)(ii) and (vii) hereof,
assuming the Master Servicer or the Advancing Person had made the
related Advance(s) and/or Servicing Advance(s). Notwithstanding the
foregoing, except with respect to reimbursement of Nonrecoverable
Advances as set forth in Section 3.10(c) of this Agreement, no Person
shall be entitled to reimbursement from funds held in the Collection
Account for future distribution to Certificateholders pursuant to this
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Agreement. Neither the Depositor nor the Trustee shall have any duty or
liability with respect to the calculation of any Reimbursement Amount,
nor shall the Depositor or the Trustee have any responsibility to track
or monitor the administration of the Advance Facility and the Depositor
shall not have any responsibility to track, monitor or verify the
payment of Reimbursement Amounts to the related Advancing Person or
Advance Facility Trustee. The Master Servicer shall maintain and
provide to any Successor Master Servicer a detailed accounting on a
loan-by-loan basis as to amounts advanced by, sold, pledged or assigned
to, and reimbursed to any Advancing Person. The Successor Master
Servicer shall be entitled to rely on any such information provided by
the Master Servicer and the Successor Master Servicer shall not be
liable for any errors in such information.
(d) Upon the direction of and at the expense of the Master Servicer, the
Trustee agrees to execute such acknowledgments, certificates, and other
documents provided by the Master Servicer and reasonably satisfactory
to the Trustee recognizing the interests of any Advancing Person or
Advance Facility Trustee in such Reimbursement Amounts as the Master
Servicer may cause to be made subject to Advance Facilities pursuant to
this Section 3.21, and such other documents in connection with such
Advance Facility as may be reasonably requested from time to time by
any Advancing Person or Advance Facility Trustee and reasonably
satisfactory to the Trustee.
(e) Reimbursement Amounts collected with respect to each Mortgage Loan
shall be allocated to outstanding unreimbursed Advances or Servicing
Advances (as the case may be) made with respect to that Mortgage Loan
on a "first-in, first out" ("FIFO") basis, subject to the
qualifications set forth below:
(i) Any successor Master Servicer to Residential Funding (a "Successor
Master Servicer") and the Advancing Person or Advance Facility Trustee
shall be required to apply all amounts available in accordance with this
Section 3.21(e) to the reimbursement of Advances and Servicing Advances
in the manner provided for herein; provided, however, that after the
succession of a Successor Master Servicer, (A) to the extent that any
Advances or Servicing Advances with respect to any particular Mortgage
Loan are reimbursed from payments or recoveries, if any, from the
related Mortgagor, and Liquidation Proceeds or Insurance Proceeds, if
any, with respect to that Mortgage Loan, reimbursement shall be made,
first, to the Advancing Person or Advance Facility Trustee in respect of
Advances and/or Servicing Advances related to that Mortgage Loan to the
extent of the interest of the Advancing Person or Advance Facility
Trustee in such Advances and/or Servicing Advances, second to the Master
Servicer in respect of Advances and/or Servicing Advances related to
that Mortgage Loan in excess of those in which the Advancing Person or
Advance Facility Trustee Person has an interest, and third, to the
Successor Master Servicer in respect of any other Advances and/or
Servicing Advances related to that Mortgage Loan, from such sources as
and when collected, and (B) reimbursements of Advances and Servicing
Advances that are Nonrecoverable Advances shall be made pro rata to the
Advancing Person or Advance Facility Trustee, on the one hand, and any
such Successor Master Servicer, on the other hand, on the basis of the
respective aggregate outstanding unreimbursed Advances and Servicing
Advances that are Nonrecoverable Advances owed to the Advancing Person,
Advance Facility Trustee or Master Servicer pursuant to this Agreement,
on the one hand, and any such Successor Master Servicer, on the other
hand, and without regard to the date on which any such Advances or
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Servicing Advances shall have been made. In the event that, as a result
of the FIFO allocation made pursuant to this Section 3.21(e), some or
all of a Reimbursement Amount paid to the Advancing Person or Advance
Facility Trustee relates to Advances or Servicing Advances that were
made by a Person other than Residential Funding or the Advancing Person
or Advance Facility Trustee, then the Advancing Person or Advance
Facility Trustee shall be required to remit any portion of such
Reimbursement Amount to the Person entitled to such portion of such
Reimbursement Amount. Without limiting the generality of the foregoing,
Residential Funding shall remain entitled to be reimbursed by the
Advancing Person or Advance Facility Trustee for all Advances and
Servicing Advances funded by Residential Funding to the extent the
related Reimbursement Amount(s) have not been assigned or pledged to an
Advancing Person or Advance Facility Trustee. The documentation
establishing any Advance Facility shall require Residential Funding to
provide to the related Advancing Person or Advance Facility Trustee loan
by loan information with respect to each Reimbursement Amount
distributed to such Advancing Person or Advance Facility Trustee on each
date of remittance thereof to such Advancing Person or Advance Facility
Trustee, to enable the Advancing Person or Advance Facility Trustee to
make the FIFO allocation of each Reimbursement Amount with respect to
each Mortgage Loan.
(ii) By way of illustration, and not by way of limiting the generality of the
foregoing, if the Master Servicer resigns or is terminated at a time
when the Master Servicer is a party to an Advance Facility, and is
replaced by a Successor Master Servicer, and the Successor Master
Servicer directly funds Advances or Servicing Advances with respect to a
Mortgage Loan and does not assign or pledge the related Reimbursement
Amounts to the related Advancing Person or Advance Facility Trustee,
then all payments and recoveries received from the related Mortgagor or
received in the form of Liquidation Proceeds with respect to such
Mortgage Loan (including Insurance Proceeds collected in connection with
a liquidation of such Mortgage Loan) will be allocated first to the
Advancing Person or Advance Facility Trustee until the related
Reimbursement Amounts attributable to such Mortgage Loan that are owed
to the Master Servicer and the Advancing Person, which were made prior
to any Advances or Servicing Advances made by the Successor Master
Servicer, have been reimbursed in full, at which point the Successor
Master Servicer shall be entitled to retain all related Reimbursement
Amounts subsequently collected with respect to that Mortgage Loan
pursuant to Section 3.10 of this Agreement. To the extent that the
Advances or Servicing Advances are Nonrecoverable Advances to be
reimbursed on an aggregate basis pursuant to Section 3.10 of this
Agreement, the reimbursement paid in this manner will be made pro rata
to the Advancing Person or Advance Facility Trustee, on the one hand,
and the Successor Master Servicer, on the other hand, as described in
clause (i)(B) above.
(f) The Master Servicer shall remain entitled to be reimbursed for all
Advances and Servicing Advances funded by the Master Servicer to the
extent the related rights to be reimbursed therefor have not been sold,
assigned or pledged to an Advancing Person.
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(g) Any amendment to this Section 3.21 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of
an Advance Facility as described generally in this Section 3.21,
including amendments to add provisions relating to a successor master
servicer, may be entered into by the Trustee, the Depositor and the
Master Servicer without the consent of any Certificateholder, with
written confirmation from each Rating Agency that the amendment will
not result in the reduction of the ratings on any class of the
Certificates below the lesser of the then current or original ratings
on such Certificates, and an opinion of counsel as required in 11.01(c)
notwithstanding anything to the contrary in Section 11.01 of or
elsewhere in this Agreement.
(h) Any rights of set-off that the Trust Fund, the Trustee, the Depositor,
any Successor Master Servicer or any other Person might otherwise have
against the Master Servicer under this Agreement shall not attach to
any rights to be reimbursed for Advances or Servicing Advances that
have been sold, transferred, pledged, conveyed or assigned to any
Advancing Person.
(i) At any time when an Advancing Person shall have ceased funding Advances
and/or Servicing Advances (as the case may be) and the Advancing Person
or related Advance Facility Trustee shall have received Reimbursement
Amounts sufficient in the aggregate to reimburse all Advances and/or
Servicing Advances (as the case may be) the right to reimbursement for
which were assigned to the Advancing Person, then upon the delivery of
a written notice signed by the Advancing Person and the Master Servicer
or its successor or assign) to the Trustee terminating the Advance
Facility Notice (the "Notice of Facility Termination"), the Master
Servicer or its Successor Master Servicer shall again be entitled to
withdraw and retain the related Reimbursement Amounts from the
Custodial Account pursuant to Section 3.10.
(j) After delivery of any Advance Facility Notice, and until any such
Advance Facility Notice has been terminated by a Notice of Facility
Termination, this Section 3.21 may not be amended or otherwise modified
without the prior written consent of the related Advancing Person.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
(a) The Master Servicer acting as agent of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall deposit or
cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York
time on each Certificate Account Deposit Date by wire transfer of immediately
available funds an amount equal to the sum of (i) any Advance for the
immediately succeeding Distribution Date, (ii) any amount required to be
deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any
amount required to be deposited in the Certificate Account pursuant to Section
3.16(e) or Section 4.07, (iv) any amount required to be paid pursuant to Section
9.01, and all other amounts constituting the Available Distribution Amounts for
the immediately succeeding Distribution Date.
(b) [reserved]
(c) The Trustee shall, upon written request from the Master Servicer, invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted Investments designated in the name of the
Trustee for the benefit of the Certificateholders, which shall mature not later
than the Business Day next preceding the Distribution Date next following the
date of such investment (except that (i) if such Permitted Investment is an
obligation of the institution that maintains such account or a fund for which
such institution serves as investment advisor, administrator, shareholder,
servicing agent, custodian or sub-custodian, then such Permitted Investment may
mature on such Distribution Date and (ii) any other investment may mature on
such Distribution Date if the Trustee shall advance funds on such Distribution
Date to the Certificate Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. All income and gain realized from any such investment shall be for the
benefit of the Master Servicer and shall be subject to its withdrawal or order
from time to time. The amount of any losses incurred in respect of any such
investments shall be deposited in the Certificate Account by the Master Servicer
out of its own funds immediately as realized. The Trustee or its Affiliates are
permitted to receive compensation that could be deemed to be in the Trustee's
economic self-interest for (i) serving as investment adviser (with respect to
investments made through its Affiliates), administrator, shareholder servicing
agent, custodian or sub-custodian with respect to certain of the Permitted
Investments, (ii) using Affiliates to effect transactions in certain Permitted
Investments and (iii) effecting transactions in certain Permitted Investments.
Section 4.02. Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf of
the Trustee or (y) the Paying Agent appointed by the Trustee,
based solely on information provided by the Master Servicer,
shall distribute the amount required to be distributed to the
Master Servicer or a Sub-Servicer pursuant to Section
4.02(a)(iii) below, and to each Certificateholder of record on
the next preceding Record Date (other than as provided in
Section 9.01 respecting the final distribution) either in
immediately available funds (by wire transfer or otherwise) to
the account of such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such
Certificateholder has so notified the Master Servicer or the
Paying Agent, as the case may be, or, if such
Certificateholder has not so notified the Master Servicer or
the Paying Agent by the Record Date, by check mailed to such
Certificateholder at the address of such Holder appearing in
the Certificate Register such Certificateholder's share (which
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share (A) with respect to each Class of Certificates (other
than any Subclass of the Interest Only Certificates), shall be
based on the aggregate of the Percentage Interests represented
by Certificates of the applicable Class held by such Holder or
(B) with respect to any Subclass of the Interest Only
Certificates, shall be equal to the amount (if any)
distributed pursuant to Section 4.02(a)(i) below to each
Holder of a Subclass thereof) of the following amounts, in the
following order of priority (subject to the provisions of
Section 4.02(b) below), in each case to the extent of the
related Available Distribution Amount:
(i) to the related Senior Certificates (other than the Principal
Only Certificates) on a pro rata basis based on Accrued
Certificate Interest payable on such Certificates with respect
to such Distribution Date, Accrued Certificate Interest on
such Classes of Certificates (or Subclasses, if any, with
respect to the Interest Only Certificates) for such
Distribution Date, plus any Accrued Certificate Interest
thereon remaining unpaid from any previous Distribution Date
except as provided in the last paragraph of this Section
4.02(a) (the related "Senior Interest Distribution Amount");
and
(ii) (X) to the Class A-I-PO Certificates, the Class A-I-PO
Principal Distribution Amount (as defined in Section
4.02(b)(i) herein), to the Class A-II-PO Certificates, the
Class A-II-PO Principal Distribution Amount (as defined in
Section 4.02(b)(i) herein), Class A-III-PO Certificates, the
Class A-III-PO Principal Distribution Amount (as defined in
Section 4.02(b)(i) herein) and Class A-IV-PO Certificates, the
Class A-IV-PO Principal Distribution Amount (as defined in
Section 4.02(b)(i) herein); and
(Y) to the related Senior Certificates
(other than the Principal Only Certificates), in the
priorities and amounts set forth in Section 4.02(b)(ii)
through (h), the sum of the following (applied to reduce the
Certificate Principal Balances of such Senior Certificates, as
applicable):
(A) the related Senior Percentage for such
Distribution Date times the sum of the following:
(1) the principal portion of each
Monthly Payment due during the related Due
Period on each related Outstanding Mortgage
Loan (other than the Discount Fraction of
the principal portion of such payment with
respect to a Discount Mortgage Loan),
whether or not received on or prior to the
related Determination Date, minus the
principal portion of any Debt Service
Reduction (other than the Discount Fraction
of the principal portion of such Debt
Service Reductions with respect to each
Discount Mortgage Loan) which together with
other Bankruptcy Losses exceeds the
Bankruptcy Amount;
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(2) the Stated Principal Balance of
any related Mortgage Loan repurchased during
the preceding calendar month (or deemed to
have been so repurchased in accordance with
Section 3.07(b) of this Agreement) pursuant
to Sections 2.02, 2.04 or 4.07 of this
Agreement and Section 2.03 of this
Agreement, and the amount of any shortfall
deposited in the Custodial Account in
respect of such Loan Group in connection
with the substitution of a Deleted Mortgage
Loan pursuant to Section 2.03 or Section
2.04 of this Agreement, during the preceding
calendar month (other than the Discount
Fraction of such Stated Principal Balance or
shortfall with respect to each Discount
Mortgage Loan); and
(3) the principal portion of all
other unscheduled collections (other than
Principal Prepayments in Full and
Curtailments and amounts received in
connection with a Cash Liquidation or REO
Disposition of a related Mortgage Loan
described in Section 4.02(a)(ii)(Y)(B) of
this Agreement, including without limitation
Insurance Proceeds, Liquidation Proceeds and
REO Proceeds) including Subsequent
Recoveries, received during the preceding
calendar month (or deemed to have been so
received in accordance with Section 3.07(b)
of this Agreement) to the extent applied by
the Master Servicer as recoveries of
principal of the related Mortgage Loan
pursuant to Section 3.14 of this Agreement
(other than the related Discount Fraction of
the principal portion of such unscheduled
collections, with respect to each Discount
Mortgage Loan);
(B) with respect to each related Mortgage
Loan for which a Cash Liquidation or a REO
Disposition occurred during the preceding calendar
month (or was deemed to have occurred during such
period in accordance with Section 3.07(b)) and did
not result in any Excess Losses, an amount equal to
the lesser of (a) the related Senior Percentage for
such Distribution Date times the Stated Principal
Balance of such Mortgage Loan (other than the
Discount Fraction of such Stated Principal Balance,
with respect to each Discount Mortgage Loan) and (b)
the related Senior Accelerated Distribution
Percentage for such Distribution Date times the
related unscheduled collections (including without
limitation Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) to the extent applied by the Master
Servicer as recoveries of principal of the related
Mortgage Loan pursuant to Section 3.14 (in each case
other than the portion of such unscheduled
collections, with respect to a Discount Mortgage
Loan, included in Section 4.02(b)(i)(C));
(C) the related Senior Accelerated
Distribution Percentage for such Distribution Date
times the aggregate of all related Principal
Prepayments in Full received in the related
Prepayment Period and Curtailments received in the
preceding calendar month (other than the related
Discount Fraction of such Principal Prepayments in
Full and Curtailments, with respect to each Discount
Mortgage Loan);
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(D) any Excess Subordinate Principal Amount
for such Distribution Date to the extent of Eligible
Funds for the related Loan Group; and
(E) any amounts described in subsection
(ii)(Y), clauses (A), (B) and (C) of this Section
4.02(a), as determined for any previous Distribution
Date, which remain unpaid after application of
amounts previously distributed pursuant to this
clause (E) to the extent that such amounts are not
attributable to Realized Losses which have been
allocated to the Subordinate Certificates; minus
(F) the related Capitalization Reimbursement
Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that
amount related to each Discount Mortgage Loan,
multiplied by a fraction, the numerator of which is
the related Senior Principal Distribution Amount,
without giving effect to this clause (F), and the
denominator of which is the sum of the principal
distribution amounts for all related Classes of
Certificates (other than the Class A-II-PO
Certificates), without giving effect to any
reductions for the Capitalization Reimbursement
Amount;
(iii) if the Certificate Principal Balances of the Subordinate
Certificates have not been reduced to zero, to the Master
Servicer or a Sub-Servicer, by remitting for deposit to the
Custodial Account, to the extent of and in reimbursement for
any Advances or Sub-Servicer Advances previously made with
respect to any Mortgage Loan or REO Property which remain
unreimbursed in whole or in part following the Cash
Liquidation or REO Disposition of such Mortgage Loan or REO
Property, minus any such Advances that were made with respect
to delinquencies that ultimately constituted Excess Losses;
(iv) to the Holders of the Class M-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date,
minus (y) any related Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(vii), (ix), (xi),
(xiii), (xiv) and (xv) of this Agreement are insufficient
therefor, applied in reduction of the Certificate Principal
Balance of the Class M-1 Certificates;
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(vi) to the Holders of the Class M-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date,
minus (y) the amount of any Class A-II-PO Collection
Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(ix),
(xi), (xiii), (xiv) and (xv) of this Agreement are
insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date
minus (y) the amount of any Class A-II-PO Collection
Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(xi),
(xiii), (xiv) and (xv) of this Agreement are insufficient
therefor, applied in reduction of the Certificate Principal
Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date
minus (y) the amount of any Class A-II-PO Collection
Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(xiii),
(xiv) and (xv) of this Agreement are insufficient therefor,
applied in reduction of the Certificate Principal Balance of
the Class B-1 Certificates;
(xii) to the Holders of the Class B-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date, except as provided below;
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(xiii) to the Holders of the Class B-2 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date
minus (y) the amount of any Class A-II-PO Collection
Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(xiv) and
(xv) of this Agreement are insufficient therefor, applied in
reduction of the Certificate Principal Balance of the Class
B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an amount equal
to (x) the Accrued Certificate Interest thereon for such
Distribution Date, plus any Accrued Certificate Interest
thereon remaining unpaid from any previous Distribution Date,
except as provided below, minus (y) the amount of any Class
A-II-PO Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Section
4.02(a)(xv) of this Agreement are insufficient therefor;
(xv) to the Holders of the Class B-3 Certificates, an amount equal
to (x) the related Subordinate Principal Distribution Amount
for such Class of Certificates for such Distribution Date
minus (y) the amount of any Class A-II-PO Collection
Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates applied in reduction of the
Certificate Principal Balance of the Class B-3 Certificates;
(xvi) to the related Senior Certificates, in the priority set forth
in Section 4.02(b) of this Agreement, the portion, if any, of
the related Available Distribution Amount remaining after the
foregoing distributions, applied to reduce the Certificate
Principal Balances of such Senior Certificates, but in no
event more than the aggregate of the outstanding Certificate
Principal Balances of each such Class of Senior Certificates,
and thereafter, to each Class of Subordinate Certificates then
outstanding beginning with such Class with the Highest
Priority, any portion of the related Available Distribution
Amount remaining after the related Senior Certificates have
been retired, applied to reduce the Certificate Principal
Balance of each such Class of Subordinate Certificates, but in
no event more than the outstanding Certificate Principal
Balance of each such Class of Subordinate Certificates; and
(xvii) to the Class R-III Certificates, the balance, if any, of the
related Available Distribution Amount.
Notwithstanding the foregoing, on any Distribution Date, with respect
to the Class of Subordinate Certificates outstanding on such Distribution Date
with the Lowest Priority, or in the event the Subordinate Certificates are no
longer outstanding, the related Senior Certificates, Accrued Certificate
Interest thereon remaining unpaid from any previous Distribution Date will be
distributable only to the extent that such unpaid Accrued Certificate Interest
was attributable to interest shortfalls relating to the failure of the Master
Servicer to make any required Advance, or the determination by the Master
Servicer that any proposed Advance would be a Nonrecoverable Advance with
respect to the related Mortgage Loan where such Mortgage Loan has not yet been
the subject of a Cash Liquidation or REO Disposition or the related Liquidation
Proceeds, Insurance Proceeds and REO Proceeds have not yet been distributed to
the Certificateholders.
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(b) Distributions of principal on the Senior Certificates on each
Distribution Date occurring prior to the Credit Support
Depletion Date will be made as follows:
(i) to each Class of Class A-PO Certificates from the related
Available Distribution Amount, until the Certificate Principal
Balance thereof is reduced to zero, an amount (in the case of
the Class A-I-PO Certificates, the "Class A-I-PO Principal
Distribution Amount", in the case of the Class A-II-PO
Ceritificates, the "Class A-II-PO Principal Distribution
Amount", in the case of the Class A-III-PO Certificates, the
"Class A-III-PO Principal Distribution Amount" and in the case
of the Class A-IV-PO Certificates, the "Class A-IV-PO
Principal Distribution Amount") equal to the aggregate of:
(A) the Discount Fraction of the principal
portion of each Monthly Payment on each Discount
Mortgage Loan in the related Loan Group due during
the related Due Period, whether or not received on or
prior to the related Determination Date, minus the
Discount Fraction of the principal portion of any
related Debt Service Reduction which together with
other Bankruptcy Losses exceeds the Bankruptcy
Amount;
(B) the Discount Fraction of the principal
portion of all unscheduled collections on each
Discount Mortgage Loan in the related Loan Group
received during the preceding calendar month or, in
the case of Principal Prepayments in Full, during the
related Prepayment Period (other than amounts
received in connection with a Cash Liquidation or REO
Disposition of a related Discount Mortgage Loan
described in clause (C) below), including Principal
Prepayments in Full, Curtailments and repurchases
(including deemed repurchases under Section 3.07(b))
of such Discount Mortgage Loans (or, in the case of a
substitution of a Deleted Mortgage Loan, the related
Discount Fraction of the amount of any shortfall
deposited in the Custodial Account in connection with
such substitution);
(C) in connection with the Cash Liquidation
or REO Disposition of a Discount Mortgage Loan in the
related Loan Group that did not result in any Excess
Losses, an amount equal to the lesser of (1) the
applicable Discount Fraction of the Stated Principal
Balance of such Discount Mortgage Loan immediately
prior to such Distribution Date and (2) the aggregate
amount of the collections on such Discount Mortgage
Loan to the extent applied as recoveries of
principal;
(D) any amounts allocable to principal for
any previous Distribution Date (calculated pursuant
to clauses (A) through (C) above) that remain
undistributed; and
100
(E) the amount of any related Class A-PO
Collection Shortfalls for such Distribution Date and
the amount of related Class A-PO Collection
Shortfalls remaining unpaid for all previous
Distribution Dates, but only to the extent of the
Eligible Funds for such Distribution Date; minus
(F) the Discount Fraction of the portion of
the Capitalization Reimbursement Amount for such
Distribution Date, if any, related to each Discount
Mortgage Loan in the related Loan Group; and
(ii) (I) with respect to the Group I Senior Certificates:
(A) The Group I Senior Principal Distribution
Amount shall be distributed concurrently as follows:
(1) approximately 39.9297360335% of the Group I
Senior Principal Distribution Amount shall
be distributed in the following order of
priority:
(i) first, to the Class R-I
Certificates, until the Certificate
Principal Balance thereof has been
reduced to zero; and
(ii) second, to the Class
A-I-1 Certificates and Class A-I-2
Certificates, concurrently on a pro
rata basis, until the Certificate
Principal Balances thereof have been
reduced to zero; and
(2) approximately 60.0702639665% of the Group I
Senior Principal Distribution Amount shall
be distributed to the following Classes of
Certificates in the following order of
priority:
(i) first, sequentially to
the Class A-I-3, Class A-I-4, Class
A-I-5 and Class A-I-6 Certificates,
in that order, in each case until
the aggregate Certificate Principal
Balance thereof has been reduced to
the applicable Aggregate Planned
Principal Balance set forth in
Exhibit T for such Distribution
Date;
(ii) second, sequentially
to the Class A-I-7, Class A-I-8 and
Class A-I-9 Certificates, in that
order, in each case until the
aggregate Certificate Principal
Balance thereof has been reduced to
the applicable Aggregate Planned
Principal Balance set forth in
Exhibit T for such Distribution
Date;
(iii) third, to the Class
A-I-10 Certificates, until the
Certificate Principal Balance
thereof has been reduced to zero;
101
(iv) fourth, sequentially
to the Class A-I-7, Class A-I-8 and
Class A-I-9 Certificates, in that
order, without regard to the
applicable Aggregate Planned
Principal Balance for such
Distribution Date, in each case
until the Certificate Principal
Balance thereof has been reduced to
zero; and
(v) fifth, sequentially to
the Class A-I-3, Class A-I-4, Class
A-I-5 and Class A-I-6 Certificates,
in that order, without regard to the
applicable Aggregate Planned
Principal Balance for such
Distribution Date, in each case
until the Certificate Principal
Balance thereof has been reduced to
zero;
(II) with respect to the Group II Senior
Certificates:
(B) an amount equal to the Class A-II-3 Accrual
Distribution Amount shall be distributed to
the Class A-II-2 Certificates, until the
Certificate Principal Balance of the Class
A-II-2 Certificates has been reduced to
zero;
(C) the Group II Senior Principal Distribution
Amount shall be distributed concurrently as
follows:
(1) approximately 50% of the Group II Senior
Principal Distribution Amount shall be
distributed to the following Classes of
Certificates concurrently as follows:
(i) first, to the Class
A-II-1 Certificates, until the
Certificate Principal Balance
thereof has been reduced to zero, an
amount equal to the Group II Lockout
Percentage of the aggregate of the
collections set forth in Section
4.02(a)(ii)(Y)(A), (B), (C) and (E)
(net of amounts set forth in Section
4.02(a)(ii)(Y)(F)) related to the
portion of the Group II Senior
Principal Distribution Amount
payable under clause (b)(II)(B)(1)
above, but in no event shall the
amount paid to the Class A-II-1
Certificates pursuant to this clause
(b)(II)(B)(1)(i) exceed 99% of the
portion of the Group II Senior
Principal Distribution Amount
payable under clause (b)(II)(B)(1)
above; provided, however, if the
aggregate of the amounts set forth
in Section 4.02(a)(ii)(Y)(A), (B),
(C) and (E) (net of amounts set
forth in Section 4.02(a)(ii)(Y)(F))
is more than the balance of the
Group II Available Distribution
Amount remaining after the related
Senior Interest Distribution Amount
and the Class A-II-PO Distribution
Amount have been distributed, the
amount paid to the Class A-II-1
Certificates pursuant to this clause
(b)(II)(B)(1)(i) shall be reduced by
an amount equal to the Class A-II-1
Certificates' pro rata share (based
on the Certificate Principal Balance
of the Class A-II-1 Certificates
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relative to the aggregate
Certificate Principal Balance of the
A-II-1, Class A-II-2 and Class
A-II-3 Certificates) of such
difference, but in no event shall
the amount paid to the Class A-II-1
Certificates pursuant to this clause
(b)(II)(B)(1)(i) exceed 99% of the
portion of the Group II Senior
Principal Distribution Amount
payable under clause (b)(II)(B)(1)
above;
(ii) second, sequentially
to the Class A-II-2 Certificates and
Class A-II-3 Certificates, in that
order, in each case until the
Certificate Principal Balance
thereof has been reduced to zero;
and
(iii) third, to the Class
A-II-1 Certificates, until the
Certificate Principal Balance
thereof has been reduced to zero;
(2) approximately 50% of the Group II Senior
Principal Distribution Amount shall be
distributed to the following Classes of
Certificates in the following order of priority:
(i) first, sequentially to
the Class A-II-4, Class A-II-5,
Class A-II-6, Class A-II-7, Class
A-II-8 and Class A-II-9
Certificates, in that order, in each
case until the aggregate Certificate
Principal Balance thereof has been
reduced to the applicable Aggregate
Planned Principal Balance set forth
in Exhibit T for such Distribution
Date;
(ii) second, sequentially
to the Class A-II-10, Class A-II-11
and Class A-II-12 Certificates, in
that order, in each case until the
aggregate Certificate Principal
Balance thereof has been reduced to
the applicable Aggregate Planned
Principal Balance set forth Exhibit
T for such Distribution Date;
(iii) third, to the Class
A-II-13 Certificates, until the
Certificate Principal Balance
thereof has been reduced to zero;
(iv) fourth, sequentially
to the Class A-II-10, Class A-II-11
and Class A-II-12 Certificates, in
that order, without regard to the
applicable Aggregate Planned
Principal Balance for such
Distribution Date, in each case
until the Certificate Principal
Balance thereof has been reduced to
zero; and
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(v) fifth, sequentially to
the Class A-II-4, Class A-II-5,
Class A-II-6, Class A-II-7, Class
A-II-8 and Class A-II-9
Certificates, in that order, without
regard to the applicable Aggregate
Planned Principal Balance for such
Distribution Date, in each case
until the Certificate Principal
Balance thereof has been
reduced to zero;
(III) with respect to the Group III Senior
Certificates:
(D) an amount equal to the Class A-III-5 Accrual
Distribution Amount shall be distributed first, to
the Class A-III-3 Certificates, until the
Certificate Principal Balance thereof has been
reduced to the applicable Targeted Principal Balance
set forth in Exhibit U for such Distribution Date,
and then, to the Class A-III-5 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
(E) an amount equal to the Class A-III-7 Accrual
Distribution Amount shall be distributed to the
Class A-III-6 Certificates, until the aggregate
Certificate Principal Balance thereof has been
reduced to zero;
(F) the Group III Senior Principal Distribution
Amount shall be distributed in the following order
of priority:
(1) first, to the Class R-II and Class R-III Certificates,
concurrently on a pro rata basis, until the aggregate
Certificate Principal Balance thereof has been reduced to
zero;
(2) second, to the Class A-III-1 Certificates and Class A-III-9
Certificates, concurrently on a pro rata basis, until the
aggregate Certificate Principal Balance thereof has been
reduced to zero, in an amount equal to the Group III
Lockout Percentage of the Class A-III-1 Certificates' and
Class A-III-9 Certificates' pro rata share (based on the
aggregate Certificate Principal Balance thereof and the
aggregate Stated Principal Balance of all of the Group III
Loans (other than the Discount Fraction of the Discount
Mortgage Loans in Loan Group III)) of the aggregate of the
of the collections set forth in Section 4.02(a)(ii)(Y)(A),
(B), (C) and (E) (net of amounts set forth in clause
Section 4.02(a)(ii)(Y)(F)) without application of the Group
III Senior Percentage or the Group III Senior Accelerated
Distribution Percentage;
(3) third, commencing on the Distribution Date in December
2005, to the Class A-III-2 Certificates and Class A-III-10
Certificates, concurrently on a pro rata basis, until the
aggregate Certificate Principal Balance thereof has been
reduced to the applicable Aggregate Planned Principal
Balance set forth in Exhibit T for such Distribution Date;
104
(4) fourth, to the Class A-III-3 Certificates, until the
Certificate Principal Balance thereof has been reduced to
the applicable Targeted Principal Balance set forth in
Exhibit U for such Distribution Date;
(5) fifth, to the Class A-III-5 Certificates, until the
Certificate Principal Balance thereof has been reduced to
zero;
(6) sixth, to the Class A-III-3 Certificates, without regard to
the applicable Targeted Principal Balance for such
Distribution Date, until the Certificate Principal Balance
thereof has been reduced to zero;
(7) seventh, to the Class A-III-2 Certificates and Class
A-III-10 Certificates, concurrently on a pro rata basis,
without regard to the applicable Aggregate Planned
Principal Balance for such Distribution Date, until the
Certificate Principal Balances thereof have been reduced to
zero;
(8) eighth, to the Class A-III-6 Certificates, until the
Certificate Principal Balance thereof has been reduced to
zero;
(9) ninth, to the Class A-III-7 Certificates, until the
Certificate Principal Balance thereof has been reduced to
zero; and
(10) tenth, to the Class A-III-1 Certificates and Class A-III-9
Certificates, concurrently on a pro rata basis, until the
Certificate Principal Balances thereof have been reduced to
zero;
(IV) with respect to the Group IV Senior
Certificates:
(G) the Group IV Senior Principal Distribution Amount shall be
distributed to the Class A-IV-1 Certificates and Class
A-IV-2 Certificates, concurrently on a pro rata basis,
until the Certificate Principal Balances thereof have been
reduced to zero;
(c) On any Distribution Date prior to the Credit Support Depletion
Date on which the aggregate Certificate Principal Balance of any group of
Senior Certificates is greater than the aggregate Stated Principal
Balance of the Mortgage Loans in the related Loan Group in each case
after giving effect to distributions to be made on such Distribution
Date, (1) 100% of the Principal Prepayments in Full and Curtailments
allocable to the Class M Certificates and Class B Certificates on the
Mortgage Loans in the other Loan Groups will be distributed to such Class
or Classes of Senior Certificates in accordance with the priorities set
forth in clause 4.02(b) above, and in reduction of the Certificate
Principal Balances thereof, until the aggregate Certificate Principal
Balance of such Class or Classes of Certificates equals the aggregate
Stated Principal Balance of the Mortgage Loans in the related Loan Group,
and (2) an amount equal to one month's interest at the applicable
Pass-Through Rate for such Class or Classes of Certificates on the amount
of such difference will be distributed from the Available Distribution
Amount for the other Loan Group or Loan Groups allocable on a pro rata
basis to the Class M Certificates and Class B Certificates first to pay
any unpaid interest on such Class or Classes of Certificates and then to
pay principal on such Classes in the manner described in (1) above. In
addition, prior to the occurrence of the Credit Support Depletion Date
but after the reduction of the
105
Certificate Principal Balances of any group of Senior Certificates to
zero, the remaining group or groups of Senior Certificates will be
entitled to receive, in addition to any Principal Prepayments in Full and
Curtailments related to such Certificates' respective Loan Group, 100% of
the Principal Prepayments in Full and Curtailments on the Mortgage Loans
in the other Loan Group or Loan Groups exclusive of the related Discount
Fraction, on a pro rata basis, and in accordance with the priorities set
forth in clause 4.02(b) above, in reduction of the Certificate Principal
Balances thereof, on any Distribution Date unless (i) the weighted
average of the initial Subordinate Percentages, weighted on the basis of
the Stated Principal Balances of the Mortgage Loans in the related Loan
Group, is at least two times the weighted average of the initial
Subordinate Percentages for each Loan Group (calculated on such basis)
and (ii) the outstanding aggregate Stated Principal Balance of the
Mortgage Loans in each Loan Group delinquent 60 days or more averaged
over the last six months, as a percentage of the aggregate outstanding
aggregate Certificate Principal Balance of the Class M Certificates and
Class B Certificates, is less than 50%.
(d) On or after the related Credit Support Depletion Date, all
priorities relating to distributions as described in Section 4.02(b)
above in respect of principal among the various Classes of Senior
Certificates (other than the Principal Only Certificates) will be
disregarded, and (i) an amount equal to the Discount Fraction of the
principal portion of scheduled payments and unscheduled collections
received or advanced in respect of the Discount Mortgage Loans in each
Loan Group will be distributed to the related Class of Principal Only
Certificates, (ii) the related Senior Principal Distribution Amount will
be distributed to the related Classes of remaining Senior Certificates
(other than the Interest Only Certificates and Principal Only
Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances, and (iii) the amount set forth in Section
4.02(a)(i) will be distributed as set forth therein. Notwithstanding the
foregoing, on or after the Credit Support Depletion Date and after the
reduction of the Certificate Principal Balances of any of the Group I,
Group II, Group III or Group IV Senior Certificates to zero, (i) the
remaining Senior Principal Distribution Amount for such group of Senior
Certificates will be distributed to the remaining Senior Certificates
(other than the Principal Only Certificates) pro rata in accordance with
their respective outstanding Certificate Principal Balances, and (ii) the
amount of Accrued Certificate Interest on such group of Senior
Certificates shall be distributed to the remaining Senior Certificates
(other than the Principal Only Certificates) on a pro rata basis based on
Accrued Certificate Interest payable on such Certificates with respect to
such Distribution Date.
(e) After the reduction of the Certificate Principal Balances of a
group of Senior Certificates (other than the Principal Only Certificates)
to zero but prior to the Credit Support Depletion Date, such Senior
Certificates (other than the Principal Only Certificates) will be
entitled to no further distributions of principal thereon and the related
Available Distribution Amount will be paid solely to the holders of the
Principal Only Certificates and Interest Only Certificates, as
applicable, Class M Certificates and Class B Certificates, in each case
as described herein.
(f) On each Distribution Date prior to the Class A-II-3 Accretion
Termination Date, an amount equal to the Accrued Certificate Interest
that would otherwise be distributed on the Class A-II-3 Certificates
shall be added to Certificate Principal Balance of the Class A-II-3
Certificates and distributed in accordance with Section 4.02(b). On or
after the Class A-II-3 Accretion Termination Date, the entire amount of
Accrued Certificate Interest on the Class A-II-3 Certificates for such
Distribution Date shall be payable to the Class A-II-3 Certificateholders
as interest pursuant to Section 4.02(a)(i) to the extent not required to
reduce the Certificate Principal Balance of the Class A-II-2 Certificates
to zero on such Class A-II-3 Accretion Termination Date;
106
provided that if the Class A-II-3 Accretion Termination Date is the
Credit Support Depletion Date, the entire amount of Accrued Certificate
Interest on the Class A-II-3 Certificates for such Distribution Date will
be paid to the Class A-II-3 Certificateholders as interest to the extent
of Accrued Certificate Interest on such Class of Certificates for the
related Distribution Date. Any such Accrued Certificate Interest on the
Class A-II-3 Certificates which is required to be paid to the Holders of
the Class A-II-2 Certificates in reduction of its Certificate Principal
Balance on the Class A-II-3 Accretion Termination Date will be added to
the Certificate Principal Balance of the Class A-II-3 Certificates as
described in the first sentence of this Section 4.02(f).
(g) On each Distribution Date prior to the Class A-III-5 Accretion
Termination Date, an amount equal to the Accrued Certificate Interest
that would otherwise be distributed on the Class A-III-5 Certificates
shall be added to Certificate Principal Balance of the Class A-III-5
Certificates and distributed in accordance with Section 4.02(b). On or
after the Class A-III-5 Accretion Termination Date, the entire amount of
Accrued Certificate Interest on the Class A-III-5 Certificates for such
Distribution Date shall be payable to the Class A-III-5
Certificateholders as interest pursuant to Section 4.02(a)(i) to the
extent not required to reduce the Certificate Principal Balance of the
Class A-III-3 Certificates to zero on such Class A-III-5 Accretion
Termination Date; provided that if the Class A-III-5 Accretion
Termination Date is the Credit Support Depletion Date, the entire amount
of Accrued Certificate Interest on the Class A-III-5 Certificates for
such Distribution Date will be paid to the Class A-III-5
Certificateholders as interest to the extent of Accrued Certificate
Interest on such Class of Certificates for the related Distribution Date.
Any such Accrued Certificate Interest on the Class A-III-5 Certificates
which is required to be paid to the Holders of the Class A-III-3
Certificates in reduction of its Certificate Principal Balance on the
Class A-III-5 Accretion Termination Date will be added to the Certificate
Principal Balance of the Class A-III-5 Certificates as described in the
first sentence of this Section 4.02(g).
(h) On each Distribution Date prior to the Class A-III-7 Accretion
Termination Date, an amount equal to the Accrued Certificate Interest
that would otherwise be distributed on the Class A-III-7 Certificates
shall be added to Certificate Principal Balance of the Class A-III-7
Certificates and distributed in accordance with Section 4.02(b). On or
after the Class A-III-7 Accretion Termination Date, the entire amount of
Accrued Certificate Interest on the Class A-III-7 Certificates for such
Distribution Date shall be payable to the Class A-III-7
Certificateholders as interest pursuant to Section 4.02(a)(i) to the
extent not required to reduce the Certificate Principal Balance of the
Class A-III-6 Certificates to zero on such Class A-III-7 Accretion
Termination Date; provided that if the Class A-III-7 Accretion
Termination Date is the Credit Support Depletion
107
Date, the entire amount of Accrued Certificate Interest on the Class
A-III-7 Certificates for such Distribution Date will be paid to the Class
A-III-7 Certificateholders as interest to the extent of Accrued
Certificate Interest on such Class of Certificates for the related
Distribution Date. Any such Accrued Certificate Interest on the Class
A-III-7 Certificates which is required to be paid to the Holders of the
Class A-III-6 Certificates in reduction of its Certificate Principal
Balance on the Class A-III-7 Accretion Termination Date will be added to
the Certificate Principal Balance of the Class A-III-7 Certificates as
described in the first sentence of this Section 4.02(h).
(i) In addition to the foregoing distributions, with respect to
any Subsequent Recoveries, the Master Servicer shall deposit such funds
into the Custodial Account pursuant to Section 3.07(b)(iii). If, after
taking into account such Subsequent Recoveries, the amount of a Realized
Loss is reduced, the amount of such Subsequent Recoveries will be applied
to increase the Certificate Principal Balance of the Class of Subordinate
Certificates with the Highest Priority to which Realized Losses, other
than Excess Bankruptcy Losses, Excess Special Hazard Losses and
Extraordinary Losses, have been allocated, but not by more than the
amount of Realized Losses previously allocated to that Class of
Certificates pursuant to Section 4.05. The amount of any remaining
Subsequent Recoveries will be applied to increase the Certificate
Principal Balance of the Class of Certificates with the next Lower
Priority, up to the amount of such Realized Losses previously allocated
to that Class of Certificates pursuant to Section 4.05. Any remaining
Subsequent Recoveries will in turn be applied to increase the Certificate
Principal Balance of the Class of Certificates with the next Lower
Priority up to the amount of such Realized Losses previously allocated to
that Class of Certificates pursuant to Section 4.05, and so on. Holders
of such Certificates will not be entitled to any payment in respect of
Accrued Certificate Interest on the amount of such increases for any
Interest Accrual Period preceding the Distribution Date on which such
increase occurs. Any such increases shall be applied to the Certificate
Principal Balance of each Certificate of such Class in accordance with
its respective Percentage Interest.
(j) Each distribution with respect to a Book-Entry Certificate
shall be paid to the Depository, as Holder thereof, and the Depository
shall be responsible for crediting the amount of such distribution to the
accounts of its Depository Participants in accordance with its normal
procedures. Each Depository Participant shall be responsible for
disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm (a "brokerage firm" or
"indirect participating firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners
that it represents. None of the Trustee, the Certificate Registrar, the
Depositor or the Master Servicer shall have any responsibility therefor
except as otherwise provided by this Agreement or applicable law.
(k) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class
of Certificates will be made on the next Distribution Date, the Master
Servicer shall, no later than the Determination Date in the month of such
final distribution, notify the Trustee and the Trustee shall, no later
than two (2) Business Days after such Determination Date, mail on such
date to each Holder of such Class of Certificates a notice to the effect
that: (i) the Trustee anticipates that the final distribution with
respect to such Class of Certificates will be made on such Distribution
Date but only upon presentation and surrender of such Certificates at the
office of the Trustee or as otherwise specified therein, and (ii) no
interest shall accrue on such Certificates from and after the end of the
related Interest Accrual Period. In the event that Certificateholders
required to surrender their Certificates pursuant to Section 9.01(c) do
not surrender their Certificates for final cancellation, the Trustee
shall cause funds distributable with respect to such Certificates to be
withdrawn from the Certificate Account and credited to a separate escrow
account for the benefit of such Certificateholders as provided in Section
9.01(d).
108
Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
Exchange Act Reporting.
(a) The Master Servicer shall forward to the Trustee no later than 5:00
P.M. New York time on the second Business Day prior to each
Distribution Date, and the Trustee shall on such Distribution Date make
available electronically via the Trustee's internet website which is
presently located at xxxx://xxx.xxxxxxxx.xxx/xxx., or for persons
unable to use this website by mail by contacting the investor relations
desk at (000) 000-0000, to each Holder and the Depositor, a statement
setting forth the following information as to each Class of
Certificates, on a Loan Group by Loan Group basis, in each case to the
extent applicable:
(i) (A) the amount of such distribution to the Certificateholders of such
Class applied to reduce the Certificate Principal Balance thereof, and
(B) the aggregate amount included therein representing Principal
Prepayments;
(ii) the amount of such distribution to Holders of such Class of
Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of Certificates is
less than the full amount that would be distributable to such Holders
if there were sufficient funds available therefor, the amount of the
shortfall;
(iv) the amount of any Advance by the Master Servicer with respect to the
Mortgage Loans in each Loan Group pursuant to Section 4.04;
(v) the number of Mortgage Loans in each Loan Group and the Stated
Principal Balance after giving effect to the distribution of principal
on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as
applicable, of each Class of the Certificates, after giving effect to
the amounts distributed on such Distribution Date, separately
identifying any reduction thereof due to Realized Losses other than
pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by
Subservicers, the number and aggregate principal balances of Mortgage
Loans in each Loan Group that are Delinquent (A) one month, (B) two
months and (C) three or more months and the number and aggregate
principal balance of Mortgage Loans in each Loan Group that are in
foreclosure;
(viii) the number, aggregate principal balance and book value of any REO
Properties;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any,
for each Class of Certificates, after giving effect to the distribution
made on such Distribution Date;
109
(x) the aggregate amount of Realized Losses for such Distribution Date and
the aggregate amount of Realized Losses on the Mortgage Loans in each
Loan Group incurred since the Cut-off Date;
(xi) the Special Hazard Amount and Bankruptcy Amount as of the close of
business on such Distribution Date and a description of any change in
the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates;
(xiii) the number and aggregate principal balance of Mortgage Loans in each
Loan Group repurchased under Section 4.07;
(xiv) the aggregate amount of any recoveries on previously foreclosed loans
from Residential Funding due to a breach of representation or warranty;
(xv) the weighted average remaining term to maturity of the Mortgage Loans
in each Loan Group after giving effect to the amounts distributed on
such Distribution Date; and
(xvi) the weighted average Mortgage Rates of the Mortgage Loans in each Loan
Group after giving effect to the amounts distributed on such
Distribution Date.
In the case of information furnished pursuant to clauses (i) and (ii)
above, the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination. In addition to the statement provided to the Trustee as set
forth in this Section 4.03(a), the Master Servicer shall provide to any manager
of a trust fund consisting of some or all of the Certificates, upon reasonable
request, such additional information as is reasonably obtainable by the Master
Servicer at no additional expense to the Master Servicer. Also, at the request
of a Rating Agency, the Master Servicer shall provide the information relating
to the Reportable Modified Mortgage Loans substantially in the form attached
hereto as Exhibit S to such Rating Agency within a reasonable period of time;
provided, however, that the Master Servicer shall not be required to provide
such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the
Master Servicer shall prepare, or cause to be prepared, and the Trustee shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement containing the information set forth in clauses (i) and (ii) of
subsection (a) above aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master Servicer and Trustee shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Master
Servicer and Trustee pursuant to any requirements of the Code.
(c) As soon as reasonably practicable, upon the written request of any
Certificateholder, the Master Servicer shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 000X.
000
(x) The Master Servicer shall, on behalf of the Depositor and in respect of the
Trust Fund, sign and cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules and
regulations of the Commission thereunder. In connection with the preparation and
filing of such periodic reports, the Trustee shall timely provide to the Master
Servicer (I) a list of Certificateholders as shown on the Certificate Register
as of the end of each calendar year, (II) copies of all pleadings, other legal
process and any other documents relating to any claims, charges or complaints
involving the Trustee, as trustee hereunder, or the Trust Fund that are received
by the Trustee, (III) notice of all matters that, to the actual knowledge of a
Responsible Officer of the Trustee, have been submitted to a vote of the
Certificateholders, other than those matters that have been submitted to a vote
of the Certificateholders at the request of the Depositor or the Master
Servicer, and (IV) notice of any failure of the Trustee to make any distribution
to the Certificateholders as required pursuant to this Agreement. Neither the
Master Servicer nor the Trustee shall have any liability with respect to the
Master Servicer's failure to properly prepare or file such periodic reports
resulting from or relating to the Master Servicer's inability or failure to
obtain any information not resulting from the Master Servicer's own negligence
or willful misconduct. Any Form 10-K filed with the Commission in connection
with this clause (d) shall include a certification, signed by the senior officer
in charge of the servicing functions of the Master Servicer, in the form
attached as Exhibit R-1 hereto or such other form as may be required or
permitted by the Commission (the "Form 10-K Certification"), in compliance with
Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of
the Commission. In connection with the Form 10-K Certification, the Trustee
shall provide the Master Servicer with a back-up certification substantially in
the form attached hereto as Exhibit R-2. This Section 4.03(d) may be amended in
accordance with this Agreement without the consent of the Certificateholders.
Section 4.04. Distribution of Reports to the Trustee and the Depositor; Advances
by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding each
Determination Date, the Master Servicer shall furnish a written statement (which
may be in a mutually agreeable electronic format) to the Trustee, any Paying
Agent and the Depositor (the information in such statement to be made available
to Certificateholders by the Master Servicer on request) (provided that the
Master Servicer will use its best efforts to deliver such written statement not
later than 12:00 p.m. New York time on the second Business Day prior to the
Distribution Date) setting forth (i) the Available Distribution Amounts, (ii)
the amounts required to be withdrawn from the Custodial Account and deposited
into the Certificate Account on the immediately succeeding Certificate Account
Deposit Date pursuant to clause (iii) of Section 4.01(a), (iii) the amount of
Prepayment Interest Shortfalls, and (iv) to the extent required, a report
detailing the Stated Principal Balance, Mortgage Rate, Modified Mortgage Rate,
remaining term to maturity and Monthly Payment for any Modified Mortgage Loan
pursuant to Section 3.13. The determination by the Master Servicer of such
amounts shall, in the absence of obvious error, be presumptively deemed to be
correct for all purposes hereunder and the Trustee shall be protected in relying
upon the same without any independent check or verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account Deposit
Date, the Master Servicer shall either (i) remit to the Trustee for deposit in
the Certificate Account from its own funds, or funds received therefor from the
Subservicers, an amount equal to the Advances to be made by the Master Servicer
in respect of the related Distribution Date, which shall be in an aggregate
amount equal to the sum of (A) the aggregate amount of Monthly Payments (with
each interest portion thereof adjusted to a per annum rate equal to the Net
Mortgage Rate), less the amount of any related Servicing Modifications, Debt
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Service Reductions or reductions in the amount of interest collectable from the
Mortgagor pursuant to the Relief Act or similar legislation or regulations then
in effect, on the Outstanding Mortgage Loans as of the related Due Date in the
related Due Period, which Monthly Payments were due during the related Due
Period and not received as of the close of business as of the related
Determination Date; provided that no Advance shall be made if it would be a
Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the Custodial
Account and deposit in the Certificate Account all or a portion of the Amount
Held for Future Distribution in discharge of any such Advance, or (iii) make
advances in the form of any combination of (i) and (ii) aggregating the amount
of such Advance. Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the Certificate Account
on or before 11:00 A.M. New York time on any future Certificate Account Deposit
Date to the extent that funds attributable to the Mortgage Loans that are
available in the Custodial Account for deposit in the Certificate Account on
such Certificate Account Deposit Date shall be less than payments to
Certificateholders required to be made on the following Distribution Date. The
Master Servicer shall be entitled to use any Advance made by a Subservicer as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before such Distribution Date as part of the Advance made by the Master
Servicer pursuant to this Section 4.04.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing
Officer delivered to the Depositor and the Trustee. In the event that the Master
Servicer determines as of the Business Day preceding any Certificate Account
Deposit Date that it will be unable to deposit in the Certificate Account an
amount equal to the Advance required to be made for the immediately succeeding
Distribution Date, it shall give notice to the Trustee of its inability to
advance (such notice may be given by telecopy), not later than 3:00 P.M., New
York time, on such Business Day, specifying the portion of such amount that it
will be unable to deposit. Not later than 3:00 P.M., New York time, on the
Certificate Account Deposit Date the Trustee shall, unless by 12:00 Noon, New
York time, on such day the Trustee shall have been notified in writing (by
telecopy) that the Master Servicer shall have directly or indirectly deposited
in the Certificate Account such portion of the amount of the Advance as to which
the Master Servicer shall have given notice pursuant to the preceding sentence,
pursuant to Section 7.01, (a) terminate all of the rights and obligations of the
Master Servicer under this Agreement in accordance with Section 7.01 and (b)
assume the rights and obligations of the Master Servicer hereunder, including
the obligation to deposit in the Certificate Account an amount equal to the
Advance for the immediately succeeding Distribution Date. In connection with the
preceding sentence, the Trustee shall deposit all funds it receives pursuant to
this Section 4.04 into the Certificate Account.
Section 4.05. Allocation of Realized Losses.
(a) Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced by an Officers' Certificate. All Realized
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Losses, other than Excess Losses, shall be allocated as follows: first, to the
Class B-3 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; second, to the Class B-2 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; third, to the Class B-1
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; fourth, to the Class M-3 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; fifth, to the Class M-2 Certificates
until the Certificate Principal Balance thereof has been reduced to zero; sixth,
to the Class M-1 Certificates until the Certificate Principal Balance thereof
has been reduced to zero; and, thereafter, (i) among all the remaining Senior
Certificates on a pro rata basis, as described in paragraph (c) below; provided
that, any such Realized Losses otherwise allocable to the Class A-I-1
Certificates will be allocated to the Class A-I-2 Certificates, until the
Certificate Principal Balance of the Class A-I-2 Certificates has been reduced
to zero; any such Realized Losses otherwise allocable to the Class A-III-1
Certificates will be allocated to the Class A-III-9 Certificates, up to an
amount equal to $1,556,000, until the Certificate Principal Balance of the Class
A-III-9 Certificates has been reduced to zero; and any such Realized Losses
otherwise allocable to the Class A-III-10 Certificates will be allocated to the
Class A-III-9 Certificates, up to an amount equal to $2,000,000, until the
Certificate Principal Balance of the Class A-III-9 Certificates has been reduced
to zero, and (ii) if any such Realized Losses are on any Discount Mortgage Loan,
to the related Class A- PO Certificates in an amount equal to the related
Discount Fraction of the principal portion thereof until the Certificate
Principal Balance thereof has been reduced to zero, and the remainder of such
Realized Losses on such Discount Mortgage Loans and the entire amount of such
Realized Losses on the related Non-Discount Mortgage Loans will be allocated
among all the remaining Classes of related Senior Certificates (other than the
Class A-PO Certificates) on a pro rata basis, as described in paragraph (c)
below.
(b) Any Excess Losses on Non-Discount Mortgage Loans in a Loan Group will be
allocated among the related Senior Certificates (other than the related
Principal Only Certificates) and the Subordinate Certificates, on a pro rata
basis, as described below. The principal portion of such Realized Losses on the
Discount Mortgage Loans will be allocated among the related Senior Certificates
and Subordinate Certificates, on a pro rata basis, as described in paragraph (c)
below. The principal portion of such Realized Losses on the Discount Mortgage
Loans will be allocated to the related Class A-PO Certificates in an amount
equal to the related Discount Fraction thereof and the remainder of such
Realized Losses on the Discount Mortgage Loans in the related Loan Group and the
entire amount of such Realized Losses on Non-Discount Mortgage Loans in such
Loan Group will be allocated among the related Senior Certificates (other than
the related Class A-PO Certificates) and Subordinate Certificates, on a pro rata
basis, as described in paragraph (c) below.
(c) As used herein, an allocation of a Realized Loss on a "pro rata basis" among
two or more specified Classes of Certificates means an allocation among the
various Classes so specified, to each such Class of Certificates on the basis of
their then outstanding Certificate Principal Balances prior to giving effect to
distributions to be made on such Distribution Date in the case of the principal
portion of a Realized Loss or based on the Accrued Certificate Interest thereon
payable on such Distribution Date (without regard to any Eligible Master
Servicing Compensation for such Distribution Date) in the case of an interest
portion of a Realized Loss. Except as provided in the following sentence, any
allocation of the principal portion of Realized Losses (other than Debt Service
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Reductions) to a Class of Certificates shall be made by reducing the Certificate
Principal Balance thereof by the amount so allocated, which allocation shall be
deemed to have occurred on such Distribution Date. Any allocation of the
principal portion of Realized Losses (other than Debt Service Reductions) to the
Subordinate Certificates then outstanding with the Lowest Priority shall be made
by operation of the definition of "Certificate Principal Balance" and by
operation of the provisions of Section 4.02(a). Allocations of the interest
portions of Realized Losses to the Subordinate Certificates then outstanding
with the Lowest Priority shall be made in proportion to the amount of Accrued
Certificate Interest and by operation of the definition of "Accrued Certificate
Interest" and by operation of the provisions of Section 4.02(a). Allocations of
the principal portion of Debt Service Reductions shall be made by operation of
the provisions of Section 4.02(a). All Realized Losses and all other losses
allocated to a Class of Certificates hereunder will be allocated among the
Certificates of such Class in proportion to the Percentage Interests evidenced
thereby; provided that if any Subclasses of the Interest Only Certificates have
been issued pursuant to Section 5.01(c), such Realized Losses and other losses
allocated to the Interest Only Certificates shall be allocated among such
Subclasses in proportion to the respective amounts of Accrued Certificate
Interest payable on such Distribution Date that would have resulted absent such
reductions.
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interest received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the informational returns relating to cancellation of indebtedness income
with respect to any Mortgaged Property required by Sections 6050H, 6050J and
6050P of the Code, respectively, and deliver to the Trustee an Officers'
Certificate on or before March 31 of each year stating that such reports have
been filed. Such reports shall be in form and substance sufficient to meet the
reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the
Code.
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor; provided, that any such Mortgage
Loan that becomes 90 days or more delinquent during any given Calendar Quarter
shall only be eligible for purchase pursuant to this Section during the period
beginning on the first Business Day of the following Calendar Quarter, and
ending at the close of business on the second-to-last Business Day of such
following Calendar Quarter. Such option if not exercised shall not thereafter be
reinstated as to any Mortgage Loan, unless the delinquency is cured and the
Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more
in a subsequent Calendar Quarter. If at any time the Master Servicer makes a
payment to the Certificate Account covering the amount of the Purchase Price for
such a Mortgage Loan, and the Master Servicer provides to the Trustee a
certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
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execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.
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ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Class A, Class M, Class B and Class R Certificates shall be
substantially in the forms set forth in Exhibits A, B, C and D, respectively,
and shall, on original issue, be executed and delivered by the Trustee to the
Certificate Registrar for authentication and delivery to or upon the order of
the Depositor upon receipt by the Trustee or one or more Custodians of the
documents specified in Section 2.01. The Class A (other than Class A-III-4,
Class A-III-8, Class A-I-IO, Class A-III-IO and Class A-IV-IO Certificates) and
Class M Certificates shall be issuable in minimum dollar denominations of
$25,000 and integral multiples of $1 in excess thereof. The Class A-III-4, Class
A-III-8, Class A-I-IO, Class A-III-IO and Class A-IV-IO Certificates shall be
issuable in minimum dollar denominations of $1,000,000 Notional Amount and
integral multiples of $1 in excess thereof. The Class M-2 and Class M-3
Certificates shall be issuable in minimum dollar denominations of $250,000 and
integral multiples of $1 in excess thereof. The Class B Certificates shall be
issuable in minimum denominations of $250,000 and integral multiples of $1,000
in excess thereof, except that one of each of the Class B Certificates will be
issued evidencing the sum of an authorized denomination thereof plus the
remainder of the aggregate initial Certificate Principal Balance of such class.
Each Class of Class R Certificates shall be issued in registered, certificated
form in minimum percentage interests of 20.00% and integral multiples of 0.01%
in excess thereof; provided, however, that one Class R Certificate of each Class
will be issuable to the REMIC Administrator as "tax matters person" pursuant to
Section 10.01(c) in a minimum denomination representing a Percentage Interest of
not less than 0.01%. The Certificates shall be executed by manual or facsimile
signature on behalf of an authorized officer of the Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Trustee shall bind the Trustee, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificate or did not hold such offices at
the date of such Certificates. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Certificate Registrar by manual signature, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
(b) The Class A Certificates and Class M Certificates shall initially be issued
as one or more Certificates registered in the name of the Depository or its
nominee and, except as provided below, registration of such Certificates may not
be transferred by the Trustee except to another Depository that agrees to hold
such Certificates for the respective Certificate Owners with Ownership Interests
therein. The Certificate Owners shall hold their respective Ownership Interests
in and to each Class A Certificate and Class M Certificate, through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive Certificates in respect of such Ownership Interests.
All transfers by Certificate Owners of their respective Ownership Interests in
the Book-Entry Certificates shall be made in accordance with the procedures
established by the Depository Participant or brokerage firm representing such
Certificate Owner. Each Depository Participant shall transfer the Ownership
Interests only in the Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
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The Trustee, the Master Servicer and the Depositor may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
directions from, and votes of, the Depository as Holder of any Class of
Book-Entry Certificates with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Certificate
Owners. The Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give
notice to the Depository of such record date.
If (i)(A) the Depositor advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Depositor is unable to locate a
qualified successor or (ii) the Depositor, with the consent of a majority of the
Certificateholders, advises the Trustee in writing that it elects to terminate
the book-entry system through the Depository, the Trustee shall notify all
Certificate Owners, through the Depository, of the occurrence of any such event
and of the availability of Definitive Certificates to Certificate Owners
requesting the same. Upon surrender to the Trustee of the Book-Entry
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration of transfer, the Trustee shall issue the
Definitive Certificates.
In addition, if an Event of Default has occurred and is continuing,
each Certificate Owner materially adversely affected thereby may at its option
request a Definitive Certificate evidencing such Certificate Owner's Percentage
Interest in the related Class of Certificates. In order to make such request,
such Certificate Owner shall, subject to the rules and procedures of the
Depository, provide the Depository or the related Depository Participant with
directions for the Trustee to exchange or cause the exchange of the Certificate
Owner's interest in such Class of Certificates for an equivalent Percentage
Interest in fully registered definitive form. Upon receipt by the Trustee of
instruction from the Depository directing the Trustee to effect such exchange
(such instructions to contain information regarding the Class of Certificates
and the Certificate Balance being exchanged, the Depository Participant account
to be debited with the decrease, the registered holder of and delivery
instructions for the Definitive Certificates and any other information
reasonably required by the Trustee), (i) the Trustee shall instruct the
Depository to reduce the related Depository Participant's account by the
aggregate Certificate Principal Balance of the Definitive Certificates, (ii) the
Trustee shall execute, authenticate and deliver, in accordance with the
registration and delivery instructions provided by the Depository, a Definitive
Certificate evidencing such Certificate Owner's Percentage Interest in such
Class of Certificates and (iii) the Trustee shall execute and authenticate a new
Book-Entry Certificate reflecting the reduction in the aggregate Certificate
Principal Balance of such Class of Certificates by the amount of the Definitive
Certificates.
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None of the Depositor, the Master Servicer or the Trustee shall be
liable for any actions taken by the Depository or its nominee, including,
without limitation, any delay in delivery of any instruction required under this
section and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Depository in connection
with the issuance of the Definitive Certificates pursuant to this Section 5.01
shall be deemed to be imposed upon and performed by the Trustee, and the Trustee
and the Master Servicer shall recognize the Holders of the Definitive
Certificates as Certificateholders hereunder.
(c) Each of the Certificates is intended to be a "security" governed by Article
8 of the Uniform Commercial Code as in effect in the State of New York and any
other applicable jurisdiction, to the extent that any of such laws may be
applicable.
(d) From time to time the initial Holder of the Interest Only Certificates, may
exchange such Holder's Interest Only Certificates for Subclasses of Interest
Only Certificates to be issued under this Agreement by delivering a "Request for
Exchange" substantially in the form attached hereto as Exhibit Q executed by an
authorized officer, which Subclasses, in the aggregate, will represent the
Uncertificated Class A-I-IO REMIC III Regular Interests corresponding to the
Class A-I-IO Certificates, the Uncertificated Class A-III-IO REMIC III Regular
Interests corresponding to the Class A-III-IO Certificates and the
Uncertificated Class A-IV-IO REMIC III Regular Interests corresponding to the
Class A-IV-IO Certificates so surrendered for exchange. Any Subclass so issued
shall bear a numerical designation commencing with Class A-I-IO, Class A-III-IO
or Class A-IV-IO, as the case may be, and continuing sequentially thereafter,
and will evidence ownership of the Uncertificated REMIC III Regular Interest or
Interests specified in writing by such initial Holder to the Trustee. The
Trustee may conclusively, without any independent verification, rely on, and
shall be protected in relying on, the Holder's determinations of the
Uncertificated Class A-I-IO REMIC III Regular Interests, Uncertificated Class
A-III-IO REMIC III Regular Interests or Uncertificated Class A-IV-IO REMIC III
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial Pass-Through Rate on a Subclass as set forth in such Request for
Exchange and the Trustee shall have no duty to determine if any Uncertificated
Class A-I-IO REMIC III Regular Interest, Uncertificated Class A-III-IO REMIC III
Regular Interest or Uncertificated Class A-IV-IO REMIC III Regular Interests
designated on a Request for Exchange corresponds to a Subclass which has
previously been issued. Each Subclass so issued shall be substantially in the
form set forth in Exhibit A and shall, on original issue, be executed and
delivered by the Trustee to the Certificate Registrar for authentication and
delivery in accordance with Section 5.01(a). Every Certificate presented or
surrendered for exchange by the initial Holder shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer attached to such Certificate and shall be
completed to the satisfaction of the Trustee and the Certificate Registrar duly
executed by, the initial Holder thereof or his attorney duly authorized in
writing. The Certificates of any Subclass of Class A-I-IO Certificates, Class
A-II-IO Certificates or Class A-IV-IO Certificates may be transferred in whole,
but not in part, in accordance with the provisions of Section 5.02.
Section 5.02. Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or agencies to
be appointed by the Trustee in accordance with the provisions of
Section 8.11 a Certificate Register in which, subject to such
reasonable regulations as it may prescribe, the Trustee shall provide
for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. The Trustee is initially appointed
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Certificate Registrar for the purpose of registering Certificates and
transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Master
Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at any
office or agency of the Trustee maintained for such purpose pursuant to
Section 8.11 and, in the case of any Class M, Class B or Class R
Certificate, upon satisfaction of the conditions set forth below, the
Trustee shall execute and the Certificate Registrar shall authenticate
and deliver, in the name of the designated transferee or transferees,
one or more new Certificates of a like Class and aggregate Percentage
Interest.
(c) At the option of the Certificateholders, Certificates may be exchanged
for other Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are
so surrendered for exchange the Trustee shall execute and the
Certificate Registrar shall authenticate and deliver the Certificates
of such Class which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for
transfer or exchange shall (if so required by the Trustee or the
Certificate Registrar) be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Trustee and
the Certificate Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B Certificate
shall be made unless such transfer, sale, pledge or other disposition
is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities
laws or is made in accordance with said Act and laws. Except as
otherwise provided in this Section 5.02(d), in the event that a
transfer of a Class B Certificate is to be made, (i) unless the
Depositor directs the Trustee in writing otherwise, the Trustee shall
require a written Opinion of Counsel addressed to and acceptable to and
in form and substance satisfactory to the Trustee and the Depositor
that such transfer may be made pursuant to an exemption, describing the
applicable exemption and the basis therefor, from said Act and laws or
is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Trust Fund, the Depositor
or the Master Servicer, and (ii) the Trustee shall require the
transferee to execute a representation letter, substantially in the
form of Exhibit I hereto, and the Trustee shall require the transferor
to execute a representation letter, substantially in the form of
Exhibit J hereto, each acceptable to and in form and substance
satisfactory to the Depositor and the Trustee certifying to the
Depositor and the Trustee the facts surrounding such transfer, which
representation letters shall not be an expense of the Trustee, the
Trust Fund, the Depositor or the Master Servicer. In lieu of the
requirements set forth in the preceding sentence, transfers of Class B
Certificates may be made in accordance with this Section 5.02(d) if the
prospective transferee of such a Certificate provides the Trustee and
the Master Servicer with an investment letter substantially in the form
of Exhibit N attached hereto, which investment letter shall not be an
expense of the Trustee, the Depositor, or the Master Servicer, and
which investment letter states that, among other things, such
transferee (i) is a "qualified institutional buyer" as defined under
Rule 144A, acting for its own account or the accounts of other
"qualified institutional buyers" as defined under Rule 144A, and (ii)
is aware that the proposed transferor intends to rely on the exemption
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from registration requirements under the 1933 Act provided by Rule
144A. The Holder of a Class B Certificate desiring to effect any
transfer, sale, pledge or other disposition shall, and does hereby
agree to, indemnify the Trustee, the Depositor, the Master Servicer and
the Certificate Registrar against any liability that may result if the
transfer, sale, pledge or other disposition is not so exempt or is not
made in accordance with such federal and state laws and this Agreement.
(e) (i) In the case of any Class B or Class R Certificate presented for
registration in the name of any Person, either (i) the Trustee shall
require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Depositor and the Master Servicer to
the effect that the purchase or holding of such Class B or Class R
Certificate is permissible under applicable law, will not constitute or
result in any non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code (or comparable provisions of any
subsequent enactments), and will not subject the Trustee, the Depositor
or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in this Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Trust Fund, the
Depositor or the Master Servicer or (ii) the prospective transferee
shall be required to provide the Trustee, the Depositor and the Master
Servicer with a certification to the effect set forth in paragraph six
of Exhibit I or paragraph three of Exhibit N (with respect to a Class B
Certificate) or in paragraph fourteen of Exhibit H-1 (with respect to a
Class R Certificate), which the Trustee may rely upon without further
inquiry or investigation, or such other certifications as the Trustee
may deem desirable or necessary in order to establish that such
transferee or the Person in whose name such registration is requested
either (a) is not an employee benefit plan or other plan or arrangement
subject to the prohibited transaction provisions of ERISA or Section
4975 of the Code (a "Plan"), or any Person (including an insurance
company investing its general accounts, an investment manager, a named
fiduciary or a trustee of any such Plan) who is using "plan assets" of
any such Plan within the meaning of the U.S. Department of Labor
regulation promulgated at 29 C.F.R. ss. 2510.3-101, to effect such
acquisition (a "Plan Investor") or (b) in the case of a Class B
Certificate, the following conditions are satisfied: (i) such
Transferee is an insurance company, (ii) the source of funds used to
purchase or hold such Certificate (or interest therein) is an
"insurance company general account" (as defined in U.S. Department of
Labor Prohibited Transaction Class Exemption ("PTCE") 95-60, and (iii)
the conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied (each entity that satisfies this clause (b), a "Complying
Insurance Company").
(ii) Any Transferee of a Class M Certificate will be deemed to have
represented by virtue of its purchase or holding of such Certificate (or
interest therein) that either (a) such Transferee is not a Plan
Investor, (b) it has acquired and is holding such Certificate in
reliance on Prohibited Transaction Exemption ("PTE") 94-29, 59 Fed. Reg.
14674 (March 29, 1994), as amended by PTE 97-34, 62 Fed. Reg. 39021
(July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765 (November 13, 2000),
and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the "RFC
Exemption"), and that it understands that there are certain conditions
to the availability of the RFC Exemption including that such Certificate
must be rated, at the time of purchase, not lower than "BBB-" (or its
equivalent) by Standard & Poor's, Fitch or Xxxxx'x or (c) such
Transferee is a Complying Insurance Company.
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(iii) (A) If any Class M Certificate (or any interest therein) is acquired or
held by any Person that does not satisfy the conditions described in
paragraph (ii) above, then the last preceding Transferee that either
(i) is not a Plan Investor, (ii) acquired such Certificate in
compliance with the RFC Exemption, or (iii) is a Complying Insurance
Company shall be restored, to the extent permitted by law, to all
rights and obligations as Certificate Owner thereof retroactive to the
date of such Transfer of such Class M Certificate. The Trustee shall be
under no liability to any Person for making any payments due on such
Certificate to such preceding Transferee.
(B) Any purported Certificate Owner whose acquisition
or holding of any Class M Certificate or Class B Certificate
(or interest therein) was effected in violation of the
restrictions in this Section 5.02(e) shall indemnify and hold
harmless the Depositor, the Trustee, the Master Servicer, any
Subservicer, and the Trust Fund from and against any and all
liabilities, claims, costs or expenses incurred by such
parties as a result of such acquisition or holding.
(f) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following
provisions and to have irrevocably authorized the Trustee or its
designee under clause (iii)(A) below to deliver payments to a Person
other than such Person and to negotiate the terms of any mandatory sale
under clause (iii)(B) below and to execute all instruments of transfer
and to do all other things necessary in connection with any such sale.
The rights of each Person acquiring any Ownership Interest in a Class R
Certificate are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall be a Permitted Transferee and shall promptly notify
the Trustee of any change or impending change in its status as a
Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership Interest in a
Class R Certificate, the Trustee shall require delivery to it, and
shall not register the Transfer of any Class R Certificate until its
receipt of,
(I) an affidavit and agreement (a "Transfer Affidavit and Agreement," in the
form attached hereto as Exhibit H-1) from the proposed Transferee, in
form and substance satisfactory to the Master Servicer, representing and
warranting, among other things, that it is a Permitted Transferee, that
it is not acquiring its Ownership Interest in the Class R Certificate
that is the subject of the proposed Transfer as a nominee, trustee or
agent for any Person who is not a Permitted Transferee, that for so long
as it retains its Ownership Interest in a Class R Certificate, it will
endeavor to remain a Permitted Transferee, and that it has reviewed the
provisions of this Section 5.02(f) and agrees to be bound by them, and
(II) a certificate, in the form attached hereto as Exhibit H-2, from the
Holder wishing to transfer the Class R Certificate, in form and
substance satisfactory to the Master Servicer, representing and
warranting, among other things, that no purpose of the proposed
Transfer is to impede the assessment or collection of tax.
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(C) Notwithstanding the delivery of a Transfer Affidavit and Agreement by a
proposed Transferee under clause (B) above, if a Responsible Officer of
the Trustee who is assigned to this Agreement has actual knowledge that
the proposed Transferee is not a Permitted Transferee, no Transfer of
an Ownership Interest in a Class R Certificate to such proposed
Transferee shall be effected.
(D) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall agree (x) to require a Transfer Affidavit and
Agreement from any other Person to whom such Person attempts to
transfer its Ownership Interest in a Class R Certificate and (y) not to
transfer its Ownership Interest unless it provides a certificate to the
Trustee in the form attached hereto as Exhibit H-2.
(E) Each Person holding or acquiring an Ownership Interest in a Class R
Certificate, by purchasing an Ownership Interest in such Certificate,
agrees to give the Trustee written notice that it is a "pass-through
interest holder" within the meaning of Temporary Treasury Regulations
Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
Interest in a Class R Certificate, if it is, or is holding an Ownership
Interest in a Class R Certificate on behalf of, a "pass-through
interest holder."
(ii) The Trustee will register the Transfer of any Class R Certificate only
if it shall have received the Transfer Affidavit and Agreement, a
certificate of the Holder requesting such transfer in the form attached
hereto as Exhibit H-2 and all of such other documents as shall have
been reasonably required by the Trustee as a condition to such
registration. Transfers of the Class R Certificates to Non-United
States Persons and Disqualified Organizations (as defined in Section
860E(e)(5) of the Code) are prohibited.
(A) If any Disqualified Organization shall become a holder of a Class R
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations
as Holder thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. If a Non-United States Person
shall become a holder of a Class R Certificate, then the last preceding
United States Person shall be restored, to the extent permitted by law,
to all rights and obligations as Holder thereof retroactive to the date
of registration of such Transfer of such Class R Certificate. If a
transfer of a Class R Certificate is disregarded pursuant to the
provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3,
then the last preceding Permitted Transferee shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Class R
Certificate. The Trustee shall be under no liability to any Person for
any registration of Transfer of a Class R Certificate that is in fact
not permitted by this Section 5.02(f) or for making any payments due on
such Certificate to the holder thereof or for taking any other action
with respect to such holder under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a Class R
Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the retroactive restoration of the rights of the
Holder of such Class R Certificate as described in clause (iii)(A) above
shall be invalid, illegal or unenforceable, then the Master Servicer
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shall have the right, without notice to the holder or any prior holder
of such Class R Certificate, to sell such Class R Certificate to a
purchaser selected by the Master Servicer on such terms as the Master
Servicer may choose. Such purported Transferee shall promptly endorse
and deliver each Class R Certificate in accordance with the instructions
of the Master Servicer. Such purchaser may be the Master Servicer itself
or any Affiliate of the Master Servicer. The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master
Servicer or its Affiliates), expenses and taxes due, if any, will be
remitted by the Master Servicer to such purported Transferee. The terms
and conditions of any sale under this clause (iii)(B) shall be
determined in the sole discretion of the Master Servicer, and the Master
Servicer shall not be liable to any Person having an Ownership Interest
in a Class R Certificate as a result of its exercise of such discretion.
(iii) The Master Servicer, on behalf of the Trustee, shall make available,
upon written request from the Trustee, all information necessary to
compute any tax imposed
(C) as a result of the Transfer of an Ownership Interest in a Class R
Certificate to any Person who is a Disqualified Organization, including
the information regarding "excess inclusions" of such Class R
Certificates required to be provided to the Internal Revenue Service
and certain Persons as described in Treasury Regulations Sections
1.860D-1(b)(5) and 1.860E-2(a)(5), and
(D) as a result of any regulated investment company, real estate investment
trust, common trust fund, partnership, trust, estate or organization
described in Section 1381 of the Code that holds an Ownership Interest
in a Class R Certificate having as among its record holders at any time
any Person who is a Disqualified Organization. Reasonable compensation
for providing such information may be required by the Master Servicer
from such Person.
(iv) The provisions of this Section 5.02(f) set forth prior to this clause
(v) may be modified, added to or eliminated, provided that there shall
have been delivered to the Trustee the following:
(E) Written notification from each Rating Agency to the effect that the
modification, addition to or elimination of such provisions will not
cause such Rating Agency to downgrade its then-current ratings, if any,
of the Class A Certificates below the lower of the then-current rating
or the rating assigned to such Certificates as of the Closing Date by
such Rating Agency; and
(F) a certificate of the Master Servicer stating that the Master Servicer
has received an Opinion of Counsel, in form and substance satisfactory
to the Master Servicer, to the effect that such modification, addition
to or absence of such provisions will not cause any of REMIC I, REMIC
II or REMIC III to cease to qualify as a REMIC and will not cause (x)
any of REMIC I, REMIC II or REMIC III to be subject to an entity-level
tax caused by the Transfer of any Class R Certificate to a Person that
is a Disqualified Organization or (y) a Certificateholder or another
Person to be subject to a REMIC-related tax caused by the Transfer of a
Class R Certificate to a Person that is not a Permitted Transferee.
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(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed
in connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.02 and for all other purposes whatsoever,
except as and to the extent provided in the definition of "Certificateholder",
and neither the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar shall be affected by notice to the contrary except as
provided in Section 5.02(f).
Section 5.05. Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to Certificateholders pursuant to Section 4.02. In the event of
any such appointment, on or prior to each Distribution Date the Master Servicer
on behalf of the Trustee shall deposit or cause to be deposited with the Paying
Agent a sum sufficient to make the payments to Certificateholders in the amounts
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and in the manner provided for in Section 4.02, such sum to be held in trust for
the benefit of Certificateholders. The Trustee shall cause each Paying Agent to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee that such Paying Agent will hold all sums held by
it for the payment to Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. Any sums so held by such Paying Agent shall be held only in
Eligible Accounts to the extent such sums are not distributed to the
Certificateholders on the date of receipt by such Paying Agent.
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ARTICLE VI
THE DEPOSITOR AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Depositor and the Master Servicer.
The Depositor and the Master Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically and
respectively imposed upon and undertaken by the Depositor and the Master
Servicer herein. By way of illustration and not limitation, the Depositor is not
liable for the servicing and administration of the Mortgage Loans, nor is it
obligated by Section 7.01 or 10.01 to assume any obligations of the Master
Servicer or to appoint a designee to assume such obligations, nor is it liable
for any other obligation hereunder that it may, but is not obligated to, assume
unless it elects to assume such obligation in accordance herewith.
Section 6.02. Merger or Consolidation of the Depositor or the Master Servicer;
Assignment of Rights and Delegation of Duties by Master Servicer.
(a) The Depositor and the Master Servicer will each keep in full effect its
existence, rights and franchises as a corporation under the laws of the state of
its incorporation, and will each obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Depositor or the Master Servicer may be merged or
consolidated, or any corporation resulting from any merger or consolidation to
which the Depositor or the Master Servicer shall be a party, or any Person
succeeding to the business of the Depositor or the Master Servicer, shall be the
successor of the Depositor or the Master Servicer, as the case may be,
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
the Master Servicer shall be qualified to service mortgage loans on behalf of
Xxxxxx Xxx or Xxxxxxx Mac; and provided further that each Rating Agency's
ratings, if any, of the Class A Certificates and Class M Certificates in effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result thereof (as evidenced by a letter to such effect from
each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to the
contrary, the Master Servicer may assign its rights and delegate its duties and
obligations under this Agreement; provided that the Person accepting such
assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of Xxxxxx Mae or Xxxxxxx Mac, is reasonably
satisfactory to the Trustee and the Depositor, is willing to service the
Mortgage Loans and executes and delivers to the Depositor and the Trustee an
agreement, in form and substance reasonably satisfactory to the Depositor and
the Trustee, which contains an assumption by such Person of the due and punctual
performance and observance of each covenant and condition to be performed or
observed by the Master Servicer under this Agreement; provided further that each
Rating Agency's rating of the Classes of Certificates that have been rated in
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effect immediately prior to such assignment and delegation will not be
qualified, reduced or withdrawn as a result of such assignment and delegation
(as evidenced by a letter to such effect from each Rating Agency). In the case
of any such assignment and delegation, the Master Servicer shall be released
from its obligations under this Agreement, except that the Master Servicer shall
remain liable for all liabilities and obligations incurred by it as Master
Servicer hereunder prior to the satisfaction of the conditions to such
assignment and delegation set forth in the next preceding sentence.
Section 6.03. Limitation on Liability of the Depositor, the Master Servicer and
Others.
Neither the Depositor, the Master Servicer nor any of the directors,
officers, employees or agents of the Depositor or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor, the Master Servicer or any such
Person against any breach of warranties or representations made herein or any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Depositor, the Master
Servicer and any director, officer, employee or agent of the Depositor or the
Master Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Master Servicer and any director, officer,
employee or agent of the Depositor or the Master Servicer shall be indemnified
by the Trust Fund and held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates, other than any loss, liability or expense related to any specific
Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
shall be otherwise reimbursable pursuant to this Agreement) and any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder. Neither the Depositor nor the
Master Servicer shall be under any obligation to appear in, prosecute or defend
any legal or administrative action, proceeding, hearing or examination that is
not incidental to its respective duties under this Agreement and which in its
opinion may involve it in any expense or liability; provided, however, that the
Depositor or the Master Servicer may in its discretion undertake any such
action, proceeding, hearing or examination that it may deem necessary or
desirable in respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the
legal expenses and costs of such action, proceeding, hearing or examination and
any liability resulting therefrom shall be expenses, costs and liabilities of
the Trust Fund, and the Depositor and the Master Servicer shall be entitled to
be reimbursed therefor out of amounts attributable to the Mortgage Loans on
deposit in the Custodial Account as provided by Section 3.10 and, on the
Distribution Date(s) following such reimbursement, the aggregate of such
expenses and costs shall be allocated in reduction of the Accrued Certificate
Interest on each Class entitled thereto in the same manner as if such expenses
and costs constituted a Prepayment Interest Shortfall.
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Section 6.04. Depositor and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Depositor nor
the Master Servicer shall resign from its respective obligations and duties
hereby imposed on it except upon determination that its duties hereunder are no
longer permissible under applicable law. Any such determination permitting the
resignation of the Depositor or the Master Servicer shall be evidenced by an
Opinion of Counsel (at the expense of the resigning party) to such effect
delivered to the Trustee. No such resignation by the Master Servicer shall
become effective until the Trustee or a successor servicer shall have assumed
the Master Servicer's responsibilities and obligations in accordance with
Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to be distributed to
Holders of Certificates of any Class any distribution required to be made under
the terms of the Certificates of such Class and this Agreement and, in either
case, such failure shall continue unremedied for a period of 5 days after the
date upon which written notice of such failure, requiring such failure to be
remedied, shall have been given to the Master Servicer by the Trustee or the
Depositor or to the Master Servicer, the Depositor and the Trustee by the
Holders of Certificates of such Class evidencing Percentage Interests
aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in any material
respect any other of the covenants or agreements on the part of the Master
Servicer contained in the Certificates of any Class or in this Agreement and
such failure shall continue unremedied for a period of 30 days (except that such
number of days shall be 15 in the case of a failure to pay the premium for any
Required Insurance Policy) after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Master
Servicer by the Trustee or the Depositor, or to the Master Servicer, the
Depositor and the Trustee by the Holders of Certificates of any Class
evidencing, as to such Class, Percentage Interests aggregating not less than
25%; or
(iii) a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or future
federal or state bankruptcy, insolvency or similar law or appointing a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the
Master Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling of
assets and liabilities, or similar proceedings of, or relating to, the Master
Servicer or of, or relating to, all or substantially all of the property of the
Master Servicer; or
(v) the Master Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of, or commence
a voluntary case under, any applicable insolvency or reorganization statute,
make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or
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(vi) the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
that it is unable to deposit in the Certificate Account an amount equal to the
Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Depositor or the Trustee shall
at the direction of Holders of Certificates entitled to at least 51% of the
Voting Rights, by notice in writing to the Master Servicer (and to the Depositor
if given by the Trustee or to the Trustee if given by the Depositor), terminate
all of the rights and obligations of the Master Servicer under this Agreement
and in and to the Mortgage Loans and the proceeds thereof, other than its rights
as a Certificateholder hereunder. If an Event of Default described in clause
(vi) hereof shall occur, the Trustee shall, by notice to the Master Servicer and
the Depositor, immediately terminate all of the rights and obligations of the
Master Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof, other than its rights as a Certificateholder hereunder as
provided in Section 4.04(b). On or after the receipt by the Master Servicer of
such written notice, all authority and power of the Master Servicer under this
Agreement, whether with respect to the Certificates (other than as a Holder
thereof) or the Mortgage Loans or otherwise, shall subject to Section 7.02 pass
to and be vested in the Trustee or the Trustee's designee appointed pursuant to
Section 7.02; and, without limitation, the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of the Master Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer's responsibilities and rights hereunder,
including, without limitation, the transfer to the Trustee or its designee for
administration by it of all cash amounts which shall at the time be credited to
the Custodial Account or the Certificate Account or thereafter be received with
respect to the Mortgage Loans. No such termination shall release the Master
Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such termination. Notwithstanding any
termination of the activities of Residential Funding in its capacity as Master
Servicer hereunder, Residential Funding shall be entitled to receive, out of any
late collection of a Monthly Payment on a Mortgage Loan which was due prior to
the notice terminating Residential Funding's rights and obligations as Master
Servicer hereunder and received after such notice, that portion to which
Residential Funding would have been entitled pursuant to Sections 3.10(a)(ii),
(vi) and (vii) as well as its Servicing Fee in respect thereof, and any other
amounts payable to Residential Funding hereunder the entitlement to which arose
prior to the termination of its activities hereunder. Upon the termination of
Residential Funding as Master Servicer hereunder the Depositor shall deliver to
the Trustee as successor Master Servicer a copy of the Program Guide.
Section 7.02. Trustee or Depositor to Act; Appointment of Successor.
(a) On and after the time the Master Servicer receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Depositor and with the Depositor's consent (which shall
not be unreasonably withheld) a designee (which meets the standards set forth
below) of the Trustee, shall be the successor in all respects to the Master
Servicer in its capacity as servicer under this Agreement and the transactions
set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer (except for the responsibilities, duties and liabilities contained in
Sections 2.02 and 2.03(a), excluding the duty to notify related Subservicers as
set forth in such Sections, and its obligations to deposit amounts in respect of
losses incurred prior to such notice or termination on the investment of funds
in the Custodial Account or the Certificate Account pursuant to Sections 3.07(c)
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and 4.01(c) by the terms and provisions hereof); provided, however, that any
failure to perform such duties or responsibilities caused by the preceding
Master Servicer's failure to provide information required by Section 4.04 shall
not be considered a default by the Trustee hereunder as successor Master
Servicer. As compensation therefor, the Trustee as successor Master Servicer
shall be entitled to all funds relating to the Mortgage Loans which the Master
Servicer would have been entitled to charge to the Custodial Account or the
Certificate Account if the Master Servicer had continued to act hereunder and,
in addition, shall be entitled to the income from any Permitted Investments made
with amounts attributable to the Mortgage Loans held in the Custodial Account or
the Certificate Account. If the Trustee has become the successor to the Master
Servicer in accordance with Section 6.04 or Section 7.01, then notwithstanding
the above, the Trustee may, if it shall be unwilling to so act, or shall, if it
is unable to so act, appoint, or petition a court of competent jurisdiction to
appoint, any established housing and home finance institution, which is also a
Xxxxxx Xxx or Xxxxxxx Mac-approved mortgage servicing institution, having a net
worth of not less than $10,000,000 as the successor to the Master Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Master Servicer hereunder. Pending appointment of a
successor to the Master Servicer hereunder, the Trustee shall become successor
to the Master Servicer and shall act in such capacity as hereinabove provided.
In connection with such appointment and assumption, the Trustee may make such
arrangements for the compensation of such successor out of payments on Mortgage
Loans as it and such successor shall agree; provided, however, that no such
compensation shall be in excess of that permitted the initial Master Servicer
hereunder. The Depositor, the Trustee, the Custodian and such successor shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. The Servicing Fee for any successor Master
Servicer appointed pursuant to this Section 7.02 will be lowered with respect to
those Mortgage Loans, if any, where the Subservicing Fee accrues at a rate of
less than 0.50% per annum in the event that the successor Master Servicer is not
servicing such Mortgage Loans directly and it is necessary to raise the related
Subservicing Fee to a rate of 0.50% per annum in order to hire a Subservicer
with respect to such Mortgage Loans.
(b) In connection with the termination or resignation of the Master Servicer
hereunder, either (i) the successor Master Servicer, including the Trustee if
the Trustee is acting as successor Master Servicer, shall represent and warrant
that it is a member of MERS in good standing and shall agree to comply in all
material respects with the rules and procedures of MERS in connection with the
servicing of the Mortgage Loans that are registered with MERS, in which case the
predecessor Master Servicer shall cooperate with the successor Master Servicer
in causing MERS to revise its records to reflect the transfer of servicing to
the successor Master Servicer as necessary under MERS' rules and regulations, or
(ii) the predecessor Master Servicer shall cooperate with the successor Master
Servicer in causing MERS to execute and deliver an assignment of Mortgage in
recordable form to transfer the Mortgage from MERS to the Trustee and to execute
and deliver such other notices, documents and other instruments as may be
necessary or desirable to effect a transfer of such Mortgage Loan or servicing
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of such Mortgage Loan on the MERS(R) System to the successor Master Servicer.
The predecessor Master Servicer shall file or cause to be filed any such
assignment in the appropriate recording office. The predecessor Master Servicer
shall bear any and all fees of MERS, costs of preparing any assignments of
Mortgage, and fees and costs of filing any assignments of Mortgage that may be
required under this subsection (b). The successor Master Servicer shall cause
such assignment to be delivered to the Trustee or the Custodian promptly upon
receipt of the original with evidence of recording thereon or a copy certified
by the public recording office in which such assignment was recorded.
Section 7.03. Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to the Master
Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the Trustee
shall transmit by mail to all Holders of Certificates notice of each such Event
of Default hereunder known to the Trustee, unless such Event of Default shall
have been cured or waived as provided in Section 7.04 hereof.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights of
Certificates affected by a default or Event of Default hereunder may waive any
default or Event of Default; provided, however, that (a) a default or Event of
Default under clause (i) of Section 7.01 may be waived only by all of the
Holders of Certificates affected by such default or Event of Default and (b) no
waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in
the manner set forth in Section 11.01(b)(i), (ii) or (iii). Upon any such waiver
of a default or Event of Default by the Holders representing the requisite
percentage of Voting Rights of Certificates affected by such default or Event of
Default, such default or Event of Default shall cease to exist and shall be
deemed to have been remedied for every purpose hereunder. No such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon except to the extent expressly so waived.
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ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default which may have occurred, undertakes
to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred
(which has not been cured or waived), the Trustee shall exercise such
of the rights and powers vested in it by this Agreement, and use the
same degree of care and skill in their exercise as a prudent investor
would exercise or use under the circumstances in the conduct of such
investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to
the Trustee which are specifically required to be furnished pursuant to
any provision of this Agreement, shall examine them to determine
whether they conform to the requirements of this Agreement. The Trustee
shall notify the Certificateholders of any such documents which do not
materially conform to the requirements of this Agreement in the event
that the Trustee, after so requesting, does not receive satisfactorily
corrected documents in a timely fashion. The Trustee shall forward,
cause to be forwarded or make available electronically on its website
in a timely fashion the notices, reports and statements required to be
forwarded by the Trustee pursuant to Sections 4.03, 7.03, and 10.01.
The Trustee shall furnish in a timely fashion to the Master Servicer
such information as the Master Servicer may reasonably request from
time to time for the Master Servicer to fulfill its duties as set forth
in this Agreement. The Trustee covenants and agrees that it shall
perform its obligations hereunder in a manner so as to maintain the
status of each of REMIC I, REMIC II and REMIC III as a REMIC under the
REMIC Provisions and to prevent the imposition of any federal, state or
local income, prohibited transaction (except as provided in Section
2.04 herein), contribution or other tax on the Trust Fund to the extent
that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope
of its duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after the curing or
waiver of all such Events of Default which may have occurred, the duties
and obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set
forth in this Agreement, no implied covenants or obligations shall be
read into this Agreement against the Trustee and, in the absence of bad
faith on the part of the Trustee, the Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the
Trustee by the Depositor or the Master Servicer and which on their face,
do not contradict the requirements of this Agreement;
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(ii) The Trustee shall not be personally liable for an error of judgment
made in good faith by a Responsible Officer or Responsible Officers of
the Trustee, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in
accordance with the direction of the Certificateholders holding
Certificates which evidence, Percentage Interests aggregating not less
than 25% of the affected classes as to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be charged with knowledge of any default (other
than a default in payment to the Trustee) specified in clauses (i) and
(ii) of Section 7.01 or an Event of Default under clauses (iii), (iv)
and (v) of Section 7.01 unless a Responsible Officer of the Trustee
assigned to and working in the Corporate Trust Office obtains actual
knowledge of such failure or event or the Trustee receives written
notice of such failure or event at its Corporate Trust Office from the
Master Servicer, the Depositor or any Certificateholder; and
(v) Except to the extent provided in Section 7.02, no provision in this
Agreement shall require the Trustee to expend or risk its own funds
(including, without limitation, the making of any Advance) or otherwise
incur any personal financial liability in the performance of any of its
duties as Trustee hereunder, or in the exercise of any of its rights or
powers, if the Trustee shall have reasonable grounds for believing that
repayment of funds or adequate indemnity against such risk or liability
is not reasonably assured to it.
(d) The Trustee shall timely pay, from its own funds, the amount of any and
all federal, state and local taxes imposed on the Trust Fund or its
assets or transactions including, without limitation, (A) "prohibited
transaction" penalty taxes as defined in Section 860F of the Code, if,
when and as the same shall be due and payable, (B) any tax on
contributions to a REMIC after the Closing Date imposed by Section
860G(d) of the Code and (C) any tax on "net income from foreclosure
property" as defined in Section 860G(c) of the Code, but only if such
taxes arise out of a breach by the Trustee of its obligations
hereunder, which breach constitutes negligence or willful misconduct of
the Trustee.
Section 8.02. Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, Officers' Certificate, certificate of
auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper
or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any Opinion of Counsel shall
be full and complete authorization and protection in respect of any
action taken or suffered or omitted by it hereunder in good faith and
in accordance with such Opinion of Counsel;
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(iii) The Trustee shall be under no obligation to exercise any of the trusts
or powers vested in it by this Agreement or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such Certificateholders shall have
offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or
thereby; nothing contained herein shall, however, relieve the Trustee of
the obligation, upon the occurrence of an Event of Default (which has
not been cured), to exercise such of the rights and powers vested in it
by this Agreement, and to use the same degree of care and skill in their
exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action taken,
suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon
it by this Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after the
curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing so to do by the Holders of
Certificates of any Class evidencing, as to such Class, Percentage
Interests, aggregating not less than 50%; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses
or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this
Agreement, the Trustee may require reasonable indemnity against such
expense or liability as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Master Servicer,
if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys provided that the Trustee shall remain liable for any acts of
such agents or attorneys; and
(vii) To the extent authorized under the Code and the regulations promulgated
thereunder, each Holder of a Class R Certificate hereby irrevocably
appoints and authorizes the Trustee to be its attorney-in-fact for
purposes of signing any Tax Returns required to be filed on behalf of
the Trust Fund. The Trustee shall sign on behalf of the Trust Fund and
deliver to the Master Servicer in a timely manner any Tax Returns
prepared by or on behalf of the Master Servicer that the Trustee is
required to sign as determined by the Master Servicer pursuant to
applicable federal, state or local tax laws, provided that the Master
Servicer shall indemnify the Trustee for signing any such Tax Returns
that contain errors or omissions.
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(b) Following the issuance of the Certificates (and except as provided for
in Section 2.04), the Trustee shall not accept any contribution of
assets to the Trust Fund unless it shall have obtained or been
furnished with an Opinion of Counsel to the effect that such
contribution will not (i) cause any of REMIC I, REMIC II or REMIC III
to fail to qualify as a REMIC at any time that any Certificates are
outstanding or (ii) cause the Trust Fund to be subject to any federal
tax as a result of such contribution (including the imposition of any
federal tax on "prohibited transactions" imposed under Section 860F(a)
of the Code).
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Depositor or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document, or of MERS
or the MERS(R) System. Except as otherwise provided herein, the Trustee shall
not be accountable for the use or application by the Depositor or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates, or
for the use or application of any funds paid to the Depositor or the Master
Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the
Custodial Account or the Certificate Account by the Depositor or the Master
Servicer.
Section 8.04. Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights it would have if it were
not Trustee.
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification.
(a) The Master Servicer covenants and agrees to pay to the Trustee and any
co-trustee from time to time, and the Trustee and any co-trustee shall
be entitled to, reasonable compensation (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by each of them in the
execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee
and any co-trustee, and the Master Servicer will pay or reimburse the
Trustee and any co-trustee upon request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its
employ, and the expenses incurred by the Trustee or any co-trustee in
connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may
arise from its negligence or bad faith.
(b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless against, any loss, liability or expense incurred
without negligence or willful misconduct on its part, arising out of,
or in connection with, the acceptance and administration of the Trust
Fund, or in connection with, the provisions set forth in the second
paragraph of Section 2.01(a) hereof, including the costs and expenses
(including reasonable legal fees and expenses) of defending itself
against any claim in connection with the exercise or performance of any
of its powers or duties under this Agreement, provided that:
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(i) with respect to any such claim, the Trustee shall have given the Master
Servicer written notice thereof promptly after the Trustee shall have
actual knowledge thereof;
(ii) while maintaining control over its own defense, the Trustee shall
cooperate and consult fully with the Master Servicer in preparing such
defense; and
(iii) notwithstanding anything in this Agreement to the contrary, the Master
Servicer shall not be liable for settlement of any claim by the Trustee
entered into without the prior consent of the Master Servicer which
consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created
by this Section 8.05(b) of the Master Servicer to indemnify the Trustee under
the conditions and to the extent set forth herein. Notwithstanding the
foregoing, the indemnification provided by the Master Servicer in this Section
8.05(b) shall not pertain to any loss, liability or expense of the Trustee,
including the costs and expenses of defending itself against any claim, incurred
in connection with any actions taken by the Trustee at the direction of
Certificateholders pursuant to the terms of this Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a national banking
association or a New York banking corporation having its principal office in a
state and city acceptable to the Depositor and organized and doing business
under the laws of such state or the United States of America, authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation or national banking association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 8.07.
Section 8.07. Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Depositor and the Master
Servicer. Upon receiving such notice of resignation, the Depositor shall
promptly appoint a successor trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation then the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee.
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(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions of Section 8.06 and shall fail to resign after written request
therefor by the Depositor, or if at any time the Trustee shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may remove
the Trustee and appoint a successor trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the Trustee so removed and
one copy to the successor trustee. In addition, in the event that the Depositor
determines that the Trustee has failed (i) to distribute or cause to be
distributed to Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Depositor) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written notice of such failure, requiring that
the same be remedied, shall have been given to the Trustee by the Depositor,
then the Depositor may remove the Trustee and appoint a successor trustee by
written instrument delivered as provided in the preceding sentence. In
connection with the appointment of a successor trustee pursuant to the preceding
sentence, the Depositor shall, on or before the date on which any such
appointment becomes effective, obtain from each Rating Agency written
confirmation that the appointment of any such successor trustee will not result
in the reduction of the ratings on any class of the Certificates below the
lesser of the then current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written
instrument or instruments, in triplicate, signed by such Holders or their
attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to the Depositor, one complete set to the Trustee so removed and
one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
8.08.
Section 8.08. Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall execute,
acknowledge and deliver to the Depositor and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor
trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor trustee all Mortgage Files and related documents and statements held
by it hereunder (other than any Mortgage Files at the time held by a Custodian,
which shall become the agent of any successor trustee hereunder), and the
Depositor, the Master Servicer and the predecessor trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.
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(b) No successor trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided in this
Section, the Depositor shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Depositor fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Depositor.
Section 8.09. Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the Master
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 8.10 all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee, and such separate trustee or co-trustee jointly,
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed (whether as Trustee hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
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(c) Any notice, request or other writing given to the Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11. Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Depositor, appoint one or more Custodians who are not Affiliates of the
Depositor or the Master Servicer to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11. The Trustee will maintain an office or agency in the City of New
York where Certificates may be surrendered for registration of transfer or
exchange. The Trustee initially designates its offices located at 0 Xxx Xxxx
Xxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, for the purpose of keeping the
Certificate Register. The Trustee will maintain an office at the address stated
in Section 11.05(c) hereof where notices and demands to or upon the Trustee in
respect of this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or Liquidation of
All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Depositor, the Master Servicer and the Trustee
created hereby in respect of the Certificates (other than the
obligation of the Trustee to make certain payments after the Final
Distribution Date to Certificateholders and the obligation of the
Depositor to send certain notices as hereinafter set forth) shall
terminate upon the last action required to be taken by the Trustee on
the Final Distribution Date pursuant to this Article IX following the
earlier of:
(i) the later of the final payment or other liquidation (or any Advance
with respect thereto) of the last Mortgage Loan remaining in the Trust
Fund or the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust
Fund at a price equal to 100% of the unpaid principal balance of each
Mortgage Loan (or, if less than such unpaid principal balance, the fair
market value of the related underlying property of such Mortgage Loan
with respect to Mortgage Loans as to which title has been acquired if
such fair market value is less than such unpaid principal balance) (net
of any unreimbursed Advances attributable to principal) on the day of
repurchase, plus accrued interest thereon at the Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of any Modified Mortgage Loan),
to, but not including, the first day of the month in which such
repurchase price is distributed; provided, however, that in no event
shall the trust created hereby continue beyond the earlier of (i) the
Latest Possible Maturity Date or (ii) the expiration of 21 years from
the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx,
the late ambassador of the United States to the Court of St. Xxxxx,
living on the date hereof; provided further, that, if the amount due
under any Certificate shall not have been reduced to zero prior to the
Maturity Date, the Master Servicer shall be required to terminate this
Agreement in accordance with this clause (ii); and provided further,
that the purchase price set forth above shall be increased as is
necessary, as determined by the Master Servicer, to avoid
disqualification of any of REMIC I, REMIC II or REMIC III as a REMIC.
The purchase price paid by the Master Servicer shall also include any
amounts owed by Residential Funding pursuant to the Section 5 of the
Assignment Agreement in respect of any liability, penalty or expense
that resulted from a covenant set forth in Section 5(B) that remain
unpaid on the date of such purchase.
The right of the Master Servicer to purchase all the assets of the
Trust Fund relating to the Mortgage Loans, pursuant to clause (ii) above is
conditioned upon the date of such purchase occurring on or after the Optional
Termination Date. If such right is exercised by the Master Servicer, the Master
Servicer shall be deemed to have been reimbursed for the full amount of any
unreimbursed Advances theretofore made by it with respect to the Mortgage Loans
being purchased. In addition, the Master Servicer shall provide to the Trustee
the certification required by Section 3.15 and the Trustee and any Custodian
shall, promptly following payment of the purchase price, release to the Master
Servicer the Mortgage Files pertaining to the Mortgage Loans being purchased.
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In addition to the foregoing, on any Distribution Date on or after the
Optional Termination Date, the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the sum of the outstanding Certificate Principal Balance of such Certificates
plus the sum of one month's Accrued Certificate Interest thereon, or, with
respect to the Interest Only Certificates, on their Notional Amount, any
previously unpaid Accrued Certificate Interest, and any unpaid Prepayment
Interest Shortfall previously allocated thereto. If the Master Servicer
exercises this right to purchase the outstanding Certificates, the Master
Servicer will promptly terminate the respective obligations and responsibilities
created hereby in respect of these Certificates pursuant to this Article IX.
(b) The Master Servicer shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer
anticipates that the final distribution will be made to
Certificateholders (whether as a result of the exercise by the Master
Servicer of its right to purchase the assets of the Trust Fund or
otherwise). Notice of any termination, specifying the anticipated Final
Distribution Date (which shall be a date that would otherwise be a
Distribution Date) upon which the Certificateholders may surrender
their Certificates to the Trustee for payment of the final distribution
and cancellation, shall be given promptly by the Master Servicer (if it
is exercising its right to purchase the assets of the Trust Fund), or
by the Trustee (in any other case) by letter to Certificateholders
mailed not earlier than the 15th day and not later than the 25th day of
the month next preceding the month of such final distribution
specifying:
(i) the anticipated Final Distribution Date upon which final payment of the
Certificates is anticipated to be made upon presentation and surrender
of Certificates at the office or agency of the Trustee therein
designated,
(ii) the amount of any such final payment, if known, and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable, and that payment will be made only upon presentation
and surrender of the Certificates at the office or agency of the
Trustee therein specified.
If the Master Servicer is obligated to give notice to
Certificateholders as aforesaid, it shall give such notice to the Certificate
Registrar at the time such notice is given to Certificateholders. In the event
such notice is given by the Master Servicer, the Master Servicer shall deposit
in the Certificate Account before the Final Distribution Date in immediately
available funds an amount equal to the purchase price for the assets of the
Trust Fund computed as above provided. The Master Servicer shall provide to the
Trustee written notification of any change to the anticipated Final Distribution
Date as soon as practicable. If the Trust Fund is not terminated on the
anticipated Final Distribution Date, for any reason, the Trustee shall promptly
mail notice thereof to each affected Certificateholder.
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(c) Upon presentation and surrender of the Certificates by the
Certificateholders, the Trustee shall distribute to the Certificateholders (i)
the amount otherwise distributable on such Distribution Date, if not in
connection with the Master Servicer's election to repurchase, or (ii) if the
Master Servicer elected to so repurchase, an amount equal to the outstanding
Certificate Principal Balance thereof, plus Accrued Certificate Interest thereon
for the related Interest Accrual Period and any previously unpaid Accrued
Certificate Interest.
(d) In the event that any Certificateholders shall not surrender their
Certificates for final payment and cancellation on or before the Final
Distribution Date, the Trustee shall on such date cause all funds in the
Certificate Account not distributed in final distribution to Certificateholders
to be withdrawn therefrom and credited to the remaining Certificateholders by
depositing such funds in a separate escrow account for the benefit of such
Certificateholders, and the Master Servicer (if it exercised its right to
purchase the assets of the Trust Fund), or the Trustee (in any other case) shall
give a second written notice to the remaining Certificateholders to surrender
their Certificates for cancellation and receive the final distribution with
respect thereto. If within six months after the second notice any Certificate
shall not have been surrendered for cancellation, the Trustee shall take
appropriate steps as directed by the Master Servicer to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and
expenses of maintaining the escrow account and of contacting Certificateholders
shall be paid out of the assets which remain in the escrow account. If within
nine months after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee shall pay to the Master Servicer all
amounts distributable to the holders thereof and the Master Servicer shall
thereafter hold such amounts until distributed to such holders. No interest
shall accrue or be payable to any Certificateholder on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 9.01 and the Certificateholders shall look only to the Master
Servicer for such payment.
Section 9.02. Additional Termination Requirements.
(a) Each of REMIC I, REMIC II and REMIC III, as the case may be, shall be
terminated in accordance with the following additional requirements,
unless the Trustee and the Master Servicer have received an Opinion of
Counsel (which Opinion of Counsel shall not be an expense of the
Trustee) to the effect that the failure of any of REMIC I, REMIC II and
REMIC III, as the case may be, to comply with the requirements of this
Section 9.02 will not (i) result in the imposition on the Trust Fund of
taxes on "prohibited transactions," as described in Section 860F of the
Code, or (ii) cause any of REMIC I, REMIC II or REMIC III to fail to
qualify as a REMIC at any time that any Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day liquidation period for
each of REMIC I, REMIC II and REMIC III, and specify the first day of
such period in a statement attached to the Trust Fund's final Tax
Return pursuant to Treasury regulations Section 1.860F-1. The Master
Servicer also shall satisfy all of the requirements of a qualified
liquidation for each of REMIC I, REMIC II and REMIC III, under Section
860F of the Code and the regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the commencement of
such 90-day liquidation period and, at or prior to the time of making
of the final payment on the Certificates, the Trustee shall sell or
otherwise dispose of all of the remaining assets of the Trust Fund in
accordance with the terms hereof; and
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(iii) If the Master Servicer is exercising its right to purchase the assets
of the Trust Fund, the Master Servicer shall, during the 90-day
liquidation period and at or prior to the Final Distribution Date,
purchase all of the assets of the Trust Fund for cash;
provided, however, that in the event that a calendar quarter ends after the
commencement of the 90-day liquidation period but prior to the Final
Distribution Date, the Master Servicer shall not purchase any of the assets of
the Trust Fund prior to the close of that calendar quarter.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation for each of REMIC I, REMIC II and REMIC III at the expense of the
Trust Fund in accordance with the terms and conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
(a) The REMIC Administrator shall make an election to treat each of REMIC I,
REMIC II and REMIC III as a REMIC under the Code and, if necessary, under
applicable state law. Such election will be made on Form 1066 or other
appropriate federal tax or information return (including Form 8811) or any
appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. The REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interests" in
REMIC I. The Class A-I, Class A-II, Class A-III, Class A-IV, (excluding the
Class A-I-IO, Class A-III-IO and Class A-IV-IO Certificates) Class M, Class B
Certificates and each of the Uncertificated Class A-I-IO REMIC III Interests,
Uncertificated Class A-III-IO REMIC III Regular Interests and Uncertificated
Class A-IV-IO REMIC III Regular Interest shall be designated as the "regular
interests" in REMIC III and the Class R-III Certificates shall be designated the
sole class of "residual interests" in REMIC III. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in the REMIC other than the Certificates.
(b) The Closing Date is hereby designated as the "startup day" of each of REMIC
I, REMIC II and REMIC III within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate in each REMIC
representing a 0.01% Percentage Interest of the Class R Certificates in each
REMIC and shall be designated as the "tax matters person" with respect to each
of REMIC I, REMIC II and REMIC III in the manner provided under Treasury
regulations section 1.860F-4(d) and Treasury regulations section
301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall (i) act
on behalf of each of REMIC I, REMIC II and REMIC III in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and the REMIC Administrator shall be entitled to reimbursement
therefor out of amounts attributable to the Mortgage Loans on deposit in the
Custodial Account as provided by Section 3.10 unless such legal expenses and
costs are incurred by reason of the REMIC Administrator's willful misfeasance,
bad faith or gross negligence. If the REMIC Administrator is no longer the
Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not
to exceed $3,000 per year by any successor Master Servicer hereunder for so
acting as the REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns that it determines are required with respect to the REMIC created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing such returns shall be borne by the REMIC Administrator without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability arising from the
Trustee's signing of Tax Returns that contain errors or omissions. The Trustee
and Master Servicer shall promptly provide the REMIC Administrator with such
information as the REMIC Administrator may from time to time request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.
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(e) The REMIC Administrator shall provide (i) to any Transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee and the Trustee shall forward to the
Certificateholders such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount, if any, and market discount or premium (using the Prepayment
Assumption) and (iii) to the Internal Revenue Service the name, title, address
and telephone number of the person who will serve as the representative of each
REMIC created hereunder.
(f) The Master Servicer and the REMIC Administrator shall take such actions and
shall cause each REMIC created hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's control and the scope
of its duties more specifically set forth herein as shall be necessary or
desirable to maintain the status thereof as a REMIC under the REMIC Provisions
(and the Trustee shall assist the Master Servicer and the REMIC Administrator,
to the extent reasonably requested by the Master Servicer and the REMIC
Administrator to do so). In performing their duties as more specifically set
forth herein, the Master Servicer and the REMIC Administrator shall not
knowingly or intentionally take any action, cause the Trust Fund to take any
action or fail to take (or fail to cause to be taken) any action reasonably
within their respective control and the scope of duties more specifically set
forth herein, that, under the REMIC Provisions, if taken or not taken, as the
case may be, could (i) endanger the status of any of REMIC I, REMIC II or REMIC
III as a REMIC or (ii) result in the imposition of a tax upon any of REMIC I or
REMIC II (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code (except as provided in Section 2.04)
and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code) (either such event, in the absence of an Opinion of Counsel or the
indemnification referred to in this sentence, an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator, as applicable, has received an
Opinion of Counsel (at the expense of the party seeking to take such action or,
if such party fails to pay such expense, and the Master Servicer or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Master Servicer, the REMIC
Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to the Trust Fund created hereunder, endanger such status or,
unless the Master Servicer or the REMIC Administrator or both, as applicable,
determine in its or their sole discretion to indemnify the Trust Fund against
the imposition of such a tax, result in the imposition of such a tax. Wherever
in this Agreement a contemplated action may not be taken because the timing of
such action might result in the imposition of a tax on the Trust Fund, or may
only be taken pursuant to an Opinion of Counsel that such action would not
impose a tax on the Trust Fund, such action may nonetheless be taken provided
that the indemnity given in the preceding sentence with respect to any taxes
that might be imposed on the Trust Fund has been given and that all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that it has received an Opinion of Counsel to the effect
that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to the Trust Fund or its
assets, or causing the Trust Fund to take any action, which is not expressly
146
permitted under the terms of this Agreement, the Trustee will consult with the
Master Servicer or the REMIC Administrator, as applicable, or its designee, in
writing, with respect to whether such action could cause an Adverse REMIC Event
to occur with respect to the Trust Fund and the Trustee shall not take any such
action or cause the Trust Fund to take any such action as to which the Master
Servicer or the REMIC Administrator, as applicable, has advised it in writing
that an Adverse REMIC Event could occur. The Master Servicer or the REMIC
Administrator, as applicable, may consult with counsel to make such written
advice, and the cost of same shall be borne by the party seeking to take the
action not expressly permitted by this Agreement, but in no event at the expense
of the Master Servicer or the REMIC Administrator. At all times as may be
required by the Code, the Master Servicer or the REMIC Administrator, as
applicable, will to the extent within its control and the scope of its duties
more specifically set forth herein, maintain substantially all of the assets of
the REMIC as "qualified mortgages" as defined in Section 860G(a)(3) of the Code
and "permitted investments" as defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of any
REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on "net
income from foreclosure property" of any REMIC as defined in Section 860G(c) of
the Code, on any contributions to any REMIC after the startup day therefor
pursuant to Section 860G(d) of the Code, or any other tax imposed by the Code or
any applicable provisions of state or local tax laws, such tax shall be charged
(i) to the Master Servicer, if such tax arises out of or results from a breach
by the Master Servicer of any of its obligations under this Agreement or the
Master Servicer has in its sole discretion determined to indemnify the Trust
Fund against such tax, (ii) to the Trustee, if such tax arises out of or results
from a breach by the Trustee of any of its obligations under this Article X, or
(iii) otherwise against amounts on deposit in the Custodial Account as provided
by Section 3.10 and on the Distribution Date(s) following such reimbursement the
aggregate of such taxes shall be allocated in reduction of the Accrued
Certificate Interest on each Class entitled thereto in the same manner as if
such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal income tax purposes,
maintain books and records with respect to each REMIC on a calendar year and on
an accrual basis or as otherwise may be required by the REMIC Provisions.
(i) Following the startup day, neither the Master Servicer nor the Trustee shall
accept any contributions of assets to any REMIC unless (subject to Section
10.01(f)) the Master Servicer and the Trustee shall have received an Opinion of
Counsel (at the expense of the party seeking to make such contribution) to the
effect that the inclusion of such assets in any REMIC will not cause any of
REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that
any Certificates are outstanding or subject any such REMIC to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law
or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to Section
10.01(f)) enter into any arrangement by which any of REMIC I, REMIC II or REMIC
III will receive a fee or other compensation for services nor permit any of
REMIC I, REMIC II or REMIC III to receive any income from assets other than
"qualified mortgages" as defined in Section 860G(a)(3) of the Code or "permitted
investments" as defined in Section 860G(a)(5) of the Code.
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(k) For the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations,
the "latest possible maturity date" by which the principal balance of each
regular interest in each REMIC would be reduced to zero is September 25, 2034.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal Revenue Service Form 8811, "Information Return for
Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for the Trust Fund.
(m) Neither the Trustee nor the Master Servicer shall sell, dispose of or
substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the
termination of any REMIC pursuant to Article IX of this Agreement or (iv) a
purchase of Mortgage Loans pursuant to Article II or III of this Agreement) or
acquire any assets for any REMIC or sell or dispose of any investments in the
Custodial Account or the Certificate Account for gain, or accept any
contributions to any REMIC after the Closing Date unless it has received an
Opinion of Counsel that such sale, disposition, substitution or acquisition will
not (a) affect adversely the status of any of REMIC I, REMIC II or REMIC III as
a REMIC or (b) unless the Master Servicer has determined in its sole discretion
to indemnify the Trust Fund against such tax, cause any REMIC to be subject to a
tax on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions.
Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Depositor, the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by the Trust
Fund, the Depositor or the Master Servicer, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X. In the event
that Residential Funding is no longer the Master Servicer, the Trustee shall
indemnify Residential Funding for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by Residential
Funding as a result of a breach of the Trustee's covenants set forth in Article
VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Depositor,
the Master Servicer and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Depositor, the Master Servicer or the Trustee, as a result of a breach
of the REMIC Administrator's covenants set forth in this Article X with respect
to compliance with the REMIC Provisions, including without limitation, any
penalties arising from the Trustee's execution of Tax Returns prepared by the
REMIC Administrator that contain errors or omissions; provided, however, that
such liability will not be imposed to the extent such breach is a result of an
error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
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(c) The Master Servicer agrees to indemnify the Trust Fund, the Depositor, the
REMIC Administrator and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Depositor or the Trustee, as a result of a breach of the Master
Servicer's covenants set forth in this Article X or in Article III with respect
to compliance with the REMIC Provisions, including without limitation, any
penalties arising from the Trustee's execution of Tax Returns prepared by the
Master Servicer that contain errors or omissions.
Section 10.03. Distributions on the REMIC I Regular Interests and REMIC II
Regular Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the REMIC I Regular Interests, Uncertificated Accrued
Interest on the REMIC I Regular Interests for such Distribution Date, plus any
Uncertificated Accrued Interest thereon remaining unpaid from any previous
Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be
made to the REMIC I Regular Interests, in each case from the related Loan Group,
first, to each REMIC I Regular Interest ending with the designation "SUB," so
that the Uncertificated Principal Balance of each such REMIC I Regular Interest
is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of
the Mortgage Loans in the related Loan Group over (y) the Certificate Principal
Amount of the related Senior Certificates (except that if any such excess is a
larger number than in the preceding distribution period, the least amount of
principal shall be distributed to such REMIC I Regular Interests such that the
REMIC I Subordinated Balance Ratio is maintained); and second, any remaining
principal in each Loan Group to the related REMIC I Regular Interest ending with
the designation "ZZZ" (provided that a portion of the remaining principal equal
to the Class A-I-PO Principal Distribution Amount, Class A-II-PO Principal
Distribution Amount, Class A-III-PO Principal Distribution Amount and Class
A-IV-PO Principal Distribution Amount will be distributed to REMIC I Regular
Interest A-I-PO, REMIC I Regular Interest A-II-PO, REMIC I Regular Interest
A-III-PO and REMIC I Regular Interest A-IV-PO, respectively). Realized Losses
from each Loan Group shall be applied after all distributions have been made on
each Distribution Date first, to the related REMIC I Regular Interest ending
with the designation "SUB," so that the Uncertificated Principal Balance of each
such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the
aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
Group over (y) the Certificate Principal Amount of the related Senior
Certificates (except that if any such excess is a larger number than in the
preceding distribution period, the least amount of Realized Losses shall be
applied to such REMIC I Regular Interests such that the REMIC I Subordinated
Balance Ratio is maintained); and second, any remaining Realized Losses from
each Loan Group shall be allocated to the related REMIC I Regular Interests
ending with the designation "ZZZ" (except that if a Realized Loss is recognized
with respect to a Discount Mortgage Loan that is a Group I Loan, Group II Loan,
Group III Loan or Group IV Loan, the applicable portion of such Realized Loss
will be allocated to REMIC I Regular Interest A-I-PO, REMIC I Regular Interest
A-II-PO, REMIC I Regular Interest A-III-PO and REMIC I Regular Interest A-IV-PO,
respectively).
(c) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the REMIC II Regular Interests, Uncertificated Accrued
Interest on the REMIC II Regular Interests for such Distribution Date, plus any
Uncertificated Accrued Interest thereon remaining unpaid from any previous
Distribution Date.
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(d) Distributions of principal shall be deemed to be made, and Realized Losses
shall be deemed allocated, to each of the REMIC II Regular Interests in the same
manner and priority as principal payments are made and Realized Losses are
allocated to the Corresponding Class.
(e) Notwithstanding the deemed distributions on the REMIC I Regular Interests
and REMIC II Regular Interests described in this Section 10.03, distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.
Section 10.04. Distributions on the Uncertificated REMIC III Regular Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the Uncertificated REMIC III Regular Interests,
Uncertificated Accrued Interest on the Uncertificated REMIC III Regular
Interests for such Distribution Date, plus any Uncertificated Accrued Interest
thereon remaining unpaid from any previous Distribution Date.
(b) In determining from time to time the Uncertificated REMIC Regular Interest
Distribution Amounts, Realized Losses allocated to the Class A-I-IO
Certificates, Class A-III-IO Certificates and Class A-IV-IO Certificates under
Section 4.05 shall be deemed allocated to the related Uncertificated REMIC III
Regular Interests on a pro rata basis based on the related Uncertificated
Accrued Interest for the related Distribution Date.
(c) On each Distribution Date, the Trustee shall be deemed to distribute from
the Trust Fund, in the priority set forth in Section 4.02, to the Class A-I-IO
Certificates, Class A-III-IO Certificates and Class A-IV-IO Certificates, the
amounts distributable thereon from the related Uncertificated REMIC Regular
Interest Distribution Amounts deemed to have been received by the Trustee from
the Trust Fund under this Section 10.04. The amount deemed distributable
hereunder with respect to the Class A-I-IO Certificates, Class A-III-IO
Certificates and Class A-IV-IO Certificates shall equal 100% of the amounts
payable with respect to the related Uncertificated REMIC III Regular Interests.
(d) Notwithstanding the deemed distributions on the Uncertificated REMIC III
Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
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ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time to
time by the Depositor, the Master Servicer and the Trustee, without the
consent of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein, which may be
inconsistent with any other provisions herein or therein or to correct
any error,
(iii) to modify, eliminate or add to any of its provisions to such extent as
shall be necessary or desirable to maintain the qualification of REMIC
I, REMIC II or REMIC III as REMICs at all times that any Certificate is
outstanding or to avoid or minimize the risk of the imposition of any
tax on the Trust Fund pursuant to the Code that would be a claim
against the Trust Fund, provided that the Trustee has received an
Opinion of Counsel to the effect that (A) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the
risk of the imposition of any such tax and (B) such action will not
adversely affect in any material respect the interests of any
Certificateholder,
(iv) to change the timing and/or nature of deposits into the Custodial
Account or the Certificate Account or to change the name in which the
Custodial Account is maintained, provided that (A) the Certificate
Account Deposit Date shall in no event be later than the related
Distribution Date, (B) such change shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the
interests of any Certificateholder and (C) such change shall not result
in a reduction of the rating assigned to any Class of Certificates
below the lower of the then-current rating or the rating assigned to
such Certificates as of the Closing Date, as evidenced by a letter from
each Rating Agency to such effect,
(v) to modify, eliminate or add to the provisions of Section 5.02(f) or any
other provision hereof restricting transfer of the Class R Certificates
by virtue of their being the "residual interests" in the Trust Fund
provided that (A) such change shall not result in reduction of the
rating assigned to any such Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates as of
the Closing Date, as evidenced by a letter from each Rating Agency to
such effect, and (B) such change shall not, as evidenced by an Opinion
of Counsel (at the expense of the party seeking so to modify, eliminate
or add such provisions), cause the Trust Fund or any of the
Certificateholders (other than the transferor) to be subject to a
federal tax caused by a transfer to a Person that is not a Permitted
Transferee, or
(vi) to make any other provisions with respect to matters or questions
arising under this Agreement or such Custodial Agreement which shall
not be materially inconsistent with the provisions of this Agreement,
provided that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.
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(b) This Agreement or any Custodial Agreement may also be amended from time
to time by the Depositor, the Master Servicer, the Trustee and the
Holders of Certificates evidencing in the aggregate not less than 66%
of the Percentage Interests of each Class of Certificates affected
thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or such
Custodial Agreement or of modifying in any manner the rights of the
Holders of Certificates of such Class; provided, however, that no such
amendment shall:
(i) reduce in any manner the amount of, or delay the timing of, payments
which are required to be distributed on any Certificate without the
consent of the Holder of such Certificate,
(ii) adversely affect in any material respect the interest of the Holders of
Certificates of any Class in a manner other than as described in clause
(i) hereof without the consent of Holders of Certificates of such Class
evidencing, as to such Class, Percentage Interests aggregating not less
than 66%, or
(iii) reduce the aforesaid percentage of Certificates of any Class the
Holders of which are required to consent to any such amendment, in any
such case without the consent of the Holders of all Certificates of
such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (at the expense of the party
seeking such amendment) to the effect that such amendment is permitted
under this Agreement and that such amendment or the exercise of any
power granted to the Master Servicer, the Depositor or the Trustee in
accordance with such amendment will not result in the imposition of a
federal tax on the Trust Fund or cause REMIC I, REMIC II or REMIC III
to fail to qualify as REMICs at any time that any Certificate is
outstanding. The Trustee may but shall not be obligated to enter into
any amendment pursuant to this Section that affects its rights, duties
and immunities and this agreement or otherwise; provided however, such
consent shall not be unreasonably withheld.
(d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to each
Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular
form of any proposed amendment, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution
thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.
(e) The Depositor shall have the option, in its sole discretion, to obtain
and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for
the purpose of protecting the Holders of the Class R Certificates
against any or all Realized Losses or other shortfalls. Any such
instrument or fund shall be held by the Trustee for the benefit of the
Class R Certificateholders, but shall not be and shall not be deemed to
be under any circumstances included in the REMIC. To the extent that
any such instrument or fund constitutes a reserve fund for federal
income tax purposes, (i) any reserve fund so established shall be an
152
outside reserve fund and not an asset of the REMIC, (ii) any such
reserve fund shall be owned by the Depositor, and (iii) amounts
transferred by the REMIC to any such reserve fund shall be treated as
amounts distributed by the REMIC to the Depositor or any successor, all
within the meaning of Treasury regulations Section 1.860G-2(h). In
connection with the provision of any such instrument or fund, this
Agreement and any provision hereof may be modified, added to, deleted
or otherwise amended in any manner that is related or incidental to
such instrument or fund or the establishment or administration thereof,
such amendment to be made by written instrument executed or consented
to by the Depositor and such related insurer but without the consent of
any Certificateholder and without the consent of the Master Servicer or
the Trustee being required unless any such amendment would impose any
additional obligation on, or otherwise adversely affect the interests
of the Certificateholders, the Master Servicer or the Trustee, as
applicable; provided that the Depositor obtains an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect
that any such amendment will not cause (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of
the Code or on "contributions after the startup date" under Section
860G(d)(1) of the Code and (b) any of REMIC I, REMIC II or REMIC III to
fail to qualify as a REMIC at any time that any Certificate is
outstanding. In the event that the Depositor elects to provide such
coverage in the form of a limited guaranty provided by General Motors
Acceptance Corporation, the Depositor may elect that the text of such
amendment to this Agreement shall be substantially in the form attached
hereto as Exhibit K (in which case Residential Funding's Subordinate
Certificate Loss Obligation as described in such exhibit shall be
established by Residential Funding's consent to such amendment) and
that the limited guaranty shall be executed in the form attached hereto
as Exhibit L, with such changes as the Depositor shall deem to be
appropriate; it being understood that the Trustee has reviewed and
approved the content of such forms and that the Trustee's consent or
approval to the use thereof is not required.
Section 11.02. Recordation of Agreement; Counterparts.
(a) To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee (pursuant to the
request of the Holders of Certificates entitled to at least 25% of the Voting
Rights), but only upon direction accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall constitute but one and the same
instrument.
153
Section 11.03. Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of any of the parties
hereto.
(b) No Certificateholder shall have any right to vote (except as expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, unless such Holder previously shall
have given to the Trustee a written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of Certificates
of any Class evidencing in the aggregate not less than 25% of the related
Percentage Interests of such Class, shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred therein
or thereby, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding it being understood and intended, and being expressly covenanted by
each Certificateholder with every other Certificateholder and the Trustee, that
no one or more Holders of Certificates of any Class shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any other Class, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
Certificateholders of such Class or all Classes, as the case may be. For the
protection and enforcement of the provisions of this Section 11.03, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.
Section 11.04. Governing Law.
This agreement and the Certificates shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 11.05. Notices.
All demands and notices hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by
registered mail, postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Depositor, 0000 Xxxxxxxxxx Xxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxxx
00000, Attention: President (RAMP), or such other address as may hereafter be
furnished to the Master Servicer and the Trustee in writing by the Depositor;
(b) in the case of the Master Servicer, 0000 Xxxxx Xxxxxxx Xxxxxx, Xxxxxxx,
Xxxxxxxxxx 00000-0000, Attention: Bond Administration or such other address as
may be hereafter furnished to the Depositor and the Trustee by the Master
154
Servicer in writing; (c) in the case of the Trustee, 0 Xxx Xxxx Xxxxx, 0xx
Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Worldwide Securities Services/Global
Debt, Residential Asset Mortgage Products Inc. Series 2005-SP1 or such other
address as may hereafter be furnished to the Depositor and the Master Servicer
in writing by the Trustee; (d) in the case of Standard & Poor's, 00 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 Attention: Mortgage Surveillance or such other
address as may be hereafter furnished to the Depositor, Trustee and Master
Servicer by Standard & Poor's; and (e) in the case of Moody's, 00 Xxxxxx Xxxxxx,
Xxx Xxxx, Xxx Xxxx 00000, Attention: ABS Monitoring Department, or such other
address as may be hereafter furnished to the Depositor, the Trustee and the
Master Servicer in writing by Moody's. Any notice required or permitted to be
mailed to a Certificateholder shall be given by first class mail, postage
prepaid, at the address of such holder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 11.06. Notices to Rating Agencies.
The Depositor, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency and each Subservicer at such time as it is otherwise
required pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as otherwise required to be
delivered pursuant to this Agreement of any of the statements described in
clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Master Servicer or Trustee or
a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket fidelity bond
and the errors and omissions insurance policy required by Section 3.12 or the
cancellation or modification of coverage under 152 any such instrument, (e) the
statement required to be delivered to the Holders of each Class of Certificates
pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections 3.18 and 3.19,
(g) a change in the location of the Custodial Account or the Certificate
Account,
(h) the occurrence of any monthly cash flow shortfall to the Holders of any
Class of Certificates resulting from the failure by the Master Servicer to make
an Advance pursuant to Section 4.04,
155
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage Loan, provided, however,
that with respect to notice of the occurrence of the events described in clauses
(d), (g) or (h) above, the Master Servicer shall provide prompt written notice
to each Rating Agency and the Subservicer of any such event known to the Master
Servicer.
Section 11.07. Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 11.08. Supplemental Provisions for Resecuritization.
(a) This Agreement may be supplemented by means of the addition of a separate
Article hereto (a "Supplemental Article") for the purpose of resecuritizing any
of the Certificates issued hereunder, under the following circumstances. With
respect to any Class or Classes of Certificates issued hereunder, or any portion
of any such Class, as to which the Depositor or any of its Affiliates (or any
designee thereof) is the registered Holder (the "Resecuritized Certificates"),
the Depositor may deposit such Resecuritized Certificates into a new REMIC,
grantor trust, FASIT or custodial arrangement (a "Restructuring Vehicle") to be
held by the Trustee pursuant to a Supplemental Article. The instrument adopting
such Supplemental Article shall be executed by the Depositor, the Master
Servicer and the Trustee; provided, that neither the Master Servicer nor the
Trustee shall withhold their consent thereto if their respective interests would
not be materially adversely affected thereby. To the extent that the terms of
the Supplemental Article do not in any way affect any provisions of this
Agreement as to any of the Certificates initially issued hereunder, the adoption
of the Supplemental Article shall not constitute an "amendment" of this
Agreement. Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary to the purposes thereof. In
connection with each Supplemental Article, the Depositor shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of any of REMIC I, REMIC II or
REMIC III as a REMIC or result in the imposition of a tax upon the Trust Fund
(including but not limited to the tax on prohibited transaction as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC as set
forth in Section 860G(d) of the Code.
156
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
[Seal] RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
By: /s/ Xxxx Xxxxx
Attest: /s/ Xxxxxx XxxXxx Name: Xxxx Xxxxx
Name: Xxxxxx XxxXxx Title: Vice President
Title: Vice President
[Seal] RESIDENTIAL FUNDING CORPORATION
Attest: /s/ Xxxx Xxxxx By: /s/ Xxxxxx XxxXxx
Name: Xxxx Xxxxx Name: Xxxxxx XxxXxx
Title: Associate Title: Associate
[Seal] JPMORGAN CHASE BANK,
N.A. as Trustee
Attest: /s/ Xxxxx Xxxxxxx By: /s/ Xxxxxx Xxxxxx
Name: Xxxxx Xxxxxxx Name: Xxxxxx Xxxxxx
Title: Vice President Title: Asst. VP
000
XXXXX XX XXXXXXXXX )
) ss.:
COUNTY OF HENNEPIN )
On the 31st day of May, 2005 before me, a notary public in and
for said State, personally appeared Xxxx Xxxxx, known to me to be a Vice
President of Residential Asset Mortgage Products, Inc., one of the corporations
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
_____________________________
[Notarial Seal]
000
XXXXX XX XXXXXXXXX )
) ss.:
COUNTY OF HENNEPIN )
On the 31st day of May, 2005 before me, a notary public in and
for said State, personally appeared Xxxxxx XxxXxx, known to me to be an
Associate of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
___________________________
[Notarial Seal]
000
XXXXX XX XXX XXXX )
) ss.:
COUNTY OF NEW YORK )
On the 31st day of May, 2005 before me, a notary public in and
for said State, personally appeared ___________________, known to me to be a
Trust Officer of JPMorgan Chase Bank, N.A., a banking association organized
under the laws of the United States that executed the within instrument, and
also known to me to be the person who executed it on behalf of said banking
corporation and acknowledged to me that such banking corporation executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
____________________________
[Notarial Seal]
160
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
Certificate No. [____] [____]% Pass-Through Rate
Class A-___ Senior Percentage Interest: ____%
Date of Pooling and Servicing Agreement Aggregate Initial [Certificate Principal
and Cut-off Date: Balance] [Notional Amount] of the Class A-___
May 1, 2005 Certificates: $________
First Distribution Date: Initial [Certificate Principal Balance]
June 27, 2005 [Notional Amount] of this Certificate:
$[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
September 25, 2034 [______________]
MORTGAGE LOAN BACKED CERTIFICATE
SERIES 2005-SP1
evidencing a percentage interest in the distributions allocable
to the Class A-__ Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first lien mortgage loans sold by
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Asset
Mortgage Products, Inc., the Master Servicer, the Trustee referred to below or
GMAC Mortgage Group, Inc. or any of their affiliates. Neither this Certificate
nor the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Asset Mortgage Products, Inc., the
Master Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their
affiliates. None of the Company, the Master Servicer, GMAC Mortgage Group, Inc.
or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificates.
This certifies that ______________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial Certificate Principal Balance of this Certificate by the aggregate
Initial [Certificate Principal Balance] [Notional Amount] of all Class A-__
Certificates, both as specified above) in certain distributions with respect to
the Trust Fund consisting primarily of an interest in a pool of conventional
one- to four-family fixed interest rate first lien mortgage loans (the "Mortgage
Loans"), sold by Residential Asset Mortgage Products, Inc. (hereinafter called
the "Company," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as of May 1, 2005 (the "Pooling and Servicing
Agreement" or the "Agreement") among the Company, the Master Servicer and
JPMorgan Chase Bank, N.A., as Trustee (the "Trustee"), a summary of certain of
the pertinent provisions of which is set forth hereafter. To the extent not
A-2
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the related Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class
A-__ Certificates on such Distribution Date. [The Notional Amount of the Class
A-___ Certificates as of any date of determination is equal to the aggregate
Stated Principal Balance of the Mortgage Loans corresponding to the
Uncertificated REMIC Regular Interests represented by such Class A-___
Certificates. The Class A- ___ Certificates have no Certificate Principal
Balance.]
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Loan Backed Certificates of the
Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the related Mortgage Loans, all as more specifically
set forth herein and in the Agreement. In the event Master Servicer funds are
advanced with respect to any Mortgage Loan, such advance is reimbursable to the
Master Servicer, to the extent provided in the Agreement, from related
recoveries on such Mortgage Loan or from other cash that would have been
distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
A-3
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates. As provided in the
Agreement and subject to certain limitations therein set forth, the transfer of
this Certificate is registrable in the Certificate Register upon surrender of
this Certificate for registration of transfer at the offices or agencies
appointed by the Trustee in the City and State of New York, duly endorsed by, or
accompanied by an assignment in the form below or other written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar duly
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new certificates of authorized denominations
evidencing the same class and aggregate percentage interest will be issued to
the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
A-4
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
related Certificates. The Agreement permits, but does not require, the Master
Servicer to (i) purchase at a price determined as provided in the Agreement all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from
the Holders thereof; provided, that any such option may only be exercised if the
aggregated Stated Principal Balance of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than
five percent of the Cut-off Date Principal Balance of the Mortgage Loans.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-5
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: May 31, 2005 XX XXXXXX XXXXX BANK, N.A.,
as Trustee
By:____________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned
Agreement.
JPMORGAN CHASE BANK, N.A.
as Certificate Registrar
By: _____________________________
Authorized Signatory
A-6
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Loan Backed Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
______________________________________
Dated: _________________ Signature by or on behalf of assignor
______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
A-7
EXHIBIT B
FORM OF CLASS M CERTIFICATES
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES [AND THE CLASS M-[ ] CERTIFICATES] DESCRIBED IN THE AGREEMENT (AS
DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT A PERSON, AN INVESTMENT MANAGER, A NAMED
FIDUCIARY OR A TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF
OR PURCHASING ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN INVESTOR")
OR (B)IT HAS ACQUIRED AND IS HOLDING SUCH CERTIFICATE IN RELIANCE ON PROHIBIITED
TRANSACTION EXEMPTION ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS
AMENDED BY XXX 00-00, 00 XXX., XXX. 00000 (JULY 21, 1997), PTE 2000-58, 65 FED.
REG. 67765 (NOVEMBER 13, 2000), AND PTE 2002-41, 67 FED. REG. 54487 (AUGUST 22,
2002) (THE "RFC EXEMPTION"), AND THAT IT UNDERSTANDS THAT THERE ARE CERTAIN
CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION INCLUDING THAT SUCH
CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN "BBB-" (OR
ITS EQUIVALENT) BY STANDARD & POOR'S, FITCH OR XXXXX'X OR (C)(I) THE TRANSFEREE
IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO PURCHASE
THE CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT" (WITHIN THE MEANING OF
U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 95-60),
AND (III) THE CONDITIONS SET FORTH IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN
SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (C), A "COMPLYING INSURANCE
COMPANY").
IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING
TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) ACQUIRED SUCH
CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION OR (III) IS A COMPLYING
INSURANCE COMPANY SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE OWNER THEREOF RETROACTIVE TO THE DATE OF
SUCH TRANSFER OF THIS CERTIFICATE. THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS CERTIFICATE TO SUCH PRECEDING
TRANSFEREE.
ANY PURPORTED CERTIFICATE OWNER WHOSE ACQUISITION OR HOLDING OF THIS
CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS
IN SECTION 5.02(E) OF THE POOLING AND SERVICING AGREEMENT SHALL INDEMNIFY AND
HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER, ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.
B-2
Certificate No. [____] Variable Pass-Through Rate
Class M-___ Subordinate
Date of Pooling and Servicing Agreement Aggregate Certificate Principal Balance of
and Cut-off Date: the Class M-__ Certificates: $_______________
May 1, 2005
First Distribution Date: Initial Certificate Principal Balance of this
May 25, 2005 Certificate:
$[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
September 25, 2034 [______________]
MORTGAGE LOAN BACKED CERTIFICATE,
SERIES 2005-SP1
evidencing a percentage interest in any distributions allocable
to the Class M-___ Certificates with respect to the Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first lien mortgage loans sold by
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Asset
Mortgage Products, Inc., the Master Servicer, the Trustee referred to below or
GMAC Mortgage Group, Inc. or any of their affiliates. Neither this Certificate
nor the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Asset Mortgage Products, Inc., the
Master Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their
affiliates. None of the Depositor, the Master Servicer, GMAC Mortgage Group,
Inc. or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificates.
This certifies that _______________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Certificate Principal Balance of this Certificate by the aggregate Certificate
Principal Balance of all Class M-___ Certificates, both as specified above) in
certain distributions with respect to a Trust Fund consisting primarily of a
pool of conventional one- to four-family fixed interest rate first lien mortgage
loans (the "Mortgage Loans"), formed and sold by Residential Asset Mortgage
Products, Inc. (hereinafter called the "Depositor," which term includes any
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as of May 1, 2005,
B-3
(the "Pooling and Servicing Agreement" or the "Agreement") among the Depositor,
the Master Servicer and JPMorgan Chase Bank, N.A., as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the related Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class
M-___ Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of the
distributions allocable to principal and any Realized Losses allocable hereto.
As described above, any transferee of this Certificate will be deemed to
have represented by virtue of its purchase or holding of this Certificate (or
interest herein) that either (A) such transferee is not a Plan Investor or (B)
the transferee is a Complying Insurance Company. In addition, any purported
Certificate Owner whose acquisition or holding of this Certificate (or interest
herein) was effected in violation of the restrictions in Section 5.02(e) of the
Agreement shall indemnify and hold harmless the Depositor, the Trustee, the
Master Servicer, any Subservicer, and the Trust Fund from and against any and
all liabilities, claims, costs or expenses incurred by such parties as a result
of such acquisition or holding.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Loan Backed Certificates of the
Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the related Mortgage Loans, all as more specifically
set forth herein and in the Agreement. In the event Master Servicer funds are
advanced with respect to any Mortgage Loan, such advance is reimbursable to the
Master Servicer, to the extent provided in the Agreement, from related
recoveries on such Mortgage Loan or from other cash that would have been
distributable to Certificateholders.
B-4
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Depositor and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor , the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
B-5
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
related Certificates. The Agreement permits, but does not require, the Master
Servicer to (i) purchase at a price determined as provided in the Agreement all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from
the Holders thereof; provided, that any such option may only be exercised if the
aggregated Stated Principal Balance of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than
one percent of the Cut-off Date Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-6
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: May 31, 2005 XX XXXXXX XXXXX BANK, N.A.,
as Trustee
By:____________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned
Agreement.
JPMORGAN CHASE BANK, N.A.
as Certificate Registrar
By: _____________________________
Authorized Signatory
B-7
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Loan Backed Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
______________________________________
Dated: _________________ Signature by or on behalf of assignor
______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
B-8
EXHIBIT C
FORM OF CLASS B CERTIFICATES
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES[,] [AND] THE CLASS M CERTIFICATES [AND THE CLASS B-__
CERTIFICATES], AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT (THE "AGREEMENT").
NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE MADE TO
ANY PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, ANY PERSON ACTING,
DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON ACQUIRING SUCH
CERTIFICATES WITH "PLAN ASSETS" OF A PLAN WITHIN THE MEANING OF THE DEPARTMENT
OF LABOR REGULATION PROMULGATED AT 29 C.F.R. ss. 2510.3-101 ("PLAN ASSETS")
UNLESS THE FOLLOWING CONDITIONS ARE SATISFIED: (I) SUCH TRANSFEREE IS AN
INSURANCE COMPANY, (II) THE SOURCE OF FUNDS USED TO PURCHASE OR HOLD SUCH
CERTIFICATE (OR INTEREST THEREIN) IS AN "INSURANCE COMPANY GENERAL ACCOUNT" (AS
DEFINED IN U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 95-60, AND (III) THE CONDITIONS SET FORTH IN SECTIONS I AND III OF PTCE
95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (B), A
"COMPLYING INSURANCE COMPANY").
ANY PURPORTED CERTIFICATE OWNER WHOSE ACQUISITION OR HOLDING OF THIS
CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS
IN SECTION 5.02(e) OF THE POOLING AND SERVICING AGREEMENT SHALL INDEMNIFY AND
HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER, ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.
Class B-___ Certificate No. [__]
Date of Pooling and Servicing Variable Pass-Through Rate
Agreement and Cut-off Date
May 1, 2005
First Distribution Date: Percentage Interest: 100%
June 27, 2005
Master Servicer: Aggregate Certificate Principal Balance of this
Residential Funding Corporation Certificate: $[_________]
Final Scheduled Distribution Date: Initial Certificate Principal Balance of this
September 25, 2034 Certificate:
$[_________]
CUSIP: [_________]
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES
SERIES 2005-SP1
evidencing a percentage interest in the distributions allocable
to the Class B-__ Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed first lien mortgage loans sold by RESIDENTIAL
ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Asset
Mortgage Products, Inc., the Master Servicer, the Trustee referred to below or
GMAC Mortgage Group, Inc. or any of their affiliates. Neither this Certificate
nor the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Asset Mortgage Products, Inc., the
Master Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their
affiliates. None of the Depositor, the Master Servicer, GMAC Mortgage Group,
Inc. or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificates.
This certifies that _________________ is the registered owner of the
Percentage Interest evidenced by this Certificate in certain distributions with
respect to the Trust Fund consisting primarily of an interest in a pool of
conventional one- to four-family fixed first lien mortgage loans (the "Mortgage
Loans"), sold by Residential Asset Mortgage Products, Inc. (hereinafter called
the "Depositor," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Depositor, the Master Servicer and JPMorgan Chase Bank, N.A., as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
C-2
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the related Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount of
interest and principal, if any, required to be distributed to Holders of Class
B-__ Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of the
distributions allocable to principal and any Realized Losses allocable hereto.
No transfer of this Class B-__ Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Depositor may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Depositor that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Master Servicer and the Certificate Registrar acting on behalf of
the Trustee against any liability that may result if the transfer is not so
exempt or is not made in accordance with such Federal and state laws.
As described above, no transfer of this Class B-__ Certificate will be
made unless (i) the Trustee has received either an opinion of counsel or a
representation letter, each as described in the Agreement, relating to the
permissibility of such transfer under ERISA and Section 4975 of the Code, or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made representations relating to the permissibility of such
transfer under ERISA and Section 4975 of the Code, as described in Section
5.02(e) of the Agreement. In addition, any purported Certificate Owner whose
acquisition or holding of this Certificate (or interest herein) was effected in
C-3
violation of the restrictions in Section 5.02(e) of the Agreement shall
indemnify and hold harmless the Depositor, the Trustee, the Master Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of such
acquisition or holding.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Asset-Backed Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Depositor and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
C-4
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and (ii) the purchase by Residential Funding
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
related Certificates. The Agreement permits, but does not require, Residential
Funding (i) to purchase, at a price determined as provided in the Agreement, all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) subject to the terms of the Agreement, to purchase in whole, but
not in part, all of the Class A, Class M and Class B Certificates from the
Holders thereof, provided, that any such option may only be exercised if the
aggregate Stated Principal Balance of the Mortgage Loans, as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
C-5
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: May 31, 2005 XX XXXXXX XXXXX BANK, N.A.,
as Trustee
By:____________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned
Agreement.
JPMORGAN CHASE BANK, N.A.
as Certificate Registrar
By: ____________________________
Authorized Signatory
C-6
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Loan Backed Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
______________________________________
Dated: _________________ Signature by or on behalf of assignor
______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
C-7
EXHIBIT D
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON- UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED
PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH
ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND
IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
AGREEMENT.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE
TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
DEPOSITOR OR THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE DEPOSITOR
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN
INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR XXXXXXX MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES DESCRIBED IN SECTION
521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN
SECTION 1381(A)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
(A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE
OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
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Class [R-___] Subordinate Certificate No. [____]
Date of Pooling and Servicing Agreement Aggregate Initial Certificate Principal
and Cut-off Date: Balance of the Class R-___ Certificates:
May 1, 2005 [$50.00]
First Distribution Date: Initial Certificate Principal Balance of this
June 27, 2005 Certificate:
$[______________]
Master Servicer: Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
September 25, 2034 [______________]
MORTGAGE LOAN BACKED CERTIFICATE,
SERIES 2005-SP1
evidencing a percentage interest in any distributions allocable
to the Class R-__ Certificates with respect to the Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first lien mortgage loans sold by
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Asset
Mortgage Products, Inc., the Master Servicer, the Trustee referred to below or
GMAC Mortgage Group, Inc. or any of their affiliates. Neither this Certificate
nor the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Asset Mortgage Products, Inc., the
Master Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their
affiliates. None of the Depositor, the Master Servicer, GMAC Mortgage Group,
Inc. or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificates.
This certifies that is ____________________ the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial Certificate Principal Balance of this Certificate by the aggregate
Initial Certificate Principal Balance of all Class R-__ Certificates, both as
specified above) in certain distributions with respect to the Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first lien mortgage loans (the "Mortgage Loans"), sold by
Residential Asset Mortgage Products, Inc. (hereinafter called the "Depositor,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as of May 1, 2005, (the "Pooling and Servicing Agreement" or the "Agreement")
among the Depositor, the Master Servicer and JPMorgan Chase Bank, N.A., as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
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Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class R-__
Certificates on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Depositor will have the right, in
its sole discretion and without notice to the Holder of this Certificate, to
sell this Certificate to a purchaser selected by the Depositor, which purchaser
may be the Depositor, or any affiliate of the Depositor, on such terms and
conditions as the Depositor may choose.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
Notwithstanding the reduction of the Certificate Principal Balance hereof to
zero, this Certificate will remain outstanding under the Agreement and the
Holder hereof may have additional obligations with respect to this Certificate,
including tax liabilities, and may be entitled to certain additional
distributions hereon, in accordance with the terms and provisions of the
Agreement.
No transfer of this Class R-__ Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Depositor may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Depositor that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by Section 5.02(e) of the Agreement. The Holder hereof
desiring to effect such transfer shall, and does hereby agree to, indemnify the
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Trustee, the Depositor, the Master Servicer and the Certificate Registrar acting
on behalf of the Trustee against any liability that may result if the transfer
is not so exempt or is not made in accordance with such Federal and state laws.
In connection with any such transfer, the Trustee will also require either (i)
an opinion of counsel acceptable to and in form and substance satisfactory to
the Trustee, the Depositor and the Master Servicer with respect to the
permissibility of such transfer under the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and Section 4975 of the Internal Revenue Code
(the "Code") and stating, among other things, that the transferee's acquisition
of a Class R Certificate will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
(ii) a representation letter, in the form as described by the Agreement, stating
that the transferee is not an employee benefit or other plan subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other Person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Loan Backed Certificates of the
Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Depositor and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor , the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
D-5
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
related Certificates. The Agreement permits, but does not require, the Master
Servicer to (i) purchase at a price determined as provided in the Agreement all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from
the Holders thereof; provided, that any such option may only be exercised if the
aggregated Stated Principal Balance of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than
one percent of the Cut-off Date Principal Balance of the Mortgage Loans.
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Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purpose
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
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IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: May 31, 2005 XX XXXXXX XXXXX BANK, N.A.,
as Trustee
By:____________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned
Agreement.
JPMORGAN CHASE BANK, N.A.
as Certificate Registrar
By: _____________________________
Authorized Signatory
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Loan Backed Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
______________________________________
Dated: _________________ Signature by or on behalf of assignor
______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
D-9
1
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time
to time, the "Agreement"), dated as of May 31, 2005, by and among JPMORGAN CHASE
BANK, N.A., as trustee (including its successors under the Pooling Agreement
defined below, the "Trustee"), RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., as
Depositor (together with any successor in interest, the "Depositor"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with any successor
in interest or successor under the Pooling Agreement referred to below, the
"Master Servicer") and XXXXX FARGO BANK, N.A., as custodian (together with any
successor in interest or any successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T :
WHEREAS, the Depositor, the Master Servicer, and the Trustee have
entered into a Pooling and Servicing Agreement, dated as of May 1, 2005,
relating to the issuance of Residential Asset Mortgage Products, Inc., Mortgage
Loan Backed Certificates, Series 2005-SP1 (as in effect on the date of this
Agreement, the "Original Pooling Agreement," and as amended and supplemented
from time to time, the "Pooling Agreement"); and
WHEREAS, the Custodian has agreed to act as agent for the Trustee
for the purposes of receiving and holding certain documents and other
instruments delivered by the Depositor and the Master Servicer under the Pooling
Agreement, all upon the terms and conditions and subject to the limitations
hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Depositor, the
Master Servicer and the Custodian hereby agree as follows:
ARTICLE I
Definitions
Capitalized terms used in this Agreement and not defined herein
shall have the meanings assigned in the Original Pooling Agreement, unless
otherwise required by the context herein.
ARTICLE II
Custody of Mortgage Documents
Section 2.1 Custodian to Act as Agent; Acceptance of Mortgage Files. The
Custodian, as the duly appointed agent of the Trustee for these purposes,
acknowledges receipt of the Mortgage Files relating to the Mortgage Loans
identified on the schedule attached hereto (the "Mortgage Files") and declares
that it holds and will hold the Mortgage Files as agent for the Trustee, in
trust, for the use and benefit of all present and future Certificateholders.
Section 2.2 Recordation of Assignments. If any Mortgage File includes one or
more assignments to the Trustee of Mortgage Notes and related Mortgages that
have not been recorded, each such assignment shall be delivered by the Custodian
to the Depositor for the purpose of recording it in the appropriate public
office for real property records, and the Depositor, at no expense to the
Custodian, shall promptly cause to be recorded in the appropriate public office
for real property records each such assignment and, upon receipt thereof from
such public office, shall return each such assignment to the Custodian.
Section 2.3 Review of Mortgage Files.
(a) On or prior to the Closing Date, the Custodian shall deliver to the Trustee
an Initial Certification in the form annexed hereto as Exhibit One evidencing
receipt of a Mortgage File for each Mortgage Loan listed on the Schedule
attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days after the closing date, the Custodian agrees, for the benefit
of Certificateholders, to review, in accordance with the provisions of Section
2.02 of the Pooling Agreement, each Mortgage File, and shall deliver to the
Trustee an Interim Certification in the form annexed hereto as Exhibit Two to
the effect that all documents required to be delivered pursuant to Section
2.01(b) of the Pooling Agreement have been executed and received and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
except for any exceptions listed on Schedule A attached to such Interim
Certification. Within 45 days of receipt of the documents required to be
delivered pursuant to Section 2.01(c) of the Pooling Agreement, the Custodian
agrees, for the benefit of Certificateholders, to review, in accordance with the
provisions of Section 2.02 of the Pooling Agreement, each such document, and
shall deliver to the Trustee either (i) an Interim Certification in the form
attached hereto as Exhibit Two to the effect that all such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule, except for any
exceptions listed on Schedule A attached to such Interim Certification or (ii) a
Final Certification as set forth in subsection (c) below. The Custodian shall be
under no duty or obligation to inspect, review or examine said documents,
instruments, certificates or other papers to determine that the same are
genuine, enforceable, or appropriate for the represented purpose or that they
have actually been recorded or that they are other than what they purport to be
on their face. If in performing the review required by this Section 2.3 the
Custodian finds any document or documents constituting a part of a Mortgage File
to be defective in any material respect, the Custodian shall promptly so notify
the Depositor, the Master Servicer and the Trustee.
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(c) Upon receipt of all documents required to be in the Mortgage Files the
Custodian shall deliver to the Trustee a Final Certification in the form annexed
hereto as Exhibit Three evidencing the completeness of the Mortgage Files.
Upon receipt of written request from the Trustee, the Custodian
shall as soon as practicable supply the Trustee with a list of all of the
documents relating to the Mortgage Loans then contained in the Mortgage Files.
Section 2.4 Notification of Breaches of Representations and Warranties. Upon
discovery by the Custodian of a breach of any representation or warranty made by
the Master Servicer or the Depositor as set forth in the Pooling Agreement or by
a Seller in a Seller's Agreement or by Residential Funding or the Depositor in
the Assignment Agreement with respect to a Mortgage Loan relating to a Mortgage
File, the Custodian shall give prompt written notice to the Depositor, the
Master Servicer and the Trustee.
Section 2.5 Custodian to Cooperate; Release of Mortgage Files. Upon the
repurchase or substitution of any Mortgage Loan pursuant to Article II of the
Pooling Agreement or payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer shall immediately notify
the Custodian by a certification (which certification shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the Custodial Account
pursuant to Section 3.07 of the Pooling Agreement have been or will be so
deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File. The Custodian agrees, upon receipt of such certification and
request, promptly to release to the Master Servicer the related Mortgage File.
The Master Servicer shall deliver to the Custodian and the Custodian agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.
Upon receipt of written notification from the Master Servicer,
signed by a Servicing Officer, that the Master Servicer or a Subservicer, as the
case may be, has made a deposit into the Certificate Account in payment for the
purchase of the related Mortgage Loan in an amount equal to the Purchase Price
for such Mortgage Loan, the Custodian shall release to the Master Servicer the
related Mortgage File.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a certificate of a Servicing Officer
requesting that possession of all, or any document constituting part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such release and that such release will not invalidate any insurance
coverage provided in respect of the Mortgage Loan under any of the Required
Insurance Policies. With such certificate, the Master Servicer shall deliver to
the Custodian a trust receipt signed by a Servicing Officer on behalf of the
Master Servicer, and upon receipt of the foregoing, the Custodian shall deliver
the Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
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Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Custodial Account or (ii) the Mortgage File or such document has been delivered
to an attorney, or to a public trustee or other public official as required by
law, for purposes of initiating or pursuing legal action or other proceedings
for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered to the Custodian a
certificate of a Servicing Officer certifying as to the name and address of the
Person to which such Mortgage File or such document was delivered and the
purpose or purposes of such delivery. In the event of the liquidation of a
Mortgage Loan, the Custodian shall deliver the Trust Receipt with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account as provided in the Pooling Agreement.
Section 2.6 Assumption Agreements. In the event that any assumption agreement or
substitution of liability agreement is entered into with respect to any Mortgage
Loan subject to this Agreement in accordance with the terms and provisions of
the Pooling Agreement, the Master Servicer shall notify the Custodian that such
assumption or substitution agreement has been completed by forwarding to the
Custodian the original of such assumption or substitution agreement, which shall
be added to the related Mortgage File and, for all purposes, shall be considered
a part of such Mortgage File to the same extent as all other documents and
instruments constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1 Custodian a Bailee and Agent of the Trustee. With respect to each
Mortgage Note, Mortgage and other documents constituting each Mortgage File
which are delivered to the Custodian, the Custodian is exclusively the bailee
and agent of the Trustee and has no instructions to hold any Mortgage Note or
Mortgage for the benefit of any person other than the Trustee, holds such
documents for the benefit of Certificateholders and undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement.
Except upon compliance with the provisions of Section 2.5 of this Agreement, no
Mortgage Note, Mortgage or other document constituting a part of a Mortgage File
shall be delivered by the Custodian to the Depositor or the Master Servicer or
otherwise released from the possession of the Custodian.
Section 3.2 Indemnification. The Depositor hereby agrees to indemnify and hold
the Custodian harmless from and against all claims, liabilities, losses,
actions, suits or proceedings at law or in equity, or any other expenses, fees
or charges of any character or nature, which the Custodian may incur or with
which the Custodian may be threatened by reason of its acting as custodian under
this Agreement, including indemnification of the Custodian against any and all
expenses, including attorney's fees if counsel for the Custodian has been
approved by the Depositor, and the cost of defending any action, suit or
proceedings or resisting any claim. Notwithstanding the foregoing, it is
specifically understood and agreed that in the event any such claim, liability,
loss, action, suit or proceeding or other expense, fee or charge shall have been
caused by reason of any negligent act, negligent failure to act or willful
misconduct on the part of the Custodian, or which shall constitute a willful
breach of its duties hereunder, the indemnification provisions of this Agreement
shall not apply.
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Section 3.3 Custodian May Own Certificates. The Custodian in its individual or
any other capacity may become the owner or pledgee of Certificates with the same
rights it would have if it were not Custodian.
Section 3.4 Master Servicer to Pay Custodian's Fees and Expenses. The Master
Servicer covenants and agrees to pay to the Custodian from time to time, and the
Custodian shall be entitled to, reasonable compensation for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Custodian, and the Master Servicer will pay or reimburse the
Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Custodian in accordance with any of the
provisions of this Agreement (including the reasonable compensation and the
expenses and disbursements of its counsel and of all persons not regularly in
its employ), except any such expense, disbursement or advance as may arise from
its negligence or bad faith. Section 3.5 Custodian May Resign; Trustee May
Remove Custodian. The Custodian may resign from the obligations and duties
hereby imposed upon it as such obligations and duties relate to its acting as
Custodian of the Mortgage Loans. Upon receiving such notice of resignation, the
Trustee shall either take custody of the Mortgage Files itself and give prompt
notice thereof to the Depositor, the Master Servicer and the Custodian, or
promptly appoint a successor Custodian by written instrument, in duplicate, one
copy of which instrument shall be delivered to the resigning Custodian and one
copy to the successor Custodian. If the Trustee shall not have taken custody of
the Mortgage Files and no successor Custodian shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In such event,
the Trustee shall appoint, or petition a court of competent jurisdiction to
appoint, a successor Custodian hereunder. Any successor Custodian shall be a
depository institution subject to supervision or examination by federal or state
authority and shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or the Depositor
..
Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Depositor and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall be
appointed by the Trustee without the prior approval of the Depositor and the
Master Servicer.
E-5
Section 3.6 Merger or Consolidation of Custodian. Any Person into which the
Custodian may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the
Custodian shall be a party, or any Person succeeding to the business of the
Custodian, shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.
Section 3.7 Representations of the Custodian. The Custodian hereby represents
that it is a depository institution subject to supervision or examination by a
federal or state authority, has a combined capital and surplus of at least
$15,000,000 and is qualified to do business in the jurisdictions in which it
will hold any Mortgage File.
ARTICLE IV
Miscellaneous Provisions
Section 4.1 Notices. All notices, requests, consents and demands and other
communications required under this Agreement or pursuant to any other instrument
or document delivered hereunder shall be in writing and, unless otherwise
specifically provided, may be delivered personally, by telegram or telex, or by
registered or certified mail, postage prepaid, return receipt requested, at the
addresses specified on the signature page hereof (unless changed by the
particular party whose address is stated herein by similar notice in writing),
in which case the notice will be deemed delivered when received.
Section 4.2 Amendments. No modification or amendment of or supplement to this
Agreement shall be valid or effective unless the same is in writing and signed
by all parties hereto, and neither the Depositor, the Master Servicer nor the
Trustee shall enter into any amendment hereof except as permitted by the Pooling
Agreement. The Trustee shall give prompt notice to the Custodian of any
amendment or supplement to the Pooling Agreement and furnish the Custodian with
written copies thereof.
Section 4.3 GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER
THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 4.4 Recordation of Agreement. To the extent permitted by applicable law,
this Agreement is subject to recordation in all appropriate public offices for
real property records in all the counties or other comparable jurisdictions in
which any or all of the properties subject to the Mortgages are situated, and in
any other appropriate public recording office or elsewhere, such recordation to
be effected by the Master Servicer and at its expense on direction by the
Trustee (pursuant to the request of holders of Certificates evidencing undivided
interests in the aggregate of not less than 25% of the Trust Fund), but only
upon direction accompanied by an Opinion of Counsel reasonably satisfactory to
the Master Servicer to the effect that the failure to effect such recordation is
likely to materially and adversely affect the interests of the
Certificateholders.
E-6
For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 4.5 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
E-7
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: XX XXXXXX XXXXX BANK, N.A., as Trustee
Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000 By:____________________________________
Name:
Title:
Address: RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
By:____________________________________
Name:
Title:
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
By:____________________________________
Name:
Title:
Address: XXXXX FARGO BANK, N.A.
Document Custody
Xxx Xxxxxxxx Xxxxxxxxx - Xxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxxx 00000
By:____________________________________
Name:
Title:
X-0
XXXXX XX XXX XXXX )
) ss.:
COUNTY OF NEW YORK )
On the ____ day of May, 2005, before me, a notary public in and
for said State, personally appeared _____________, known to me to be a
_______________ of JPMorgan Chase Bank, N.A., that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said corporation and acknowledged to me that such corporation executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
_______________________
Notary Public
[SEAL]
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the ___ day of May, 2005, before me, a notary public in and
for said State, personally appeared ____________, known to me to be a
____________ of Residential Asset Mortgage Products, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
_____________________
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of May, 2005, before me, a notary public in and
for said State, personally appeared, ____________, known to me to be a
_____________ of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
_________________________
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of May, 2005, before me, a notary public in and
for said State, personally appeared ___________, known to me to be an
______________ of Xxxxx Fargo Bank, N.A., one of the corporations that executed
the within instrument, and also known to me to be the person who executed it on
behalf of said national banking association, and acknowledged to me that such
national banking association executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
________________________________
Notary Public
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
May 31, 2005
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Custodial Agreement, dated as of May 31, 2005, by and among JPMorgan
Chase Bank, N.A., Residential Asset Mortgage Products, Inc., Residential
Funding Corporation and Xxxxx Fargo Bank, N.A., relating to Mortgage
Loan Backed Certificates, Series 2005-SP1
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, and subject to Section 2.02 of the Pooling Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which contains an original Mortgage Note or an original Lost Note Affidavit
with a copy of the related Mortgage Note) to the extent required in Section
2.01(b) of the Pooling Agreement with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule, with any exceptions listed on Schedule A attached
hereto.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
XXXXX FARGO BANK, N.A.
By: ______________________
Title:
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
_____________ , 2005
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Custodial Agreement, dated as of May 31, 2005, by and among JPMorgan
Chase Bank, N.A., Residential Asset Mortgage Products, Inc., Residential
Funding Corporation and Xxxxx Fargo Bank, N.A., relating to Mortgage
Loan Backed Certificates, Series 2005-SP1
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File to the extent required pursuant to Section 2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
and has determined that: all required documents have been executed and received
and that such documents relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, with any exceptions listed on Schedule A attached hereto.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
XXXXX FARGO BANK, N.A.
By:______________________________
Name:
Title:
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ , 2005
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Custodial Agreement, dated as of May 31, 2005, by and among JPMorgan
Chase Bank, N.A., Residential Asset Mortgage Products, Inc., Residential
Funding Corporation and Xxxxx Fargo Bank, N.A., relating to Mortgage
Loan Backed Certificates, Series 2005-SP1
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule and it has reviewed the Mortgage File and the Mortgage Loan Schedule
and has determined that: all required documents referred to in Section 2.01(b)
of the Pooling Agreement have been executed and received and that such documents
relate to the Mortgage Loans identified on the Mortgage Loan Schedule.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
XXXXX FARGO BANK, N.A.
By: ___________________________
Name:
Title:
EXHIBIT F-1
GROUP I LOAN SCHEDULE
(FILED MANUALLY)
Fixed Rate Loan
Loan Number S/S Code Payment Type Original Bal Loan Feature
Orig Term Principal Bal # of Units
Orig Rate Original PI LTV
Net Curr Current PI
City State Zip Loan Purp Note Date MI Co Code
Servicer Loan # Prop Type First Pay Date MI Coverage
Seller Loan # Occup Code Maturity Date
Investor Loan #
9843333 Q72/703 F 532,000.00 ZZ
360 518,904.25 1
5.3750 2979.05 67
5.1750 2979.05
XXX XXXXXX XX 00000 5 07/07/03 00
40522275 05 09/01/03 0.0000
40522275 O 08/01/33
0
9843335 Q72/703 F 479,000.00 ZZ
360 467,795.63 1
5.3750 2682.27 66
5.1750 2682.27
XXXXXXX XX 00000 1 08/12/03 00
40522283 09 10/01/03 0.0000
40522283 O 09/01/33
0
9843361 Q72/703 F 394,800.00 ZZ
360 384,595.60 1
5.3750 2210.77 80
5.1750 2210.77
XXXXXXXXX XX 00000 1 06/24/03 00
38995035 05 08/01/03 0.0000
38995035 O 07/01/33
0
9843363 Q72/703 F 495,500.00 ZZ
360 470,986.95 1
5.3750 2774.66 71
5.1750 2774.66
XXXXXX XXXXXX XX 00000 5 06/09/03 00
38995135 05 08/01/03 0.0000
38995135 O 07/01/33
0
9843365 Q72/703 F 604,000.00 ZZ
360 587,641.72 1
5.3750 3382.23 80
5.1750 3382.23
XXXXXX XX 00000 1 05/30/03 00
38995657 05 07/01/03 0.0000
38995657 O 06/01/33
0
9843369 Q72/703 F 396,000.00 ZZ
360 385,764.59 1
5.3750 2217.49 78
5.1750 2217.49
XXXXXXXXXX XX 00000 5 06/23/03 00
40521931 05 08/01/03 0.0000
40521931 O 07/01/33
0
9843371 Q72/703 F 775,000.00 ZZ
360 742,342.51 1
5.2500 4279.58 38
5.0500 4279.58
XXXXXXX XX 00000 5 07/22/03 00
40521843 05 09/01/03 0.0000
40521843 O 08/01/33
0
9843373 Q72/703 F 418,000.00 ZZ
360 404,276.12 1
5.3750 2340.68 76
5.1750 2340.68
XXX XXXXX XX 00000 1 07/16/03 00
40522035 05 09/01/03 0.0000
40522035 O 08/01/33
0
9843375 Q72/703 F 503,900.00 ZZ
360 491,495.88 1
5.3750 2821.70 80
5.1750 2821.70
XXXXX XXXXX XX 00000 1 07/14/03 00
40522043 05 09/01/03 0.0000
40522043 O 08/01/33
0
9843379 Q72/703 F 625,618.00 ZZ
360 610,652.00 1
5.2500 3454.69 70
5.0500 3454.69
XXXXXXXXX XX 00000 5 08/06/03 00
40522307 05 10/01/03 0.0000
40522307 O 09/01/33
0
9843381 Q72/703 F 639,000.00 ZZ
360 624,053.29 1
5.3750 3578.22 61
5.1750 3578.22
XXXXXXXXXX XX 00000 5 08/06/03 00
40522851 05 10/01/03 0.0000
40522851 O 09/01/33
0
9843383 Q72/703 F 424,900.00 ZZ
360 412,884.72 1
5.3750 2379.32 76
5.1750 2379.32
XXXXXX XX 00000 5 07/14/03 00
40522923 09 09/01/03 0.0000
40522923 O 08/01/33
0
9843411 Q72/703 F 480,000.00 ZZ
360 467,314.25 1
5.2500 2650.58 71
5.0500 2650.58
XXXXXXXX XX 00000 5 06/03/03 00
38996772 05 08/01/03 0.0000
38996772 O 07/01/33
0
9843413 Q72/703 F 545,000.00 ZZ
360 530,913.57 1
5.3750 3051.84 79
5.1750 3051.84
XXXXXXXXXX XX 00000 5 06/16/03 00
38996781 05 08/01/03 0.0000
38996781 O 07/01/33
0
9843457 Q72/703 F 470,000.00 ZZ
360 452,887.45 1
5.3750 2631.86 73
5.1750 2631.86
XXXX XXXXX XX 00000 5 06/20/03 00
38997413 05 08/01/03 0.0000
38997413 O 07/01/33
0
9843459 Q72/703 F 650,000.00 ZZ
360 632,436.42 1
5.1250 3539.17 78
4.9250 3539.17
XXXXXXXX XX 00000 1 06/19/03 00
38997505 05 08/01/03 0.0000
38997505 O 07/01/33
0
9843505 Q72/703 F 434,500.00 ZZ
360 423,269.48 1
5.3750 2433.08 50
5.1750 2433.08
XXXXXXXXX XX 00000 5 06/30/03 00
40401909 05 08/01/03 0.0000
40401909 O 07/01/33
0
9843509 Q72/703 F 380,000.00 ZZ
360 370,747.93 1
5.3750 2127.90 56
5.1750 2127.90
XXX XXXX XX 00000 1 09/02/03 00
40451849 05 10/01/03 0.0000
40451849 O 09/01/33
0
9843511 Q72/703 F 374,400.00 ZZ
360 362,401.51 1
5.2500 2067.45 80
5.0500 2067.45
XXXXXXX XX 00000 1 07/09/03 00
40458025 05 09/01/03 0.0000
40458025 O 08/01/33
0
9843513 Q72/703 F 435,000.00 ZZ
360 424,050.36 1
5.2500 2402.09 69
5.0500 2402.09
XXXXXXX XXXXX XX 00000 1 07/16/03 00
40520963 05 09/01/03 0.0000
40520963 O 08/01/33
0
9843515 Q72/703 F 625,000.00 ZZ
360 609,614.81 1
5.3750 3499.83 63
5.1750 3499.83
XXXXXXXX XX 00000 2 07/24/03 00
40521187 05 09/01/03 0.0000
40521187 O 08/01/33
0
9843517 Q72/703 F 573,600.00 ZZ
360 559,358.77 1
5.3750 3212.00 80
5.1750 3212.00
XXXXXXXX XX 00000 1 07/28/03 00
40521331 05 09/01/03 0.0000
40521331 O 08/01/33
0
9843519 Q72/703 F 452,500.00 ZZ
360 435,648.49 1
5.3750 2533.87 69
5.1750 2533.87
XXXXXXXX XX 00000 5 06/23/03 00
38993918 05 08/01/03 0.0000
38993918 O 07/01/33
0
9843521 Q72/703 F 430,000.00 ZZ
360 414,578.35 1
5.1250 2341.29 57
4.9250 2341.29
XXXXXXXXX XX 00000 1 06/20/03 00
38993928 05 08/01/03 0.0000
38993928 O 07/01/33
0
9843523 Q72/703 F 404,000.00 ZZ
360 390,924.15 1
5.3750 2262.28 77
5.1750 2262.28
XXXXX XXXXXXX XX 00000 5 06/20/03 00
38995263 05 08/01/03 0.0000
38995263 O 07/01/33
0
9843525 Q72/703 F 496,500.00 ZZ
360 484,278.10 1
5.3750 2780.26 27
5.1750 2780.26
XXXXX XXXX XX 00000 5 07/21/03 00
40521587 05 09/01/03 0.0000
40521587 O 08/01/33
0
9843527 Q72/703 F 580,000.00 ZZ
360 560,737.74 1
5.3750 3247.84 80
5.1750 3247.84
XXXXXXXXX XX 00000 1 07/23/03 00
40521523 05 09/01/03 0.0000
40521523 O 08/01/33
0
9843529 Q72/703 F 562,400.00 ZZ
360 548,555.93 1
5.3750 3149.28 80
5.1750 3149.28
XXX XXXXX XX 00000 1 07/03/03 00
40521411 05 09/01/03 0.0000
40521411 O 08/01/33
0
9843531 Q72/703 F 548,000.00 ZZ
360 531,612.58 1
5.3750 3068.64 80
5.1750 3068.64
XXXXXXXX XX 00000 5 07/16/03 00
40521883 09 09/01/03 0.0000
40521883 O 08/01/33
0
9843535 Q72/703 F 439,000.00 ZZ
360 426,110.88 1
5.1250 2390.30 80
4.9250 2390.30
XXX XXXXX XX 00000 5 06/20/03 00
39009088 05 08/01/03 0.0000
39009088 O 07/01/33
0
9843537 Q72/703 F 420,000.00 ZZ
360 328,532.74 1
5.3750 2351.88 78
5.1750 2351.88
XXXXXX XX 00000 5 06/23/03 00
39009500 05 08/01/03 0.0000
39009500 O 07/01/33
0
9843545 Q72/703 F 387,000.00 ZZ
360 377,947.81 1
5.3750 2167.09 70
5.1750 2167.09
XXXXX XXXX XX 00000 2 08/12/03 00
46692732 05 10/01/03 0.0000
46692732 O 09/01/33
0
9843553 Q72/703 F 441,000.00 ZZ
360 430,451.38 1
5.2500 2435.22 63
5.0500 2435.22
XXXXXXX XX 00000 2 08/06/03 00
46695132 05 10/01/03 0.0000
46695132 O 09/01/33
0
9843557 Q72/703 F 600,000.00 ZZ
360 584,897.21 1
5.2500 3313.22 28
5.0500 3313.22
XXXX XXXX XX 00000 2 07/31/03 00
46694244 05 09/01/03 0.0000
46694244 O 08/01/33
0
9843591 Q72/703 F 580,000.00 ZZ
360 560,492.29 1
5.2500 3202.78 80
5.0500 3202.78
XXXXX XX 00000 1 06/30/03 00
39010927 09 08/01/03 0.0000
39010927 O 07/01/33
0
9843595 Q72/703 F 370,500.00 ZZ
360 355,645.88 1
5.0000 1988.92 95
4.8000 1988.92
XXXXXXXXXXXX XX 00000 1 07/03/03 11
39010991 09 09/01/03 30.0000
39010991 O 08/01/33
0
9843639 Q72/703 F 417,000.00 ZZ
360 396,415.02 1
5.3750 2335.08 78
5.1750 2335.08
XXXXXXXXXX XX 00000 5 07/11/03 00
39011046 09 09/01/03 0.0000
39011046 O 08/01/33
0
9843641 Q72/703 F 412,000.00 ZZ
360 401,111.40 1
5.2500 2275.08 80
5.0500 2275.08
XXXXXX XX 00000 1 06/30/03 00
39011092 09 08/01/03 0.0000
39011092 O 07/01/33
0
9843687 Q72/703 F 394,000.00 T
360 383,866.90 1
5.3750 2206.29 67
5.1750 2206.29
XXXXXXXXX XX 00000 5 07/15/03 00
39184377 09 09/01/03 0.0000
39184377 O 08/01/33
0
9843689 Q72/703 F 410,630.00 ZZ
360 399,405.68 1
5.3750 2299.41 75
5.1750 2299.41
XXXXXX XXXXX XX 00000 5 07/08/03 00
39184865 05 09/01/03 0.0000
39184865 O 08/01/33
0
9843693 Q72/703 F 451,000.00 ZZ
360 431,510.81 1
5.3750 2525.47 58
5.1750 2525.47
XXX XXXXX XX 00000 5 07/03/03 00
39185049 05 09/01/03 0.0000
39185049 O 08/01/33
0
9843695 Q72/703 F 390,000.00 ZZ
360 379,948.74 1
5.2500 2153.59 65
5.0500 2153.59
XXXXXXXXXX XX 00000 2 07/22/03 00
39184769 05 09/01/03 0.0000
39184769 O 08/01/33
0
9843697 Q72/703 F 413,000.00 ZZ
360 402,099.74 1
5.3750 2312.68 78
5.1750 2312.68
XXXXXX XX 00000 5 07/21/03 00
39186177 05 09/01/03 0.0000
39186177 O 08/01/33
0
9843741 Q72/703 F 450,000.00 ZZ
360 436,993.31 1
5.3750 2519.87 67
5.1750 2519.87
XXXX XX 00000 5 07/28/03 00
39186113 09 09/01/03 0.0000
39186113 O 08/01/33
0
9843763 Q72/703 F 375,900.00 T
360 364,631.95 1
5.3750 2104.94 80
5.1750 2104.94
XXXXXXX XXXXX XX 00000 1 07/03/03 00
47964649 01 08/01/03 0.0000
47964649 O 07/01/33
0
9843789 Q72/703 F 395,000.00 ZZ
360 385,057.40 1
5.2500 2181.20 79
5.0500 2181.20
XXXXXXXXXX XX 00000 2 07/23/03 00
39186377 09 09/01/03 0.0000
39186377 O 08/01/33
0
9843791 Q72/703 F 402,000.00 ZZ
360 391,137.61 1
5.1250 2188.84 49
4.9250 2188.84
XXXXXX XXXX XX 00000 5 06/27/03 00
39410971 05 08/01/03 0.0000
39410971 O 07/01/33
0
9843879 Q72/703 F 638,000.00 ZZ
360 617,401.32 1
5.3750 3572.62 56
5.1750 3572.62
XXXX XXXXX XX 00000 2 08/18/03 00
49103331 09 10/01/03 0.0000
49103331 O 09/01/33
0
9843911 Q72/703 F 509,000.00 ZZ
360 496,443.34 1
5.1250 2771.44 68
4.9250 2771.44
XXXXX XXXX XX 00000 1 11/13/03 00
48307249 05 01/01/04 0.0000
48307249 O 12/01/33
0
9843923 Q72/703 F 390,900.00 ZZ
360 381,060.59 1
5.2500 2158.56 57
5.0500 2158.56
XXXXX XXXX XX 00000 2 07/16/03 00
49103227 05 09/01/03 0.0000
49103227 O 08/01/33
0
9843925 Q72/703 F 500,000.00 ZZ
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9844155 Q72/703 F 365,000.00 ZZ
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XX XXXXX XX 00000 5 07/25/03 00
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9844421 Q72/703 F 542,000.00 ZZ
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46697021 05 09/01/03 0.0000
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9844443 Q72/703 F 542,400.00 ZZ
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49556102 05 10/01/03 0.0000
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9844511 Q72/703 F 452,000.00 ZZ
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0
9844543 Q72/703 F 580,000.00 ZZ
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9844547 Q72/703 F 650,000.00 ZZ
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9844559 Q72/703 F 642,000.00 ZZ
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9844601 Q72/703 F 528,000.00 ZZ
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9844607 Q72/703 F 485,000.00 ZZ
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9844613 Q72/703 F 387,000.00 ZZ
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38998657 05 08/01/03 0.0000
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9844621 Q72/703 F 416,800.00 ZZ
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38994971 09 08/01/03 0.0000
38994971 O 07/01/33
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9844625 Q72/703 F 635,000.00 ZZ
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9844629 Q72/703 F 400,000.00 ZZ
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XXX XXXXX XX 00000 2 07/31/03 00
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9844631 Q72/703 F 390,000.00 ZZ
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40672273 O 08/01/33
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9844643 Q72/703 F 410,000.00 ZZ
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XXXXX XXXXX XX 00000 1 08/18/03 00
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39008101 09 09/01/03 25.0000
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9844661 Q72/703 F 375,000.00 ZZ
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9844695 Q72/703 F 497,600.00 ZZ
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XXXX XXXXX XX 00000 1 07/18/03 00
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9844711 Q72/703 F 519,500.00 ZZ
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52557956 09 09/01/03 0.0000
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9844733 Q72/703 F 423,040.00 ZZ
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52555763 O 08/01/33
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9844741 Q72/703 F 882,000.00 ZZ
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9844847 Q72/703 F 513,000.00 ZZ
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49103779 09 08/01/03 0.0000
49103779 O 07/01/33
0
9844849 Q72/703 F 579,450.00 ZZ
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49103787 05 09/01/03 0.0000
49103787 O 08/01/33
0
9844867 Q72/703 F 510,000.00 ZZ
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46620278 11 11/01/03 0.0000
46620278 O 10/01/33
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9844869 Q72/703 F 695,000.00 ZZ
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46620318 11 11/01/03 0.0000
46620318 O 10/01/33
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9844877 Q72/703 F 380,500.00 ZZ
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XXX XXXXXXXXX XX 00000 2 07/28/03 00
46692068 01 09/01/03 0.0000
46692068 O 08/01/33
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9844879 Q72/703 F 416,000.00 ZZ
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39008202 05 09/01/03 0.0000
39008202 O 08/01/33
0
9844881 Q72/703 F 360,000.00 ZZ
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39008220 05 09/01/03 0.0000
39008220 O 08/01/33
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9844883 Q72/703 F 452,000.00 ZZ
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39008778 09 08/01/03 0.0000
39008778 O 07/01/33
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9845049 Q72/703 F 406,000.00 ZZ
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XXXX XXXXX XX 00000 2 09/03/03 00
46620470 05 11/01/03 0.0000
46620470 N 10/01/33
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9845051 Q72/703 F 648,500.00 ZZ
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XXXXXXX XXXX XX 00000 2 07/30/03 00
46692180 05 09/01/03 0.0000
46692180 O 08/01/33
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9845053 Q72/703 F 386,000.00 ZZ
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XXXXXXXX XX 00000 2 09/15/03 00
46621054 05 11/01/03 0.0000
46621054 O 10/01/33
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9845057 Q72/703 F 463,000.00 ZZ
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XXXX XX XXXX XX 00000 2 07/22/03 00
46692540 09 09/01/03 0.0000
46692540 O 08/01/33
0
9845059 Q72/703 F 447,000.00 ZZ
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XXXXXXXXX XXXXXX 00000 5 07/10/03 00
39008832 05 09/01/03 0.0000
39008832 O 08/01/33
0
9845061 Q72/703 F 607,800.00 ZZ
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XXXXXX XX 00000 5 07/03/03 00
39008860 09 09/01/03 0.0000
39008860 O 08/01/33
0
9845063 Q72/703 F 444,500.00 ZZ
360 428,592.45 1
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39008924 09 09/01/03 0.0000
39008924 O 08/01/33
0
9845065 Q72/703 F 579,000.00 ZZ
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
9851643 Q72/905 F 400,000.00 ZZ
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0
9851655 Q72/905 F 600,000.00 ZZ
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9851667 Q72/905 F 585,000.00 ZZ
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0
9851669 Q72/905 F 397,000.00 ZZ
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0
9851725 Q72/905 F 388,000.00 ZZ
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0
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0
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0
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0
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0
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0
9851785 Q72/905 F 488,000.00 ZZ
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130624299 O 10/01/33
0
9853839 Q72/905 F 435,000.00 ZZ
360 421,897.01 1
5.3750 2435.88 80
5.1250 2435.88
XXXXXXXXX XX 00000 5 08/21/03 00
130639842 05 10/01/03 0.0000
130639842 O 09/01/33
0
9853849 Q72/905 F 360,000.00 ZZ
300 346,583.60 1
5.2500 2157.29 80
5.0000 2157.29
XXXXXXXX XX 00000 1 06/23/03 00
130555188 05 08/01/03 0.0000
130555188 O 07/01/28
0
9853861 Q72/905 F 482,500.00 ZZ
360 471,802.43 1
5.3750 2701.87 70
5.1250 2701.87
XXXXXX XX 00000 5 09/10/03 00
130591449 05 11/01/03 0.0000
130591449 O 10/01/33
0
9853863 Q72/905 F 445,000.00 ZZ
360 413,259.14 1
5.3750 2491.88 64
5.1250 2491.88
CORTLANDT MANONY 10567 2 10/07/03 00
130591514 05 12/01/03 0.0000
130591514 O 11/01/33
0
9853865 Q72/905 F 612,000.00 ZZ
360 582,949.49 1
5.1250 3332.26 80
4.8750 3332.26
XXX XXXXXXXXX XX 00000 5 07/28/03 00
225830736 05 09/01/03 0.0000
225830736 O 08/01/33
0
9853879 Q72/905 F 636,000.00 ZZ
360 618,369.42 1
5.3750 3561.42 73
5.1250 3561.42
XXX XXXX XX 00000 5 07/23/03 00
225876713 05 09/01/03 0.0000
225876713 O 08/01/33
0
9854091 Q72/905 F 400,000.00 ZZ
360 386,698.31 1
5.5000 2271.16 77
5.2500 2271.16
XXXXX XXXXX XX 00000 5 07/22/03 00
223609371 05 09/01/03 0.0000
223609371 O 08/01/33
0
9854115 Q72/905 F 460,000.00 ZZ
360 449,240.27 1
5.3750 2575.87 80
5.1250 2575.87
XXXXXXX XXXX XX 00000 5 08/01/03 00
224103457 05 10/01/03 0.0000
224103457 O 09/01/33
0
9854121 Q72/905 F 391,500.00 ZZ
360 382,342.50 1
5.3750 2192.29 90
5.1250 2192.29
XXXX XXXXXX XX 00000 1 08/14/03 04
224147512 05 10/01/03 30.0000
224147512 O 09/01/33
0
9854141 Q72/905 F 648,000.00 ZZ
360 632,048.71 1
5.3750 3628.62 67
5.1250 3628.62
XXX XXXXXXXXX XX 00000 5 07/14/03 00
224560326 05 09/01/03 0.0000
224560326 O 08/01/33
0
9854143 Q72/905 F 522,000.00 ZZ
360 509,513.77 1
5.2500 2882.51 66
5.0000 2882.51
XXX XXXXX XX 00000 5 07/30/03 00
224560342 05 10/01/03 0.0000
224560342 O 09/01/33
0
9854147 Q72/905 F 483,000.00 ZZ
360 470,965.62 1
5.3750 2704.67 20
5.1250 2704.67
XXXXXXXX XX 00000 5 07/15/03 00
224596387 05 09/01/03 0.0000
224596387 O 08/01/33
0
9854159 Q72/905 F 392,000.00 ZZ
360 382,033.70 1
5.5000 2225.74 59
5.2500 2225.74
XXXXX XXXXX XX 00000 5 09/18/03 00
224720169 05 11/01/03 0.0000
224720169 O 10/01/33
0
9854165 Q72/905 F 386,000.00 ZZ
360 377,171.68 1
5.5000 2191.67 50
5.2500 2191.67
XXXXXX XXXXX XX 00000 5 07/30/03 00
224188912 05 10/01/03 0.0000
224188912 O 09/01/33
0
9854169 Q72/905 F 520,000.00 ZZ
360 508,471.21 1
5.3750 2911.85 73
5.1250 2911.85
XXXXXX XX 00000 5 09/26/03 00
224303073 05 11/01/03 0.0000
224303073 O 10/01/33
0
9854171 Q72/905 F 364,000.00 ZZ
360 355,097.03 1
5.1250 1981.94 67
4.8750 1981.94
XXXXXX XX 00000 5 08/19/03 00
224368589 05 10/01/03 0.0000
224368589 O 09/01/33
0
9854263 Q72/905 F 427,000.00 ZZ
360 417,533.01 1
5.3750 2391.08 61
5.1250 2391.08
KEY XXXXXXXX XX 00000 5 08/26/03 00
224395061 01 11/01/03 0.0000
224395061 O 10/01/33
0
9854279 Q72/905 F 397,000.00 ZZ
360 384,242.76 1
5.5000 2254.13 78
5.2500 2254.13
XXX XXXX XX 00000 5 06/25/03 00
224582601 05 08/01/03 0.0000
224582601 O 07/01/33
0
9854295 Q72/905 F 565,000.00 ZZ
360 550,296.94 1
5.3750 3163.84 74
5.1250 3163.84
XXXXXX XXXX XX 00000 5 07/23/03 00
224721571 05 09/01/03 0.0000
224721571 O 08/01/33
0
9854323 Q72/905 F 636,960.00 ZZ
360 623,611.67 1
5.3750 3566.79 75
5.1250 3566.79
XXXXXXXX XX 00000 1 10/27/03 00
20274072 05 12/01/03 0.0000
20274072 O 11/01/33
0
Total Number of Loans 425
Total Original Balance 203,508,219.71
Total Principal Balance 197,257,638.28
Total Original P+I 1,136,092.51
Total Current P+I 1,136,092.51
Fixed Rate Loan
Loan Number S/S Code Payment Type Original Bal Loan Feature
Orig Term Principal Bal # of Units
Orig Rate Original PI LTV
Net Curr Current PI
City State Zip Loan Purp Note Date MI Co Code
Servicer Loan # Prop Type First Pay Date MI Coverage
Seller Loan # Occup Code Maturity Date
Investor Loan #
9849643 Q72/905 F 520,000.00 ZZ
360 508,727.93 1
5.5000 2952.50 80
5.2500 2952.50
XXX XXXX XX 00000 1 09/19/03 00
34630236 05 11/01/03 0.0000
34630236 O 10/01/33
0
9849659 Q72/905 F 361,000.00 ZZ
360 353,174.50 1
5.5000 2049.72 70
5.2500 2049.72
XXX XXXXXX XX 00000 5 09/11/03 00
131117715 05 11/01/03 0.0000
131117715 O 10/01/33
0
9849661 Q72/905 F 650,000.00 ZZ
360 635,133.79 1
5.5000 3690.63 73
5.2500 3690.63
XXX XXXXX XX 00000 5 08/25/03 00
131121915 05 10/01/03 0.0000
131121915 O 09/01/33
0
9849663 Q72/905 F 475,000.00 ZZ
360 464,136.22 1
5.5000 2697.00 71
5.2500 2697.00
XXXXX XXXXXXX XX 00000 5 08/26/03 00
131122145 05 10/01/03 0.0000
131122145 O 09/01/33
0
9849665 Q72/905 F 360,000.00 ZZ
360 352,196.03 1
5.5000 2044.05 62
5.2500 2044.05
XXX XXXXX XX 00000 5 09/12/03 00
131125171 05 11/01/03 0.0000
131125171 O 10/01/33
0
9849671 Q72/905 F 423,300.00 ZZ
360 375,329.45 1
5.5000 2403.46 77
5.2500 2403.46
XXXXXXXXX XX 00000 5 09/19/03 00
131136087 05 11/01/03 0.0000
131136087 O 10/01/33
0
9849673 Q72/905 F 448,000.00 ZZ
360 438,820.97 1
5.5000 2543.70 78
5.2500 2543.70
XXXXXXXXXXXX XX 00000 5 11/03/03 00
131142804 05 12/01/03 0.0000
131142804 O 11/01/33
0
9849675 Q72/905 F 468,000.00 ZZ
360 449,660.92 1
5.5000 2657.26 48
5.2500 2657.26
XXXXXXXXXX XX 00000 5 08/20/03 00
131143364 05 10/01/03 0.0000
131143364 O 09/01/33
0
9849677 Q72/905 F 446,000.00 ZZ
360 436,331.98 1
5.5000 2532.34 58
5.2500 2532.34
XXXXXX XX 00000 5 09/09/03 00
131146847 05 11/01/03 0.0000
131146847 O 10/01/33
0
9849679 Q72/905 F 572,900.00 ZZ
360 561,839.69 1
5.5000 3252.87 58
5.2500 3252.87
XXX XXXXXXXX XX 00000 5 11/10/03 00
131151532 05 01/01/04 0.0000
131151532 O 12/01/33
0
9849681 Q72/905 F 500,000.00 ZZ
360 488,206.02 1
5.5000 2838.94 80
5.2500 2838.94
XXXXXX XX 00000 1 08/27/03 00
131154726 05 10/01/03 0.0000
131154726 O 09/01/33
0
9849683 Q72/905 F 530,000.00 ZZ
360 498,819.99 1
5.5000 3009.29 59
5.2500 3009.29
XXX XXXXXXXXX XX 00000 2 09/12/03 00
131154742 01 11/01/03 0.0000
131154742 O 10/01/33
0
9849695 Q72/905 F 439,000.00 ZZ
360 430,005.35 1
5.5000 2492.60 75
5.2500 2492.60
XXXXXX XX 00000 5 10/03/03 00
131169641 05 12/01/03 0.0000
131169641 O 11/01/33
0
9849737 Q72/905 F 400,000.00 ZZ
360 390,851.53 1
5.5000 2271.16 71
5.2500 2271.16
XXXXXXX XX 00000 1 08/26/03 00
132613076 05 10/01/03 0.0000
132613076 O 09/01/33
0
9849739 Q72/905 F 379,513.00 ZZ
360 367,479.48 1
5.5000 2154.84 66
5.2500 2154.84
XXXXXXXXX XX 00000 5 07/21/03 00
132636432 05 09/01/03 0.0000
132636432 O 08/01/33
0
9849753 Q72/905 F 600,000.00 ZZ
360 584,834.68 1
5.5000 3406.74 33
5.2500 3406.74
XXXXXXXXX XX 00000 5 07/10/03 00
132673625 05 08/01/03 0.0000
132673625 O 07/01/33
0
9849763 Q72/905 F 580,000.00 ZZ
360 566,039.04 1
5.5000 3293.18 67
5.2500 3293.18
XXXX XXXXXX XX 00000 5 07/18/03 00
132684614 05 09/01/03 0.0000
132684614 O 08/01/33
0
9849767 Q72/905 F 446,950.00 ZZ
360 426,025.99 1
5.5000 2537.74 54
5.2500 2537.74
XXXXXX XXXXXX XX 00000 5 07/17/03 00
132685397 05 09/01/03 0.0000
132685397 O 08/01/33
0
9849775 Q72/905 F 389,000.00 ZZ
360 379,292.76 1
5.5000 2208.70 71
5.2500 2208.70
XXXXXX XX 00000 5 07/16/03 00
132706573 05 09/01/03 0.0000
132706573 O 08/01/33
0
9849785 Q72/905 F 650,000.00 ZZ
360 630,859.18 1
5.5000 3690.63 62
5.2500 3690.63
XXXXXX XXXX XX 00000 5 07/21/03 00
132709155 05 09/01/03 0.0000
132709155 O 08/01/33
0
9849789 Q72/905 F 432,000.00 ZZ
360 421,081.05 1
5.5000 2452.85 72
5.2500 2452.85
XXXXXXXXXXXX XX 00000 5 06/13/03 00
132712654 05 08/01/03 0.0000
132712654 O 07/01/33
0
9849797 Q72/905 F 449,582.00 ZZ
360 438,398.03 1
5.5000 2552.68 80
5.2500 2552.68
XXXXXXXXX XX 00000 1 11/13/03 00
28773497 05 01/01/04 0.0000
28773497 O 12/01/33
0
9849809 Q72/905 F 429,000.00 ZZ
360 419,188.43 1
5.5000 2435.81 69
5.2500 2435.81
XXXXXXXX XX 00000 5 08/27/03 00
29735156 05 10/01/03 0.0000
29735156 O 09/01/33
0
9849815 Q72/905 F 516,000.00 ZZ
360 504,198.56 1
5.5000 2929.79 80
5.2500 2929.79
XXXXXXXXX XX 00000 1 08/07/03 00
29929346 05 10/01/03 0.0000
29929346 O 09/01/33
0
9849817 Q72/905 F 475,930.00 ZZ
360 466,741.82 1
5.5000 2702.28 80
5.2500 2702.28
XXXXXXXXX XX 00000 1 11/07/03 00
30045454 05 01/01/04 0.0000
30045454 O 12/01/33
0
9849819 Q72/905 F 623,000.00 ZZ
360 611,706.21 1
5.5000 3537.33 77
5.2500 3537.33
XXX XXXXXXX XX 00000 5 12/17/03 00
30175798 05 02/01/04 0.0000
30175798 O 01/01/34
0
9849829 Q72/905 F 480,000.00 ZZ
360 469,767.40 1
5.5000 2725.39 66
5.2500 2725.39
XXXXXXX XXXXXXXX 00000 1 10/31/03 00
26049015 05 12/01/03 0.0000
26049015 O 11/01/33
0
9849875 Q72/905 F 419,900.00 ZZ
360 410,296.37 1
5.5000 2384.15 65
5.2500 2384.15
XXXXXXX XXXXX XX 00000 5 08/13/03 00
131176372 01 10/01/03 0.0000
131176372 O 09/01/33
0
9849891 Q72/905 F 448,000.00 ZZ
360 438,288.53 1
5.5000 2543.70 80
5.2500 2543.70
XXXXXXXXX XX 00000 5 09/13/03 00
131136434 05 11/01/03 0.0000
131136434 O 10/01/33
0
9849893 Q72/905 F 983,000.00 ZZ
360 955,364.12 1
5.5000 5581.37 57
5.2500 5581.37
XXXXXXXXX XX 00000 5 09/18/03 00
131137192 05 11/01/03 0.0000
131137192 O 10/01/33
0
9849905 Q72/905 F 640,000.00 ZZ
360 625,362.53 1
5.5000 3633.85 76
5.2500 3633.85
XXXXX XXXXXX XX 00000 5 08/20/03 00
131157257 05 10/01/03 0.0000
131157257 O 09/01/33
0
9849911 Q72/905 F 503,300.00 ZZ
360 491,788.84 1
5.5000 2857.69 76
5.2500 2857.69
XXXXXXXX XX 00000 5 08/18/03 00
131161226 05 10/01/03 0.0000
131161226 O 09/01/33
0
9849949 Q72/905 F 400,000.00 ZZ
360 390,650.15 1
5.5000 2271.16 57
5.2500 2271.16
XXXXXXXXXX XX 00000 5 08/04/03 00
133750174 05 10/01/03 0.0000
133750174 O 09/01/33
0
9849951 Q72/905 F 451,000.00 ZZ
360 436,018.08 1
5.5000 2560.73 69
5.2500 2560.73
XXXXXXXXXX XX 00000 5 08/14/03 00
133750257 09 10/01/03 0.0000
133750257 O 09/01/33
0
9849965 Q72/905 F 394,000.00 ZZ
360 384,988.79 1
5.5000 2237.09 63
5.2500 2237.09
XXXXXXXXXXX XX 00000 5 08/22/03 00
133775106 05 10/01/03 0.0000
133775106 O 09/01/33
0
9850123 Q72/905 F 420,000.00 ZZ
360 410,139.04 1
5.5000 2384.72 80
5.2500 2384.72
XXXXXXX XX 00000 5 08/25/03 00
131175176 05 10/01/03 0.0000
131175176 O 09/01/33
0
9850125 Q72/905 F 435,000.00 ZZ
360 425,570.50 1
5.5000 2469.88 60
5.2500 2469.88
XXXX XXXXX XX 00000 2 09/05/03 00
131178618 05 11/01/03 0.0000
131178618 O 10/01/33
0
9850127 Q72/905 F 805,000.00 ZZ
360 787,549.71 1
5.5000 4570.71 70
5.2500 4570.71
XXXXXXXXXX XX 00000 5 09/12/03 00
131179178 05 11/01/03 0.0000
131179178 O 10/01/33
0
9850129 Q72/905 F 490,000.00 ZZ
360 477,871.60 1
5.5000 2782.17 65
5.2500 2782.17
XXXXXX XXXXX XX 00000 2 09/11/03 00
131180481 05 11/01/03 0.0000
131180481 O 10/01/33
0
9850131 Q72/905 F 508,000.00 ZZ
360 495,749.48 1
5.5000 2884.37 68
5.2500 2884.37
XXXXXXXXX XX 00000 5 08/26/03 00
131180804 05 10/01/03 0.0000
131180804 O 09/01/33
0
9850133 Q72/905 F 555,000.00 ZZ
360 542,306.56 1
5.5000 3151.23 61
5.2500 3151.23
XXX XXXXXXX XX 00000 5 08/20/03 00
131185175 05 10/01/03 0.0000
131185175 O 09/01/33
0
9850135 Q72/905 F 493,000.00 ZZ
360 482,313.16 1
5.5000 2799.20 76
5.2500 2799.20
XXXXXXXXXX XX 00000 5 09/16/03 00
131185209 05 11/01/03 0.0000
131185209 O 10/01/33
0
9850141 Q72/905 F 500,000.00 ZZ
360 489,161.32 1
5.5000 2838.95 42
5.2500 2838.95
XXX XXXXX XX 00000 5 08/29/03 00
131195125 05 11/01/03 0.0000
131195125 O 10/01/33
0
9850143 Q72/905 F 615,000.00 ZZ
360 589,001.02 1
5.5000 3491.91 24
5.2500 3491.91
XXXXXXXX XX 00000 5 08/29/03 00
131203523 05 11/01/03 0.0000
131203523 O 10/01/33
0
9850147 Q72/905 F 454,600.00 ZZ
360 433,013.42 1
5.5000 2581.17 69
5.2500 2581.17
XXXXXXXXXXXX XX 00000 1 09/04/03 00
131204349 05 11/01/03 0.0000
131204349 O 10/01/33
0
9850155 Q72/905 F 400,000.00 ZZ
360 391,329.09 1
5.5000 2271.16 35
5.2500 2271.16
XXX XX 00000 2 09/25/03 00
131243446 05 11/01/03 0.0000
131243446 O 10/01/33
0
9850157 Q72/905 F 360,000.00 ZZ
360 352,196.24 1
5.5000 2044.04 80
5.2500 2044.04
XXX XXXXXXX XX 00000 2 09/08/03 00
131250573 05 11/01/03 0.0000
131250573 O 10/01/33
0
9850159 Q72/905 F 532,300.00 ZZ
360 520,125.76 1
5.5000 3022.34 59
5.2500 3022.34
XXXX XX XXXX XX 00000 5 08/05/03 00
131254039 05 10/01/03 0.0000
131254039 O 09/01/33
0
9850167 Q72/905 F 373,000.00 ZZ
360 364,914.29 1
5.5000 2117.86 65
5.2500 2117.86
XXXXXX XX 00000 5 09/17/03 00
131081648 05 11/01/03 0.0000
131081648 O 10/01/33
0
9850173 Q72/905 F 420,000.00 ZZ
360 410,394.04 1
5.5000 2384.72 72
5.2500 2384.72
XXX XXXX XX 00000 2 08/01/03 00
131084329 05 10/01/03 0.0000
131084329 O 09/01/33
0
9850177 Q72/905 F 548,000.00 ZZ
360 533,454.37 1
5.5000 3111.49 80
5.2500 3111.49
XXX XXXX XX 00000 5 10/03/03 00
131089179 01 12/01/03 0.0000
131089179 O 11/01/33
0
9850183 Q72/905 F 700,000.00 ZZ
360 684,825.84 1
5.5000 3974.53 64
5.2500 3974.53
XXXXXXXX XX 00000 2 09/17/03 00
131094583 05 11/01/03 0.0000
131094583 O 10/01/33
0
9850191 Q72/905 F 598,000.00 ZZ
360 584,323.07 1
5.5000 3395.38 79
5.2500 3395.38
XXX XXXXXXXXX XX 00000 5 08/22/03 00
131099004 01 10/01/03 0.0000
131099004 O 09/01/33
0
9850203 Q72/905 F 522,400.00 ZZ
360 509,925.08 1
5.5000 2966.13 80
5.2500 2966.13
XXX XXXXXXXXX XX 00000 5 08/15/03 00
131114332 05 10/01/03 0.0000
131114332 O 09/01/33
0
9850205 Q72/905 F 416,000.00 ZZ
360 406,951.23 1
5.5000 2362.01 82
5.2500 2362.01
XXXX XX 00000 5 08/29/03 12
131115636 05 11/01/03 30.0000
131115636 O 10/01/33
0
9850209 Q72/905 F 524,000.00 ZZ
360 512,015.46 1
5.5000 2975.22 63
5.2500 2975.22
XXXX XXXX XX 00000 5 08/08/03 00
131116808 05 10/01/03 0.0000
131116808 O 09/01/33
0
9850213 Q72/905 F 450,000.00 ZZ
360 440,771.45 1
5.5000 2555.06 35
5.2500 2555.06
XXX XXXX XX 00000 5 10/03/03 00
130736747 11 12/01/03 0.0000
130736747 O 11/01/33
0
9850215 Q72/905 F 403,000.00 ZZ
360 388,867.70 1
5.5000 2288.19 76
5.2500 2288.19
XXXXXXXXXX XX 00000 5 09/11/03 00
130737414 05 11/01/03 0.0000
130737414 O 10/01/33
0
9850223 Q72/905 F 499,000.00 ZZ
360 487,587.06 1
5.5000 2833.27 63
5.2500 2833.27
XXXXX XXXXXX XX 00000 5 08/27/03 00
130751175 01 10/01/03 0.0000
130751175 O 09/01/33
0
9850225 Q72/905 F 645,000.00 ZZ
360 630,248.16 1
5.5000 3662.24 50
5.2500 3662.24
XX XXXXXX XXXXXX 00000 5 08/11/03 00
130764293 05 10/01/03 0.0000
130764293 O 09/01/33
0
9850233 Q72/905 F 650,000.00 ZZ
360 635,133.79 1
5.5000 3690.63 66
5.2500 3690.63
XXXXX XXX XX 00000 5 08/26/03 00
130774219 05 10/01/03 0.0000
130774219 O 09/01/33
0
9850247 Q72/905 F 512,000.00 ZZ
360 500,287.42 1
5.5000 2907.08 78
5.2500 2907.08
XXXXXXX XXXX XX 00000 5 08/22/03 00
130797467 05 10/01/03 0.0000
130797467 O 09/01/33
0
9850253 Q72/905 F 553,000.00 ZZ
360 540,352.16 1
5.5000 3139.88 56
5.2500 3139.88
XXXXX XX 00000 5 08/19/03 00
130804016 05 10/01/03 0.0000
130804016 O 09/01/33
0
9850255 Q72/905 F 612,650.00 ZZ
360 597,903.26 1
5.5000 3478.56 70
5.2500 3478.56
XXXXXX XXXXXX XX 00000 1 07/02/03 00
130805161 05 09/01/03 0.0000
130805161 O 08/01/33
0
9850259 Q72/905 F 700,000.00 ZZ
360 684,825.84 1
5.5000 3974.53 64
5.2500 3974.53
XXXXXXXXXXXX XX 00000 5 09/18/03 00
130735905 05 11/01/03 0.0000
130735905 O 10/01/33
0
9850263 Q72/905 F 445,000.00 ZZ
360 434,822.19 1
5.5000 2526.67 79
5.2500 2526.67
XXXXXX XXXXXXXXX 00000 5 08/21/03 00
130747538 05 10/01/03 0.0000
130747538 O 09/01/33
0
9850265 Q72/905 F 417,000.00 ZZ
360 408,456.01 1
5.5000 2367.69 67
5.2500 2367.69
XXXXXXX XXXXXXXX 00000 5 09/29/03 00
130748734 05 12/01/03 0.0000
130748734 O 11/01/33
0
9850267 Q72/905 F 455,500.00 ZZ
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0
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XXX XXXXX XX 00000 5 08/15/03 00
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130772585 O 09/01/33
0
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XXXXX XXX XX 00000 1 08/15/03 00
130773567 05 10/01/03 0.0000
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0
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XXXXXXX XXXXX XX 00000 5 08/14/03 00
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130773617 O 09/01/33
0
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XXXXXXXX XX 00000 1 09/10/03 00
130776099 05 11/01/03 0.0000
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0
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XXXXXX XX 00000 5 11/05/03 00
130778194 05 01/01/04 0.0000
130778194 O 12/01/33
0
9850285 Q72/905 F 400,000.00 ZZ
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XXXXXXX XX 00000 5 10/03/03 00
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130780414 O 11/01/33
0
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0
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XXXX XXXX XX 00000 5 08/14/03 00
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0
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XXXXXXXX XXXXXXX 00000 5 09/12/03 00
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0
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0
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XXX XXXXXXXXX XX 00000 2 08/05/03 00
130812142 05 10/01/03 0.0000
130812142 O 09/01/33
0
9850307 Q72/905 F 611,000.00 ZZ
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130812274 O 09/01/33
0
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130812563 O 10/01/33
0
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130813629 O 10/01/33
0
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XXXXXXX XX 00000 5 09/25/03 00
130835515 05 11/01/03 0.0000
130835515 O 10/01/33
0
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XXX XXXXXXX XX 00000 2 09/18/03 00
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130847395 O 10/01/33
0
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5.2500 2066.76
XXX XXXX XX 00000 5 10/10/03 00
130853625 11 12/01/03 0.0000
130853625 O 11/01/33
0
9850331 Q72/905 F 741,000.00 ZZ
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XXXXXXXXXXX XX 00000 5 10/24/03 00
130870561 05 12/01/03 0.0000
130870561 O 11/01/33
0
9850333 Q72/905 F 493,000.00 ZZ
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XXXXX XX 00000 5 10/24/03 00
130870595 05 12/01/03 0.0000
130870595 O 11/01/33
0
9850339 Q72/905 F 542,350.00 ZZ
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XXX XXXXX XX 00000 5 09/04/03 00
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130883077 O 10/01/33
0
9850345 Q72/905 F 635,000.00 ZZ
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XXXXXXXXX XX 00000 5 08/20/03 00
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130888555 O 09/01/33
0
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XXXXXXXX XX 00000 5 09/25/03 00
130892953 05 11/01/03 0.0000
130892953 O 10/01/33
0
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XXXXX XXXX XX 00000 2 08/13/03 00
130812704 05 10/01/03 0.0000
130812704 O 09/01/33
0
9850355 Q72/905 F 571,000.00 ZZ
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130812795 O 09/01/33
0
9850357 Q72/905 F 435,000.00 ZZ
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XXX XXXXXXX XX 00000 5 07/07/03 00
130812886 05 09/01/03 0.0000
130812886 O 08/01/33
0
9850359 Q72/905 F 518,600.00 ZZ
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130824642 O 10/01/33
0
9850361 Q72/905 F 377,500.00 ZZ
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XXXXXX XX 00000 2 09/02/03 00
130830292 05 11/01/03 0.0000
130830292 O 10/01/33
0
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XXX XXXXXXX XX 00000 5 08/12/03 00
130851413 05 10/01/03 0.0000
130851413 O 09/01/33
0
9850369 Q72/905 F 618,412.00 ZZ
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XXXXXX XX 00000 5 09/05/03 00
130851934 05 11/01/03 0.0000
130851934 O 10/01/33
0
9850371 Q72/905 F 477,078.00 ZZ
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XXXXX XXXXX XX 00000 5 09/26/03 00
130861073 05 12/01/03 0.0000
130861073 O 11/01/33
0
9850385 Q72/905 F 397,000.00 ZZ
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5.2500 2254.13
XXXXXXX XX 00000 5 09/03/03 00
130885122 05 10/01/03 0.0000
130885122 O 09/01/33
0
9850387 Q72/905 F 512,000.00 ZZ
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XXXXXXXXX XXXXXX 00000 5 08/15/03 00
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130885361 O 09/01/33
0
9850389 Q72/905 F 360,000.00 ZZ
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XXX XXXXX XX 00000 5 08/08/03 00
130888829 05 10/01/03 0.0000
130888829 O 09/01/33
0
9850393 Q72/905 F 563,200.00 ZZ
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XXXXXXX XX 00000 5 07/17/03 00
130891351 05 09/01/03 0.0000
130891351 O 08/01/33
0
9850395 Q72/905 F 500,000.00 ZZ
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XXX XXXXX XX 00000 5 08/18/03 00
130894405 05 10/01/03 0.0000
130894405 O 09/01/33
0
9850397 Q72/905 F 539,000.00 ZZ
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XXXXX XXXX XX 00000 2 08/29/03 00
130895089 05 11/01/03 0.0000
130895089 O 10/01/33
0
9850399 Q72/905 F 490,000.00 ZZ
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XXXXXXXXX XX 00000 2 08/19/03 00
130895626 05 10/01/03 0.0000
130895626 O 09/01/33
0
9850401 Q72/905 F 386,928.00 ZZ
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XXXXX XX 00000 5 08/26/03 00
130895832 05 11/01/03 0.0000
130895832 O 10/01/33
0
9850403 Q72/905 F 446,000.00 ZZ
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XXX XXXX XX 00000 5 08/26/03 00
130896624 05 10/01/03 0.0000
130896624 O 09/01/33
0
9850407 Q72/905 F 497,000.00 ZZ
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XXXXXXXXX XX 00000 5 08/05/03 00
130902026 05 10/01/03 0.0000
130902026 O 09/01/33
0
9850409 Q72/905 F 488,000.00 ZZ
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XXXXXXXXX XX 00000 5 08/14/03 00
130903735 05 10/01/03 0.0000
130903735 O 09/01/33
0
9850417 Q72/905 F 365,000.00 ZZ
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XXXXXXXX XX 00000 5 08/29/03 00
130912603 05 11/01/03 0.0000
130912603 O 10/01/33
0
9850419 Q72/905 F 500,000.00 ZZ
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XXXXXXXX XX 00000 2 08/23/03 00
130914781 05 11/01/03 0.0000
130914781 O 10/01/33
0
9850425 Q72/905 F 507,000.00 ZZ
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5.5000 2878.70 70
5.2500 2878.70
XXX XXXXXX XX 00000 5 09/11/03 00
130920408 05 11/01/03 0.0000
130920408 O 10/01/33
0
9850429 Q72/905 F 626,200.00 ZZ
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5.5000 3555.50 75
5.2500 3555.50
XXX XXXXXXX XX 00000 5 09/17/03 00
130922313 05 11/01/03 0.0000
130922313 O 10/01/33
0
9850435 Q72/905 F 484,000.00 ZZ
360 315,156.81 1
5.5000 2748.10 80
5.2500 2748.10
XXXX XXXX XXXXXX 00000 5 08/07/03 00
130538739 09 10/01/03 0.0000
130538739 O 09/01/33
0
9850439 Q72/905 F 374,000.00 ZZ
360 362,913.96 1
5.5000 2123.54 64
5.2500 2123.54
XX XXXXX XX 00000 5 08/30/03 00
130543481 05 10/01/03 0.0000
130543481 O 09/01/33
0
9850443 Q72/905 F 370,906.00 ZZ
360 362,865.70 1
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5.2500 2105.97
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130554876 05 11/01/03 0.0000
130554876 O 10/01/33
0
9850447 Q72/905 F 425,000.00 ZZ
360 415,279.87 1
5.5000 2413.10 34
5.2500 2413.10
XXXXXXX XXXXX XX 00000 5 08/14/03 00
130557762 05 10/01/03 0.0000
130557762 O 09/01/33
0
9850451 Q72/905 F 650,000.00 ZZ
360 635,133.79 1
5.5000 3690.63 64
5.2500 3690.63
XXX XXXXXX XX 00000 5 08/11/03 00
130560741 05 10/01/03 0.0000
130560741 O 09/01/33
0
9850453 Q72/905 F 584,700.00 ZZ
360 571,327.13 1
5.5000 3319.87 74
5.2500 3319.87
XXXXX XX 00000 5 08/20/03 00
130585748 05 10/01/03 0.0000
130585748 O 09/01/33
0
9850457 Q72/905 F 450,000.00 ZZ
360 430,855.64 1
5.5000 2555.06 72
5.2500 2555.06
XX XXXXX XX 00000 5 08/11/03 00
130589732 05 10/01/03 0.0000
130589732 O 09/01/33
0
9850459 Q72/905 F 437,000.00 ZZ
360 427,527.06 1
5.5000 2481.24 73
5.2500 2481.24
XXXXXXXXXXXX XX 00000 5 09/11/03 00
130597966 05 11/01/03 0.0000
130597966 O 10/01/33
0
9850463 Q72/905 F 520,000.00 ZZ
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5.2500 2952.51
XXXXXXXX XX 00000 2 08/12/03 00
130925241 05 10/01/03 0.0000
130925241 O 09/01/33
0
9850465 Q72/905 F 650,000.00 ZZ
360 635,127.24 1
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5.2500 3690.63
XXXXX XXXX XX 00000 2 08/15/03 00
130927411 05 10/01/03 0.0000
130927411 O 09/01/33
0
9850471 Q72/905 F 438,000.00 ZZ
360 427,982.41 1
5.5000 2486.92 80
5.2500 2486.92
XXXXXXXXX XX 00000 5 08/28/03 00
130933161 05 10/01/03 0.0000
130933161 O 09/01/33
0
9850473 Q72/905 F 570,000.00 ZZ
360 551,979.90 1
5.5000 3236.40 72
5.2500 3236.40
XXXXXXXXX XX 00000 5 08/20/03 00
130933682 05 10/01/03 0.0000
130933682 O 09/01/33
0
9850477 Q72/905 F 460,000.00 ZZ
360 448,478.92 1
5.5000 2611.83 66
5.2500 2611.83
XXX XXXXX XX 00000 5 07/21/03 00
130897341 05 09/01/03 0.0000
130897341 O 08/01/33
0
9850481 Q72/905 F 504,500.00 ZZ
360 493,561.18 1
5.5000 2864.50 75
5.2500 2864.50
XXXXXXXXX XX 00000 5 09/04/03 00
130899578 05 11/01/03 0.0000
130899578 O 10/01/33
0
9850483 Q72/905 F 550,000.00 ZZ
360 538,077.57 1
5.5000 3122.84 53
5.2500 3122.84
XXXXXXXX XX 00000 2 09/19/03 00
130905011 05 11/01/03 0.0000
130905011 O 10/01/33
0
9850487 Q72/905 F 579,000.00 ZZ
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5.5000 3287.50 56
5.2500 3287.50
XXXXXXXXX XX 00000 5 09/22/03 00
130908494 05 11/01/03 0.0000
130908494 O 10/01/33
0
9850489 Q72/905 F 523,600.00 ZZ
360 511,624.57 1
5.5000 2972.95 68
5.2500 2972.95
XXXX XXXXXX XX 00000 5 08/20/03 00
130914229 05 10/01/03 0.0000
130914229 O 09/01/33
0
9850491 Q72/905 F 645,000.00 ZZ
360 622,386.29 1
5.5000 3662.24 70
5.2500 3662.24
XXXXXX XXXXX XX 00000 5 07/21/03 00
130914385 05 09/01/03 0.0000
130914385 O 08/01/33
0
9850493 Q72/905 F 635,000.00 ZZ
360 620,944.11 1
5.5000 3605.47 75
5.2500 3605.47
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130914666 05 11/01/03 0.0000
130914666 O 10/01/33
0
9850495 Q72/905 F 630,000.00 ZZ
360 615,591.04 1
5.5000 3577.08 71
5.2500 3577.08
XX XXXXXX XXXXXX 00000 5 08/21/03 00
130917115 05 10/01/03 0.0000
130917115 O 09/01/33
0
9850499 Q72/905 F 500,000.00 ZZ
360 488,857.95 1
5.5000 2838.95 50
5.2500 2838.95
XXXXXXX XXX XX 00000 5 09/05/03 00
130919814 05 11/01/03 0.0000
130919814 O 10/01/33
0
9850507 Q72/905 F 472,000.00 ZZ
360 460,638.66 1
5.5000 2679.97 70
5.2500 2679.97
XXXXXXXX XX 00000 1 07/30/03 00
130926264 05 09/01/03 0.0000
130926264 O 08/01/33
0
9850511 Q72/905 F 433,000.00 ZZ
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5.5000 2458.53 55
5.2500 2458.53
XXX XXXX XX 00000 5 08/15/03 00
130927361 05 10/01/03 0.0000
130927361 O 09/01/33
0
9850513 Q72/905 F 525,000.00 ZZ
360 505,579.51 1
5.5000 2980.90 49
5.2500 2980.90
XXXXX XXXXXXX XX 00000 2 08/11/03 00
130930282 05 10/01/03 0.0000
130930282 O 09/01/33
0
9850519 Q72/905 F 448,000.00 ZZ
360 437,619.30 1
5.5000 2543.70 80
5.2500 2543.70
XXXXXX XXXXX XXX 00000 2 08/21/03 00
130934235 05 10/01/03 0.0000
130934235 O 09/01/33
0
9850523 Q72/905 F 506,000.00 ZZ
360 495,031.21 1
5.5000 2873.02 70
5.2500 2873.02
XXXXXXXX XX 00000 5 08/26/03 00
130934532 05 11/01/03 0.0000
130934532 O 10/01/33
0
9850525 Q72/905 F 500,000.00 ZZ
360 486,851.17 1
5.5000 2838.95 50
5.2500 2838.95
XXXXXXXX XX 00000 2 08/21/03 00
130935893 05 10/01/03 0.0000
130935893 O 09/01/33
0
9850527 Q72/905 F 466,000.00 ZZ
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5.5000 2645.90 80
5.2500 2645.90
XXXXX XXXX XX 00000 5 08/12/03 00
130939218 05 10/01/03 0.0000
130939218 O 09/01/33
0
9850529 Q72/905 F 575,000.00 ZZ
360 561,849.08 1
5.5000 3264.79 63
5.2500 3264.79
XXX XXXX XX 00000 5 08/15/03 00
130942113 05 10/01/03 0.0000
130942113 O 09/01/33
0
9850531 Q72/905 F 492,000.00 ZZ
360 480,747.25 1
5.5000 2793.53 80
5.2500 2793.53
XXXXXXX XXXX XX 00000 5 08/11/03 00
130943558 05 10/01/03 0.0000
130943558 O 09/01/33
0
9850535 Q72/905 F 432,000.00 ZZ
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5.5000 2452.85 80
5.2500 2452.85
XXXXXXXX XX 00000 5 08/27/03 00
130944127 05 11/01/03 0.0000
130944127 O 10/01/33
0
9850541 Q72/905 F 464,000.00 ZZ
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5.5000 2634.55 80
5.2500 2634.55
XXXXXXXX XX 00000 5 09/02/03 00
130947336 05 11/01/03 0.0000
130947336 O 10/01/33
0
9850543 Q72/905 F 452,000.00 ZZ
360 441,662.19 1
5.5000 2566.41 80
5.2500 2566.41
XXX XXXX XX 00000 5 08/14/03 00
130949712 05 10/01/03 0.0000
130949712 O 09/01/33
0
9850545 Q72/905 F 465,000.00 ZZ
360 454,364.92 1
5.5000 2640.22 71
5.2500 2640.22
XXXXXXXX XX 00000 5 08/11/03 00
130949993 05 10/01/03 0.0000
130949993 O 09/01/33
0
9850549 Q72/905 F 464,200.00 ZZ
360 451,688.56 1
5.5000 2635.68 80
5.2500 2635.68
XXXXXXXXXX XX 00000 5 09/12/03 00
131302234 05 11/01/03 0.0000
131302234 O 10/01/33
0
9850551 Q72/905 F 427,500.00 ZZ
360 416,485.43 1
5.5000 2427.30 80
5.2500 2427.30
XXXXX XXXXXX XX 00000 1 09/05/03 00
131304271 05 11/01/03 0.0000
131304271 O 10/01/33
0
9850553 Q72/905 F 700,000.00 ZZ
360 684,825.84 1
5.5000 3974.53 54
5.2500 3974.53
XXXXXXXXXXX XX 00000 5 09/11/03 00
131306227 05 11/01/03 0.0000
131306227 O 10/01/33
0
9850555 Q72/905 F 459,000.00 ZZ
360 448,502.01 1
5.5000 2606.16 80
5.2500 2606.16
XXXXXXXXXX XX 00000 5 08/08/03 00
131312852 05 10/01/03 0.0000
131312852 O 09/01/33
0
9850557 Q72/905 F 644,000.00 ZZ
360 629,271.03 1
5.5000 3656.56 80
5.2500 3656.56
XXXX XXXXXX XX 00000 1 08/08/03 00
131313215 05 10/01/03 0.0000
131313215 O 09/01/33
0
9850561 Q72/905 F 374,872.00 ZZ
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5.5000 2128.49 65
5.2500 2128.49
XXXXX XXXXXX XX 00000 2 09/22/03 00
131185746 05 11/01/03 0.0000
131185746 O 10/01/33
0
9850565 Q72/905 F 531,000.00 ZZ
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5.5000 3014.96 68
5.2500 3014.96
XXXXXXXXX XX 00000 5 09/17/03 00
131191306 05 11/01/03 0.0000
131191306 O 10/01/33
0
9850567 Q72/905 F 545,000.00 ZZ
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5.5000 3094.46 61
5.2500 3094.46
XXXXXXXX XX 00000 5 08/22/03 00
131196826 05 10/01/03 0.0000
131196826 O 09/01/33
0
9850569 Q72/905 F 400,050.00 ZZ
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RESTON VA 20190 2 08/13/03 00
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WASHINGTON DC 20011 1 06/30/03 00
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132737594 O 09/01/33
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0
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0
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0
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130503832 O 09/01/33
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130504889 O 09/01/33
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133801241 O 09/01/33
0
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133825794 O 09/01/33
0
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0
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133827469 O 09/01/33
0
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133850396 O 09/01/33
0
9851881 Q72/905 F 564,000.00 ZZ
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0
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133850768 O 09/01/33
0
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133879114 O 09/01/33
0
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133879601 O 09/01/33
0
9851893 Q72/905 F 503,031.00 ZZ
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133773416 O 09/01/33
0
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133773747 O 09/01/33
0
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133779199 O 09/01/33
0
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0
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0
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0
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0
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133852129 O 09/01/33
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133881334 O 09/01/33
0
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133882001 O 09/01/33
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133882043 05 11/01/03 0.0000
133882043 O 10/01/33
0
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133883959 05 10/01/03 0.0000
133883959 O 09/01/33
0
9851955 Q72/905 F 400,000.00 ZZ
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133897363 O 09/01/33
0
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133897991 O 09/01/33
0
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9851961 Q72/905 F 426,000.00 ZZ
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132741927 05 10/01/03 0.0000
132741927 O 09/01/33
0
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132744236 O 09/01/33
0
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0
9851973 Q72/905 F 424,000.00 ZZ
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0
9851975 Q72/905 F 432,200.00 ZZ
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0
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0
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0
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0
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0
9851991 Q72/905 F 592,000.00 ZZ
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0
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0
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0
9852001 Q72/905 F 512,000.00 ZZ
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0
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0
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0
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0
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0
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0
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FOUNTAIN HILLSAZ 85268 5 06/30/03 00
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0
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0
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XX. XXXXX XX 00000 5 08/01/03 00
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0
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0
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0
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0
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0
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18422931 O 07/01/33
0
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0
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0
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0
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0
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0
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0
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XXX XXXXXXX XX 00000 2 09/05/03 00
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0
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0
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0
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0
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132800251 05 01/01/04 0.0000
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0
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XXXXXXX XXXXXXXX 00000 5 08/08/03 00
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132805748 O 09/01/33
0
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0
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XXX XXXX XX 00000 5 09/19/03 00
30333926 01 11/01/03 0.0000
30333926 O 10/01/33
0
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XXXX XXXXXXX XX 00000 5 10/09/03 00
31014673 05 12/01/03 0.0000
31014673 O 11/01/33
0
9852211 Q72/905 F 980,000.00 ZZ
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31231731 05 01/01/04 0.0000
31231731 O 12/01/33
0
9852221 Q72/905 F 500,000.00 ZZ
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32137234 O 10/01/33
0
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32311474 05 01/01/04 0.0000
32311474 O 12/01/33
0
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32889313 05 12/01/03 0.0000
32889313 O 11/01/33
0
9852243 Q72/905 F 624,000.00 ZZ
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XXXXX XXXXXX XX 00000 5 08/29/03 00
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130672421 O 10/01/33
0
9852245 Q72/905 F 424,000.00 ZZ
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XXX XXXXXX XX 00000 2 08/05/03 00
130672637 05 10/01/03 0.0000
130672637 O 09/01/33
0
9852249 Q72/905 F 595,600.00 ZZ
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130677958 O 09/01/33
0
9852251 Q72/905 F 498,000.00 ZZ
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XXX XXXXX XX 00000 5 08/25/03 00
130678493 05 10/01/03 0.0000
130678493 O 09/01/33
0
9852255 Q72/905 F 584,000.00 ZZ
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130691611 05 11/01/03 0.0000
130691611 O 10/01/33
0
9852261 Q72/905 F 420,000.00 ZZ
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XXXXXX XXXXXX XX 00000 5 09/29/03 00
130698905 05 11/01/03 0.0000
130698905 O 10/01/33
0
9852265 Q72/905 F 635,000.00 ZZ
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5.2500 3605.47
XXXX XXXXXXXXXXX 00000 5 09/19/03 00
130699036 05 11/01/03 0.0000
130699036 O 10/01/33
0
9852267 Q72/905 F 493,000.00 ZZ
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130709017 05 10/01/03 0.0000
130709017 O 09/01/33
0
9852271 Q72/905 F 770,000.00 ZZ
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130712797 05 11/01/03 0.0000
130712797 O 10/01/33
0
9852273 Q72/905 F 645,000.00 ZZ
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130718422 05 10/01/03 0.0000
130718422 O 09/01/33
0
9852275 Q72/905 F 560,000.00 ZZ
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XXX XXXXXXXXX XX 00000 5 08/12/03 00
130719073 01 10/01/03 0.0000
130719073 O 09/01/33
0
9852285 Q72/905 F 453,000.00 ZZ
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5.2500 2572.09
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130730005 O 09/01/33
0
9852289 Q72/905 F 424,000.00 ZZ
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XXX XXXXXX XX 00000 5 08/20/03 00
130596224 05 10/01/03 0.0000
130596224 O 09/01/33
0
9852293 Q72/905 F 532,000.00 ZZ
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5.2500 3020.64
XXX XXXXXXXXX XX 00000 5 08/12/03 00
130610157 01 10/01/03 0.0000
130610157 O 09/01/33
0
9852295 Q72/905 F 370,000.00 ZZ
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XXXXXXXX XXXXXXX 00000 2 10/09/03 00
130615396 05 12/01/03 0.0000
130615396 O 11/01/33
0
9852299 Q72/905 F 632,000.00 ZZ
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5.2500 3588.43
XXX XXXXX XX 00000 5 08/20/03 00
130621162 05 10/01/03 0.0000
130621162 O 09/01/33
0
9852301 Q72/905 F 520,000.00 ZZ
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5.2500 2952.51
XXXXXXXXX XX 00000 5 08/12/03 00
130622376 05 10/01/03 0.0000
130622376 O 09/01/33
0
9852303 Q72/905 F 450,000.00 ZZ
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5.5000 2555.06 59
5.2500 2555.06
XXX XXXXXXXXX XX 00000 5 08/19/03 00
130634819 05 10/01/03 0.0000
130634819 O 09/01/33
0
9852307 Q72/905 F 640,000.00 ZZ
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5.2500 3633.85
XX XXXXXX XXXXXX 00000 5 08/11/03 00
130637457 05 10/01/03 0.0000
130637457 O 09/01/33
0
9852311 Q72/905 F 490,000.00 ZZ
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5.2500 2782.17
XXXXXXXXX XXXXXX 00000 5 09/05/03 00
130644941 05 11/01/03 0.0000
130644941 O 10/01/33
0
9852319 Q72/905 F 500,000.00 ZZ
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5.2500 2838.95
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130657067 05 11/01/03 0.0000
130657067 O 10/01/33
0
9852321 Q72/905 F 501,585.00 ZZ
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5.2500 2847.95
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130657661 05 11/01/03 0.0000
130657661 O 10/01/33
0
9852325 Q72/905 F 542,000.00 ZZ
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130662919 05 10/01/03 0.0000
130662919 O 09/01/33
0
9852327 Q72/905 F 540,000.00 ZZ
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5.2500 3066.07
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130670532 05 10/01/03 0.0000
130670532 O 09/01/33
0
9852329 Q72/905 F 650,000.00 ZZ
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5.2500 3690.63
XX XXXX XX 00000 2 09/05/03 00
130670573 05 11/01/03 0.0000
130670573 O 10/01/33
0
9852331 Q72/905 F 560,000.00 ZZ
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5.2500 3179.62
XXX XXXXXXX XX 00000 5 08/06/03 00
130671688 05 10/01/03 0.0000
130671688 O 09/01/33
0
9852335 Q72/905 F 483,000.00 ZZ
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5.2500 2742.42
XXXX XXXXXXXXXXX 00000 5 09/19/03 00
30364251 05 11/01/03 0.0000
30364251 O 10/01/33
0
9852343 Q72/905 F 650,000.00 ZZ
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5.2500 3690.63
XXX XXXXXXXXX XX 00000 5 09/17/03 00
31068323 05 11/01/03 0.0000
31068323 O 10/01/33
0
9852347 Q72/905 F 376,000.00 ZZ
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XXXXXX XX 00000 5 11/04/03 00
31260359 05 01/01/04 0.0000
31260359 O 12/01/33
0
9852351 Q72/905 F 400,000.00 ZZ
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31369861 05 11/01/03 0.0000
31369861 O 10/01/33
0
9852359 Q72/905 F 500,000.00 ZZ
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XXXXXXXXX XX 00000 5 10/08/03 00
32098964 05 12/01/03 0.0000
32098964 O 11/01/33
0
9852363 Q72/905 F 500,000.00 ZZ
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5.2500 2838.95
XXXX XX 00000 2 10/29/03 00
32461451 05 12/01/03 0.0000
32461451 O 11/01/33
0
9852365 Q72/905 F 450,515.00 ZZ
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XXXXXXXXX XX 00000 5 12/05/03 00
32473886 05 01/01/04 0.0000
32473886 O 12/01/33
0
9852373 Q72/905 F 445,000.00 ZZ
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5.2500 2526.66
XXXXXX XXX XX 00000 5 09/02/03 00
32745762 05 11/01/03 0.0000
32745762 O 10/01/33
0
9852375 Q72/905 F 385,000.00 ZZ
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32779373 05 11/01/03 0.0000
32779373 O 10/01/33
0
9852377 Q72/905 F 488,000.00 ZZ
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XXXXXXXXXX XX 00000 2 08/21/03 00
32807679 05 10/01/03 0.0000
32807679 O 09/01/33
0
9852381 Q72/905 F 434,000.00 ZZ
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5.2500 2464.21
XXXXX XXXXXXXXXX 00000 5 08/13/03 00
130673445 05 10/01/03 0.0000
130673445 O 09/01/33
0
9852383 Q72/905 F 494,000.00 ZZ
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5.2500 2804.88
XXXXXXXX XX 00000 5 08/13/03 00
130673569 05 10/01/03 0.0000
130673569 O 09/01/33
0
9852389 Q72/905 F 466,759.00 ZZ
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5.2500 2650.21
XXXXXXXXXXX XX 00000 5 09/19/03 00
130682529 05 11/01/03 0.0000
130682529 O 10/01/33
0
9852393 Q72/905 F 715,000.00 ZZ
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5.2500 4059.70
XXXXXXX XXXXXXXX 00000 2 10/02/03 00
130694052 05 12/01/03 0.0000
130694052 O 11/01/33
0
9852395 Q72/905 F 447,000.00 ZZ
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5.2500 2538.02
XXXXXXXXX XX 00000 5 09/05/03 00
130694581 05 11/01/03 0.0000
130694581 O 10/01/33
0
9852397 Q72/905 F 381,000.00 ZZ
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5.2500 2163.28
XXXXX XX 00000 5 09/03/03 00
130695786 09 11/01/03 0.0000
130695786 O 10/01/33
0
9852401 Q72/905 F 364,000.00 ZZ
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5.2500 2066.76
XXXXXXXXXXXXX XX 00000 2 11/06/03 00
130702954 05 01/01/04 0.0000
130702954 O 12/01/33
0
9852403 Q72/905 F 479,000.00 ZZ
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5.2500 2719.71
XXXXXXXX XX 00000 5 07/31/03 00
130703143 05 10/01/03 0.0000
130703143 O 09/01/33
0
9852411 Q72/905 F 360,000.00 ZZ
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5.5000 2044.05 62
5.2500 2044.05
XXX XXXX XX 00000 5 08/15/03 00
130723554 05 10/01/03 0.0000
130723554 O 09/01/33
0
9852413 Q72/905 F 570,000.00 ZZ
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XXXX XX 00000 2 08/05/03 00
225526623 05 10/01/03 0.0000
225526623 O 09/01/33
0
9853557 Q72/905 F 450,000.00 ZZ
360 439,168.33 1
5.5000 2555.05 54
5.2500 2555.05
XXXXXX XXXX XX 00000 5 07/24/03 00
225528801 05 09/01/03 0.0000
225528801 O 08/01/33
0
9853559 Q72/905 F 498,000.00 ZZ
360 486,610.18 1
5.5000 2827.59 50
5.2500 2827.59
XXXXX XXXX XX 00000 5 08/08/03 00
225528934 05 10/01/03 0.0000
225528934 O 09/01/33
0
9853573 Q72/905 F 457,000.00 ZZ
360 445,999.73 1
5.5000 2594.80 80
5.2500 2594.80
XXX XXXX XX 00000 5 07/07/03 00
225314327 05 09/01/03 0.0000
225314327 O 08/01/33
0
9853575 Q72/905 F 605,000.00 ZZ
360 591,162.88 1
5.5000 3435.13 70
5.2500 3435.13
XXXXXX XXXXXX XX 00000 2 08/04/03 00
225320803 01 10/01/03 0.0000
225320803 O 09/01/33
0
9853587 Q72/905 F 536,000.00 ZZ
360 523,741.11 1
5.5000 3043.35 80
5.2500 3043.35
XXXXXX XXXXXX XX 00000 5 08/07/03 00
225409879 05 10/01/03 0.0000
225409879 O 09/01/33
0
9853595 Q72/905 F 420,000.00 ZZ
360 409,725.31 1
5.5000 2384.72 77
5.2500 2384.72
XXX XXXX XX 00000 5 07/14/03 00
225528421 05 09/01/03 0.0000
225528421 O 08/01/33
0
9853601 Q72/905 F 442,500.00 ZZ
360 432,379.46 1
5.5000 2512.47 53
5.2500 2512.47
XX XXXXX XXXXXXX 00000 2 08/07/03 00
225528868 05 10/01/03 0.0000
225528868 O 09/01/33
0
9853603 Q72/905 F 540,000.00 ZZ
360 520,704.67 1
5.5000 3066.06 35
5.2500 3066.06
XXXX XXXX XX 00000 2 07/11/03 00
225528876 05 09/01/03 0.0000
225528876 O 08/01/33
0
9853605 Q72/905 F 360,000.00 ZZ
360 351,766.43 1
5.5000 2044.04 52
5.2500 2044.04
XXXXX XXXX XX 00000 5 07/30/03 00
225528926 05 10/01/03 0.0000
225528926 O 09/01/33
0
9853607 Q72/905 F 479,000.00 ZZ
360 467,550.34 1
5.5000 2719.71 57
5.2500 2719.71
XXXX XXXXXX XX 00000 2 08/22/03 00
225542422 05 10/01/03 0.0000
225542422 O 09/01/33
0
9853611 Q72/905 F 628,950.00 ZZ
360 613,990.47 1
5.5000 3571.11 69
5.2500 3571.11
XXXXXX XX 00000 5 07/28/03 00
225544295 05 10/01/03 0.0000
225544295 O 09/01/33
0
9853613 Q72/905 F 417,000.00 ZZ
360 407,335.43 1
5.5000 2367.68 70
5.2500 2367.68
XXX XXXXXXX XX 00000 5 08/06/03 00
225590454 05 10/01/03 0.0000
225590454 O 09/01/33
0
9853615 Q72/905 F 715,000.00 ZZ
360 698,647.02 1
5.5000 4059.70 65
5.2500 4059.70
XXXXXXX XXXX XX 00000 2 08/07/03 00
225590488 05 10/01/03 0.0000
225590488 O 09/01/33
0
9853617 Q72/905 F 567,000.00 ZZ
360 554,708.95 1
5.5000 3219.37 70
5.2500 3219.37
XXXXX XXXXX XX 00000 2 09/19/03 00
225590496 05 11/01/03 0.0000
225590496 O 10/01/33
0
9853619 Q72/905 F 372,000.00 ZZ
360 354,995.73 1
5.5000 2112.18 68
5.2500 2112.18
XXX XXXX XX 00000 5 07/10/03 00
225590876 05 09/01/03 0.0000
225590876 O 08/01/33
0
9853623 Q72/905 F 461,300.00 ZZ
360 451,300.35 1
5.5000 2619.21 70
5.2500 2619.21
XXX XXXXXXX XX 00000 5 09/30/03 00
225604206 05 11/01/03 0.0000
225604206 O 10/01/33
0
9853625 Q72/905 F 454,000.00 ZZ
360 426,954.34 1
5.5000 2577.77 54
5.2500 2577.77
XXX XXXXXX XX 00000 5 09/08/03 00
225671593 05 11/01/03 0.0000
225671593 O 10/01/33
0
9853637 Q72/905 F 474,000.00 ZZ
360 463,725.01 1
5.5000 2691.32 44
5.2500 2691.32
XXX XXXXXXXXX XX 00000 5 09/03/03 00
225792027 01 11/01/03 0.0000
225792027 O 10/01/33
0
9853639 Q72/905 F 437,000.00 ZZ
360 427,005.32 1
5.5000 2481.24 80
5.2500 2481.24
XXXXXXXX XX 00000 5 08/13/03 00
225792068 05 10/01/03 0.0000
225792068 O 09/01/33
0
9853643 Q72/905 F 434,000.00 ZZ
360 424,073.85 1
5.5000 2464.21 59
5.2500 2464.21
XXX XXXXX XX 00000 5 07/25/03 00
225830694 05 10/01/03 0.0000
225830694 O 09/01/33
0
9853821 Q72/905 F 562,000.00 ZZ
360 549,146.35 1
5.5000 3190.98 61
5.2500 3190.98
XXXXXX XX 00000 5 08/05/03 00
130600265 05 10/01/03 0.0000
130600265 O 09/01/33
0
9853823 Q72/905 F 575,000.00 ZZ
360 560,952.54 1
5.5000 3264.79 39
5.2500 3264.79
XXXXX XXXX XX 00000 5 07/24/03 00
130608896 05 09/01/03 0.0000
130608896 O 08/01/33
0
9853825 Q72/905 F 443,500.00 ZZ
360 431,262.43 1
5.5000 2518.15 72
5.2500 2518.15
XXXXXXXXXXX XX 00000 5 08/28/03 00
130616865 05 11/01/03 0.0000
130616865 O 10/01/33
0
9853829 Q72/905 F 650,000.00 ZZ
360 635,133.79 1
5.5000 3690.63 69
5.2500 3690.63
XXXXXXXXX XX 00000 2 08/06/03 00
130618796 05 10/01/03 0.0000
130618796 O 09/01/33
0
9853835 Q72/905 F 498,500.00 ZZ
360 481,049.56 1
5.5000 2830.43 44
5.2500 2830.43
XXXXXXXXX XX 00000 5 09/05/03 00
130633324 05 10/01/03 0.0000
130633324 O 09/01/33
0
9853837 Q72/905 F 650,000.00 ZZ
360 629,000.01 1
5.5000 3690.63 74
5.2500 3690.63
XXXXXX XXXXXX XX 00000 1 08/26/03 00
130637598 05 10/01/03 0.0000
130637598 O 09/01/33
0
9853841 Q72/905 F 364,000.00 ZZ
360 356,109.35 1
5.5000 2066.76 80
5.2500 2066.76
XXXX XX 00000 2 09/02/03 00
130642291 05 11/01/03 0.0000
130642291 O 10/01/33
0
9853843 Q72/905 F 480,000.00 ZZ
360 469,011.60 1
5.5000 2725.39 58
5.2500 2725.39
XXXX XXXX XX 00000 2 08/18/03 00
130646813 05 10/01/03 0.0000
130646813 O 09/01/33
0
9853845 Q72/905 F 456,200.00 ZZ
360 445,766.10 1
5.5000 2590.26 80
5.2500 2590.26
XXXXXXX XX 00000 5 08/18/03 00
130649858 05 10/01/03 0.0000
130649858 O 09/01/33
0
9853851 Q72/905 F 489,000.00 ZZ
360 477,816.04 1
5.5000 2776.49 53
5.2500 2776.49
XXX XXXX XX 00000 5 08/15/03 00
130555295 05 10/01/03 0.0000
130555295 O 09/01/33
0
9853853 Q72/905 F 532,000.00 ZZ
360 520,467.71 1
5.5000 3020.64 80
5.2500 3020.64
XXXXXXX XXXXX XX 00000 5 09/15/03 00
130557572 01 11/01/03 0.0000
130557572 O 10/01/33
0
9853855 Q72/905 F 363,500.00 ZZ
360 356,482.29 1
5.5000 2063.92 62
5.2500 2063.92
XXXXXXX XX 00000 5 11/14/03 00
130567795 05 01/01/04 0.0000
130567795 O 12/01/33
0
9853867 Q72/905 F 363,500.00 ZZ
360 348,839.08 1
5.5000 2063.92 77
5.2500 2063.92
XXXXXXXXXXX XX 00000 5 07/03/03 00
225830819 05 09/01/03 0.0000
225830819 O 08/01/33
0
9853869 Q72/905 F 370,000.00 ZZ
360 353,595.92 1
5.5000 2100.82 58
5.2500 2100.82
XXX XXXX XX 00000 5 08/11/03 00
225844646 05 10/01/03 0.0000
225844646 O 09/01/33
0
9853873 Q72/905 F 417,000.00 ZZ
360 407,462.74 1
5.5000 2367.68 56
5.2500 2367.68
XXX XXXXXXXXX XX 00000 5 08/18/03 00
225844968 01 10/01/03 0.0000
225844968 O 09/01/33
0
9853877 Q72/905 F 480,000.00 ZZ
360 469,021.84 1
5.5000 2725.39 80
5.2500 2725.39
XXXX XXXXXX XX 00000 2 08/08/03 00
225876291 05 10/01/03 0.0000
225876291 O 09/01/33
0
9853881 Q72/905 F 600,000.00 ZZ
360 586,277.26 1
5.5000 3406.74 55
5.2500 3406.74
XXXXXXXXXX XX 00000 2 08/06/03 00
225590512 05 10/01/03 0.0000
225590512 O 09/01/33
0
9853883 Q72/905 F 495,000.00 ZZ
360 452,231.51 1
5.5000 2810.56 50
5.2500 2810.56
XXXXXXXX XXXXXXX 00000 5 08/07/03 00
225590553 05 10/01/03 0.0000
225590553 O 09/01/33
0
9853885 Q72/905 F 650,000.00 ZZ
360 634,410.81 1
5.5000 3690.63 67
5.2500 3690.63
XXXXXXXX XX 00000 2 08/14/03 00
225590561 05 10/01/03 0.0000
225590561 O 09/01/33
0
9853893 Q72/905 F 544,000.00 ZZ
360 532,207.49 1
5.5000 3088.78 80
5.2500 3088.78
XXXXXX XXXXXX XX 00000 5 09/09/03 00
225700681 05 11/01/03 0.0000
225700681 O 10/01/33
0
9853897 Q72/905 F 625,000.00 ZZ
360 610,695.11 1
5.5000 3548.69 75
5.2500 3548.69
XXXXX XXXX XX 00000 2 08/11/03 00
225700707 05 10/01/03 0.0000
225700707 O 09/01/33
0
9853899 Q72/905 F 626,500.00 ZZ
360 611,419.84 1
5.5000 3557.20 70
5.2500 3557.20
XXXXXXXXX XX 00000 1 07/18/03 00
225768258 05 09/01/03 0.0000
225768258 O 08/01/33
0
9853901 Q72/905 F 615,000.00 ZZ
360 600,196.50 1
5.5000 3491.91 80
5.2500 3491.91
XXX XXXXXX XX 00000 1 07/30/03 00
225790047 05 09/01/03 0.0000
225790047 O 08/01/33
0
9853903 Q72/905 F 572,000.00 ZZ
360 558,917.62 1
5.5000 3247.76 49
5.2500 3247.76
XXXXXXXXX XX 00000 5 08/20/03 00
225791938 05 10/01/03 0.0000
225791938 O 09/01/33
0
9853905 Q72/905 F 644,000.00 ZZ
360 625,584.32 1
5.5000 3656.57 70
5.2500 3656.57
XXX XXXXXXXXX XX 00000 5 08/14/03 00
225792183 05 10/01/03 0.0000
225792183 O 09/01/33
0
9854047 Q72/905 F 362,000.00 ZZ
360 353,286.43 1
5.5000 2055.40 61
5.2500 2055.40
XXXXXXX XX 00000 5 07/22/03 00
223631722 05 09/01/03 0.0000
223631722 O 08/01/33
0
9854049 Q72/905 F 562,400.00 ZZ
360 549,537.21 1
5.5000 3193.25 80
5.2500 3193.25
XXX XXXX XX 00000 1 08/15/03 00
223654708 05 10/01/03 0.0000
223654708 O 09/01/33
0
9854051 Q72/905 F 597,600.00 ZZ
360 583,932.20 1
5.5000 3393.11 74
5.2500 3393.11
XXXX XXXX XX 00000 5 08/12/03 00
223666298 05 10/01/03 0.0000
223666298 O 09/01/33
0
9854053 Q72/905 F 364,000.00 ZZ
360 355,843.70 1
5.5000 2066.76 62
5.2500 2066.76
XXXXXXXX XXXXXXX 00000 5 09/08/03 00
223666678 05 11/01/03 0.0000
223666678 O 10/01/33
0
9854055 Q72/905 F 467,000.00 ZZ
360 452,643.28 1
5.5000 2651.58 47
5.2500 2651.58
XXXXXX XXXX XX 00000 5 08/06/03 00
223667213 05 10/01/03 0.0000
223667213 O 09/01/33
0
9854059 Q72/905 F 547,500.00 ZZ
360 527,191.97 1
5.5000 3108.65 75
5.2500 3108.65
XX XXXXXX XXXXXX 00000 5 08/06/03 00
223810151 05 10/01/03 0.0000
223810151 O 09/01/33
0
9854061 Q72/905 F 437,100.00 ZZ
360 427,102.98 1
5.5000 2481.81 78
5.2500 2481.81
XXXX XXXXXX XX 00000 5 08/04/03 00
223810185 05 10/01/03 0.0000
223810185 O 09/01/33
0
9854065 Q72/905 F 462,000.00 ZZ
360 443,212.78 1
5.5000 2623.19 49
5.2500 2623.19
XXXXXXXXXXX XX 00000 5 09/10/03 00
223927955 05 11/01/03 0.0000
223927955 O 10/01/33
0
9854067 Q72/905 F 502,000.00 ZZ
360 489,323.78 1
5.5000 2850.30 56
5.2500 2850.30
XXXXXXXXXX XX 00000 5 09/03/03 00
223951724 05 11/01/03 0.0000
223951724 O 10/01/33
0
9854087 Q72/905 F 500,000.00 ZZ
360 488,564.36 1
5.5000 2838.95 46
5.2500 2838.95
XXX XXXXX XX 00000 5 08/13/03 00
222492142 05 10/01/03 0.0000
222492142 O 09/01/33
0
9854093 Q72/905 F 593,000.00 ZZ
360 572,428.92 1
5.5000 3366.99 46
5.2500 3366.99
XXXXXXXXXX XX 00000 5 07/23/03 00
223660804 05 09/01/03 0.0000
223660804 O 08/01/33
0
9854101 Q72/905 F 650,000.00 ZZ
360 634,354.19 1
5.5000 3690.63 77
5.2500 3690.63
XXXXXXXX XX 00000 5 07/23/03 00
223698077 05 09/01/03 0.0000
223698077 O 08/01/33
0
9854103 Q72/905 F 515,000.00 ZZ
360 503,221.28 1
5.5000 2924.12 66
5.2500 2924.12
XXXXXXXXX XX 00000 1 08/18/03 00
223772732 05 10/01/03 0.0000
223772732 O 09/01/33
0
9854119 Q72/905 F 549,000.00 ZZ
360 536,273.59 1
5.5000 3117.17 67
5.2500 3117.17
XXXXXXXXX XX 00000 5 08/06/03 00
224138859 05 10/01/03 0.0000
224138859 O 09/01/33
0
9854123 Q72/905 F 452,000.00 ZZ
360 441,120.07 1
5.5000 2566.41 80
5.2500 2566.41
XXXX XXXX XX 00000 1 07/08/03 00
224329979 05 09/01/03 0.0000
224329979 O 08/01/33
0
9854125 Q72/905 F 375,000.00 ZZ
360 366,871.06 1
5.5000 2129.21 66
5.2500 2129.21
XXXXXXXXXX XX 00000 5 09/03/03 00
224353029 05 11/01/03 0.0000
224353029 O 10/01/33
0
9854127 Q72/905 F 640,000.00 ZZ
360 625,362.53 1
5.5000 3633.85 60
5.2500 3633.85
XXXX XXXX XX 00000 2 08/05/03 00
224362921 05 10/01/03 0.0000
224362921 O 09/01/33
0
9854135 Q72/905 F 480,000.00 ZZ
360 469,021.84 1
5.5000 2725.39 62
5.2500 2725.39
XXX XXXX XX 00000 5 08/14/03 00
224487439 05 10/01/03 0.0000
224487439 O 09/01/33
0
9854145 Q72/905 F 394,000.00 ZZ
360 384,988.78 1
5.5000 2237.09 71
5.2500 2237.09
XXXXXXXX XXXXXXX 00000 5 09/08/03 00
224572412 05 10/01/03 0.0000
224572412 O 09/01/33
0
9854153 Q72/905 F 600,000.00 ZZ
360 586,993.61 1
5.5000 3406.74 60
5.2500 3406.74
XXXXXXXXX XXXXXX 00000 2 08/28/03 00
224635425 05 11/01/03 0.0000
224635425 O 10/01/33
0
9854157 Q72/905 F 468,000.00 ZZ
360 457,919.84 1
5.5000 2657.26 47
5.2500 2657.26
XXXXXXXXXX XX 00000 5 11/11/03 00
224674432 05 01/01/04 0.0000
224674432 O 12/01/33
0
9854163 Q72/905 F 596,000.00 ZZ
360 582,368.72 1
5.5000 3384.03 57
5.2500 3384.03
XXX XXXXXXXXX XX 00000 5 07/24/03 00
224721464 05 10/01/03 0.0000
224721464 O 09/01/33
0
9854261 Q72/905 F 536,100.00 ZZ
360 524,478.11 1
5.5000 3043.92 72
5.2500 3043.92
XXXXXXXXXX XX 00000 5 09/15/03 00
224392357 05 11/01/03 0.0000
224392357 O 10/01/33
0
9854267 Q72/905 F 450,000.00 ZZ
360 438,727.13 1
5.5000 2555.05 60
5.2500 2555.05
XXXXXXXXX XX 00000 2 08/20/03 00
224416776 05 10/01/03 0.0000
224416776 O 09/01/33
0
9854271 Q72/905 F 527,000.00 ZZ
360 514,946.94 1
5.5000 2992.25 68
5.2500 2992.25
XXXXXXXX XX 00000 5 08/12/03 00
224491696 05 10/01/03 0.0000
224491696 O 09/01/33
0
9854273 Q72/905 F 518,512.00 ZZ
360 506,652.97 1
5.5000 2944.06 47
5.2500 2944.06
XXXX XXXXXX XX 00000 5 08/06/03 00
224516831 05 10/01/03 0.0000
224516831 O 09/01/33
0
9854277 Q72/905 F 540,000.00 ZZ
360 527,649.65 1
5.5000 3066.06 62
5.2500 3066.06
XXX XXXXXXXXX XX 00000 2 08/12/03 00
224572784 05 10/01/03 0.0000
224572784 O 09/01/33
0
9854281 Q72/905 F 446,000.00 ZZ
360 435,799.49 1
5.5000 2532.34 41
5.2500 2532.34
XXX XXXXXXXXX XX 00000 5 08/01/03 00
224596296 05 10/01/03 0.0000
224596296 O 09/01/33
0
9854285 Q72/905 F 600,000.00 ZZ
360 585,557.62 1
5.5000 3406.74 78
5.2500 3406.74
XXXXX XXXXX XX 00000 5 07/28/03 00
224626507 05 09/01/03 0.0000
224626507 O 08/01/33
0
9854289 Q72/905 F 627,000.00 ZZ
360 613,398.69 1
5.5000 3560.04 62
5.2500 3560.04
XXXXXXXX XX 00000 2 09/24/03 00
224674663 05 11/01/03 0.0000
224674663 O 10/01/33
0
9854291 Q72/905 F 520,000.00 ZZ
360 507,483.21 1
5.5000 2952.51 74
5.2500 2952.51
XXXXXX XXXXX XX 00000 5 07/24/03 00
224718775 05 09/01/03 0.0000
224718775 O 08/01/33
0
9854297 Q72/905 F 518,000.00 ZZ
360 506,666.00 1
5.5000 2941.15 70
5.2500 2941.15
XXX XXXXXXX XX 00000 2 09/04/03 00
224734533 05 11/01/03 0.0000
224734533 O 10/01/33
0
9854299 Q72/905 F 546,000.00 ZZ
360 533,512.38 1
5.5000 3100.13 72
5.2500 3100.13
XXXXXX XXXXX XXX 00000 5 08/15/03 00
224734558 05 10/01/03 0.0000
224734558 O 09/01/33
0
Total Number of Loans 679
Total Original Balance 337,792,403.00
Total Principal Balance 328,660,023.77
Total Original P+I 1,918,172.45
Total Current P+I 1,918,172.45
Fixed Rate Loan
Loan Number S/S Code Payment Type Original Bal Loan Feature
Orig Term Principal Bal # of Units
Orig Rate Original PI LTV
Net Curr Current PI
City State Zip Loan Purp Note Date MI Co Code
Servicer Loan # Prop Type First Pay Date MI Coverage
Seller Loan # Occup Code Maturity Date
Investor Loan #
9843339 Q72/703 F 428,000.00 ZZ
360 419,178.10 1
6.2500 2635.27 71
6.0500 2635.27
XXXXXX XXXXXX XX 00000 2 08/13/03 00
40531562 09 10/01/03 0.0000
40531562 O 09/01/33
0
9843377 Q72/703 F 602,000.00 ZZ
360 581,401.87 1
6.3750 3755.70 72
6.1750 3755.70
XXXX XXXXX XX 00000 2 08/21/03 00
40522251 05 10/01/03 0.0000
40522251 O 09/01/33
0
9843399 Q72/703 F 544,000.00 ZZ
360 531,774.25 1
6.1250 3305.40 80
5.9250 3305.40
XXXXXX XX 00000 2 12/01/03 00
33675459 05 02/01/04 0.0000
33675459 O 01/01/34
0
9843421 Q72/703 F 447,550.00 ZZ
360 439,558.33 1
6.2500 2755.64 80
6.0500 2755.64
XXXXX XXXXX XX 00000 1 10/13/03 00
36012288 09 12/01/03 0.0000
36012288 O 11/01/33
0
9843431 Q72/703 F 425,000.00 ZZ
360 417,411.90 1
6.3750 2651.45 63
6.1750 2651.45
XXXXXXX XX 00000 5 10/31/03 00
36277580 05 01/01/04 0.0000
36277580 O 12/01/33
0
9843449 Q72/703 F 368,500.00 ZZ
360 361,948.01 1
6.3750 2298.97 79
6.1750 2298.97
XXXXX XX 00000 2 10/08/03 00
37050140 05 12/01/03 0.0000
37050140 O 11/01/33
0
9843451 Q72/703 F 552,000.00 ZZ
360 543,079.26 1
6.1250 3354.01 80
5.9250 3354.01
XXXXXX XX 00000 1 12/01/03 00
37234543 05 02/01/04 0.0000
37234543 O 01/01/34
0
9843453 Q72/703 F 479,600.00 ZZ
360 468,710.18 1
6.2500 2952.98 80
6.0500 2952.98
XXXXXXX XX 00000 1 11/17/03 00
37197131 05 01/01/04 0.0000
37197131 O 12/01/33
0
9843467 Q72/703 F 488,000.00 ZZ
360 478,777.56 1
6.2500 3004.70 80
6.0500 3004.70
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0
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0
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0
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9844439 Q72/703 F 600,000.00 ZZ
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0
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0
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0
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0
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0
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0
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0
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0
9844703 Q72/703 F 425,000.00 ZZ
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0
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0
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0
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0
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IDAHO FALLS ID 83401 5 10/31/03 00
223797051 05 12/01/03 0.0000
223797051 O 11/01/33
0
9854097 Q72/905 F 850,000.00 ZZ
360 818,694.23 1
6.2500 5233.60 40
6.0000 5233.60
SARATOGA CA 95070 2 11/18/03 00
223665217 05 01/01/04 0.0000
223665217 O 12/01/33
0
9854213 Q72/905 F 497,000.00 ZZ
360 492,666.38 1
6.2500 3060.11 39
6.0000 3060.11
SANTA BARBARA CA 93110 2 07/23/04 00
45298577 05 09/01/04 0.0000
45298577 O 08/01/34
0
9854217 Q72/905 F 380,000.00 ZZ
360 375,806.23 1
6.2500 2339.73 80
6.0000 2339.73
FAIRFAX VA 22032 1 07/30/04 00
44023976 05 09/01/04 0.0000
44023976 O 08/01/34
0
9854219 Q72/905 F 650,000.00 ZZ
360 644,332.27 1
6.2500 4002.16 67
6.0000 4002.16
FELTON CA 95018 5 07/23/04 00
44057479 05 09/01/04 0.0000
44057479 O 08/01/34
0
9854233 Q72/905 F 490,000.00 ZZ
360 485,827.60 1
6.3750 3056.96 61
6.1250 3056.96
STATEN ISLAND NY 10309 1 07/29/04 00
44243814 05 09/01/04 0.0000
44243814 O 08/01/34
0
9854243 Q72/905 F 440,000.00 ZZ
360 436,253.31 1
6.3750 2745.03 80
6.1250 2745.03
MT AIRY MD 21771 1 07/13/04 00
44460699 05 09/01/04 0.0000
44460699 O 08/01/34
0
9854249 Q72/905 F 430,000.00 ZZ
360 426,250.55 1
6.2500 2647.58 80
6.0000 2647.58
SHERWOOD OR 97140 1 07/15/04 00
44549418 05 09/01/04 0.0000
44549418 O 08/01/34
0
9854321 Q72/905 F 404,000.00 ZZ
360 396,951.71 1
6.3750 2520.43 80
6.1250 2520.43
NOGALES AZ 85621 5 11/01/03 00
100884 05 12/01/03 0.0000
100884 O 11/01/33
0
Total Number of Loans 371
Total Original Balance 181,002,500.16
Total Principal Balance 177,433,545.40
Total Original P+I 1,116,067.44
Total Current P+I 1,116,067.44
Fixed Rate Loan
Loan Number S/S Code Payment Type Original Bal Loan Feature
Orig Term Principal Bal # of Units
Orig Rate Original PI LTV
Net Curr Current PI
City State Zip Loan Purp Note Date MI Co Code
Servicer Loan # Prop Type First Pay Date MI Coverage
Seller Loan # Occup Code Maturity Date
Investor Loan #
9843351 Q72/703 F 395,229.00 ZZ
360 388,884.47 1
6.5000 2498.12 80
6.3000 2498.12
RIVERSIDE CA 92503 1 11/03/03 00
32109269 09 01/01/04 0.0000
32109269 O 12/01/33
0
9843395 Q72/703 F 402,536.00 ZZ
360 395,559.65 1
6.8750 2644.37 74
6.6750 2644.37
GAINESVILLE GA 30506 2 09/05/03 00
31221900 05 11/01/03 0.0000
31221900 O 10/01/33
0
9843397 Q72/703 F 367,500.00 ZZ
360 361,321.39 1
6.8750 2414.21 79
6.6750 2414.21
LOS ANGELES CA 90008 5 09/23/03 00
32373881 05 11/01/03 0.0000
32373881 O 10/01/33
0
9843403 Q72/703 F 765,000.00 ZZ
360 750,418.07 1
6.5000 4835.32 78
6.3000 4835.32
ATLANTA GA 30345 1 08/26/03 00
34517863 05 10/01/03 0.0000
34517863 O 09/01/33
0
9843407 Q72/703 F 442,000.00 ZZ
360 432,393.24 1
6.6250 2830.17 64
6.4250 2830.17
PASADENA CA 91107 2 10/21/03 00
35919547 05 12/01/03 0.0000
35919547 O 11/01/33
0
9843425 Q72/703 F 821,000.00 ZZ
360 801,186.20 2
6.3750 5121.97 64
6.1750 5121.97
MANHATTAN BEACCA 90266 2 09/03/03 00
36040354 05 11/01/03 0.0000
36040354 O 10/01/33
0
9843439 Q72/703 F 624,000.00 ZZ
360 613,745.97 1
6.3750 3892.95 80
6.1750 3892.95
OAKLAND CA 94618 2 11/18/03 00
36386362 05 01/01/04 0.0000
36386362 O 12/01/33
0
9843441 Q72/703 F 584,000.00 ZZ
360 573,259.39 1
6.5000 3691.28 49
6.3000 3691.28
PHOENIX AZ 85254 5 10/15/03 00
36395397 05 12/01/03 0.0000
36395397 O 11/01/33
0
9843447 Q72/703 F 530,500.00 ZZ
360 522,375.84 2
6.7500 3440.81 70
6.5500 3440.81
ASTORIA NY 11103 5 11/07/03 00
36976942 05 01/01/04 0.0000
36976942 O 12/01/33
0
9843469 Q72/703 F 465,300.00 ZZ
360 456,497.81 2
6.7500 3017.93 90
6.5500 3017.93
EAST ELMHURST NY 11369 1 10/22/03 10
36056797 05 12/01/03 25.0000
36056797 O 11/01/33
0
9843471 Q72/703 F 420,000.00 ZZ
360 412,841.62 1
6.5000 2654.69 80
6.3000 2654.69
OAKLAND CA 94611 5 10/24/03 00
35896218 05 12/01/03 0.0000
35896218 O 11/01/33
0
9843473 Q72/703 F 476,000.00 ZZ
360 467,887.16 1
6.5000 3008.65 80
6.3000 3008.65
SAN DIEGO CA 92101 1 10/01/03 00
35908116 01 12/01/03 0.0000
35908116 O 11/01/33
0
9843475 Q72/703 F 460,000.00 ZZ
360 452,159.84 1
6.5000 2907.52 80
6.3000 2907.52
DANA POINT CA 92629 1 10/06/03 00
36322867 05 12/01/03 0.0000
36322867 O 11/01/33
0
9843479 Q72/703 F 530,000.00 ZZ
360 437,645.86 1
6.5000 3349.96 90
6.3000 3349.96
BROOKLINE MA 02446 1 10/31/03 10
36697155 01 12/01/03 25.0000
36697155 O 11/01/33
0
9843483 Q72/703 F 376,000.00 ZZ
360 369,740.09 1
6.6250 2407.57 80
6.4250 2407.57
BEAVERTON OR 97006 2 10/24/03 00
36547163 09 12/01/03 0.0000
36547163 O 11/01/33
0
9843487 Q72/703 F 437,700.00 ZZ
360 430,836.99 1
6.6250 2802.64 90
6.4250 2802.64
HANOVER MD 21076 1 11/24/03 01
36974025 09 01/01/04 25.0000
36974025 O 12/01/33
0
9843489 Q72/703 F 370,000.00 ZZ
360 364,060.57 1
6.5000 2338.65 89
6.3000 2338.65
PROVO UT 84604 2 11/20/03 11
37085184 05 01/01/04 25.0000
37085184 O 12/01/33
0
9843491 Q72/703 F 400,000.00 ZZ
360 394,251.07 1
6.7500 2594.39 92
6.5500 2594.39
SAYVILLE NY 11782 1 12/12/03 10
37102406 05 02/01/04 30.0000
37102406 O 01/01/34
0
9843497 Q72/703 F 396,000.00 ZZ
360 387,004.17 1
6.5000 2502.99 80
6.3000 2502.99
RICHARDSON TX 75082 1 11/19/03 00
37234105 09 01/01/04 0.0000
37234105 O 12/01/33
0
9843501 Q72/703 F 489,000.00 ZZ
360 479,903.26 1
6.6250 3131.13 70
6.4250 3131.13
SANTA CLARITA CA 91354 5 08/20/03 00
40401789 05 10/01/03 0.0000
40401789 O 09/01/33
0
9843643 Q72/703 F 1,499,950.00 ZZ
360 1,463,670.98 1
6.3750 9357.74 59
6.1750 9357.74
ALAMO CA 94507 5 07/10/03 00
39179703 09 09/01/03 0.0000
39179703 O 08/01/33
0
9843681 Q72/703 F 495,750.00 ZZ
360 486,741.31 1
6.7500 3215.43 80
6.5500 3215.43
HASTINGS MN 55033 1 08/28/03 00
46769743 05 10/01/03 0.0000
46769743 O 09/01/33
0
9843691 Q72/703 F 396,000.00 ZZ
360 385,866.03 1
6.6250 2535.64 10
6.4250 2535.64
BELLEVUE WA 98004 2 09/16/03 00
46829759 05 11/01/03 0.0000
46829759 O 10/01/33
0
9843699 Q72/703 F 400,000.00 ZZ
360 393,114.51 1
6.7500 2594.39 87
6.5500 2594.39
WASHINGTON DC 20007 1 09/18/03 11
46770127 05 11/01/03 25.0000
46770127 O 10/01/33
0
9843751 Q72/703 F 465,000.00 ZZ
360 457,993.80 1
6.5000 2939.12 77
6.3000 2939.12
FRESNO CA 93711 5 12/05/03 00
47022110 05 02/01/04 0.0000
47022110 O 01/01/34
0
9843769 Q72/703 F 452,000.00 ZZ
360 444,296.28 1
6.5000 2856.95 80
6.3000 2856.95
AGOURA HILLS CA 91301 5 10/28/03 00
47964881 05 12/01/03 0.0000
47964881 O 11/01/33
0
9843771 Q72/703 F 360,000.00 ZZ
360 353,864.23 1
6.5000 2275.45 60
6.3000 2275.45
LAGUNA NIGUEL CA 92677 2 10/30/03 00
47964777 05 12/01/03 0.0000
47964777 O 11/01/33
0
9843773 Q72/703 F 755,000.00 ZZ
360 733,250.51 1
6.7500 4896.92 72
6.5500 4896.92
SAVANNAH GA 31411 2 10/27/03 00
47964785 05 12/01/03 0.0000
47964785 O 11/01/33
0
9843805 Q72/703 F 413,550.00 ZZ
360 406,068.96 1
6.5000 2613.92 80
6.3000 2613.92
MURRIETA CA 92563 1 09/26/03 00
47964537 05 11/01/03 0.0000
47964537 O 10/01/33
0
9843811 Q72/703 F 500,000.00 ZZ
360 492,342.71 1
6.7500 3243.00 55
6.5500 3243.00
MENLO PARK CA 94025 5 11/17/03 00
47964385 05 01/01/04 0.0000
47964385 O 12/01/33
0
9843823 Q72/703 F 406,300.00 ZZ
360 399,375.06 1
6.5000 2568.10 85
6.3000 2568.10
STREAMWOOD IL 60107 1 10/06/03 10
47965121 09 12/01/03 25.0000
47965121 O 11/01/33
0
9843827 Q72/703 F 500,000.00 ZZ
360 490,752.37 1
6.7500 3243.00 59
6.5500 3243.00
HENDERSON NV 89052 1 08/28/03 00
47965065 09 10/01/03 0.0000
47965065 O 09/01/33
0
9843829 Q72/703 F 405,756.00 ZZ
360 398,260.50 1
6.7500 2631.73 72
6.5500 2631.73
LAS VEGAS NV 89131 1 09/26/03 00
47965081 09 11/01/03 0.0000
47965081 O 10/01/33
0
9843839 Q72/703 F 635,200.00 ZZ
360 624,870.69 1
6.7500 4119.90 80
6.5500 4119.90
MOUNT PLEASANTSC 29464 1 10/31/03 00
47965313 05 12/01/03 0.0000
47965313 O 11/01/33
0
9843853 Q72/703 F 627,800.00 ZZ
360 617,956.11 1
6.6250 4019.88 80
6.4250 4019.88
EAST HILLS NY 11577 1 11/13/03 00
48181570 05 01/01/04 0.0000
48181570 O 12/01/33
0
9843885 Q72/703 F 508,000.00 ZZ
360 495,979.54 2
6.8750 3337.20 80
6.6750 3337.20
FRESH MEADOWS NY 11366 1 11/20/03 00
48181402 05 01/01/04 0.0000
48181402 O 12/01/33
0
9843927 Q72/703 F 510,000.00 ZZ
360 502,315.78 1
6.5000 3223.55 75
6.3000 3223.55
SCARSDALE NY 10583 1 12/08/03 00
49011937 05 02/01/04 0.0000
49011937 O 01/01/34
0
9843961 Q72/703 F 387,800.00 ZZ
360 380,415.65 1
6.5000 2451.16 71
6.3000 2451.16
MILPITAS CA 95035 2 08/22/03 00
31637597 05 10/01/03 0.0000
31637597 O 09/01/33
0
9843981 Q72/703 F 381,024.00 ZZ
360 375,283.15 1
6.5000 2408.33 95
6.3000 2408.33
CHANDLER AZ 85249 1 12/09/03 01
37315487 09 02/01/04 25.0000
37315487 O 01/01/34
0
9844009 Q72/703 F 580,000.00 ZZ
360 570,905.80 1
6.6250 3713.80 80
6.4250 3713.80
FULLERTON CA 92833 1 11/24/03 00
42394455 09 01/01/04 0.0000
42394455 O 12/01/33
0
9844029 Q72/703 F 480,000.00 ZZ
360 472,767.80 1
6.5000 3033.93 80
6.3000 3033.93
MONTGOMERY AL 36117 2 12/16/03 00
42725370 09 02/01/04 0.0000
42725370 O 01/01/34
0
9844037 Q72/703 F 400,000.00 ZZ
360 394,625.69 1
6.7500 2594.39 89
6.5500 2594.39
YONKERS NY 10701 1 01/15/04 14
45530966 05 03/01/04 25.0000
45530966 O 02/01/34
0
9844071 Q72/703 F 368,000.00 ZZ
360 359,766.61 1
6.5000 2326.01 80
6.3000 2326.01
LOS ANGELES CA 90005 1 07/25/03 00
33263357 05 09/01/03 0.0000
33263357 O 08/01/33
0
9844077 Q72/703 F 601,500.00 ZZ
360 590,046.46 1
6.5000 3801.89 71
6.3000 3801.89
LOS ANGELES CA 91324 5 08/12/03 00
33899798 05 10/01/03 0.0000
33899798 O 09/01/33
0
9844083 Q72/703 F 582,000.00 ZZ
360 571,424.15 1
6.7500 3774.84 80
6.5500 3774.84
WINDSOR CA 95492 1 08/05/03 00
34159421 09 10/01/03 0.0000
34159421 O 09/01/33
0
9844085 Q72/703 F 679,200.00 ZZ
360 662,235.11 1
6.3750 4237.32 80
6.1750 4237.32
LOS ANGELES CA 90036 1 07/28/03 00
34510310 05 09/01/03 0.0000
34510310 O 08/01/33
0
9844103 Q72/703 F 436,000.00 ZZ
360 427,697.82 1
6.5000 2755.82 80
6.3000 2755.82
CULVER CITY CA 90230 1 08/07/03 00
38118990 01 10/01/03 0.0000
38118990 O 09/01/33
0
9844163 Q72/703 F 374,400.00 ZZ
360 367,645.93 1
6.5000 2366.46 64
6.3000 2366.46
NEW YORK NY 10025 1 09/29/03 00
46620742 11 11/01/03 0.0000
46620742 O 10/01/33
0
9844177 Q72/703 F 416,000.00 ZZ
360 409,533.48 1
6.5000 2629.40 70
6.3000 2629.40
EAST NORTHPORTNY 11731 5 01/12/04 00
42399968 05 03/01/04 0.0000
42399968 O 02/01/34
0
9844179 Q72/703 F 577,390.00 ZZ
360 567,901.81 1
6.3750 3602.17 80
6.1750 3602.17
SAN RAMON CA 94583 1 11/12/03 00
42433588 05 01/01/04 0.0000
42433588 O 12/01/33
0
9844185 Q72/703 F 740,000.00 ZZ
360 728,522.07 1
6.3750 4616.64 68
6.1750 4616.64
CAMARILLO CA 93012 2 12/29/03 00
42646144 09 02/01/04 0.0000
42646144 O 01/01/34
0
9844195 Q72/703 F 938,000.00 ZZ
360 922,586.16 1
6.3750 5851.90 34
6.1750 5851.90
LOS ANGELES CA 90027 2 11/14/03 00
45090027 05 01/01/04 0.0000
45090027 O 12/01/33
0
9844201 Q72/703 F 505,000.00 ZZ
360 483,552.59 1
6.5000 3191.94 29
6.3000 3191.94
NEWPORT BEACH CA 92661 2 12/02/03 00
45835292 05 02/01/04 0.0000
45835292 O 01/01/34
0
9844213 Q72/703 F 162,000.00 ZZ
360 158,899.79 1
6.7500 1050.73 90
6.5500 1050.73
SEAVIEW WA 98644 5 07/29/03 11
46770335 05 09/10/03 25.0000
46770335 O 08/01/33
0
9844217 Q72/703 F 500,000.00 ZZ
360 492,295.40 1
6.5000 3160.34 59
6.3000 3160.34
MCLEAN VA 22101 5 12/12/03 00
47003641 09 02/01/04 0.0000
47003641 O 01/01/34
0
9844223 Q72/703 F 702,000.00 ZZ
360 691,983.90 1
6.5000 4437.12 77
6.3000 4437.12
MORAGA CA 94556 2 01/02/04 00
47316956 05 03/01/04 0.0000
47316956 O 02/01/34
0
9844227 Q72/703 F 795,000.00 ZZ
360 783,534.67 1
6.3750 4959.77 74
6.1750 4959.77
SIMI VALLEY CA 93063 2 01/13/04 00
47261900 09 03/01/04 0.0000
47261900 O 02/01/34
0
9844237 Q72/703 F 388,000.00 ZZ
360 379,834.19 1
6.8750 2548.88 67
6.6750 2548.88
WOODSTOCK CT 06281 2 01/09/04 00
48266685 05 02/01/04 0.0000
48266685 O 01/01/34
0
9844245 Q72/703 F 87,000.00 ZZ
360 85,749.11 1
7.0000 578.82 80
6.8000 578.82
LADOGA IN 47954 5 12/01/03 00
49181411 05 02/01/04 0.0000
49181411 O 01/01/34
0
9844265 Q72/703 F 465,000.00 ZZ
360 457,993.80 1
6.5000 2939.12 55
6.3000 2939.12
DURANGO CO 81301 5 12/12/03 00
49476907 05 02/01/04 0.0000
49476907 O 01/01/34
0
9844277 Q72/703 F 457,500.00 ZZ
360 451,055.39 1
6.5000 2891.71 75
6.3000 2891.71
NORTHRIDGE CA 91326 5 01/23/04 00
47521774 05 03/01/04 0.0000
47521774 O 02/01/34
0
9844313 Q72/703 F 528,000.00 ZZ
360 518,178.84 1
6.8750 3468.59 80
6.6750 3468.59
PORTSMOUTH RI 02871 5 09/15/03 00
49477147 05 11/01/03 0.0000
49477147 O 10/01/33
0
9844355 Q72/703 F 365,000.00 ZZ
360 359,140.77 1
6.5000 2307.05 53
6.3000 2307.05
BURLINGAME CA 94010 5 11/06/03 00
38126260 05 01/01/04 0.0000
38126260 O 12/01/33
0
9844393 Q72/703 F 550,000.00 T
360 539,844.32 1
6.3750 3431.28 63
6.1750 3431.28
SANTA CRUZ CA 95060 1 09/04/03 00
46696293 05 11/01/03 0.0000
46696293 O 10/01/33
0
9844447 Q72/703 F 116,200.00 ZZ
360 113,459.54 1
6.6250 744.05 80
6.4250 744.05
KENNESAW GA 30144 1 04/03/03 00
51575807 05 05/01/03 0.0000
51575807 O 04/01/33
0
9844453 Q72/703 F 900,000.00 ZZ
360 886,117.90 1
6.3750 5614.83 75
6.1750 5614.83
SAN FRANCISCO CA 94131 5 12/16/03 00
51586610 05 02/01/04 0.0000
51586610 O 01/01/34
0
9844457 Q72/703 F 450,000.00 ZZ
360 443,217.67 1
6.5000 2844.31 72
6.3000 2844.31
INDEPENDENCE OR 97351 5 12/11/03 00
49477443 05 02/01/04 0.0000
49477443 O 01/01/34
0
9844477 Q72/703 F 425,950.00 ZZ
360 418,690.39 1
6.5000 2692.29 60
6.3000 2692.29
HUNTINGTON CA 92646 2 10/14/03 00
51336663 05 12/01/03 0.0000
51336663 O 11/01/33
0
9844505 Q72/703 F 410,000.00 ZZ
360 400,703.20 1
6.7500 2659.26 74
6.5500 2659.26
PLEASANTON CA 94588 5 08/13/03 00
52554683 05 10/01/03 0.0000
52554683 O 09/01/33
0
9844569 Q72/703 F 138,150.00 ZZ
360 135,675.43 1
7.1250 930.74 90
6.9250 930.74
ORLANDO FL 32825 1 09/03/03 11
46769991 09 10/01/03 25.0000
46769991 O 09/01/33
0
9844599 Q72/703 F 83,000.00 ZZ
360 81,491.67 1
6.7500 538.34 88
6.5500 538.34
OMAHA NE 68108 2 08/11/03 11
46770800 05 10/01/03 25.0000
46770800 O 09/01/33
0
9844603 Q72/703 F 400,000.00 T
360 392,305.31 1
6.5000 2528.27 80
6.3000 2528.27
NAVARRE BEACH FL 32566 2 11/28/03 00
45178002 01 01/01/04 0.0000
45178002 O 12/01/33
0
9844619 Q72/703 F 564,600.00 ZZ
360 554,606.73 1
6.5000 3568.66 80
6.3000 3568.66
UNION CITY CA 94587 1 10/15/03 00
38091685 05 12/01/03 0.0000
38091685 O 11/01/33
0
9844635 Q72/703 F 360,000.00 ZZ
360 354,355.28 1
6.6250 2305.12 79
6.4250 2305.12
STAMFORD CT 06902 5 11/11/03 00
41129022 05 01/01/04 0.0000
41129022 O 12/01/33
0
9844655 Q72/703 F 452,000.00 ZZ
360 443,845.49 1
6.5000 2856.95 80
6.3000 2856.95
DENVER CO 80209 1 10/01/03 00
45420747 05 11/01/03 0.0000
45420747 O 10/01/33
0
9844665 Q72/703 F 608,000.00 ZZ
360 597,934.79 1
6.3750 3793.13 80
6.1750 3793.13
STOCKTON CA 95219 1 11/05/03 00
45419154 09 01/01/04 0.0000
45419154 O 12/01/33
0
9844669 Q72/703 F 639,000.00 ZZ
360 629,596.26 1
6.6250 4091.59 68
6.4250 4091.59
JACKSON WY 83001 2 12/08/03 00
45495792 05 02/01/04 0.0000
45495792 O 01/01/34
0
9844671 Q72/703 F 372,000.00 ZZ
360 366,167.06 1
6.6250 2381.96 80
6.4250 2381.96
SAN LEANDRO CA 94577 1 11/14/03 00
45523701 05 01/01/04 0.0000
45523701 O 12/01/33
0
9844687 Q72/703 F 540,000.00 ZZ
360 531,863.82 1
6.5000 3413.17 69
6.3000 3413.17
KAILUA HI 96734 1 11/25/03 00
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DANVILLE CA 94526 5 09/08/03 00
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52556251 O 10/01/33
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SAN DIEGO CA 92109 5 10/20/03 00
52556747 05 12/01/03 0.0000
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9844731 Q72/703 F 396,000.00 ZZ
360 388,352.50 1
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ENCINITAS CA 92024 2 08/18/03 00
52555147 07 10/01/03 0.0000
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9844739 Q72/703 F 447,260.00 ZZ
360 419,574.73 1
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PLEASANTON CA 94588 2 07/29/03 00
52556659 05 10/01/03 0.0000
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CINCINNATI OH 45220 2 11/17/03 11
52557379 05 01/01/04 25.0000
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9844751 Q72/703 F 408,000.00 ZZ
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EL SOBRANTE CA 94803 2 09/23/03 00
52558052 05 12/01/03 0.0000
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9844755 Q72/703 F 587,500.00 T
360 578,438.03 1
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PACIFIC GROVE CA 93950 2 12/08/03 00
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EL DORADO HILLCA 95762 1 10/07/03 00
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9844801 Q72/703 F 366,700.00 ZZ
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TUCSON AZ 85737 5 08/29/03 00
52703097 09 11/01/03 0.0000
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0
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LOS ANGELES CA 90043 5 09/04/03 00
52703105 05 11/01/03 0.0000
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9844825 Q72/703 F 222,000.00 ZZ
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7.2500 1514.44 75
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SUFFOLK VA 23435 5 11/10/03 00
49181563 05 01/01/04 0.0000
49181563 O 12/01/33
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TRACY CA 95304 1 12/02/03 00
49476315 05 02/01/04 0.0000
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OAKLAND CA 94605 5 12/16/03 10
49476795 05 02/01/04 30.0000
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9844865 Q72/703 F 479,200.00 ZZ
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UPLAND CA 91784 1 12/08/03 00
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DISCOVERY BAY CA 94514 5 11/25/03 00
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360 357,176.15 1
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GLENDALE CA 91201 5 11/24/03 00
46026619 05 01/01/04 0.0000
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9844933 Q72/703 F 500,000.00 ZZ
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LYMAN ME 04002 5 11/26/03 00
49476619 05 02/01/04 0.0000
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FAIRFIELD CT 06825 1 12/10/03 00
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WARWICK NY 10990 5 11/26/03 00
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SAN DIEGO CA 92104 5 10/03/03 00
49490447 05 12/01/03 0.0000
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0
9844959 Q72/703 F 432,000.00 ZZ
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ROCKLIN CA 95765 1 08/19/03 00
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HILLSDALE NJ 07642 5 11/26/03 00
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PALM DESERT CA 92211 1 09/19/03 00
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SEASIDE OR 97138 1 09/26/03 00
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SOLVANG CA 93463 2 12/01/03 00
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9845037 Q72/703 F 456,000.00 ZZ
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PALM CITY FL 34990 1 09/26/03 00
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0
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GLENDALE CA 91206 5 11/24/03 00
46539128 05 01/01/04 0.0000
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9845047 Q72/703 F 772,000.00 ZZ
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PONTE VEDRA BEFL 32082 5 09/17/03 00
46620854 05 11/01/03 0.0000
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9845083 Q72/703 F 381,755.00 ZZ
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DANVILLE CA 94526 5 07/30/03 00
52554899 05 10/01/03 0.0000
52554899 O 09/01/33
0
9845087 Q72/703 F 559,200.00 ZZ
360 547,334.74 1
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BIXBY OK 74008 1 09/16/03 00
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0
9845095 Q72/703 F 368,000.00 ZZ
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WATSONVILLE CA 95076 1 09/25/03 00
52556395 05 12/01/03 0.0000
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0
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ALAMEDA CA 94501 2 10/09/03 00
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0
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SANTA FE NM 87508 5 09/15/03 00
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SPRECKELS CA 93906 2 08/27/03 00
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SAN JOSE CA 95111 1 09/09/03 00
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DEL MAR CA 92014 1 10/27/03 00
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MURRIETA CA 92562 2 08/25/03 00
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WOODBRIDGE CT 06525 1 08/14/03 00
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GRANITE BAY CA 95746 2 10/14/03 00
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HUMBLE TX 77345 2 09/17/03 00
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WEST PATERSON NJ 07424 2 10/10/03 00
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STEVENSON RANCCA 91381 1 09/29/03 00
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LAUREL NY 11948 2 01/09/04 00
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FORT LEE NJ 07024 1 10/06/03 00
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DUVALL WA 98019 1 12/22/03 00
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ANAHEIM CA 92804 1 12/16/03 00
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HIGHLAND NY 12528 5 12/11/03 00
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TENAFLY NJ 07670 1 09/23/03 00
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WILDWOOD NJ 08260 5 10/17/03 00
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CORONA CA 92882 1 08/14/03 00
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LOS ANGELES CA 90402 1 08/28/03 00
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HENDERSON NV 89052 5 01/31/03 00
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NOVATO CA 94945 1 10/17/03 00
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CHESAPEAKE VA 23321 5 11/05/03 00
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LAS VEGAS NV 89124 2 09/22/03 00
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EXETER CA 93221 2 10/13/03 00
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OCEAN RIDGE FL 33435 2 10/09/03 00
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NEW YORK NY 10019 1 07/29/04 00
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MILL VALLEY CA 94941 2 07/23/04 00
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PELLA IA 50219 5 08/04/04 00
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NEW HARTFORD CT 06057 1 10/09/03 00
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CRESTON CA 93432 1 10/28/03 00
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MILL VALLEY CA 94941 5 10/28/03 00
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NAPA CA 94558 2 10/22/03 00
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6.5000 3160.34 79
6.2500 3160.34
HOUSTON TX 77019 1 07/22/04 00
44173946 05 09/01/04 0.0000
44173946 O 08/01/34
0
9854229 Q72/905 F 770,000.00 ZZ
360 763,443.35 1
6.3750 4803.80 70
6.1250 4803.80
VENICE CA 90291 5 07/15/04 00
44195204 05 09/01/04 0.0000
44195204 O 08/01/34
0
9854247 Q72/905 F 372,000.00 ZZ
360 368,906.98 1
6.5000 2351.29 80
6.2500 2351.29
LAS VEGAS NV 89131 5 07/26/04 00
44527604 05 09/01/04 0.0000
44527604 O 08/01/34
0
9854251 Q72/905 F 440,000.00 ZZ
360 436,341.53 1
6.5000 2781.10 60
6.2500 2781.10
ALEXANDRIA VA 22302 1 07/30/04 00
44559003 05 09/01/04 0.0000
44559003 O 08/01/34
0
9854253 Q72/905 F 500,000.00 ZZ
360 495,682.08 1
6.5000 3160.34 50
6.2500 3160.34
SEATTLE WA 98105 5 07/16/04 00
44625135 05 09/01/04 0.0000
44625135 O 08/01/34
0
9854301 Q72/905 F 216,000.00 ZZ
360 212,193.31 1
6.6250 1383.08 75
6.3750 1383.08
SANTA MARIA CA 93458 2 09/03/03 00
224826115 05 11/01/03 0.0000
224826115 O 10/01/33
0
Total Number of Loans 259
Total Original Balance 130,092,214.00
Total Principal Balance 127,640,854.27
Total Original P+I 827,046.83
Total Current P+I 827,046.83
EXHIBIT F-2
GROUP II LOAN SCHEDULE
(Filed Manually)
Fixed Rate Passthru
Loan Number Sub Serv Fee
Principal Bal Mstr Serv Fee
Curr Note Rate Alloc Exp
Net Curr Misc Exp
Investor Rate Spread
Post Strip Rate Strip
9843333 0.2000
518904.25 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843335 0.2000
467795.63 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843361 0.2000
384595.60 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843363 0.2000
470986.95 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843365 0.2000
587641.72 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843369 0.2000
385764.59 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843371 0.2000
742342.51 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843373 0.2000
404276.12 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843375 0.2000
491495.88 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843379 0.2000
610652.00 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843381 0.2000
624053.29 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843383 0.2000
412884.72 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843411 0.2000
467314.25 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843413 0.2000
530913.57 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843457 0.2000
452887.45 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843459 0.2000
632436.42 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843505 0.2000
423269.48 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843509 0.2000
370747.93 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843511 0.2000
362401.51 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843513 0.2000
424050.36 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843515 0.2000
609614.81 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843517 0.2000
559358.77 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843519 0.2000
435648.49 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843521 0.2000
414578.35 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843523 0.2000
390924.15 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843525 0.2000
484278.10 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843527 0.2000
560737.74 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843529 0.2000
548555.93 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843531 0.2000
531612.58 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843535 0.2000
426110.88 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843537 0.2000
328532.74 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843545 0.2000
377947.81 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843553 0.2000
430451.38 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843557 0.2000
584897.21 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843591 0.2000
560492.29 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843595 0.2000
355645.88 0.0100
5.0000 0.0000
4.8000 0.0000
4.7900
4.7900 0.0000
9843639 0.2000
396415.02 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843641 0.2000
401111.40 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843687 0.2000
383866.90 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843689 0.2000
399405.68 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843693 0.2000
431510.81 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843695 0.2000
379948.74 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843697 0.2000
402099.74 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843741 0.2000
436993.31 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843763 0.2000
364631.95 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843789 0.2000
385057.40 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843791 0.2000
391137.61 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843879 0.2000
617401.32 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843911 0.2000
496443.34 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843923 0.2000
381060.59 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843925 0.2000
487414.29 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843931 0.2000
852993.54 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9843933 0.2000
397730.09 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843935 0.2000
444646.69 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843939 0.2000
560832.45 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9843941 0.2000
389151.29 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843943 0.2000
524476.67 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9843991 0.2000
430095.59 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9843995 0.2000
400837.29 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9844049 0.2000
412807.24 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844057 0.2000
975384.10 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844067 0.2000
413757.84 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844073 0.2000
436217.38 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844075 0.2000
600078.47 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844091 0.2000
442920.36 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844093 0.2000
362129.47 0.0100
5.4900 0.0000
5.2900 0.0000
5.2800
5.0000 0.2800
9844099 0.2000
363800.32 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844115 0.2000
363497.61 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844125 0.2000
550116.52 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844127 0.2000
441848.96 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844133 0.2000
419071.75 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844135 0.2000
466379.51 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844137 0.2000
388063.23 0.0100
5.0000 0.0000
4.8000 0.0000
4.7900
4.7900 0.0000
9844139 0.2000
500104.96 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844145 0.2000
400377.00 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844147 0.2000
692522.60 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844151 0.2000
385249.17 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844153 0.2000
468184.37 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844155 0.2000
355291.88 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844157 0.2000
437094.20 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844161 0.2000
535485.85 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844205 0.2000
426333.61 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844209 0.2000
447689.74 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844239 0.2000
453632.34 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844287 0.2000
401858.25 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844343 0.2000
459800.43 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844361 0.2000
461768.11 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844363 0.2000
386195.48 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9844365 0.2000
381144.67 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9844367 0.2000
419333.48 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844369 0.2000
387921.95 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844371 0.2000
441378.47 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844383 0.2000
633628.77 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844385 0.2000
402944.79 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844391 0.2000
461985.06 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844399 0.2000
362636.18 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844407 0.2000
616017.68 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844409 0.2000
366722.85 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844411 0.2000
453955.28 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844421 0.2000
527297.89 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844443 0.2000
532341.75 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844463 0.2000
398456.46 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844465 0.2000
388461.70 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844511 0.2000
437262.45 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844543 0.2000
565400.61 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844545 0.2000
584409.78 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844547 0.2000
633926.86 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844559 0.2000
625815.56 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844601 0.2000
511388.49 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844607 0.2000
472791.83 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844613 0.2000
376997.29 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844621 0.2000
406027.05 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844625 0.2000
618501.74 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844629 0.2000
390109.37 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9844631 0.2000
380198.51 0.0100
5.3500 0.0000
5.1500 0.0000
5.1400
5.0000 0.1400
9844643 0.2000
390689.27 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844645 0.2000
402140.07 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844657 0.2000
415182.30 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844659 0.2000
484489.88 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844661 0.2000
365126.78 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9844695 0.2000
485351.02 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844711 0.2000
506712.03 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844733 0.2000
412626.50 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844741 0.2000
851942.17 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844847 0.2000
499442.29 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844849 0.2000
564864.53 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844867 0.2000
498692.94 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844869 0.2000
679591.27 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844877 0.2000
371133.41 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9844879 0.2000
395230.65 0.0100
5.0000 0.0000
4.8000 0.0000
4.7900
4.7900 0.0000
9844881 0.2000
350938.37 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9844883 0.2000
436273.93 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845049 0.2000
396586.72 0.0100
5.1250 0.0000
4.9250 0.0000
4.9150
4.9150 0.0000
9845051 0.2000
632536.39 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845053 0.2000
377442.05 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845057 0.2000
451345.48 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845059 0.2000
427802.27 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845061 0.2000
586211.54 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845063 0.2000
428592.45 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845065 0.2000
564425.75 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845067 0.2000
608247.97 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845069 0.2000
373359.12 0.0100
5.2500 0.0000
5.0500 0.0000
5.0400
5.0000 0.0400
9845071 0.2000
380877.61 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845081 0.2000
390043.92 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845085 0.2000
546101.25 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845089 0.2000
620732.83 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845093 0.2000
437032.72 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
5.0000 0.1650
9845107 0.2000
790406.90 0.0100
5.3750 0.0000
5.1750 0.0000
5.1650
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9851739 0.2500
584480.89 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851767 0.2500
386313.21 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9851769 0.2500
402505.43 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9851775 0.2500
358625.64 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9851781 0.2500
523781.13 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851785 0.2500
475987.40 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851791 0.2500
350938.38 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9851805 0.2500
604738.14 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851823 0.2500
526001.68 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851827 0.2500
429974.96 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851841 0.2500
371762.66 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9851847 0.2500
430244.73 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851849 0.2500
366423.33 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9851851 0.2500
364551.20 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9851891 0.2500
397952.17 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851915 0.2500
413105.69 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851929 0.2500
409986.87 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851939 0.2500
412841.64 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9851951 0.2500
588576.37 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9851967 0.2500
615263.86 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852021 0.2500
600432.13 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852029 0.2500
361357.84 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852035 0.2500
389931.53 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852039 0.2500
386178.14 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852041 0.2500
597031.54 0.0100
5.1250 0.0000
4.8750 0.0000
4.8650
4.8650 0.0000
9852075 0.2500
470521.30 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852121 0.2500
773054.51 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852141 0.2500
366175.31 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852171 0.2500
557114.62 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852189 0.2500
464614.21 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852207 0.2500
466233.34 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852215 0.2500
370632.38 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852231 0.2500
379126.06 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852239 0.2500
489671.79 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852247 0.2500
495531.43 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852253 0.2500
584487.05 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852269 0.2500
385754.81 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852277 0.2500
417012.13 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852283 0.2500
438680.70 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852313 0.2500
496349.88 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852317 0.2500
536158.34 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852323 0.2500
391610.18 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852371 0.2500
655671.26 0.0100
5.1250 0.0000
4.8750 0.0000
4.8650
4.8650 0.0000
9852391 0.2500
373530.54 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852399 0.2500
387920.03 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852421 0.2500
371469.68 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852423 0.2500
421895.15 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852427 0.2500
436685.62 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852477 0.2500
518618.28 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852613 0.2500
372824.92 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852619 0.2500
389286.94 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852691 0.2500
391427.01 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9852737 0.2500
354500.09 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852751 0.2500
451469.83 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852945 0.2500
388648.42 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9852961 0.2500
396782.94 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852965 0.2500
373643.34 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9852967 0.2500
387766.29 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853043 0.2500
381002.87 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853053 0.2500
399209.15 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853067 0.2500
587399.03 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853073 0.2500
371515.79 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853075 0.2500
376950.16 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853139 0.2500
358088.67 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853151 0.2500
540275.36 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853155 0.2500
633999.47 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853157 0.2500
373751.67 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853209 0.2500
374495.06 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853213 0.2500
523090.24 0.0100
4.7500 0.0000
4.5000 0.0000
4.4900
4.4900 0.0000
9853215 0.2500
368377.51 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853225 0.2500
351579.29 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853245 0.2500
364021.57 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853255 0.2500
560845.71 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853267 0.2500
359916.53 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853269 0.2500
372804.95 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853277 0.2500
363756.97 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853285 0.2500
627060.56 0.0100
4.6250 0.0000
4.3750 0.0000
4.3650
4.3650 0.0000
9853287 0.2500
359044.40 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853385 0.2500
512076.59 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853391 0.2500
588894.98 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853405 0.2500
665699.46 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853419 0.2500
443799.71 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853473 0.2500
388853.49 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853493 0.2500
360031.73 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853505 0.2500
369354.99 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853563 0.2500
377583.40 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853577 0.2500
441848.88 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853583 0.2500
380968.49 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9853589 0.2500
379424.27 0.0100
4.8750 0.0000
4.6250 0.0000
4.6150
4.6150 0.0000
9853597 0.2500
377947.81 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853609 0.2500
360488.72 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853633 0.2500
487391.05 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853641 0.2500
629912.91 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853833 0.2500
562185.24 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853839 0.2500
421897.01 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853849 0.2500
346583.60 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9853861 0.2500
471802.43 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853863 0.2500
413259.14 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9853865 0.2500
582949.49 0.0100
5.1250 0.0000
4.8750 0.0000
4.8650
4.8650 0.0000
9853879 0.2500
618369.42 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854091 0.2500
386698.31 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9854115 0.2500
449240.27 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854121 0.2500
382342.50 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854141 0.2500
632048.71 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854143 0.2500
509513.77 0.0100
5.2500 0.0000
5.0000 0.0000
4.9900
4.9900 0.0000
9854147 0.2500
470965.62 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854159 0.2500
382033.70 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9854165 0.2500
377171.68 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9854169 0.2500
508471.21 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854171 0.2500
355097.03 0.0100
5.1250 0.0000
4.8750 0.0000
4.8650
4.8650 0.0000
9854263 0.2500
417533.01 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854279 0.2500
384242.76 0.0100
5.5000 0.0000
5.2500 0.0000
5.2400
5.0000 0.2400
9854295 0.2500
550296.94 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
9854323 0.2500
623611.67 0.0100
5.3750 0.0000
5.1250 0.0000
5.1150
5.0000 0.1150
Total Number of Loans: 425
Total Original Balance: 203,508,219.71
Total Principal Balance: 197,257,638.28
Total Original P+I: 1,136,092.51
Total Current P+I: 1,136,092.51
Fixed Rate Passthru
Loan Number Sub Serv Fee
Principal Bal Mstr Serv Fee
Curr Note Rate Alloc Exp
Net Curr Misc Exp
Investor Rate Spread
Post Strip Rate Strip
9843339 0.2000
419178.10 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843377 0.2000
581401.87 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843399 0.2000
531774.25 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843421 0.2000
439558.33 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843431 0.2000
417411.90 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843449 0.2000
361948.01 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843451 0.2000
543079.26 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843453 0.2000
468710.18 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843467 0.2000
478777.56 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843477 0.2000
394478.93 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843551 0.2000
444842.01 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843555 0.2000
474566.69 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843753 0.2000
442894.85 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843777 0.2000
419428.00 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843779 0.2000
440000.13 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843807 0.2000
450115.96 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843813 0.2000
428393.34 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843821 0.2000
388108.69 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843845 0.2000
490460.33 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843855 0.2000
442430.77 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843859 0.2000
457178.55 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843871 0.2000
412935.38 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843873 0.2000
615663.85 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843883 0.2000
368837.61 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9843891 0.2000
548000.74 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843895 0.2000
451785.93 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843899 0.2000
438905.89 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843903 0.2000
400485.57 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843909 0.2000
432425.26 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843917 0.2000
550359.49 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843919 0.2000
458343.49 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843957 0.2000
983839.18 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843965 0.2000
984878.55 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9843967 0.2000
378506.23 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9843975 0.2000
461410.76 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9844013 0.2000
381621.45 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9844017 0.2000
371989.54 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9844019 0.2000
398041.88 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9844023 0.2000
482111.60 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9844025 0.2000
447706.77 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9844031 0.2000
516902.07 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9844039 0.2000
438136.11 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.0000 0.1650
9844045 0.2000
409335.92 0.0100
6.2500 0.0000
6.0500 0.0000
6.0400
6.0000 0.0400
9844051 0.2000
406940.32 0.0100
6.1250 0.0000
5.9250 0.0000
5.9150
5.9150 0.0000
9844053 0.2000
408287.98 0.0100
6.2500 0.0000
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5.9900
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5.9900
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5.9900 0.0000
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6.2500 0.0000
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5.9900 0.0000
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
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6.2500 0.0000
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5.9900
5.9900 0.0000
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361810.17 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852863 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852865 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852869 0.2500
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6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9852877 0.2500
538300.84 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852879 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852913 0.2500
388108.69 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9852919 0.2500
448169.20 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852927 0.2500
431155.44 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852929 0.2500
423820.83 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9852939 0.2500
459815.28 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852941 0.2500
421172.38 0.0100
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6.1250 0.0000
6.1150
6.0000 0.1150
9852943 0.2500
460048.93 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9852989 0.2500
381069.07 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9852991 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853001 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853093 0.2500
471550.16 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853105 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
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446076.13 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853117 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853165 0.2500
644332.27 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
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423772.37 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853181 0.2500
495640.15 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853183 0.2500
360676.35 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853191 0.2500
428146.93 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853199 0.2500
392547.03 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853203 0.2500
471946.80 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853205 0.2500
415432.20 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853239 0.2500
361881.11 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853351 0.2500
436163.33 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853425 0.2500
557180.55 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853427 0.2500
432143.00 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853433 0.2500
427052.13 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853435 0.2500
469431.76 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853437 0.2500
481250.33 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853445 0.2500
639066.77 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853447 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853451 0.2500
476662.64 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853455 0.2500
417152.29 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853463 0.2500
461607.39 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853465 0.2500
486160.76 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853467 0.2500
391898.87 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853521 0.2500
693896.17 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853545 0.2500
513985.68 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853553 0.2500
382853.90 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853555 0.2500
384696.07 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853621 0.2500
981101.35 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853667 0.2500
510013.70 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853669 0.2500
539707.89 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853671 0.2500
455988.95 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853687 0.2500
424268.00 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853689 0.2500
459157.62 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853693 0.2500
397751.20 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853703 0.2500
388581.82 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853705 0.2500
375273.86 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853709 0.2500
445961.80 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853713 0.2500
471849.39 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853729 0.2500
504070.85 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853735 0.2500
412269.82 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853751 0.2500
593483.12 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853759 0.2500
392627.94 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853763 0.2500
517059.27 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853769 0.2500
396512.15 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853779 0.2500
475037.83 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853805 0.2500
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6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853889 0.2500
499911.00 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853929 0.2500
420739.51 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853931 0.2500
436144.41 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853933 0.2500
375943.05 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853943 0.2500
458769.62 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9853979 0.2500
363998.19 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9853999 0.2500
505156.42 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854007 0.2500
370052.80 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854057 0.2500
674252.52 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854097 0.2500
818694.23 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854213 0.2500
492666.38 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854217 0.2500
375806.23 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854219 0.2500
644332.27 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854233 0.2500
485827.60 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9854243 0.2500
436253.31 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
9854249 0.2500
426250.55 0.0100
6.2500 0.0000
6.0000 0.0000
5.9900
5.9900 0.0000
9854321 0.2500
396951.71 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.0000 0.1150
Total Number of Loans: 371
Total Original Balance: 181,002,500.16
Total Principal Balance: 177,433,545.40
Total Original P+I: 1,116,067.44
Total Current P+I: 1,116,067.44
Fixed Rate Passthru
Loan Number Sub Serv Fee
Principal Bal Mstr Serv Fee
Curr Note Rate Alloc Exp
Net Curr Misc Exp
Investor Rate Spread
Post Strip Rate Strip
9843351 0.2000
388884.47 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843395 0.2000
395559.65 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9843397 0.2000
361321.39 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9843403 0.2000
750418.07 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843407 0.2000
432393.24 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843425 0.2000
801186.20 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9843439 0.2000
613745.97 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9843441 0.2000
573259.39 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843447 0.2000
522375.84 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843469 0.2000
456497.81 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843471 0.2000
412841.62 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843473 0.2000
467887.16 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843475 0.2000
452159.84 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843479 0.2000
437645.86 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843483 0.2000
369740.09 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843487 0.2000
430836.99 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843489 0.2000
364060.57 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843491 0.2000
394251.07 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843497 0.2000
387004.17 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843501 0.2000
479903.26 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843643 0.2000
1463670.98 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9843681 0.2000
486741.31 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843691 0.2000
385866.03 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843699 0.2000
393114.51 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843751 0.2000
457993.80 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843769 0.2000
444296.28 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843771 0.2000
353864.23 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843773 0.2000
733250.51 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843805 0.2000
406068.96 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843811 0.2000
492342.71 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843823 0.2000
399375.06 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843827 0.2000
490752.37 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843829 0.2000
398260.50 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843839 0.2000
624870.69 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9843853 0.2000
617956.11 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9843885 0.2000
495979.54 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9843927 0.2000
502315.78 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843961 0.2000
380415.65 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9843981 0.2000
375283.15 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844009 0.2000
570905.80 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844029 0.2000
472767.80 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844037 0.2000
394625.69 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844071 0.2000
359766.61 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844077 0.2000
590046.46 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844083 0.2000
571424.15 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844085 0.2000
662235.11 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844103 0.2000
427697.82 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844163 0.2000
367645.93 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844177 0.2000
409533.48 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844179 0.2000
567901.81 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844185 0.2000
728522.07 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844195 0.2000
922586.16 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844201 0.2000
483552.59 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844213 0.2000
158899.79 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844217 0.2000
492295.40 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844223 0.2000
691983.90 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844227 0.2000
783534.67 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844237 0.2000
379834.19 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9844245 0.2000
85749.11 0.0100
7.0000 0.0000
6.8000 0.0000
6.7900
6.2500 0.5400
9844265 0.2000
457993.80 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844277 0.2000
451055.39 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844313 0.2000
518178.84 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9844355 0.2000
359140.77 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844393 0.2000
539844.32 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844447 0.2000
113459.54 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844453 0.2000
886117.90 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844457 0.2000
443217.67 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844477 0.2000
418690.39 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844505 0.2000
400703.20 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844569 0.2000
135675.43 0.0100
7.1250 0.0000
6.9250 0.0000
6.9150
6.2500 0.6650
9844599 0.2000
81491.67 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844603 0.2000
392305.31 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844619 0.2000
554606.73 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844635 0.2000
354355.28 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844655 0.2000
443845.49 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844665 0.2000
597934.79 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844669 0.2000
629596.26 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844671 0.2000
366167.06 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844687 0.2000
531863.82 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844693 0.2000
416296.63 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844699 0.2000
486146.93 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844731 0.2000
388352.50 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844739 0.2000
419574.73 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844749 0.2000
384879.84 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9844751 0.2000
401166.85 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844755 0.2000
578438.03 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844757 0.2000
778182.65 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844801 0.2000
360513.11 0.0100
7.2500 0.0000
7.0500 0.0000
7.0400
6.2500 0.7900
9844803 0.2000
378527.02 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9844825 0.2000
218909.07 0.0100
7.2500 0.0000
7.0500 0.0000
7.0400
6.2500 0.7900
9844831 0.2000
618313.25 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844841 0.2000
639908.76 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844865 0.2000
471979.90 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844875 0.2000
500829.16 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844899 0.2000
357176.15 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9844933 0.2000
492466.34 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844939 0.2000
409732.04 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844941 0.2000
516572.34 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844949 0.2000
426705.71 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844959 0.2000
423774.09 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9844985 0.2000
465263.35 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9844987 0.2000
384038.65 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9844995 0.2000
604887.41 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845011 0.2000
436166.98 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9845037 0.2000
444204.94 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9845045 0.2000
457535.48 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845047 0.2000
756028.70 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9845083 0.2000
374485.58 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845087 0.2000
547334.74 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9845095 0.2000
362155.53 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9845097 0.2000
366642.63 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845099 0.2000
354785.79 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9845101 0.2000
383286.47 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9845105 0.2000
404230.11 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9845111 0.2000
638660.08 0.0100
6.3750 0.0000
6.1750 0.0000
6.1650
6.1650 0.0000
9845113 0.2000
600836.95 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845119 0.2000
420634.93 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845137 0.2000
602302.63 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9845155 0.2000
487708.35 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9845165 0.2000
377325.23 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845169 0.2000
515529.00 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845173 0.2000
640762.39 0.0100
6.8750 0.0000
6.6750 0.0000
6.6650
6.2500 0.4150
9845181 0.2000
372308.06 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845211 0.2000
358969.96 0.0100
6.7500 0.0000
6.5500 0.0000
6.5400
6.2500 0.2900
9845213 0.2000
403379.26 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845251 0.2000
147720.14 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845263 0.2000
552352.58 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845273 0.2000
223436.25 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845287 0.2000
474783.84 0.0100
6.5000 0.0000
6.3000 0.0000
6.2900
6.2500 0.0400
9845371 0.2000
604235.45 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9845373 0.2000
972821.68 0.0100
6.6250 0.0000
6.4250 0.0000
6.4150
6.2500 0.1650
9849625 0.2500
980618.55 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9849635 0.2500
358038.00 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9849733 0.2500
860007.30 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9849735 0.2500
185255.35 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9849755 0.2500
384687.00 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9849761 0.2500
452159.84 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9849833 0.2500
554256.59 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9849837 0.2500
459659.10 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9849845 0.2500
644465.21 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9849853 0.2500
370418.32 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9849985 0.2500
460661.03 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9850621 0.2500
494456.67 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850643 0.2500
539643.14 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850745 0.2500
513477.18 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850749 0.2500
404977.88 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850777 0.2500
353352.42 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9850799 0.2500
380256.29 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850803 0.2500
361166.02 0.0100
7.0000 0.0000
6.7500 0.0000
6.7400
6.2500 0.4900
9850805 0.2500
412841.62 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850811 0.2500
422152.98 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850815 0.2500
412489.84 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850819 0.2500
355228.05 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850821 0.2500
408347.25 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850829 0.2500
918785.78 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9850841 0.2500
598008.92 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9850853 0.2500
376851.67 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850865 0.2500
588058.33 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9850867 0.2500
459819.70 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9850881 0.2500
638659.89 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9850891 0.2500
370734.05 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9850893 0.2500
611621.65 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851197 0.2500
572580.95 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851349 0.2500
372258.11 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851389 0.2500
401699.07 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851395 0.2500
375788.75 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851397 0.2500
417333.04 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851399 0.2500
447773.61 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851401 0.2500
597877.64 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851407 0.2500
413414.43 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851409 0.2500
317876.36 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9851411 0.2500
372646.85 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851417 0.2500
468593.78 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851437 0.2500
393182.65 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851447 0.2500
738257.28 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851449 0.2500
363630.96 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9851457 0.2500
376213.16 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851497 0.2500
378819.64 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851553 0.2500
504323.18 0.0100
7.1250 0.0000
6.8750 0.0000
6.8650
6.2500 0.6150
9851695 0.2500
534030.69 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9851699 0.2500
688647.36 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9851759 0.2500
589532.29 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9851779 0.2500
439751.68 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9851857 0.2500
606029.28 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9852051 0.2500
539612.10 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852063 0.2500
728667.40 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9852087 0.2500
640206.53 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852145 0.2500
631704.08 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852181 0.2500
432794.48 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852193 0.2500
639565.70 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852471 0.2500
452081.64 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9852497 0.2500
372212.08 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852505 0.2500
910148.73 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852517 0.2500
357433.44 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852539 0.2500
366146.66 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852543 0.2500
515663.37 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852545 0.2500
585816.40 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9852555 0.2500
372560.52 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852561 0.2500
508856.63 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852567 0.2500
981960.16 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852583 0.2500
681216.21 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852665 0.2500
976849.62 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9852671 0.2500
491410.02 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852687 0.2500
442682.43 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9852711 0.2500
420265.76 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852713 0.2500
486571.20 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852733 0.2500
659809.48 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852795 0.2500
703522.36 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852811 0.2500
597046.52 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9852823 0.2500
969611.65 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852825 0.2500
373900.00 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852845 0.2500
386891.68 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852851 0.2500
478283.53 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852871 0.2500
353383.99 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9852875 0.2500
487463.89 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9852885 0.2500
414591.60 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9852895 0.2500
357311.35 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9852901 0.2500
539444.08 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853101 0.2500
495940.88 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9853185 0.2500
356889.89 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853195 0.2500
487602.68 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853233 0.2500
407926.80 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853237 0.2500
428920.03 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853247 0.2500
365774.72 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853291 0.2500
624761.77 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853299 0.2500
630481.16 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9853311 0.2500
476286.17 0.0100
6.8750 0.0000
6.6250 0.0000
6.6150
6.2500 0.3650
9853321 0.2500
391205.45 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9853363 0.2500
520634.78 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853429 0.2500
367358.54 0.0100
6.7500 0.0000
6.5000 0.0000
6.4900
6.2500 0.2400
9853439 0.2500
542591.90 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853527 0.2500
594890.92 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9853529 0.2500
991881.88 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9853551 0.2500
822932.36 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9853651 0.2500
473561.50 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853659 0.2500
411549.36 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853697 0.2500
396752.69 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9853701 0.2500
479078.87 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9853707 0.2500
468075.35 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853719 0.2500
407949.31 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853741 0.2500
548154.04 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853747 0.2500
788389.76 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853755 0.2500
495177.92 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853767 0.2500
413614.72 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9853815 0.2500
580018.63 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9853887 0.2500
588991.89 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853911 0.2500
495368.15 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9853923 0.2500
618852.00 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9853977 0.2500
362770.71 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854033 0.2500
357077.47 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
9854041 0.2500
585483.27 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854089 0.2500
363192.77 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854205 0.2500
382294.71 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854225 0.2500
489351.03 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854229 0.2500
763443.35 0.0100
6.3750 0.0000
6.1250 0.0000
6.1150
6.1150 0.0000
9854247 0.2500
368906.98 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854251 0.2500
436341.53 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854253 0.2500
495682.08 0.0100
6.5000 0.0000
6.2500 0.0000
6.2400
6.2400 0.0000
9854301 0.2500
212193.31 0.0100
6.6250 0.0000
6.3750 0.0000
6.3650
6.2500 0.1150
Total Number of Loans: 259
Total Original Balance: 130,092,214.00
Total Principal Balance: 127,640,854.27
Total Original P+I: 827,046.83
Total Current P+I: 827,046.83
EXHIBIT G
FORMS OF REQUEST FOR RELEASE
DATE:
TO:
RE: REQUEST FOR RELEASE OF DOCUMENTS
In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage Loan File
described below.
Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one) Mortgage Loan Prepaid in Full
Mortgage Loan Repurchased
"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Pooling and Servicing Agreement."
Residential Funding Corporation
Authorized Signature
****************************************************************
TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.
Enclosed Documents: [ ] Promissory Note
[ ] Primary Insurance Policy
[ ] Mortgage or Deed of Trust
[ ] Assignment(s) of Mortgage or Deed of Trust
[ ] Title Insurance Policy
[ ] Other:
Name_______________________________
Title
Date
EXHIBIT H-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
) ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Loan Backed Certificates, Series _______, Class
R[-__] (the "Owner"), a [savings institution] [corporation] duly organized and
existing under the laws of [the State of ] [the United States], on behalf of
which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" or an electing large partnership as of [date of transfer] within
the meaning of Sections 860E(e)(5) and 775, respectively, of the Internal
Revenue Code of 1986, as amended (the "Code") or an electing large partnership
under Section 775(a) of the Code, (ii) will endeavor to remain other than a
disqualified organization for so long as it retains its ownership interest in
the Class R[-__] Certificates, and (iii) is acquiring the Class R[-__]
Certificates for its own account or for the account of another Owner from which
it has received an affidavit and agreement in substantially the same form as
this affidavit and agreement. (For this purpose, a "disqualified organization"
means an electing large partnership under Section 775 of the Code, the United
States, any state or political subdivision thereof, any agency or
instrumentality of any of the foregoing (other than an instrumentality all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of whose board of directors is not selected by
any such governmental entity) or any foreign government, international
organization or any agency or instrumentality of such foreign government or
organization, any rural electric or telephone cooperative, or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated business
taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large partnerships, under the Code, that applies to all transfers of Class
R[-__] Certificates after March 31, 1988; (ii) that such tax would be on the
transferor (or, with respect to transfers to electing large partnerships, on
each such partnership), or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent; (iii) that the person (other than with respect to transfers to electing
large partnerships) otherwise liable for the tax shall be relieved of liability
for the tax if the transferee furnishes to such person an affidavit that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the
transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding Class R[-__] Certificates if either the pass-through entity is an
electing large partnership under Section 775 of the Code or if at any time
during the taxable year of the pass-through entity a disqualified organization
is the record holder of an interest in such entity. (For this purpose, a "pass
through entity" includes a regulated investment Depositor, a real estate
investment trust or common trust fund, a partnership, trust or estate, and
certain cooperatives.)
5. The Owner is either (i) a citizen or resident of the United States,
(ii) a corporation, partnership or other entity treated as a corporation or a
partnership for U.S. federal income tax purposes and created or organized in or
under the laws of the United States, any state thereof or the District of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.
6. The Owner hereby agrees that it will not cause income from the Class
R[-__] Certificates to be attributable to a foreign permanent establishment or
fixed base (within the meaning of an applicable income tax treaty) of the Owner
of another United States taxpayer.
7. That the Owner is aware that the Trustee will not register the
transfer of any Class R[- __] Certificates unless the transferee, or the
transferee's agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes that any of the representations contained in such affidavit and
agreement are false.
8. That the Owner has reviewed the restrictions set forth on the face of
the Class R[-__] Certificates and the provisions of Section 5.02(f) of the
Pooling and Servicing Agreement under which the Class R[-__] Certificates were
issued (in particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which
authorize the Trustee to deliver payments to a person other than the Owner and
negotiate a mandatory sale by the Trustee in the event the Owner holds such
Certificates in violation of Section 5.02(f)). The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.
9. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R[-__] Certificates will only
be owned, directly or indirectly, by an Owner that is not a disqualified
organization.
10. The Owner's Taxpayer Identification Number is ________________.
11. This affidavit and agreement relates only to the Class R[-__]
Certificates held by the Owner and not to any other holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.
12. That no purpose of the Owner relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making this representation, the Owner warrants that
the Owner is familiar with (i) Treasury Regulation Section 1.860E-1(c) and
recent amendments thereto, effective as of July 19, 2002, and (ii) the preamble
describing the adoption of the amendments to such regulation, which is attached
hereto as Exhibit 1.
13. That the Owner has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R[-__]
Certificate that the Owner intends to pay taxes associated with holding such
Class R[- __] Certificate as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.
14. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.
15. (a) The Owner is not an employee benefit plan or other plan subject
to the prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or an investment manager, named
fiduciary or a trustee of any such plan, or any other Person acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
such plan; or
(b) The Owner has provided the Trustee, the Depositor and the
Master Servicer with an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee, the Depositor and the Master Servicer to
the effect that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Trustee, the
Depositor or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.
In addition, the Owner hereby certifies, represents and warrants to, and
covenants with, the Depositor, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.
Capitalized terms used but not defined herein shall have the meanings
assigned in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, pursuant to the authority of its Board of Directors, by its
[Title of Officer] and its corporate seal to be hereunto attached, attested by
its [Assistant] Secretary, this day of _____,___ 200__.
[NAME OF OWNER]
By: _________________________
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Owner.
Subscribed and sworn before me this ___ day of ________, 200 __.
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the ____ day of _____, 20__
EXHIBIT 1
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9004]
RIN 1545-AW98
Real Estate Mortgage Investment Conduits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations.
SUMMARY: This document contains final regulations relating to safe
harbor transfers of noneconomic residual interests in real estate mortgage
investment conduits (REMICs). The final regulations provide additional
limitations on the circumstances under which transferors may claim safe harbor
treatment.
DATES: Effective Date: These regulations are effective July 19, 2002.
Applicability Date: For dates of applicability, see Sec. 1.860E-(1)(c)(10).
FOR FURTHER INFORMATION CONTACT: Xxxxxxxx Xxxxxxxxxx at (000) 000-0000 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information in this final rule has been reviewed and,
pending receipt and evaluation of public comments, approved by the Office of
Management and Budget (OMB) under 44 U.S.C. 3507 and assigned control number
1545-1675.
The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation. The collection of
information is mandatory and is required. Otherwise, the taxpayer will not
receive the benefit of safe harbor treatment as provided in the regulation. The
likely respondents are businesses and other for-profit institutions.
Comments on the collection of information should be sent to the Office
of Management and Budget, Attn: Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Xxxxxxxxxx, XX, 00000, with copies
to the Internal Revenue Service, Attn: IRS Reports Clearance Officer,
W:CAR:MP:FP:S, Xxxxxxxxxx, XX 00000. Comments on the collection of information
should be received by October 17, 2002. Comments are specifically requested
concerning:
Whether the collection of information is necessary for the proper
performance of the functions of the Internal Revenue Service, including whether
the information will have practical utility; The accuracy of the estimated
burden associated with the collection of information (see below);
How the quality, utility, and clarity of the information to be collected
may be enhanced;
How the burden of complying with the collection of information may be
minimized, including through the application of automated collection techniques
or other forms of information technology; and
Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of service to provide information.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a valid control
number assigned by the Office of Management and Budget.
The estimated total annual reporting burden is 470 hours, based on an
estimated number of respondents of 470 and an estimated average annual burden
hours per respondent of one hour.
Books or records relating to a collection of information must be
retained as long as their contents may become material in the administration of
any internal revenue law. Generally, tax returns and tax return information are
confidential, as required by 26 U.S.C. 6103.
BACKGROUND
This document contains final regulations regarding the proposed
amendments to 26 CFR part 1 under section 860E of the Internal Revenue Code
(Code). The regulations provide the circumstances under which a transferor of a
noneconomic REMIC residual interest meeting the investigation and representation
requirements may avail itself of the safe harbor by satisfying either the
formula test or the asset test.
Final regulations governing REMICs, issued in 1992, contain rules
governing the transfer of noneconomic REMIC residual interests. In general, a
transfer of a noneconomic residual interest is disregarded for all tax purposes
if a significant purpose of the transfer is to enable the transferor to impede
the assessment or collection of tax. A purpose to impede the assessment or
collection of tax (a wrongful purpose) exists if the transferor, at the time of
the transfer, either knew or should have known that the transferee would be
unwilling or unable to pay taxes due on its share of the REMIC's taxable income.
Under a safe harbor, the transferor of a REMIC noneconomic residual
interest is presumed not to have a wrongful purpose if two requirements are
satisfied: (1) the transferor conducts a reasonable investigation of the
transferee's financial condition (the investigation requirement); and (2) the
transferor secures a representation from the transferee to the effect that the
transferee understands the tax obligations associated with holding a residual
interest and intends to pay those taxes (the representation requirement).
The IRS and Treasury have been concerned that some transferors of
noneconomic residual interests claim they satisfy the safe harbor even in
situations where the economics of the transfer clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest. For
this reason, on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula test," an economic test. The
proposed regulation provides that the safe harbor is unavailable unless the
present value of the anticipated tax liabilities associated with holding the
residual interest does not exceed the sum of: (1) The present value of any
consideration given to the transferee to acquire the interest; (2) the present
value of the expected future distributions on the interest; and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
The notice of proposed rulemaking also contained rules for FASITs.
Section 1.860H-6(g) of the proposed regulations provides requirements for
transfers of FASIT ownership interests and adopts a safe harbor by reference to
the safe harbor provisions of the REMIC regulations.
In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B.
335) to set forth an alternative safe harbor that taxpayers could use while the
IRS and the Treasury considered comments on the proposed regulations. Under the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation requirement but the transfer fails to meet the formula test,
the transferor may invoke the safe harbor if the transferee meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of transfer, the transferee's gross assets exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a domestic, taxable corporation and agrees in writing not to
transfer the interest to any person other than another domestic, taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the transferor knows, or has reason to know,
that the transferee will not comply with its written agreement to limit the
restrictions on subsequent transfers of the residual interest. Rev. Proc.
2001-12 provides that the asset test fails to be satisfied in the case of a
transfer or assignment of a noneconomic residual interest to a foreign branch of
an otherwise eligible transferee. If such a transfer or assignment were
permitted, a corporate taxpayer might seek to claim that the provisions of an
applicable income tax treaty would resource excess inclusion income as foreign
source income, and that, as a consequence, any U.S. tax liability attributable
to the excess inclusion income could be offset by foreign tax credits. Such a
claim would impede the assessment or collection of U.S. tax on excess inclusion
income, contrary to the congressional purpose of assuring that such income will
be taxable in all events. See, e.g., sections 860E(a)(1), (b), (e) and 860G(b)
of the Code.
The Treasury and the IRS have learned that certain taxpayers
transferring noneconomic residual interests to foreign branches have attempted
to rely on the formula test to obtain safe harbor treatment in an effort to
impede the assessment or collection of U.S. tax on excess inclusion income.
Accordingly, the final regulations provide that if a noneconomic residual
interest is transferred to a foreign permanent establishment or fixed base of a
U.S. taxpayer, the transfer is not eligible for safe harbor treatment under
either the asset test or the formula test. The final regulations also require a
transferee to represent that it will not cause income from the noneconomic
residual interest to be attributable to a foreign permanent establishment or
fixed base.
Section 1.860E -1(c)(8) provides computational rules that a taxpayer may
use to qualify for safe harbor status under the formula test. Section
1.860E-1(c)(8)(i) provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b). Some commentators
were concerned that this presumed rate of taxation was too high because it does
not take into consideration taxpayers subject to the alternative minimum tax
rate. In light of the comments received, this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative minimum tax rate to use the alternative minimum tax rate
applicable to corporations.
Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present values
in the formula test are to be computed using a discount rate equal to the
applicable Federal short-term rate prescribed by section 1274(d). This is a
change from the proposed regulation and Rev. Proc. 2001-12. In those
publications the provision stated that "present values are computed using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded semiannually" and that "[a] lower discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or business, substantial funds at such lower rate from an unrelated third
party." The IRS and the Treasury Department have learned that, based on this
provision, certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test, frustrating the intent of the
test. Furthermore, the Treasury Department and the IRS believe that a rule
allowing for a rate other than a rate based on an objective index would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations that permits a transferee to use a lower discount rate, if the
transferee can demonstrate that it regularly borrows substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate has been substituted for the applicable Federal rate. To simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term rates, provided that the present values are computed with a
corresponding period of compounding. With the exception of the provisions
relating to transfers to foreign branches, these changes generally have the
proposed applicability date of February 4, 2000, but taxpayers may choose to
apply the interest rate formula set forth in the proposed regulation and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
It is anticipated that when final regulations are adopted with respect
to
FASITs, Sec. 1.860H-6(g) of the proposed regulations will be adopted in
substantially its present form, with the result that the final regulations
contained in this document will also govern transfers of FASIT ownership
interests with substantially the same applicability date as is contained in this
document.
Effect on Other Documents
Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.
Special Analyses
It is hereby certified that these regulations will not have a
significant economic impact on a substantial number of small entities. This
certification is based on the fact that it is unlikely that a substantial number
of small entities will hold REMIC residual interests. Therefore, a Regulatory
Flexibility Analysis under the Regulatory Flexibility Act (5 U.S.C. chapter 6)
is not required. It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the Administrative Procedure Act (5 U.S.C. chapter 5) do
not apply to these regulations.
Drafting Information
The principal author of these regulations is Xxxxxxxx Xxxxxxxxxx.
However, other personnel from the IRS and Treasury Department participated in
their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and record keeping requirements.
26 CFR Part 602
Reporting and record keeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR parts 1 and 602 are amended as follows:
PART 1-INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in part
as follows:
Authority: 26 U.S.C. 7805 * * *
EXHIBIT H-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 200__
Residential Asset Mortgage Products, Inc.
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004
Attention: Residential Funding Corporation Series 2005-SP1
Re: Mortgage Loan Backed Certificates,
Series 2005-SP1, Class R-[ ]
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer
by _______________________________ (the "Seller") to
_______________________________ (the "Purchaser") of $_____________ Initial
Certificate Principal Balance of Mortgage Loan Backed Certificates, Series
2005-SP1, Class R-[__] (the "Certificates"), pursuant to Section 5.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of May 1, 2005 among Residential Asset Mortgage Products, Inc., as seller
(the "Depositor"), Residential Funding Corporation, as master servicer, and
JPMorgan Chase Bank, N.A., as trustee (the "Trustee"). All terms used herein and
not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Seller hereby certifies, represents and warrants to,
and covenants with, the Depositor and the Trustee that:
1. No purpose of the Seller relating to the transfer of the
Certificate by the Seller to the Purchaser is or will be to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee and the Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit H-1. The Seller does
not know or believe that any representation contained therein is false.
3. The Seller has at the time of the transfer conducted a
reasonable investigation of the financial condition of the Purchaser as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result
of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they become due and has found no significant
evidence to indicate that the Purchaser will not continue to pay its debts as
they become due in the future. The Seller understands that the transfer of a
Class R Certificate may not be respected for United States income tax purposes
(and the Seller may continue to be liable for United States income taxes
associated therewith) unless the Seller has conducted such an investigation.
4. The Seller has no actual knowledge that the proposed
Transferee is not both a United States Person and a Permitted Transferee.
Very truly yours,
(Seller)
By: _________________________
Name:
Title:
EXHIBIT I
FORM OF INVESTOR REPRESENTATION LETTER
______________, 20__
Residential Asset Mortgage Products, Inc
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, XX 00000
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Residential Funding Corporation
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, XX 00000
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Mortgage Loan Backed Certificates,
Series 2005-SP1, Class [B-__]
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase
from ___________________________ (the "Seller") $_____________ Initial
Certificate Principal Balance of Mortgage Loan Backed Certificates, Series
2005-SP1, Class [B-__] (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of May 1,
2005, among Residential Asset Mortgage Products, Inc., as seller (the
"Depositor"), Residential Funding Corporation, as master servicer (the "Master
Servicer"), and JPMorgan Chase Bank, N.A., as trustee (the "Trustee"). All terms
used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Depositor, the Trustee and the Master
Servicer that:
1. The Purchaser understands that (a) the Certificates
have not been and will not be registered or qualified under the
Securities Act of 1933, as amended (the "Act") or any state
securities law, (b) the Depositor is not required to so register
or qualify the Certificates, (c) the Certificates may be resold
only if registered and qualified pursuant to the provisions of
the Act or any state securities law, or if an exemption from such
registration and qualification is available, (d) the Pooling and
Servicing Agreement contains restrictions regarding the transfer
of the Certificates and (e) the Certificates will bear a legend
to the foregoing effect.
2. The Purchaser is acquiring the Certificates for its own
account for investment only and not with a view to or for sale in
connection with any distribution thereof in any manner that would
violate the Act or any applicable state securities laws.
3. The Purchaser is (a) a substantial, sophisticated
institutional investor having such knowledge and experience in
financial and business matters, and, in particular, in such
matters related to securities similar to the Certificates, such
that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic
risks of such an investment and (c) an "accredited investor"
within the meaning of Rule 501(a) promulgated pursuant to the
Act.
4. The Purchaser has been furnished with, and has had an
opportunity to review (a) [a copy of the Private Placement
Memorandum, dated ___________________, 20__, relating to the
Certificates (b)] a copy of the Pooling and Servicing Agreement
and [b] [c] such other information concerning the Certificates,
the Mortgage Loans and the Depositor as has been requested by
the Purchaser from the Depositor or the Seller and is relevant
to the Purchaser's decision to purchase the Certificates. The
Purchaser has had any questions arising from such review
answered by the Depositor or the Seller to the satisfaction of
the Purchaser. [If the Purchaser did not purchase the
Certificates from the Seller in connection with the initial
distribution of the Certificates and was provided with a copy of
the Private Placement Memorandum (the "Memorandum") relating to
the original sale (the "Original Sale") of the Certificates by
the Depositor, the Purchaser acknowledges that such Memorandum
was provided to it by the Seller, that the Memorandum was
prepared by the Depositor solely for use in connection with the
Original Sale and the Depositor did not participate in or
facilitate in any way the purchase of the Certificates by the
Purchaser from the Seller, and the Purchaser agrees that it will
look solely to the Seller and not to the Depositor with respect
to any damage, liability, claim or expense arising out of,
resulting from or in connection with (a) error or omission, or
alleged error or omission, contained in the Memorandum, or (b)
any information, development or event arising after the date of
the Memorandum.]
5. The Purchaser has not and will not nor has it
authorized or will it authorize any person to (a) offer, pledge,
sell, dispose of or otherwise transfer any Certificate, any
interest in any Certificate or any other similar security to any
person in any manner, (b) solicit any offer to buy or to accept a
pledge, disposition of other transfer of any Certificate, any
interest in any Certificate or any other similar security from
any person in any manner, (c) otherwise approach or negotiate
with respect to any Certificate, any interest in any Certificate
or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or
in any other manner or (e) take any other action, that (as to any
of (a) through (e) above) would constitute a distribution of any
Certificate under the Act, that would render the disposition of
any Certificate a violation of Section 5 of the Act or any state
securities law, or that would require registration or
qualification pursuant thereto. The Purchaser will not sell or
otherwise transfer any of the Certificates, except in compliance
with the provisions of the Pooling and Servicing Agreement.
6. The Purchaser hereby certifies, represents and warrants
to, and covenants with the Depositor, the Trustee and the Master
Servicer that the following statements in (a) or (b) are correct:
(a) The Purchaser is not an employee benefit or other plan
subject to the prohibited transaction provisions of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Internal Revenue Code of 1986, as amended
(the "Code") (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan)
acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan within the meaning of
the Department of Labor ("DOL") regulation at 29 C.F.R.
ss.2510.3-101; or
(b) the following conditions are satisfied: (i) such
Transferee is an insurance company, (ii) the source of funds
used to purchase or hold such Certificate ( or interest therein)
is an "insurance company general account" (as defined in U.S.
Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60, and (iii) the conditions set forth in Sections I
and III of PTCE 95-60 have been satisfied (each entity that
satisfies this clause (b), a "Complying Insurance Company").
In addition, the Purchaser hereby certifies, represents
and warrants to, and covenants with, the Depositor, the Trustee
and the Master Servicer that the Purchaser will not transfer such
Certificates to any Plan or person unless either such Plan or
person meets the requirements set forth in either [(a) or (b)]
above.
Very truly yours,
(Purchaser)
By: ____________________________
Name:
Title:
EXHIBIT J
FORM OF TRANSFEROR REPRESENTATION LETTER
______, 2__
Residential Asset Mortgage Products, Inc
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, XX 00000
JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Mortgage Loan Backed Certificates,
Series 2005-SP1, Class [R-__]
Ladies and Gentlemen:
In connection with the sale by (the "Seller") to (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Loan Backed
Certificates, Series 2005-SP1, Class [R-__] (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of May 1, 2005, among Residential Asset Mortgage Products,
Inc., as seller (the "Depositor"), Residential Funding Corporation, as master
servicer, and JPMorgan Chase Bank, N.A., as trustee (the "Trustee"). The Seller
hereby certifies, represents and warrants to, and covenants with, the Depositor
and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar security with any person in any manner,
(d) has made any general solicitation by means of general advertising or in any
other manner, or (e) has taken any other action, that (as to any of (a) through
(e) above) would constitute a distribution of the Certificates under the
Securities Act of 1933 (the "Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Act or any state securities law, or
that would require registration or qualification pursuant thereto. The Seller
will not act, in any manner set forth in the foregoing sentence with respect to
any Certificate. The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
Very truly yours,
(Seller)
By: _________________________
Name:
Title:
EXHIBIT K
TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
LIMITED GUARANTY
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited
Guaranty. (a) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether it or any Subservicer will be
entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer Advances previously made, (which will not be
Advances or Subservicer Advances that were made with respect to delinquencies
which were subsequently determined to be Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Subservicer Advances reimbursed pursuant to
Section 4.02(a), to the extent such Advances or Subservicer Advances have not
been included in the amount of the Realized Loss in the related Mortgage Loan,
and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).
(b) Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related Determination
Date, the Master Servicer shall determine whether any Realized Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary Losses) will be allocated to the Class B Certificates on such
Distribution Date pursuant to Section 4.05, and, if so, the Master Servicer
shall demand payment from Residential Funding of the amount of such Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the additional amount of
Accrued Certificate Interest that would have been paid for the Class B
Certificateholders on such Distribution Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate Principal
Balances of the Class B Certificates on such Distribution Date due to such
Realized Loss or Losses. Notwithstanding such payment, such Realized Losses
shall be deemed to have been borne by the Certificateholders for purposes of
Section 4.05. Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.
(c) Demands for payments pursuant to this Section shall be made
prior to the later of the third Business Day prior to each Distribution Date or
the related Determination Date by the Master Servicer with written notice
thereof to the Trustee. The maximum amount that Residential Funding shall be
required to pay pursuant to this Section on any Distribution Date (the "Amount
Available") shall be equal to the lesser of (X) minus the sum of (i) all
previous payments made under subsections (a) and (b) hereof and (ii) all draws
under the Limited Guaranty made in lieu of such payments as described below in
subsection (d) and (Y) the then outstanding Certificate Principal Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02. Residential Funding's obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."
(d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and shall demand payment pursuant to the limited guaranty (the "Limited
Guaranty"), executed by General Motors Acceptance Corporation, of Residential
Funding's obligation to make payments pursuant to this Section, in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by delivering to General Motors Acceptance Corporation a written demand for
payment by wire transfer, not later than the second Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.
(e) All payments made by Residential Funding pursuant to this
Section or amounts paid under the Limited Guaranty shall be deposited directly
in the Certificate Account, for distribution on the Distribution Date for such
month to the Class B Certificateholders.
(f) The Depositor shall have the option, in its sole discretion,
to substitute for either or both of the Limited Guaranty or the Subordinate
Certificate Loss Obligation another instrument in the form of a corporate
guaranty, an irrevocable letter of credit, a surety bond, insurance policy or
similar instrument or a reserve fund; provided that (i) the Depositor obtains
(subject to the provisions of Section 10.01(f) as if the Depositor was
substituted for the Master Servicer solely for the purposes of such provision)
an Opinion of Counsel (which need not be an opinion of Independent counsel) to
the effect that obtaining such substitute corporate guaranty, irrevocable letter
of credit, surety bond, insurance policy or similar instrument or reserve fund
will not cause either (a) any federal tax to be imposed on the Trust Fund,
including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860(F)(a)(1) of the Code or on "contributions after
the startup date" under Section 860(G)(d)(1) of the Code or (b) the Trust Fund
to fail to qualify as a REMIC at any time that any Certificate is outstanding,
and (ii) no such substitution shall be made unless (A) the substitute Limited
Guaranty or Subordinate Certificate Loss Obligation is for an initial amount not
less than the then current Amount Available and contains provisions that are in
all material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Depositor obtains
written confirmation from each nationally recognized credit rating agency that
rated the Class B Certificates at the request of the Depositor that such
substitution shall not lower the rating on the Class B Certificates below the
lesser of (a) the then-current rating assigned to the Class B Certificates by
such rating agency and (b) the original rating assigned to the Class B
Certificates by such rating agency. Any replacement of the Limited Guaranty or
Subordinate Certificate Loss Obligation pursuant to this Section shall be
accompanied by a written Opinion of Counsel to the substitute guarantor or
obligor, addressed to the Master Servicer and the Trustee, that such substitute
instrument constitutes a legal, valid and binding obligation of the substitute
guarantor or obligor, enforceable in accordance with its terms, and concerning
such other matters as the Master Servicer and the Trustee shall reasonably
request. Neither the Depositor, the Master Servicer nor the Trustee shall be
obligated to substitute for or replace the Limited Guaranty or Subordinate
Certificate Loss Obligation under any circumstance.
Section 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XII may be amended in any manner; in each case by
written instrument executed or consented to by the Depositor and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Depositor shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class B Certificates at the request of the
Depositor to the effect that such amendment, reduction, deletion or cancellation
will not lower the rating on the Class B Certificates below the lesser of (a)
the then-current rating assigned to the Class B Certificates by such rating
agency and (b) the original rating assigned to the Class B Certificates by such
rating agency, unless (A) the Holder of 100% of the Class B Certificates is
Residential Funding or an Affiliate of Residential Funding, or (B) such
amendment, reduction, deletion or cancellation is made in accordance with
Section 11.01(e) and, provided further that the Depositor obtains (subject to
the provisions of Section 10.01(f) as if the Depositor was substituted for the
Master Servicer solely for the purposes of such provision), in the case of a
material amendment or supersession (but not a reduction, cancellation or
deletion of the Limited Guaranty or the Subordinate Certificate Loss
Obligation), an Opinion of Counsel (which need not be an opinion of Independent
counsel) to the effect that any such amendment or supersession will not cause
either (a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) the Trust Fund to fail to qualify as a
REMIC at any time that any Certificate is outstanding. A copy of any such
instrument shall be provided to the Trustee and the Master Servicer together
with an Opinion of Counsel that such amendment complies with this Section 12.02.
EXHIBIT L
FORM OF LIMITED GUARANTY
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
Mortgage Loan Backed Certificates
Series 2005-SP1
_______, 200__
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware corporation
("Residential Funding"), an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation, a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Pooling and Servicing
Agreement dated as of May 1, 2005, (the "Servicing Agreement"), among
Residential Asset Mortgage Products, Inc. (the "Depositor"), Residential Funding
and JPMorgan Chase Bank (the "Trustee") as amended by Amendment No. ___ thereto,
dated as of ________, with respect to the Mortgage Loan Backed Certificates,
Series 2005-SP1 (the "Certificates"); and
WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential Funding agrees to make payments to the Holders of the Class B
Certificates with respect to certain losses on the Mortgage Loans as described
in the Servicing Agreement; and
WHEREAS, GMAC desires to provide certain assurances with respect
to the ability of Residential Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;
NOW THEREFORE, in consideration of the premises herein contained
and certain other good and valuable consideration, the receipt of which is
hereby acknowledged, GMAC agrees as follows:
1. Provision of Funds. (a) GMAC agrees to contribute and deposit
in the Certificate Account on behalf of Residential Funding (or otherwise
provide to Residential Funding, or to cause to be made available to Residential
Funding), either directly or through a subsidiary, in any case prior to the
related Distribution Date, such moneys as may be required by Residential Funding
to perform its Subordinate Certificate Loss Obligation when and as the same
arises from time to time upon the demand of the Trustee in accordance with
Section 12.01 of the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall be
absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
2. Waiver. GMAC hereby waives any failure or delay on the part of
Residential Funding, the Trustee or any other person in asserting or enforcing
any rights or in making any claims or demands hereunder. Any defective or
partial exercise of any such rights shall not preclude any other or further
exercise of that or any other such right. GMAC further waives demand,
presentment, notice of default, protest, notice of acceptance and any other
notices with respect to this Limited Guaranty, including, without limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.
3. Modification, Amendment and Termination. This Limited Guaranty
may be modified, amended or terminated only by the written agreement of GMAC and
the Trustee and only if such modification, amendment or termination is permitted
under Section 12.02 of the Servicing Agreement. The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided herein, the
guarantee herein set forth shall be binding upon GMAC and its respective
successors.
5. Governing Law. This Limited Guaranty shall be governed by the
laws of the State of New York.
6. Authorization and Reliance. GMAC understands that a copy of
this Limited Guaranty shall be delivered to the Trustee in connection with the
execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby
authorizes the Depositor and the Trustee to rely on the covenants and agreements
set forth herein.
7. Definitions. Capitalized terms used but not otherwise defined
herein shall have the meaning given them in the Servicing Agreement.
8. Counterparts. This Limited Guaranty may be executed in any
number of counterparts, each of which shall be deemed to be an original and such
counterparts shall constitute but one and the same instrument.
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be
executed and delivered by its respective officers thereunto duly authorized as
of the day and year first above written.
GENERAL MOTORS ACCEPTANCE
CORPORATION
By: _______________________
Name:
Title:
Acknowledged by:
JPMORGAN CHASE BANK, N.A.
as Trustee
By: ___________________________
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:____________________________
Name:
Title:
EXHIBIT M
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 20____
Residential Asset Mortgage
Products, Inc.
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
JPMorgan Chase Bank, N.A.
4 New York Plaza, 6th Floor
New York, New York 10004
Attention: Residential Asset Mortgage Products, Inc., Series 2005-SP1
Re: Mortgage Loan Backed Certificates, Series 2005-SP1 Assignment of
Mortgage Loan
Ladies and Gentlemen:
This letter is delivered to you in connection with the assignment
by _________________ (the "Trustee") to _______________________ (the "Lender")
of _______________ (the "Mortgage Loan") pursuant to Section 3.13(d) of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of May 1, 2005, among Residential Asset Mortgage Products, Inc., as seller
(the "Depositor"), Residential Funding Corporation, as master servicer, and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing Agreement. The Lender hereby certifies,
represents and warrants to, and covenants with, the Master Servicer and the
Trustee that:
(i) the Mortgage Loan is secured by Mortgaged Property located in a
jurisdiction in which an assignment in lieu of satisfaction is required to
preserve lien priority, minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;
(ii) the substance of the assignment is, and is intended to be, a
refinancing of such Mortgage Loan and the form of the transaction is solely to
comply with, or facilitate the transaction under, such local laws;
(iii) the Mortgage Loan following the proposed assignment will be
modified to have a rate of interest at least 0.25 percent below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and
(iv) such assignment is at the request of the borrower under the related
Mortgage Loan.
Very truly yours,
(Lender)
By: ________________________
Name:
Title:
EXHIBIT N
FORM OF RULE 144A INVESTMENT REPRESENTATION
Description of Rule 144A Securities, including numbers:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 0000 Xxx.
2. The Buyer warrants and represents to, and covenants with, the
Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of May 1, 2005, among
Residential Funding Corporation as Master Servicer, Residential Asset Mortgage
Products, Inc. as depositor pursuant to Section 5.02 of the Agreement and
JPMorgan Chase Bank, N.A., as trustee, as follows:
a. The Buyer understands that the Rule 144A Securities
have not been registered under the 1933 Act or the securities laws of
any state.
b. The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and
risks of investment in the Rule 144A Securities.
c. The Buyer has been furnished with all information
regarding the Rule 144A Securities that it has requested from the
Seller, the Trustee or the Servicer.
d. Neither the Buyer nor anyone acting on its behalf has
offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Rule 144A Securities, any interest in
the Rule 144A Securities or any other similar security from, or
otherwise approached or negotiated with respect to the Rule 144A
Securities, any interest in the Rule 144A Securities or any other
similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or
taken any other action, that would constitute a distribution of the Rule
144A Securities under the 1933 Act or that would render the disposition
of the Rule 144A Securities a violation of Section 5 of the 1933 Act or
require registration pursuant thereto, nor will it act, nor has it
authorized or will it authorize any person to act, in such manner with
respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that
term is defined in Rule 144A under the 1933 Act and has completed either
of the forms of certification to that effect attached hereto as Annex 1
or Annex 2. The Buyer is aware that the sale to it is being made in
reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
for its own account or the accounts of other qualified institutional
buyers, understands that such Rule 144A Securities may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given
that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
1933 Act.
3. The Buyer
a. is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), or
any other person (including an investment manager, a named fiduciary or
a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan; or
b. is an insurance company, the source of funds to be used
by it to purchase the Certificates is an "insurance company general
account" (within the meaning of DOL Prohibited Transaction Class
Exemption ("PTCE") 95-60), and the conditions set forth in PTCE 95-60
have been satisfied; or
[c.] has provided the Trustee, the Depositor and the
Master Servicer with an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee, the Depositor and the Master
Servicer to the effect that the purchase of Certificates is permissible
under applicable law, will not constitute or result in any non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will
not subject the Trustee, the Depositor or the Master Servicer to any
obligation or liability (including obligations or liabilities under
ERISA or Section 4975 of the Code) in addition to those undertaken in
the Pooling and Servicing Agreement.
4. This document may be executed in one or more
counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed to be an
original; such counterparts, together, shall constitute one and the same
document.
IN WITNESS WHEREOF, each of the parties has executed this
document as of the date set forth below.
______________________________ ___________________________
Print Name of Seller Print Name of Buyer
By: ______________________ By:_________________________
Name: Name:
Title: Title:
Taxpayer
Identification: Taxpayer
Identification:
No. __________ No:_____________
Date: ________ Date:___________
ANNEX 1 TO EXHIBIT N
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $______________________ in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
___ Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution), Massachusetts or similar
business trust, partnership, or charitable organization described in
Section 501(c)(3) of the Internal Revenue Code.
___ Bank. The Buyer (a) is a national bank or banking institution organized
under the laws of any State, territory or the District of Columbia, the
business of which is substantially confined to banking and is supervised
by the State or territorial banking commission or similar official or is
a foreign bank or equivalent institution, and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.
___ Savings and Loan. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association
or similar institution, which is supervised and examined by a State or
Federal authority having supervision over any such institutions or is a
foreign savings and loan association or equivalent institution and (b)
has an audited net worth of at least $25,000,000 as demonstrated in its
latest annual financial statements.
___ Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.
___ Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the District of Columbia.
___ State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of
the State or its political subdivisions, for the benefit of its
employees.
___ ERISA Plan. The Buyer is an employee benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.
___ Investment Adviser. The Buyer is an investment adviser registered under
the Investment Advisers Act of 1940.
___ SBIC. The Buyer is a Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958.
___ Business Development Company. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers Act
of 1940.
___ Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established and
maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the
benefit of its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income Security Act of
1974, but is not a trust fund that includes as participants individual
retirement accounts or H.R. 10 plans.
3. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
Print Name of Buyer
By: ____________________________
Name:
Title:
Date:___________________________
ANNEX 2 TO EXHIBIT N
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a
"qualified institutional buyer" as defined in SEC Rule 144A because (i) the
Buyer is an investment company registered under the Investment Company Act of
1940, and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.
____ The Buyer owned $___________________ in securities (other than
the excluded securities referred to below) as of the end of the
Buyer's most recent fiscal year (such amount being calculated in
accordance with Rule 144A).
____ The Buyer is part of a Family of Investment Companies which owned
in the aggregate $______________ in securities (other than the
excluded securities referred to below) as of the end of the
Buyer's most recent fiscal year (such amount being calculated in
accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan participations, (iv) repurchase agreements, (v)
securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.
5. The Buyer is familiar with Rule 144A and understands that each
of the parties to which this certification is made are relying and will continue
to rely on the statements made herein because one or more sales to the Buyer
will be in reliance on Rule 144A. In addition, the Buyer will only purchase for
the Buyer's own account.
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
Print Name of Buyer
By: ____________________________
Name:
Title:
IF AN ADVISER:
_______________________________
Print Name of Buyer
Date: ________________________
EXHIBIT O
[RESERVED]
EXHIBIT P
FORM OF ERISA REPRESENTATION LETTER (CLASS M CERTIFICATES)
______________, 20__
Residential Asset Mortgage Products, Inc
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, XX 00000
JPMorgan Chase Bank, N.A.
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
Residential Funding Corporation
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxxxx, XX 00000
Attention: Residential Funding Corporation Series 2005-SP1
Re: Mortgage Loan Backed Certificates,
Series 2005-SP1, Class M-[_]
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase
from ___________________________ (the "Seller") $_____________ Initial
Certificate Principal Balance of Mortgage Loan Backed Certificates, Series
2005-SP1, Class __ (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of May 1,
2005, among Residential Asset Mortgage Products, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer (the "Master
Servicer") and JPMorgan Chase Bank, N.A., as trustee (the "Trustee"). All terms
used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company, the Trustee and the Master
Servicer that:
(a) The Purchaser is not an employee benefit plan
or other plan or arrangement subject to the prohibited
transaction provisions of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code") (a
"Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of, or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the Department of
Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or
(b) it has acquired and is holding such Certificate in
reliance on Prohibited Transaction Exemption ("PTE") 94-29, 59
Fed. Reg. 14674 (March 29, 1994), as amended by XXX 00-00, 00
Xxx. Xxx 00000 (July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765
(November 13, 2000), and PTE 2002-41, 67 Fed. Reg. 54487 (August
22, 2002) (the "RFC Exemption"), and that it understands that
there are certain conditions to the availability of the RFC
Exemption including that such Certificate must be reated, at the
time of purchase, not lower than "BBB-" (or its equivalent) by
Standard & Poor's, Fitch or Xxxxx'x; or
(c) The Purchaser is an insurance company; the
source of the funds being used by the Purchaser to acquire the
Certificates is assets of the Purchaser's "insurance company
general account" (as such term is defined in Prohibited
Transaction Class Exemption ("PTCE") 95-60); the conditions set
forth in Sections I and III of PTCE 95-60 issued by the DOL have
been satisfied and the purchase, holding and transfer of
Certificates by or on behalf of the Purchaser are exempt under
PTCE 95-60; or
(d) The Purchaser has provided the Trustee, the
Company and the Master Servicer with an opinion of counsel
acceptable to and in form and substance satisfactory to the
Trustee, the Company and the Master Servicer to the effect that
the purchase of Certificates is permissible under applicable law,
will not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the
Code and will not subject the Trustee, the Company or the Master
Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either (a), (b) or (c) above.
Very truly yours,
_______________________________
(Purchaser)
By: ____________________________
Name:
Title:
EXHIBIT Q
[Reserved]
EXHIBIT R-1
FORM OF FORM 10-K CERTIFICATION
I, [identify the certifying individual], certify that:
1. I have reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods included in the year covered by that annual report,
of the trust (the "Trust") created pursuant to the Pooling and Servicing
Agreement dated __________ (the "Agreement") among Residential Asset Mortgage
Products, Inc. (the "Depositor"), Residential Funding Corporation (the "Master
Servicer") and JPMorgan Chase Bank, N.A. (the "Trustee");
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;
3. Based on my knowledge, the servicing information required to be
provided to the Trustee by the Master Servicer under the Agreement for inclusion
in these reports is included in these reports;
4. I am responsible for reviewing the activities performed by the Master
Servicer under the Agreement and based upon my knowledge and the annual
compliance review required under the Agreement, and except as disclosed in the
report, the Master Servicer has fulfilled its obligations under the Agreement;
and
5. The reports disclose all significant deficiencies relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a review
in compliance with the Uniform Single Attestation Program for Mortgage Bankers
as set forth in the Agreement, that is included in these reports.
In giving the certifications above, I have reasonably relied on the
information provided to me by the following unaffiliated parties: [the Trustee].
Date:____________
_________________________________*
[Signature]
Name:
Title:
* - to be signed by the senior officer in charge of the servicing
functions of the Master Servicer
EXHIBIT R-2
FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE
The undersigned, a Responsible Officer of JPMorgan Chase Bank, N.A. (the
"Trustee") certifies that:
1. The Trustee has performed all of the duties specifically required to
be performed by it pursuant to the provisions of the Pooling and Servicing
Agreement dated _________ (the "Agreement") by and among Residential Asset
Mortgage Products, Inc. (the "Depositor"), Residential Funding Corporation (the
"Master Servicer") and the Trustee in accordance with the standards set forth
therein.
2. Based on my knowledge, the list of Certificateholders as shown on the
Certificate Register as of the end of each calendar year that is provided by the
Trustee pursuant to Section 4.03(d) of the Agreement is accurate as of the last
day of the 20___ calendar year.
Capitalized terms used and not defined herein shall have the meanings
given such terms in the Agreement.
IN WITNESS THEREOF, I have duly executed this certificate as of
_________, 20___
Name:_______________________________
Title:
EXHIBIT S
INFORMATION TO BE PROVIDED BY THE MASTER SERVICER TO THE RATING AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS
Account number
Transaction Identifier
Unpaid Principal Balance prior to Modification
Next Due Date
Monthly Principal and Interest Payment
Total Servicing Advances
Current Interest Rate
Original Maturity Date
Original Term to Maturity (Months)
Remaining Term to Maturity (Months)
Trial Modification Indicator
Mortgagor Equity Contribution
Total Servicer Advances
Trial Modification Term (Months)
Trial Modification Start Date
Trial Modification End Date
Trial Modification Period Principal and Interest Payment
Trial Modification Interest Rate
Trial Modification Term
Rate Reduction Indicator
Interest Rate Post Modification
Rate Reduction Start Date
Rate Reduction End Date
Rate Reduction Term
Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification
Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan
EXHIBIT T
AGGREGATE PLANNED PRINCIPAL BALANCES
AGGREGATE PLANNED PRINCIPAL
BALANCE FOR CLASS A-III-2
DISTRIBUTION DATE CERTIFICATES AND CLASS A-III-10
Initial Balance........... $ 64,417,000
June 25, 2005............. 64,417,000
July 25, 2005............. 64,417,000
August 25, 2005........... 64,417,000
September 25, 2005........ 64,417,000
October 25, 2005.......... 64,417,000
November 25, 2005......... 64,417,000
December 25, 2005......... 63,265,537
January 25, 2006.......... 62,083,137
February 25, 2006......... 60,870,451
March 25, 2006............ 59,628,152
April 25, 2006............ 58,370,732
May 25, 2006.............. 57,121,744
June 25, 2006............. 55,881,132
July 25, 2006............. 54,648,842
August 25, 2006........... 53,424,820
September 25, 2006........ 52,209,013
October 25, 2006.......... 51,001,367
November 25, 2006......... 49,801,829
December 25, 2006......... 48,610,348
January 25, 2007.......... 47,426,870
February 25, 2007......... 46,251,343
March 25, 2007............ 45,083,717
April 25, 2007............ 43,923,940
May 25, 2007.............. 42,771,961
June 25, 2007............. 41,627,729
July 25, 2007............. 40,491,195
August 25, 2007........... 39,362,308
September 25, 2007........ 38,241,019
October 25, 2007.......... 37,127,279
November 25, 2007......... 36,021,039
December 25, 2007......... 34,922,249
January 25, 2008.......... 33,830,862
February 25, 2008......... 32,746,830
March 25, 2008............ 31,670,106
April 25, 2008............ 30,600,641
May 25, 2008.............. 29,538,389
AGGREGATE PLANNED PRINCIPAL
BALANCE FOR CLASS A-III-2
DISTRIBUTION DATE CERTIFICATES AND CLASS A-III-10
June 25, 2008............. $ 28,483,303
July 25, 2008............. 27,435,336
August 25, 2008........... 26,394,443
September 25, 2008........ 25,360,578
October 25, 2008.......... 24,333,695
November 25, 2008......... 23,313,749
December 25, 2008......... 22,300,694
January 25, 2009.......... 21,294,487
February 25, 2009......... 20,295,084
March 25, 2009............ 19,302,438
April 25, 2009............ 18,316,509
May 25, 2009.............. 17,337,250
June 25, 2009............. 16,364,620
July 25, 2009............. 15,398,576
August 25, 2009........... 14,439,074
September 25, 2009........ 13,486,073
October 25, 2009.......... 12,539,531
November 25, 2009......... 11,599,405
December 25, 2009......... 10,665,654
January 25, 2010.......... 9,738,236
February 25, 2010......... 8,817,112
March 25, 2010............ 7,902,239
April 25, 2010............ 6,993,578
May 25, 2010.............. 6,091,089
June 25, 2010............. 5,284,755
July 25, 2010............. 4,484,389
August 25, 2010........... 3,689,952
September 25, 2010........ 2,901,406
October 25, 2010.......... 2,128,836
November 25, 2010......... 1,375,621
December 25, 2010......... 641,349
January 25, 2011.......... 0
February 25, 2011......... 0
March 25, 2011............ 0
April 25, 2011............ 0
May 25, 2011.............. 0
June 25, 2011............. 0
July 25, 2011............. 0
August 25, 2011........... 0
September 25, 2011........ 0
October 25, 2011.......... 0
November 25, 2011......... 0
AGGREGATE PLANNED PRINCIPAL
BALANCE FOR CLASS A-III-2
DISTRIBUTION DATE CERTIFICATES AND CLASS A-III-10
December 25, 2011......... $ 0
January 25, 2012.......... 0
February 25, 2012......... 0
March 25, 2012............ 0
April 25, 2012............ 0
May 25, 2012.............. 0
June 25, 2012............. 0
July 25, 2012............. 0
August 25, 2012........... 0
September 25, 2012........ 0
October 25, 2012.......... 0
November 25, 2012......... 0
December 25, 2012......... 0
January 25, 2013.......... 0
February 25, 2013......... 0
March 25, 2013............ 0
April 25, 2013............ 0
May 25, 2013.............. 0
June 25, 2013............. 0
July 25, 2013............. 0
August 25, 2013........... 0
September 25, 2013........ 0
October 25, 2013.......... 0
November 25, 2013......... 0
December 25, 2013......... 0
January 25, 2014.......... 0
February 25, 2014......... 0
March 25, 2014............ 0
April 25, 2014............ 0
May 25, 2014.............. 0
June 25, 2014............. 0
July 25, 2014............. 0
August 25, 2014........... 0
September 25, 2014........ 0
October 25, 2014.......... 0
November 25, 2014......... 0
December 25, 2014......... 0
January 25, 2015.......... 0
February 25, 2015......... 0
March 25, 2015............ 0
April 25, 2015............ 0
May 25, 2015.............. 0
AGGREGATE PLANNED PRINCIPAL
BALANCE FOR CLASS A-III-2
DISTRIBUTION DATE CERTIFICATES AND CLASS A-III-10
June 25, 2015............. $ 0
July 25, 2015............. 0
August 25, 2015........... 0
September 25, 2015........ 0
October 25, 2015.......... 0
November 25, 2015......... 0
December 25, 2015......... 0
January 25, 2016.......... 0
February 25, 2016......... 0
March 25, 2016............ 0
April 25, 2016............ 0
May 25, 2016.............. 0
June 25, 2016............. 0
July 25, 2016............. 0
August 25, 2016........... 0
September 25, 2016........ 0
October 25, 2016 and
thereafter................ 0
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
Initial Balance..... $67,267,800 $17,594,900 $93,078,300 $25,033,300
June 25, 2005....... 66,806,400 17,509,491 92,444,659 24,825,199
July 25, 2005....... 66,330,844 17,420,635 91,791,332 24,608,768
August 25, 2005..... 65,841,289 17,328,409 91,118,537 24,384,207
September 25, 2005.. 65,337,900 17,232,894 90,426,500 24,151,725
October 25, 2005.... 64,820,847 17,134,174 89,715,452 23,911,537
November 25, 2005... 64,290,302 17,032,333 88,985,632 23,663,866
December 25, 2005... 63,746,447 16,927,461 88,237,288 23,408,943
January 25, 2006.... 63,189,464 16,819,649 87,470,672 23,147,003
February 25, 2006... 62,619,544 16,708,992 86,686,045 22,878,292
March 25, 2006...... 62,036,880 16,595,585 85,883,672 22,603,059
April 25, 2006...... 61,456,382 16,483,504 85,084,258 22,331,247
May 25, 2006........ 60,878,042 16,372,742 84,287,791 22,062,832
June 25, 2006....... 60,301,852 16,263,288 83,494,261 21,797,789
July 25, 2006....... 59,727,804 16,155,136 82,703,656 21,536,093
August 25, 2006..... 59,155,889 16,048,275 81,915,964 21,277,720
September 25, 2006.. 58,586,100 15,942,698 81,131,175 21,022,646
October 25, 2006.... 58,018,429 15,838,396 80,349,278 20,770,846
November 25, 2006... 57,452,867 15,735,361 79,570,262 20,522,296
December 25, 2006... 56,889,406 15,633,585 78,794,115 20,276,972
January 25, 2007.... 56,328,039 15,533,058 78,020,827 20,034,851
February 25, 2007... 55,768,757 15,433,773 77,250,386 19,795,910
March 25, 2007...... 55,211,553 15,335,722 76,482,783 19,560,124
April 25, 2007...... 54,656,418 15,238,896 75,718,006 19,327,471
May 25, 2007........ 54,103,345 15,143,288 74,956,044 19,097,927
June 25, 2007....... 53,552,326 15,048,888 74,196,887 18,871,470
July 25, 2007....... 53,003,353 14,955,690 73,440,524 18,648,076
August 25, 2007..... 52,456,419 14,863,686 72,686,945 18,427,724
September 25, 2007.. 51,911,515 14,772,866 71,936,138 18,210,390
October 25, 2007.... 51,368,634 14,683,225 71,188,094 17,996,053
November 25, 2007... 50,827,769 14,594,752 70,442,801 17,784,689
December 25, 2007... 50,288,911 14,507,442 69,700,250 17,576,278
January 25, 2008.... 49,752,053 14,421,286 68,960,429 17,370,797
February 25, 2008... 49,217,187 14,336,277 68,223,329 17,168,225
March 25, 2008...... 48,684,306 14,252,406 67,488,939 16,968,539
April 25, 2008...... 48,153,403 14,169,666 66,757,248 16,771,719
May 25, 2008........ 47,624,469 14,088,050 66,028,247 16,577,742
June 25, 2008....... 47,097,498 14,007,551 65,301,926 16,386,589
July 25, 2008....... 46,572,482 13,928,160 64,578,273 16,198,237
August 25, 2008..... 46,049,413 13,849,870 63,857,280 16,012,666
September 25, 2008.. 45,528,284 13,772,674 63,138,935 15,829,856
October 25, 2008.... 45,009,088 13,696,565 62,423,229 15,649,784
November 25, 2008... 44,491,817 13,621,535 61,710,152 15,472,432
December 25, 2008... 43,976,465 13,547,577 60,999,693 15,297,779
January 25, 2009.... 43,463,023 13,474,684 60,291,843 15,125,803
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
February 25, 2009... $42,951,485 $13,402,849 $59,586,592 $14,956,487
March 25, 2009...... 42,441,844 13,332,064 58,883,930 14,789,808
April 25, 2009...... 41,934,091 13,262,323 58,183,848 14,625,748
May 25, 2009........ 41,428,221 13,193,618 57,486,334 14,464,287
June 25, 2009....... 40,924,226 13,125,943 56,791,380 14,305,405
July 25, 2009....... 40,422,098 13,059,290 56,098,976 14,149,083
August 25, 2009..... 39,921,831 12,993,653 55,409,112 13,995,301
September 25, 2009.. 39,423,418 12,929,025 54,721,779 13,844,041
October 25, 2009.... 38,926,852 12,865,399 54,036,966 13,695,283
November 25, 2009... 38,432,125 12,802,768 53,354,665 13,549,008
December 25, 2009... 37,939,231 12,741,125 52,674,866 13,405,198
January 25, 2010.... 37,448,163 12,680,464 51,997,559 13,263,834
February 25, 2010... 36,958,914 12,620,778 51,322,735 13,124,897
March 25, 2010...... 36,471,476 12,562,061 50,650,385 12,988,369
April 25, 2010...... 35,985,844 12,504,305 49,980,498 12,854,231
May 25, 2010........ 35,502,011 12,447,505 49,313,066 12,722,466
June 25, 2010....... 35,022,450 12,392,333 48,651,531 12,594,717
July 25, 2010....... 34,544,662 12,338,099 47,992,415 12,469,294
August 25, 2010..... 34,068,639 12,284,797 47,335,710 12,346,179
September 25, 2010.. 33,594,377 12,232,421 46,681,406 12,225,353
October 25, 2010.... 33,121,867 12,180,963 46,029,495 12,106,801
November 25, 2010... 32,651,102 12,130,418 45,379,966 11,990,504
December 25, 2010... 32,182,077 12,080,779 44,732,811 11,876,444
January 25, 2011.... 31,714,784 12,032,040 44,088,021 11,764,605
February 25, 2011... 31,249,218 11,984,196 43,445,587 11,654,969
March 25, 2011...... 30,785,370 11,937,239 42,805,499 11,547,520
April 25, 2011...... 30,323,235 11,891,163 42,167,748 11,442,240
May 25, 2011........ 29,862,807 11,845,963 41,532,326 11,339,113
June 25, 2011....... 29,404,875 11,801,847 40,900,333 11,238,646
July 25, 2011....... 28,948,631 11,758,593 40,270,644 11,140,292
August 25, 2011..... 28,494,069 11,716,194 39,643,250 11,044,036
September 25, 2011.. 28,041,181 11,674,644 39,018,141 10,949,861
October 25, 2011.... 27,589,962 11,633,937 38,395,309 10,857,752
November 25, 2011... 27,140,404 11,594,069 37,774,745 10,767,691
December 25, 2011... 26,692,503 11,555,032 37,156,440 10,679,662
January 25, 2012.... 26,246,251 11,516,821 36,540,386 10,593,651
February 25, 2012... 25,801,641 11,479,430 35,926,575 10,509,641
March 25, 2012...... 25,358,669 11,442,854 35,314,996 10,427,617
April 25, 2012...... 24,917,326 11,407,086 34,705,642 10,347,562
May 25, 2012........ 24,477,608 11,372,122 34,098,505 10,269,462
June 25, 2012....... 24,041,035 11,338,357 33,495,702 10,194,278
July 25, 2012....... 23,606,062 11,305,378 32,895,082 10,121,003
August 25, 2012..... 23,172,682 11,273,181 32,296,635 10,049,624
September 25, 2012.. 22,740,888 11,241,759 31,700,354 9,980,125
October 25, 2012.... 22,310,676 11,211,107 31,106,230 9,913,309
November 25, 2012... 21,885,654 11,177,604 30,515,411 9,853,017
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
December 25, 2012... $21,468,338 $11,138,723 $29,935,276 $9,791,733
January 25, 2013.... 21,058,592 11,094,589 29,365,636 9,729,503
February 25, 2013... 20,656,284 11,045,322 28,806,309 9,666,376
March 25, 2013...... 20,261,283 10,991,042 28,257,113 9,602,397
April 25, 2013...... 19,873,460 10,931,866 27,717,871 9,537,611
May 25, 2013........ 19,492,690 10,867,909 27,188,409 9,472,060
June 25, 2013....... 19,123,938 10,799,193 26,675,648 9,404,788
July 25, 2013....... 18,761,853 10,729,646 26,172,132 9,336,887
August 25, 2013..... 18,406,317 10,659,310 25,677,699 9,268,396
September 25, 2013.. 18,057,216 10,588,226 25,192,190 9,199,353
October 25, 2013.... 17,714,436 10,516,436 24,715,448 9,129,794
November 25, 2013... 17,377,866 10,443,977 24,247,320 9,059,754
December 25, 2013... 17,047,398 10,370,889 23,787,654 8,989,268
January 25, 2014.... 16,722,923 10,297,208 23,336,303 8,918,369
February 25, 2014... 16,404,336 10,222,971 22,893,119 8,847,090
March 25, 2014...... 16,091,534 10,148,212 22,457,961 8,775,462
April 25, 2014...... 15,784,415 10,072,967 22,030,686 8,703,515
May 25, 2014........ 15,482,879 9,997,268 21,611,156 8,631,281
June 25, 2014....... 15,191,047 9,920,384 21,205,121 8,558,104
July 25, 2014....... 14,904,457 9,843,163 20,806,359 8,484,748
August 25, 2014..... 14,623,018 9,765,636 20,414,743 8,411,236
September 25, 2014.. 14,346,640 9,687,831 20,030,150 8,337,595
October 25, 2014.... 14,075,234 9,609,773 19,652,456 8,263,847
November 25, 2014... 13,808,713 9,531,491 19,281,542 8,190,016
December 25, 2014... 13,546,993 9,453,010 18,917,289 8,116,124
January 25, 2015.... 13,289,990 9,374,355 18,559,581 8,042,194
February 25, 2015... 13,037,620 9,295,550 18,208,305 7,968,246
March 25, 2015...... 12,789,803 9,216,620 17,863,347 7,894,301
April 25, 2015...... 12,546,459 9,137,587 17,524,598 7,820,379
May 25, 2015........ 12,307,510 9,058,473 17,191,949 7,746,499
June 25, 2015....... 12,072,879 8,979,301 16,865,294 7,672,679
July 25, 2015....... 11,842,491 8,900,092 16,544,529 7,598,938
August 25, 2015..... 11,616,270 8,820,865 16,229,549 7,525,293
September 25, 2015.. 11,394,145 8,741,642 15,920,254 7,451,761
October 25, 2015.... 11,176,043 8,662,440 15,616,545 7,378,358
November 25, 2015... 10,961,893 8,583,280 15,318,323 7,305,100
December 25, 2015... 10,751,627 8,504,178 15,025,494 7,232,003
January 25, 2016.... 10,545,176 8,425,153 14,737,962 7,159,081
February 25, 2016... 10,342,473 8,346,222 14,455,634 7,086,348
March 25, 2016...... 10,143,452 8,267,402 14,178,420 7,013,818
April 25, 2016...... 9,948,049 8,188,707 13,906,230 6,941,504
May 25, 2016........ 9,756,201 8,110,154 13,638,976 6,869,420
June 25, 2016....... 9,567,843 8,031,758 13,376,571 6,797,577
July 25, 2016....... 9,382,916 7,953,534 13,118,930 6,725,988
August 25, 2016..... 9,201,359 7,875,495 12,865,970 6,654,663
September 25, 2016.. 9,023,112 7,797,655 12,617,608 6,583,614
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
October 25, 2016.... $8,848,117 $7,720,027 $12,373,763 $6,512,852
November 25, 2016... 8,676,318 7,642,624 12,134,357 6,442,386
December 25, 2016... 8,507,656 7,565,458 11,899,312 6,372,227
January 25, 2017.... 8,342,078 7,488,542 11,668,549 6,302,384
February 25, 2017... 8,179,529 7,411,886 11,441,995 6,232,866
March 25, 2017...... 8,019,956 7,335,501 11,219,575 6,163,682
April 25, 2017...... 7,863,305 7,259,399 11,001,216 6,094,840
May 25, 2017........ 7,709,525 7,183,589 10,786,848 6,026,348
June 25, 2017....... 7,558,567 7,108,082 10,576,398 5,958,214
July 25, 2017....... 7,410,378 7,032,887 10,369,799 5,890,445
August 25, 2017..... 7,264,912 6,958,013 10,166,983 5,823,048
September 25, 2017.. 7,122,119 6,883,470 9,967,883 5,756,030
October 25, 2017.... 6,981,952 6,809,264 9,772,433 5,689,397
November 25, 2017... 6,844,365 6,735,406 9,580,568 5,623,155
December 25, 2017... 6,709,313 6,661,902 9,392,226 5,557,310
January 25, 2018.... 6,576,749 6,588,761 9,207,344 5,491,869
February 25, 2018... 6,446,631 6,515,988 9,025,862 5,426,834
March 25, 2018...... 6,318,914 6,443,593 8,847,718 5,362,213
April 25, 2018...... 6,193,556 6,371,580 8,672,854 5,298,009
May 25, 2018........ 6,070,515 6,299,956 8,501,212 5,234,228
June 25, 2018....... 5,949,751 6,228,728 8,332,735 5,170,872
July 25, 2018....... 5,831,222 6,157,901 8,167,367 5,107,947
August 25, 2018..... 5,714,889 6,087,481 8,005,052 5,045,456
September 25, 2018.. 5,600,713 6,017,473 7,845,736 4,983,402
October 25, 2018.... 5,488,656 5,947,882 7,689,367 4,921,788
November 25, 2018... 5,378,679 5,878,713 7,535,892 4,860,619
December 25, 2018... 5,270,746 5,809,970 7,385,259 4,799,896
January 25, 2019.... 5,164,820 5,741,658 7,237,419 4,739,623
February 25, 2019... 5,060,866 5,673,781 7,092,321 4,679,801
March 25, 2019...... 4,958,848 5,606,342 6,949,916 4,620,434
April 25, 2019...... 4,858,733 5,539,346 6,810,158 4,561,522
May 25, 2019........ 4,760,485 5,472,795 6,672,998 4,503,069
June 25, 2019....... 4,664,071 5,406,693 6,538,391 4,445,075
July 25, 2019....... 4,569,460 5,341,044 6,406,290 4,387,542
August 25, 2019..... 4,476,618 5,275,849 6,276,652 4,330,472
September 25, 2019.. 4,385,514 5,211,112 6,149,433 4,273,866
October 25, 2019.... 4,296,117 5,146,834 6,024,588 4,217,725
November 25, 2019... 4,208,396 5,083,019 5,902,077 4,162,050
December 25, 2019... 4,122,321 5,019,668 5,781,857 4,106,842
January 25, 2020.... 4,037,863 4,956,783 5,663,887 4,052,100
February 25, 2020... 3,954,993 4,894,366 5,548,127 3,997,826
March 25, 2020...... 3,873,683 4,832,419 5,434,538 3,944,021
April 25, 2020...... 3,793,903 4,770,943 5,323,080 3,890,683
May 25, 2020........ 3,715,628 4,709,939 5,213,716 3,837,814
June 25, 2020....... 3,638,829 4,649,409 5,106,408 3,785,413
July 25, 2020....... 3,563,481 4,589,353 5,001,119 3,733,480
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
August 25, 2020..... $3,489,557 $4,529,773 $4,897,813 $3,682,014
September 25, 2020.. 3,417,031 4,470,668 4,796,455 3,631,017
October 25, 2020.... 3,345,879 4,412,041 4,697,009 3,580,486
November 25, 2020... 3,276,076 4,353,890 4,599,442 3,530,421
December 25, 2020... 3,207,596 4,296,217 4,503,718 3,480,822
January 25, 2021.... 3,140,418 4,239,022 4,409,806 3,431,688
February 25, 2021... 3,074,516 4,182,304 4,317,673 3,383,017
March 25, 2021...... 3,009,869 4,126,065 4,227,286 3,334,809
April 25, 2021...... 2,946,452 4,070,302 4,138,615 3,287,063
May 25, 2021........ 2,884,245 4,015,018 4,051,628 3,239,778
June 25, 2021....... 2,823,225 3,960,210 3,966,295 3,192,952
July 25, 2021....... 2,763,371 3,905,879 3,882,586 3,146,584
August 25, 2021..... 2,704,661 3,852,024 3,800,472 3,100,672
September 25, 2021.. 2,647,075 3,798,645 3,719,923 3,055,216
October 25, 2021.... 2,590,593 3,745,740 3,640,913 3,010,213
November 25, 2021... 2,535,194 3,693,310 3,563,412 2,965,662
December 25, 2021... 2,480,859 3,641,352 3,487,395 2,921,561
January 25, 2022.... 2,427,569 3,589,867 3,412,832 2,877,908
February 25, 2022... 2,375,304 3,538,852 3,339,700 2,834,702
March 25, 2022...... 2,324,046 3,488,307 3,267,971 2,791,941
April 25, 2022...... 2,273,777 3,438,231 3,197,620 2,749,623
May 25, 2022........ 2,224,478 3,388,622 3,128,622 2,707,745
June 25, 2022....... 2,176,132 3,339,479 3,060,952 2,666,306
July 25, 2022....... 2,128,722 3,290,801 2,994,587 2,625,303
August 25, 2022..... 2,082,231 3,242,585 2,929,503 2,584,735
September 25, 2022.. 2,036,641 3,194,831 2,865,676 2,544,599
October 25, 2022.... 1,991,936 3,147,537 2,803,083 2,504,893
November 25, 2022... 1,948,100 3,100,701 2,741,703 2,465,615
December 25, 2022... 1,905,118 3,054,321 2,681,512 2,426,762
January 25, 2023.... 1,862,973 3,008,396 2,622,490 2,388,333
February 25, 2023... 1,821,651 2,962,924 2,564,615 2,350,323
March 25, 2023...... 1,781,136 2,917,902 2,507,865 2,312,732
April 25, 2023...... 1,741,413 2,873,329 2,452,221 2,275,557
May 25, 2023........ 1,702,468 2,829,204 2,397,663 2,238,795
June 25, 2023....... 1,664,287 2,785,522 2,344,169 2,202,443
July 25, 2023....... 1,626,855 2,742,284 2,291,722 2,166,500
August 25, 2023..... 1,590,159 2,699,486 2,240,301 2,130,962
September 25, 2023.. 1,554,185 2,657,127 2,189,888 2,095,827
October 25, 2023.... 1,518,920 2,615,203 2,140,465 2,061,092
November 25, 2023... 1,484,352 2,573,714 2,092,012 2,026,755
December 25, 2023... 1,450,466 2,532,656 2,044,514 1,992,813
January 25, 2024.... 1,417,251 2,492,028 1,997,951 1,959,263
February 25, 2024... 1,384,694 2,451,826 1,952,306 1,926,102
March 25, 2024...... 1,352,783 2,412,049 1,907,564 1,893,328
April 25, 2024...... 1,321,505 2,372,695 1,863,706 1,860,938
May 25, 2024........ 1,290,851 2,333,760 1,820,718 1,828,929
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
June 25, 2024....... $1,260,806 $2,295,242 $1,778,582 $1,797,298
July 25, 2024....... 1,231,362 2,257,139 1,737,283 1,766,043
August 25, 2024..... 1,202,506 2,219,448 1,696,806 1,735,161
September 25, 2024.. 1,174,227 2,182,167 1,657,135 1,704,649
October 25, 2024.... 1,146,514 2,145,293 1,618,256 1,674,504
November 25, 2024... 1,119,358 2,108,823 1,580,153 1,644,723
December 25, 2024... 1,092,748 2,072,756 1,542,813 1,615,303
January 25, 2025.... 1,066,674 2,037,087 1,506,221 1,586,243
February 25, 2025... 1,041,125 2,001,816 1,470,364 1,557,537
March 25, 2025...... 1,016,092 1,966,938 1,435,227 1,529,185
April 25, 2025...... 991,565 1,932,452 1,400,798 1,501,182
May 25, 2025........ 967,535 1,898,354 1,367,063 1,473,527
June 25, 2025....... 943,993 1,864,643 1,334,009 1,446,216
July 25, 2025....... 920,929 1,831,314 1,301,624 1,419,246
August 25, 2025..... 898,334 1,798,366 1,269,894 1,392,614
September 25, 2025.. 876,200 1,765,796 1,238,809 1,366,318
October 25, 2025.... 854,518 1,733,601 1,208,355 1,340,355
November 25, 2025... 833,280 1,701,778 1,178,522 1,314,721
December 25, 2025... 812,476 1,670,325 1,149,297 1,289,414
January 25, 2026.... 792,100 1,639,239 1,120,669 1,264,432
February 25, 2026... 772,143 1,608,517 1,092,626 1,239,770
March 25, 2026...... 752,597 1,578,156 1,065,159 1,215,427
April 25, 2026...... 733,454 1,548,153 1,038,256 1,191,399
May 25, 2026........ 714,707 1,518,506 1,011,906 1,167,684
June 25, 2026....... 696,348 1,489,212 986,099 1,144,278
July 25, 2026....... 678,370 1,460,269 960,824 1,121,179
August 25, 2026..... 660,765 1,431,672 936,073 1,098,385
September 25, 2026.. 643,528 1,403,420 911,834 1,075,891
October 25, 2026.... 626,650 1,375,511 888,099 1,053,696
November 25, 2026... 610,125 1,347,940 864,858 1,031,796
December 25, 2026... 593,946 1,320,705 842,100 1,010,189
January 25, 2027.... 578,106 1,293,804 819,818 988,872
February 25, 2027... 562,600 1,267,233 798,002 967,843
March 25, 2027...... 547,420 1,240,990 776,644 947,097
April 25, 2027...... 532,561 1,215,073 755,734 926,633
May 25, 2027........ 518,017 1,189,478 735,264 906,448
June 25, 2027....... 503,781 1,164,202 715,226 886,539
July 25, 2027....... 489,847 1,139,243 695,612 866,904
August 25, 2027..... 476,210 1,114,599 676,413 847,539
September 25, 2027.. 462,864 1,090,266 657,621 828,442
October 25, 2027.... 449,803 1,066,241 639,230 809,610
November 25, 2027... 437,023 1,042,522 621,230 791,040
December 25, 2027... 424,517 1,019,107 603,615 772,731
January 25, 2028.... 412,280 995,992 586,377 754,679
February 25, 2028... 400,308 973,174 569,509 736,881
March 25, 2028...... 388,594 950,652 553,004 719,335
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
April 25, 2028...... $377,134 $928,422 $536,855 $702,039
May 25, 2028........ 365,924 906,481 521,055 684,989
June 25, 2028....... 354,958 884,828 505,597 668,183
July 25, 2028....... 344,231 863,459 490,475 651,619
August 25, 2028..... 333,740 842,372 475,683 635,294
September 25, 2028.. 323,478 821,563 461,213 619,205
October 25, 2028.... 313,443 801,031 447,059 603,350
November 25, 2028... 303,629 780,773 433,217 587,727
December 25, 2028... 294,032 760,786 419,678 572,332
January 25, 2029.... 284,648 741,068 406,438 557,164
February 25, 2029... 275,472 721,616 393,491 542,220
March 25, 2029...... 266,502 702,427 380,831 527,497
April 25, 2029...... 257,732 683,499 368,453 512,993
May 25, 2029........ 249,159 664,829 356,350 498,706
June 25, 2029....... 240,778 646,415 344,518 484,633
July 25, 2029....... 232,587 628,254 332,951 470,772
August 25, 2029..... 224,581 610,344 321,644 457,120
September 25, 2029.. 216,757 592,682 310,593 443,676
October 25, 2029.... 209,111 575,266 299,791 430,436
November 25, 2029... 201,639 558,094 289,234 417,399
December 25, 2029... 194,339 541,162 278,917 404,562
January 25, 2030.... 187,206 524,468 268,836 391,922
February 25, 2030... 180,238 508,011 258,986 379,479
March 25, 2030...... 173,431 491,787 249,362 367,228
April 25, 2030...... 166,782 475,794 239,959 355,169
May 25, 2030........ 160,287 460,030 230,774 343,299
June 25, 2030....... 153,945 444,493 221,803 331,615
July 25, 2030....... 147,751 429,179 213,040 320,116
August 25, 2030..... 141,703 414,087 204,481 308,800
September 25, 2030.. 135,797 399,215 196,123 297,663
October 25, 2030.... 130,031 384,560 187,962 286,705
November 25, 2030... 124,403 370,119 179,994 275,922
December 25, 2030... 118,909 355,891 172,214 265,314
January 25, 2031.... 113,546 341,873 164,619 254,877
February 25, 2031... 108,313 328,064 157,206 244,610
March 25, 2031...... 103,206 314,460 149,970 234,511
April 25, 2031...... 98,222 301,059 142,908 224,577
May 25, 2031........ 93,360 287,860 136,017 214,807
June 25, 2031....... 88,617 274,860 129,292 205,199
July 25, 2031....... 83,990 262,057 122,732 195,751
August 25, 2031..... 79,477 249,449 116,332 186,460
September 25, 2031.. 75,076 237,034 110,089 177,325
October 25, 2031.... 70,784 224,809 104,000 168,344
November 25, 2031... 66,600 212,773 98,062 159,515
December 25, 2031... 62,520 200,923 92,271 150,836
January 25, 2032.... 58,544 189,257 86,625 142,305
AGGREGATE PLANNED
PRINCIPAL
AGGREGATE PLANNED BALANCE FOR CLASS
PRINCIPAL AGGREGATE PLANNED A-II-4, CLASS AGGREGATE PLANNED
BALANCE FOR CLASS PRINCIPAL A-II-5, CLASS PRINCIPAL
A-I-3, CLASS BALANCE FOR CLASS A-II-6, CLASS BALANCE FOR CLASS
A-I-4, CLASS A-I-5 A-I-7, CLASS A-I-8 A-II-7, CLASS A-II-10, CLASS
AND CLASS A-I-6 AND CLASS A-I-9 A-II-8 AND CLASS A-II-11 AND CLASS
DISTRIBUTION DATE CERTIFICATES CERTIFICATES A-II-9 CERTIFICATES A-II-12 CERTIFICATES
February 25, 2032... $54,668 $177,774 $81,121 $133,920
March 25, 2032...... 50,890 166,471 75,756 125,680
April 25, 2032...... 47,209 155,345 70,527 117,583
May 25, 2032........ 43,623 144,397 65,431 109,627
June 25, 2032....... 40,130 133,622 60,465 101,810
July 25, 2032....... 36,727 123,019 55,627 94,130
August 25, 2032..... 33,412 112,587 50,914 86,585
September 25, 2032.. 30,185 102,323 46,324 79,175
October 25, 2032.... 27,043 92,225 41,853 71,897
November 25, 2032... 23,985 82,292 37,500 64,749
December 25, 2032... 21,008 72,521 33,262 57,730
January 25, 2033.... 18,110 62,910 29,137 50,838
February 25, 2033... 15,291 53,459 25,122 44,072
March 25, 2033...... 12,549 44,164 21,214 37,429
April 25, 2033...... 9,881 35,025 17,413 30,909
May 25, 2033........ 7,287 26,038 13,714 24,509
June 25, 2033....... 4,765 17,203 10,117 18,228
July 25, 2033....... 2,313 8,518 6,619 12,064
August 25, 2033..... 0 0 3,218 6,017
September 25, 2033
and thereafter...... 0 0 0 0
EXHIBIT U
TARGETED PRINCIPAL BALANCES
TARGETED PRINCIPAL
BALANCE FOR CLASS A-III-3
CERTIFICATES
$57,000,000
55,842,800
54,644,564
53,406,131
52,128,272
50,811,784
49,457,494
49,217,720
48,972,818
48,723,040
48,468,648
48,212,733
47,960,157
47,710,879
47,464,857
47,222,051
46,982,419
46,745,923
46,512,521
46,282,176
46,054,848
45,830,498
45,609,088
45,390,580
45,174,937
44,962,122
44,752,098
44,544,827
44,340,275
44,138,405
43,939,181
43,742,569
43,548,534
43,357,041
43,168,057
42,981,546
42,797,476
42,615,814
42,436,526
42,259,580
42,084,944
41,912,585
41,742,472
41,574,573
41,408,858
41,245,294
41,083,853
40,924,504
40,767,216
40,611,960
40,458,706
40,307,425
40,158,089
40,010,669
39,865,136
39,721,462
39,579,620
39,439,581
39,301,319
39,164,806
39,030,016
38,912,301
38,796,171
38,681,601
38,568,567
38,446,916
38,313,209
38,167,793
37,936,627
37,071,223
36,212,868
35,361,501
34,517,063
33,713,863
32,917,277
32,127,245
31,343,710
30,566,613
29,795,899
29,031,510
28,273,390
27,521,484
26,775,736
26,036,091
25,302,494
24,641,426
23,985,730
23,335,355
22,690,252
22,050,371
21,415,663
20,786,080
20,161,572
19,542,093
18,927,594
18,318,029
17,713,350
17,176,468
16,643,593
16,114,686
15,589,707
15,068,618
14,551,380
14,037,954
13,528,303
13,022,388
12,520,173
12,021,620
11,526,692
11,093,547
10,662,990
10,234,993
9,809,533
9,386,583
8,966,118
8,548,112
8,132,542
7,719,382
7,308,607
6,900,193
6,494,115
6,090,350
5,688,874
5,289,663
4,892,692
4,497,940
4,105,381
3,714,994
3,326,755
2,940,641
2,556,630
2,174,699
1,794,825
1,416,987
1,041,162
667,329
295,465
0
161
