Depositor,
BEAR XXXXXXX ASSET BACKED SECURITIES I LLC,
Depositor,
EMC MORTGAGE CORPORATION,
Sponsor and Master Servicer,
and
LASALLE BANK NATIONAL ASSOCIATION,
Trustee
--------------------
POOLING AND SERVICING AGREEMENT
Dated as of February 1, 2006
----------------------------------------
BEAR XXXXXXX ASSET BACKED SECURITIES I TRUST 2006-EC2
ASSET-BACKED CERTIFICATES, SERIES 2006-EC2
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms..............................................................................
Section 1.02 Allocation of Certain Interest Shortfalls..................................................
ARTICLE II
CONVEYANCE OF TRUST FUND
Section 2.01 Conveyance of Trust Fund...................................................................
Section 2.02 Acceptance of the Mortgage Loans...........................................................
Section 2.03 Representations, Warranties and Covenants of the Master Servicer and The Sponsor...........
Section 2.04 Representations and Warranties of the Depositor............................................
Section 2.05 Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases............
Section 2.06 Countersignature and Delivery of Certificates..............................................
Section 2.07 Purposes and Powers of the Trust...........................................................
ARTICLE III
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 3.01 The Master Servicer to act as Master Servicer..............................................
Section 3.02 Due-on-Sale Clauses; Assumption Agreements.................................................
Section 3.03 Subservicers...............................................................................
Section 3.04 Documents, Records and Funds in Possession of the Master Servicer To Be Held for
Trustee....................................................................................
Section 3.05 Maintenance of Hazard Insurance............................................................
Section 3.06 Presentment of Claims and Collection of Proceeds...........................................
Section 3.07 Maintenance of the Primary Mortgage Insurance Policies.....................................
Section 3.08 Fidelity Bond, Errors and Omissions Insurance..............................................
Section 3.09 Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation
Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans........................
Section 3.10 Servicing Compensation.....................................................................
Section 3.11 REO Property...............................................................................
Section 3.12 Liquidation Reports........................................................................
Section 3.13 Annual Statement as to Compliance..........................................................
Section 3.14 Assessments of Compliance and Attestation Reports..........................................
Section 3.15 Books and Records..........................................................................
Section 3.16 Reports Filed with Securities and Exchange Commission......................................
Section 3.17 Intention of the Parties and Interpretation................................................
Section 3.18 UCC........................................................................................
Section 3.19 Optional Purchase of Certain Mortgage Loans................................................
Section 3.20 Obligations of the Master Servicer in Respect of Mortgage Rates and Scheduled Payments.....
Section 3.21 Reserve Fund; Payments to and from Derivative Administrator; Supplemental Interest
Trust......................................................................................
Section 3.22 Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of
Class A Certificates or Class M Certificates...............................................
Section 3.23 Advancing Facility.........................................................................
Section 3.24 Special Servicer...........................................................................
ARTICLE IV
ACCOUNTS
Section 4.01 Collection of Mortgage Loan Payments; Protected Account....................................
Section 4.02 Permitted Withdrawals From the Protected Account...........................................
Section 4.03 Collection of Taxes; Assessments and Similar Items; Escrow Accounts........................
Section 4.04 Distribution Account.......................................................................
Section 4.05 Permitted Withdrawals and Transfers from the Distribution Account..........................
Section 4.06 Class P Certificate Account................................................................
ARTICLE V
DISTRIBUTIONS AND ADVANCES
Section 5.01 Advances...................................................................................
Section 5.02 Compensating Interest Payments.............................................................
Section 5.03 REMIC Distributions........................................................................
Section 5.04 Distributions..............................................................................
Section 5.05 Allocation of Realized Losses..............................................................
Section 5.06 Monthly Statements to Certificateholders...................................................
Section 5.07 REMIC Designations and REMIC Distributions.................................................
ARTICLE VI
THE CERTIFICATES
Section 6.01 The Certificates...........................................................................
Section 6.02 Certificate Register; Registration of Transfer and Exchange of Certificates................
Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates..........................................
Section 6.04 Persons Deemed Owners......................................................................
Section 6.05 Access to List of Certificateholders' Names and Addresses..................................
Section 6.06 Book-Entry Certificates....................................................................
Section 6.07 Notices to Depository......................................................................
Section 6.08 Definitive Certificates....................................................................
Section 6.09 Maintenance of Office or Agency............................................................
ARTICLE VII
THE DEPOSITOR AND THE MASTER SERVICER
Section 7.01 Liabilities of the Depositor and the Master Servicer.......................................
Section 7.02 Merger or Consolidation of the Depositor or the Master Servicer............................
Section 7.03 Indemnification of the Trustee and the Master Servicer.....................................
Section 7.04 Limitations on Liability of the Depositor, the Master Servicer and Others..................
Section 7.05 Master Servicer Not to Resign..............................................................
Section 7.06 Successor Master Servicer..................................................................
Section 7.07 Sale and Assignment of Master Servicing....................................................
ARTICLE VIII
DEFAULT; TERMINATION OF MASTER SERVICER
Section 8.01 Events of Default..........................................................................
Section 8.02 Trustee to Act; Appointment of Successor...................................................
Section 8.03 Notification to Certificateholders.........................................................
Section 8.04 Waiver of Defaults.........................................................................
ARTICLE IX
CONCERNING THE TRUSTEE
Section 9.01 Duties of Trustee..........................................................................
Section 9.02 Certain Matters Affecting the Trustee......................................................
Section 9.03 Trustee Not Liable for Certificates or Mortgage Loans......................................
Section 9.04 Trustee May Own Certificates...............................................................
Section 9.05 Trustee's Fees and Expenses................................................................
Section 9.06 Eligibility Requirements for Trustee.......................................................
Section 9.07 Insurance..................................................................................
Section 9.08 Resignation and Removal of Trustee.........................................................
Section 9.09 Successor Trustee..........................................................................
Section 9.10 Merger or Consolidation of Trustee.........................................................
Section 9.11 Appointment of Co-Trustee or Separate Trustee..............................................
Section 9.12 Tax Matters................................................................................
ARTICLE X
TERMINATION
Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage Loans...........................
Section 10.02 Final Distribution on the Certificates.....................................................
Section 10.03 Additional Termination Requirements........................................................
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment..................................................................................
Section 11.02 Recordation of Agreement; Counterparts.....................................................
Section 11.03 Governing Law..............................................................................
Section 11.04 Intention of Parties.......................................................................
Section 11.05 Notices....................................................................................
Section 11.06 Severability of Provisions.................................................................
Section 11.07 Assignment.................................................................................
Section 11.08 Limitation on Rights of Certificateholders.................................................
Section 11.09 Inspection and Audit Rights................................................................
Section 11.10 Certificates Nonassessable and Fully Paid..................................................
Section 11.11 Third Party Rights.........................................................................
EXHIBITS
Exhibit A-1.......Form of Class A Certificates
Exhibit A-2.......Form of Class M Certificates
Exhibit A-3.......Form of Class P Certificates
Exhibit A-4.......Form of Class CE Certificates
Exhibit A-5.......Form of Class R Certificates
Exhibit B.........Mortgage Loan Schedule
Exhibit C.........Form of Transfer Affidavit
Exhibit D.........Form of Transferor Certificate
Exhibit E.........Form of Investment Letter (Non-Rule 144A)
Exhibit F.........Form of Rule 144A and Related Matters Certificate
Exhibit G.........Form of Request for Release
Exhibit H.........DTC Letter of Representations
Exhibit I.........Schedule of Mortgage Loans with Lost Notes
Exhibit J.........Form of Custodial Agreement
Exhibit K.........Form of Back-Up Certification
Exhibit L.........Form of Mortgage Loan Purchase Agreement
Exhibit M.........Swap Agreement
Exhibit N.........Special Servicer Delinquency Triggers
Exhibit O.........Yield Maintenance Agreement
Exhibit P ........Servicing Criteria to Be Addressed in Assessment of Compliance
Exhibit Q.........Form 10-D, Form 8-K and Form 10-K Reporting Responsibility
Exhibit R.........Additional Disclosure Notification
POOLING AND SERVICING AGREEMENT, dated as of February 1, 2006, among
BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, a Delaware limited liability
company, as depositor (the "Depositor"), EMC MORTGAGE CORPORATION, a Delaware
corporation, as sponsor (in such capacity, the "Sponsor") and as master servicer
(in such capacity, the "Master Servicer") and LASALLE BANK NATIONAL ASSOCIATION,
a national banking association (the "Trustee").
PRELIMINARY STATEMENT
The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates.
REMIC I
As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the Mortgage Loans and certain other related assets
subject to this Agreement (other than the Reserve Fund, any Prepayment Charge
Waiver Amounts and, for the avoidance of doubt, the Supplemental Interest Trust,
the Swap Agreement, the Yield Maintenance Agreement, the Derivative Account and
any rights or obligations in respect of the Derivative Administration Agreement)
as a REMIC (as defined herein) for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC I". The Class R-1
Certificates will be the sole class of Residual Interests (as defined herein) in
REMIC I for purposes of the REMIC Provisions (as defined herein). The following
table irrevocably sets forth the designation, the Uncertificated REMIC I
Pass-Through Rate, the initial Uncertificated Principal Balance and, for
purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for each of the REMIC I Regular Interests (as
defined herein). None of the REMIC I Regular Interests will be certificated.
Uncertificated REMIC I Initial Uncertificated Latest Possible Maturity
Designation Pass-Through Rate Principal Balance Date (1)
--------------------------- ---------------------- ---------------------- ------------------------
I-Non-Swap Variable(2) $ 33,496,398.96 February 25, 2036
I-5-A Variable(2) $ 5,888,033.09 February 25, 2036
I-5-B Variable(2) $ 5,888,033.09 February 25, 2036
I-6-A Variable(2) $ 6,525,130.04 February 25, 2036
I-6-B Variable(2) $ 6,525,130.04 February 25, 2036
I-7-A Variable(2) $ 7,128,700.75 February 25, 2036
I-7-B Variable(2) $ 7,128,700.75 February 25, 2036
I-8-A Variable(2) $ 7,690,943.39 February 25, 2036
I-8-B Variable(2) $ 7,690,943.39 February 25, 2036
I-9-A Variable(2) $ 8,182,710.56 February 25, 2036
I-9-B Variable(2) $ 8,182,710.56 February 25, 2036
I-10-A Variable(2) $ 7,863,551.13 February 25, 2036
I-10-B Variable(2) $ 7,863,551.13 February 25, 2036
I-11-A Variable(2) $ 7,497,603.56 February 25, 2036
I-11-B Variable(2) $ 7,497,603.56 February 25, 2036
I-12-A Variable(2) $ 7,149,657.87 February 25, 2036
I-12-B Variable(2) $ 7,149,657.87 February 25, 2036
I-13-A Variable(2) $ 6,817,927.31 February 25, 2036
I-13-B Variable(2) $ 6,817,927.31 February 25, 2036
I-14-A Variable(2) $ 6,501,654.16 February 25, 2036
I-14-B Variable(2) $ 6,501,654.16 February 25, 2036
I-15-A Variable(2) $ 6,200,116.15 February 25, 2036
I-15-B Variable(2) $ 6,200,116.15 February 25, 2036
I-16-A Variable(2) $ 5,912,484.42 February 25, 2036
I-16-B Variable(2) $ 5,912,484.42 February 25, 2036
I-17-A Variable(2) $ 5,638,238.56 February 25, 2036
I-17-B Variable(2) $ 5,638,238.56 February 25, 2036
I-18-A Variable(2) $ 5,376,928.51 February 25, 2036
I-18-B Variable(2) $ 5,376,928.51 February 25, 2036
I-19-A Variable(2) $ 5,127,785.39 February 25, 2036
I-19-B Variable(2) $ 5,127,785.39 February 25, 2036
I-20-A Variable(2) $ 4,890,268.39 February 25, 2036
I-20-B Variable(2) $ 4,890,268.39 February 25, 2036
I-21-A Variable(2) $ 4,663,778.69 February 25, 2036
I-21-B Variable(2) $ 4,663,778.69 February 25, 2036
I-22-A Variable(2) $ 4,432,526.48 February 25, 2036
I-22-B Variable(2) $ 4,432,526.48 February 25, 2036
I-23-A Variable(2) $ 4,227,467.23 February 25, 2036
I-23-B Variable(2) $ 4,227,467.23 February 25, 2036
I-24-A Variable(2) $ 77,358,062.55 February 25, 2036
I-24-B Variable(2) $ 77,358,062.55 February 25, 2036
I-25-A Variable(2) $ 393,783.95 February 25, 2036
I-25-B Variable(2) $ 393,783.95 February 25, 2036
I-26-A Variable(2) $ 378,871.57 February 25, 2036
I-26-B Variable(2) $ 378,871.57 February 25, 2036
I-27-A Variable(2) $ 364,545.98 February 25, 2036
I-27-B Variable(2) $ 364,545.98 February 25, 2036
I-28-A Variable(2) $ 350,783.19 February 25, 2036
I-28-B Variable(2) $ 350,783.19 February 25, 2036
I-29-A Variable(2) $ 337,560.23 February 25, 2036
I-29-B Variable(2) $ 337,560.23 February 25, 2036
I-30-A Variable(2) $ 324,855.13 February 25, 2036
I-30-B Variable(2) $ 324,855.13 February 25, 2036
I-31-A Variable(2) $ 312,646.79 February 25, 2036
I-31-B Variable(2) $ 312,646.79 February 25, 2036
I-32-A Variable(2) $ 300,915.03 February 25, 2036
I-32-B Variable(2) $ 300,915.03 February 25, 2036
I-33-A Variable(2) $ 289,412.90 February 25, 2036
I-33-B Variable(2) $ 289,412.90 February 25, 2036
I-34-A Variable(2) $ 278,420.82 February 25, 2036
I-34-B Variable(2) $ 278,420.82 February 25, 2036
I-35-A Variable(2) $ 268,041.46 February 25, 2036
I-35-B Variable(2) $ 268,041.46 February 25, 2036
I-36-A Variable(2) $ 2,143,640.29 February 25, 2036
I-36-B Variable(2) $ 2,143,640.29 February 25, 2036
I-37-A Variable(2) $ 159,507.81 February 25, 2036
I-37-B Variable(2) $ 159,507.81 February 25, 2036
I-38-A Variable(2) $ 154,477.30 February 25, 2036
I-38-B Variable(2) $ 154,477.30 February 25, 2036
I-39-A Variable(2) $ 149,604.62 February 25, 2036
I-39-B Variable(2) $ 149,604.62 February 25, 2036
I-40-A Variable(2) $ 144,884.83 February 25, 2036
I-40-B Variable(2) $ 144,884.83 February 25, 2036
I-41-A Variable(2) $ 140,313.14 February 25, 2036
I-41-B Variable(2) $ 140,313.14 February 25, 2036
I-42-A Variable(2) $ 135,884.94 February 25, 2036
I-42-B Variable(2) $ 135,884.94 February 25, 2036
I-43-A Variable(2) $ 131,595.74 February 25, 2036
I-43-B Variable(2) $ 131,595.74 February 25, 2036
I-44-A Variable(2) $ 127,441.18 February 25, 2036
I-44-B Variable(2) $ 127,441.18 February 25, 2036
I-45-A Variable(2) $ 123,417.07 February 25, 2036
I-45-B Variable(2) $ 123,417.07 February 25, 2036
I-46-A Variable(2) $ 119,519.33 February 25, 2036
I-46-B Variable(2) $ 119,519.33 February 25, 2036
I-47-A Variable(2) $ 115,744.00 February 25, 2036
I-47-B Variable(2) $ 115,744.00 February 25, 2036
I-48-A Variable(2) $ 112,087.25 February 25, 2036
I-48-B Variable(2) $ 112,087.25 February 25, 2036
I-49-A Variable(2) $ 108,545.39 February 25, 2036
I-49-B Variable(2) $ 108,545.39 February 25, 2036
I-50-A Variable(2) $ 105,114.81 February 25, 2036
I-50-B Variable(2) $ 105,114.81 February 25, 2036
I-51-A Variable(2) $ 101,792.03 February 25, 2036
I-51-B Variable(2) $ 101,792.03 February 25, 2036
I-52-A Variable(2) $ 98,573.68 February 25, 2036
I-52-B Variable(2) $ 98,573.68 February 25, 2036
I-53-A Variable(2) $ 95,456.50 February 25, 2036
I-53-B Variable(2) $ 95,456.50 February 25, 2036
I-54-A Variable(2) $ 92,437.31 February 25, 2036
I-54-B Variable(2) $ 92,437.31 February 25, 2036
I-55-A Variable(2) $ 89,513.06 February 25, 2036
I-55-B Variable(2) $ 89,513.06 February 25, 2036
I-56-A Variable(2) $ 86,732.89 February 25, 2036
I-56-B Variable(2) $ 86,732.89 February 25, 2036
I-57-A Variable(2) $ 83,986.75 February 25, 2036
I-57-B Variable(2) $ 83,986.75 February 25, 2036
I-58-A Variable(2) $ 81,485.44 February 25, 2036
I-58-B Variable(2) $ 81,485.44 February 25, 2036
I-59-A Variable(2) $ 78,937.27 February 25, 2036
I-59-B Variable(2) $ 78,937.27 February 25, 2036
I-60-A Variable(2) $ 2,386,301.79 February 25, 2036
I-60-B Variable(2) $ 2,386,301.79 February 25, 2036
P 0.00% $ 100.00 February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC I
Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC I
Pass-Through Rate" herein.
REMIC II
As provided herein, the Trustee will elect to treat the segregated pool
of assets consisting of the REMIC I Regular Interests as a REMIC for federal
income tax purposes, and such segregated pool of assets will be designated as
"REMIC II". The Class R-2 Certificates will be the sole class of Residual
Interests in REMIC II for purposes of the REMIC Provisions. The following table
irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
Rate, the initial Uncertificated Principal Balance and, for purposes of
satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" for each of the REMIC II Regular Interests (as defined herein).
None of the REMIC II Regular Interests will be certificated.
Uncertificated REMIC II Initial Uncertificated Latest Possible Maturity
Designation Pass-Through Rate Principal Balance Date (1)
--------------------------- ---------------------- ---------------------- ------------------------
AA Variable(2) $ 436,273,654.26 February 25, 2036
A-1 Variable(2) $ 1,750,890.00 February 25, 2036
A-2 Variable(2) $ 1,055,460.00 February 25, 2036
A-3 Variable(2) $ 268,670.00 February 25, 2036
A-4 Variable(2) $ 141,380.00 February 25, 2036
M-1 Variable(2) $ 273,780.00 February 25, 2036
M-2 Variable(2) $ 227,040.00 February 25, 2036
M-3 Variable(2) $ 100,170.00 February 25, 2036
M-4 Variable(2) $ 91,260.00 February 25, 2036
M-5 Variable(2) $ 84,580.00 February 25, 2036
M-6 Variable(2) $ 75,680.00 February 25, 2036
M-7 Variable(2) $ 71,230.00 February 25, 2036
M-8 Variable(2) $ 62,320.00 February 25, 2036
M-9 Variable(2) $ 53,420.00 February 25, 2036
M-10 Variable(2) $ 55,650.00 February 25, 2036
ZZ Variable(2) $ 4,592,013.96 February 25, 2036
IO (2) (3) February 25, 2036
P 0.00% $ 100.00 February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC II
Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC
II Pass-Through Rate" herein. (3) REMIC II Regular Interest IO will not
have an Uncertificated Principal Balance but will accrue interest
on its uncertificated notional amount calculated in accordance with the
definition of "Uncertificated Notional Amount" herein.
REMIC III
As provided herein, the Trustee 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-3 Certificates will represent the sole class of
Residual Interests in REMIC III for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation,
Pass-Through Rate, Initial Certificate Principal Balance (or initial
Uncertificated Principal Balance, in the case of the Class CE, P and IO
Interests) and, for purposes of satisfying Treasury Regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each class of
Certificates and interests that represents ownership of one or more of the
Regular Interests in REMIC III created hereunder.
Each Certificate, other than the Class P, Class CE and Class R
Certificates, represents ownership of a Regular Interest in REMIC III and also
represents (i) the right to receive payments with respect to the Basis Risk
Shortfall Carry Forward Amount (as defined herein) and (ii) the obligation to
pay Class IO Distribution Amounts (as defined herein). The entitlement to
principal of the Regular Interest which corresponds to each Certificate shall be
equal in amount and timing to the entitlement to principal of such Certificate.
Initial Certificate or
Uncertificated Latest Possible Maturity
Designation Pass-Through Rate Principal Balance Date(1)
--------------------------- ---------------------- ---------------------- ------------------------
A-1(2) Variable(3) $ 175,089,000.00 February 25, 2036
A-2(2) Variable(3) $ 105,546,000.00 February 25, 2036
A-3(2) Variable(3) $ 26,867,000.00 February 25, 2036
A-4(2) Variable(3) $ 14,138,000.00 February 25, 2036
M-1(2) Variable(3) $ 27,378,000.00 February 25, 2036
M-2(2) Variable(3) $ 22,704,000.00 February 25, 2036
M-3(2) Variable(3) $ 10,017,000.00 February 25, 2036
M-4(2) Variable(3) $ 9,126,000.00 February 25, 2036
M-5(2) Variable(3) $ 8,458,000.00 February 25, 2036
M-6(2) Variable(3) $ 7,568,000.00 February 25, 2036
M-7(2) Variable(3) $ 7,123,000.00 February 25, 2036
M-8(2) Variable(3) $ 6,232,000.00 February 25, 2036
M-9(2) Variable(3) $ 5,342,000.00 February 25, 2036
M-10(2) Variable(3) $ 5,565,000.00 February 25, 2036
Class CE Interest Variable(3)(4) $ 14,024,198.22 February 25, 2036
Class P Interest 0.00%(5) $ 100.00 February 25, 2036
Class IO Interest (6) (7) February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date in the month following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC III
Regular Interest.
(2) This Class of Certificates represents ownership of a Regular Interest
in REMIC III. Any amount distributed on this Class of Certificates on
any Distribution Date in excess of the amount distributable on the
related Regular Interest in REMIC III on such Distribution Date shall
be treated for federal income tax purposes as having been paid from the
Reserve Fund or the Supplemental Interest Trust, as applicable, and any
amount distributable on the related Regular Interest in REMIC III on
such Distribution Date in excess of the amount distributable on such
Class of Certificates on such Distribution Date shall be treated for
such purposes as having been distributed to the Holders of such
Certificates and then paid by such Holders to the Supplemental Interest
Trust, all pursuant to and as further provided in Section 3.21 hereof.
(3) Calculated in accordance with the definition of "Pass-Through Rate"
herein. Each Regular Interest in REMIC III (other than the Class CE, P
and IO Interests) which corresponds to a Class A Certificate or Class M
Certificate will have the same Pass-Through Rate as such Certificate,
except with respect to the Net Rate Cap. The Net Rate Cap for each such
Regular Interest in REMIC III and Certificate is specified in the
definition of "Net Rate Cap".
(4) The Class CE Interest will accrue interest at its variable Pass-Through
Rate on the Uncertificated Notional Amount of the Class CE Interest
outstanding from time to time which shall equal the aggregate
Uncertificated Principal Balance of the REMIC II Regular Interests
(other than REMIC II Regular Interest P). The Class CE Interest will
not accrue interest on its Uncertificated Principal Balance.
(5) The Class P Interest is not entitled to distributions in respect of
interest.
(6) For federal income tax purposes, the Class IO Interest will not have a
Pass-Through Rate, but will be entitled to 100% of the amounts
distributed on REMIC II Regular Interest IO.
(7) For federal income tax purposes, the Class IO Interest will not have an
Uncertificated Principal Balance, but will have a notional amount equal
to the Uncertificated Notional Amount of REMIC II Regular Interest IO.
REMIC IV
As provided herein, the Trustee shall elect to treat the segregated
pool of assets consisting of the Class CE Interest as a REMIC for federal income
tax purposes, and such segregated pool of assets will be designated as "REMIC
IV". The Class R-4 Interest represents the sole class of Residual Interests in
REMIC IV for purposes of the REMIC Provisions.
The following table sets forth the Class designation, Pass-Through
Rate, Initial Certificate Principal Balance and, for purposes of satisfying
Treasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for the indicated Class of Certificates that represents a Regular Interest
in REMIC IV created hereunder:
Initial Certificate Latest Possible
Class Designation Pass-Through Rate Principal Balance Maturity Date(1)
--------------------------- ---------------------- ---------------------- ------------------------
CE Variable(2) $ 14,024,198.22 February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for the Class CE
Certificates.
(2) The Class CE Certificates will receive 100% of amounts received in
respect of the Class CE Interest.
REMIC V
As provided herein, the Trustee shall elect to treat the segregated
pool of assets consisting of the Class P Interest as a REMIC for federal income
tax purposes, and such segregated pool of assets will be designated as "REMIC
V". The Class R-5 Interest represents the sole class of Residual Interests in
REMIC V for purposes of the REMIC Provisions.
The following table sets forth the Class designation, Pass-Through
Rate, Initial Certificate Principal Balance and, for purposes of satisfying
Treasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for the indicated Class of Certificates that represents a Regular Interest
in REMIC V created hereunder:
Initial Certificate Latest Possible
Class Designation Pass-Through Rate Principal Balance Maturity Date(1)
--------------------------- ---------------------- ---------------------- ------------------------
P 0.00%(2) $ 100.00 February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for the Class P
Certificates.
(2) The Class P Certificates will receive 100% of amounts received in
respect of the Class P Interest.
REMIC VI
As provided herein, the Trustee shall elect to treat the segregated
pool of assets consisting of the Class IO Interest as a REMIC for federal income
tax purposes, and such segregated pool of assets will be designated as "REMIC
VI". The Class R-6 Interest represents the sole class of Residual Interests in
REMIC VI for purposes of the REMIC Provisions.
The following table sets forth the designation, Pass-Through Rate,
initial Uncertificated Principal Balance and, for purposes of satisfying
Treasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for the indicated class of interests that represents a Regular Interest in
REMIC VI created hereunder:
Initial Uncertificated Latest Possible
Designation Pass-Through Rate Principal Balance Maturity Date(1)
--------------------------- ---------------------- ---------------------- ------------------------
IO(2) (3) (4) February 25, 2036
---------------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for REMIC VI Regular
Interest IO.
(2) REMIC VI Regular Interest IO will be held as an asset of the
Supplemental Interest Trust.
(3) REMIC VI Regular Interest IO will not have a Pass-Through Rate, but
will receive 100% of amounts received in respect of the Class IO
Interest.
(4) REMIC VI Regular Interest IO will not have an Uncertificated Principal
Balance, but will have a notional amount equal to the Uncertificated
Notional Amount of the Class IO Interest.
The Trust Fund shall be named, and may be referred to as, the "Bear
Xxxxxxx Asset Backed Securities I Trust 2006-EC2." The Certificates issued
hereunder may be referred to as "Asset-Backed Certificates, Series 2006-EC2"
(including for purposes of any endorsement or assignment of a Mortgage Note or
Mortgage).
In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer, the Sponsor and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 DEFINED TERMS.
Whenever used in this Agreement, the following words and phrases,
unless otherwise expressly provided or unless the context otherwise requires,
shall have the meanings specified in this Article:
ACCEPTED SERVICING PRACTICES: With respect to each Mortgage Loan, those
mortgage servicing practices and procedures, including prudent collection and
loan administration procedures, and the standard of care (i) employed by prudent
mortgage servicers which service mortgage loans of the same type as the Mortgage
Loans in the jurisdictions in which the related Mortgage Properties are located
or (ii) in accordance with the Xxxxxx Mae Guide or Xxxxxxx Mac Guide, subject to
any variances negotiated with Xxxxxx Mae or Xxxxxxx Mac and subject to the
express provisions of this Agreement. Such standard of care shall not be lower
than that the Master Servicer customarily employs and exercises in servicing and
administering similar mortgage loans for its own account and shall be in full
compliance with all federal, state, and local laws, ordinances, rules and
regulations.
ACCOUNT: The Distribution Account, the Reserve Fund, the Derivative
Account, the Class P Certificate Account and the Protected Account.
ACCRUAL PERIOD: With respect to the Certificates (other than the Class
CE, Class P and the Residual Certificates) and any Distribution Date, the period
from and including the immediately preceding Distribution Date (or with respect
to the first Accrual Period, the Closing Date) to and including the day prior to
such Distribution Date. With respect to the Class CE Certificates and the Class
CE Interest and any Distribution Date, the calendar month immediately preceding
such Distribution Date. All calculations of interest on the Certificates (other
than the Class CE, Class P and the Residual Certificates) will be made on the
basis of the actual number of days elapsed in the related Accrual Period. All
calculations of interest on the Class CE Interest and the Class CE Certificates
will be made on the basis of a 360-day year consisting of twelve 30-day months.
ADDITIONAL DISCLOSURE: As defined in Section 3.16(a)(v).
ADDITIONAL FORM 10-D DISCLOSURE: As defined in Section 3.16(a)(ii).
ADDITIONAL FORM 10-K DISCLOSURE: As defined in Section 3.16(a)(iv).
ADVANCE: An advance of delinquent payments of principal or interest in
respect of a Mortgage Loan required to be made by the Master Servicer as
provided in Section 5.01 hereof.
AFFECTED PARTY: As defined in the Swap Agreement.
AGREEMENT: This Pooling and Servicing Agreement and any and all
amendments or supplements hereto made in accordance with the terms herein.
ADJUSTABLE RATE MORTGAGE LOAN: Each of the Mortgage Loans identified in
the Mortgage Loan Schedule as having a Mortgage Rate that is subject to
adjustment.
ADJUSTMENT DATE: With respect to each Adjustable Rate Mortgage Loan,
the first day of the month in which the Mortgage Rate of an Adjustable Rate
Mortgage Loan changes pursuant to the related Mortgage Note. The first
Adjustment Date following the Cut-off Date as to each Adjustable Rate Mortgage
Loan is set forth in the Mortgage Loan Schedule.
AMOUNT HELD FOR FUTURE DISTRIBUTION: As to any Distribution Date, the
aggregate amount held in the Protected Account at the close of business on the
immediately preceding Determination Date on account of (i) all Scheduled
Payments or portions thereof received in respect of the Mortgage Loans due after
the related Due Period and (ii) Principal Prepayments, Liquidation Proceeds,
Subsequent Recoveries and Insurance Proceeds received in respect of such
Mortgage Loans after the last day of the related Prepayment Period.
APPLIED REALIZED LOSS AMOUNT: With respect to any Distribution Date and
a Class of Class A Certificates and Class M Certificates, the sum of the
Realized Losses with respect to the Mortgage Loans which have been applied in
reduction of the Certificate Principal Balance of a Class of Certificates
pursuant to Section 5.05 of this Agreement which have not previously been
reimbursed or reduced by any Subsequent Recoveries applied to such Applied
Realized Loss Amount.
APPRAISED VALUE: With respect to any Mortgage Loan originated in
connection with a refinancing, the appraised value of the Mortgaged Property
based upon the appraisal made at the time of such refinancing or, with respect
to any other Mortgage Loan, the lesser of (x) the appraised value of the
Mortgaged Property based upon the appraisal made by a fee appraiser at the time
of the origination of the related Mortgage Loan, and (y) the sales price of the
Mortgaged Property at the time of such origination.
ASSESSMENT OF COMPLIANCE: As defined in Section 3.14.
ATTESTATION REPORT: As defined in Section 3.14.
BACK-UP CERTIFICATION: As defined in Section 3.16(a)(iv).
BASIS RISK SHORTFALL CARRY FORWARD AMOUNT: With respect to any
Distribution Date and any Class of Class A Certificates and Class M
Certificates, an amount equal to the sum of (A) the excess, if any, of (a) the
amount of Current Interest that such Class would have been entitled to receive
on such Distribution Date had the Pass-Though Rate applicable to such Class been
calculated at a per annum rate equal to One-Month LIBOR plus the related
Certificate Margin, over (b) the amount of Current Interest that such Class
received on such Distribution Date if the Pass-Through Rate is limited to the
Net Rate Cap and (B) the amount in clause (A) for all previous Distribution
Dates not previously paid, together with interest thereon at a rate equal to the
related Pass-Through Rate for such Distribution Date.
BANKRUPTCY CODE: Title 11 of the United States Code.
BOOK-ENTRY CERTIFICATES: Any of the Certificates that shall be
registered in the name of the Depository or its nominee, the ownership of which
is reflected on the books of the Depository or on the books of a person
maintaining an account with the Depository (directly, as a "Depository
Participant", or indirectly, as an indirect participant in accordance with the
rules of the Depository and as described in Section 6.06). As of the Closing
Date, each Class of Regular Certificates (other than the Class M-10, Class CE
and Class P Certificates) constitutes a Class of Book-Entry Certificates.
BUSINESS DAY: Any day other than (i) a Saturday or a Sunday, or (ii) a
day on which banking institutions in The City of New York, New York, Chicago,
Illinois, Minneapolis, Minnesota or the city in which the Corporate Trust Office
of the Trustee or the principal office of the Master Servicer is located as
authorized or obligated by law or executive order to be closed.
CAP RATE: With respect to the Yield Maintenance Agreement, the rates
set forth therefor in Exhibit O.
CERTIFICATE: Any one of the certificates of any Class executed and
authenticated by the Trustee in substantially the forms attached hereto as
Exhibits A-1 through A-5.
CERTIFICATE MARGIN: With respect to the Class A-1 Certificates and, for
purposes of the definition of "One-Month LIBOR Pass-Through Rate", REMIC II
Regular Interest A-1, 0.070% per annum.
With respect to the Class A-2 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
A-2, 0.160% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.320% per annum in
the case of each Distribution Date thereafter.
With respect to the Class A-3 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
A-3, 0.200% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.400% per annum in
the case of each Distribution Date thereafter.
With respect to the Class A-4 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
A-4, 0.310% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.620% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-1 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-1, 0.400% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.600% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-2 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-2, 0.420% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.630% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-3 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-3, 0.440% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.660% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-4 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-4, 0.580% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.870% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-5 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-5, 0.610% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 0.915% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-6 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-6, 0.700% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 1.050% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-7 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-7, 1.300% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 1.950% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-8 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-8, 1.600% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 2.400% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-9 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-9, 2.150% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 3.225% per annum in
the case of each Distribution Date thereafter.
With respect to the Class M-10 Certificates and, for purposes of the
definition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular Interest
M-10, 2.150% per annum in the case of each Distribution Date through and
including the first possible Optional Termination Date and 3.225% per annum in
the case of each Distribution Date thereafter.
CERTIFICATE NOTIONAL AMOUNT: With respect to the Class CE Certificates
and any Distribution Date, an amount equal to the Stated Principal Balance of
the Mortgage Loans as of the beginning of the related Due Period.
The initial Certificate Notional Amount of the Class CE Certificates shall be
$445,177,198.22. For federal income tax purposes, the Certificate Notional
Amount for any Distribution Date shall be an amount equal to the Uncertificated
Notional Amount for the Class CE Interest for such Distribution Date.
CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the Person
that is the beneficial owner of such Book-Entry Certificate.
CERTIFICATE PRINCIPAL BALANCE: As to any Certificate (other than the
Class CE Certificates or Class R Certificates) and as of any Distribution Date,
the Initial Certificate Principal Balance of such Certificate plus, in the case
of a Class A Certificate and Class M Certificate, any Subsequent Recoveries
added to the Certificate Principal Balance of such Certificate pursuant to
Section 5.04(b), less the sum of (i) all amounts distributed with respect to
such Certificate in reduction of the Certificate Principal Balance thereof on
previous Distribution Dates pursuant to Section 5.04, and (ii) any Applied
Realized Loss Amounts allocated to such Certificate on previous Distribution
Dates. As to the Class CE Certificates and as of any Distribution Date, an
amount equal to the Uncertificated Principal Balance of the Class CE Interest.
CERTIFICATE REGISTER: The register maintained pursuant to Section 6.02
hereof.
CERTIFICATEHOLDER OR HOLDER: The person in whose name a Certificate is
registered in the Certificate Register (initially, Cede & Co., as nominee for
the Depository, in the case of any Book-Entry Certificates).
CERTIFICATION PARTIES: As defined in Section 3.16(a)(iv).
CERTIFYING PERSON: As defined in Section 3.16(a)(iv).
CLASS: All Certificates bearing the same Class designation as set forth
in Section 6.01 hereof.
CLASS A CERTIFICATES: Any of the Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates.
CLASS A PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the Principal Distribution Amount for such
Distribution Date and (y) the excess, if any, of (i) the aggregate Certificate
Principal Balance of the Class A Certificates immediately prior to such
Distribution Date, over (ii) the lesser of (a) the product of (1) 44.50% and (2)
the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period), and (b) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period, and after reduction for Realized Losses incurred
during the related Due Period) minus $2,225,886.
CLASS A-1 CERTIFICATE: Any Certificate designated as a "Class A-1
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to the Percentage Interest of distributions provided for
the Class A-1 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS A-2 CERTIFICATE: Any Certificate designated as a "Class A-2
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to the Percentage Interest of distributions provided for
the Class A-2 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS A-3 CERTIFICATE: Any Certificate designated as a "Class A-3
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to the Percentage Interest of distributions provided for
the Class A-3 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS A-4 CERTIFICATE: Any Certificate designated as a "Class A-4
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to the Percentage Interest of distributions provided for
the Class A-4 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS A-4 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,
with respect to the Class A-4 Certificates and any Distribution Date, is the
product of the Class A Principal Distribution Amount and a fraction, the
numerator of which is the Principal Funds for such Distribution Date and the
denominator of which is the Principal Funds for such Distribution Date.
CLASS CE CERTIFICATE: Any Certificate designated as a "Class CE
Certificate" on the face thereof, in the form of Exhibit A-4 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class CE Certificates herein and evidencing (i) a Regular Interest in REMIC
IV, (ii) the obligation to pay Basis Risk Shortfall Carry Forward Amounts and
(iii) the right to receive Class IO Distribution Amounts.
CLASS CE DISTRIBUTION AMOUNT: With respect to any Distribution Date,
the sum of (i) the Current Interest for the Class CE Interest for such
Distribution Date, (ii) any Overcollateralization Release Amount for such
Distribution Date and (iii) without duplication, any Subsequent Recoveries not
distributed to the Class A Certificates and Class M Certificates on such
Distribution Date; provided, however that on any Distribution Date after the
Distribution Date on which the Certificate Principal Balances of the Class A
Certificates and Class M Certificates have been reduced to zero, the Class CE
Distribution Amount shall include the Overcollateralization Amount.
CLASS CE INTEREST: An uncertificated interest in the Trust Fund held by
the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a
Regular Interest in REMIC III for purposes of the REMIC Provisions.
CLASS IO DISTRIBUTION AMOUNT: As defined in Section 3.21 hereof. For
purposes of clarity, the Class IO Distribution Amount for any Distribution Date
shall equal the amount payable to the Derivative Administrator on such
Distribution Date in excess of the amount payable on REMIC VI Regular Interest
IO on such Distribution Date, all as further provided in Section 3.21 hereof.
CLASS IO INTEREST: An uncertificated interest in the Trust Fund held by
the Trustee on behalf of the Holders of REMIC VI Regular Interest IO, evidencing
a Regular Interest in REMIC III for purposes of the REMIC Provisions.
CLASS M CERTIFICATES: Any of the Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates.
CLASS M-1 CERTIFICATE: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-1 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-1 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the
aggregate Certificate Principal Balance of the Class A Certificates (after
taking into account the distribution of the Class A Principal Distribution
Amount on such Distribution Date) and (2) the Certificate Principal Balance of
the Class M-1 Certificates immediately prior to such Distribution Date, over (b)
the lesser of (1) the product of (x) 56.80% and (y) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-2 CERTIFICATE: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-2 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-2 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount and the Class M-1 Principal Distribution Amount and (y) the
excess, if any, of (a) the sum of (1) the aggregate Certificate Principal
Balance of the Class A Certificates (after taking into account the distribution
of the Class A Principal Distribution Amount on such Distribution Date), (2) the
Certificate Principal Balance of the Class M-1 Certificates (after taking into
account the distribution of the Class M-1 Principal Distribution Amount on such
Distribution Date) and (3) the Certificate Principal Balance of the Class M-2
Certificates immediately prior to such Distribution Date, over (b) the lesser of
(1) the product of (x) 67.00% and (y) the aggregate Stated Principal Balance of
the Mortgage Loans as of the last day of the related Due Period (after giving
effect to scheduled payments of principal due during the related Due Period, to
the extent received or advanced, and unscheduled collections of principal
received during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Due Period), and (2) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period)
minus $2,225,886.
CLASS M-3 CERTIFICATE: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-3 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-3 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount and the Class
M-2 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of
(1) the aggregate Certificate Principal Balance of the Class A Certificates
(after taking into account the distribution of the Class A Principal
Distribution Amount on such Distribution Date), (2) the Certificate Principal
Balance of the Class M-1 Certificates (after taking into account the
distribution of the Class M-1 Principal Distribution Amount on such Distribution
Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
(after taking into account the distribution of the Class M-2 Principal
Distribution Amount on such Distribution Date) and (4) the Certificate Principal
Balance of the Class M-3 Certificates immediately prior to such Distribution
Date, over (b) the lesser of (1) the product of (x) 71.50% and (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal due during
the related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-4 CERTIFICATE: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-4 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-4 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount and the Class M-3 Principal Distribution Amount
and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate
Principal Balance of the Class A Certificates (after taking into account the
distribution of the Class A Principal Distribution Amount on such Distribution
Date), (2) the Certificate Principal Balance of the Class M-1 Certificates
(after taking into account the distribution of the Class M-1 Principal
Distribution Amount on such Distribution Date), (3) the Certificate Principal
Balance of the Class M-2 Certificates (after taking into account the
distribution of the Class M-2 Principal Distribution Amount on such Distribution
Date), (4) the Certificate Principal Balance of the Class M-3 Certificates
(after taking into account the distribution of the Class M-3 Principal
Distribution Amount on such Distribution Date) and (5) the Certificate Principal
Balance of the Class M-4 Certificates immediately prior to such Distribution
Date, over (b) the lesser of (1) the product of (x) 75.60% and (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal due during
the related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-5 CERTIFICATE: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-5 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-5 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount and
the Class M-4 Principal Distribution Amount and (y) the excess, if any, of (a)
the sum of (1) the aggregate Certificate Principal Balance of the Class A
Certificates (after taking into account the distribution of the Class A
Principal Distribution Amount on such Distribution Date), (2) the Certificate
Principal Balance of the Class M-1 Certificates (after taking into account the
distribution of the Class M-1 Principal Distribution Amount on such Distribution
Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
(after taking into account the distribution of the Class M-2 Principal
Distribution Amount on such Distribution Date), (4) the Certificate Principal
Balance of the Class M-3 Certificates (after taking into account the
distribution of the Class M-3 Principal Distribution Amount on such Distribution
Date), (5) the Certificate Principal Balance of the Class M-4 Certificates
(after taking into account the distribution of the Class M-4 Principal
Distribution Amount on such Distribution Date) and (6) the Certificate Principal
Balance of the Class M-5 Certificates immediately prior to such Distribution
Date, over (b) the lesser of (1) the product of (x) 79.40% and (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal due during
the related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-6 CERTIFICATE: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-6 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-6 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the
Class M-4 Principal Distribution Amount and the Class M-5 Principal Distribution
Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate
Certificate Principal Balance of the Class A Certificates (after taking into
account the distribution of the Class A Principal Distribution Amount on such
Distribution Date), (2) the Certificate Principal Balance of the Class M-1
Certificates (after taking into account the distribution of the Class M-1
Principal Distribution Amount on such Distribution Date), (3) the Certificate
Principal Balance of the Class M-2 Certificates (after taking into account the
distribution of the Class M-2 Principal Distribution Amount on such Distribution
Date), (4) the Certificate Principal Balance of the Class M-3 Certificates
(after taking into account the distribution of the Class M-3 Principal
Distribution Amount on such Distribution Date), (5) the Certificate Principal
Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount on such Distribution
Date), (6) the Certificate Principal Balance of the Class M-5 Certificates
(after taking into account the distribution of the Class M-5 Principal
Distribution Amount on such Distribution Date) and (7) the Certificate Principal
Balance of the Class M-6 Certificates immediately prior to such Distribution
Date, over (b) the lesser of (1) the product of (x) 82.80% and (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal due during
the related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-7 CERTIFICATE: Any Certificate designated as a "Class M-7
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-7 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-7 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the
Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution
Amount and the Class M-6 Principal Distribution Amount and (y) the excess, if
any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the
Class A Certificates (after taking into account the distribution of the Class A
Principal Distribution Amount on such Distribution Date), (2) the Certificate
Principal Balance of the Class M-1 Certificates (after taking into account the
distribution of the Class M-1 Principal Distribution Amount on such Distribution
Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
(after taking into account the distribution of the Class M-2 Principal
Distribution Amount on such Distribution Date), (4) the Certificate Principal
Balance of the Class M-3 Certificates (after taking into account the
distribution of the Class M-3 Principal Distribution Amount on such Distribution
Date), (5) the Certificate Principal Balance of the Class M-4 Certificates
(after taking into account the distribution of the Class M-4 Principal
Distribution Amount on such Distribution Date), (6) the Certificate Principal
Balance of the Class M-5 Certificates (after taking into account the
distribution of the Class M-5 Principal Distribution Amount on such Distribution
Date) (7) the Certificate Principal Balance of the Class M-6 Certificates (after
taking into account the distribution of the Class M-6 Principal Distribution
Amount on such Distribution Date) and (8) the Certificate Principal Balance of
the Class M-7 Certificates immediately prior to such Distribution Date, over (b)
the lesser of (1) the product of (x) 86.00% and (y) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-8 CERTIFICATE: Any Certificate designated as a "Class M-8
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-8 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-8 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the
Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution
Amount, the Class M-6 Principal Distribution Amount and the Class M-7 Principal
Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the
aggregate Certificate Principal Balance of the Class A Certificates (after
taking into account the distribution of the Class A Principal Distribution
Amount on such Distribution Date), (2) the Certificate Principal Balance of the
Class M-1 Certificates (after taking into account the distribution of the Class
M-1 Principal Distribution Amount on such Distribution Date), (3) the
Certificate Principal Balance of the Class M-2 Certificates (after taking into
account the distribution of the Class M-2 Principal Distribution Amount on such
Distribution Date), (4) the Certificate Principal Balance of the Class M-3
Certificates (after taking into account the distribution of the Class M-3
Principal Distribution Amount on such Distribution Date), (5) the Certificate
Principal Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount on such Distribution
Date), (6) the Certificate Principal Balance of the Class M-5 Certificates
(after taking into account the distribution of the Class M-5 Principal
Distribution Amount on such Distribution Date) (7) the Certificate Principal
Balance of the Class M-6 Certificates (after taking into account the
distribution of the Class M-6 Principal Distribution Amount on such Distribution
Date), (8) the Certificate Principal Balance of the Class M-7 Certificates
(after taking into account the distribution of the Class M-7 Principal
Distribution Amount on such Distribution Date) and (9) the Certificate Principal
Balance of the Class M-8 Certificates immediately prior to such Distribution
Date, over (b) the lesser of (1) the product of (x) 88.80% and (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal due during
the related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period), and
(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last
day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period) minus $2,225,886.
CLASS M-9 CERTIFICATE: Any Certificate designated as a "Class M-9
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-9 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-9 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the
Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution
Amount, the Class M-6 Principal Distribution Amount, the Class M-7 Principal
Distribution Amount and the Class M-8 Principal Distribution Amount and (y) the
excess, if any, of (a) the sum of (1) the aggregate Certificate Principal
Balance of the Class A Certificates (after taking into account the distribution
of the Class A Principal Distribution Amount on such Distribution Date), (2) the
Certificate Principal Balance of the Class M-1 Certificates (after taking into
account the distribution of the Class M-1 Principal Distribution Amount on such
Distribution Date), (3) the Certificate Principal Balance of the Class M-2
Certificates (after taking into account the distribution of the Class M-2
Principal Distribution Amount on such Distribution Date), (4) the Certificate
Principal Balance of the Class M-3 Certificates (after taking into account the
distribution of the Class M-3 Principal Distribution Amount on such Distribution
Date), (5) the Certificate Principal Balance of the Class M-4 Certificates
(after taking into account the distribution of the Class M-4 Principal
Distribution Amount on such Distribution Date), (6) the Certificate Principal
Balance of the Class M-5 Certificates (after taking into account the
distribution of the Class M-5 Principal Distribution Amount on such Distribution
Date) (7) the Certificate Principal Balance of the Class M-6 Certificates (after
taking into account the distribution of the Class M-6 Principal Distribution
Amount on such Distribution Date), (8) the Certificate Principal Balance of the
Class M-7 Certificates (after taking into account the distribution of the Class
M-7 Principal Distribution Amount on such Distribution Date), (9) the
Certificate Principal Balance of the Class M-8 Certificates (after taking into
account the distribution of the Class M-8 Principal Distribution Amount on such
Distribution Date) and (10) the Certificate Principal Balance of the Class M-9
Certificates immediately prior to such Distribution Date, over (b) the lesser of
(1) the product of (x) 91.20% and (y) the aggregate Stated Principal Balance of
the Mortgage Loans as of the last day of the related Due Period (after giving
effect to scheduled payments of principal due during the related Due Period, to
the extent received or advanced, and unscheduled collections of principal
received during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Due Period), and (2) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period)
minus $2,225,886.
CLASS M-10 CERTIFICATE: Any Certificate designated as a "Class M-10
Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class M-10 Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC III, (ii) the right to receive Basis Risk Shortfall Carry
Forward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.
CLASS M-10 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the lesser of (x) the remaining Principal Distribution Amount
for such Distribution Date after distribution of the Class A Principal
Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2
Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the
Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution
Amount, the Class M-6 Principal Distribution Amount, the Class M-7 Principal
Distribution Amount, the Class M-8 Principal Distribution Amount and the Class
M-9 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of
(1) the aggregate Certificate Principal Balance of the Class A Certificates
(after taking into account the distribution of the Class A Principal
Distribution Amount on such Distribution Date), (2) the Certificate Principal
Balance of the Class M-1 Certificates (after taking into account the
distribution of the Class M-1 Principal Distribution Amount on such Distribution
Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
(after taking into account the distribution of the Class M-2 Principal
Distribution Amount on such Distribution Date), (4) the Certificate Principal
Balance of the Class M-3 Certificates (after taking into account the
distribution of the Class M-3 Principal Distribution Amount on such Distribution
Date), (5) the Certificate Principal Balance of the Class M-4 Certificates
(after taking into account the distribution of the Class M-4 Principal
Distribution Amount on such Distribution Date), (6) the Certificate Principal
Balance of the Class M-5 Certificates (after taking into account the
distribution of the Class M-5 Principal Distribution Amount on such Distribution
Date) (7) the Certificate Principal Balance of the Class M-6 Certificates (after
taking into account the distribution of the Class M-6 Principal Distribution
Amount on such Distribution Date), (8) the Certificate Principal Balance of the
Class M-7 Certificates (after taking into account the distribution of the Class
M-7 Principal Distribution Amount on such Distribution Date), (9) the
Certificate Principal Balance of the Class M-8 Certificates (after taking into
account the distribution of the Class M-8 Principal Distribution Amount on such
Distribution Date), (10) the Certificate Principal Balance of the Class M-9
Certificates (after taking into account the distribution of the Class M-9
Principal Distribution Amount on such Distribution Date) and (11) the
Certificate Principal Balance of the Class M-10 Certificates immediately prior
to such Distribution Date, over (b) the lesser of (1) the product of (x) 93.70%
and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the
last day of the related Due Period (after giving effect to scheduled payments of
principal due during the related Due Period, to the extent received or advanced,
and unscheduled collections of principal received during the related Prepayment
Period, and after reduction for Realized Losses incurred during the related Due
Period), and (2) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent received
or advanced, and unscheduled collections of principal received during the
related Prepayment Period, and after reduction for Realized Losses incurred
during the related Due Period) minus $2,225,886.
CLASS P CERTIFICATE: Any Certificate designated as a "Class P
Certificate" on the face thereof, in the form of Exhibit A-3 hereto,
representing the right to its Percentage Interest of distributions provided for
the Class P Certificates as set forth herein and evidencing (i) a Regular
Interest in REMIC V and (ii) the right to receive any Prepayment Charge Waiver
Amounts.
CLASS P INTEREST: An uncertificated interest in the Trust Fund held by
the Trustee on behalf of the Holders of the Class P Certificates, evidencing a
Regular Interest in REMIC III for purposes of the REMIC Provisions.
CLASS P CERTIFICATE ACCOUNT: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 4.06 in the name of the Trustee
for the benefit of the Class P Certificateholders.
CLASS R CERTIFICATE: Any of the Class R-1, Class R-2, Class R-3 or
Class RX Certificates.
CLASS R-1 CERTIFICATE: Any Certificate designated a "Class R-1
Certificate" on the face thereof, in the form set forth in Exhibit A-5 hereto,
evidencing the Residual Interest in REMIC I and representing the right to the
Percentage Interest of distributions provided for the Class R-1 Certificates as
set forth herein.
CLASS R-2 CERTIFICATE: Any Certificate designated a "Class R-2
Certificate" on the face thereof, in the form set forth in Exhibit A-5 hereto,
evidencing the Residual Interest in REMIC II and representing the right to the
Percentage Interest of distributions provided for the Class R-2 Certificates as
set forth herein.
CLASS R-3 CERTIFICATE: Any Certificate designated a "Class R-3
Certificate" on the face thereof, in the form set forth in Exhibit A-5 hereto,
evidencing the Residual Interest in REMIC III and representing the right to the
Percentage Interest of distributions provided for the Class R-3 Certificates as
set forth herein.
CLASS RX CERTIFICATE: Any Certificate designated a "Class RX
Certificate" on the face thereof, in the form set forth in Exhibit A-5 hereto,
evidencing the ownership of the Class R-4 Interest, Class R-5 Interest and Class
R-6 Interest and representing the right to the Percentage Interest of
distributions provided for the Class RX Certificates as set forth herein.
CLASS R-4 INTEREST: The uncertificated Residual Interest in REMIC IV.
CLASS R-5 INTEREST: The uncertificated Residual Interest in REMIC V.
CLASS R-6 INTEREST: The uncertificated Residual Interest in REMIC VI.
CLOSING DATE: February 28, 2006.
CODE: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.
COMMISSION: The U.S. Securities and Exchange Commission.
COMPENSATING INTEREST: An amount, not to exceed the Servicing Fee, to
be deposited in the Protected Account by the Master Servicer to the payment of a
Prepayment Interest Shortfall on a Mortgage Loan subject to this Agreement.
CORPORATE TRUST OFFICE: The designated office of the Trustee where 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
Agreement is located at 000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxxx,
00000 Attention: Global Securities and Trust Services Group - Bear Xxxxxxx Asset
Backed Securities I LLC, Series 2006-EC2, or at such other address as the
Trustee may designate from time to time.
CORRESPONDING CERTIFICATE: With respect to each REMIC II Regular
Interest (other than REMIC II Regular Interests AA, ZZ, IO and P), the
Certificate with the corresponding designation. With respect to each REMIC III
Regular Interest (other than the Class CE Interest, the Class P Interest and the
Class IO Interest), the related Certificate representing an ownership therein.
CURRENT INTEREST: As of any Distribution Date, with respect to the
Certificates and interests of each class (other than the Class P Certificates,
Class P Interest, the Residual Interests and the Residual Certificates), (i) the
interest accrued on the Certificate Principal Balance or Certificate Notional
Amount or Uncertificated Notional Amount, as applicable, during the related
Accrual Period at the applicable Pass-Through Rate plus any amount previously
distributed with respect to interest for such Certificate or interest that has
been recovered as a voidable preference by a trustee in bankruptcy minus (ii)
the sum of (a) any Prepayment Interest Shortfall for such Distribution Date, to
the extent not covered by Compensating Interest and (b) any Relief Act Interest
Shortfalls during the related Due Period, provided, however, that for purposes
of calculating Current Interest for any such class, amounts specified in clause
(ii) hereof for any such Distribution Date shall be allocated first to the Class
CE Certificates, the Class CE Interest and the Residual Certificates in
reduction of amounts otherwise distributable to such Certificates and interest
on such Distribution Date and then any excess shall be allocated to each Class
of Class A Certificates and Class M Certificates PRO RATA based on the
respective amounts of interest accrued pursuant to clause (i) hereof for each
such Class on such Distribution Date.
CURRENT SPECIFIED ENHANCEMENT PERCENTAGE: With respect to any
Distribution Date, the percentage obtained by dividing (x) the sum of (i) the
aggregate Certificate Principal Balance of the Class M Certificates and (ii) the
Overcollateralization Amount, in each case prior to the distribution of the
Principal Distribution Amount on such Distribution Date, by (y) the aggregate
Stated Principal Balance of the Mortgage Loans as of the end of the related Due
Period.
CUSTODIAL AGREEMENT: An agreement, dated as of February 28, 2006, among
the Depositor, EMC, as Sponser, a Seller and as Master Servicer, Master Funding
as a Seller, the Trustee and the Custodian in substantially the form of Exhibit
J hereto.
CUSTODIAN: LaSalle Bank National Association, or any successor
custodian appointed pursuant to the provisions hereof and the Custodial
Agreement.
CUT-OFF DATE: The close of business on February 1, 2006.
CUT-OFF DATE PRINCIPAL BALANCE: As to any Mortgage Loan, the unpaid
principal balance thereof as of the close of business on the Cut-off Date after
application of all Principal Prepayments received prior to the Cut-off Date and
scheduled payments of principal due on or before the Cut-off Date, whether or
not received, but without giving effect to any installments of principal
received in respect of Due Dates after the Cut-off Date. The aggregate Cut-off
Date Principal Balance of the Mortgage Loans is $445,177,198.22.
DEBT SERVICE REDUCTION: With respect to any Mortgage Loan, a reduction
by a court of competent jurisdiction in a proceeding under the Bankruptcy Code
in the Scheduled Payment for such Mortgage Loan that became final and
non-appealable, except such a reduction resulting from a Deficient Valuation or
any other reduction that results in a permanent forgiveness of principal.
DEFAULTING PARTY: As defined in the Swap Agreement.
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 such Mortgage Loan, or any
reduction in the amount of principal to be paid in connection with any Scheduled
Payment that results in a permanent forgiveness of principal, which valuation or
reduction results from an order of such court that is final and non-appealable
in a proceeding under the Bankruptcy Code.
DEFINITIVE CERTIFICATES: As defined in Section 6.06.
DELETED MORTGAGE LOAN: A Mortgage Loan replaced or to be replaced by a
Replacement Mortgage Loan.
DELINQUENCY EVENT: A Delinquency Event shall have occurred and be
continuing if at any time, (x) the percent equivalent of a fraction, the
numerator of which is the aggregate Stated Principal Balance of the Mortgage
Loans that are 60 days or more Delinquent (including for this purpose any such
Mortgage Loans in bankruptcy or foreclosure and Mortgage Loans with respect to
which the related Mortgaged Property is REO Property), and the denominator of
which is the aggregate Stated Principal Balance of all of the Mortgage Loans as
of the last day of the related Due Period exceeds (y) 28.75% of the Current
Specified Enhancement Percentage.
DELINQUENT: A Mortgage Loan is "delinquent" if any payment due thereon
is not made pursuant to the terms of such Mortgage Loan by the close of business
on the day such payment is scheduled to be due. A Mortgage Loan is "30 days
delinquent" if such payment has not been received by the close of business on
the corresponding day of the month immediately succeeding the month in which
such payment was due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st day
of such month), then on the last day of such immediately succeeding month.
Similarly for "60 days delinquent," "90 days delinquent" and so on.
DENOMINATION: With respect to each Certificate, the amount set forth on
the face thereof as the "Initial Principal Balance or Initial Notional Amount of
this Certificate".
DEPOSITOR: Bear Xxxxxxx Asset Backed Securities I LLC, a Delaware
limited liability company, or its successor in interest.
DEPOSITORY: The initial Depository shall be The Depository Trust
Company ("DTC"), the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the
registered Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(a)(5) of the
Uniform Commercial Code of the State of New York.
DEPOSITORY AGREEMENT: With respect to the Class of Book-Entry
Certificates, the agreement among the Depositor, the Trustee and the initial
Depository, dated as of the Closing Date, substantially in the form of Exhibit
H.
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.
DERIVATIVE ACCOUNT: The separate trust account created and maintained
by the Derivative Administrator, and held within the Supplemental Interest
Trust, pursuant to the Derivative Administration Agreement.
DERIVATIVE ADMINISTRATOR: LaSalle Bank National Association acting as
derivative administrator under the Derivative Administration Agreement.
DERIVATIVE ADMINISTRATION AGREEMENT: The Derivative Administration
Agreement, dated February 28, 2006, pursuant to which the Derivative
Administrator will make payments to the Swap Provider and the Trust Fund, and
certain other payments, as such agreement may be amended or supplemented from
time to time.
DETERMINATION DATE: With respect to any Distribution Date, the 15th day
of the month of such Distribution Date or, if such 15th day is not a Business
Day, the immediately preceding Business Day.
DISTRIBUTION ACCOUNT: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 4.04 in the name of the Trustee
for the benefit of the Certificateholders designated "LaSalle Bank National
Association, in trust for registered holders of Bear Xxxxxxx Asset Backed
Securities I LLC, Asset-Backed Certificates, Series 2006-EC2". Funds in the
Distribution Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement.
DISTRIBUTION ACCOUNT DEPOSIT DATE: The Business Day prior to each
Distribution Date.
DISTRIBUTION DATE: The 25th day of each calendar month after the
initial issuance of the Certificates, or if such 25th day is not a Business Day,
the next succeeding Business Day, commencing in March 2006.
DUE DATE: As to any Mortgage Loan, the date in each month on which the
related Scheduled Payment is due, as set forth in the related Mortgage Note.
DUE PERIOD: With respect to any Distribution Date, the period from the
second day of the calendar month preceding the calendar month in which such
Distribution Date occurs through close of business on the first day of the
calendar month in which such Distribution Date occurs.
ELIGIBLE ACCOUNT: Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company, the
long-term unsecured debt obligations and short-term unsecured debt obligations
of which (or, in the case of a depository institution or trust company that is
the principal subsidiary of a holding company, the debt obligations of such
holding company, so long as Xxxxx'x is not a Rating Agency) are rated by each
Rating Agency in one of its two highest long-term and its highest short-term
rating categories, respectively, at the time any amounts are held on deposit
therein, or (ii) an account or accounts in a depository institution or trust
company in which such accounts are insured by the FDIC (to the limits
established by the FDIC) and the uninsured deposits in which accounts are
otherwise secured such that, as evidenced by an Opinion of Counsel delivered to
the Trustee and to each Rating Agency, the Certificateholders have a claim with
respect to the funds in such account or a perfected first priority 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 or trust company in which
such account is maintained, or (iii) a trust account or accounts maintained with
the corporate trust department of a federal or state chartered depository
institution or trust company having capital and surplus of not less than
$50,000,000, acting in its fiduciary capacity or (iv) any other account
acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts
may bear interest, and may include, if otherwise qualified under this
definition, accounts maintained with the Trustee.
EMC: EMC Mortgage Corporation, a Delaware corporation, and its
successors and assigns.
EMC MORTGAGE LOANS: The Mortgage Loans identified as such on the
Mortgage Loan Schedule for which EMC is the applicable Seller.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
ERISA RESTRICTED CERTIFICATES: Any of the Class CE, Class P and
Residual Certificates.
EVENT OF DEFAULT: As defined in Section 8.01 hereof.
EXCESS CASHFLOW: With respect to any Distribution Date, an amount, if
any, equal to the sum of (a) the Remaining Excess Spread for such Distribution
Date and (b) the Overcollateralization Release Amount for such Distribution
Date.
EXCESS LIQUIDATION PROCEEDS: To the extent not required by law to be
paid to the related Mortgagor, the excess, if any, of any Liquidation Proceeds
with respect to a Mortgage Loan over the Stated Principal Balance of such
Mortgage Loan and accrued and unpaid interest at the related Mortgage Rate
through the last day of the month in which the Mortgage Loan has been
liquidated.
EXCESS SPREAD: With respect to any Distribution Date, the excess, if
any, of (i) the Interest Funds for such Distribution Date over (ii) the sum of
the Current Interest on the Class A Certificates and Class M Certificates and
Interest Carry Forward Amounts on the Class A Certificates (other than Interest
Carry Forward Amounts paid pursuant to Sections 5.04(a)(4)(A), in each case for
such Distribution Date.
EXCHANGE ACT: Securities Exchange Act of 1934, as amended.
EXEMPTION: Prohibited Transaction Exemption 90-30, as amended from time
to time.
EXTRA PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution
Date, the lesser of (i) the excess, if any, of the Overcollateralization Target
Amount for such Distribution Date over the Overcollateralization Amount for such
Distribution Date (after giving effect to distributions of principal on the
Certificates other than any Extra Principal Distribution Amount) and (ii) the
Excess Spread for such Distribution Date.
XXXXXX XXX: Xxxxxx Xxx (formerly, Federal National Mortgage
Association), or any successor thereto.
FDIC: The Federal Deposit Insurance Corporation, or any successor
thereto.
FINAL CERTIFICATION: The certification substantially in the form of
Exhibit Three to the Custodial Agreement.
FINAL RECOVERY DETERMINATION: With respect to any defaulted Mortgage
Loan or any REO Property (other than a Mortgage Loan or REO Property purchased
by EMC (on its own behalf as a seller and on behalf of Master Funding) pursuant
to or as contemplated by Section 2.03(c) or Section 10.01), a determination made
by the Master Servicer that all Insurance Proceeds, Liquidation Proceeds and
other payments or recoveries which the Master Servicer, in its reasonable good
faith judgment, expects to be finally recoverable in respect thereof have been
so recovered. The Trustee shall maintain records, based solely on information
provided by the Master Servicer, of each Final Recovery Determination made
thereby.
FIRREA: The Financial Institutions Reform, Recovery, and Enforcement
Act of 1989.
FISCAL QUARTER: December 1 to February 29 (or the last day in such
month), March 1 to May 31, June 1 to August 31, or September 1 to November 30,
as applicable.
FITCH: Fitch, Inc. and any successor thereto.
FORM 8-K DISCLOSURE INFORMATION: As defined in Section 3.16(a)(iii).
XXXXXXX MAC: Federal Home Loan Mortgage Corporation, or any successor
thereto.
GLOBAL CERTIFICATE: Any Private Certificate registered in the name of
the Depository or its nominee, beneficial interests in which are reflected on
the books of the Depository or on the books of a Person maintaining an account
with such Depository (directly or as an indirect participant in accordance with
the rules of such depository).
GROSS MARGIN: With respect to each Adjustable Rate Mortgage Loan, the
fixed percentage set forth in the related Mortgage Note that is added to the
Index on each Adjustment Date in accordance with the terms of the related
Mortgage Note used to determine the Mortgage Rate for such Mortgage Loan.
INDEMNIFIED PERSONS: The Trustee, the Master Servicer, the Trust Fund
and their officers, directors, agents and employees and, with respect to the
Trustee, any separate co-trustee and its officers, directors, agents and
employees.
INDEX: With respect to each Adjustable Rate Mortgage Loan and with
respect to each related Adjustment Date, the index as specified in the related
Mortgage Note.
INDIVIDUAL CERTIFICATE: Any Private Certificate registered in the name
of the Holder other than the Depository or its nominee.
INITIAL CERTIFICATION: The certification substantially in the form of
Exhibit One to the Custodial Agreement.
INITIAL CERTIFICATE PRINCIPAL BALANCE: With respect to any Certificate,
the Certificate Principal Balance of such Certificate or any predecessor
Certificate on the Closing Date.
INSTITUTIONAL ACCREDITED INVESTOR: Any Person meeting the requirements
of Rule 501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act or
any entity all of the equity Holders in which come within such paragraphs.
INSURANCE PROCEEDS: Proceeds paid in respect of the Mortgage Loans
pursuant to any Insurance Policy and any other insurance policy covering a
Mortgage Loan, to the extent such proceeds are payable to the mortgagee under
the Mortgage, the Master Servicer or the trustee under the deed of trust and are
not applied to the restoration of the related Mortgaged Property 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, in each case other
than any amount included in such Insurance Proceeds in respect of Insured
Expenses.
INSURED EXPENSES: Expenses covered by any insurance policy with respect
to the Mortgage Loans.
INTEREST CARRY FORWARD AMOUNT: As of any Distribution Date and with
respect to each Class of Certificates (other than the Class CE, Class P and the
Residual Certificates), the sum of (i) the excess of (a) the Current Interest
for such Class with respect to such Distribution Date and any prior Distribution
Dates over (b) the amount actually distributed to such Class of Certificates
with respect to interest on such Distribution Dates and (ii) interest thereon
(to the extent permitted by applicable law) at the applicable Pass-Through Rate
for such Class for the related Accrual Period including the Accrual Period
relating to such Distribution Date.
INTEREST DETERMINATION DATE: Shall mean the second LIBOR Business Day
preceding the commencement of each Accrual Period.
INTEREST FUNDS: With respect to any Distribution Date (i) the sum,
without duplication, of (a) all scheduled interest during the related Due Period
with respect to the Mortgage Loans less the Servicing Fee, the Trustee Fee and
the LPMI Fee, if any, (b) all Advances relating to interest with respect to the
Mortgage Loans made on or prior to the related Distribution Account Deposit
Date, (c) all Compensating Interest with respect to the Mortgage Loans and
required to be remitted by the Master Servicer pursuant to this Agreement with
respect to such Distribution Date, (d) Liquidation Proceeds and Subsequent
Recoveries with respect to the Mortgage Loans collected during the related
Prepayment Period (to the extent such Liquidation Proceeds and Subsequent
Recoveries relate to interest), (e) all amounts relating to interest with
respect to each Mortgage Loan repurchased by EMC (on its own behalf as a Seller
and on behalf of Master Funding) pursuant to Sections 2.02 and 2.03 and by the
Master Servicer pursuant to Section 3.19, in each case to the extent remitted by
the Master Servicer to the Distribution Account pursuant to this Agreement and
(f) the interest portion of any proceeds received from the exercise of an
Optional Termination, minus (i) all amounts relating to interest required to be
reimbursed pursuant to Sections 4.02 and 4.05 or as otherwise set forth in this
Agreement, and (ii) any Net Swap Payment or Swap Termination Payment (not due to
a Swap Provider Trigger Event and to the extent not paid by the Derivative
Administrator from any upfront payment received pursuant to any replacement
interest rate swap agreements that may be entered into by the Supplemental
Interest Trust Trustee) owed to the Derivative Administrator for payment to the
Swap Provider for such Distribution Date and any such payments remaining unpaid
for any prior Distribution Dates.
INTERIM CERTIFICATION: The certification substantially in the form of
Exhibit Two to the Custodial Agreement.
LaSalle: LaSalle Bank National Association, and any successor thereto.
Last Scheduled Distribution Date: Solely for purposes of the face of
the Certificates as follows: with respect to the Certificates, other than the
Class A-1, Class A-2 and Class A-3 Certificates, the Distribution Date in
February 2036; with respect to the Class A-1, Class A-2 and Class A-3
Certificates, the Distribution Date in October 2027, October 2033 and March
2035, respectively.
Latest Possible Maturity Date: February 25, 2036, which is the
Distribution Date in the month following the final scheduled maturity date of
the Mortgage Loan in the Trust Fund having the latest scheduled maturity date as
of the Cut-off Date. For purposes of the Treasury regulations under Sections
860A through 860G of the Code, the latest possible maturity date of each Regular
Interest issued by REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI
shall be the Latest Possible Maturity Date.
LIBOR Business Day: Shall mean a day on which banks are open for
dealing in foreign currency and exchange in London and New York City.
Liquidated Loan: With respect to any Distribution Date, a defaulted
Mortgage Loan that has been liquidated through deed-in-lieu of foreclosure,
foreclosure sale, trustee's sale or other realization as provided by applicable
law governing the real property subject to the related Mortgage and any security
agreements and as to which the Master Servicer has made a Final Recovery
Determination with respect thereto.
Liquidation Proceeds: Amounts, other than Insurance Proceeds, received
in connection with the partial or complete liquidation of a Mortgage Loan,
whether through trustee's sale, foreclosure sale or otherwise, or in connection
with any condemnation or partial release of a Mortgaged Property and any other
proceeds received with respect to an REO Property, less the sum of related
unreimbursed Advances, Servicing Fees and Servicing Advances and all expenses of
liquidation, including property protection expenses and foreclosure and sale
costs, including court and reasonable attorneys fees.
Loan-to-Value Ratio: The fraction, expressed as a percentage, the
numerator of which is the original principal balance of the related Mortgage
Loan and the denominator of which is the Appraised Value of the related
Mortgaged Property.
Loss Allocation Limitation: The meaning specified in Section 5.05(b)
hereof.
LPMI Fee: The fee payable to the insurer for each Mortgage Loan subject
to an LPMI Policy as set forth in such LPMI Policy.
LPMI Policy: A policy of mortgage guaranty insurance issued by an
insurer meeting the requirements of Xxxxxx Xxx and Xxxxxxx Mac in which the
Master Servicer or the related subservicer of the related Mortgage Loan is
responsible for the payment of the LPMI Fee thereunder from collections on the
related Mortgage Loan.
Majority Class CE Certificateholder: The Holder of a 50.01% or greater
Percentage Interest in the Class CE Certificates.
Marker Rate: With respect to the Class CE Interest and any Distribution
Date, a per annum rate equal to two (2) times the weighted average of the
Uncertificated REMIC II Pass-Through Rates for the REMIC II Regular Interests
(other than REMIC II Regular Interests AA, IO and P), with the rate on each such
REMIC II Regular Interest (other than REMIC II Regular Interest ZZ) subject to a
cap equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for the
Corresponding Certificate and (ii) the Net Rate Cap for the REMIC III Regular
Interest the ownership of which is represented by the Corresponding Certificate
for the purpose of this calculation for such Distribution Date, and with the
rate on REMIC II Regular Interest ZZ subject to a cap of zero for the purpose of
this calculation; provided, however, that solely for this purpose, the related
cap with respect to each REMIC II Regular Interest (other than REMIC II Regular
Interests AA, ZZ, IO and P) shall be multiplied by a fraction, the numerator of
which is 30 and the denominator of which is the actual number of days in the
related Accrual Period.
Master Funding: Master Funding LLC, a Delaware limited liability
company, and its successors and assigns, in its capacity as the seller of the
Master Funding Mortgage Loans to the Depositor.
Master Funding Mortgage Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule for which Master Funding is the applicable Seller.
Master Servicer: EMC Mortgage Corporation, in its capacity as master
servicer, and its successors and assigns.
Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the percentage set forth in the related Mortgage Note as the maximum
Mortgage Rate thereunder.
Maximum Uncertificated Accrued Interest Deferral Amount: With respect
to any Distribution Date, the excess of (i) accrued interest at the
Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular
Interest ZZ for such Distribution Date on a balance equal to the Uncertificated
Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II
Overcollateralized Amount, in each case for such Distribution Date, over (ii)
the aggregate amount of Uncertificated Accrued Interest for such Distribution
Date on the REMIC II Regular Interests (other than REMIC II Regular Interests
AA, ZZ, IO and P), with the rate on each such REMIC II Regular Interest subject
to a cap equal to the lesser of (x) the One-Month LIBOR Pass-Through Rate for
the Corresponding Certificate and (y) the Net Rate Cap for the REMIC III Regular
Interest the ownership of which is represented by the Corresponding Certificate
for the purpose of this calculation for such Distribution Date; provided,
however, that solely for this purpose, the related cap with respect to each
REMIC II Regular Interest (other than REMIC II Regular Interests AA, ZZ, IO and
P) shall be multiplied by a fraction, the numerator of which is 30 and the
denominator of which is the actual number of days in the related Accrual Period.
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.
Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the percentage set forth in the related Mortgage Note as the minimum
Mortgage Rate thereunder.
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 Statement: The statement delivered to the Certificateholders
pursuant to Section 5.06.
Moody's: Xxxxx'x Investors Service, Inc., and any successor thereto.
Mortgage: The mortgage, deed of trust or other instrument creating a
first or second lien on or first or second priority ownership interest in an
estate in fee simple in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 hereof
pertaining to a particular Mortgage Loan and any additional documents delivered
to the Custodian to be added to the Mortgage File pursuant to this Agreement and
the Custodial Agreement.
Mortgage Loans: Such of the Mortgage Loans transferred and assigned to
the Trustee pursuant to the provisions hereof, as from time to time are held as
a part of the Trust Fund (including any REO Property), the mortgage loans so
held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure
or other acquisition of title of the related Mortgaged Property.
Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase Agreement,
dated as of February 28, 2006, among EMC, as a seller, Master Funding, as a
seller and the Depositor, as purchaser in the form attached hereto as Exhibit L.
Mortgage Loan Purchase Price: The price, calculated as set forth in
Section 10.01, to be paid in connection with the repurchase of the Mortgage
Loans pursuant to Section 10.01.
Mortgage Loan Schedule: The list of Mortgage Loans (as from time to
time amended by EMC or the Master Servicer to reflect the deletion of Deleted
Mortgage Loans and the addition of Replacement Mortgage Loans pursuant to the
provisions of this Agreement) transferred to the Trustee as part of the Trust
Fund and from time to time subject to this Agreement, the initial Mortgage Loan
Schedule being attached hereto as Exhibit B setting forth the following
information with respect to each Mortgage Loan:
(i) the Mortgage Loan identifying number;
(ii) the current gross mortgage rate;
(iii) the Servicing Fee Rate;
(iv) the master servicing fee rate, if applicable;
(v) the LPMI Fee, if applicable;
(vi) the Trustee Fee Rate;
(vii) the current net mortgage rate;
(viii) the maturity date;
(ix) the original principal balance;
(x) the current principal balance;
(xi) the stated original term to maturity;
(xii) the stated remaining term to maturity;
(xiii) the property type;
(xiv) the MIN with respect to each MOM Loan;
(xv) with respect to each Adjustable Rate Mortgage Loan,
the Minimum Mortgage Rate;
(xvi) with respect to each Adjustable Rate Mortgage Loan,
the Maximum Mortgage Rate;
(xvii) with respect to each Adjustable Rate Mortgage Loan,
the Gross Margin;
(xviii) with respect to each Adjustable Rate Mortgage Loan,
the next Adjustment Date;
(xix) with respect to each Adjustable Rate Mortgage Loan,
the Periodic Rate Cap;
(xx) a code indicating whether the Mortgage Loan is an EMC
Mortgage Loan or a Master Funding Mortgage Loan; and
(xxi) the Prepayment Charge, if any.
Such schedule shall also set forth the aggregate Cut-off Date Principal
Balance for all of the Mortgage Loans.
Mortgage Note: The original executed note or other evidence of
indebtedness of a Mortgagor under a Mortgage Loan.
Mortgage Rate: With respect to each fixed rate Mortgage Loan, the rate
set forth in the related Mortgage Note. With respect to each Adjustable Rate
Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan
from time to time in accordance with the provisions of the related Mortgage
Note, which rate (A) as of any date of determination until the first Adjustment
Date following the Cut-off Date shall be the rate set forth in the Mortgage Loan
Schedule as the Mortgage Rate in effect immediately following the Cut-off Date
and (B) as of any date of determination thereafter shall be the rate as adjusted
on the most recent Adjustment Date, to equal the sum, rounded to the next
highest or nearest 0.125% (as provided in the Mortgage Note), of the Index,
determined as set forth in the related Mortgage Note, plus the related Gross
Margin subject to the limitations set forth in the related Mortgage Note. With
respect to each Mortgage Loan that becomes an REO Property, as of any date of
determination, the annual rate determined in accordance with the immediately
preceding sentence as of the date such Mortgage Loan became an REO Property.
Mortgaged Property: The underlying property securing a Mortgage Loan.
Mortgagor: The obligors on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per
annum rate equal to the Mortgage Rate less the sum of (i) the Servicing Fee
Rate, (ii) the Trustee Fee Rate and (iii) the rate at which the LPMI Fee is
calculated, if any.
Net Rate Cap: With respect to any Distribution Date and the Class A-1,
Class A-2, Class A-3, Class A-4 and Class M Certificates, the excess, if any, of
(A) a per annum rate equal to the product of (x) the weighted average of the Net
Mortgage Rates on the then outstanding Mortgage Loans, weighted based on the
Stated Principal Balances of such Mortgage Loans as of the related Due Date
prior to giving effect to any reduction in the Stated Principal Balances of such
Mortgage Loans on such Due Date, and (y) a fraction, the numerator of which is
30 and the denominator of which is the actual number of days elapsed in the
related Accrual Period, over (B) an amount, expressed as a per annum rate, equal
to the sum of (i) the Net Swap Payment payable to the Swap Provider on such
Distribution Date and (ii) any Swap Termination Payment not due to a Swap
Provider Trigger Event payable to the Swap Provider, (to the extent not paid by
the Derivative Administrator from any upfront payment received pursuant to any
replacement interest rate swap agreement that may be entered into by the
Supplemental Interest Trust Trustee) divided by the aggregate outstanding Stated
Principal Balance of the Mortgage Loans as of the related Due Date prior to
giving effect to any reduction in the Stated Principal Balances of such Mortgage
Loans on such Due Date, multiplied by 12. With respect to any Distribution Date
and the REMIC III Regular Interests the ownership of which is represented by the
Class A Certificates and Class M Certificates, a per annum rate equal to the
weighted average (adjusted for the actual number of days elapsed in the related
Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on the REMIC
II Regular Interests (other than REMIC II Regular Interests IO and P), weighted
on the basis of the Uncertificated Principal Balances of each such REMIC II
Regular Interest immediately prior to such Distribution Date.
Net Swap Payment: With respect to each Distribution Date, the net
payment required to be made pursuant to the terms of the Swap Agreement by
either the Swap Provider or the Derivative Administrator, which net payment
shall not take into account any Swap Termination Payment.
Non Book-Entry Certificate: Any Certificate other than a Book-Entry
Certificate.
Nonrecoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Master Servicer pursuant to this Agreement, that, 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 it from the related
Mortgagor, related Liquidation Proceeds, Insurance Proceeds or otherwise.
Notional Amount: With respect to each Distribution Date and the Swap
Agreement, the notional amount for the related calculation period as set forth
in the related schedule set forth in Exhibit M. With respect to each
Distribution Date and the Yield Maintenance Agreement, the lesser of (i) the
aggregate Certificate Principal Balance of the Class A Certificates and Class M
Certificates at the beginning of the related calculation period, and (ii) the
notional amount for the related calculation period as set forth in the related
schedule set forth in Exhibit O.
Offered Certificates: The Class A-1, Class A-2, Class X-0, Xxxxx X-0,
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
Class M-8 and Class M-9 Certificates.
Officer's Certificate: A certificate (i) signed by the Chairman of the
Board, the Vice Chairman of the Board, the President, a Vice President (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries of the Depositor or the
Master Servicer (or any other officer customarily performing functions similar
to those performed by any of the above designated officers and also to whom,
with respect to a particular matter, such matter is referred because of such
officer's knowledge of and familiarity with a particular subject) or (ii), if
provided for in this Agreement, signed by a Servicing Officer, as the case may
be, and delivered to the Depositor, the Sellers and/or the Trustee, as the case
may be, as required by this Agreement.
One-Month LIBOR: With respect to any Accrual Period, the rate
determined by the Trustee on the related Interest Determination Date on the
basis of the rate for U.S. dollar deposits for one month that appears on
Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such Interest
Determination Date. If such rate does not appear on such page (or such other
page as may replace that page on that service, or if such service is no longer
offered, such other service for displaying One-Month LIBOR or comparable rates
as may be reasonably selected by the Trustee), One-Month LIBOR for the
applicable Accrual Period will be the Reference Bank Rate. If no such quotations
can be obtained by the Trustee and no Reference Bank Rate is available,
One-Month LIBOR will be One-Month LIBOR applicable to the preceding Accrual
Period. The establishment of One-Month LIBOR on each Interest Determination Date
by the Trustee and the Trustee's calculation of the rate of interest applicable
to the Class A Certificates and Class M Certificates for the related Accrual
Period shall, in the absence of manifest error, be final and binding.
One-Month LIBOR Pass-Through Rate: With respect to each Class A
Certificate and Class M Certificate and, for purposes of the definition of
"Marker Rate" and "Maximum Uncertificated Accrued Interest Deferral Amount", the
REMIC II Regular Interest for which such certificate is the Corresponding
Certificate, a per annum rate equal to One-Month LIBOR plus the related
Certificate Margin.
Opinion of Counsel: A written opinion of counsel, who may be counsel
for EMC, the Depositor or the Master Servicer, reasonably acceptable to each
addressee of such opinion; provided that with respect to Section 2.05, 7.05,
7.07 or 11.01, or the interpretation or application of the REMIC Provisions,
such counsel must (i) in fact be independent of EMC, Depositor and the Master
Servicer, (ii) not have any direct financial interest in EMC, the Depositor or
the Master Servicer or in any affiliate of either, and (iii) not be connected
with EMC, the Depositor or the Master Servicer as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.
Optional Termination: The termination of the Trust Fund created
hereunder as a result of the purchase of all of the Mortgage Loans and any REO
Property.
Optional Termination Date: The Distribution Date on which the Stated
Principal Balance of all of the Mortgage Loans is equal to or less than 10% of
the Stated Principal Balance of all of the Mortgage Loans as of the Cut-off
Date.
Original Value: The value of the property underlying a Mortgage Loan
based, in the case of the purchase of the underlying Mortgaged Property, on the
lower of an appraisal or the sales price of such property or, in the case of a
refinancing, on an appraisal.
OTS: The Office of Thrift Supervision.
Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except:
(a) Certificates theretofore canceled by the Trustee or delivered to
the Trustee for cancellation; and
(b) Certificates in exchange for which or in lieu of which other
Certificates have been executed and delivered by the Trustee pursuant to this
Agreement.
Outstanding Mortgage Loan: As of any date of determination, a Mortgage
Loan with a Stated Principal Balance greater than zero that was not the subject
of a Principal Prepayment in full, and that did not become a Liquidated Loan,
prior to the end of the related Prepayment Period.
Overcollateralization Amount: With respect to any Distribution Date,
the excess, if any, of the aggregate Stated Principal Balance of the Mortgage
Loans as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received during
the related Prepayment Period, and after reduction for Realized Losses incurred
during the related Due Period) over the aggregate Certificate Principal Balance
of the Certificates (other than the Class CE Certificates and Class P
Certificates) on such Distribution Date (after taking into account the payment
of principal other than any Extra Principal Distribution Amount on such
Certificates).
Overcollateralization Release Amount: With respect to any Distribution
Date, the lesser of (x) the Principal Remittance Amount for such Distribution
Date and (y) the excess, if any, of (i) the Overcollateralization Amount for
such Distribution Date (assuming that 100% of the Principal Remittance Amount is
applied as a principal payment on such Distribution Date) over (ii) the
Overcollateralization Target Amount for such Distribution Date (with the amount
pursuant to clause (y) deemed to be $0 if the Overcollateralization Amount is
less than or equal to the Overcollateralization Target Amount on that
Distribution Date).
Overcollateralization Target Amount: With respect to any Distribution
Date (a) prior to the Stepdown Date, 3.15% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the
Stepdown Date and if a Trigger Event is not in effect, the greater of (i) the
lesser of (1) 3.15% of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Cut-off Date and (2) 6.30% of the then current aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due
Period (after giving effect to scheduled payments of principal due during the
related Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period, and
after reduction for Realized Losses incurred during the related Due Period) and
(ii) $2,225,886 or (c) on or after the Stepdown Date and if a Trigger Event is
in effect, the Overcollateralization Target Amount for the immediately preceding
Distribution Date.
Ownership Interest: As to any Certificate, any ownership 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.
Pass-Through Rate: With respect to the Class A Certificates and Class M
Certificates and any Distribution Date, a rate per annum equal to the lesser of
(i) the related One-Month LIBOR Pass-Through Rate for such Distribution Date and
(ii) the Net Rate Cap for such Distribution Date.
With respect to the Class CE Interest and any Distribution Date, a rate
per annum equal to the percentage equivalent of a fraction, the numerator of
which is the sum of the amount determined for each REMIC II Regular Interest
(other than REMIC II Regular Interests IO and P) equal to the product of (a) the
excess, if any, of the Uncertificated REMIC II Pass-Through Rate for such REMIC
II Regular Interest over the Marker Rate and (y) a notional amount equal to the
Uncertificated Principal Balance of such REMIC II Regular Interest, and the
denominator of which is the aggregate Uncertificated Principal Balance of such
REMIC II Regular Interests.
With respect to the Class CE Certificate, the Class CE Certificate
shall not have a Pass-Through Rate, but Current Interest for such Certificate
and each Distribution Date shall be an amount equal to 100% of the amount
distributable to the Class CE Interest for such Distribution Date.
With respect to the Class P Certificate and the Class P Interest, 0.00%
per annum.
With respect to the Class IO Interest, Class IO Interest shall not have
a Pass-Through Rate, but Current Interest for such interest and each
Distribution Date shall be an amount equal to 100% of the amounts distributable
to REMIC II Regular Interest IO for such Distribution Date.
With respect to REMIC VI Regular Interest IO, REMIC VI Regular Interest
IO shall not have a Pass-Through Rate, but Current Interest for such Regular
Interest and each Distribution Date shall be an amount equal to 100% of the
amounts distributable to the Class IO Interest for such Distribution Date.
Percentage Interest: With respect to any Certificate of a specified
Class, the Percentage Interest set forth on the face thereof or the percentage
obtained by dividing the Denomination of such Certificate by the aggregate of
the Denominations of all Certificates of such Class.
Periodic Rate Cap: With respect to each Adjustable Rate Mortgage Loan
and any Adjustment Date therefor, the fixed percentage set forth in the related
Mortgage Note, which is the maximum amount by which the Mortgage Rate for such
Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage
Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage
Rate in effect immediately prior to such Adjustment Date.
Permitted Investments: At any time, any one or more of the following
obligations and securities:
(i) obligations of the United States or any agency
thereof, provided such obligations are backed by the
full faith and credit of the United States;
(ii) general obligations of or obligations guaranteed by
any state of the United States or the District of
Columbia receiving the highest long-term debt rating
of each Rating Agency, or such lower rating as will
not result in the downgrading or withdrawal of the
ratings then assigned to the Certificates by each
Rating Agency, as evidenced in writing;
(iii) commercial or finance company paper which is then
receiving the highest commercial or finance company
paper rating of each Rating Agency, or such lower
rating as will not result in the downgrading or
withdrawal of the ratings then assigned to the
Certificates by each Rating Agency, as evidenced in
writing;
(iv) certificates of deposit, demand or time deposits, or
bankers' acceptances issued by any depository
institution or trust company incorporated under the
laws of the United States or of any state thereof and
subject to supervision and examination by federal
and/or state banking authorities (including the
Trustee in its commercial banking capacity), provided
that the commercial paper and/or long term unsecured
debt obligations of such depository institution or
trust company are then rated one of the two highest
long-term and the highest short-term ratings of each
such Rating Agency for such securities, or such lower
ratings as will not result in the downgrading or
withdrawal of the rating then assigned to the
Certificates by any Rating Agency, as evidenced in
writing;
(v) guaranteed reinvestment agreements issued by any
bank, insurance company or other corporation
containing, at the time of the issuance of such
agreements, such terms and conditions as will not
result in the downgrading or withdrawal of the rating
then assigned to the Certificates by each Rating
Agency, as evidenced in writing;
(vi) repurchase obligations with respect to any security
described in clauses (i) and (ii) above, in either
case entered into with a depository institution or
trust company (acting as principal) described in
clause (v) above;
(vii) securities (other than stripped bonds, stripped
coupons or instruments sold at a purchase price in
excess of 115% of the face amount thereof) bearing
interest or sold at a discount issued by any
corporation incorporated under the laws of the United
States or any state thereof which, at the time of
such investment, have one of the two highest short
term ratings of each Rating Agency (except if the
Rating Agency is Xxxxx'x, such rating shall be the
highest commercial paper rating of Xxxxx'x for any
such securities), or such lower rating as will not
result in the downgrading or withdrawal of the rating
then assigned to the Certificates by each Rating
Agency, as evidenced by a signed writing delivered by
each Rating Agency;
(viii) interests in any money market fund (including any
such fund managed or advised by the Trustee or any
affiliate thereof) which at the date of acquisition
of the interests in such fund and throughout the time
such interests are held in such fund has the highest
applicable short term rating by each Rating Agency or
such lower rating as will not result in the
downgrading or withdrawal of the ratings then
assigned to the Certificates by each Rating Agency,
as evidenced in writing;
(ix) short term investment funds sponsored by any trust
company or banking association incorporated under the
laws of the United States or any state thereof
(including any such fund managed or advised by the
Trustee or the Master Servicer or any affiliate
thereof) which on the date of acquisition has been
rated by each Rating Agency in their respective
highest applicable rating category or such lower
rating as will not result in the downgrading or
withdrawal of the ratings then assigned to the
Certificates by each Rating Agency, as evidenced in
writing; and
(x) such other investments having a specified stated
maturity and bearing interest or sold at a discount
acceptable to each Rating Agency and as will not
result in the downgrading or withdrawal of the rating
then assigned to the Certificates by any Rating
Agency, as evidenced by a signed writing delivered by
each Rating Agency;
provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or (iii) is purchased at a deep discount; provided further that no such
instrument shall be a Permitted Investment (A) if such instrument evidences
principal and interest payments derived from obligations underlying such
instrument and the interest payments with respect to such instrument provide a
yield to maturity of greater than 120% of the yield to maturity at par of such
underlying obligations, or (B) if it may be redeemed at a price below the
purchase price (the foregoing clause (B) not to apply to investments in units of
money market funds pursuant to clause (viii) above); provided further that no
amount beneficially owned by any REMIC may be invested in investments (other
than money market funds) treated as equity interests for federal income tax
purposes, unless the Master Servicer shall receive an Opinion of Counsel, at the
expense of the Master Servicer, to the effect that such investment will not
adversely affect the status of any such REMIC as a REMIC under the Code or
result in imposition of a tax on any such REMIC. Permitted Investments that are
subject to prepayment or call may not be purchased at a price in excess of par.
Permitted Transferee: Any person (x) other than (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, (ii) a foreign
government, International Organization or any agency or instrumentality of
either of the foregoing, (iii) an organization (except certain farmers'
cooperatives described in section 521 of the Code) that is exempt from tax
imposed by Chapter 1 of the Code (including the tax imposed by section 511 of
the Code on unrelated business taxable income) on any excess inclusions (as
defined in section 860E(c)(1) of the Code) with respect to any Residual
Certificate, (iv) rural electric and telephone cooperatives described in section
1381(a)(2)(C) of the Code or (v) on electing large partnership within the
meaning of Section 775(a) of the Code, (y) that is a citizen or resident of the
United States, a corporation, partnership (other than a partnership that has any
direct or indirect foreign partners) or other entity (treated as a corporation
or a partnership for federal income tax purposes), created or organized in or
under the laws of the United States, any State thereof or the District of
Columbia, an estate whose income from sources without the United States is
includible in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have authority to control all substantial decisions
of the trust or if it has a valid election in effect under applicable U.S.
Treasury regulations to be treated as a United States person and (z) other than
any other Person so designated by the Trustee based upon an Opinion of Counsel
addressed to the Trustee (which shall not be an expense of the Trustee) that
states that the Transfer of an Ownership Interest in a Residual Certificate to
such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC
VI to fail to qualify as a REMIC at any time that any Certificates are
Outstanding. The terms "United States," "State" and "International Organization"
shall have the meanings set forth in section 7701 of the Code or successor
provisions. A corporation will not be treated as an instrumentality of the
United States or of any State or political subdivision thereof for these
purposes if all of its activities are subject to tax and, with the exception of
Xxxxxxx Mac, a majority of its board of directors is not selected by such
government unit.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, limited liability company, trust,
unincorporated organization or government, or any agency or political
subdivision thereof.
Prepayment Assumption: The applicable rate of prepayment as described
in the Prospectus Supplement.
Prepayment Charge: Any prepayment premium, penalty or charge payable by
a Mortgagor in connection with any Principal Prepayment on a Mortgage Loan
pursuant to the terms of the related Mortgage Note.
Prepayment Charge Waiver Amount: Any amount paid by the Master Servicer
to the Trustee in respect of waived Prepayment Charges pursuant to Section
4.01(a).
Prepayment Interest Shortfall: With respect to any Distribution Date,
for each Mortgage Loan that was the subject of a partial Principal Prepayment, a
Principal Prepayment in full, or that became a Liquidated Loan during the
related Prepayment Period, (other than a Principal Prepayment in full resulting
from the purchase of a Mortgage Loan pursuant to Section 2.02, 2.03, 3.19 or
10.01 hereof), the amount, if any, by which (i) one month's interest at the
applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan immediately prior to such prepayment (or liquidation) or in the case of a
partial Principal Prepayment on the amount of such prepayment (or liquidation
proceeds) exceeds (ii) the amount of interest paid or collected in connection
with such Principal Prepayment or such liquidation proceeds less the sum of (a)
the Trustee Fee, (b) the Servicing Fee and the LPMI Fee, if any, in each case
with respect to the related Mortgage Loan.
Prepayment Period: As to any Distribution Date, the period commencing
on the 16th day of the month prior to the month in which the related
Distribution Date occurs and ending on the 15th day of the month in which such
Distribution Date occurs.
Primary Mortgage Insurance Policy: Any primary mortgage guaranty
insurance policy issued in connection with a Mortgage Loan which provides
compensation to a Mortgage Note Holder in the event of default by the obligor
under such Mortgage Note or the related security instrument, if any or any
replacement policy therefor through the related Accrual Period for such Class
relating to a Distribution Date.
Principal Distribution Amount: With respect to each Distribution Date,
an amount equal to (x) the Principal Funds for such Distribution Date plus (y)
any Extra Principal Distribution Amount for such Distribution Date, less (z) any
Overcollateralization Release Amount.
Principal Funds: With respect to any Distribution Date, (i) the sum,
without duplication, of (a) all scheduled principal collected during the related
Due Period, (b) all Advances relating to principal made on or before the
Distribution Account Deposit Date, (c) Principal Prepayments exclusive of
prepayment charges or penalties collected during the related Prepayment Period,
(d) the Stated Principal Balance of each Mortgage Loan that was repurchased by
EMC on its own behalf as a Seller and on behalf of Master Funding) pursuant to
Sections 2.02 and 2.03 and by the Master Servicer pursuant to Section 3.19, (e)
the aggregate of all Substitution Adjustment Amounts for the related
Determination Date in connection with the substitution of Mortgage Loans
pursuant to Section 2.03(c), (f) all Liquidation Proceeds and Subsequent
Recoveries collected during the related Prepayment Period (to the extent such
Liquidation Proceeds and Subsequent Recoveries relate to principal), in each
case to the extent remitted by the Master Servicer to the Distribution Account
pursuant to this Agreement and (g) amounts in respect of principal paid by the
Majority Class CE Certificateholder or the Master Servicer, as applicable,
pursuant to Section 10.01, minus (ii) all amounts required to be reimbursed
pursuant to Sections 4.02 and 4.05 or as otherwise set forth in this Agreement
and (iii) any Net Swap Payments or Swap Termination Payments (not due to a Swap
Provider Trigger Event and to the extent not paid by the Derivative
Administrator from any upfront payment received pursuant to any replacement
interest rate swap agreement that may be entered into by the Supplemental
Interest Trust Trustee) owed to the Derivative Administrator for payment to the
Swap Provider for such Distribution Date and any such payments remaining unpaid
for any prior Distribution Dates to the extent not paid from Interest Funds.
Principal Prepayment: Any Mortgagor payment or other recovery of (or
proceeds with respect to) principal on a Mortgage Loan (including loans
purchased or repurchased under Sections 2.02, 2.03, 3.19 and 10.01 hereof) that
is received in advance of its scheduled Due Date and is not accompanied by an
amount as to interest representing scheduled interest due on any date or dates
in any month or months subsequent to the month of prepayment. Partial Principal
Prepayments shall be applied by the Master Servicer, as appropriate, in
accordance with the terms of the related Mortgage Note.
Principal Remittance Amount: With respect to each Distribution Date,
the sum of the amounts listed in clauses (a) through (f) of the definition of
Principal Funds.
Private Certificates: Any of the Class M-10, Class P, Class CE and
Residual Certificates.
Prospectus Supplement: The Prospectus Supplement dated February 21,
2006 relating to the public offering of the Class A-1, Class A-2, Class X-0,
Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
Class M-7, Class M-8 and Class M-9 Certificates.
Protected Account: The separate Eligible Account established and
maintained by the Master Servicer with respect to the Mortgage Loans and REO
Property in accordance with Section 4.01 hereof.
PUD: A Planned Unit Development.
Purchase Price: With respect to any Mortgage Loan (x) required to be
repurchased by EMC pursuant to Section 2.02 or 2.03 hereof or (y) that EMC has a
right to purchase pursuant to Section 3.19 hereof, an amount equal to the sum of
(i) 100% of the outstanding principal balance of the Mortgage Loan as of the
date of such purchase (or if the related Mortgaged Property was acquired with
respect thereto, 100% of the Outstanding Principal Balance at the date of the
acquisition), plus (ii) accrued interest thereon at the applicable Mortgage Rate
through the first day of the month in which the Purchase Price is to be
distributed to Certificateholders, reduced by any portion of the Servicing Fee,
Servicing Advances and Advances payable to the purchaser of the Mortgage Loan
plus (iii) any costs and damages (if any) incurred by the Trust in connection
with any violation of such Mortgage Loan of any anti-predatory lending laws.
QIB: A Qualified Institutional Buyer as defined in Rule 144A
promulgated under the Securities Act.
Rating Agency: Each of Xxxxx'x and S&P. If any such organization or its
successor is no longer in existence, "Rating Agency" shall be a nationally
recognized statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be given to the
Trustee. References herein to a given rating category of a Rating Agency shall
mean such rating category without giving effect to any modifiers.
Realized Loss: With respect to each Mortgage Loan as to which a Final
Recovery Determination has been made, an amount (not less than zero) equal to
(i) the unpaid principal balance of such Mortgage Loan as of the commencement of
the calendar month in which the Final Recovery Determination was made, plus (ii)
accrued interest from the Due Date as to which interest was last paid by the
Mortgagor through the end of the calendar month in which such Final Recovery
Determination was made, calculated in the case of each calendar month during
such period (A) at an annual rate equal to the annual rate at which interest was
then accruing on such Mortgage Loan and (B) on a principal amount equal to the
Stated Principal Balance of such Mortgage Loan as of the close of business on
the Distribution Date during such calendar month, minus (iii) the proceeds, if
any, received in respect of such Mortgage Loan during the calendar month in
which such Final Recovery Determination was made, net of amounts that are
payable therefrom to the Master Servicer pursuant to this Agreement. In
addition, 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 distributed
to any Class of Certificates or applied to increase Excess Spread on any
Distribution Date.
With respect to any REO Property as to which a Final Recovery
Determination has been made, an amount (not less than zero) equal to (i) the
unpaid principal balance of the related Mortgage Loan as of the date of
acquisition of such REO Property on behalf of REMIC I, plus (ii) accrued
interest from the Due Date as to which interest was last paid by the Mortgagor
in respect of the related Mortgage Loan through the end of the calendar month
immediately preceding the calendar month in which such REO Property was
acquired, calculated in the case of each calendar month during such period (A)
at an annual rate equal to the annual rate at which interest was then accruing
on the related Mortgage Loan and (B) on a principal amount equal to the Stated
Principal Balance of the related Mortgage Loan as of the close of business on
the Distribution Date during such calendar month, plus (iii) REO Imputed
Interest for such REO Property for each calendar month commencing with the
calendar month in which such REO Property was acquired and ending with the
calendar month in which such Final Recovery Determination was made, minus (iv)
the aggregate of all unreimbursed Advances and Servicing Advances.
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 subject of a
Debt Service Reduction, the portion, if any, of the reduction in each affected
Monthly Payment attributable to a reduction in the Mortgage Rate imposed by a
court of competent jurisdiction. Each such Realized Loss shall be deemed to have
been incurred on the Due Date for each affected Monthly Payment.
Record Date: With respect to any Distribution Date and the Certificates
(other than the Class M-10, Class CE, Class P and Residual Certificates), so
long as such Classes of Certificates are Book-Entry Certificates, the Business
Day preceding such Distribution Date, and otherwise, the close of business on
the last Business Day of the month preceding the month in which such
Distribution Date occurs. With respect to the Class M-10, Class CE, Class P and
Residual Certificates, so long as such Classes of Certificates remain non
Book-Entry Certificates, the close of business on the last Business Day of the
month preceding the month in which such Distribution Date occurs.
Reference Banks: Shall mean leading banks selected by the Trustee and
engaged in transactions in Eurodollar deposits in the international Eurocurrency
market (i) with an established place of business in London, (ii) which have been
designated as such by the Trustee and (iii) which are not controlling,
controlled by, or under common control with, the Depositor, the Seller or the
Master Servicer.
Reference Bank Rate: With respect to any Accrual Period shall mean the
arithmetic mean, rounded upwards, if necessary, to the nearest whole multiple of
0.03125%, of the offered rates for United States dollar deposits for one month
that are quoted by the Reference Banks as of 11:00 a.m., New York City time, on
the related Interest Determination Date to prime banks in the London interbank
market for a period of one month in an amount approximately equal to the
aggregate Certificate Principal Balance of the Class A Certificates and Class M
Certificates for such Accrual Period, provided that at least two such Reference
Banks provide such rate. If fewer than two offered rates appear, the Reference
Bank Rate will be the arithmetic mean, rounded upwards, if necessary, to the
nearest whole multiple of 0.03125%, of the rates quoted by one or more major
banks in New York City, selected by the Trustee, as of 11:00 a.m., New York City
time, on such date for loans in United States dollars to leading European banks
for a period of one month in amounts approximately equal to the aggregate
Certificate Principal Balance of the Class A Certificates and Class M
Certificates for such Accrual Period.
Regular Certificate: Any Certificate other than a Residual Certificate.
Regular Interest: A "regular interest" in a REMIC within the meaning of
Section 860G(a)(1) of the Code.
Regulation AB: Subpart 229.1100 - Asset Backed Securities (Regulation
AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from time to
time, and subject to such clarification and interpretation as have been provided
by the Commission in the adopting release (Asset-Backed Securities, Securities
Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the
staff of the Commission, or as may be provided by the Commission or its staff
from time to time.
Relief Act: The Servicemembers Civil Relief Act, as amended, or similar
state law.
Relief Act Interest Shortfall: With respect to any Distribution Date
and any Mortgage Loan, any reduction in the amount of interest collectible on
such Mortgage Loan for the most recently ended Due Period as a result of the
application of the Relief Act.
Remaining Excess Spread: With respect to any Distribution Date, the
Excess Spread less any Extra Principal Distribution Amount, in each case for
such Distribution Date.
REMIC: A "real estate mortgage investment conduit" within the meaning
of section 860D of the Code.
REMIC I: The segregated pool of assets described in the Preliminary
Statement and Section 5.07(a).
REMIC I Regular Interest: Any of the separate non-certificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
Regular Interest in REMIC I. Each REMIC I Regular Interest shall accrue interest
at the related Uncertificated 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 designations for the respective REMIC I Regular Interests are set
forth in the Preliminary Statement hereto. The REMIC I Regular Interests consist
of REMIC I Regular Interest I-Non-Swap, REMIC I Regular Interest I-5-A through
REMIC I Regular Interest I-60-B and REMIC I Regular Interest P, each as
designated in the Preliminary Statement hereto.
REMIC II: The segregated pool of assets described in the Preliminary
Statement and Section 5.07(a).
REMIC II Interest Loss Allocation Amount: With respect to any
Distribution Date, an amount (subject to adjustment based on the actual number
of days elapsed in the respective Accrual Period) equal to (a) the product of
(i) the aggregate Stated Principal Balance of the Mortgage Loans and REO
Properties then outstanding and (ii) the Uncertificated REMIC II Pass-Through
Rate for REMIC II Regular Interest AA minus the Marker Rate, divided by (b) 12.
REMIC II Overcollateralization Amount: With respect to any date of
determination, (i) 1.00% of the aggregate Uncertificated Principal Balance of
the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus
(ii) the aggregate Uncertificated Principal Balance of each REMIC II Regular
Interest for which a Class A Certificate or Class M Certificate is a
Corresponding Certificate, in each case, as of such date of determination.
REMIC II Principal Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to the product of (i) the aggregate Stated
Principal Balance of the Mortgage Loans and REO Properties then outstanding and
(ii) 1 minus a fraction, the numerator of which is two (2) times the aggregate
Uncertificated Principal Balance of each REMIC II Regular Interest for which a
Class A Certificate or Class M Certificate is a Corresponding Certificate and
the denominator of which is the aggregate Uncertificated Principal Balance of
each REMIC II Regular Interest for which a Class A Certificate or Class M
Certificate is a Corresponding Certificate and REMIC II Regular Interest ZZ.
REMIC II Required Overcollateralization Amount: 1.00% of the
Overcollateralization Target Amount.
REMIC II Regular Interest: Any of the separate non-certificated
beneficial ownership interests in REMIC II issued hereunder and designated as a
Regular Interest in REMIC II. Each REMIC II Regular Interest shall accrue
interest at the related Uncertificated REMIC II Pass-Through Rate in effect from
time to time, and (other than REMIC II Regular Interest IO) 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 designations for the respective
REMIC II Regular Interests are set forth in the Preliminary Statement hereto.
REMIC III: The segregated pool of assets described in the Preliminary
Statement and Section 5.07(a).
REMIC III Regular Interest: The Class CE Interest, Class P Interest,
Class IO Interest or any Regular Interest in REMIC III the ownership of which is
represented by any of the Class A Certificates or Class M Certificates.
REMIC IV: The segregated pool of assets consisting of the Class CE
Interest conveyed in trust to the Trustee, for the benefit of the Holders of the
Class CE Certificates and the Class RX Certificate (in respect of the Class R-4
Interest), with respect to which a separate REMIC election is to be made.
REMIC IV Certificate: Any Class CE Certificate or Class RX Certificate
(in respect of the Class R-4 Interest).
REMIC V: The segregated pool of assets consisting of the Class P
Interest conveyed in trust to the Trustee, for the benefit of the Holders of the
Class P Certificates and the Class RX Certificate (in respect of the Class R-5
Interest), with respect to which a separate REMIC election is to be made.
REMIC V Certificate: Any Class P Certificate or Class RX Certificate
(in respect of the Class R-5 Interest).
REMIC VI: The segregated pool of assets consisting of the Class IO
Interest conveyed in trust to the Trustee, for the benefit of the holders of
REMIC VI Regular Interest IO and the Class RX Certificate (in respect of the
Class R-6 Interest), with respect to which a separate REMIC election is to be
made.
REMIC VI Interests: The REMIC VI Regular Interest IO or Class RX
Certificate (in respect of the Class R-6 Interest).
REMIC Opinion: Shall mean an Opinion of Counsel to the effect that the
proposed action will not cause any of REMIC I, REMIC II, REMIC III, REMIC IV,
REMIC V or REMIC VI to fail to qualify as a REMIC at any time that any
Certificates are outstanding.
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of the Code, and related provisions, and proposed, temporary and final
regulations and published rulings, notices and announcements promulgated
thereunder, as the foregoing may be in effect from time to time, as well as
provisions of applicable state laws.
REMIC Regular Interests: The REMIC I Regular Interests and REMIC II
Regular Interests.
REMIC Termination Payment: As defined in Section 10.01.
Remittance Date: Shall mean the Business Day immediately preceding the
Distribution Account Deposit Date.
REO Imputed Interest: As to any REO Property, for any calendar month
during which such REO Property was at any time part of REMIC I, one month's
interest at the applicable Net Mortgage Rate on the Stated Principal Balance of
such REO Property (or, in the case of the first such calendar month, of the
related Mortgage Loan, if appropriate) as of the close of business on the
Distribution Date in such calendar month.
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.
Replacement Mortgage Loan: A Mortgage Loan or Mortgage Loans in the
aggregate substituted by EMC for a Deleted Mortgage Loan, which must, on the
date of such substitution, as confirmed in a Request for Release, (i) have a
Stated Principal Balance, after deduction of the principal portion of the
Scheduled Payment due in the month of substitution, not in excess of, and not
less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan;
(ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a
fixed Mortgage Rate not less than or more than 1% per annum higher than the
Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit
quality characteristics than that of the Deleted Mortgage Loan; (iv) have a
Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a
remaining term to maturity no greater than (and not more than one year less
than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the
Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien
priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type
as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement
Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate
not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the
Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum
Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage
Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan,
have a Gross Margin equal to or greater than the Gross Margin of the Deleted
Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate
Mortgage Loan, have a next Adjustment Date not more than two months later than
the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each
representation and warranty set forth in Section 7 of the Mortgage Loan Purchase
Agreement and (xiv) the Custodian has delivered a Final Certification noting no
defects or exceptions.
Reportable Event: As defined in Section 3.16(a)(iii).
Request for Release: The Request for Release to be submitted by EMC or
the Master Servicer to the Custodian substantially in the form of Exhibit G.
Each Request for Release furnished to the Custodian by EMC or the Master
Servicer shall be in duplicate and shall be executed by an officer of such
Person or a Servicing Officer (or, if furnished electronically to the Custodian,
shall be deemed to have been sent and executed by an officer of such Person or a
Servicing Officer) of the Master Servicer.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy that is required to be maintained from time to time under this
Agreement.
Reserve Fund: Shall mean the separate trust account created and
maintained by the Trustee pursuant to Section 3.21 hereof.
Reserve Fund Deposit: With respect to the Reserve Fund, an amount equal
to $5,000, which the Depositor shall initially deposit into the Reserve Fund
pursuant to Section 3.21 hereof.
Residual Certificates: The Class R-1, Class R-2, Class R-3 and Class RX
Certificates (representing ownership of the Class R-4 Interest, Class R-5
Interest and Class R-6 Interest), each evidencing the sole class of Residual
Interests in the related REMIC.
Residual Interest: The sole class of "residual interests" in a REMIC
within the meaning of Section 860G(a)(2) of the Code.
Responsible Officer: With respect to the Trustee, any Vice President,
any Assistant Vice President, the Secretary, any Assistant Secretary, or any
Trust Officer with specific responsibility for the transactions contemplated
hereby, any other officer customarily performing functions similar to those
performed by any of the above designated officers or other officers of the
Trustee specified by the Trustee, as to whom, with respect to a particular
matter, such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.
S&P: Standard & Poor's, a division of The XxXxxx-Xxxx Companies, Inc.,
and any successor thereto.
Xxxxxxxx-Xxxxx Act: The Xxxxxxxx-Xxxxx Act of 2002 and the rules and
regulations of the Commission promulgated thereunder (including any
interpretations thereof by the Commission's staff).
Xxxxxxxx-Xxxxx Certification: As defined in Section 3.16(a)(iv).
Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due
on any Due Date allocable to
principal and/or interest on such Mortgage Loan.
Securities Act: The Securities Act of 1933, as amended.
Seller: EMC or Master Funding, in each case in such capacity under the
Mortgage Loan Purchase Agreement.
Senior Certificates: Any of the Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses (including reasonable legal fees) incurred in the
performance by the Master Servicer of its servicing obligations hereunder,
including, but not limited to, the cost of (i) the preservation, restoration and
protection of a Mortgaged Property, (ii) any enforcement or judicial
proceedings, including foreclosures, and including any expenses incurred in
relation to any such proceedings that result from the Mortgage Loan being
registered in the MERS(R) System, (iii) the management and liquidation of any
REO Property (including, without limitation, realtor's commissions) and (iv)
compliance with any obligations under Section 3.07 hereof to cause insurance to
be maintained.
Servicing Criteria: The "servicing criteria" set forth in Item 1122(d)
of Regulation AB, as such may be amended from time to time.
Servicing Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to 1/12th of the Servicing Fee Rate multiplied by the Stated
Principal Balance of such Mortgage Loan as of the Due Date in the month
preceding the month in which such Distribution Date occurs or, in the event of
any payment of interest that accompanies a Principal Prepayment in full during
the related Due Period made by the Mortgagor immediately prior to such
prepayment, interest at the Servicing Fee Rate on the Stated Principal Balance
of such Mortgage Loan for the period covered by such payment of interest.
Servicing Fee Rate: 0.500% per annum.
Servicing Modification: With respect to any Mortgage Loan that is in
default or, in the reasonable judgment of the Master Servicer, as to which
default is reasonably foreseeable, any modification which is effected by the
Master Servicer in accordance with the terms of this Agreement which results in
any change in the outstanding Stated Principal Balance, any change in the
Mortgage Rate or any extension of the term of such Mortgage Loan.
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and facsimile signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer on the Closing Date pursuant to this
Agreement, as such list may from time to time be amended.
Significance Estimate: With respect to any Distribution Date, and in
accordance with Item 1115 of Regulation AB, shall be an amount determined based
on the reasonable good-faith estimate by the Sponsor or its affiliate of the
aggregate maximum probable exposure of the outstanding Certificates to the Yield
Maintenance Agreement and Swap Agreement.
Significance Percentage: With respect to any Distribution Date, and in
accordance with Item 1115 of Regulation AB, shall be an percentage equal to the
Significance Estimate divided by the aggregate outstanding Certificate Principal
Balance of the Class A Certificates and Class M Certificates, prior to the
distribution of the Principal Distribution Amount on such Distribution Date.
Special Servicer Trigger: With respect to any Distribution Date after
which an investor purchases a Class CE Certificate and for which such investor
agrees with the Depositor to provide for such trigger, a Special Servicer
Trigger shall have occurred and be continuing if at any time during which the
related investor holds such Certificates, (x) the percent equivalent of a
fraction, the numerator of which is the aggregate Stated Principal Balance of
the Mortgage Loans that are 60 days or more Delinquent and the denominator of
which is the aggregate Stated Principal Balance of all of the Mortgage Loans as
of the last day of the related Due Period exceeds (y) the percentage set forth
in Exhibit N for such Distribution Date. The Depositor shall cause Exhibit N to
be provided to the Master Servicer and the Trustee for any Special Servicer
Trigger that is calculated and agreed upon for any Distribution Date on or
before the Determination Date related to any such Distribution Date.
Sponsor: EMC Mortgage Corporation.
Startup Day: The Startup Day for each REMIC formed hereunder shall be
the Closing Date.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property and any Distribution Date, the Cut-off Date Principal Balance
thereof minus the sum of (i) the principal portion of the Scheduled Payments due
with respect to such Mortgage Loan during each Due Period ending prior to such
Distribution Date (and irrespective of any delinquency in their payment), (ii)
all Principal Prepayments with respect to such Mortgage Loan received prior to
or during the related Prepayment Period, and all Liquidation Proceeds to the
extent applied by the Master Servicer as recoveries of principal in accordance
with Section 3.09 with respect to such Mortgage Loan, that were received by the
Master Servicer as of the close of business on the last day of the Prepayment
Period related to such Distribution Date and (iii) any Realized Losses on such
Mortgage Loan incurred during the related Prepayment Period. The Stated
Principal Balance of a Liquidated Loan equals zero.
Stepdown Date: The later to occur of (a) the Distribution Date in March
2009 and (b) the first Distribution Date on which the Current Specified
Enhancement Percentage is greater than or equal to 55.50%.
Subordinated Certificates: The Class M Certificates, Class CE
Certificates and Residual Certificates.
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 4.02) 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 Seller pursuant to the
Mortgage Loan Purchase Agreement) specifically related to a Mortgage Loan that
was the subject of a liquidation or final disposition of any REO Property prior
to the related Prepayment Period that resulted in a Realized Loss.
Subservicing Agreement: Any agreement entered into between the Master
Servicer and a subservicer with respect to the subservicing of any Mortgage Loan
hereunder by such subservicer.
Substitution Adjustment Amount: The meaning ascribed to such term
pursuant to Section 2.03(c).
Successor Master Servicer: The meaning ascribed to such term pursuant
to Section 8.02.
Supplemental Interest Trust: The corpus of a trust created pursuant to
Section 3.21 of this Agreement and designated as the "Supplemental Interest
Trust," consisting of the Swap Agreement, the Yield Maintenance Agreement, the
Derivative Administration Agreement and the Derivative Account. For the
avoidance of doubt, the Supplemental Interest Trust, the Swap Agreement, the
Yield Maintenance Agreement, the Derivative Account and the Derivative
Administration Agreement do not consititute parts of the Trust Fund or any
REMIC.
Supplemental Interest Trust Trustee: LaSalle Bank National Association,
a national banking association not in its individual capacity but solely in its
capacity as supplemental interest trust trustee under the Supplemental Interest
Trust and any successor thereto, and any corporation or national banking
association resulting from or surviving any consolidation or merger to which it
or its successors may be a party and any successor supplemental interest trust
trustee as may from time to time be serving as successor supplemental interst
trust trustee.
Swap Agreement: The interest rate swap agreement between the Swap
Provider and Supplemental Interest Trust Trustee, which agreement provides for
Net Swap Payments and Swap Termination Payments to be paid, as provided therein,
together with any schedules, confirmations or other agreements relating thereto,
attached hereto as Exhibit M.
Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement.
Swap Optional Termination Payment: As defined in Section 10.01.
Swap Provider: The swap provider under the Swap Agreement either (a)
entitled to receive payments from the Derivative Administrator from amounts
payable by the Trust Fund under this Agreement or (b) required to make payments
to the Derivative Administrator for payment to the Trust Fund, in either case
pursuant to the terms of the Swap Agreement, and any successor in interest or
assign. Initially, the Swap Provider shall be Bear Xxxxxxx Financial Products
Inc.
Swap Provider Trigger Event: With respect to any Distribution Date, (i)
an Event of Default under the Swap Agreement with respect to which the Swap
Provider is a Defaulting Party, (ii) a Termination Event under the Swap
Agreement with respect to which the Swap Provider is the sole Affected Party, or
(iii) an Additional Termination Event under the Swap Agreement with respect to
which the Swap Provider is the sole Affected Party.
Swap Termination Payment: Upon the designation of an "Early Termination
Date" as defined in the Swap Agreement, the payment to be made by the Derivative
Administrator to the Swap Provider from payments from the Trust Fund, or by the
Swap Provider to the Derivative Administrator for payment to the Trust Fund, as
applicable, pursuant to the terms of the Swap Agreement.
Tax Matters Person: The person designated as "tax matters person" in
the manner provided under Treasury Regulation Sections 1.860F-4(d) and
301.6231(a)(7)-1T. The Holder of the greatest Percentage Interest in a Class of
Residual Certificates shall be the Tax Matters Person for the related REMIC. The
Trustee, or any successor thereto or assignee thereof, shall serve as tax
administrator hereunder and as agent for the related Tax Matters Person.
Transfer: Any direct or indirect transfer or sale of any Ownership
Interest in a Certificate.
Transfer Affidavit: As defined in Section 6.02.
Trigger Event: With respect to any Distribution Date, a Trigger Event
exists if (i) a Delinquency Event shall have occurred and be continuing or (ii)
the aggregate amount of Realized Losses on the Mortgage Loans since the Cut-off
Date as a percentage of the aggregate Cut-off Date Principal Balance of the
Mortgage Loans exceeds the applicable percentages set forth below with respect
to such Distribution Date:
DISTRIBUTION DATE PERCENTAGE
March 2009 to February 2009 3.80%
March 2010 to February 2010 5.95%
March 2011 to February 2011 7.65%
March 2012 and thereafter 8.55%
Trust Fund: The corpus of the trust created hereunder consisting of (i)
the Mortgage Loans and all interest accruing and principal due with respect
thereto after the Cut-off Date to the extent not applied in computing the
Cut-off Date Principal Balance thereof; (ii) the Distribution Account, the Class
P Certificate Account, the Reserve Fund and the Protected Account and all
amounts deposited therein pursuant to the applicable provisions of this
Agreement; (iii) property that secured a Mortgage Loan and has been acquired by
foreclosure, deed in lieu of foreclosure or otherwise; (iv) the mortgagee's
rights under the Insurance Policies with respect to the Mortgage Loans; (v) the
rights under the Derivative Administration Agreement relating to the
Certificates; (vi) the rights under the Mortgage Loan Purchase Agreement; and
(vii) all proceeds of the foregoing, including proceeds of conversion, voluntary
or involuntary, of any of the foregoing into cash or other liquid property.
Trustee: LaSalle Bank National Association, for the benefit of the
Certificateholders under this Agreement, a national banking association and any
successor thereto, and any corporation or national banking association resulting
from or surviving any consolidation or merger to which it or its successors may
be a party and any successor trustee as may from time to time be serving as
successor trustee hereunder.
Trustee Fee: As to each Mortgage Loan and any Distribution Date, a per
annum fee equal to 0.0063% multiplied by the Stated Principal Balance of such
Mortgage Loan as of the Due Date in the month preceding the month in which such
Distribution Date occurs.
Uncertificated Accrued Interest: With respect to each REMIC Regular
Interest on each Distribution Date, an amount equal to one month's interest at
the related Uncertificated Pass-Through Rate on the related Uncertificated
Principal Balance or related Uncertificated Notional Amount of such REMIC
Regular Interest. In each case, Uncertificated Accrued Interest will be reduced
by any Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
(allocated to such REMIC Regular Interests as set forth in Section 1.02).
Uncertificated Notional Amount: With respect to the Class CE Interest
and any Distribution Date, an amount equal to the aggregate Uncertificated
Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular
Interest P) for such Distribution Date.
With respect to REMIC II Regular Interest IO and each Distribution Date
listed below, the aggregate Uncertificated Principal Balance of the REMIC I
Regular Interests ending with the designation "A" listed below:
DISTRIBUTION DATE REMIC I REGULAR INTERESTS
----------------- -------------------------------------------------------------
1 - 5 I-5-A through X-00-X
0 X-0-X xxxxxxx X-00-X
0 X-0-X through X-00-X
0 X-0-X xxxxxxx X-00-X
0 X-0-X through I-60-A
10 I-10-A through I-60-A
11 I-11-A through I-60-A
12 I-12-A through I-60-A
13 I-13-A through I-60-A
14 I-14-A through I-60-A
15 I-15-A through I-60-A
16 I-16-A through I-60-A
17 I-17-A through I-60-A
18 I-18-A through I-60-A
19 I-19-A through I-60-A
20 I-20-A through I-60-A
21 I-21-A through I-60-A
22 I-22-A through I-60-A
23 I-23-A through I-60-A
24 I-24-A through I-60-A
25 I-25-A through I-60-A
26 I-26-A through I-60-A
27 I-27-A through I-60-A
28 I-28-A through I-60-A
29 I-29-A through I-60-A
30 I-30-A through I-60-A
31 I-31-A through I-60-A
32 I-32-A through I-60-A
33 I-33-A through I-60-A
34 I-34-A through I-60-A
35 I-35-A through I-60-A
36 I-36-A through I-60-A
37 I-37-A through I-60-A
38 I-38-A through I-60-A
39 I-39-A through I-60-A
40 I-40-A through I-60-A
41 I-41-A through I-60-A
42 I-42-A through I-60-A
43 I-43-A through I-60-A
44 I-44-A through I-60-A
45 I-45-A through I-60-A
46 I-46-A through I-60-A
47 I-47-A through I-60-A
48 I-48-A through I-60-A
49 I-49-A through I-60-A
50 I-50-A through I-60-A
51 I-51-A through I-60-A
52 I-52-A through I-60-A
53 I-53-A through I-60-A
54 I-54-A through I-60-A
55 I-55-A through I-60-A
56 I-56-A through I-60-A
57 I-57-A through I-60-A
58 I-58-A through I-60-A
59 I-59-A through I-60-A
60 I-60-A
thereafter $0.00
With respect to the Class IO Interest and any Distribution Date, an
amount equal to the Uncertificated Notional Amount of the REMIC II Regular
Interest IO. With respect to REMIC VI Regular Interest IO, an amount equal to
the Uncertificated Notional Amount of the Class IO Interest.
Uncertificated Pass-Through Rate: The Uncertificated REMIC I
Pass-Through Rate and Uncertificated REMIC II Pass-Through Rate.
Uncertificated Principal Balance: The amount of REMIC Regular
Interests, Class P Interest and Class CE Interest outstanding as of any date of
determination. As of the Closing Date, the Uncertificated Principal Balance of
each REMIC Regular Interest, Class P Interest and Class CE Interest shall equal
the amount set forth in the Preliminary Statement hereto as its initial
uncertificated principal balance. On each Distribution Date, the Uncertificated
Principal Balance of the REMIC Regular Interests and Class P Interest shall be
reduced by all distributions of principal made on such REMIC Regular Interests
and Class P Interest on such Distribution Date pursuant to Section 5.07 and, if
and to the extent necessary and appropriate, shall be further reduced on such
Distribution Date by Realized Losses as provided in Section 5.05, and the
Uncertificated Principal Balance of REMIC II Regular Interest ZZ shall be
increased by interest deferrals as provided in Section 5.07(c)(1)(ii). The
Uncertificated Principal Balance of each REMIC Regular Interest, Class P
Interest and Class CE Interest shall never be less than zero. With respect to
the Class CE Interest as of any date of determination, an amount equal to the
excess, if any, of (A) the then aggregate Uncertificated Principal Balance of
the REMIC II Regular Interests over (B) the then aggregate Certificate Principal
Balance of the Class A Certificates and the Class M Certificates and the
Uncertificated Principal Balance of the Class P Interest then outstanding.
Uncertificated REMIC I Pass-Through Rate: With respect to REMIC I
Regular Interest I-Non-Swap and any Distribution Date, a per annum rate equal to
the weighted average of the Net Mortgage Rates on the then outstanding Mortgage
Loans, weighted based on the Stated Principal Balances of such Mortgage Loans as
of the related Due Date prior to giving effect to any reduction in the Stated
Principal Balances of such Mortgage Loans on such Due Date.
With respect to each REMIC I Regular Interest ending with the
designation "A", and (i) any Distribution Date on or prior to the Distribution
Date in June 2006, a per annum rate equal to the weighted average of the Net
Mortgage Rates on the then outstanding Mortgage Loans, weighted based on the
Stated Principal Balances of such Mortgage Loans as of the related Due Date
prior to giving effect to any reduction in the Stated Principal Balances of such
Mortgage Loans on such Due Date, or (ii) any Distribution Date thereafter, a per
annum rate equal to the weighted average Net Mortgage Rate multiplied by 2,
subject to a maximum rate of 10.1150%.
With respect to each REMIC I Regular Interest ending with the
designation "B" and (i) any Distribution Date on or prior to the Distribution
Date in June 2006, a per annum rate equal to the weighted average of the Net
Mortgage Rates on the then outstanding Mortgage Loans, weighted based on the
Stated Principal Balances of such Mortgage Loans as of the related Due Date
prior to giving effect to any reduction in the Stated Principal Balances of such
Mortgage Loans on such Due Date, or (ii) any Distribution Date thereafter, a per
annum rate equal to the greater of (x) the excess, if any, of (A) 2 multiplied
by the weighted average Net Mortgage Rate over (B) 10.1150% and (y) 0.00%.
With respect to each REMIC I Regular Interest P, 0.00%
Uncertificated REMIC II Pass-Through Rate: With respect to REMIC II
Regular Interest AA, each REMIC II Regular Interest for which a Class A
Certificate or Class M Certificate is the Corresponding Certificate and REMIC II
Regular Interest ZZ, and (i) any Distribution Date on or prior to the
Distribution Date in June 2006, a per annum rate equal to the weighted average
of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular
Interests (other than REMIC I Regular Interest P) for such Distribution Date,
weighted on the basis of the Uncertificated Principal Balances of such REMIC I
Regular Interests for such Distribution Date, and (ii) any Distribution Date
thereafter, a per annum rate equal to the weighted average of (x) with respect
to REMIC I Regular Interests ending with the designation "B" and REMIC I Regular
Interest I-Non-Swap, the weighted average of the Uncertificated REMIC I
Pass-Through Rates for such REMIC I Regular Interests for such Distribution
Date, weighted on the basis of the Uncertificated Principal Balances of such
REMIC I Regular Interests for such Distribution Date and (y) with respect to
REMIC I Regular Interests ending with the designation "A", for each Distribution
Date listed below, the weighted average of the rates listed below for such
Distribution Date for each such REMIC I Regular Interest listed below, weighted
on the basis of the Uncertificated Principal Balances of each such REMIC I
Regular Interest for such Distribution Date:
DISTRIBUTION
DATE REMIC I REGULAR INTEREST RATE
--------------- ------------------------------------- --------------------------------------------------------
5 I-5-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
6 I-6-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A Uncertificated REMIC I Pass-Through Rate
7 I-7-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-6-A Uncertificated REMIC I Pass-Through Rate
8 I-8-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-7-A Uncertificated REMIC I Pass-Through Rate
9 I-9-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-8-A Uncertificated REMIC I Pass-Through Rate
10 I-10-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-9-A Uncertificated REMIC I Pass-Through Rate
11 I-11-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-10-A Uncertificated REMIC I Pass-Through Rate
12 I-12-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-11-A Uncertificated REMIC I Pass-Through Rate
13 I-13-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-12-A Uncertificated REMIC I Pass-Through Rate
14 I-14-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-13-A Uncertificated REMIC I Pass-Through Rate
15 I-15-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-14-A Uncertificated REMIC I Pass-Through Rate
16 I-16-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-15-A Uncertificated REMIC I Pass-Through Rate
17 I-17-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-16-A Uncertificated REMIC I Pass-Through Rate
18 I-18-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-17-A Uncertificated REMIC I Pass-Through Rate
19 I-19-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-18-A Uncertificated REMIC I Pass-Through Rate
20 I-20-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-19-A Uncertificated REMIC I Pass-Through Rate
21 I-21-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-20-A Uncertificated REMIC I Pass-Through Rate
22 I-22-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-21-A Uncertificated REMIC I Pass-Through Rate
23 I-23-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-22-A Uncertificated REMIC I Pass-Through Rate
24 I-24-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-23-A Uncertificated REMIC I Pass-Through Rate
25 I-25-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-24-A Uncertificated REMIC I Pass-Through Rate
26 I-26-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-25-A Uncertificated REMIC I Pass-Through Rate
27 I-27-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-26-A Uncertificated REMIC I Pass-Through Rate
28 I-28-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-27-A Uncertificated REMIC I Pass-Through Rate
29 I-29-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-28-A Uncertificated REMIC I Pass-Through Rate
30 I-30-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-29-A Uncertificated REMIC I Pass-Through Rate
31 I-31-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-30-A Uncertificated REMIC I Pass-Through Rate
32 I-32-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-31-A Uncertificated REMIC I Pass-Through Rate
33 I-33-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-32-A Uncertificated REMIC I Pass-Through Rate
34 I-34-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-33-A Uncertificated REMIC I Pass-Through Rate
35 I-35-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-34-A Uncertificated REMIC I Pass-Through Rate
36 I-36-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-35-A Uncertificated REMIC I Pass-Through Rate
37 I-37-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-36-A Uncertificated REMIC I Pass-Through Rate
38 I-38-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-37-A Uncertificated REMIC I Pass-Through Rate
39 I-39-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-38-A Uncertificated REMIC I Pass-Through Rate
40 I-40-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-39-A Uncertificated REMIC I Pass-Through Rate
41 I-41-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-40-A Uncertificated REMIC I Pass-Through Rate
42 I-42-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-41-A Uncertificated REMIC I Pass-Through Rate
43 I-43-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-42-A Uncertificated REMIC I Pass-Through Rate
44 I-44-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-43-A Uncertificated REMIC I Pass-Through Rate
45 I-45-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-44-A Uncertificated REMIC I Pass-Through Rate
46 I-46-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-45-A Uncertificated REMIC I Pass-Through Rate
47 I-47-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-46-A Uncertificated REMIC I Pass-Through Rate
48 I-48-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-47-A Uncertificated REMIC I Pass-Through Rate
49 I-49-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-48-A Uncertificated REMIC I Pass-Through Rate
50 I-50-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-49-A Uncertificated REMIC I Pass-Through Rate
51 I-51-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-50-A Uncertificated REMIC I Pass-Through Rate
52 I-52-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-51-A Uncertificated REMIC I Pass-Through Rate
53 I-53-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-52-A Uncertificated REMIC I Pass-Through Rate
54 I-54-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-53-A Uncertificated REMIC I Pass-Through Rate
55 I-55-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-54-A Uncertificated REMIC I Pass-Through Rate
56 I-56-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-55-A Uncertificated REMIC I Pass-Through Rate
57 I-57-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-56-A Uncertificated REMIC I Pass-Through Rate
58 I-58-A through I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-57-A Uncertificated REMIC I Pass-Through Rate
59 I-59-A and I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-58-A Uncertificated REMIC I Pass-Through Rate
60 I-60-A 2 multiplied by Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC I Pass-Through Rate
I-5-A through I-59-A Uncertificated REMIC I Pass-Through Rate
thereafter I-5-A through I-60-A Uncertificated REMIC I Pass-Through Rate
With respect to REMIC II Regular Interest IO, a per annum rate equal to
the excess of (x) the weighted average of the Uncertificated REMIC I
Pass-Through Rates for REMIC I Regular Interests ending with the designation
"A", over (y) (i) for any Distribution Date on or prior to the Distribution Date
in June 2006, the weighted average of the Uncertificated Pass-Through Rates for
the REMIC I Regular Interests ending with the designation "A", or (ii) for any
Distribution Date thereafter, 2 multiplied by Swap LIBOR.
With respect to REMIC II Regular Interest P, 0.00%.
UNPAID REALIZED LOSS AMOUNT: With respect to any Class A Certificates
and as to any Distribution Date, is the excess of Applied Realized Loss Amounts
with respect to such Class over the sum of all distributions in reduction of the
Applied Realized Loss Amounts on all previous Distribution Dates. Any amounts
distributed to the Class A Certificates in respect of any Unpaid Realized Loss
Amount shall not be applied to reduce the Certificate Principal Balance of such
Class.
VOTING RIGHTS: The portion of the voting rights of all the Certificates
that is allocated to any Certificate for purposes of the voting provisions
hereunder. Voting Rights shall be allocated (i) 92% to the Class A Certificates
and Class M Certificates, (ii) 3% to the Class CE Certificates until paid in
full, and (iii) 1% to each of the Class R-1, Class R-2, Class R-3, Class RX and
Class P Certificates, with the allocation among the Certificates (other than the
Class CE, Class P and Residual Certificates) to be in proportion to the
Certificate Principal Balance of each Class relative to the Certificate
Principal Balance of all other such Classes. Voting Rights will be allocated
among the Certificates of each such Class in accordance with their respective
Percentage Interests.
YIELD MAINTENANCE AGREEMENT: The Yield Maintenance Agreement, dated
February 28, 2006, between the Supplemental Interest Trust Trustee and Bear
Xxxxxxx Financial Products Inc.
YIELD MAINTENANCE AGREEMENT PROVIDER: The yield maintenance agreement
provider under the Yield Maintenance Agreement required to make payments to the
Derivative Administrator for payment to the Trust Fund pursuant to the terms of
the Derivative Administration Agreement, and any successor in interest or
assign. Initially, the Yield Maintenance Agreement Provider shall be Bear
Xxxxxxx Financial Products Inc.
Section 1.02 ALLOCATION OF CERTAIN INTEREST SHORTFALLS.
For purposes of calculating the amount of Current Interest for the
Class A, Class M and Class CE Certificates for any Distribution Date, the
aggregate amount of any Prepayment Interest Shortfalls (to the extent not
covered by payments by the Master Servicer pursuant to Section 5.02) and any
Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any
Distribution Date shall be allocated first, to the Class CE Interest based on,
and to the extent of, one month's interest at the then applicable respective
Pass-Through Rate on the Uncertificated Notional Amount thereof and, thereafter,
among the Class A Certificates and Class M Certificates, in each case on a PRO
RATA basis based on, and to the extent of, one month's interest at the then
applicable respective Pass-Through Rates on the respective Certificate Principal
Balances of each such Certificate.
For purposes of calculating the amount of Uncertificated Accrued
Interest for the REMIC I Regular Interests for any Distribution Date:
(a) For purposes of calculating the amount of Uncertificated Accrued
Interest for the REMIC I Regular Interests for any Distribution Date, the
aggregate amount of any Prepayment Interest Shortfalls (to the extent not
covered by payments by the Master Servicer pursuant to Section 5.02) and any
Relief Act Interest Shortfalls incurred shall be allocated first, to REMIC I
Regular Interest I-Non-Swap and the REMIC I Regular Interests ending with the
designation "B", PRO RATA, based on, and to the extent of, one month's interest
at the then applicable respective Uncertificated REMIC I Pass-Through Rates on
the respective Uncertificated Principal Balances of each such REMIC I Regular
Interest, and then, to the REMIC I Regular Interests ending with the designation
"A", PRO RATA, based on, and to the extent of, one month's interest at the then
applicable respective Uncertificated REMIC I Pass-Through Rates on the
respective Uncertificated Principal Balances of each such REMIC I Regular
Interest.
(b) The aggregate amount of any Prepayment Interest Shortfalls (to the
extent not covered by payments by the Master Servicer pursuant to Section 5.02)
and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
for any Distribution Date shall be allocated first, to Uncertificated Accrued
Interest payable to REMIC II Regular Interest AA and REMIC II Regular Interest
ZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation
Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest
AA, each REMIC II Regular Interest for which a Class A Certificate or Class M
Certificate is the Corresponding Certificate and REMIC II Regular Interest ZZ,
PRO RATA, based on, and to the extent of, one month's interest at the then
applicable respective Uncertificated REMIC II Pass-Through Rates on the
respective Uncertificated Principal Balances of each such REMIC II Regular
Interest.
ARTICLE II
CONVEYANCE OF TRUST FUND
Section 2.01 CONVEYANCE OF TRUST FUND.
Pursuant to the Mortgage Loan Purchase Agreement, each Seller sold,
transferred, assigned, set over and otherwise conveyed to the Depositor, without
recourse, all the right, title and interest of such Seller in and to the assets
sold by it in the Trust Fund.
The Sponsor has entered into this Agreement in consideration for the
purchase of the Mortgage Loans by the Depositor pursuant to the Mortgage Loan
Purchase Agreement and has agreed to take the actions specified herein.
The Depositor, concurrently with the execution and delivery hereof,
hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee
for the use and benefit of the Certificateholders, without recourse, all the
right, title and interest of the Depositor in and to the Trust Fund.
In connection with such sale, the Depositor has delivered to, and
deposited with, the Trustee or the Custodian, as its agent, the following
documents or instruments with respect to each Mortgage Loan so assigned: (i) the
original Mortgage Note, including any riders thereto, endorsed without recourse
(A) in blank or to the order of "LaSalle Bank National Association, as Trustee
for Certificateholders of Bear Xxxxxxx Asset Backed Securities I LLC,
Asset-Backed Certificates, Series 2006-EC2," or (B) in the case of a loan
registered on the MERS system, in blank, and in each case showing an unbroken
chain of endorsements from the original payee thereof to the Person endorsing it
to the Trustee, (ii) the original Mortgage and, if the related Mortgage Loan is
a MOM Loan, noting the presence of the MIN and language indicating that such
Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original
is not available, a copy), with evidence of such recording indicated thereon (or
if clause (x) in the proviso below applies, shall be in recordable form), (iii)
unless the Mortgage Loan is a MOM Loan, the assignment (either an original or a
copy, which may be in the form of a blanket assignment if permitted in the
jurisdiction in which the Mortgaged Property is located) to the Trustee of the
Mortgage with respect to each Mortgage Loan in the name of "LaSalle Bank
National Association, as Trustee for Certificateholders of Bear Xxxxxxx Asset
Backed Securities I LLC, Asset Backed-Certificates, Series 2006-EC2," which
shall have been recorded (or if clause (x) in the proviso below applies, shall
be in recordable form), (iv) an original or a copy of all intervening
assignments of the Mortgage, if any, with evidence of recording thereon, (v) the
original policy of title insurance or mortgagee's certificate of title insurance
or commitment or binder for title insurance, if available, or a copy thereof,
or, in the event that such original title insurance policy is unavailable, a
photocopy thereof, or in lieu thereof, a current lien search on the related
Mortgaged Property and (vi) originals or copies of all available assumption,
modification or substitution agreements, if any; provided, however, that in lieu
of the foregoing, the related Seller may deliver the following documents, under
the circumstances set forth below: (x) if any Mortgage, assignment thereof to
the Trustee or intervening assignments thereof have been delivered or are being
delivered to recording offices for recording and have not been returned in time
to permit their delivery as specified above, the Depositor may deliver a true
copy thereof with a certification by such Seller or the title company issuing
the commitment for title insurance, on the face of such copy, substantially as
follows: "Certified to be a true and correct copy of the original, which has
been transmitted for recording"; and (y) in lieu of the Mortgage Notes relating
to the Mortgage Loans identified in the list set forth in Exhibit I, the
Depositor may deliver a lost note affidavit and indemnity and a copy of the
original note, if available; and provided, further, however, that in the case of
Mortgage Loans which have been prepaid in full after the Cut-off Date and prior
to the Closing Date, the Depositor, in lieu of delivering the above documents,
may deliver to the Trustee and the Custodian a certification of a Servicing
Officer to such effect and in such case shall deposit all amounts paid in
respect of such Mortgage Loans, in the Protected Account or in the Distribution
Account on the Closing Date. In the case of the documents referred to in clause
(x) above, the Depositor shall deliver such documents to the Trustee or the
Custodian promptly after they are received.
The Sponsor (on its own behalf as a Seller and on behalf of Master
Funding) shall cause, at its expense, the Mortgage and intervening assignments,
if any, and to the extent required in accordance with the foregoing, the
assignment of the Mortgage to the Trustee to be submitted for recording promptly
after the Closing Date; provided that, the Sponsor need not cause to be recorded
(a) any assignment in any jurisdiction under the laws of which, as evidenced by
an Opinion of Counsel addressed to the Trustee delivered by the Sponsor (on its
own behalf as a Seller and on behalf of Master Funding) to the Trustee and the
Rating Agencies, the recordation of such assignment is not necessary to protect
the Trustee's interest in the related 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 the related Seller and its successors
and assigns. In the event that any Seller, the Depositor or the Master Servicer
gives written notice to the Trustee that a court has recharacterized the sale of
the Mortgage Loans as a financing, the Sponsor (on its own behalf as a Seller
and on behalf of Master Funding) shall submit or cause to be submitted for
recording as specified above each such previously unrecorded assignment to be
submitted for recording as specified above at the expense of the Trust. In the
event a Mortgage File is released to the Master Servicer as a result of such
Person having completed a Request for Release, the Custodian shall, if not so
completed, complete the assignment of the related Mortgage in the manner
specified in clause (iii) above.
In connection with the assignment of any Mortgage Loan registered on
the MERS(R) System, the Sponsor (on its own behalf as a Seller and on behalf of
Master Funding) further agrees that it will cause, at the Sponsor'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 Sponsor (on its own behalf as a Seller
and on behalf of Master Funding) to the Depositor and 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 Sponsor (on its own behalf as a
Seller and on behalf of Master Funding) 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 or the
Mortgage Loan Purchase Agreement.
Section 2.02 ACCEPTANCE OF THE MORTGAGE LOANS.
(a) Based on the Initial Certification received by it from the
Custodian, the Trustee acknowledges receipt of, subject to the further review
and exceptions reported by the Custodian pursuant to the procedures described
below, the documents (or certified copies thereof) delivered to the Trustee or
the Custodian on its behalf pursuant to Section 2.01 and declares that it holds
and will continue to hold directly or through a custodian those documents and
any amendments, replacements or supplements thereto and all other assets of the
Trust Fund delivered to it in trust for the use and benefit of all present and
future Holders of the Certificates. On the Closing Date, the Trustee or the
Custodian on its behalf will deliver an Initial Certification, in the form of
Exhibit One to the Custodial Agreement, confirming whether or not it has
received the Mortgage File for each Mortgage Loan, but without review of such
Mortgage File, except to the extent necessary to confirm whether such Mortgage
File contains the original Mortgage Note or a lost note affidavit and indemnity
in lieu thereof. No later than 90 days after the Closing Date, the Trustee or
the Custodian on its behalf shall, for the benefit of the Certificateholders,
review each Mortgage File delivered to it and execute and deliver to the Sponsor
(on its own behalf and on behalf of Master Funding) and the Master Servicer and,
if reviewed by the Custodian or the Trustee, an Interim Certifications,
substantially in the form of Exhibit Two to the Custodial Agreement. In
conducting such review, the Trustee or the Custodian on its behalf will
ascertain whether all required documents have been executed and received and
whether those documents relate, determined on the basis of the Mortgagor name,
original principal balance and loan number, to the Mortgage Loans identified in
Exhibit B to this Agreement, as supplemented (provided, however, that with
respect to those documents described in subclauses (iv) and (vi) of Section
2.01, such obligations shall extend only to documents actually delivered
pursuant to such subclauses). In performing any such review, the Trustee and the
Custodian may conclusively rely on the purported due execution and genuineness
of any such document and on the purported genuineness of any signature thereon.
If the Trustee or the Custodian on its behalf finds any document constituting
part of the Mortgage File not to have been executed or received, or to be
unrelated to the Mortgage Loans identified in Exhibit B or to appear to be
defective on its face, the Trustee or the Custodian on its behalf shall include
such information in the exception report attached to the Interim Certification.
The Sponsor (on its own behalf as a Seller and on behalf of Master Funding)
shall correct or cure any such defect or, if prior to the end of the second
anniversary of the Closing Date, the Sponsor (on its own behalf as a Seller and
on behalf of Master Funding) may substitute for the related Mortgage Loan a
Replacement Mortgage Loan, which substitution shall be accomplished in the
manner and subject to the conditions set forth in Section 2.03 or shall deliver
to the Trustee an Opinion of Counsel addressed to the Trustee to the effect that
such defect does not materially or adversely affect the interests of the
Certificateholders in such Mortgage Loan within 60 days from the date of notice
from the Trustee of the defect and if the Sponsor (on its own behalf as a Seller
and on behalf of Master Funding) fails to correct or cure the defect or deliver
such opinion within such period, the Sponsor (on its own behalf as a Seller and
on behalf of Master Funding) will, subject to Section 2.03, within 90 days from
the notification of the Trustee purchase such Mortgage Loan at the Purchase
Price; provided, however, that if such defect relates solely to the inability of
the Sponsor (on its own behalf as a Seller and on behalf of Master Funding) to
deliver the Mortgage, assignment thereof to the Trustee, or intervening
assignments thereof with evidence of recording thereon because such documents
have been submitted for recording and have not been returned by the applicable
jurisdiction, the Sponsor (on its own behalf as a Seller and on behalf of Master
Funding) shall not be required to purchase such Mortgage Loan if the Sponsor
delivers such documents promptly upon receipt, but in no event later than 360
days after the Closing Date.
(b) No later than 180 days after the Closing Date, the Trustee or the
Custodian on its behalf will review, for the benefit of the Certificateholders,
the Mortgage Files and will execute and deliver or cause to be executed and
delivered to the Sponsor (on its own behalf as a Seller and on behalf of Master
Funding) and the Master Servicer and, if reviewed by the Custodian or the
Trustee, a Final Certification, substantially in the form of Exhibit Three to
the Custodial Agreement. In conducting such review, the Trustee or the Custodian
on its behalf will ascertain whether each document required to be recorded has
been returned from the recording office with evidence of recording thereon and
the Trustee or the Custodian on its behalf has received either an original or a
copy thereof, as required in Section 2.01 (provided, however, that with respect
to those documents described in subclauses (iv) and (vi) of Section 2.01, such
obligations shall extend only to documents actually delivered pursuant to such
subclauses). If the Trustee or the Custodian on its behalf finds any document
with respect to a Mortgage Loan has not been received, or to be unrelated,
determined on the basis of the Mortgagor name, original principal balance and
loan number, to the Mortgage Loans identified in Exhibit B or to appear
defective on its face, the Trustee or the Custodian on its behalf shall note
such defect in the exception report attached to the Final Certification and
shall promptly notify the Sponsor (on its own behalf as a Seller and on behalf
of Master Funding). The Sponsor (on its own behalf as a Seller and on behalf of
Master Funding) shall correct or cure any such defect or, if prior to the end of
the second anniversary of the Closing Date, the Sponsor (on its own behalf as a
Seller and on behalf of Master Funding) may substitute for the related Mortgage
Loan a Replacement Mortgage Loan, which substitution shall be accomplished in
the manner and subject to the conditions set forth in Section 2.03 or shall
deliver to the Trustee an Opinion of Counsel addressed to the Trustee to the
effect that such defect does not materially or adversely affect the interests of
Certificateholders in such Mortgage Loan within 60 days from the date of notice
from the Trustee of the defect and if the Sponsor (on its own behalf as a Seller
and on behalf of Master Funding) is unable within such period to correct or cure
such defect, or to substitute the related Mortgage Loan with a Replacement
Mortgage Loan or to deliver such opinion, the Sponsor (on its own behalf as a
Seller and on behalf of Master Funding) shall, subject to Section 2.03, within
90 days from the notification of the Trustee, purchase such Mortgage Loan at the
Purchase Price; provided, however, that if such defect relates solely to the
inability of the Sponsor (on its own behalf as a Seller and on behalf of Master
Funding) to deliver the Mortgage, assignment thereof to the Trustee or
intervening assignments thereof with evidence of recording thereon, because such
documents have not been returned by the applicable jurisdiction, the Sponsor (on
its own behalf as a Seller and on behalf of Master Funding) shall not be
required to purchase such Mortgage Loan, if the Sponsor delivers such documents
promptly upon receipt, but in no event later than 360 days after the Closing
Date. Notwithstanding anything to the contrary, the Trustee shall have no
responsibility with respect to the custody or review of Mortgage Files held by
the Custodian pursuant to the Custodial Agreement. The Trustee shall have no
liability for the failure of the Custodian to perform its obligations under the
Custodial Agreement.
(c) In the event that a Mortgage Loan is purchased by the Sponsor (on
its own behalf as a Seller and on behalf of Master Funding) in accordance with
subsections 2.02(a) or (b) above or Section 2.03, the Sponsor (on its own behalf
as a Seller and on behalf of Master Funding) shall remit the applicable Purchase
Price to the Master Servicer for deposit in the Protected Account and shall
provide written notice to the Trustee detailing the components of the Purchase
Price, signed by a Servicing Officer. Upon deposit of the Purchase Price in the
Protected Account and upon receipt of a Request for Release with respect to such
Mortgage Loan, the Trustee or the Custodian will release to the Sponsor (on its
own behalf as a Seller and on behalf of Master Funding) the related Mortgage
File and the Trustee shall execute and deliver all instruments of transfer or
assignment, without recourse, representation or warranty furnished to it by the
related Seller, as are necessary to vest in the title to and rights under the
Mortgage Loan. Such purchase shall be deemed to have occurred on the date on
which the deposit into the Protected Account was made. The Trustee shall
promptly notify the Rating Agencies of such repurchase. The obligation of the
Sponsor to cure, repurchase or substitute for any Mortgage Loan as to which a
defect in a constituent document exists shall be the sole remedies respecting
such defect available to the Certificateholders or to the Trustee on their
behalf.
(d) The Sponsor (on its own behalf as a Seller and on behalf of Master
Funding) shall deliver to the Trustee or the Custodian on its behalf, and
Trustee agrees to accept the Mortgage Note and other documents constituting the
Mortgage File with respect to any Replacement Mortgage Loan, which the Trustee
or the Custodian will review as provided in subsections 2.02(a) and 2.02(b),
provided, that the Closing Date referred to therein shall instead be the date of
delivery of the Mortgage File with respect to each Replacement Mortgage Loan.
Section 2.03 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
MASTER SERVICER AND THE SPONSOR.
(a) The Master Servicer hereby represents and warrants to the Depositor
and the Trustee as follows, as of the Closing Date:
(i) It is duly organized and is validly existing and in
good standing under the laws of the State of Delaware and is duly
authorized and qualified to transact any and all business contemplated
by this Agreement to be conducted by it in any state in which a
Mortgaged Property is located or is otherwise not required under
applicable law to effect such qualification and, in any event, is in
compliance with the doing business laws of any such state, to the
extent necessary to ensure its ability to enforce each Mortgage Loan,
to service the Mortgage Loans in accordance with the terms of the
Mortgage Loan Purchase Agreement and to perform any of its other
obligations under this Agreement in accordance with the terms hereof or
thereof.
(ii) It has the full corporate power and authority to
service each Mortgage Loan, and to execute, deliver and perform, and to
enter into and consummate the transactions contemplated by this
Agreement and has duly authorized by all necessary corporate action on
its part the execution, delivery and performance of this Agreement; and
this Agreement, assuming the due authorization, execution and delivery
hereof by the other parties hereto or thereto, as applicable,
constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms, except that (a) the
enforceability hereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors'
rights generally and (b) the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.
(iii) The execution and delivery of this Agreement, the
servicing of the Mortgage Loans by it under this Agreement, the
consummation of any other of the transactions contemplated by this
Agreement, and the fulfillment of or compliance with the terms hereof
and thereof are in its ordinary course of business and will not (A)
result in a breach of any term or provision of its charter or by-laws
or (B) conflict with, result in a breach, violation or acceleration of,
or result in a default under, the terms of any other material agreement
or instrument to which it is a party or by which it may be bound, or
(C) constitute a violation of any statute, order or regulation
applicable to it of any court, regulatory body, administrative agency
or governmental body having jurisdiction over it; and it is not in
breach or violation of any material indenture or other material
agreement or instrument, or in violation of any statute, order or
regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over it which breach or violation
may materially impair its ability to perform or meet any of its
obligations under this Agreement.
(iv) It is an approved servicer of conventional mortgage
loans for Xxxxxx Xxx or Xxxxxxx Mac and is a mortgagee approved by the
Secretary of Housing and Urban Development pursuant to sections 203 and
211 of the National Housing Act.
(v) No litigation is pending or, to the best of its
knowledge, threatened, against it that would materially and adversely
affect the execution, delivery or enforceability of this Agreement or
its ability to service the Mortgage Loans or to perform any of its
other obligations under this Agreement in accordance with the terms
hereof.
(vi) No consent, approval, authorization or order of any
court or governmental agency or body is required for its execution,
delivery and performance of, or compliance with, this Agreement or the
consummation of the transactions contemplated hereby or thereby, or if
any such consent, approval, authorization or order is required, it has
obtained the same.
(b) The Sponsor hereby represents and warrants to the Depositor and the
Trustee as follows, as of the Closing Date:
(i) The Sponsor is duly organized as a Delaware
corporation and is validly existing and in good standing under the laws
of the State of Delaware and is duly authorized and qualified to
transact any and all business contemplated by this Agreement to be
conducted by the Sponsor in any state in which a Mortgaged Property is
located or is otherwise not required under applicable law to effect
such qualification and, in any event, is in compliance with the doing
business laws of any such state, to the extent necessary to ensure its
ability to enforce each Mortgage Loan, to sell the Mortgage Loans in
accordance with the terms of the Mortgage Loan Purchase Agreement and
to perform any of its other obligations under this Agreement in
accordance with the terms hereof.
(ii) The Sponsor has the full corporate power and
authority to sell each Mortgage Loan, and to execute, deliver and
perform, and to enter into and consummate the transactions contemplated
by this Agreement and has duly authorized by all necessary corporate
action on the part of the Sponsor the execution, delivery and
performance of this Agreement, assuming the due authorization,
execution and delivery hereof by the other parties hereto or thereto,
as applicable, constitutes a legal, valid and binding obligation of the
Sponsor, enforceable against the Sponsor in accordance with its terms,
except that (a) the enforceability hereof may be limited by bankruptcy,
insolvency, moratorium, receivership and other similar laws relating to
creditors' rights generally and (b) the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.
(iii) The execution and delivery of this Agreement by the
Sponsor, the sale of the Mortgage Loans by the Sponsor under the
Mortgage Loan Purchase Agreement, the consummation of any other of the
transactions contemplated by this Agreement, and the fulfillment of or
compliance with the terms hereof and thereof are in the ordinary course
of business of the Sponsor and will not (A) result in a material breach
of any term or provision of the charter or by-laws of the Sponsor or
(B) conflict with, result in a breach, violation or acceleration of, or
result in a default under, the terms of any other material agreement or
instrument to which the Sponsor is a party or by which it may be bound,
or (C) constitute a violation of any statute, order or regulation
applicable to the Sponsor of any court, regulatory body, administrative
agency or governmental body having jurisdiction over the Sponsor; and
the Sponsor is not in breach or violation of any material indenture or
other material agreement or instrument, or in violation of any statute,
order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it which breach or
violation may materially impair the Sponsor's ability to perform or
meet any of its obligations under this Agreement.
(iv) The Sponsor is an approved seller of conventional
mortgage loans for Xxxxxx Mae or Xxxxxxx Mac and is a mortgagee
approved by the Secretary of Housing and Urban Development pursuant to
sections 203 and 211 of the National Housing Act.
(v) No litigation is pending or, to the best of the
Sponsor's knowledge, threatened, against the Sponsor that would
materially and adversely affect the execution, delivery or
enforceability of this Agreement or the ability of the Sponsor to sell
the Mortgage Loans or to perform any of its other obligations under
this Agreement in accordance with the terms hereof or thereof.
(vi) No consent, approval, authorization or order of any
court or governmental agency or body is required for the execution,
delivery and performance by the Sponsor of, or compliance by the
Sponsor with, this Agreement or the consummation of the transactions
contemplated hereby, or if any such consent, approval, authorization or
order is required, the Sponsor has obtained the same.
(vii) With respect to each Mortgage Loan as of the Closing
Date (or such other date as may be specified in Section 7 of the
Mortgage Loan Purchase Agreement), the Sponsor hereby remakes and
restates each of the representations and warranties set forth in
Section 7 of the Mortgage Loan Purchase Agreement to the Depositor and
the Trustee to the same extent as if fully set forth herein.
(c) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in the Mortgage Loan Purchase Agreement
with respect to the Mortgage Loans that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice thereof to the other parties. The
Sponsor hereby covenants, with respect to the representations and warranties set
forth in the Mortgage Loan Purchase Agreement with respect to the Mortgage
Loans, that within 90 days of the discovery of a breach of any representation or
warranty set forth therein that materially and adversely affects the interests
of the Certificateholders in any Mortgage Loan, it shall cure such breach in all
material respects and, if such breach is not so cured, (i) if such 90 day period
expires prior to the second anniversary of the Closing Date, remove such
Mortgage Loan (a "Deleted Mortgage Loan") from the Trust Fund and substitute in
its place a Replacement Mortgage Loan, in the manner and subject to the
conditions set forth in this Section; or (ii) repurchase the affected Mortgage
Loan or Mortgage Loans from the Trustee at the Purchase Price in the manner set
forth below; provided that any such substitution pursuant to (i) above or
repurchase pursuant to (ii) above shall not be effected prior to the delivery to
the Trustee of an Opinion of Counsel if required by Section 2.05 hereof and any
such substitution pursuant to (i) above shall not be effected prior to the
additional delivery to the Trustee of a Request for Release. The Trustee shall
give prompt written notice to the parties hereto of the Sponsor's failure to
cure such breach as set forth in the preceding sentence. The Sponsor shall
promptly reimburse the Master Servicer and the Trustee for any expenses
reasonably incurred by the Master Servicer or the Trustee in respect of
enforcing the remedies for such breach. To enable the Master Servicer to amend
the Mortgage Loan Schedule, the Sponsor shall, unless it cures such breach in a
timely fashion pursuant to this Section 2.03, promptly notify the Master
Servicer whether it intends either to repurchase, or to substitute for, the
Mortgage Loan affected by such breach. With respect to the representations and
warranties with respect to the Mortgage Loans that are made to the best of the
Sponsor's knowledge, if it is discovered by any of the Depositor, the Master
Servicer, the Sponsor, the Trustee or the Custodian that the substance of such
representation and warranty is inaccurate and such inaccuracy materially and
adversely affects the value of the related Mortgage Loan, notwithstanding the
Sponsor's lack of knowledge with respect to the substance of such representation
or warranty, the Sponsor shall nevertheless be required to cure, substitute for
or repurchase the affected Mortgage Loan in accordance with the foregoing.
With respect to any Replacement Mortgage Loan or Loans, the Sponsor
(pursuant to the Mortgage Loan Purchase Agreement) shall deliver to the Trustee
or the Custodian on its behalf for the benefit of the Certificateholders such
documents and agreements as are required by Section 2.01. No substitution will
be made in any calendar month after the Determination Date for such month.
Notwithstanding the foregoing, such substitution must be done within two years
of the Closing Date. Scheduled Payments due with respect to Replacement Mortgage
Loans in the Due Period related to the Distribution Date on which such proceeds
are to be distributed shall not be part of the Trust Fund and will be retained
by the Sponsor. For the month of substitution, distributions to
Certificateholders will include the Scheduled Payment due on any Deleted
Mortgage Loan for the related Due Period and thereafter the Sponsor shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend the Mortgage Loan Schedule for the benefit
of the Certificateholders to reflect the removal of such Deleted Mortgage Loan
and the substitution of the Replacement 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 Replacement Mortgage Loan or Loans shall
be subject to the terms of this Agreement in all respects, and the Sponsor shall
be deemed to have made with respect to such Replacement Mortgage Loan or Loans,
as of the date of substitution, the representations and warranties set forth in
Section 7 or Section 8 of the Mortgage Loan Purchase Agreement with respect to
such Mortgage Loan. Upon any such substitution and the deposit into the
Protected Account of the amount required to be deposited therein in connection
with such substitution as described in the following paragraph and receipt by
the Trustee of a Request for Release for such Mortgage Loan, the Trustee or the
Custodian shall release to the Sponsor the Mortgage File relating to such
Deleted Mortgage Loan and held for the benefit of the Certificateholders and the
Trustee shall execute and deliver at the Sponsor's direction such instruments of
transfer or assignment as have been prepared by the Sponsor in each case without
recourse, representation or warranty as shall be necessary to vest in the
Sponsor or its respective designee, title to the Trustee's interest in any
Deleted Mortgage Loan substituted for pursuant to this Section 2.03.
For any month in which the Sponsor substitutes one or more Replacement
Mortgage Loans for a Deleted Mortgage Loan, the Master Servicer will determine
the amount (if any) by which the aggregate principal balance of all the
Replacement Mortgage Loans as of the date of substitution is less than the
Stated Principal Balance (after application of the principal portion of the
Scheduled Payment due in the month of substitution) of such Deleted Mortgage
Loan. An amount equal to the aggregate of such deficiencies, described in the
preceding sentence for any Distribution Date (such amount, the "Substitution
Adjustment Amount") shall be deposited into the Protected Account, by the
Sponsor delivering such Replacement Mortgage Loan on the Determination Date for
the Distribution Date relating to the Prepayment Period during which the related
Mortgage Loan became required to be purchased or replaced hereunder.
In the event that the Sponsor shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited into the Protected Account, on
the Determination Date for the Distribution Date in the month following the
month during which the Sponsor became obligated to repurchase or replace such
Mortgage Loan and upon such deposit of the Purchase Price, the delivery of an
Opinion of Counsel if required by Section 2.05 and the receipt of a Request for
Release, the Trustee or the Custodian shall release the related Mortgage File
held for the benefit of the Certificateholders to the Sponsor and the Trustee
shall execute and deliver at such Person's direction the related instruments of
transfer or assignment prepared by the Sponsor, in each case without recourse,
as shall be necessary to transfer title from the Trustee for the benefit of the
Certificateholders and transfer the Trustee's interest to the Sponsor (on its
own as a Seller and on behalf of Master Funding) to any Mortgage Loan purchased
pursuant to this Section 2.03. It is understood and agreed that the obligation
under this Agreement of the Sponsor to cure, repurchase or replace any Mortgage
Loan as to which a breach has occurred and is continuing shall constitute the
sole remedies against the Sponsor respecting such breach available to the
Certificateholders, the Depositor or the Trustee.
(d) The representations and warranties set forth in this Section 2.03
hereof shall survive delivery of the respective Mortgage Loans and Mortgage
Files to the Trustee or the Custodian for the benefit of the Certificateholders.
Section 2.04 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.
The Depositor hereby represents and warrants to the Master Servicer and
the Trustee as follows, as of the date hereof and as of the Closing Date:
(i) The Depositor is duly organized and is validly
existing as a limited liability company in good standing under the laws
of the State of Delaware and has full power and authority necessary to
own or hold its properties and to conduct its business as now conducted
by it and to enter into and perform its obligations under this
Agreement.
(ii) The Depositor has the full power and authority to
execute, deliver and perform, and to enter into and consummate the
transactions contemplated by, this Agreement and has duly authorized,
by all necessary corporate action on its part, the execution, delivery
and performance of this Agreement, assuming the due authorization,
execution and delivery hereof by the other parties hereto, constitutes
a legal, valid and binding obligation of the Depositor, enforceable
against the Depositor in accordance with its terms, subject, as to
enforceability, to (i) bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights generally
and (ii) general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law.
(iii) The execution and delivery of this Agreement by the
Depositor, the consummation of the transactions contemplated by this
Agreement, and the fulfillment of or compliance with the terms hereof
and thereof are in the ordinary course of business of the Depositor and
will not (A) result in a material breach of any term or provision of
the certificate of formation or limited liability company agreement of
the Depositor or (B) conflict with, result in a breach, violation or
acceleration of, or result in a default under, the terms of any other
material agreement or instrument to which the Depositor is a party or
by which it may be bound or (C) constitute a violation of any statute,
order or regulation applicable to the Depositor of any court,
regulatory body, administrative agency or governmental body having
jurisdiction over the Depositor; and the Depositor is not in breach or
violation of any material indenture or other material agreement or
instrument, or in violation of any statute, order or regulation of any
court, regulatory body, administrative agency or governmental body
having jurisdiction over it which breach or violation may materially
impair the Depositor's ability to perform or meet any of its
obligations under this Agreement.
(iv) No litigation is pending, or, to the best of the
Depositor's knowledge, threatened, against the Depositor that would
materially and adversely affect the execution, delivery or
enforceability of this Agreement or the ability of the Depositor to
perform its obligations under this Agreement in accordance with the
terms hereof or thereof.
(v) No consent, approval, authorization or order of any
court or governmental agency or body is required for the execution,
delivery and performance by the Depositor of, or compliance by the
Depositor with this Agreement or the consummation of the transactions
contemplated hereby or thereby, or if any such consent, approval,
authorization or order is required, the Depositor has obtained the
same.
The Depositor hereby represents and warrants to the Trustee as of the
Closing Date, following the transfer of the Mortgage Loans to it by the Sellers,
the Depositor had good title to the Mortgage Loans and the related Mortgage
Notes were subject to no offsets, claims, defenses or counterclaims.
It is understood and agreed that the representations and warranties set
forth in this Section 2.04 shall survive delivery of the Mortgage Files to the
Trustee or the Custodian for the benefit of the Certificateholders. Upon
discovery by the Depositor or the Trustee of a breach of such representations
and warranties, the party discovering such breach shall give prompt written
notice to the others and to each Rating Agency.
Section 2.05 DELIVERY OF OPINION OF COUNSEL IN CONNECTION WITH
SUBSTITUTIONS AND REPURCHASES.
(a) Notwithstanding any contrary provision of this Agreement, with
respect to any Mortgage Loan that is not in default or as to which default is
not reasonably foreseeable, no repurchase or substitution pursuant to Sections
2.02 or 2.03 shall be made unless the Sponsor delivers to the Trustee an Opinion
of Counsel, addressed to the Trustee, to the effect that such repurchase or
substitution would not (i) result in the imposition of the tax on "prohibited
transactions" of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI or
contributions after the Closing Date, as defined in Sections 860F(a)(2) and
860G(d) of the Code, respectively, or (ii) cause any of REMIC I, REMIC II, REMIC
III, REMIC IV, REMIC V or REMIC VI to fail to qualify as a REMIC at any time
that any Certificates are outstanding. Any Mortgage Loan as to which repurchase
or substitution was delayed pursuant to this paragraph shall be repurchased or
the substitution therefor shall occur (subject to compliance with Sections 2.02
or 2.03) upon the earlier of (a) the occurrence of a default or reasonably
foreseeable default with respect to such Mortgage Loan and (b) receipt by the
Trustee of an Opinion of Counsel addressed to the Trustee to the effect that
such repurchase or substitution, as applicable, will not result in the events
described in clause (i) or clause (ii) of the preceding sentence.
(b) Upon discovery by the Depositor, the Sponsor or the Master Servicer that any
Mortgage Loan does not constitute a "qualified mortgage" within the meaning of
section 860G(a)(3) of the Code, the party discovering such fact shall promptly
(and in any event within 5 Business Days of discovery) give written notice
thereof to the other parties and the Trustee. In connection therewith, the
Trustee shall require the Sponsor at it's option, to either (i) substitute, if
the conditions in Section 2.03 with respect to substitutions are satisfied, a
Replacement Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase the
affected Mortgage Loan within 90 days of such discovery in the same manner as it
would a Mortgage Loan for a breach of representation or warranty in accordance
with Section 2.03. The Trustee shall reconvey to the Sponsor the Mortgage Loan
to be released pursuant hereto (and the Custodian shall deliver the related
Mortgage File) in the same manner, and on the same terms and conditions, as it
would a Mortgage Loan repurchased for breach of a representation or warranty in
accordance with Section 2.03.
Section 2.06 COUNTERSIGNATURE AND DELIVERY OF CERTIFICATES.
(a) The Trustee acknowledges the sale, transfer and assignment to it of
the Trust Fund and, concurrently with such transfer and assignment, has
executed, countersigned and delivered, to or upon the order of the Depositor,
the Certificates in authorized denominations evidencing the entire ownership of
the Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the
rights referred to above for the benefit of all present and future Holders of
the Certificates and to perform the duties set forth in this Agreement in
accordance with its terms.
(b) The Depositor concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in
and to the REMIC I Regular Interests and the other assets of REMIC II for the
benefit of the holders of the REMIC II Regular Interests and the Class R-2
Certificates. The Trustee acknowledges receipt of the REMIC I Regular Interests
(which are uncertificated) and the other assets of REMIC II and declares that it
holds and will hold the same in trust for the exclusive use and benefit of the
holders of the REMIC II Regular Interests and the Class R-2 Certificates.
(c) The Depositor concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in
and to the REMIC II Regular Interests and the other assets of REMIC III for the
benefit of the holders of the REMIC III Regular Interests and the Class R-3
Certificates. The Trustee acknowledges receipt of the REMIC II Regular Interests
(which are uncertificated) and the other assets of REMIC III and declares that
it holds and will hold the same in trust for the exclusive use and benefit of
the holders of the REMIC III Regular Interests and the Class R-3 Certificates.
(d) The Depositor, concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in
and to the Class CE Interest for the benefit of the Holders of the REMIC IV
Certificates. The Trustee acknowledges receipt of the Class CE Interest (which
is uncertificated) and declares that it holds and will hold the same in trust
for the exclusive use and benefit of the Holders of the REMIC IV Certificates.
(e) The Depositor, concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in
and to the Class P Interest for the benefit of the Holders of the REMIC V
Certificates. The Trustee acknowledges receipt of the Class P Interest (which is
uncertificated) and declares that it holds and will hold the same in trust for
the exclusive use and benefit of the Holders of the REMIC V Certificates.
(f) The Depositor, concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey in trust to the
Trustee without recourse all the right, title and interest of the Depositor in
and to the Class IO Interest for the benefit of the holders of the REMIC VI
Interests. The Trustee acknowledges receipt of the Class IO Interest (which is
uncertificated) and declares that it holds and will hold the same in trust for
the exclusive use and benefit of the holders of the REMIC VI Interests.
Section 2.07 PURPOSES AND POWERS OF THE TRUST.
The purpose of the common law trust, as created hereunder, is to engage
in the following activities:
(a) acquire and hold, as set forth in this Agreement, the Mortgage
Loans and the other assets of the Trust Fund and the proceeds therefrom for the
benefit of the Certificateholders;
(b) to issue the Certificates sold to the Depositor in exchange for the
Mortgage Loans and any other assets of the Trust Fund;
(c) to make distributions on the Certificates;
(d) to engage in those activities that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and
(e) subject to compliance with this Agreement, to engage in such other
activities as may be required in connection with conservation of the Trust Fund
and the making of distributions to the Certificateholders.
The Trust is hereby authorized to engage in the foregoing activities.
Neither the Trustee nor the Master Servicer shall cause the Trust to engage in
any activity other than in connection with the foregoing or other than as
required or authorized by the terms of this Agreement while any Certificate is
outstanding.
ARTICLE III
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 3.01 THE MASTER SERVICER TO ACT AS MASTER SERVICER.
The Master Servicer shall service and administer the Mortgage Loans in
accordance with customary and usual standards of practice of prudent mortgage
loan servicers in the respective states in which the related Mortgaged
Properties are located. In connection with such servicing and administration,
the Master Servicer shall have full power and authority, acting alone and/or
through subservicers as provided in Section 3.03, to do or cause to be done any
and all things that it may deem necessary or desirable in connection with such
servicing and administration, including but not limited to, the power and
authority, subject to the terms hereof (i) to execute and deliver, on behalf of
the Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any related Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages (but only
in the manner provided herein), (iii) to collect any Insurance Proceeds and
other Liquidation Proceeds or Subsequent Recoveries, and (iv) subject to Section
3.09, to effectuate foreclosure or other conversion of the ownership of the
Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer
shall take no action that is inconsistent with or prejudices the interests of
the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor or the Trustee under this Agreement.
Without limiting the generality of the foregoing, the Master Servicer,
in its own name or in the name of the Trust, the Depositor or the Trustee, is
hereby authorized and empowered by the Trust, the Depositor and the Trustee,
when the Master Servicer believes it appropriate in its reasonable judgment, to
execute and deliver, on behalf of the Trustee, the Depositor, the
Certificateholders or any of them, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge and all other
comparable instruments, with respect to the Mortgage Loans, and with respect to
the Mortgaged Properties held for the benefit of the Certificateholders. The
Master Servicer shall prepare and deliver to the Depositor and/or the Trustee
such documents requiring execution and delivery by any or all of them as are
necessary or appropriate to enable the Master Servicer to service and administer
the Mortgage Loans. Upon receipt of such documents, the Depositor and/or the
Trustee shall execute such documents and deliver them to the Master Servicer.
In accordance with the standards of the first paragraph of this Section
3.01, the Master Servicer shall advance or cause to be advanced funds as
necessary for the purpose of effecting the payment of taxes and assessments on
the Mortgaged Properties, which advances shall be reimbursable in the first
instance from related collections from the Mortgagors pursuant to Section 4.03,
and further as provided in Section 4.02. All costs incurred by the Master
Servicer, if any, in effecting the timely payments of taxes and assessments on
the Mortgaged Properties and related insurance premiums shall not, for the
purpose of calculating monthly distributions to the Certificateholders, be added
to the Stated Principal Balance under the Mortgage Loans, notwithstanding that
the terms of such Mortgage Loans so permit.
Section 3.02 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.
(a) Except as otherwise provided in this Section 3.02, when any
property subject to a Mortgage has been or is about to be conveyed by the
Mortgagor, the Master Servicer shall to the extent that it has knowledge of such
conveyance, 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, the Master Servicer is not required to exercise
such rights with respect to a Mortgage Loan if the Person to whom the related
Mortgaged Property has been conveyed or is proposed to be conveyed satisfies the
terms and conditions contained in the Mortgage Note and Mortgage related thereto
and the consent of the mortgagee under such Mortgage Note or Mortgage is not
otherwise so required under such Mortgage Note or Mortgage as a condition to
such transfer. In the event that the Master Servicer is prohibited by law from
enforcing any such due-on-sale clause, or if coverage under any Required
Insurance Policy would be adversely affected, or if nonenforcement is otherwise
permitted hereunder, the Master Servicer is authorized, subject to Section
3.02(b), to take or enter into an assumption and modification agreement from or
with the person to whom such property has been or is about to be conveyed,
pursuant to which such person becomes liable under the Mortgage Note and, unless
prohibited by applicable state law, the Mortgagor remains liable thereon,
provided that the Mortgage Loan shall continue to be covered (if so covered
before the Master Servicer enters such agreement) by the applicable Required
Insurance Policies. The Master Servicer, subject to Section 3.02(b), is also
authorized with the prior approval of the insurers under any Required Insurance
Policies to enter into a substitution of liability agreement with such Person,
pursuant to which the original Mortgagor is released from liability and such
Person is substituted as Mortgagor and becomes liable under the Mortgage Note.
Notwithstanding the foregoing, the Master Servicer shall not be deemed to be in
default under this Section 3.02(a) by reason of any transfer or assumption that
the Master Servicer reasonably believes it is restricted by law from preventing.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.02(a), in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption agreement or modification agreement or supplement
to the Mortgage Note or Mortgage that 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 related Mortgage Loan, the Master Servicer shall
prepare and deliver or cause to be prepared and delivered to the Trustee for
signature and shall direct, in writing, the Trustee to execute 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.
In connection with any such assumption, no material term of the Mortgage Note
(including, but not limited to, the Mortgage Rate, the amount of the Scheduled
Payment and any other term affecting the amount or timing of payment on the
Mortgage Loan) may be changed. In addition, the substitute Mortgagor and the
Mortgaged Property must be acceptable to the Master Servicer in accordance with
its servicing standards as then in effect. The Master Servicer shall notify the
Trustee that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original of such substitution or assumption
agreement, which in the case of the original shall be added to the related
Mortgage File and shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other documents and instruments constituting a
part thereof. Any fee collected by the Master Servicer for entering into an
assumption or substitution of liability agreement will be retained by the Master
Servicer as additional servicing compensation.
Section 3.03 SUBSERVICERS.
The Master Servicer shall perform all of its servicing responsibilities
hereunder or may cause a subservicer to perform any such servicing
responsibilities on its behalf, but the use by the Master Servicer of a
subservicer shall not release the Master Servicer from any of its obligations
hereunder and the Master Servicer shall remain responsible hereunder for all
acts and omissions of each subservicer as fully as if such acts and omissions
were those of the Master Servicer. The Master Servicer shall pay all fees of
each subservicer from its own funds, and a subservicer's fee shall not exceed
the Servicing Fee payable to the Master Servicer hereunder.
At the cost and expense of the Master Servicer, without any right of
reimbursement from its Protected Account, the Master Servicer shall be entitled
to terminate the rights and responsibilities of a subservicer and arrange for
any servicing responsibilities to be performed by a successor subservicer;
provided, however, that nothing contained herein shall be deemed to prevent or
prohibit the Master Servicer, at the Master Servicer's option, from electing to
service the related Mortgage Loans itself. In the event that the Master
Servicer's responsibilities and duties under this Agreement are terminated
pursuant to Section 8.01, the Master Servicer shall at its own cost and expense
terminate the rights and responsibilities of each subservicer effective as of
the date of termination of the Master Servicer. The Master Servicer shall pay
all fees, expenses or penalties necessary in order to terminate the rights and
responsibilities of each subservicer from the Master Servicer's own funds
without reimbursement from the Trust Fund.
Notwithstanding the foregoing, the Master Servicer shall not be
relieved of its obligations hereunder and shall be obligated to the same extent
and under the same terms and conditions as if it alone were servicing and
administering the Mortgage Loans. The Master Servicer shall be entitled to enter
into an agreement with a subservicer for indemnification of the Master Servicer
by the subservicer and nothing contained in this Agreement shall be deemed to
limit or modify such indemnification.
Any subservicing agreement and any other transactions or services
relating to the Mortgage Loans involving a subservicer shall be deemed to be
between such subservicer and the Master Servicer alone, and the Trustee shall
not have any obligations, duties or liabilities with respect to such subservicer
including any obligation, duty or liability of the Trustee to pay such
subservicer's fees and expenses. Each subservicing agreement shall provide that
such agreement may be assumed or terminated without cause or penalty by the
Trustee or other Successor Master Servicer in the event the Master Servicer is
terminated in accordance with this Agreement. For purposes of remittances to the
Trustee pursuant to this Agreement, the Master Servicer shall be deemed to have
received a payment on a Mortgage Loan when a subservicer has received such
payment.
Section 3.04 DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF THE
MASTER SERVICER TO BE HELD FOR TRUSTEE.
Notwithstanding any other provisions of this Agreement, the Master
Servicer shall transmit to the Trustee or the Custodian on behalf of the Trustee
as required by this Agreement all documents and instruments in respect of a
Mortgage Loan coming into the possession of the Master Servicer from time to
time and shall account fully to the Trustee for any funds received by the Master
Servicer or that otherwise are collected by the Master Servicer as Liquidation
Proceeds, Insurance Proceeds or Subsequent Recoveries in respect of any such
Mortgage Loan. All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer in respect of any Mortgage Loans, whether from
the collection of principal and interest payments or from Liquidation Proceeds
or Subsequent Recoveries, including but not limited to, any funds on deposit in
the Protected Account, shall be held by the Master Servicer for and on behalf of
the Trustee and shall be and remain the sole and exclusive property of the
Trustee, subject to the applicable provisions of this Agreement. The Master
Servicer also agrees that it shall not create, incur or subject any Mortgage
File or any funds that are deposited in the Protected Account or in any Escrow
Account, or any funds that otherwise are or may become due or payable to the
Trustee for the benefit of the Certificateholders, to any claim, lien, security
interest, judgment, levy, writ of attachment or other encumbrance, or assert by
legal action or otherwise any claim or right of set off against any Mortgage
File or any funds collected on, or in connection with, a Mortgage Loan, except,
however, that the Master Servicer shall be entitled to set off against and
deduct from any such funds any amounts that are properly due and payable to the
Master Servicer under this Agreement.
Section 3.05 MAINTENANCE OF HAZARD INSURANCE.
The Master Servicer shall cause to be maintained, for each Mortgage
Loan, hazard insurance on buildings upon, or comprising part of, the Mortgaged
Property against loss by fire, hazards of extended coverage and such other
hazards as are customary in the area where the related Mortgaged Property is
located with an insurer which is licensed to do business in the state where the
related Mortgaged Property is located. Each such policy of standard hazard
insurance shall contain, or have an accompanying endorsement that contains, a
standard mortgagee clause. The Master Servicer shall also cause flood insurance
to be maintained on property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, to the extent described below. Pursuant to
Section 4.01, any amounts collected by the Master Servicer under any such
policies (other than the 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 Protected Account. Any cost incurred by
the Master Servicer in maintaining any such insurance shall not, for the purpose
of calculating monthly distributions to the Certificateholders or remittances to
the Trustee for their benefit, be added to the principal balance of the Mortgage
Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs
shall be recoverable by the Master Servicer out of late payments by the related
Mortgagor or out of Liquidation Proceeds to the extent permitted by Section
4.02. 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 other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance. If the Mortgaged Property is located at the time of
origination of the Mortgage Loan in a federally designated special flood hazard
area and such area is participating in the national flood insurance program, the
Master Servicer shall cause flood insurance to be maintained with respect to
such Mortgage Loan. Such flood insurance shall be in an amount equal to the
least of (i) the Stated Principal Balance of the related Mortgage Loan, (ii)
minimum amount required to compensate for damage or loss on a replacement cost
basis or (iii) the maximum amount of such insurance available for the related
Mortgaged Property under the Flood Disaster Protection Act of 1973, as amended.
In the event that the Master Servicer shall obtain and maintain a
blanket policy 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 3.05, it being understood and agreed that
such policy may contain a deductible clause on terms substantially equivalent to
those commercially available and maintained by comparable servicers. If such
policy contains a deductible clause, 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 3.05, and there shall
have been a loss that would have been covered by such policy, deposit in the
Protected Account the amount not otherwise payable under the blanket policy
because of such deductible clause. Such deposit shall be from the Master
Servicer's own funds without reimbursement therefor. In connection with its
activities as administrator and servicer of the Mortgage Loans, the Master
Servicer agrees to present, on behalf of itself, the Depositor and the Trustee
for the benefit of the Certificateholders claims under any such blanket policy.
Section 3.06 PRESENTMENT OF CLAIMS AND COLLECTION OF PROCEEDS.
The Master Servicer shall prepare and present on behalf of the Trustee
and the Certificateholders all claims under the Insurance Policies and take such
actions (including the negotiation, settlement, compromise or enforcement of the
insured's claim) as shall be necessary to realize recovery under such Insurance
Policies. Any proceeds disbursed to the Master Servicer in respect of such
Insurance Policies shall be promptly deposited in the Protected Account upon
receipt, except that any amounts realized that are to be applied to the repair
or restoration of the related Mortgaged Property as a condition precedent to the
presentation of claims on the related Mortgage Loan to the insurer under any
applicable Insurance Policy need not be so deposited (or remitted).
Section 3.07 MAINTENANCE OF THE PRIMARY MORTGAGE INSURANCE
POLICIES.
(a) The Master Servicer shall not take any action that would result in
noncoverage under any applicable Primary Mortgage Insurance Policy of any loss
which, but for the actions of the Master Servicer would have been covered
thereunder. The Master Servicer shall use its best efforts to keep in force and
effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain
such insurance), Primary Mortgage Insurance applicable to each Mortgage Loan.
The Master Servicer shall not cancel or refuse to renew any such Primary
Mortgage Insurance Policy that is in effect at the date of the initial issuance
of the Mortgage Note and is required to be kept in force hereunder. (b) The
Master Servicer agrees to present on behalf of the Trustee, the
Certificateholders claims to the insurer under any Primary Mortgage Insurance
Policies and, in this regard, to take such reasonable action as shall be
necessary to permit recovery under any Primary Mortgage Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
collected by the Master Servicer under any Primary Mortgage Insurance Policies
shall be deposited in the Protected Account, subject to withdrawal pursuant to
Section 4.02 hereof.
Section 3.08 FIDELITY BOND, ERRORS AND OMISSIONS INSURANCE.
The Master Servicer shall maintain, at its own expense, a blanket
fidelity bond and an errors and omissions insurance policy, with broad coverage
with responsible companies on all officers, employees or other persons acting in
any capacity with regard to the Mortgage Loans and who handle funds, money,
documents and papers relating to the Mortgage Loans. The fidelity bond and
errors and omissions insurance shall be in the form of the Mortgage Banker's
Blanket Bond and shall protect and insure the Master Servicer against losses,
including forgery, theft, embezzlement, fraud, errors and omissions and
negligent acts of such persons. Such fidelity bond shall also protect and insure
the Master Servicer against losses in connection with the failure to maintain
any insurance policies required pursuant to this Agreement and the release or
satisfaction of a Mortgage Loan which is not in accordance with Accepted
Servicing Practices. No provision of this Section 3.08 requiring the fidelity
bond and errors and omissions insurance shall diminish or relieve the Master
Servicer from its duties and obligations as set forth in this Agreement. The
minimum coverage under any such bond and insurance policy shall be at least
equal to the corresponding amounts required by Accepted Servicing Practices. The
Master Servicer shall deliver to the Trustee a certificate from the surety and
the insurer as to the existence of the fidelity bond and errors and omissions
insurance policy and shall obtain a statement from the surety and the insurer
that such fidelity bond or insurance policy shall in no event be terminated or
materially modified without thirty days prior written notice to the Trustee. The
Master Servicer shall notify the Trustee within five business days of receipt of
notice that such fidelity bond or insurance policy will be, or has been,
materially modified or terminated. The Trustee for the benefit of the
Certificateholders must be named as loss payees on the fidelity bond and as
additional insured on the errors and omissions policy.
Section 3.09 REALIZATION UPON DEFAULTED MORTGAGE LOANS;
DETERMINATION OF EXCESS LIQUIDATION PROCEEDS AND
REALIZED LOSSES; REPURCHASES OF CERTAIN MORTGAGE
LOANS.
(a) The Master Servicer shall use reasonable efforts to foreclose upon
or otherwise comparably convert 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. In
connection with such foreclosure or other conversion, the Master Servicer shall
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 and
the requirements of the insurer under any Required Insurance Policy; provided
that the Master Servicer shall not be required to expend its own funds in
connection with any foreclosure 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 after reimbursement to
itself of such expenses and (ii) that such expenses will be recoverable to it
through Insurance Proceeds, Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Protected Account pursuant to
Section 4.02). If the Master Servicer reasonably believes that Liquidation
Proceeds with respect to any such Mortgage Loan would not be increased as a
result of such foreclosure or other action, such Mortgage Loan will be
charged-off and will become a Liquidated Loan. The Master Servicer will give
notice of any such charge-off to the Trustee. The Master Servicer shall be
responsible for all other costs and expenses incurred by it in any such
proceedings; provided that such costs and expenses shall be Servicing Advances
and that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property, as contemplated in Section 4.02.
If the Master Servicer has knowledge that a Mortgaged Property that the Master
Servicer is contemplating acquiring in foreclosure or by deed- in-lieu of
foreclosure is located within a one-mile radius of any site with environmental
or hazardous waste risks known to the Master Servicer, the Master Servicer will,
prior to acquiring the Mortgaged Property, consider such risks and only take
action in accordance with its established environmental review procedures.
With respect to any REO Property, the deed or certificate of sale shall
be taken in the name of the Trustee for the benefit of the Certificateholders
(or the Trustee's nominee on behalf of the Certificateholders). The Trustee's
name shall be placed on the title to such REO Property solely as the Trustee
hereunder and not in its individual capacity. The Master Servicer shall ensure
that the title to such REO Property references this Agreement and the Trustee's
capacity hereunder. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall either itself or through an agent selected by the Master
Servicer protect and conserve such REO Property in the same manner and to such
extent as is customary in the locality where such REO Property is located and
may, incident to its conservation and protection of the interests of the
Certificateholders, rent the same, or any part thereof, as the Master Servicer
deems to be in the best interest of the Master Servicer and the
Certificateholders for the period prior to the sale of such REO Property. The
Master Servicer shall prepare for and deliver to the Trustee a statement with
respect to each REO Property that has been rented showing the aggregate rental
income received and all expenses incurred in connection with the management and
maintenance of such REO Property at such times as is necessary to enable the
Trustee to comply with the reporting requirements of the REMIC Provisions. The
net monthly rental income, if any, from such REO Property shall be deposited in
the Protected Account no later than the close of business on each Determination
Date. The Master Servicer shall perform the tax reporting and withholding
related to foreclosures, abandonments and cancellation of indebtedness income as
specified by Sections 1445, 6050J and 6050P of the Code by preparing and filing
such tax and information returns, as may be required.
In the event that the Trust Fund acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or reasonably foreseeable
default on a Mortgage Loan, the Master Servicer shall dispose of such Mortgaged
Property prior to three years after its acquisition by the Trust Fund or, at the
expense of the Trust Fund, request more than 60 days prior to the day on which
such three-year period would otherwise expire, an extension of the three-year
grace period unless the Trustee shall have been supplied with an Opinion of
Counsel addressed to the Trustee (such opinion not to be an expense of the
Trustee) to the effect that the holding by the Trust Fund of such Mortgaged
Property subsequent to such three-year period will not result in the imposition
of taxes on "prohibited transactions" of REMIC I, REMIC II, REMIC III, REMIC IV,
REMIC V or REMIC VI as defined in section 860F of the Code or cause any of REMIC
I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to fail to qualify as a
REMIC at any time that any Certificates are outstanding, in which case the Trust
Fund may continue to hold such Mortgaged Property (subject to any conditions
contained in such Opinion of Counsel). Notwithstanding any other provision of
this Agreement, no Mortgaged Property acquired by the Trust Fund shall be rented
(or allowed to continue to be rented) or otherwise used for the production of
income by or on behalf of the Trust Fund in such a manner or pursuant to any
terms that would (i) cause such Mortgaged Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code or
(ii) subject any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI
to the imposition of any federal, state or local income taxes on the income
earned from such Mortgaged Property under Section 860G(c) of the Code or
otherwise, unless the Master Servicer has agreed to indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes.
The decision of the Master Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by the Master Servicer that
the proceeds of such foreclosure would exceed the costs and expenses of bringing
such a proceeding. The income earned from the management of any Mortgaged
Properties acquired through foreclosure or other judicial proceeding, net of
reimbursement to the Master Servicer for expenses incurred (including any
property or other taxes) in connection with such management and net of
unreimbursed Servicing Fees, Advances, Servicing Advances and any management fee
paid or to be paid with respect to the management of such Mortgaged Property,
shall be applied to the payment of principal of, and interest on, the related
defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans
were still current) and all such income shall be deemed, for all purposes in the
Agreement, to be payments on account of principal and interest on the related
Mortgage Notes and shall be deposited into the Protected Account. To the extent
the income received during a Prepayment Period is in excess of the amount
attributable to amortizing principal and accrued interest at the related
Mortgage Rate on the related Mortgage Loan, such excess shall be considered to
be a partial Principal Prepayment for all purposes hereof.
The Liquidation Proceeds from any liquidation of a Mortgage Loan, net
of any payment to the Master Servicer as provided above, shall be deposited in
the Protected Account upon receipt and made available on the next succeeding
Determination Date following receipt thereof for distribution on the related
Distribution Date, except that any Excess Liquidation Proceeds shall be retained
by the Master Servicer as additional servicing compensation.
The proceeds of any Liquidated Loan, as well as any recovery resulting
from a partial collection of Liquidation Proceeds or any income from an REO
Property, will be applied in the following order of priority: first, to
reimburse the Master Servicer for any related unreimbursed Servicing Advances
and Servicing Fees, pursuant to Section 4.02 or this Section 3.09; second, to
reimburse the Master Servicer for any unreimbursed Advances, pursuant to Section
4.02 or this Section 3.09; third, to accrued and unpaid interest (to the extent
no Advance has been made for such amount) on the Mortgage Loan or related REO
Property, at the Net Mortgage Rate to the first day of the month in which such
amounts are required to be distributed; and fourth, as a recovery of principal
of the Mortgage Loan.
(b) On each Determination Date, the Master Servicer shall determine the
respective aggregate amounts of Excess Liquidation Proceeds and Realized Losses,
if any, for the related Prepayment Period.
(c) The Master Servicer has no intent to foreclose on any Mortgage Loan
based on the delinquency characteristics as of the Closing Date; provided, that
the foregoing does not prevent the Master Servicer from initiating foreclosure
proceedings on any date hereafter if the facts and circumstances of such
Mortgage Loans including delinquency characteristics in the Master Servicer's
discretion so warrant such action.
Section 3.10 SERVICING COMPENSATION.
As compensation for its activities hereunder, the Master Servicer shall
be entitled to retain or withdraw from the Protected Account out of each payment
of interest on a Mortgage Loan included in the Trust Fund an amount equal to the
Servicing Fee.
Additional servicing compensation in the form of any Excess Liquidation
Proceeds, assumption fees, late payment charges, other ancillary income, all
income and gain net of any losses realized from Permitted Investments with
respect to funds in or credited to the Protected Account shall be retained by
the Master Servicer to the extent not required to be deposited in the Protected
Account pursuant to Section 4.02. The Master Servicer shall be required to pay
all expenses incurred by it in connection with its servicing activities
hereunder (including payment of any premiums for hazard insurance, as required
by Section 3.05 and maintenance of the other forms of insurance coverage
required by Section 3.07) and shall not be entitled to reimbursement therefor
except as specifically provided in Section 4.02.
Section 3.11 REO PROPERTY.
(a) In the event the Trust Fund acquires ownership of any REO Property
in respect of any related Mortgage Loan, the deed or certificate of sale shall
be issued to the Trustee, or to its nominee, on behalf of the related
Certificateholders. The Master Servicer shall sell any REO Property as
expeditiously as possible and in accordance with the provisions of this
Agreement. Pursuant to its efforts to sell such REO Property, the Master
Servicer shall protect and conserve such REO Property in the manner and to the
extent required herein, in accordance with the REMIC Provisions.
(b) The Master Servicer shall deposit all funds collected and received
in connection with the operation of any REO Property into the Protected Account.
(c) The Master Servicer, upon the final disposition of any REO
Property, shall be entitled to reimbursement for any related unreimbursed
Advances, unreimbursed Servicing Advances or Servicing Fees from Liquidation
Proceeds received in connection with the final disposition of such REO Property;
provided, that any such unreimbursed Advances or Servicing Fees as well as any
unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior to
final disposition, out of any net rental income or other net amounts derived
from such REO Property.
Section 3.12 LIQUIDATION REPORTS.
Upon the foreclosure of any Mortgaged Property or the acquisition
thereof by the Trust Fund pursuant to a deed-in-lieu of foreclosure, the Master
Servicer shall submit a liquidation report to the Trustee containing such
information as shall be mutually acceptable to the Master Servicer and the
Trustee with respect to such Mortgaged Property.
Section 3.13 ANNUAL STATEMENT AS TO COMPLIANCE.
The Master Servicer and the Trustee shall deliver to the Master
Servicer, the Depositor and the Trustee, not later than March 15th of each
calendar year beginning in 2007, an Officer's Certificate (an "Annual Statement
of Compliance") stating, as to each signatory thereof, that (i) a review of the
activities of each such party during the preceding calendar year and of its
performance under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, each
such party has fulfilled all of its obligations under this Agreement in all
material respects throughout such year, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such
failure known to such officer and the nature and status of cure provisions
thereof. Such Annual Statement of Compliance shall contain no restrictions or
limitations on its use. In the event that the Master Servicer has delegated any
servicing responsibilities with respect to the Mortgage Loans to a subservicer
or subcontractor, such servicer or subcontractor shall deliver a similar Annual
Statement of Compliance by such subservicer or subcontractor to the Master
Servicer, the Depositor and the Trustee as described above as and when required
with respect to the Master Servicer.
Failure of the Master Servicer to comply with this Section 3.13
(including with respect to the timeframes required in this Section) shall be
deemed an Event of Default, and the Trustee at the direction of the Depositor
shall, in addition to whatever rights the Trustee may have under this Agreement
and at law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Master Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof without compensating the Master Servicer for the same.
Failure of the Trustee to comply with this Section 3.13 (including with respect
to the timeframes required in this Section) which failure results in a failure
to timely file the Form 10-K shall be deemed a default which may result in the
termination of the Trustee pursuant to Section 9.08 of this Agreement and the
Depositor may, in addition to whatever rights the Depositor may have under this
Agreement and at law or equity or to damages, including injunctive relief and
specific performance, upon notice immediately terminate all the rights and
obligations of the Trustee under this Agreement and in and to the Mortgage Loans
and the proceeds thereof without compensating the Trustee for the same. This
paragraph shall supercede any other provision in this Agreement or any other
agreement to the contrary.
Section 3.14 ASSESSMENTS OF COMPLIANCE AND ATTESTATION REPORTS.
The Master Servicer shall service and administer the Mortgage Loans in
accordance with all applicable requirements of the Servicing Criteria. Pursuant
to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB,
the Master Servicer, the Trustee and the Custodian (each, an "Attesting Party")
shall deliver to the Trustee, the Master Servicer and the Depositor on or before
March 15th of each calendar year beginning in 2007, a report regarding such
Attesting Party's assessment of compliance (an "Assessment of Compliance") with
the Servicing Criteria during the preceding calendar year. The Assessment of
Compliance, as set forth in Regulation AB, must contain the following:
(a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the related Attesting
Party;
(b) A statement by such officer that such Attesting Party used the
Servicing Criteria attached as Exhibit P hereto, and which will also be attached
to the Assement of Compliance, to assess compliance with the Servicing Criteria
applicable to the related Attesting Party;
(c) An assessment by such officer of the related Attesting Party's
compliance with the applicable Servicing Criteria for the period consisting of
the preceding calendar year, including disclosure of any material instance of
noncompliance with respect thereto during such period, which assessment shall be
based on the activities such Attesting Party performs with respect to
asset-backed securities transactions taken as a whole involving the related
Attesting Party, that are backed by the same asset type as the Mortgage Loans;
(d) A statement that a registered public accounting firm has issued an
attestation report on the related Attesting Party's Assessment of Compliance for
the period consisting of the preceding calendar year; and
(e) A statement as to which of the Servicing Criteria, if any, are not
applicable to such Attesting Party, which statement shall be based on the
activities such Attesting Party performs with respect to asset-backed securities
transactions taken as a whole involving such Attesting Party, that are backed by
the same asset type as the Mortgage Loans.
Such report at a minimum shall address each of the Servicing Criteria
specified on Exhibit P hereto which are indicated as applicable to the related
Attesting Party.
On or before March 15th of each calendar year beginning in 2007, each
Attesting Party shall furnish to the Master Servicer, the Depositor and the
Trustee a report (an "Attestation Report") by a registered public accounting
firm that attests to, and reports on, the Assessment of Compliance made by the
related Attesting Party, as required by Rules 13a-18 and 15d-18 of the Exchange
Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in
accordance with standards for attestation reports issued or adopted by the
Public Company Accounting Oversight Board.
The Master Servicer shall cause any subservicer and each subcontractor
determined by it to be "participating in the servicing function" within the
meaning of Item 1122 of Regulation AB, to deliver to the Trustee, the Master
Servicer and the Depositor an Assessment of Compliance and Attestation Report as
and when provided above along with an indication of what Servicing Criteria are
addressed in such assessment.
The Trustee shall confirm that the assessments, taken as a whole,
address all of the Servicing Criteria and taken individually address the
Servicing Criteria for each party as set forth on Exhibit P and notify the
Depositor of any exceptions. Notwithstanding the foregoing, as to any
subcontractor (as defined in the related servicing agreement), an Assessment of
Compliance is not required to be delivered unless it is required as part of a
Form 10-K with respect to the Trust Fund.
Failure of the Master Servicer to comply with this Section 3.14
(including with respect to the timeframes required in this Section) shall be
deemed an Event of Default, and the Trustee at the direction of the Depositor
shall, in addition to whatever rights the Trustee may have under this Agreement
and at law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Master Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof without compensating the Master Servicer for the same. This
paragraph shall supercede any other provision in this Agreement or any other
agreement to the contrary.
The Trustee shall also provide an Assessment of Compliance and
Attestation Report, as and when provided above, which shall at a minimum address
each of the Servicing Criteria specified on Exhibit P hereto which are indicated
as applicable to the "trustee." In addition, the Trustee shall cause the
Custodian to deliver to the Trustee and the Depositor an Assessment of
Compliance and Attestation Report, as and when provided above, which shall at a
minimum address each of the Servicing Criteria specified on Exhibit P hereto
which are indicated as applicable to a "custodian." Notwithstanding the
foregoing, as to the Trustee and any Custodian, an Assessment of Compliance is
not required to be delivered unless it is required as part of a Form 10-K with
respect to the Trust Fund.
Section 3.15 BOOKS AND RECORDS.
The Master Servicer shall be responsible for maintaining, and shall
maintain, a complete set of books and records for the Mortgage Loans which shall
be appropriately identified in the Master Servicer's computer system to clearly
reflect the ownership of the Mortgage Loans by the Trust. In particular, the
Master Servicer shall maintain in its possession, available for inspection by
the Trustee and shall deliver to the Trustee upon demand, evidence of compliance
with all federal, state and local laws, rules and regulations. To the extent
that original documents are not required for purposes of realization of
Liquidation Proceeds or Insurance Proceeds, documents maintained by the Master
Servicer may be in the form of microfilm or microfiche or such other reliable
means of recreating original documents, including, but not limited to, optical
imagery techniques so long as the Master Servicer complies with the requirements
of Accepted Servicing Practices.
The Master Servicer shall maintain with respect to each Mortgage Loan
and shall make available for inspection by the Trustee the related servicing
file during the time such Mortgage Loan is subject to this Agreement and
thereafter in accordance with applicable law.
Payments on the Mortgage Loans, including any payoffs, made in
accordance with the related Mortgage File will be entered in the Master
Servicer's set of books and records no more than two Business Days after receipt
and identification, and allocated to principal or interest as specified in the
related Mortgage File.
Section 3.16 REPORTS FILED WITH SECURITIES AND EXCHANGE COMMISSION.
(a) (i) Within 15 days after each Distribution Date, the Trustee
shall, in accordance with industry standards, file with the Commission via the
Electronic Data Gathering and Retrieval System ("XXXXX"), a Form 10-D, signed by
the Master Servicer, with a copy of the Monthly Statement to be furnished by the
Trustee to the Certificateholders for such Distribution Date and detailing all
data elements specified in Item 1121(a) of Regulation AB; provided that the
Trustee shall have received no later than seven (7) calendar days after the
related Distribution Date, all information required to be provided to the
Trustee as described in clause (a)(ii) below. Any disclosure in addition to the
Monthly Statement that is required to be included on Form 10-D ("Additional Form
10-D Disclosure") shall be, pursuant to the paragraph immediately below,
reported by the parties set forth on Exhibit Q to the Trustee and the Depositor
and approved by the Depositor, and the Trustee will have no duty or liability
for any failure hereunder to determine or prepare any Additional Form 10-D
Disclosure absent such reporting (other than with respect to when it is the
reporting party as set forth in Exhibit Q) and approval.
(ii) (A) Within seven (7) calendar days after the related
Distribution Date, (i) the parties set forth in Exhibit Q shall be required to
provide, pursuant to section 3.16(a)(v) below, to the Trustee and the Depositor,
to the extent known, in XXXXX-compatible format, or in such other form as
otherwise agreed upon by the Trustee and the Depositor and such party, the form
and substance of any Additional Form 10-D Disclosure, if applicable, and (ii)
the Depositor will approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
Depositor will be responsible for any reasonable out-of-pocket expenses incurred
by the Trustee in connection with including any Additional Form 10-D Disclosure
on Form 10-D pursuant to this Section.
(B) After preparing the Form 10-D, the Trustee shall forward
electronically a draft copy of the Form 10-D to the Depositor and the
Master Servicer for review. No later than two (2) Business Days prior
to the 15th calendar day after the related Distribution Date, a senior
officer of the Master Servicer in charge of the servicing function
shall sign the Form 10-D and return an electronic or fax copy of such
signed Form 10-D (with an original executed hard copy to follow by
overnight mail) to the Trustee. If a Form 10-D cannot be filed on time
or if a previously filed Form 10-D needs to be amended, the Trustee
will follow the procedures set forth in Section 3.16(a)(vi). Promptly
(but no later than one (1) Business Day) after filing with the
Commission, the Trustee will make available on its internet website
identified in Section 5.06 a final executed copy of each Form 10-D. The
signing party at the Master Servicer can be contacted at 000-000-0000.
The parties to this Agreement acknowledge that the performance by the
Trustee of its duties under Sections 3.16(a)(i) and (vi) related to the
timely preparation and filing of Form 10-D is contingent upon such
parties strictly observing all applicable deadlines in the performance
of their duties under such Sections. The Trustee shall have no
liability for any loss, expense, damage, claim arising out of or with
respect to any failure to properly prepare and/or timely file such Form
10-D, where such failure results from the Trustee's inability or
failure to receive, on a timely basis, any information from any other
party hereto needed to prepare, arrange for execution or file such Form
10-D, not resulting from its own negligence, bad faith or willful
misconduct. Subject to the foregoing, the Trustee has no duty under
this Agreement to monitor or enforce the performance by the other
parties listed on Exhibit Q of their duties under this paragraph or to
proactively solicit or procure from such parties any Additional Form
10-D Disclosure information.
(iii) (A) Within four (4) Business Days after the occurrence
of an event requiring disclosure on Form 8-K (each such event, a
"Reportable Event"), the Trustee shall prepare and file on behalf of
the Trust any Form 8-K, as required by the Exchange Act; provided that,
the Depositor shall file the initial Form 8-K in connection with the
issuance of the Certificates. Any disclosure or information related to
a Reportable Event or that is otherwise required to be included on Form
8-K ("Form 8-K Disclosure Information") shall be, pursuant to the
paragraph immediately below, reported by the parties set forth on
Exhibit Q to the Trustee and the Depositor and approved by the
Depositor, and the Trustee will have no duty or liability for any
failure hereunder to determine or prepare any Additional Form 8-K
Disclosure absent such reporting (other than with respect to when it is
the reporting party as set forth in Exhibit Q) and approval.
(B) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than 12:00 p.m. New York City time on
the 2nd Business Day after the occurrence of a Reportable Event (i) the
parties set forth in Exhibit Q shall be required pursuant to Section
3.16(a)(v) below to provide to the Trustee and the Depositor, to the
extent known, in XXXXX-compatible format, or in such other form as
otherwise agreed upon by the Trustee and the Depositor and such party,
the form and substance of any Form 8-K Disclosure Information, if
applicable, and (ii) the Depositor will approve, as to form and
substance, or disapprove, as the case may be, the inclusion of the Form
8-K Disclosure Information on Form 8-K. The Depositor will be
responsible for any reasonable out-of-pocket expenses incurred by the
Trustee in connection with including any Form 8-K Disclosure
Information on Form 8-K pursuant to this Section.
(C) After preparing the Form 8-K, the Trustee shall forward
electronically a draft copy of the Form 8-K to the Depositor and the
Master Servicer for review. No later than the end of business New York
City time on the 3rd Business Day after the Reportable Event, a senior
officer of the Master Servicer shall sign the Form 8-K and return an
electronic or fax copy of such signed Form 8-K (with an original
executed hard copy to follow by overnight mail) to the Trustee. If a
Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Trustee will follow the procedures set forth
in Section 3.16(a)(vi). Promptly (but no later than one (1) Business
Day) after filing with the Commission, the Trustee will, make available
on its internet website identified in Section 5.06 a final executed
copy of each Form 8-K. The signing party at the Master Servicer can be
contacted at 000-000-0000. The parties to this Agreement acknowledge
that the performance by the Trustee of its duties under this Section
3.16(a)(iii) related to the timely preparation and filing of Form 8-K
is contingent upon such parties strictly observing all applicable
deadlines in the performance of their duties under this Section
3.16(a)(iii). The Trustee shall have no liability for any loss,
expense, damage, claim arising out of or with respect to any failure to
properly prepare and/or timely file such Form 8-K, where such failure
results from the Trustee's inability or failure to receive, on a timely
basis, any information from any other party hereto needed to prepare,
arrange for execution or file such Form 8-K, not resulting from its own
negligence, bad faith or willful misconduct. Subject to the foregoing,
the Trustee has no duty under this Agreement to monitor or enforce the
performance by the other parties listed on Exhibit Q of their duties
under this paragraph or to proactively solicit or procure from such
parties any Additional Form 8-K Disclosure information.
(iv) (A) Within 90 days after the end of each fiscal year of
the Trust or such earlier date as may be required by the Exchange Act (the "10-K
Filing Deadline") (it being understood that the fiscal year for the Trust ends
on December 31st of each year), commencing in March 2007, the Trustee shall
prepare and file on behalf of the Trust a Form 10-K, in form and substance as
required by the Exchange Act. Each such Form 10-K shall include the following
items, in each case to the extent they have been delivered to the Trustee within
the applicable timeframes set forth in this Agreement, (I) an annual compliance
statement for the Master Servicer and any subservicer, as described under
Section 3.13, (II)(A) the annual reports on assessment of compliance with
Servicing Criteria for the Master Servicer, each subservicer and subcontractor
participating in the servicing function, the Trustee and the Custodian, as
described under Section 3.14, and (B) if the Master Servicer's, the Trustee's or
the Custodian's report on assessment of compliance with servicing criteria
described under Section 3.14 identifies any material instance of noncompliance,
disclosure identifying such instance of noncompliance, or if the Master
Servicer's, the Trustee's or the Custodian's report on assessment of compliance
with Servicing Criteria described under Section 3.14 is not included as an
exhibit to such Form 10-K, disclosure that such report is not included and an
explanation why such report is not included, (III)(A) the registered public
accounting firm attestation report for the Master Servicer, the Trustee and the
Custodian, as described under Section 3.14, and (B) if any registered public
accounting firm attestation report described under Section 3.14 identifies any
material instance of noncompliance, disclosure identifying such instance of
noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such
report is not included and an explanation why such report is not included, and
(IV) a Xxxxxxxx-Xxxxx Certification ("Xxxxxxxx-Xxxxx Certification") as
described in this Section 3.16 (a)(iv)(D) below. Any disclosure or information
in addition to (I) through (IV) above that is required to be included on Form
10-K ("Additional Form 10-K Disclosure") shall be, pursuant to the paragraph
immediately below, reported by the parties set forth on Exhibit Q to the Trustee
and the Depositor and approved by the Depositor, and the Trustee will have no
duty or liability for any failure hereunder to determine or prepare any
Additional Form 10-K Disclosure absent such reporting (other than with respect
to when it is the reporting party as set forth in Exhibit Q) and approval.
(B) No later than March 15th of each year that the Trust is
subject to the Exchange Act reporting requirements, commencing in 2007,
(i) the parties set forth in Exhibit Q shall be required to provide
pursuant to Section 3.16(a)(v) below to the Trustee and the Depositor,
to the extent known, in XXXXX-compatible format, or in such other form
as otherwise agreed upon by the Trustee and the Depositor and such
party, the form and substance of any Additional Form 10-K Disclosure,
if applicable, and (ii) the Depositor will approve, as to form and
substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-K Disclosure on Form 10-K. The Depositor will be
responsible for any reasonable out-of-pocket expenses incurred by the
Trustee in connection with including any Form 10-K Disclosure
Information on Form 10-K pursuant to this Section.
(C) After preparing the Form 10-K, the Trustee shall forward
electronically a draft copy of the Form 10-K to the Depositor and the
Master Servicer for review. No later than 12:00 p.m. New York City time
on the 4th Business Day prior to the 10-K Filing Deadline, a senior
officer of the Master Servicer shall sign the Form 10-K and return an
electronic or fax copy of such signed Form 10-K (with an original
executed hard copy to follow by overnight mail) to the Trustee. If a
Form 10-K cannot be filed on time or if a previously filed Form 10-K
needs to be amended, the Trustee will follow the procedures set forth
in Section 3.16(a)(vi). Promptly (but no later than one (1) Business
Day) after filing with the Commission, the Trustee will make available
on its internet website identified in Section 5.06 a final executed
copy of each Form 10-K. The signing party at the Master Servicer can be
contacted at 000-000-0000. The parties to this Agreement acknowledge
that the performance by the Trustee of its duties under Sections
3.16(a)(iv) related to the timely preparation and filing of Form 10-K
is contingent upon such parties strictly observing all applicable
deadlines in the performance of their duties under such Sections,
Section 3.13 and Section 3.14. The Trustee shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any
failure to properly prepare and/or timely file such Form 10-K, where
such failure results from the Trustee's inability or failure to
receive, on a timely basis, any information from any other party hereto
needed to prepare, arrange for execution or file such Form 10-K, not
resulting from its own negligence, bad faith or willful misconduct.
Subject to the foregoing, the Trustee has no duty under this Agreement
to monitor or enforce the performance by the other parties listed on
Exhibit Q of their duties under this paragraph or to proactively
solicit or procure from such parties any Additional Form 10-K
Disclosure information.
(D) Each Form 10-K shall include a certification (the
"Xxxxxxxx-Xxxxx Certification") required to be included therewith
pursuant to the Xxxxxxxx-Xxxxx Act. The Trustee shall, and the Master
Servicer shall cause any subservicer or subcontractor engaged by it to,
provide to the Person who signs the Xxxxxxxx-Xxxxx Certification (the
"Certifying Person"), by March 15 of each year in which the Trust is
subject to the reporting requirements of the Exchange Act and otherwise
within a reasonable period of time upon request, a certification (each,
a "Back-Up Certification"), in the form attached hereto as Exhibit K,
upon which the Certifying Person, the entity for which the Certifying
Person acts as an officer, and such entity's officers, directors and
Affiliates (collectively with the Certifying Person, "Certification
Parties") can reasonably rely. The senior officer of the Master
Servicer shall serve as the Certifying Person on behalf of the Trust.
Such officer of the Certifying Person can be contacted at 000-000-0000.
In the event the Trustee is terminated or resigns pursuant to the terms
of this Agreement, the Trustee shall provide a Back-Up Certification to
the Certifying Person pursuant to this Section 3.16(a)(iv) with respect
to the period of time it was subject to this Agreement.
(v) With respect to any Additional Form 10-D Disclosure,
Additional Form 10-K Disclosure or any Form 8-K Disclosure Information
(collectively, the "Additional Disclosure") relating to the Trust Fund in the
form attached hereto as Exhibit R, the Trustee's obligation to include such
Additional Information in the applicable Exchange Act report is subject to
receipt from the entity that is indicated in Exhibit Q as the responsible party
for providing that information, if other than the Trustee, as and when required
as described in Section 3.16(a)(i) through (iv) above. Each of the Master
Servicer, Sponsor, and Depositor hereby agree to notify and provide to the
extent known to the Trustee and the Depositor all Additional Disclosure relating
to the Trust Fund, with respect to which such party is indicated in Exhibit Q as
the responsible party for providing that information. Within five Business Days
of each Distribution Date of each year that the Trust is subject to the Exchange
Act reporting requirements, the Depositor shall make available to the Trustee
the related Significance Estimate and the Trustee shall use such information to
calculate the related Significance Percentage. If the Significance Percentage
meets either of the threshold levels detailed in Item 1115(b)(1) or 1115(b)(2)
of Regulation AB, the Trustee shall deliver written notification to the
Depositor, the Yield Maintenance Agreement Provider and the Swap Provider to
that effect. The Trustee shall request and the Depositor shall obtain from the
Yield Maintenance Agreement Provider and the Swap Provider any information
required under Regulation AB to the extent required under the Swap Agreement and
Yield Maintenance Agreement. The Depositor will be obligated pursuant to the
Swap Agreement and Yield Maintenance Agreement to provide to the Trustee any
information that may be required to be included in any Form 10-D, Form 8-K or
Form 10-K or written notification instructing the Trustee that such Additional
Disclosure regarding the Yield Maintenance Agreement Provider and Swap Provider
is not necessary for such Distribution Date. The Master Servicer shall be
responsible for determining the pool concentration applicable to any subservicer
or originator at any time.
(vi) (A) On or prior to January 30 of the first year in
which the Trustee is able to do so under applicable law, the Trustee shall file
a Form 15 relating to the automatic suspension of reporting in respect of the
Trust under the Exchange Act.
(B) In the event that the Trustee is unable to timely file
with the Commission all or any required portion of any Form 8-K, 10-D
or 10-K required to be filed by this Agreement because required
disclosure information was either not delivered to it or delivered to
it after the delivery deadlines set forth in this Agreement or for any
other reason, the Trustee will immediately notify the Depositor and the
Master Servicer. In the case of Form 10-D and 10-K, the Depositor,
Master Servicer and Trustee will cooperate to prepare and file a Form
12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of
the Exchange Act. In the case of Form 8-K, the Trustee will, upon
receipt of all required Form 8-K Disclosure Information and upon the
approval and direction of the Depositor, include such disclosure
information on the next Form 10-D. In the event that any previously
filed Form 8-K, 10-D or 10-K needs to be amended, the Trustee will
notify the Depositor and the Master Servicer and such parties will
cooperate to prepare any necessary 8-KA, 10-DA or 10-KA. Any Form 15,
Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed
by a senior officer of the Master Servicer. The Depositor and Master
Servicer acknowledge that the performance by the Trustee of its duties
under this Section 3.16(a)(vi) related to the timely preparation and
filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or
10-K is contingent upon the Master Servicer and the Depositor
performing their duties under this Section. The Trustee shall have no
liability for any loss, expense, damage, claim arising out of or with
respect to any failure to properly prepare and/or timely file any such
Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
where such failure results from the Trustee's inability or failure to
receive, on a timely basis, any information from any other party hereto
needed to prepare, arrange for execution or file such Form 15, Form
12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from
its own negligence, bad faith or willful misconduct.
The Depositor agrees to promptly furnish to the Trustee, from time to
time upon request, such further information, reports and financial statements
within its control related to this Agreement, the Mortgage Loans as the Trustee
reasonably deems appropriate to prepare and file all necessary reports with the
Commission. The Trustee shall have no responsibility to file any items other
than those specified in this Section 3.16; provided, however, the Trustee shall
cooperate with the Depositor in connection with any additional filings with
respect to the Trust Fund as the Depositor deems necessary under the Exchange
Act. Copies of all reports filed by the Trustee under the Exchange Act shall be
sent to: the Depositor c/o Bear, Xxxxxxx & Co. Inc., Attn: Managing Director
Analysis and Control, Xxx Xxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxx 00000-0000.
Fees and expenses incurred by the Trustee in connection with this Section 3.16
shall not be reimbursable from the Trust Fund.
(b) In connection with the filing of any 10-K hereunder, the Trustee
shall sign a Back-Up Certification substantially in the form attached hereto as
Exhibit K for the Depositor regarding certain aspects of the Form 10-K
certification signed by the Master Servicer; provided, however, the Trustee
shall not be required to undertake an analysis of any accountant's report
attached as an exhibit to the Form 10-K.
(c) The Trustee shall indemnify and hold harmless the Depositor and its
officers, directors and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon a
breach of the Trustee's obligations under Section 3.13, Section 3.14 and Section
3.16 or the Trustee's negligence, bad faith or willful misconduct in connection
therewith.
The Depositor shall indemnify and hold harmless the Trustee and its
officers, directors and affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon a
breach of the obligations of the Depositor under Section 3.13, Section 3.14 and
Section 3.16 or the Depositor's negligence, bad faith or willful misconduct in
connection therewith.
The Master Servicer shall indemnify and hold harmless the Trustee and
the Depositor and their respective officers, directors and affiliates from and
against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach of the obligations of the Master Servicer
under Section 3.13, Section 3.14 and Section 3.16 or the Master Servicer's
negligence, bad faith or willful misconduct in connection therewith.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Master Servicer, Depositor or the Trustee, as
applicable, then the defaulting party, in connection with a breach of its
respective obligations under Section 3.13, Section 3.14 and Section 3.16 or its
respective negligence, bad faith or willful misconduct in connection therewith,
agrees that it shall contribute to the amount paid or payable by the other
parties as a result of the losses, claims, damages or liabilities of the other
party in such proportion as is appropriate to reflect the relative fault and the
relative benefit of the respective parties.
(d) Nothing shall be construed from the foregoing subsections (a), (b)
and (c) to require the Trustee or any officer, director or Affiliate thereof to
sign any Form 10-K or any certification contained therein. Furthermore, the
inability of the Trustee to file a Form 10-K as a result of the lack of required
information as set forth in Section 3.16(a) or required signatures on such Form
10-K or any certification contained therein shall not be regarded as a breach by
the Trustee of any obligation under this Agreement.
(e) Notwithstanding the provisions of Section 11.01, this Section 3.16
may be amended without the consent of the Certificateholders.
Section 3.17 INTENTION OF THE PARTIES AND INTERPRETATION.
Each of the parties acknowledges and agrees that the purpose of
Sections 3.13, 3.14 and 3.16 of this Agreement is to facilitate compliance by
the Seller and the Depositor with the provisions of Regulation AB. Therefore,
each of the parties agrees that (a) the obligations of the parties hereunder
shall be interpreted in such a manner as to accomplish that purpose, (b) the
parties' obligations hereunder will be supplemented and modified as necessary to
be consistent with any such amendments, interpretive advice or guidance,
convention or consensus among active participants in the asset-backed securities
markets, advice of counsel, or otherwise in respect of the requirements of
Regulation AB, (c) the parties shall comply with reasonable requests made by the
Seller or the Depositor for delivery of additional or different information as
the Seller or the Depositor may determine in good faith is necessary to comply
with the provisions of Regulation AB, and (d) no amendment of this Agreement
shall be required to effect any such changes in the parties' obligations as are
necessary to accommodate evolving interpretations of the provisions of
Regulation AB.
Section 3.18 UCC.
The Sponsor shall file any financing statements, continuation
statements or amendments thereto required by any change in the Uniform
Commercial Code.
Section 3.19 OPTIONAL PURCHASE OF CERTAIN MORTGAGE LOANS.
With respect to any Mortgage Loans which as of the first day of a
Fiscal Quarter is delinquent in payment by 90 days or more or is an REO
Property, the Sponsor shall have the right to purchase any Mortgage Loan from
the Trust which becomes 90 days or more delinquent or becomes an REO Property at
a price equal to the Purchase Price; provided however (i) that such Mortgage
Loan is still 90 days or more delinquent or is an REO Property as of the date of
such purchase and (ii) this purchase option, if not theretofore exercised, shall
terminate on the date prior to the last day of the related Fiscal Quarter. This
purchase option, if not exercised, shall not be thereafter reinstated unless the
delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or
more delinquent or becomes an REO Property, in which case the option shall again
become exercisable as of the first day of the related Fiscal Quarter.
In addition, the Sponsor shall, at its option, purchase any Mortgage
Loan from the Trust if the first Due Date for such Mortgage Loan is subsequent
to the Cut-off Date and the initial Scheduled Payment is not made within thirty
(30) days of such Due Date. Such purchase shall be made at a price equal to the
Purchase Price.
If at any time the Sponsor remits to the Master Servicer a payment for
deposit in the Protected Account covering the amount of the Purchase Price for
such a Mortgage Loan, and the Sponsor provides to the Trustee a certification
signed by a Servicing Officer stating that the amount of such payment has been
deposited in the Protected Account, then the Trustee shall execute the
assignment of such Mortgage Loan prepared and delivered to the Trustee, at the
request of the Sponsor, without recourse, representation or warranty, to the
Sponsor 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 Sponsor
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.
Section 3.20 OBLIGATIONS OF THE MASTER SERVICER IN RESPECT OF
MORTGAGE RATES AND SCHEDULED PAYMENTS.
In the event that a shortfall in any collection on or liability with
respect to any Mortgage Loan results from or is attributable to adjustments to
Mortgage Rates, Scheduled Payments or Stated Principal Balances that were made
by the Master Servicer in a manner not consistent with the terms of the related
Mortgage Note and this Agreement, the Master Servicer, upon discovery or receipt
of notice thereof, immediately shall deliver to the Trustee for deposit in the
Distribution Account from its own funds the amount of any such shortfall and
shall indemnify and hold harmless the Trust Fund, the Trustee, the Depositor and
any successor Master Servicer in respect of any such liability. Such indemnities
shall survive the termination or discharge of this Agreement. Notwithstanding
the foregoing, this Section 3.20 shall not limit the ability of the Master
Servicer to seek recovery of any such amounts from the related Mortgagor under
the terms of the related Mortgage Note and Mortgage, to the extent permitted by
applicable law.
Section 3.21 RESERVE FUND; PAYMENTS TO AND FROM DERIVATIVE
ADMINISTRATOR; SUPPLEMENTAL INTEREST TRUST.
(a) As of the Closing Date, the Trustee shall establish and maintain in
the name of the Supplemental Interest Trust, a separate trust for the benefit of
the Holders of the Class A Certificates and Class M Certificates and the Swap
Provider. The Supplemental Interest Trust shall hold the Swap Agreement, the
Yield Maintenance Agreement, the Derivative Administration Agreement and
Derivative Account. The Derivative Account shall be an Eligible Account, and
funds on deposit therein shall be held separate and apart from, and shall not be
commingled with, any other moneys, including, without limitation, other moneys
of the Trustee held pursuant to this Agreement. In performing its duties
hereunder and under the Swap Agreement, Yield Maintenance Agreement and
Derivative Administration Agreement, the Supplemental Interest Trust Trustee
shall be entitled to the same rights, protections and indemnities as provided to
the Trustee hereunder.
(b) On or before the Closing Date, the Trustee shall establish a
Reserve Fund on behalf of the Holders of the Certificates. On the Closing Date,
the Depositor shall cause an amount equal to the Reserve Fund Deposit to be
deposited into the Reserve Fund. The Reserve Fund must be an Eligible Account.
The Reserve Fund shall be entitled "Reserve Fund, LaSalle Bank National
Association as Trustee for the benefit of holders of Bear Xxxxxxx Asset Backed
Securities I LLC, Asset-Backed Certificates, Series 2006-EC2". The Trustee shall
deposit in the Reserve Fund all payments received from the Derivative
Administrator that are payable to the Trust Fund pursuant to the Derivative
Administration Agreement. On each Distribution Date the Trustee shall remit such
amounts received from the Derivative Administrator to the Holders of the Class A
Certificates and Class M Certificates in the manner provided in clause (d)
below. In addition, on each Distribution Date as to which there is a Basis Risk
Shortfall Carry Forward Amount payable to any Class of Class A Certificates
and/or Class M Certificates, the Trustee shall deposit the amounts distributable
pursuant to clauses (C) and (D) of Section 5.04(a)(3) into the Reserve Fund, and
the Trustee has been directed by the Class CE Certificateholder to distribute
amounts in respect of the Basis Risk Shortfall Carry Forward Amount to the
Holders of the Class A and/or Class M Certificates in the priorities set forth
in clauses (C) and (D) of Section 5.04(a)(3). Any amount paid to the Holders of
Class A Certificates and/or Class M Certificates pursuant to the preceding
sentence in respect of the Basis Risk Shortfall Carry Forward Amount from
amounts distributable pursuant to clauses (C) and (D) of Section 5.04(a)(3)
shall be treated as distributed to the Class CE Certificateholder in respect of
the Class CE Certificates and paid by the Class CE Certificateholder to the
Holders of the Class A Certificates and/or Class M Certificates. Any payments to
the Holders of the Class A Certificates and/or Class M Certificates in respect
of Basis Risk Shortfall Carry Forward Amount, whether pursuant to the second
preceding sentence or pursuant to subsection (d) below, shall not be payments
with respect to a Regular Interest in a REMIC within the meaning of Code Section
860(G)(a)(1).
(c) Net Swap Payments and Swap Termination Payments (other than Swap
Termination Payments resulting from a Swap Provider Trigger Event and to the
extent not paid by the Derivative Administrator on behalf of the Supplemental
Interest Trust Trustee from any upfront payment received pursuant to any
replacement interest rate swap agreement that may be entered into by the
Supplemental Interest Trust Trustee) payable by the Derivative Administrator, on
behalf of the Supplemental Interest Trust Trustee, to the Swap Provider pursuant
to the Swap Agreement shall be deducted from Interest Funds, and to the extent
of any such remaining amounts due, from Principal Funds, prior to any
distributions to the Certificateholders. On or before each Distribution Date,
such amounts shall be remitted to the Derivative Administrator, and deposited
into the Derivative Account, first to make any Net Swap Payment owed to the Swap
Provider pursuant to the Swap Agreement for such Distribution Date and for prior
Distribution Dates, if any, and second to make any Swap Termination Payment (not
due to a Swap Provider Trigger Event and to the extent not paid by the
Derivative Administrator on behalf of the Supplemental Interest Trust Trustee
from any upfront payment received pursuant to any replacement interest rate swap
agreement that may be entered into by the Supplemental Interest Trust Trustee)
owed to the Swap Provider pursuant to the Swap Agreement for such Distribution
Date and for prior Distribution Dates, if any. In addition, the Trustee shall
remit to the Derivative Administrator for payment to the Swap Provider any Swap
Termination Payment (which shall include any Net Swap Payment payable to the
Swap Provider) payable under Section 10.01. For federal income tax purposes,
such amounts paid to the Supplemental Interest Trust on each Distribution Date
shall first be deemed paid to the Supplemental Interest Trust in respect of
REMIC VI Regular Interest IO to the extent of the amount distributable on such
REMIC VI Regular Interest IO on such Distribution Date, and any remaining amount
shall be deemed paid to the Supplemental Interest Trust in respect of a Class IO
Distribution Amount. Any Swap Termination Payment triggered by a Swap Provider
Trigger Event owed to the Swap Provider pursuant to the Swap Agreement will be
subordinated to distributions to the Holders of the Class A Certificates and
Class M Certificates and shall be paid as set forth under Section 5.04(a)(3).
(d) On or before each Distribution Date, Net Swap Payments payable by
the Swap Provider pursuant to the Swap Agreement, and payments payable by the
Yield Maintenance Agreement Provider under the Yield Maintenance Agreement, in
each case to the Derivative Administrator, on behalf of the Supplemental
Interest Trust Trustee, will be deposited by the Derivative Administrator,
acting on behalf of the Supplemental Interest Trust Trustee, into the Derivative
Account pursuant to the Derivative Administration Agreement. The Derivative
Administrator shall, to the extent provided in the Derivative Administration
Agreement, remit amounts on deposit in the Derivative Account to the Trustee for
deposit into the Reserve Fund. On each Distribution Date, to the extent
required, the Trustee shall withdraw such amounts from the Reserve Fund to
distribute to the Certificates in the following order of priority:
(i) FIRST, to each Class of Class A Certificates, on a PRO
RATA basis, to pay Current Interest and any Interest Carry Forward
Amount to the extent due to the interest portion of a Realized Loss, in
each case to the extent not fully paid pursuant to Section 5.04(a)(1);
(ii) SECOND, sequentially to the Class X-0, Xxxxx X-0, Class
M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9
and Class M-10 Certificates, in that order, to pay Current Interest to
the extent not fully paid pursuant to Section 5.04(a)(1) and any
Interest Carry Forward Amount to the extent due to the interest portion
of a Realized Loss;
(iii) THIRD, to pay first, to each Class of Class A
Certificates, on a PRO RATA basis, based on the amount of Basis Risk
Shortfall Carry Forward Amount for each such Class, and second,
sequentially to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class
M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, in that order, any Basis Risk Shortfall Carry Forward
Amounts for such Distribution Date; and
(iv) fourth, to pay as principal to the Class A Certificates
and Class M Certificates to be applied as part of the Extra Principal
Distribution Amount payable under Section 5.04(a)(2) to the extent that
the Overcollateralization Amount is reduced below the
Overcollateralization Target Amount, as a result of Realized Losses and
to the extent not paid by Excess Spread pursuant to Section 5.04(a)(4)
for such Distribution Date. For the avoidance of doubt, any amounts
distributable pursuant to this clause (iv) shall be limited to
rebuilding overcollateralization to the extent overcollateralization
has been reduced through Realized Losses.
(e) The Reserve Fund is an "outside reserve fund" within the meaning of
Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund
but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the
nominal owner of the Reserve Fund. The Class CE Certificateholder shall be the
beneficial owner of the Reserve Fund, subject to the power of the Trustee to
transfer amounts under Section 5.04. Amounts in the Reserve Fund shall, at the
direction of the Class CE Certificateholder, be invested in Permitted
Investments that mature no later than the Business Day prior to the next
succeeding Distribution Date. All net income and gain from such investments
shall be distributed to the Class CE Certificateholder, not as a distribution in
respect of any interest in any REMIC, on such Distribution Date. All amounts
earned on amounts on deposit in the Reserve Fund shall be taxable to the Class
CE Certificateholder. Any losses on such investments shall be deposited in the
Reserve Fund by the Class CE Certificateholder out of its own funds immediately
as realized. The Derivative Account, which is created and maintained by the
Derivative Administrator pursuant to the Derivative Administration Agreement, is
an "outside reserve fund" within the meaning of Treasury Regulation Section
1.860G-2(h) and shall not be an asset of any REMIC created hereunder. The
beneficial owner of the Derivative Account is identified, and other matters
relating to the Derivative Account are addressed, in the Derivative
Administration Agreement.
(f) The Trustee shall treat the Holders of Certificates (other than the
Class P, Class CE and Class R Certificates) as having entered into a notional
principal contract with respect to the Holders of the Class CE Certificates.
Pursuant to each such notional principal contract, all Holders of Certificates
(other than the Class P, Class CE and Class R Certificates) shall be treated as
having agreed to pay, on each Distribution Date, to the Holder of the Class CE
Certificates an aggregate amount equal to the excess, if any, of (i) the amount
payable on such Distribution Date on the REMIC III Regular Interest
corresponding to such Class of Certificates over (ii) the amount payable on such
Class of Certificates on such Distribution Date (such excess, a "Class IO
Distribution Amount"). A Class IO Distribution Amount payable from interest
collections shall be allocated PRO RATA among such Certificates based on the
excess of, with respect to each such Certificate, (i) the amount of interest
otherwise payable to the REMIC III Regular Interest relating to such Certificate
over (ii) the amount of interest payable to such Certificate at a per annum rate
equal to the Net Rate Cap, and a Class IO Distribution Amount payable from
principal collections shall be allocated to the most subordinate Class of
Certificates with an outstanding principal balance to the extent of such
balance. In addition, pursuant to such notional principal contract, the Holder
of the Class CE Certificates shall be treated as having agreed to pay Basis Risk
Shortfall Carry Forward Amounts to the Holders of the Certificates (other than
the Class CE, Class P and Class R Certificates) in accordance with the terms of
this Agreement. Any payments to the Certificates from amounts deemed received in
respect of this notional principal contract shall not be payments with respect
to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).
However, any payment from the Certificates (other than the Class CE, Class P and
Class R Certificates) of a Class IO Distribution Amount shall be treated for tax
purposes as having been received by the Holders of such Certificates in respect
of their interests in REMIC III and as having been paid by such Holders to the
Derivative Administrator pursuant to the notional principal contract. Thus, each
Certificate (other than the Class P and Class R Certificates) shall be treated
as representing not only ownership of Regular Interests in REMIC III, but also
ownership of an interest in, and obligations with respect to, a notional
principal contract.
Section 3.22 TAX TREATMENT OF CLASS IO DISTRIBUTION AMOUNTS IN THE
EVENT OF RESECURITIZATION OF CLASS A CERTIFICATES OR CLASS M CERTIFICATES.
In the event that any Class A Certificate or Class M Certificate is
resecuritized in a REMIC (the "Resecuritization REMIC"), for federal income tax
purposes, (i) payments on the REMIC III Regular Interest corresponding to such
Class A Certificate or Class M Certificate shall, for the avoidance of doubt, be
deemed to include the related Class IO Distribution Amount, and (ii) to the
extent provided in the operative documents for the Resecuritization REMIC, (a)
payments on the "regular interests" issued by the Resecuritization REMIC shall
be deemed to include in the aggregate such Class IO Distribution Amount, and (b)
such Class IO Distribution Amount shall be deemed paid to the holder of the
Class CE Certificates pursuant to a notional principal contract entered into by
the holders of one or more "regular interests" issued by the Resecuritization
REMIC ("Resecuritization Holders") and the Holder of the Class CE Certificates.
In such event, Class IO Distribution Amounts deemed paid by Resecuritization
Holders under clause (b) of the immediately preceding sentence shall be paid on
behalf of such Holders pursuant to Section 3.21(c) hereof.
Section 3.23 ADVANCING FACILITY.
(a) The Master Servicer and/or the Trustee on behalf of the Trust Fund,
in either case, with the consent of the Master Servicer in the case of the
Trustee and, in each case, with notice to the Rating Agencies, is hereby
authorized to enter into a facility (the "Advancing Facility") with any Person
which provides that such Person (an "Advancing Person") may fund Advances and/or
Servicing Advances to the Trust Fund under this Agreement, although no such
facility shall reduce or otherwise affect the Master Servicer's obligation to
fund such Advances and/or Servicing Advances. If the Master Servicer enters into
such an Advancing Facility pursuant to this Section 3.23, upon reasonable
request of the Advancing Person, the Trustee shall execute a letter of
acknowledgment, confirming its receipt of notice of the existence of such
Advancing Facility. To the extent that an Advancing Person funds any Advance or
any Servicing Advance and provides the Trustee with notice acknowledged by the
Servicer that such Advancing Person is entitled to reimbursement, such Advancing
Person shall be entitled to receive reimbursement pursuant to this Agreement for
such amount to the extent provided in Section 3.23(b). Such notice from the
Advancing Person must specify the amount of the reimbursement, the Section of
this Agreement that permits the applicable Advance or Servicing Advance to be
reimbursed and the section(s) of the Advancing Facility that entitle the
Advancing Person to request reimbursement from the Trustee, rather than the
Master Servicer, and include the Master Servicer's acknowledgment thereto or
proof of an Event of Default under the Advancing Facility. The Trustee shall
have no duty or liability with respect to any calculation of any reimbursement
to be paid to an Advancing Person and shall be entitled to rely without
independent investigation on the Advancing Person's notice provided pursuant to
this Section 3.23. 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 8.02 hereof and will not be deemed to be a subservicer under this
Agreement.
(b) If an Advancing Facility is entered into, then the Master Servicer
shall not be permitted to reimburse itself therefor under Section 4.02(a)(ii),
Section 4.02(a)(iii) and Section 4.02(a)(v) prior to the remittance to the Trust
Fund, but instead the Master Servicer shall include such amounts in the
applicable remittance to the Trustee made pursuant to Section 4.02. The Trustee
is hereby authorized to pay to the Advancing Person, reimbursements for Advances
and Servicing Advances from the Distribution Account to the same extent the
Master Servicer would have been permitted to reimburse itself for such Advances
and/or Servicing Advances in accordance with Section 4.02(a)(ii), Section
4.02(a)(iii) or Section 4.02(a)(v), as the case may be, had the Master Servicer
itself funded such Advance or Servicing Advance. The Trustee is hereby
authorized to pay directly to the Advancing Person such portion of the Servicing
Fee as the parties to any advancing facility agree.
(c) All Advances and Servicing Advances made pursuant to the terms of
this Agreement shall be deemed made and shall be reimbursed on a "first in-first
out" (FIFO) basis.
(d) Any amendment to this Section 3.23 or to any other provision of
this Agreement that may be necessary or appropriate to effect the terms of an
Advancing Facility as described generally in this Section 3.23, including
amendments to add provisions relating to a successor master servicer, may be
entered into by the Trustee and the Master Servicer without the consent of any
Certificateholder, notwithstanding anything to the contrary in this Agreement.
Section 3.24 SPECIAL SERVICER.
On any Distribution Date on which (1) the servicer rating for the
Master Servicer is downgraded by a full rating category from its rating as of
the Closing Date by any of S&P, Xxxxx'x and Fitch and (2) a Special Servicer
Trigger is in effect for such Distribution Date, the Majority Class CE
Certificateholder or its designee shall have the option to direct the Master
Servicer to appoint a special servicer to service all of the Mortgage Loans that
are 91 days or more Delinquent as of such Distribution Date ("Special Servicer
Delinquent Loans"). In addition, on each of the next three Distribution Dates
and for every Distribution Date occurring in the last month of each Fiscal
Quarter thereafter, if a Special Servicing Trigger is in effect the Majority
Class CE Certificateholder shall have the option to direct the Master Servicer
to transfer any additional Special Servicer Delinquent Loans as of such
Distribution Dates to the special servicer.
The special servicer appointed at the direction of the Majority Class
CE Certificateholder or its designee shall be rated in the two highest special
servicer rankings by Xxxxx'x and such special servicer shall be a "Select
Special Servicer" as set forth in S&P's criteria. Such special servicer shall be
entitled to any Servicing Fees (including any related late payment charges)
payable to the Master Servicer with respect to any Special Servicer Delinquent
Loan the special servicer is servicing. In the event that a special servicer is
appointed, the Trustee shall provide prompt written notice to the Rating
Agencies of such appointment. The special servicer shall comply in all respects
with, and shall service such Special Servicer Delinquent Loans in accordance
with, this Agreement to the same extent that the Master Servicer is required to
under this Agreement. The special servicer shall indemnify the Master Servicer
for any losses, liabilities or damages incurred by the Master Servicer as a
result of the special servicer's servicing of any Special Servicer Delinquent
Loan and shall reimburse the Master Servicer for any and all Advances, out of
pocket expenses and accrued Servicing Fees made with respect to such Special
Servicer Delinquent Loans transferred to the special servicer.
ARTICLE IV
ACCOUNTS
Section 4.01 COLLECTION OF MORTGAGE LOAN PAYMENTS; PROTECTED
ACCOUNT.
(a) The Master Servicer shall make reasonable efforts in accordance
with customary and usual standards of practice of prudent mortgage lenders in
the respective states in which the Mortgaged Properties are located to collect
all payments called for under the terms and provisions of the Mortgage Loans to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Required Insurance Policy. Consistent with the
foregoing, the Master Servicer may in its discretion (i) waive any late payment
charge and (ii) extend the due dates for payments due on a Mortgage Note for a
period not greater than 125 days. In the event of any such arrangement, the
Master Servicer shall make 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, and shall be
entitled to reimbursement therefor in accordance with Section 5.01. The Master
Servicer shall not be required to institute or join in litigation with respect
to collection of any payment (whether under a Mortgage, Mortgage Note or
otherwise or against any public or governmental authority with respect to a
taking or condemnation) if it reasonably believes that enforcing the provision
of the Mortgage or other instrument pursuant to which such payment is required
is prohibited by applicable law. In addition, if (x) a Mortgage Loan is in
default or default is reasonably foreseeable or (y) the Master Servicer delivers
to the Trustee a certification addressed to the Trustee, based on the advice of
counsel or certified public accountants, in either case, that have a national
reputation with respect to taxation of REMICs, that a modification of such
Mortgage Loan will not result in the imposition of taxes on or disqualify from
REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI,
the Master Servicer may, (A) amend the related Mortgage Note to reduce the
Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall
in no event be lower than 5.00% with respect to any Mortgage Loan and (B) amend
any Mortgage Note to extend the maturity thereof.
With respect to Mortgage Loans affected by Hurricane Xxxxxxx, if the
Mortgaged Property is located in public and individual assistance counties as
designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master
Servicer may cease charging of late fees and credit reporting activity for
Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may
extend such period as long as necessary. In addition, the Master Servicer may
suspend foreclosure and bankruptcy activity relating to certain Mortgage Loans
and if reasonably prudent, may extend such period as long as necessary.
The Master Servicer shall not waive (or permit a sub-servicer to waive)
any Prepayment Charge unless: (i) the enforceability thereof shall have been
limited by bankruptcy, insolvency, moratorium, receivership and other similar
laws relating to creditors' rights generally, (ii) the enforcement thereof is
illegal, or any local, state or federal agency has threatened legal action if
the prepayment penalty is enforced, (iii) the mortgage debt has been accelerated
in connection with a foreclosure or other involuntary payment or (iv) such
waiver is standard and customary in servicing similar Mortgage Loans and relates
to a default or a reasonably foreseeable default and would, in the reasonable
judgment of the Master Servicer, maximize recovery of total proceeds taking into
account the value of such Prepayment Charge and the related Mortgage Loan. If a
Prepayment Charge is waived, but does not meet the standards described above,
then the Master Servicer is required to pay the amount of such waived Prepayment
Charge, for the benefit of the Class P Certificates, by remitting such amount to
the Trustee by the Distribution Account Deposit Date.
(b) The Master Servicer shall establish and maintain a Protected
Account (which shall at all times be an Eligible Account) with a depository
institution in the name of the Master Servicer for the benefit of the Trustee on
behalf of the Certificateholders and designated "EMC Mortgage Corporation, as
Master Servicer, for the benefit of LaSalle Bank National Association, in trust
for registered Holders of Bear Xxxxxxx Asset Backed Securities I LLC,
Asset-Backed Certificates, Series 2006-EC2". The Master Servicer shall deposit
or cause to be deposited into the Protected Account on a daily basis within two
Business Days of receipt and identification, 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 due on the Mortgage Loans
on or before the Cut-off Date) and the following amounts required to be
deposited hereunder:
(i) all payments on account of principal, including Principal
Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans
net of the Servicing Fee permitted under Section 3.10 and LPMI Fees, if
any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and
Insurance Proceeds, other than proceeds to be applied to the
restoration or repair of the Mortgaged Property or released to the
Mortgagor in accordance with the Master Servicer's normal servicing
procedures;
(iv) any amount required to be deposited by the Master
Servicer pursuant to Section 4.01(c) in connection with any losses on
Permitted Investments;
(v) any amounts required to be deposited by the Master
Servicer pursuant to Section 3.05;
(vi) any Prepayment Charges collected on the Mortgage Loans;
and
(vii) any other amounts required to be deposited hereunder.
The foregoing requirements for remittance by the Master Servicer into
the Protected Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, payments in the nature of late
payment charges or assumption fees, if collected, need not be remitted by the
Master Servicer. In the event that the Master Servicer shall remit any amount
not required to be remitted and not otherwise subject to withdrawal pursuant to
Section 4.02, it may at any time withdraw or direct the institution maintaining
the Protected Account, to withdraw such amount from the Protected Account, any
provision herein to the contrary notwithstanding. Such withdrawal or direction
may be accomplished by delivering written notice thereof to the institution
maintaining the Protected Account, that describes the amounts deposited in error
in the Protected Account. The Master Servicer shall maintain adequate records
with respect to all withdrawals made pursuant to this Section. Reconciliations
will be prepared for the Protected Account within 45 calendar days after the
bank statement cut-off date. All items requiring reconciliation will be resolved
within 90 calendar days of their original identification. All funds deposited in
the Protected Account shall be held in trust for the Certificateholders until
withdrawn in accordance with Section 4.02.
(c) The institution that maintains the Protected Account shall invest
the funds in the Protected Account, in the manner directed by the Master
Servicer, in Permitted Investments which shall mature not later than the
Remittance Date and shall not be sold or disposed of prior to its maturity. All
such Permitted Investments shall be made in the name of the Trustee, for the
benefit of the Certificateholders. All income and gain net of any losses
realized from any such investment shall be for the benefit of the Master
Servicer as servicing compensation and shall be remitted to it monthly as
provided herein. The amount of any losses incurred in the Protected Account in
respect of any such investments shall be deposited by the Master Servicer into
the Protected Account, out of the Master Servicer's own funds.
(d) The Master Servicer shall give at least 30 days advance notice to
the Trustee, the Sellers, each Rating Agency and the Depositor of any proposed
change of location of the Protected Account prior to any change thereof.
Section 4.02 PERMITTED WITHDRAWALS FROM THE PROTECTED ACCOUNT.
(a) The Master Servicer may from time to time make withdrawals from the
Protected Account for the following purposes:
(i) to pay itself (to the extent not previously paid to or
withheld by the Master Servicer), as servicing compensation in
accordance with Section 3.10, that portion of any payment of interest
that equals the Servicing Fee for the period with respect to which such
interest payment was made, and, as additional servicing compensation,
those other amounts set forth in Section 3.10;
(ii) to reimburse the Master Servicer for Advances made by it
with respect to the Mortgage Loans, provided, however, that the Master
Servicer's right of reimbursement pursuant to this subclause (ii) shall
be limited to amounts received on particular Mortgage Loan(s)
(including, for this purpose, Liquidation Proceeds, Insurance Proceeds
and Subsequent Recoveries) that represent late recoveries of payments
of principal and/or interest on such particular Mortgage Loan(s) in
respect of which any such Advance was made;
(iii) to reimburse the Master Servicer for any previously made
portion of a Servicing Advance or an Advance made by the Master
Servicer that, in the good faith judgment of the Master Servicer, will
not be ultimately recoverable by it from the related Mortgagor, any
related Liquidation Proceeds, Insurance Proceeds or otherwise (a
"Nonrecoverable Advance"), to the extent not reimbursed pursuant to
clause (ii) or clause (v);
(iv) to reimburse the Master Servicer from Insurance Proceeds
for Insured Expenses covered by the related Insurance Policy;
(v) to pay the Master Servicer any unpaid Servicing Fees and
to reimburse it for any unreimbursed Servicing Advances, provided,
however, that the Master Servicer's right to reimbursement for
Servicing Advances pursuant to this subclause (v) with respect to any
Mortgage Loan shall be limited to amounts received on particular
Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds,
Insurance Proceeds, Subsequent Recoveries and purchase and repurchase
proceeds) that represent late recoveries of the payments for which such
Servicing Advances were made;
(vi) to pay to the Sponsor, with respect to each Mortgage Loan
or property acquired in respect thereof that has been purchased
pursuant to Section 2.02, 2.03 or 3.19 of this Agreement, all amounts
received thereon and not taken into account in determining the related
Stated Principal Balance of such repurchased Mortgage Loan;
(vii) to pay any expenses recoverable by the Master Servicer
pursuant to Section 7.04 of this Agreement;
(viii) to withdraw pursuant to Section 4.01 any amount
deposited in the Protected Account and not required to be deposited
therein; and
(ix) to clear and terminate the Protected Account upon
termination of this Agreement pursuant to Section 10.01 hereof.
In addition, no later than 10:00 a.m. Eastern time on the Distribution
Account Deposit Date, the Master Servicer shall withdraw from the Protected
Account and remit to the Trustee the amount of Interest Funds (without taking
into account any reduction in the amount of Interest Funds attributable to the
application of clause (c) of the definition thereof contained in Article I of
this Agreement) and Principal Funds collected, to the extent on deposit, and the
Trustee shall deposit such amount in the Distribution Account. In addition, on
or before the Distribution Account Deposit Date, the Master Servicer shall remit
to the Trustee for deposit in the Distribution Account any Advances or any
payments of Compensating Interest required to be made by the Master Servicer
with respect to the Mortgage Loans. Furthermore, on each Distribution Account
Deposit Date, the Master Servicer shall remit to the Trustee all Prepayment
Charges collected by the Master Servicer with respect to the Mortgage Loans
during the related Prepayment Period.
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 Protected Account pursuant to subclauses (i), (ii), (iv),
(v), (vi) and (vii) above. Prior to making any withdrawal from the Protected
Account pursuant to subclause (iii), the Master Servicer shall deliver to the
Trustee an Officer's Certificate of a Servicing Officer indicating the amount of
any previous Advance or Servicing Advance determined by the Master Servicer to
be a Nonrecoverable Advance and identifying the related Mortgage Loan(s), and
their respective portions of such Nonrecoverable Advance.
Section 4.03 COLLECTION OF TAXES; ASSESSMENTS AND SIMILAR ITEMS;
ESCROW ACCOUNTS.
With respect to each Mortgage Loan, to the extent required by the
related Mortgage Note, the Master Servicer shall establish and maintain one or
more accounts (each, an "Escrow Account") and deposit and retain therein all
collections from the Mortgagors (or advances by the Master Servicer) for the
payment of taxes, assessments, hazard insurance premiums or comparable items for
the account of the Mortgagors. Nothing herein shall require the Master Servicer
to compel a Mortgagor to establish an Escrow Account in violation of applicable
law.
Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to reimburse
the Master Servicer out of related collections for any payments made with
respect to each Mortgage Loan pursuant to Section 3.01 (with respect to taxes
and assessments and insurance premiums) and Section 3.05 (with respect to hazard
insurance), to refund to any Mortgagors for any Mortgage Loans any sums as may
be determined to be overages, to pay interest, if required by law or the terms
of the related Mortgage or Mortgage Note, to such Mortgagors on balances in the
Escrow Account or to clear and terminate the Escrow Account at the termination
of this Agreement in accordance with Section 10.01 thereof. The Escrow Account
shall not be a part of the Trust Fund.
Section 4.04 DISTRIBUTION ACCOUNT.
(a) The Trustee shall establish and maintain in the name of the
Trustee, for the benefit of the Certificateholders, the Distribution Account as
a segregated trust account or accounts.
(b) All amounts deposited to the Distribution Account shall be held by
the Trustee in the name of the Trustee in trust for the benefit of the
Certificateholders in accordance with the terms and provisions of this
Agreement.
(c) The Distribution Account shall constitute an Eligible Account of
the Trust Fund segregated on the books of the Trustee and held by the Trustee
and the Distribution Account and the funds deposited therein shall not be
subject to, and shall be protected from, all claims, liens, and encumbrances of
any creditors or depositors of the Trustee (whether made directly, or indirectly
through a liquidator or receiver of the Trustee). The amount at any time
credited to the Distribution Account may be invested in the name of the Trustee,
in such Permitted Investments, or deposited in demand deposits with such
depository institutions, as determined by the Trustee. All Permitted Investments
shall mature or be subject to redemption or withdrawal on or before, and shall
be held until, the next succeeding Distribution Date if the obligor for such
Permitted Investment is the Trustee or, if such obligor is any other Person, the
Business Day preceding such Distribution Date. All investment earnings on
amounts on deposit in the Distribution Account or benefit from funds uninvested
therein from time to time shall be for the account of the Trustee. The Trustee
shall be permitted to withdraw or receive distribution of any and all investment
earnings from the Distribution Account on each Distribution Date. If there is
any loss on a Permitted Investment or demand deposit, the Trustee shall deposit
the amount of the loss from its own funds in the Distribution Account not later
than the applicable Distribution Date on which the moneys so invested are
required to be distributed to the Certificateholders. With respect to the
Distribution Account and the funds deposited therein, the Trustee shall take
such action as may be necessary to ensure that the Certificateholders shall be
entitled to the priorities afforded to such a trust account (in addition to a
claim against the estate of the Trustee) as provided by 12 U.S.C. ss. 92a(e),
and applicable regulations pursuant thereto, if applicable, or any applicable
comparable state statute applicable to state chartered banking corporations.
Section 4.05 PERMITTED WITHDRAWALS AND TRANSFERS FROM THE
DISTRIBUTION ACCOUNT.
(a) The Trustee will make or cause to be made such withdrawals or
transfers from the Distribution Account for the following purposes:
(i) to pay to itself the Trustee Fee;
(ii) to reimburse the Trustee, the Supplemental Interest Trust
Trustee or the Derivative Administrator for expenses, costs and
liabilities incurred by or reimbursable to it pursuant to this
Agreement;
(iii) to pay investment income to the Trustee;
(iv) to remove amounts deposited in error;
(v) to make distributions to the Derivative Administrator for
payment to the Swap Provider as provided in this Agreement; and
(vi) to clear and terminate the Distribution Account pursuant
to Section 10.01.
(b) On each Distribution Date, the Trustee shall distribute Interest
Funds and Principal Funds in the Distribution Account to the Holders of the
Certificates in accordance with Section 5.04.
Section 4.06 CLASS P CERTIFICATE ACCOUNT.
(a) The Trustee shall establish and maintain in the name of the
Trustee, for the benefit of the Class P Certificateholders, the Class P
Certificate Account as a segregated trust account or accounts.
(b) On the Closing Date, the Depositor will deposit, or cause to be
deposited in the Class P Certificate Account, an amount equal to $100. All
amounts deposited to the Class P Certificate Account shall be held by the
Trustee in the name of the Trustee in trust for the benefit of the Class P
Certificateholders in accordance with the terms and provisions of this
Agreement. The amount on deposit in the Class P Certificate Account shall be
held uninvested.
ARTICLE V
DISTRIBUTIONS AND ADVANCES
Section 5.01 ADVANCES.
The Master Servicer shall, or shall cause the related subservicer
pursuant to the Subservicing Agreement to, make an Advance (other than any
balloon payments) and deposit such Advance in the Protected Account. Each such
Advance shall be remitted to the Distribution Account no later than 10:00 a.m.
Eastern time on the Distribution Account Deposit Date in immediately available
funds. The Master Servicer shall be obligated to make any such Advance only to
the extent that such advance would not be a Nonrecoverable Advance. If the
Master Servicer shall have determined that it has made a Nonrecoverable Advance
or that a proposed Advance or a lesser portion of such Advance would constitute
a Nonrecoverable Advance, the Master Servicer shall deliver (i) to the Trustee
for the benefit of the Certificateholders funds constituting the remaining
portion of such Advance, if applicable, and (ii) to the Depositor, each Rating
Agency and the Trustee an Officer's Certificate setting forth the basis for such
determination. Subject to the Master Servicer's recoverability determination, in
the event that a subservicer fails to make a required Advance, the Master
Servicer shall be required to remit the amount of such Advance to the
Distribution Account.
In lieu of making all or a portion of such Advance from its own funds,
the Master Servicer may (i) cause to be made an appropriate entry in its records
relating to the Protected Account that any Amount Held for Future Distributions
has been used by the Master Servicer in discharge of its obligation to make any
such Advance and (ii) transfer such funds from the Protected Account to the
Distribution Account. Any funds so applied and transferred shall be replaced by
the Master Servicer by deposit in the Distribution Account, no later than the
close of business on the Business Day immediately preceding the Distribution
Date on which such funds are required to be distributed pursuant to this
Agreement.
The Master Servicer shall be entitled to be reimbursed from the
Protected Account for all Advances of its own funds made pursuant to this
Section as provided in Section 4.02. The obligation to make Advances with
respect to any Mortgage Loan shall continue until such Mortgage Loan is paid in
full or the related Mortgaged Property or related REO Property has been
liquidated or until the purchase or repurchase thereof (or substitution
therefor) from the Trust Fund pursuant to any applicable provision of this
Agreement, except as otherwise provided in this Section 5.01.
Subject to and in accordance with the provisions of Article VIII
hereof, in the event the Master Servicer fails to make such Advance, then the
Trustee, as Successor Master Servicer, shall be obligated to make such Advance,
subject to the provisions of this Section 5.01.
Section 5.02 COMPENSATING INTEREST PAYMENTS.
In the event that there is a Prepayment Interest Shortfall arising from
a voluntary Principal Prepayment in part or in full by the Mortgagor with
respect to any Mortgage Loan, the Master Servicer shall, to the extent of the
Servicing Fee for such Distribution Date, deposit into the Distribution Account,
as a reduction of the Servicing Fee for such Distribution Date, no later than
the close of business on the Business Day immediately preceding such
Distribution Date, an amount equal to the Prepayment Interest Shortfall; and in
case of such deposit, the Master Servicer shall not be entitled to any recovery
or reimbursement from the Depositor, the Trustee, the Seller, the Trust Fund or
the Certificateholders.
Section 5.03 REMIC DISTRIBUTIONS.
On each Distribution Date the Trustee shall be deemed to have allocated
distributions to the REMIC I Regular Interests, REMIC II Regular Interests,
Class CE Interest, Class P Interest and Class IO Interest in accordance with
Section 5.07 hereof.
Section 5.04 DISTRIBUTIONS.
(a) Subject to Section 3.21(c), on each Distribution Date, an amount
equal to the Interest Funds and Principal Funds for such Distribution Date shall
be withdrawn by the Trustee from the Distribution Account and distributed in the
following order of priority:
(1) Interest Funds shall be distributed in the following
manner and order of priority:
(A) to the Class A-1, Class A-2, Class A-3 and Class A-4
Certificates, the Current Interest and any Interest Carry
Forward Amount for each such Class, on a PRO RATA basis based
on the entitlement of each such Class; and
(B) From remaining Interest Funds, sequentially, to the
Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, in that order, the Current Interest for each
such Class.
Any Excess Spread to the extent necessary to meet a level of
overcollateralization equal to the Overcollateralization Target Amount will be
the Extra Principal Distribution Amount and will be included as part of the
Principal Distribution Amount. Any Remaining Excess Spread together with any
Overcollateralization Release Amount will be applied as Excess Cashflow and
distributed pursuant to clauses (3)(A) through (H) below.
On any Distribution Date, any Relief Act Interest Shortfalls and any
Prepayment Interest Shortfalls to the extent not covered by Compensating
Interest will be allocated as set forth in the definition of "Current Interest"
herein.
(2) On each Distribution Date, the Principal Distribution
Amount shall be distributed in the following manner and order of
priority:
(A) For each Distribution Date (i) prior to the Stepdown
Date or (ii) on which a Trigger Event is in effect:
(i) To the Class A Certificates, the Principal
Distribution Amount for such Distribution Date, sequentially,
to the Class A-1, Class A-2, Class A-3 and Class A-4
Certificates, in that order, in each case until the
Certificate Principal Balance thereof is reduced to zero;
(ii) To the Class M-1 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(iii) To the Class M-2 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(iv) To the Class M-3 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(v) To the Class M-4 Certificates, from any remaining
Principal Funds for such Distribution Date, until the
Certificate Principal Balance thereof is reduced to zero;
(vi) To the Class M-5 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(vii) To the Class M-6 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(viii) To the Class M-7 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(ix) To the Class M-8 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero;
(x) To the Class M-9 Certificates, from any remaining
Principal Funds for such Distribution Date, until the
Certificate Principal Balance thereof is reduced to zero; and
(xi) To the Class M-10 Certificates, from any
remaining Principal Funds for such Distribution Date, until
the Certificate Principal Balance thereof is reduced to zero.
(B) For each Distribution Date on or after the Stepdown
Date, so long as a Trigger Event is not in effect:
(i) To the Class A Certificates, the Class A
Principal Distribution Amount for such Distribution Date,
sequentially, to the Class A-1, Class A-2, Class A-3 and Class
A-4 Certificates, in that order, the Class A Principal
Distribution Amount for such Distribution Date, in each case
until the Certificate Principal Balance thereof is reduced to
zero;
(ii) To the Class M-1 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-1 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(iii) To the Class M-2 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-2 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(iv) To the Class M-3 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-3 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(v) To the Class M-4 Certificates, from any remaining
Principal Distribution Amount for such Distribution Date, the
Class M-4 Principal Distribution Amount, until the Certificate
Principal Balance thereof is reduced to zero;
(vi) To the Class M-5 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-5 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(vii) To the Class M-6 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-6 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(viii) To the Class M-7 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-7 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(ix) To the Class M-8 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-8 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero;
(x) To the Class M-9 Certificates, from any remaining
Principal Distribution Amount for such Distribution Date, the
Class M-9 Principal Distribution Amount, until the Certificate
Principal Balance thereof is reduced to zero; and
(xi) To the Class M-10 Certificates, from any
remaining Principal Distribution Amount for such Distribution
Date, the Class M-10 Principal Distribution Amount, until the
Certificate Principal Balance thereof is reduced to zero.
(3) Any Excess Cashflow shall be distributed in the following
manner and order of priority:
(A) from any remaining Excess Cashflow, to the Class A
Certificates, (a) first, any remaining Interest Carry Forward
Amount for such Classes, PRO RATA, in accordance with the
Interest Carry Forward Amount due with respect to each such
Class, to the extent not fully paid pursuant to clause (1) (A)
above and Section 3.21(d) and (b) second, any Unpaid Realized
Loss Amount for such Classes for such Distribution Date, PRO
RATA, in accordance with the Applied Realized Loss Amount
allocated to each such Class;
(B) from any remaining Excess Cashflow, sequentially, to
the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5,
Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, in that order, an amount equal to the Interest
Carry Forward Amount for each such Class for such Distribution
Date to the extent not fully paid pursuant to Section 3.21(d);
(C) from any remaining Excess Cashflow otherwise
distributable to the Class CE Interest and the Class CE
Certificates, to the Reserve Fund, (i) first, to pay to the
Classes of Class A Certificates, any Basis Risk Shortfall
Carry Forward Amount for such Classes for such Distribution
Date, on a PRO RATA basis, based on the amount of the Basis
Risk Shortfall Carry Forward Amount for each such Class and to
the extent not paid pursuant to Section 3.21(d) and to the
extent such amount exceeds the amounts then on deposit in the
Reserve Fund, and (ii) second, to maintain a balance in the
Reserve Fund equal to the Reserve Fund Deposit;
(D) from any remaining Excess Cashflow otherwise
distributable to the Class CE Interest and the Class CE
Certificates, to the Reserve Fund, (i) first, to pay to the
Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class
M-6, Class M-7, Class M-8, Class M-9 and Class M-10
Certificates, sequentially in that order, any Basis Risk
Shortfall Carry Forward Amount for each such Class for such
Distribution Date, if any, in each case to the extent not paid
pursuant to Section 3.21(d) and to the extent such amount
exceeds the amounts then on deposit in the Reserve Fund, and
(ii) second, to maintain a balance in the Reserve Fund equal
to the Reserve Fund Deposit;
(E) from any remaining Excess Cashflow, to the Class A
Certificates, on a PRO RATA basis, based on the entitlement of
each such Class, and then sequentially to the Class X-0, Xxxxx
X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
Class M-8, Class M-9 and Class M-10 Certificates, in that
order, the amount of Relief Act Shortfalls and any Prepayment
Interest Shortfalls allocated to such Classes of Certificates,
to the extent not previously reimbursed;
(F) from any remaining Excess Cashflow, to the Derivative
Administrator for payment to the Swap Provider, any Swap
Termination Payments due to a Swap Provider Trigger Event owed
by the Trust Fund (to the extent not paid by the Derivative
Administrator from any upfront payment received pursuant to
any replacement interest rate swap agreement that may be
entered into by the Supplemental Interest Trust Trustee);
(G) from any remaining Excess Cashflow, to the Class CE
Interest and Class CE Certificates, an amount equal to the
Class CE Distribution Amount reduced by amounts distributed in
clauses (C) and (D) above; and
(H) from any remaining Excess Cashflow, to each of the
Class R-1, Class R-2, Class R-3 and Class RX Certificates,
based on the related REMIC in which such amounts remain.
On each Distribution Date, all amounts in respect of Prepayment Charges
shall be distributed to the Holders of the Class P Interest and the Class P
Certificates, provided that such distributions shall not be in reduction of the
principal balance thereof. On the Distribution Date immediately following the
expiration of the latest Prepayment Charge term as identified on the Mortgage
Loan Schedule, any amount on deposit in the Class P Certificate Account will be
distributed to the Holders of the Class P Interest and the Class P Certificates
in reduction of the Certificate Principal Balance thereof.
In addition, notwithstanding the foregoing, on any Distribution Date
after the Distribution Date on which the Certificate Principal Balance of a
Class of Class A Certificates or Class M Certificates has been reduced to zero,
that Class of Certificates will be retired and will no longer be entitled to
distributions, including distributions in respect of Prepayment Interest
Shortfalls or Basis Risk Shortfall Carry Forward Amounts.
In addition, notwithstanding the foregoing clause (a)(2), to the extent
a Class IO Distribution Amount is payable from principal collections, Principal
Distribution Amounts will be deemed paid to the most subordinate Class of
Regular Certificates, until the Certificate Principal Balance thereof has been
reduced to zero, and such amount will be paid pursuant to Section 3.21(f).
(b) In addition to the foregoing distributions, with respect to any
Subsequent Recoveries, the Master Servicer shall deposit such funds into the
Protected Account pursuant to Section 4.01(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 Certificates with the highest
payment priority to which Realized Losses have been allocated, but not by more
than the amount of Realized Losses previously allocated to that Class of
Certificates pursuant to Section 5.05; provided, however, to the extent that no
reductions to a Certificate Principal Balance of any Class of Certificates
currently exists as the result of a prior allocation of a Realized Loss, such
Subsequent Recoveries will be applied as Excess Spread. The amount of any
remaining Subsequent Recoveries will be applied to increase the Certificate
Principal Balance of the Class of Certificates with the next highest payment
priority, up to the amount of such Realized Losses previously allocated to that
Class of Certificates pursuant to Section 5.05, and so on. Holders of such
Certificates will not be entitled to any payment in respect of Current 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.
(c) Subject to Section 10.02 hereof respecting the final distribution,
on each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire transfer
in immediately available funds to the account of such Holder at a bank or other
entity having appropriate facilities therefor, if such Holder has so notified
the Trustee at least 5 Business Days prior to the related Record Date, or, if
not, by check mailed by first class mail to such Certificateholder at the
address of such Holder appearing in the Certificate Register. Notwithstanding
the foregoing, but subject to Section 10.02 hereof respecting the final
distribution, distributions with respect to Certificates registered in the name
of a Depository shall be made to such Depository in immediately available funds.
(d) On or before 5:00 p.m. Eastern time on the fifth Business Day
immediately preceding each Distribution Date, the Master Servicer shall deliver
a report to the Trustee in electronic form (or by such other means as the Master
Servicer and the Trustee may agree from time to time) containing such data and
information, as agreed to by the Master Servicer and the Trustee such as to
permit the Trustee to prepare the Monthly Statement to Certificateholders and to
make the required distributions for the related Distribution Date.
Section 5.05 ALLOCATION OF REALIZED LOSSES.
(a) All Realized Losses on the Mortgage Loans allocated to any REMIC II
Regular Interest pursuant to Section 5.05(c) on the Mortgage Loans shall be
allocated by the Trustee on each Distribution Date as follows: first, to Excess
Spread as part of the payment in respect of the Extra Principal Distribution
Amount for such Distribution Date; second, to the Class CE Interest and Class CE
Certificates, until the Certificate Principal Balance or Uncertificated
Principal Balance thereof, as applicable, has been reduced to zero; third, to
the Class M-10 Certificates, until the Certificate Principal Balance thereof has
been reduced to zero; fourth, to the Class M-9 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; fifth, to the
Class M-8 Certificates, until the Certificate Principal Balance thereof has been
reduced to zero; sixth, to the Class M-7 Certificates, until the Certificate
Principal Balance thereof has been reduced to zero; seventh, to the Class M-6
Certificates, until the Certificate Principal Balance thereof has been reduced
to zero; eighth, to the Class M-5 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; ninth, to the Class M-4 Certificates,
until the Certificate Principal Balance thereof has been reduced to zero; tenth,
to the Class M-3 Certificates, until the Certificate Principal Balance thereof
has been reduced to zero; eleventh, to the Class M-2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; twelfth, to the
Class M-1 Certificates, until the Certificate Principal Balance thereof has been
reduced to zero; and thirteenth, to the Class or Classes of Class A
Certificates, on a PRO RATA basis, until the Certificate Principal Balances
thereof have been reduced to zero. All Realized Losses to be allocated to the
Certificate Principal Balances of all Classes on any Distribution Date shall be
so allocated after the actual distributions to be made on such date as provided
above. All references above to the Certificate Principal Balance of any Class of
Certificates shall be to the Certificate Principal Balance of such Class
immediately prior to the relevant Distribution Date, before reduction thereof by
any Realized Losses, in each case to be allocated to such Class of Certificates,
on such Distribution Date.
(b) Any allocation of Realized Losses to a Class of Certificates or to
the Class CE Interest on any Distribution Date shall be made by reducing the
Certificate Principal Balance or Uncertificated Principal Balance thereof by the
amount so allocated; any allocation of Realized Losses to Excess Spread shall be
made by reducing the amount otherwise payable in respect of the Class CE
Interest and the Class CE Certificates pursuant to clause (G) of Section
5.04(a)(3). No allocations of any Realized Losses shall be made to the
Certificate Principal Balance or Uncertificated Principal Balance, as
applicable, of the Class P Interest and the Class P Certificates.
Notwithstanding the foregoing, no such allocation of any Realized Loss
shall be made on a Distribution Date to any Class of Certificates to the extent
that such allocation would result in the reduction of the aggregate Certificate
Principal Balance of all the Certificates as of such Distribution Date, (other
than the Class CE Certificates and Class P Certificates) after giving effect to
all distributions and prior allocations of Realized Losses on the Mortgage Loans
on such date, to an amount less than the aggregate Stated Principal Balance of
all of the Mortgage Loans as of the first day of the month of such Distribution
Date (such limitation, the "Loss Allocation Limitation"). In addition in no
event will the Certificate Principal Balance of any Certificate be reduced more
than once in respect of any particular amount both (i) allocable to such
Certificate in respect of Realized Losses and (ii) payable as principal to the
Holder of such Certificate from Remaining Excess Spread.
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 on a PRO
RATA basis, 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. 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.
(c) (i) All Realized Losses on the Mortgage Loans shall be
allocated on each Distribution Date, first, to REMIC I Regular Interest
I-Non-Swap until the Uncertificated Principal Balance thereof has been reduced
to zero, and second, to REMIC I Regular Interest I-5-A through REMIC I Regular
Interest I-60-B, starting with the lowest numerical denomination until the
Uncertificated Principal Balance of each such REMIC I Regular Interest has been
reduced to zero, provided that, for REMIC I Regular Interests with the same
numerical denomination, such Realized Losses shall be allocated PRO RATA between
such REMIC I Regular Interests.
(ii) All Realized Losses on the Mortgage Loans shall be
allocated by the Trustee on each Distribution Date to the following
REMIC II Regular Interests in the specified percentages, as follows:
first, to Uncertificated Accrued Interest payable to the REMIC II
Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate
amount equal to the REMIC II Interest Loss Allocation Amount (without
duplication of shortfalls allocated pursuant to Section 1.02), 98.00%
and 2.00%, respectively; second, to the Uncertificated Principal
Balances of the REMIC II Regular Interest AA and REMIC II Regular
Interest ZZ up to an aggregate amount equal to the REMIC II Principal
Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the
Uncertificated Principal Balances of REMIC II Regular Interest AA,
REMIC II Regular Interest M-10 and REMIC II Regular Interest ZZ,
98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
Principal Balance of REMIC II Regular Interest M-10 has been reduced to
zero; fourth, to the Uncertificated Principal Balances of REMIC II
Regular Interest AA, REMIC II Regular Interest M-9 and REMIC II Regular
Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
Uncertificated Principal Balance of REMIC II Regular Interest M-9 has
been reduced to zero; fifth, to the Uncertificated Principal Balances
of REMIC II Regular Interest AA, REMIC II Regular Interest M-8 and
REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively,
until the Uncertificated Principal Balance of REMIC II Regular Interest
M-8 has been reduced to zero; sixth, to the Uncertificated Principal
Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-7
and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
respectively, until the Uncertificated Principal Balance of REMIC II
Regular Interest M-7 has been reduced to zero; seventh, to the
Uncertificated Principal Balances of REMIC II Regular Interest AA,
REMIC II Regular Interest M-6 and REMIC II Regular Interest ZZ, 98.00%,
1.00% and 1.00%, respectively, until the Uncertificated Principal
Balance of REMIC II Regular Interest M-6 has been reduced to zero;
eighth, to the Uncertificated Principal Balances of REMIC II Regular
Interest AA, REMIC II Regular Interest M-5 and REMIC II Regular
Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
Uncertificated Principal Balance of REMIC II Regular Interest M-5 has
been reduced to zero; ninth, to the Uncertificated Principal Balances
of REMIC II Regular Interest AA, REMIC II Regular Interest M-4 and
REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively,
until the Uncertificated Principal Balance of REMIC II Regular Interest
M-4 has been reduced to zero; tenth, to the Uncertificated Principal
Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-3
and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
respectively, until the Uncertificated Principal Balance of REMIC II
Regular Interest M-3 has been reduced to zero; eleventh, to the
Uncertificated Principal Balances of REMIC II Regular Interest AA,
REMIC II Regular Interest M-2 and REMIC II Regular Interest ZZ, 98.00%,
1.00% and 1.00%, respectively, until the Uncertificated Principal
Balance of REMIC II Regular Interest M-2 has been reduced to zero;
twelfth, to the Uncertificated Principal Balances of REMIC II Regular
Interest AA, REMIC II Regular Interest M-1 and REMIC II Regular
Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
Uncertificated Principal Balance of REMIC II Regular Interest M-1 has
been reduced to zero; and, thirteenth, to the Uncertificated Principal
Balance of REMIC II Regular Interest AA, 98.00%, to the Uncertificated
Principal Balances of the REMIC II Regular Interests X-0, X-0, X-0 and
A-4, 1.00% PRO RATA, 1.00%, and to the Uncertificated Principal Balance
of REMIC II Regular Interest ZZ, 1.00%, until the Uncertificated
Principal Balances of such REMIC II Regular Interests X-0, X-0, X-0 and
A-4 have been reduced to zero.
Section 5.06 MONTHLY STATEMENTS TO CERTIFICATEHOLDERS.
(a) Not later than each Distribution Date, the Trustee shall prepare
and make available to each Holder of Certificates, the Master Servicer, the Swap
Provider and the Depositor a statement setting forth for the Certificates:
(i) the applicable record dates, accrual periods,
determination dates for calculating distributions and general
distribution dates;
(ii) the total cash flows received and the general sources
thereof;
(iii) the amount, if any, of fees or expenses accrued and
paid, with an identification of the payee and the general purpose of
such fees including the related amount of the Servicing Fees paid to or
retained by the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the
Derivative Administrator, any Net Swap Payment payable to the Swap
Provider, any Swap Termination Payment payable to the Derivative
Administrator and any Swap Termination Payment payable to the Swap
Provider;
(v) the amount of the related distribution to Holders of each
Class allocable to principal, separately identifying (A) the aggregate
amount of any Principal Prepayments included therein, (B) the aggregate
of all scheduled payments of principal included therein and (C) the
Extra Principal Distribution Amount (if any);
(vi) the amount of such distribution to Holders of each Class
of Class A Certificates and Class M Certificates allocable to interest
and the portion thereof, if any, provided by the Swap Agreement and
Yield Maintenance Agreement and the amount of coverage remaining under
either credit enhancement;
(vii) the Interest Carry Forward Amounts and any Basis Risk
Shortfall Carry Forward Amounts for each Class of Certificates (if
any);
(viii) the Pass-Through Rate for each Class of Class A
Certificates and Class M Certificates with respect to the current
Accrual Period, and, if applicable, whether such Pass-Through Rate was
limited by the Net Rate Cap;
(ix) the number and the aggregate of the Stated Principal Balance of (A) all
of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for
the following Distribution Date;
(x) the Certificate Principal Balance or Certificate Notional
Amount, as applicable, of each Class before and after giving effect (i)
to all distributions allocable to principal on such Distribution Date
and (ii) the allocation of any Applied Realized Loss Amounts for such
Distribution Date;
(xi) the number and aggregate Stated Principal Balance of the
Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in
foreclosure and bankruptcy) (1) 30 days Delinquent, (2) 60 days
Delinquent and (3) 90 days or more Delinquent, (B) in foreclosure and
delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90
days or more Delinquent and (C) in bankruptcy and delinquent (1) 30
days Delinquent, (2) 60 days Delinquent and (3) 90 days or more
Delinquent, in each case as of the close of business on the last day of
the calendar month preceding such Distribution Date and separately
identifying such information for the (1) first lien Mortgage Loans, (2)
second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans;
(xii) the amount of aggregate Advances included in the
distribution on such Distribution Date (including the general purpose
of such Advances), the aggregate amount of unreimbursed Advances as of
the end of the Due Period, and the general source of funds for
reimbursements;
(xiii) the amount of, if any, of excess cashflow or excess
spread and the application of such excess cashflow;
(xiv) the cumulative amount of Applied Realized Loss Amounts
through the end of the preceding month;
(xv) if applicable, material modifications, extensions or
waivers to Mortgage Loan terms, fees, penalties or payments during the
preceding calendar month or that have become material over time;
(xvi) with respect to any Mortgage Loan that was liquidated
during the preceding calendar month, the aggregate Stated Principal
Balance of, and Realized Loss on, such Mortgage Loans as of the close
of business on the Determination Date preceding such Distribution Date;
(xvii) the total number and principal balance of any real
estate owned or REO Properties as of the close of business on the
Determination Date preceding such Distribution Date;
(xviii) the three month rolling average of the percent
equivalent of a fraction, the numerator of which is the aggregate
Stated Principal Balance of the Mortgage Loans that are 60 days or more
delinquent or are in bankruptcy or foreclosure or are REO Properties,
and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans in each case as of the close of business
on the last day of the calendar month preceding such Distribution Date
and separately identifying such information for the (1) first lien
Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;
(xix) the Realized Losses during the related Prepayment Period
and the cumulative Realized Losses through the end of the preceding
month;
(xx) whether a Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution
Date to the Holders of the Class P Certificates allocable to Prepayment
Charges;
(xxii) information on loss, delinquency or other tests used
for determining early amortization, liquidation, stepdowns or other
performance triggers and whether the trigger was met;
(xxiii) the amount of the Prepayment Charges remitted by the
Master Servicer and the amount on deposit in the Reserve Fund;
(xxiv) updated pool composition data including the following:
weighted average mortgage rate and weighted average remaining term;
(xxv) information regarding any new issuance of securities
backed by the same asset pool, any pool asset changes, such as
additions or removals of Mortgage Loans from the Trust Fund, if
applicable; and
(xxvi) any material changes in the solicitation,
credit-granting, underwriting, origination, acquisition or Mortgage
Loan selection criteria or procedures, as applicable, used to
originate, acquire or select Mortgage Loans for the Trust Fund.
The Depositor covenants that if there is a material change in the
solicitation, credit-granting, underwriting, origination, acquisition or
Mortgage Loan selection criteria or procedures, as applicable, used to
originate, acquire or select Mortgage Loans for the Trust Fund that it will
notify the Trustee five calendar days before each Distribution Date, and if no
such notification occurs, the Trustee has no obligation to report with respect
to (xxvi). The Depositor covenants to the Trustee that there will be no new
issuance of securities backed by the same asset pool, so the Trustee will only
be responsible in (xxv) above for reporting any pool asset changes, such as
additions or removals of Mortgage Loans from the Trust Fund.
The Trustee may make the foregoing Monthly Statement (and, at its
option, any additional files containing the same information in an alternative
format) available each month to Certificateholders via the Trustee's internet
website. The Trustee's internet website shall initially be located at
"xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling
the Trustee's customer service desk at (000) 000-0000. Parties that are unable
to use the above distribution options are entitled to have a paper copy mailed
to them via first class mail by calling the customer service desk and indicating
such. The Trustee may change the way Monthly Statements are distributed in order
to make such distributions more convenient or more accessible to the above
parties.
(b) The Trustee's responsibility for making the above information
available to the Certificateholders is limited to the availability, timeliness
and accuracy of the information derived from the parties providing the
information to the Trustee. The Trustee will make available a copy of each
statement provided pursuant to this Section 5.06 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar
year, the Trustee shall cause to be furnished upon request to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(v) and (a)(vi) of this
Section 5.06 aggregated for such calendar year or applicable portion thereof
during which such Person was a Certificateholder. Such obligation of the Trustee
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Trustee pursuant to any
requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Residual Certificates the applicable Form 1066 and
each applicable Form 1066Q and shall respond promptly to written requests made
not more frequently than quarterly by any Holder of a Residual Certificate with
respect to the following matters:
(i) The original projected principal and interest cash flows
on the Closing Date on each Class of regular and residual interests
created hereunder and on the Mortgage Loans, based on the Prepayment
Assumption;
(ii) The projected remaining principal and interest cash flows
as of the end of any calendar quarter with respect to each class of
Regular Interests and Residual Interests created hereunder and the
Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest
rate assumptions used in determining the projected principal and
interest cash flows described above;
(iv) The original issue discount (or, in the case of the
Mortgage Loans, market discount) or premium accrued or amortized
through the end of such calendar quarter with respect to each class of
Regular Interests or Residual Interests created hereunder and to the
Mortgage Loans, together with each constant yield to maturity used in
computing the same;
(v) The treatment of Realized Losses with respect to the
Mortgage Loans or the Regular Interests created hereunder, including
the timing and amount of any cancellation of indebtedness income of a
REMIC with respect to such Regular Interests or bad debt deductions
claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a
REMIC; and
(vii) Any taxes (including penalties and interest) imposed on
the REMIC, including, without limitation, taxes on "prohibited
transactions," "contributions" or "net income from foreclosure
property" or state or local income or franchise taxes.
The information pursuant to clauses (i), (ii), (iii) and (iv) above
shall be provided by the Depositor pursuant to Section 9.12.
Section 5.07 REMIC DESIGNATIONS AND REMIC DISTRIBUTIONS.
(a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III,
REMIC IV, REMIC V and REMIC VI shall be treated as a REMIC under Section 860D of
the Code. Any inconsistencies or ambiguities in this Agreement or in the
administration of this Agreement shall be resolved in a manner that preserves
the validity of such REMIC elections. The assets of REMIC I shall include the
Mortgage Loans and all interest owing in respect of and principal due thereon,
the Distribution Account, the Protected Account, any REO Property, any proceeds
of the foregoing and any other assets subject to this Agreement (other than the
Reserve Fund, any Prepayment Charge Waiver Amounts and, for the avoidance of
doubt, the Supplemental Interest Trust, the Swap Agreement, the Yield
Maintenance Agreement, the Derivative Account and any rights or obligations in
respect of the Derivative Administration Agreement). The REMIC I Regular
Interests shall constitute the assets of REMIC II. The REMIC II Regular
Interests shall constitute the assets of REMIC III. The Class CE Interest shall
constitute the assets of REMIC IV. The Class P Interest shall constitute the
assets of REMIC V. The Class IO Interest shall constitute the assets of REMIC
VI.
(b) (1) On each Distribution Date, the following amounts, in the
following order of priority, shall be distributed by REMIC I to REMIC II on
account of REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests
I-5-A through I-60-B or withdrawn from the Distribution Account and distributed
to the Holders of the Class R-1 Certificates, as the case may be:
(i) to holders of REMIC I Regular Interest I-Non-Swap and each
of the REMIC I Regular Interests I-5-A through I-60-B, PRO RATA, in an
amount equal to (A) the Uncertificated Accrued Interest for such REMIC
I Regular Interests for such Distribution Date, plus (B) any amounts
payable in respect thereof remaining unpaid from previous Distribution
Dates.
(ii) to the extent of amounts remaining after the
distributions made pursuant to clause (i) above, payments of principal
shall be allocated as follows: first, to REMIC I Regular Interest
I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I
Regular Interest is reduced to zero, and second, to REMIC I Regular
Interests I-5-A through I-60-B starting with the lowest numerical
denomination until the Uncertificated Principal Balance of each such
REMIC I Regular Interest is reduced to zero, provided that, for REMIC I
Regular Interests with the same numerical denomination, such payments
of principal shall be allocated PRO RATA between such REMIC I Regular
Interests.
(2) On each Distribution Date, amounts representing Prepayment
Charges on the Mortgage loans shall be deemed distributed to REMIC I Regular
Interest P, provided that such amounts shall not reduce the Uncertificated
Principal Balance of REMIC I Regular Interest P. On the Distribution Date
immediately following the expiration of the latest Prepayment Charge term as
identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in
respect of REMIC I Regular Interest P in reduction of the Uncertificated
Principal Balance thereof.
(c) (1) On each Distribution Date, the following amounts, in the
following order of priority, shall be distributed by REMIC II to REMIC III on
account of the REMIC II Regular Interests or withdrawn from the Distribution
Account and distributed to the Holders of the Class R-2 Certificates, as the
case may be:
(i) to the holders of REMIC II Regular Interest IO, in an
amount equal to (A) the Uncertificated Accrued Interest for such REMIC
II Regular Interest for such Distribution Date, plus (B) any amounts in
respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds remaining after the
distributions pursuant to clause (i), to the holders of each REMIC II
Regular Interest (other than REMIC II Regular Interests IO and P), PRO
RATA, in an amount equal to (A) the Uncertificated Accrued Interest for
such REMIC II Regular Interest for such Distribution Date, plus (B) any
amounts in respect thereof remaining unpaid from previous Distribution
Dates. Amounts payable as Uncertificated Accrued Interest in respect of
REMIC II Regular Interest ZZ shall be reduced when the REMIC II
Overcollateralization Amount is less than the REMIC II Required
Overcollateralization Amount, by the lesser of (x) the amount of such
difference and (y) the Maximum Uncertificated Accrued Interest Deferral
Amount, and such amount will be payable to the Holders of each REMIC II
Regular Interest for which a Class A Certificate or Class M Certificate
is the Corresponding Certificate in the same proportion as the Extra
Principal Distribution Amount is allocated to the Corresponding
Certificates for each such REMIC II Regular Interest, and the
Uncertificated Principal Balance of REMIC II Regular Interest ZZ shall
be increased by such amount;
(iii) to the holders of REMIC II Regular Interests (other than
REMIC II Regular Interests IO and P) the remainder of the Interest
Funds and Principal Funds for such Distribution Date after the
distributions made pursuant to clauses (i) and (ii) above, allocated as
follows:
(A) 98% of such remainder to the holders of REMIC II
Regular Interest AA, until the Uncertificated Principal
Balance of such REMIC II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each
REMIC II Regular Interest for which a Class A Certificate or
Class M Certificate is the Corresponding Certificate, in an
aggregate amount equal to 1% of and in the same proportion as
principal payments are allocated to the Corresponding
Certificates for each such REMIC II Regular Interest, until
the Uncertificated Principal Balances of such REMIC II Regular
Interests are reduced to zero; and second, to the holders of
REMIC II Regular Interest ZZ, until the Uncertificated
Principal Balance of such REMIC II Regular Interest is reduced
to zero; then
(C) any remaining amount to the Holders of the Class R-2
Certificates; and
(iv) to the holders of REMIC II Regular Interest P, 100% of
the amounts deemed distributed on REMIC I Regular Interest P.
(d) On each Distribution Date, an amount equal to the amounts
distributed pursuant to Sections 5.04(a)(3)(C), (D) and (G) on such date shall
be deemed distributed from REMIC III to REMIC IV in respect of the Class CE
Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed
on REMIC II Regular Interest P shall be deemed distributed by REMIC III to REMIC
V in respect of the Class P Interest.
(f) On each Distribution Date, 100% of the amounts deemed distributed
on REMIC II Regular Interest IO shall be deemed distributed by REMIC III to
REMIC VI in respect of the Class IO Interest. Such amounts shall be deemed
distributed by REMIC VI to the Derivative Administrator for deposit into the
Derivative Account.
ARTICLE VI
THE CERTIFICATES
Section 6.01 THE CERTIFICATES.
The Certificates shall be substantially in the forms attached hereto as
Exhibits A-1 through A-5. The Certificates shall be issuable in registered form,
in the minimum dollar denominations, integral dollar multiples in excess thereof
(except that one Certificate of each Class may be issued in a different amount
which must be in excess of the applicable minimum dollar denomination) and
aggregate dollar denominations as set forth in the following table:
ORIGINAL CERTIFICATE
MINIMUM INTEGRAL MULTIPLE IN PRINCIPAL BALANCE OR
CLASS DENOMINATION EXCESS OF MINIMUM NOTIONAL AMOUNT
------------ ------------ -------------------- --------------------
A-1 $ 100,000 $1.00 $ 175,089,000.00
A-2 $ 100,000 $1.00 $ 105,546,000.00
A-3 $ 100,000 $1.00 $ 23,867,000.00
A-4 $ 100,000 $1.00 $ 14,138,000.00
M-1 $ 100,000 $1.00 $ 27,378,000.00
M-2 $ 100,000 $1.00 $ 22,704,000.00
M-3 $ 100,000 $1.00 $ 10,017,000.00
M-4 $ 100,000 $1.00 $ 9,126,000.00
M-5 $ 100,000 $1.00 $ 8,458,000.00
M-6 $ 100,000 $1.00 $ 7,568,000.00
M-7 $ 100,000 $1.00 $ 7,123,000.00
M-8 $ 100,000 $1.00 $ 6,232,000.00
M-9 $ 100,000 $1.00 $ 5,342,000.00
M-10 $ 100,000 $1.00 $ 5,565,000.00
CE 10% 1% $ 445,177,198.22
P 100 N/A $ 100.00
R-1 100% X/X X/X
X-0 000% X/X X/X
R-3 100% N/A N/A
RX 100% N/A N/A
---------------------------
(1) This is a Notional Amount.
The Certificates shall be executed by manual or facsimile signature on
behalf of the Trustee by an authorized officer. Certificates bearing the manual
or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall bind
the Trustee, notwithstanding that such individuals or any of them have ceased to
be so authorized prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such authentication and delivery. No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, unless there appears on such Certificate the countersignature
of the Trustee by manual signature, and such countersignature upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly countersigned and delivered hereunder. All
Certificates shall be dated the date of their countersignature. On the Closing
Date, the Trustee shall authenticate the Certificates to be issued at the
written direction of the Depositor, or any affiliate thereof.
The Depositor shall provide, or cause to be provided, to the Trustee on
a continuous basis, an adequate inventory of Certificates to facilitate
transfers.
Section 6.02 CERTIFICATE REGISTER; REGISTRATION OF TRANSFER AND
EXCHANGE OF CERTIFICATES.
(a) The Trustee shall maintain, or cause to be maintained in accordance
with the provisions of Section 6.09 hereof, a Certificate Register for the Trust
Fund in which, subject to the provisions of subsections (b) and (c) below and 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. Upon surrender for registration of Transfer of any
Certificate, the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and of like aggregate Percentage Interest.
At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of the same Class in authorized denominations and evidencing
the same aggregate Percentage Interest upon surrender of the Certificates to be
exchanged at the office or agency of the Trustee. Whenever any Certificates are
so surrendered for exchange, the Trustee shall execute, authenticate, and
deliver the Certificates that the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for registration
of Transfer or exchange shall be accompanied by a written instrument of Transfer
in form satisfactory to the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing.
No service charge to the Certificateholders shall be made for any
registration of Transfer or exchange of Certificates, but 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 may be required.
All Certificates surrendered for registration of Transfer or exchange
shall be canceled and subsequently destroyed by the Trustee in accordance with
the Trustee's customary procedures.
(b) Subject to Subsection 6.07 and, in the case of any Global
Certificate or Private Certificate upon the satisfaction of the conditions set
forth below, upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose, the Trustee
shall sign, countersign and shall deliver, in the name of the designated
transferee or transferees, a new Certificate of a like Class and aggregate
Percentage Interest, but bearing a different number.
(c) Subject to Subsection 6.02(g), so long as a Global Certificate of
such Class is outstanding and is held by or on behalf of the Depository,
transfers of beneficial interests in such Global Certificate, or transfers by
Holders of Individual Certificates of such Class to transferees that take
delivery in the form of beneficial interests in the Global Certificate, may be
made only in accordance with this Subsection 6.02(c) and in accordance with the
rules of the Depository:
(i) In the case of a beneficial interest in the Global
Certificate being transferred to an Institutional Accredited Investor,
such transferee shall be required to take delivery in the form of an
Individual Certificate or Certificates and the Trustee shall register
such transfer only upon compliance with the provisions of Subsection
6.02(h).
(ii) In the case of a beneficial interest in a Class of Global
Certificates being transferred to a transferee that takes delivery in
the form of an Individual Certificate or Certificates of such Class,
except as set forth in clause (i) above, the Trustee shall register
such transfer only upon compliance with the provisions of Subsection
6.02(h).
(iii) In the case of an Individual Certificate of a Class
being transferred to a transferee that takes delivery in the form of a
beneficial interest in a Global Certificate of such Class, the Trustee
shall register such transfer if the transferee has provided the Trustee
with a Rule 144A and Related Matters Certificate or comparable evidence
as to its QIB status.
(iv) No restrictions shall apply with respect to the transfer
or registration of transfer of a beneficial interest in the Global
Certificate of a Class to a transferee that takes delivery in the form
of a beneficial interest in the Global Certificate of such Class;
provided that each such transferee shall be deemed to have made such
representations and warranties contained in the Rule 144A and Related
Matters Certificate as are sufficient to establish that it is a QIB.
(d) Subject to Subsection 6.02(g), an exchange of a beneficial interest
in a Global Certificate of a Class for an Individual Certificate or Certificates
of such Class, an exchange of an Individual Certificate or Certificates of a
Class for a beneficial interest in the Global Certificate of such Class and an
exchange of an Individual Certificate or Certificates of a Class for another
Individual Certificate or Certificates of such Class (in each case, whether or
not such exchange is made in anticipation of subsequent transfer, and, in the
case of the Global Certificate of such Class, so long as such Certificate is
outstanding and is held by or on behalf of the Depository) may be made only in
accordance with this Subsection 6.02(d) and in accordance with the rules of the
Depository:
(i) A Holder of a beneficial interest in a Global Certificate
of a Class may at any time exchange such beneficial interest for an
Individual Certificate or Certificates of such Class.
(ii) A Holder of an Individual Certificate or Certificates of
a Class may exchange such Certificate or Certificates for a beneficial
interest in the Global Certificate of such Class if such holder
furnishes to the Trustee a Rule 144A and Related Matters Certificate or
comparable evidence as to its QIB status.
(iii) A Holder of an Individual Certificate of a Class may
exchange such Certificate for an equal aggregate principal amount of
Individual Certificates of such Class in different authorized
denominations without any certification.
(e) (i) Upon acceptance for exchange or transfer of an Individual
Certificate of a Class for a beneficial interest in a Global Certificate of such
Class as provided herein, the Trustee shall cancel such Individual Certificate
and shall (or shall request the Depository to) endorse on the schedule affixed
to the applicable Global Certificate (or on a continuation of such schedule
affixed to the Global Certificate and made a part thereof) or otherwise make in
its books and records an appropriate notation evidencing the date of such
exchange or transfer and an increase in the certificate balance of the Global
Certificate equal to the certificate balance of such Individual Certificate
exchanged or transferred therefor.
(ii) Upon acceptance for exchange or transfer of a beneficial
interest in a Global Certificate of a Class for an Individual
Certificate of such Class as provided herein, the Trustee shall (or
shall request the Depository to) endorse on the schedule affixed to
such Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) or otherwise make
in its books and records an appropriate notation evidencing the date of
such exchange or transfer and a decrease in the certificate balance of
such Global Certificate equal to the certificate balance of such
Individual Certificate issued in exchange therefor or upon transfer
thereof.
(f) Any Individual Certificate issued in exchange for or upon transfer
of another Individual Certificate or of a beneficial interest in a Global
Certificate shall bear the applicable legends set forth in Exhibit A-2.
(g) Subject to the restrictions on transfer and exchange set forth in
this Section 6.02, the Holder of any Individual Certificate may transfer or
exchange the same in whole or in part (in an initial certificate balance equal
to the minimum authorized denomination set forth in Section 6.01 above or any
integral multiple of $1.00 in excess thereof) by surrendering such Certificate
at the Corporate Trust Office, or at the office of any transfer agent, together
with an executed instrument of assignment and transfer satisfactory in form and
substance to the Trustee in the case of transfer and a written request for
exchange in the case of exchange. The Holder of a beneficial interest in a
Global Certificate may, subject to the rules and procedures of the Depository,
cause the Depository (or its nominee) to notify the Trustee in writing of a
request for transfer or exchange of such beneficial interest for an Individual
Certificate or Certificates. Following a proper request for transfer or
exchange, the Trustee shall, within five Business Days of such request made at
the Corporate Trust Office, sign, countersign and deliver at the Corporate Trust
Office, to the transferee (in the case of transfer) or Holder (in the case of
exchange) or send by first class mail at the risk of the transferee (in the case
of transfer) or Holder (in the case of exchange) to such address as the
transferee or Holder, as applicable, may request, an Individual Certificate or
Certificates, as the case may require, for a like aggregate Percentage Interest
and in such authorized denomination or denominations as may be requested. The
presentation for transfer or exchange of any Individual Certificate shall not be
valid unless made at the Corporate Trust Office by the registered Holder in
person, or by a duly authorized attorney-in-fact.
(h) No Transfer of a Private Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a Transfer is to be made in reliance upon an exemption
from the Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, the Certificateholder desiring to effect such
Transfer and such Certificateholder's prospective transferee shall each certify
to the Trustee in writing the facts surrounding the Transfer by (x)(i) the
delivery to the Trustee by the Certificateholder desiring to effect such
transfer of a certificate substantially in the form set forth in Exhibit D (the
"Transferor Certificate") and (ii) the delivery by the Certificateholder's
prospective transferee of (A) a letter in substantially the form of Exhibit E
(the "Investment Letter") if the prospective transferee is an Institutional
Accredited Investor or (B) a letter in substantially the form of Exhibit F (the
"Rule 144A and Related Matters Certificate") if the prospective transferee is a
QIB or (y) there shall be delivered to the Trustee an Opinion of Counsel
addressed to the Trustee that such Transfer may be made pursuant to an exemption
from the Securities Act, which Opinion of Counsel shall not be an expense of the
Depositor, the Sellers, the Master Servicer or the Trustee. Notwithstanding the
provisions of the immediately preceding sentence, no restrictions shall apply
with respect to the transfer or registration of transfer of a beneficial
interest in any Certificate that is a Global Certificate of a Class to a
transferee that takes delivery in the form of a beneficial interest in the
Global Certificate of such Class provided that each such transferee shall be
deemed to have made such representations and warranties contained in the Rule
144A and Related Matters Certificate as are sufficient to establish that it is a
QIB. The Depositor shall provide to any Holder of a Private Certificate and any
prospective transferee designated by any such Holder, information regarding the
related Certificates and the Mortgage Loans and such other information as shall
be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for Transfer of any such Certificate without registration thereof
under the Securities Act pursuant to the registration exemption provided by Rule
144A. The Trustee and the Master Servicer shall cooperate with the Depositor in
providing the Rule 144A information referenced in the preceding sentence,
including providing to the Depositor such information regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence. Each Holder of a Private Certificate desiring to effect such
Transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor,
the Sellers and the Master Servicer 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.
Prior to the termination of the Supplemental Interest Trust, no
Transfer of a Class A Certificate or Class M Certificate shall be made unless
either (i) the Trustee and the Master Servicer shall have received a
representation from the transferee of such Certificate acceptable to and in form
and substance satisfactory to the Trustee and the Master Servicer, to the effect
that such transferee is not an employee benefit plan subject to Section 406 of
ERISA or a plan subject to Section 4975 of the Code (either a "Plan"), or a
Person acting on behalf of a Plan or using the assets a Plan, or (ii) the
transferee provides a representation, or is deemed to represent in the case of
the Global Certificate that the proposed transfer or holding of such Certificate
are eligible for exemptive relief under an individual or class prohibited
transaction exemption, including, but not limited to, Prohibited Transaction
Exemption ("PTE") 84-14, XXX 00-00, XXX 00-0, XXX 00-00 or PTE 96-23.
Subsequent to the termination of the Supplemental Interest Trust, each
beneficial owner of a Class M Certificate (other than a Class M-10 Certificate)
or any interest therein shall be deemed to have represented, by virtue of its
acquisition or holding of that certificate or interest therein, that either
(a)(i) it is not a Plan or investing with "Plan Assets", (ii) it has acquired
and is holding such certificate in reliance on the Exemption, and that it
understands that there are certain conditions to the availability of the
Exemption, including that the certificate must be rated, at the time of
purchase, not lower than "BBB-" (or its equivalent) by S&P, Fitch or Xxxxx'x,
and the certificate is so rated or (iii) (1) it is an insurance company, (2) the
source of funds used to acquire or hold the certificate or interest therein is
an "insurance company general account," as such term is defined in PTE 95-60,
and (3) the conditions in Sections I and III of PTE 95-60 have been satisfied.
Neither the Trustee nor the Master Servicer will be required to
monitor, determine or inquire as to compliance with the transfer restrictions
with respect to the Global Certificates. Any attempted or purported transfer of
any Certificate in violation of the provisions of this Section 6.02 shall be
void ab initio and such Certificate shall be considered to have been held
continuously by the prior permitted Certificateholder. Any transferor of any
Certificate in violation of such provisions, shall indemnify and hold harmless
the Trustee and the Master Servicer from and against any and all liabilities,
claims, costs or expenses incurred by the Trustee or the Master Servicer as a
result of such attempted or purported transfer. Neither the Trustee nor the
Master Servicer shall have any liability for transfer of any such Global
Certificates in or through book-entry facilities of any Depository or between or
among Depository Participants or Certificate Owners made in violation of the
transfer restrictions set forth herein. Neither the Trustee nor the Master
Servicer shall be required to monitor, determine or inquire as to compliance
with the transfer restrictions with respect to any ERISA Restricted Certificate
that is a Book-Entry Certificate, and neither the Trustee nor the Master
Servicer shall have any liability for transfers of any such Book-Entry
Certificates made through the book-entry facilities of any Depository or between
or among participants of the Depository or Certificate Owners made in violation
of the transfer restrictions set forth herein. Neither the Trustee nor the
Master Servicer shall be under any liability to any Person for any registration
of transfer of any ERISA Restricted Certificate that is in fact not permitted by
this Section 6.02(h) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under the
provisions of this Agreement. The Trustee shall be entitled, but not obligated,
to recover from any Holder of any ERISA Restricted Certificate that was in fact
a Plan or a Person acting on behalf of a Plan at the time it became a Holder or,
at such subsequent time as it became a Plan or Person acting on behalf of a
Plan, all payments made on such ERISA Restricted Certificate at and after either
such time. Any such payments so recovered by the Trustee shall be paid and
delivered by the Trustee to the last preceding Holder of such Certificate that
is not a Plan or Person acting on behalf of a Plan.
No Transfer of a Class M-10, Class CE, Class P or Residual Certificate
shall be made unless either (i) the transferee of such Certificate provides a
representation, or is deemed to represent in the case of a Global Certificate,
to the Trustee and the Master Servicer acceptable to and in form and substance
satisfactory to the Trustee and the Master Servicer, to the effect that such
transferee is not a Plan, or a Person acting on behalf of a Plan or using the
assets of a Plan, or (ii) in the case of any such Certificate presented for
registration in the name of a Plan, or a trustee of a Plan or any other person
acting on behalf of a Plan, the Trustee shall have received an Opinion of
Counsel for the benefit of the Trustee and the Master Servicer and on which they
may rely, satisfactory to the Trustee, to the effect that the purchase and
holding of such Certificate are permissible under applicable law, will not
result in any prohibited transactions under ERISA or Section 4975 of the Code
and will not subject the Trustee, the Master Servicer or the Depositor to any
obligation in addition to those expressly undertaken in this Agreement, which
Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer
or the Depositor, or (iii) in the case of a Class M-10 Certificate, the
transferee provides a representation, or is deemed to represent in the case of
the Global Certificate, or an opinion of counsel to the effect that the proposed
transfer or holding of such Class M-10 Certificate and the servicing, management
and operation of the Trust and its assets: (I) will not result in any prohibited
transaction which is not covered under XXX 00-00, XXX 00-00, XXX 00-0, XXX 95-60
or PTE 96-23 and (II) will not give rise to any obligation on the part of the
Depositor, the Master Servicer or the Trustee in addition to those expressly
undertaken in this Agreement. Neither the Trustee nor the Master Servicer shall
be required to monitor, determine or inquire as to compliance with the transfer
restrictions with respect to any ERISA Restricted Certificate that is a
Book-Entry Certificate, and neither the Trustee nor the Master Servicer shall
have any liability for transfers of any such Book-Entry Certificates made
through the book-entry facilities of any Depository or between or among
participants of the Depository or Certificate Owners made in violation of the
transfer restrictions set forth herein. Neither the Trustee nor the Master
Servicer shall be under any liability to any Person for any registration of
transfer of any ERISA Restricted Certificate that is in fact not permitted by
this Section 6.02(h) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under the
provisions of this Agreement. The Trustee shall be entitled, but not obligated,
to recover from any Holder of any ERISA Restricted Certificate that was in fact
a Plan or a Person acting on behalf of a Plan at the time it became a Holder or,
at such subsequent time as it became a Plan or Person acting on behalf of a
Plan, all payments made on such ERISA Restricted Certificate at and after either
such time. Any such payments so recovered by the Trustee shall be paid and
delivered by the Trustee to the last preceding Holder of such Certificate that
is not a Plan or Person acting on behalf of a Plan.
Each Person who has or who acquires any Ownership Interest in a
Residual Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Residual
Certificate are expressly subject to the following provisions:
(i) Each Person holding or acquiring any Ownership Interest in
a Residual 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.
(ii) No Ownership Interest in a Residual Certificate may be
registered on the Closing Date or thereafter transferred, and the
Trustee shall not register the Transfer of any Residual Certificate
unless, in addition to the certificates required to be delivered to the
Trustee under subparagraph (b) above, the Trustee shall have been
furnished with an affidavit (a "Transfer Affidavit") of the initial
owner or the proposed transferee in the form attached hereto as Exhibit
C.
(iii) Each Person holding or acquiring any Ownership Interest
in a Residual Certificate shall agree (A) to obtain a Transfer
Affidavit from any other Person to whom such Person attempts to
Transfer its Ownership Interest in a Residual Certificate, (B) to
obtain a Transfer Affidavit from any Person for whom such Person is
acting as nominee, trustee or agent in connection with any Transfer of
a Residual Certificate and (C) not to Transfer its Ownership Interest
in a Residual Certificate or to cause the Transfer of an Ownership
Interest in a Residual Certificate to any other Person if it has actual
knowledge that such Person is not a Permitted Transferee.
(iv) Any attempted or purported Transfer of any Ownership
Interest in a Residual Certificate in violation of the provisions of
this Section 6.02(i) shall be absolutely null and void and shall vest
no rights in the purported transferee. If any purported transferee
shall become a Holder of a Residual Certificate in violation of the
provisions of this Section 6.02(i), then the last preceding Permitted
Transferee shall be restored to all rights as Holder thereof
retroactive to the date of registration of Transfer of such Residual
Certificate. The Trustee shall be under no liability to any Person for
any registration of Transfer of a Residual Certificate that is in fact
not permitted by Section 6.02(h) and this Section 6.02(i) or for making
any payments due on such Certificate to the Holder thereof or taking
any other action with respect to such Holder under the provisions of
this Agreement so long as the Transfer was registered after receipt of
the related Transfer Affidavit. The Trustee shall be entitled but not
obligated to recover from any Holder of a Residual Certificate that was
in fact not a Permitted Transferee at the time it became a Holder or,
at such subsequent time as it became other than a Permitted Transferee,
all payments made on such Residual Certificate at and after either such
time. Any such payments so recovered by the Trustee shall be paid and
delivered by the Trustee to the last preceding Permitted Transferee of
such Certificate.
(v) The Master Servicer shall make available within 60 days of
written request from the Trustee, all information necessary to compute
any tax imposed under Section 860E(e) of the Code as a result of a
Transfer of an Ownership Interest in a Residual Certificate to any
Holder who is not a Permitted Transferee.
The restrictions on Transfers of a Residual Certificate set forth in
this Section 6.02(i) shall cease to apply (and the applicable portions of the
legend on a Residual Certificate may be deleted) with respect to Transfers
occurring after delivery to the Trustee of an Opinion of Counsel addressed to
the Trustee, which Opinion of Counsel shall not be an expense of the Trustee,
the Sellers or the Master Servicer to the effect that the elimination of such
restrictions will not cause REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or
REMIC VI, as applicable, to fail to qualify as a REMIC at any time that the
Certificates are outstanding or result in the imposition of any tax on the Trust
Fund, a Certificateholder or another Person. Each Person holding or acquiring
any Ownership Interest in a Residual Certificate hereby consents to any
amendment of this Agreement that, based on an Opinion of Counsel addressed to
the Trustee and furnished to the Trustee, is reasonably necessary (a) to ensure
that the record ownership of, or any beneficial interest in, a Residual
Certificate is not transferred, directly or indirectly, to a Person that is not
a Permitted Transferee and (b) to provide for a means to compel the Transfer of
a Residual Certificate that is held by a Person that is not a Permitted
Transferee to a Holder that is a Permitted Transferee.
(i) The preparation and delivery of all certificates and
opinions referred to above in this Section 6.02 shall not be an expense
of the Trust Fund, the Trustee, the Depositor, the Sellers or the
Master Servicer.
Section 6.03 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.
If (a) any mutilated Certificate is surrendered to the Trustee, or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and of the ownership thereof and (b) there is delivered to
the Trustee 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 that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
Class, tenor and Percentage Interest. In connection with the issuance of any new
Certificate under this Section 6.03, 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) connected therewith. Any replacement Certificate issued pursuant to
this Section 6.03 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. All Certificates
surrendered to the Trustee under the terms of this Section 6.03 shall be
canceled and destroyed by the Trustee in accordance with its standard procedures
without liability on its part.
Section 6.04 PERSONS DEEMED OWNERS.
The Trustee and any agent of the Trustee may treat the person in whose
name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in this Agreement and for all
other purposes whatsoever, and neither the Trustee nor any agent of the Trustee
shall be affected by any notice to the contrary.
Section 6.05 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES.
If three or more Certificateholders (a) request such information in
writing from the Trustee, (b) state that such Certificateholders desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates, and (c) provide a copy of the
communication that such Certificateholders propose to transmit or if the
Depositor or the Master Servicer shall request such information in writing from
the Trustee, then the Trustee shall, within ten Business Days after the receipt
of such request, provide the Depositor, the Master Servicer or such
Certificateholders at such recipients' expense the most recent list of the
Certificateholders of the Trust Fund held by the Trustee, if any. The Depositor
and every Certificateholder, by receiving and holding a Certificate, agree that
the Trustee shall not be held accountable by reason of the disclosure of any
such information as to the list of the Certificateholders hereunder, regardless
of the source from which such information was derived.
Section 6.06 BOOK-ENTRY CERTIFICATES.
The Regular Certificates (other than the M-10, Class CE and Class P
Certificates), upon original issuance, shall be issued in the form of one or
more typewritten Certificates representing the Book-Entry Certificates, to be
delivered to the Depository by or on behalf of the Depositor. Such Certificates
shall initially be registered on the Certificate Register in the name of the
Depository or its nominee, and no Certificate Owner of such Certificates will
receive a definitive certificate representing such Certificate Owner's interest
in such Certificates, except as provided in Section 6.08. Unless and until
definitive, fully registered Certificates ("Definitive Certificates") have been
issued to the Certificate Owners of such Certificates pursuant to Section 6.08:
(a) the provisions of this Section shall be in full force and effect;
(b) the Depositor and the Trustee may deal with the Depository and the
Depository Participants for all purposes (including the making of distributions)
as the authorized representative of the respective Certificate Owners of such
Certificates;
(c) registration of the Book-Entry Certificates may not be transferred
by the Trustee except to another Depository;
(d) the rights of the respective Certificate Owners of such
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of such Certificates and the Depository and/or the Depository
Participants. Pursuant to the Depository Agreement, unless and until Definitive
Certificates are issued pursuant to Section 6.08, the Depository will make
book-entry transfers among the Depository Participants and receive and transmit
distributions of principal and interest on the related Certificates to such
Depository Participants;
(e) the Depository may collect its usual and customary fees, charges
and expenses from its Depository Participants;
(f) the Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its Depository
Participants; and
(g) to the extent that the provisions of this Section conflict with any
other provisions of this Agreement, the provisions of this Section shall
control.
For purposes of any provision of this Agreement requiring or permitting
actions with the consent of, or at the direction of, Certificateholders
evidencing a specified percentage of the aggregate unpaid principal amount of
any Class of Certificates, such direction or consent may be given by Certificate
Owners (acting through the Depository and the Depository Participants) owning
Book-Entry Certificates evidencing the requisite percentage of principal amount
of such Class of Certificates.
The Private Certificates shall initially be held in fully registered
certificated form. If at any time the Holders of all of the Certificates of one
or more such Classes request that the Trustee cause such Class to become Global
Certificates, the Depositor (with the assistance of the Trustee) will take such
action as may be reasonably required to cause the Depository to accept such
Class or Classes for trading if it may legally be so traded. If at anytime there
are to be Global Certificates, the Global Certificates shall be delivered to the
Depository by the Depositor or deposited with the Trustee as custodian for the
Depository.
All transfers by Certificate Owners of such respective Classes of
Book-Entry Certificates and any Global Certificates shall be made in accordance
with the procedures established by the Depository Participant or brokerage firm
representing such Certificate Owners. Each Depository Participant shall only
transfer 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.
Section 6.07 NOTICES TO DEPOSITORY.
Whenever any notice or other communication is required to be given to
Certificateholders of a Class with respect to which Book-Entry Certificates have
been issued, unless and until Definitive Certificates shall have been issued to
the related Certificate Owners, the Trustee shall give all such notices and
communications to the Depository.
Section 6.08 DEFINITIVE CERTIFICATES.
If, after Book-Entry Certificates have been issued with respect to any
Certificates, (a) the Depositor or the Depository advises the Trustee that the
Depository is no longer willing or able to discharge properly its
responsibilities under the Depository Agreement with respect to such
Certificates and the Depositor is unable to locate a qualified successor or (b)
the Depositor, with the consent of Depository Participants, advises the Trustee
that it elects to terminate the book-entry system with respect to such
Certificates through the Depository, then the Trustee shall notify all
Certificate Owners of such Certificates, through the Depository, of the
occurrence of any such event and of the availability of Definitive Certificates
to applicable Certificate Owners requesting the same. The Depositor shall
provide the Trustee with an adequate inventory of certificates to facilitate the
issuance and transfer of Definitive Certificates. Upon surrender to the Trustee
of any such Certificates by the Depository, accompanied by registration
instructions from the Depository for registration, the Trustee shall countersign
and deliver such Definitive Certificates. Neither the Depositor nor the Trustee
shall be liable for any delay in delivery of such instructions and each may
conclusively rely on, and shall be protected in relying on, such instructions.
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 Voting
Rights 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 Voting Right in fully
registered definitive form. Upon receipt by the Trustee of instructions from the
Depository directing the Trustee to effect such exchange (such instructions to
contain information regarding the Class of Certificates and the Certificate
Principal Balance being exchanged, the Depository Participant account to be
debited with the decrease, the registered Holder of and delivery instructions
for the definitive Certificate, 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 Certificate, (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 Voting Rights in such Class of Certificates and (iii)
the Trustee shall execute and authenticate a new Book-Entry Certificate
reflecting the reduction in the Certificate Principal Balance of such Class of
Certificates by the amount of the definitive Certificates.
Section 6.09 MAINTENANCE OF OFFICE OR AGENCY.
The Trustee will maintain or cause to be maintained at its expense an
office or offices or agency or agencies at the Corporate Trust Office where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee initially designates its Corporate Trust Office, as the office for such
purposes. The Trustee will give prompt written notice to the Certificateholders
of any change in such location of any such office or agency.
ARTICLE VII
THE DEPOSITOR AND THE MASTER SERVICER
Section 7.01 LIABILITIES OF THE DEPOSITOR AND THE MASTER SERVICER.
Each of the Depositor, and the Master Servicer shall be liable in
accordance herewith only to the extent of the obligations specifically imposed
upon and undertaken by it herein.
Section 7.02 MERGER OR CONSOLIDATION OF THE DEPOSITOR OR THE
MASTER SERVICER.
(a) Each of the Depositor and the Master Servicer will keep in full
force and effect its existence, rights and franchises as a corporation under the
laws of the state of its incorporation, and will 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 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 hereunder,
without the execution or filing of any paper or further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding.
Section 7.03 INDEMNIFICATION OF THE TRUSTEE AND THE MASTER
SERVICER.
(a) The Master Servicer agrees to indemnify the Indemnified Persons
including LaSalle Bank National Association as Trustee and in its individual
capacity only to the extent of its performance of its duties hereunder, and to
hold them harmless against, any loss, liability or expense (including reasonable
legal fees and disbursements of counsel) incurred on their part that may be
sustained in connection with, arising out of, or relating to, any claim or legal
action (including any pending or threatened claim or legal action) relating to
this Agreement, including any powers of attorney delivered pursuant to this
Agreement, the Custodial Agreement or the Certificates (i) related to the Master
Servicer's failure to perform its duties in compliance with this Agreement
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) or (ii) incurred by reason of the Master Servicer's
willful misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder, provided, in each case, that with respect to any such claim or legal
action (or pending or threatened claim or legal action), the Trustee shall have
given the Master Servicer and the Sponsor written notice thereof promptly after
the Trustee shall have with respect to such claim or legal action knowledge
thereof; provided, however that the failure to give such notice shall not
relieve the Master Servicer of its indemnification obligations hereunder. This
indemnity shall survive the resignation or removal of the Trustee or Master
Servicer and the termination of this Agreement.
(b) The Sponsor will indemnify any Indemnified Person including LaSalle
Bank National Association as Trustee and in its individual capacity only to the
extent of its performance of its duties hereunder for any loss, liability or
expense of any Indemnified Person not otherwise paid or covered pursuant to
Subsection (a) above.
Section 7.04 LIMITATIONS ON LIABILITY OF THE DEPOSITOR, THE MASTER
SERVICER AND OTHERS.
Subject to the obligation of the Master Servicer to indemnify the
Indemnified Persons pursuant to Section 7.03:
(a) Neither the Depositor, the Master Servicer nor any of the
directors, officers, employees or agents of the Depositor and the Master
Servicer shall be under any liability to the Indemnified Persons, the Trust Fund
or the Certificateholders for taking any action or for refraining from taking
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 such Person's willful misfeasance, bad faith or gross negligence in
the performance of duties or by reason of reckless disregard of obligations and
duties hereunder.
(b) The Depositor, the Master Servicer and any director, officer,
employee or agent of the Depositor and 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.
(c) The Depositor, the Master Servicer, LaSalle Bank National
Association as Trustee and in its individual capacity only to the extent of its
performance of its duties hereunder, the Custodian and any director, officer,
employee or agent of the Depositor, the Master Servicer, the Trustee, the
Custodian shall be indemnified by the Trust and held harmless thereby against
any loss, liability or expense (including reasonable legal fees and
disbursements of counsel) incurred on their part that may be sustained in
connection with, arising out of, or related to, any claim or legal action
(including any pending or threatened claim or legal action) relating to this
Agreement, the Custodial Agreement or the Certificates, other than (i) in the
case of the Master Servicer, (x) any such loss, liability or expense related to
the Master Servicer's failure to perform its duties in compliance with this
Agreement (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) or (y) any such loss, liability or
expense incurred by reason of the Master Servicer's willful misfeasance, bad
faith or gross negligence in the performance of duties hereunder, or by reason
of reckless disregard of obligations and duties hereunder, (ii) in the case of
the Trustee, any such loss, liability or expense incurred by reason of the
Trustee's willful misfeasance, bad faith or negligence in the performance of its
duties hereunder, or by reason of its reckless disregard of obligations and
duties hereunder and (iii) in the case of the Custodian, any such loss,
liability or expense incurred by reason of the Custodian's willful misfeasance,
bad faith or negligence in the performance of its duties under the Custodial
Agreement, or by reason of its reckless disregard of obligations and duties
thereunder.
(d) Neither the Depositor nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal action that is not
incidental to its duties under this Agreement and that in its opinion may
involve it in any expense or liability; provided, however, the Master Servicer
may in its discretion, with the consent of the Trustee (which consent shall not
be unreasonably withheld), undertake any such action which it may deem necessary
or desirable with 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 and any liability resulting
therefrom (expect any loss, liability or expense incurred by reason of reckless
disregard of obligations and duties hereunder) shall be expenses, costs and
liabilities of the Trust Fund, and the Master Servicer shall be entitled to be
reimbursed therefor out of the Protected Account as provided by Section 4.02.
Nothing in this Subsection 7.04(d) shall affect the Master Servicer's obligation
to service and administer the Mortgage Loans pursuant to Article III.
(e) In taking or recommending any course of action pursuant to this
Agreement, unless specifically required to do so pursuant to this Agreement, the
Master Servicer shall not be required to investigate or make recommendations
concerning potential liabilities which the Trust might incur as a result of such
course of action by reason of the condition of the Mortgaged Properties but
shall give notice to the Trustee if it has notice of such potential liabilities.
Section 7.05 MASTER SERVICER NOT TO RESIGN.
Except as provided in Section 7.07, the Master Servicer shall not
resign from the obligations and duties hereby imposed on it except (i) with the
prior consent of the Trustee (which consents shall not be unreasonably withheld)
or (ii) upon a determination that any such duties hereunder are no longer
permissible under applicable law and such impermissibility cannot be cured. Any
such determination permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel, addressed to and delivered to, the Trustee.
No such resignation by the Master Servicer shall become effective until the
Trustee or a successor to the Master Servicer reasonably satisfactory to the
Trustee shall have assumed the responsibilities and obligations of the Master
Servicer in accordance with Section 8.02 hereof. The Trustee shall notify the
Rating Agencies of the resignation of the Master Servicer.
Section 7.06 SUCCESSOR MASTER SERVICER.
In connection with the appointment of any successor Master Servicer or
the assumption of the duties of the Master Servicer, the Trustee may make such
arrangements for the compensation of such successor master servicer out of
payments on the Mortgage Loans as the Trustee and such successor master servicer
shall agree. If the successor master servicer does not agree that such market
value is a fair price, such successor master servicer shall obtain two
quotations of market value from third parties actively engaged in the servicing
of single family mortgage loans. In no event shall the compensation of any
successor master servicer exceed that permitted the Master Servicer hereunder
without the consent of all of the Certificateholders.
Section 7.07 SALE AND ASSIGNMENT OF MASTER SERVICING.
The Master Servicer may sell and assign its rights and delegate its
duties and obligations in its entirety as Master Servicer under this Agreement;
provided, however, that: (i) the purchaser or transferee accepting such
assignment and delegation (a) shall be a Person which shall be qualified to
service mortgage loans for Xxxxxx Xxx or Xxxxxxx Mac; (b) shall have a net worth
of not less than $10,000,000 (unless otherwise approved by each Rating Agency
pursuant to clause (ii) below); (c) shall be reasonably satisfactory to the
Trustee (as evidenced in a writing signed by the Trustee); and (d) shall execute
and deliver to the Trustee an agreement, in form and substance reasonably
satisfactory to 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 it as master servicer under this Agreement, any
custodial agreement from and after the effective date of such agreement; (ii)
each Rating Agency shall be given prior written notice of the identity of the
proposed successor to the Master Servicer and each Rating Agency's rating of the
Certificates in effect immediately prior to such assignment, sale and delegation
will not be downgraded, qualified or withdrawn as a result of such assignment,
sale and delegation, as evidenced by a letter to such effect delivered to the
Master Servicer and the Trustee (at the expense of the Master Servicer); and
(iii) the Master Servicer assigning and selling the master servicing shall
deliver to the Trustee an Officer's Certificate and an Opinion of Counsel
addressed to the Trustee, each stating that all conditions precedent to such
action under this Agreement have been completed and such action is permitted by
and complies with the terms of this Agreement. No such assignment or delegation
shall affect any liability of the Master Servicer arising prior to the effective
date thereof.
ARTICLE VIII
DEFAULT; TERMINATION OF MASTER SERVICER
Section 8.01 EVENTS OF DEFAULT.
"Event of Default," wherever used herein, means any one of the
following events:
(i) any failure by the Master Servicer to remit to the Trustee
any amounts received or collected by the Master Servicer in respect of
the Mortgage Loans and required to be remitted by it hereunder (other
than any Advance), which failure shall continue unremedied for one
Business Day after the date on which written notice of such failure
shall have been given to the Master Servicer by the Trustee or the
Depositor, or to the Trustee and the Master Servicer by the Holders of
Certificates evidencing not less than 25% of the Voting Rights
evidenced by the Certificates;
(ii) any failure by the Master Servicer to observe or perform
in any material respect any other of the covenants or agreements on the
part of the Master Servicer contained in this Agreement or any breach
of a representation or warranty by the Master Servicer, which failure
or breach shall continue unremedied for a period of 60 days after the
date on which written notice of such failure shall have been given to
Master Servicer by the Trustee or the Depositor, or to the Trustee and
the Master Servicer by the Holders of Certificates evidencing not less
than 25% of the Voting Rights evidenced by the Certificates;
(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
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
consecutive days;
(iv) the Master Servicer shall consent to the appointment of a
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 all or substantially all of the
property of the Master Servicer;
(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;
(vi) the Master Servicer assigns or delegates its duties or
rights under this Agreement in contravention of the provisions
permitting such assignment or delegation under Sections 7.05 or 7.07;
(vii) failure by the Master Servicer to duly perform, within
the required time period, its obligations under Sections 3.13, 3.14 or
3.16 set forth under such Sections; or
(viii) The Master Servicer fails to deposit, or cause to be
deposited, in the Distribution Account any Advance (other than a
Nonrecoverable Advance) by 5:00 p.m. New York City time on the
Distribution Account Deposit Date.
If an Event of Default shall occur, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, the Trustee
may, and at the direction of the Holders of Certificates evidencing not less
than 25% of the Voting Rights evidenced by the Certificates, the Trustee shall
in the case of any Event of Default described in clauses (i) through (vii)
above, by notice in writing to the Master Servicer and the Swap Provider (with a
copy to each Rating Agency), 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. On or
after the receipt by the Master Servicer of such written notice, all authority
and power of the Master Servicer hereunder, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the Trustee, or any successor
appointed pursuant to Section 8.02 (a "Successor Master Servicer"). Such
Successor Master Servicer shall thereupon if such Successor Master Servicer is a
successor to the Master Servicer, make any Advance required by Article V,
subject, in the case of the Trustee, to Section 8.02. The Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the terminated
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 any Mortgage Loans and
related documents, or otherwise. Unless expressly provided in such written
notice, no such termination shall affect any obligation of the Master Servicer
to pay amounts owed pursuant to Article VII or Article IX. 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 applicable Successor Master Servicer of all cash amounts
which shall at the time be credited to the Protected Account maintained pursuant
to Section 4.02, or thereafter be received with respect to the applicable
Mortgage Loans. The Trustee shall promptly notify the Rating Agencies of the
occurrence of an Event of Default known to the Trustee.
Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive, out of any
late collection of a Scheduled Payment on a Mortgage Loan that was due prior to
the notice terminating the Master Servicer's rights and obligations as Master
Servicer hereunder and received after such notice, that portion thereof to which
the Master Servicer would have been entitled pursuant to Sections 4.02 and to
receive any other amounts payable to the Master Servicer hereunder the
entitlement to which arose prior to the termination of its activities hereunder.
Notwithstanding the foregoing, if an Event of Default described in
clause (vii) of this Section 8.01 shall occur, the Trustee shall, by notice in
writing to the Master Servicer, which may be delivered by telecopy, immediately
terminate all of the rights and obligations of the Master Servicer thereafter
arising under this Agreement, but without prejudice to any rights it may have as
a Certificateholder or to reimbursement of Advances and other advances of its
own funds, and the Trustee shall act as provided in Section 8.02 to carry out
the duties of the Master Servicer, including the obligation to make any Advance
the nonpayment of which was an Event of Default described in clause (vii) of
this Section 8.01. Any such action taken by the Trustee must be prior to the
distribution on the relevant Distribution Date.
Section 8.02 TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.
On and after the time the Master Servicer receives a notice of
termination pursuant to Section 8.01 hereof the Trustee shall automatically
become the successor to the Master Servicer with respect to the transactions set
forth or provided for herein and after a transition period (not to exceed 90
days), shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Master Servicer by the terms and provisions
hereof; provided, however that, pursuant to Article V hereof, the Trustee in its
capacity as successor Master Servicer shall be responsible for making any
Advances required to be made by the Master Servicer immediately upon the
termination of the Master Servicer and any such Advance shall be made on the
Distribution Date on which such Advance was required to be made by the
predecessor Master Servicer. Effective on the date of such notice of
termination, as compensation therefor, the Trustee shall be entitled to all
compensation, reimbursement of expenses and indemnification that the Master
Servicer would have been entitled to if it had continued to act hereunder,
provided, however, that the Trustee shall not be (i) liable for any acts or
omissions of the Master Servicer, (ii) obligated to make Advances if it is
prohibited from doing so under applicable law, (iii) responsible for expenses of
the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses
on any Permitted Investment directed by the Master Servicer. Notwithstanding the
foregoing, the Trustee may, if it shall be unwilling to so act, or shall, if it
is prohibited by applicable law from making Advances pursuant to Article V or if
it is otherwise unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution the
appointment of which does not adversely affect the then current rating of the
Certificates by each Rating Agency 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. Any Successor Master Servicer
shall (i) be an institution that is a Xxxxxx Mae and Xxxxxxx Mac approved
seller/servicer in good standing, that has a net worth of at least $15,000,000,
(ii) be acceptable to the Trustee (which consent shall not be unreasonably
withheld) and (iii) be willing to act as successor servicer of any Mortgage
Loans under this Agreement, and shall have executed and delivered to the
Depositor and the Trustee an agreement accepting such delegation and assignment,
that contains an assumption by such Person of the rights, powers, duties,
responsibilities, obligations and liabilities of the Master Servicer (other than
any liabilities of the Master Servicer hereof incurred prior to termination of
the Master Servicer under Section 8.01 or as otherwise set forth herein), with
like effect as if originally named as a party to this Agreement, provided that
each Rating Agency shall have acknowledged in writing that its rating of the
Certificates in effect immediately prior to such assignment and delegation will
not be qualified or reduced as a result of such assignment and delegation. If
the Trustee assumes the duties and responsibilities of the Master Servicer in
accordance with this Section 8.02, the Trustee shall not resign as Master
Servicer until a Successor Master Servicer has been appointed and has accepted
such appointment. Pending appointment of a successor to the Master Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so acting,
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 or otherwise as
it and such successor shall agree; provided that no such compensation unless
agreed to by the Certificateholders shall be in excess of that permitted the
Master Servicer hereunder. The Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. Neither the Trustee nor any other Successor Master Servicer
shall be deemed to be in default hereunder by reason of any failure to make, or
any delay in making, any distribution hereunder or any portion thereof or any
failure to perform, or any delay in performing, any duties or responsibilities
hereunder, in either case caused by the failure of the Master Servicer to
deliver or provide, or any delay in delivering or providing, any cash,
information, documents or records to it.
The costs and expenses of the Trustee in connection with the
termination of the Master Servicer, appointment of a Successor Master Servicer
and, if applicable, any transfer of servicing, including, without limitation,
all costs and expenses associated with the complete transfer of all servicing
data and the completion, correction or manipulation of such servicing data as
may be required by the Trustee to correct any errors or insufficiencies in the
servicing data or otherwise to enable the Trustee or the Successor Master
Servicer to service the Mortgage Loans properly and effectively, to the extent
not paid by the terminated Master Servicer, shall be payable to the Trustee
pursuant to Section 9.05. Any successor to the Master Servicer as successor
servicer under any Subservicing Agreement shall give notice to the applicable
Mortgagors of such change of servicer and shall, during the term of its service
as successor servicer maintain in force the policy or policies that the Master
Servicer is required to maintain pursuant to Section 3.08.
Section 8.03 NOTIFICATION TO CERTIFICATEHOLDERS.
(a) Upon any termination of or appointment of a successor to the Master
Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders and to each Rating Agency.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Certificateholders and the Swap Provider
notice of each such Event of Default hereunder actually known to a Responsible
Officer of the Trustee, unless such Event of Default shall have been cured or
waived.
Section 8.04 WAIVER OF DEFAULTS.
The Trustee shall transmit by mail to all Certificateholders and the
Swap Provider, within 60 days after the occurrence of any Event of Default
actually known to a Responsible Officer of the Trustee, unless such Event of
Default shall have been cured, notice of each such Event of Default hereunder
known to the Trustee. The Holders of Certificates evidencing not less than 51%
of the Voting Rights may, on behalf of all Certificateholders, waive any default
by the Master Servicer in the performance of its obligations hereunder and the
consequences thereof, except a default in the making of or the causing to be
made of any required distribution on the Certificates. Upon any such waiver of a
past default, such default shall be deemed to cease to exist, and any Event of
Default arising therefrom shall be deemed to have been timely remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon except to the extent
expressly so waived. The Trustee shall give notice of any such waiver to the
Rating Agencies.
ARTICLE IX
CONCERNING THE TRUSTEE
Section 9.01 DUTIES OF TRUSTEE.
(a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver 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 as duties of the Trustee. If an Event of Default has
occurred and has not been cured or waived, the Trustee shall exercise such of
the rights and powers vested in it by this Agreement, and the same degree of
care and skill in their exercise, as a prudent person would exercise under the
circumstances in the conduct of such Person's own affairs.
(b) Upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments which are specifically
required to be furnished to the Trustee pursuant to any provision of this
Agreement, the Trustee shall examine them to determine whether they are in the
form required by this Agreement; provided, however, that the Trustee shall not
be responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Master Servicer; provided, further, that the Trustee shall not be responsible
for the accuracy or verification of any calculation provided to it pursuant to
this Agreement.
(c) On each Distribution Date, the Trustee shall make monthly
distributions and the final distribution to the Certificateholders from funds in
the Distribution Account as provided in Sections 5.04 and 10.01 herein.
(d) 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 their respective 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 and conforming to the
requirements of this Agreement;
(ii) The Trustee shall not be liable in its individual
capacity 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 liable with respect to any
action taken, suffered or omitted to be taken by it in good faith in
accordance with the directions of the Holders of Certificates
evidencing not less than 25% of the aggregate Voting Rights of the
Certificates (or such other percentage as specifically set forth
herein), if such action or non-action relates to the time, method and
place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or other power conferred upon the
Trustee under this Agreement;
(iv) The Trustee shall not be required to take notice or be
deemed to have notice or knowledge of any default or Event of Default
unless a Responsible Officer of the Trustee shall have actual knowledge
thereof. In the absence of such knowledge, the Trustee may conclusively
assume there is no such default or Event of Default;
(v) The Trustee shall not in any way be liable by reason of
any insufficiency in any Account held by or in the name of Trustee
unless it is determined by a court of competent jurisdiction in a
non-appealable judgment that the Trustee's negligence or willful
misconduct was the primary cause of such insufficiency (except to the
extent that the Trustee is obligor and has defaulted thereon);
(vi) Anything in this Agreement to the contrary
notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of
the form of action; and
(vii) None of the Master Servicer, the Seller, the Depositor
or the Trustee shall be responsible for the acts or omissions of the
other, it being understood that this Agreement shall not be construed
to render them partners, joint venturers or agents of one another.
The Trustee shall not be required to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder, or
in the exercise of any of its rights or powers, if there is reasonable ground
for believing that the repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it, and none of the
provisions contained in this Agreement shall in any event require the Trustee to
perform, or be responsible for the manner of performance of, any of the
obligations of the Master Servicer.
(e) All funds received by the Trustee and required to be deposited in
the Distribution Account pursuant to this Agreement will be promptly so
deposited by the Trustee.
Section 9.02 CERTAIN MATTERS AFFECTING THE TRUSTEE.
(a) Except as otherwise provided in Section 9.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting in reliance on any resolution or certificate of
the Seller or the Master Servicer, any certificates 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 advice of
such counsel or any Opinion of Counsel shall be full and complete
authorization and protection with respect to any action taken or
suffered or omitted by it hereunder in good faith and in accordance
with such advice or Opinion of Counsel;
(iii) The Trustee shall not be under any obligation to
exercise any of the trusts or powers vested in it by this Agreement,
other than its obligation to give notices pursuant to 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 of which a Responsible Officer of the Trustee has
actual knowledge (which has not been cured or waived), 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 person
would exercise under the circumstances in the conduct of his own
affairs;
(iv) The Trustee shall not be liable in its individual
capacity 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) 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 to do so by Holders of Certificates evidencing not less than
25% of the aggregate Voting Rights of the Certificates and provided
that 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 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 taking any such action. The
reasonable expense of every such examination shall be paid by the
Certificateholders requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or through
Affiliates, agents or attorneys; provided, however, that the Trustee
may not appoint any paying agent to perform any paying agent functions
under this Agreement without the express written consent of the Master
Servicer, which consents will not be unreasonably withheld. The Trustee
shall not be liable or responsible for the misconduct or negligence of
any of the Trustee's agents or attorneys or paying agent appointed
hereunder by the Trustee with due care and, when required, with the
consent of the Master Servicer;
(vii) Should the Trustee deem the nature of any action
required on its part to be unclear, the Trustee may require prior to
such action that it be provided by the Depositor with reasonable
further instructions; the right of the Trustee to perform any
discretionary act enumerated in this Agreement shall not be construed
as a duty, and the Trustee shall not be accountable for other than its
negligence or willful misconduct in the performance of any such act;
(viii) The Trustee shall not be required to give any bond or
surety with respect to the execution of the trust created hereby or the
powers granted hereunder, except as provided in Subsection 9.07; and
(ix) The Trustee shall not have any duty to conduct any
affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by any Person pursuant to
this Agreement, or the eligibility of any Mortgage Loan for purposes of
this Agreement.
(b) The Trustee is hereby directed by the Depositor to execute and
deliver the Derivative Administration Agreement (and any amendments or
supplements to the Derivative Administration Agreement as may be requested by
the Majority Class CE Certificateholder regarding the distributions to be made
to it or its designees thereunder). Amounts payable by the Trustee on any
Distribution Date to the Derivative Administrator shall be paid by the Trustee
as provided herein. The Trustee in its individual capacity shall have no
responsibility for any of the undertakings, agreements or representations with
respect to the Swap Agreement, the Yield Maintenance Agreement or the Derivative
Administration Agreement, including, without limitation, for making any payments
thereunder.
It is acknowledged and agreed that the Person serving as Trustee
hereunder shall also serve as Derivative Administrator under the Derivative
Administration Agreement and act as Supplemental Interest Trust Trustee under
the Swap Agreement and the Yield Maintenance Agreement. The Trustee, the
Derivative Administrator and the Supplemental Interest Trust Trustee are hereby
directed by the Depositor to execute and deliver the Derivative Administration
Agreement (and any amendments or supplements to the Derivative Administration
Agreement as may be requested by the Majority Class CE Certificateholder
regarding the distributions to be made to it or its designees thereunder) and
the Supplemental Interest Trust Trustee is hereby directed to execute and
deliver the Swap Agreement and the Yield Maintenance Agreement, and to make the
representations required therein. The Derivative Administrator shall not have
any liability for any failure or delay in payments to the Trust which are
required under the Derivative Administration Agreement where such failure or
delay is due to the failure or delay of the Swap Provider or the Yield
Maintenance Agreement Provider in making such payment to the Derivative
Administrator. LaSalle Bank National Association in its individual capacity and
as Derivative Administrator, the Trustee and the Supplemental Interest Trust
Trustee shall be entitled to be indemnified and held harmless by the Trust from
and against any and all losses, claims, expenses or other liabilities that arise
by reason of or in connection with the performance or observance by each of the
Derivative Administrator, the Trustee and the Supplemental Interest Trust
Trustee of its duties or obligations under the Swap Agreement or the Derivative
Administration Agreement, except to the extent that the same is due to the
Derivative Administrator's, the Trustee's or the Supplemental Interest Trust
Trustee's gross negligence, willful misconduct or fraud. Any Person appointed as
successor trustee pursuant to Section 9.09 shall also be required to serve as
successor Derivative Administrator and successor supplemental interest trust
trustee under the Swap Agreement and the Derivative Administration Agreement.
Section 9.03 TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE
LOANS.
The recitals contained herein and in the Certificates (other than the
signature and countersignature of the Trustee on the Certificates) shall be
taken as the statements of the Depositor, and the Trustee shall not have any
responsibility for their correctness. The Trustee makes no representation as to
the validity or sufficiency of the Certificates (other than the signature and
countersignature of the Trustee on the Certificates) or of any Mortgage Loan
except as expressly provided in Sections 2.02 and 2.06 hereof; provided,
however, that the foregoing shall not relieve the Trustee, or the Custodian on
its behalf, of the obligation to review the Mortgage Files pursuant to Section
2.02 of this Agreement. The Trustee's signature and countersignature (or
countersignature of its agent) on the Certificates shall be solely in its
capacity as Trustee and shall not constitute the Certificates an obligation of
the Trustee in any other capacity. The Trustee shall not be accountable for the
use or application by the Depositor 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 with respect to the Mortgage Loans. Subject to Section 2.06,
the Trustee shall not be responsible for the legality or validity of this
Agreement or any document or instrument relating to this Agreement, the validity
of the execution of this Agreement or of any supplement hereto or instrument of
further assurance, or the validity, priority, perfection or sufficiency of the
security for the Certificates issued hereunder or intended to be issued
hereunder. The Trustee shall not at any time have any responsibility or
liability for or with respect to the legality, validity and enforceability of
any Mortgage or any Mortgage Loan, or the perfection and priority of any
Mortgage or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust Fund or its ability to generate the
payments to be distributed to Certificateholders, under this Agreement. The
Trustee shall not be responsible for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or lien granted to it hereunder or to
record this Agreement.
Section 9.04 TRUSTEE MAY OWN CERTIFICATES.
The Trustee in its individual capacity or in any capacity other than as
Trustee hereunder may become the owner or pledgee of any Certificates with the
same rights it would have if it were not the Trustee and may otherwise deal with
the parties hereto.
Section 9.05 TRUSTEE'S FEES AND EXPENSES.
The Trustee will be entitled to recover from the Distribution Account
pursuant to Section 4.05, the Trustee Fee, all reasonable out of pocket
expenses, disbursements and advances and the expenses of the Trustee in
connection with any Event of Default (or anything related thereto, including any
determination that an Event of Default does or does not exist), any breach of
this Agreement or any claim or legal action (including any pending or threatened
claim or legal action) incurred or made by the Trustee in the administration of
the trusts hereunder (including the reasonable compensation, expenses and
disbursements of its counsel) except any such expense, disbursement or advance
as may arise from its negligence or intentional misconduct or which is the
responsibility of the Certificateholders hereunder. If funds in the Distribution
Account are insufficient therefor, the Trustee shall recover such expenses,
disbursements or advances from the Depositor and the Depositor hereby agrees to
pay such expenses, disbursements or advances. Such compensation and
reimbursement obligation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust.
Section 9.06 ELIGIBILITY REQUIREMENTS FOR TRUSTEE.
The Trustee and any successor Trustee shall during the entire duration
of this Agreement be a state bank or trust company or a national banking
association organized and doing business under the laws of a state or the United
States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus and undivided profits of at least
$50,000,000, subject to supervision or examination by federal or state authority
and rated "BBB" or higher by Fitch with respect to their long-term rating and
rated "BBB" or higher by S&P and "Baa2" or higher by Xxxxx'x with respect to any
outstanding long-term unsecured unsubordinated debt, and, in the case of a
successor Trustee other than pursuant to Section 9.10, rated in one of the two
highest long-term debt categories by each Rating Agency (at least "AA-" in the
case of S&P) or otherwise acceptable to, each of the Rating Agencies and have a
short-term debt rating of at least "A-1" from S&P, or otherwise acceptable to,
S&P. The Trustee shall not be an Affiliate of the Master Servicer. If the
Trustee 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 9.06 the combined capital and surplus of such
corporation shall be deemed to be its total equity capital (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 9.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 9.08.
Section 9.07 INSURANCE.
The Trustee, at its own expense, shall at all times maintain and keep
in full force and effect: (i) fidelity insurance, (ii) theft of documents
insurance and (iii) forgery insurance (which may be collectively satisfied by a
"Financial Institution Bond" and/or a "Bankers' Blanket Bond"); provided, that
such insurance may be provided through self-insurance so long as the Trustee is
rated "A" or better by S&P and "A1" or better by Xxxxx'x. All such insurance
shall be in amounts, with standard coverage and subject to deductibles, as are
customary for insurance typically maintained by banks or their affiliates which
act as custodians for investor-owned mortgage pools. A certificate of an officer
of the Trustee as to the Trustee's compliance with this Section 9.07 shall be
furnished to any Certificateholder upon reasonable written request.
Section 9.08 RESIGNATION AND REMOVAL OF TRUSTEE.
The Trustee may at any time resign and be discharged from the Trust
hereby created by giving written notice thereof to the Depositor, the Seller and
the Master Servicer, with a copy to the Rating Agencies and the Swap Provider.
Upon receiving such notice of resignation, the Depositor shall promptly appoint
a successor trustee by written instrument, in triplicate, one copy of which
instrument shall be delivered to each of the resigning Trustee and 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, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.
If at any time (i) the Trustee shall cease to be eligible in accordance
with the provisions of Section 9.06 hereof and shall fail to resign after
written request thereto by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged as 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, or
(iii)(A) a tax is imposed with respect to the Trust Fund by any state in which
the Trustee or the Trust Fund is located, (B) the imposition of such tax would
be avoided by the appointment of a different trustee and (C) the Trustee fails
to indemnify the Trust Fund against such tax, then the Depositor or the Master
Servicer may remove the Trustee and appoint a successor trustee by written
instrument, in multiple copies, a copy of which instrument shall be delivered to
the Trustee, the Master Servicer and the successor trustee.
The Holders evidencing at least 51% of the Voting Rights of each Class
of Certificates may at any time remove the Trustee and appoint a successor
trustee by written instrument or instruments, in multiple copies, signed by such
Holders or their attorneys-in-fact duly authorized, one complete set of which
instruments shall be delivered by the successor trustee to the Master Servicer,
the Trustee so removed and the successor trustee so appointed. Notice of any
removal of the Trustee shall be given to each Rating Agency by the Trustee or
successor trustee.
Any resignation or removal of LaSalle Bank National Association as
Trustee shall also result in the resignation or removal, as applicable, of
LaSalle Bank National Association as Derivative Administrator. Any resignation
or removal of the Trustee and appointment of a successor trustee pursuant to any
of the provisions of this Section 9.08 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 9.09 hereof and upon
acceptance of appointment by a successor derivative administrator under the
Derivative Administration Agreement.
Section 9.09 SUCCESSOR TRUSTEE.
Any successor trustee appointed as provided in Section 9.08 hereof
shall execute, acknowledge and deliver to the Depositor, to its predecessor
trustee, the Master Servicer an instrument accepting such appointment hereunder
and thereupon the resignation or removal of the predecessor 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.
No successor trustee shall accept appointment as provided in this
Section 9.09 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 9.07 hereof and its appointment
shall not adversely affect the then current rating of the Certificates.
Upon acceptance of appointment by a successor trustee as provided in
this Section 9.09, the successor trustee shall mail notice of the succession of
such trustee hereunder to all Holders of Certificates. If the successor trustee
fails to mail such notice within ten days after acceptance of appointment, the
Depositor shall cause such notice to be mailed at the expense of the Trust Fund.
Section 9.10 MERGER OR CONSOLIDATION OF TRUSTEE.
Any corporation, state bank or national banking association into which
the Trustee may be merged or converted or with which it may be consolidated or
any corporation, state bank or national banking association resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation, state bank or national banking association succeeding to
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
eligible under the provisions of Section 9.06 hereof without the execution or
filing of any paper or further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding.
Section 9.11 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, 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 any Mortgage Note 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 and for the
benefit of the Certificateholders, such title to the Trust Fund or any part
thereof, whichever is applicable, and, subject to the other provisions of this
Section 9.11, 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 to do so, or in the 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 9.06 and
no notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 9.09.
Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:
(i) All rights, powers, duties and obligations conferred or
imposed upon the Trustee, except for the obligation of the Trustee
under this Agreement to advance funds on behalf of the Master Servicer,
shall be conferred or imposed upon and exercised or performed by the
Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized
to act separately without the Trustee joining in such act), except to
the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed (whether a Trustee hereunder
or as a Successor 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 singly by such separate
trustee or co-trustee, but solely at the direction of the Trustee;
(ii) No trustee hereunder shall be held personally liable by
reason of any act or omission of any other trustee hereunder; and
(iii) The Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee.
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 IX. 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 and a copy thereof given to the
Master Servicer and the Depositor.
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 9.12 TAX MATTERS.
It is intended that the Trust Fund shall constitute, and that the
affairs of the Trust Fund shall be conducted so that each REMIC formed hereunder
qualifies as, a "real estate mortgage investment conduit" as defined in and in
accordance with the REMIC Provisions. In furtherance of such intention, the
Trustee covenants and agrees that it shall act as agent (and the Trustee is
hereby appointed to act as agent) on behalf of the Trust Fund. The Trustee, as
agent on behalf of the Trust Fund, shall do or refrain from doing, as
applicable, the following: (a) the Trustee shall prepare and file, or cause to
be prepared and filed, in a timely manner, U.S. Real Estate Mortgage Investment
Conduit Income Tax Returns (Form 1066 or any successor form adopted by the
Internal Revenue Service) and prepare and file or cause to be prepared and filed
with the Internal Revenue Service and applicable state or local tax authorities
income tax or information returns for each taxable year with respect to each
such REMIC containing such information and at the times and in the manner as may
be required by the Code or state or local tax laws, regulations, or rules, and
furnish or cause to be furnished to Certificateholders the schedules, statements
or information at such times and in such manner as may be required thereby; (b)
the Trustee shall apply for an employer identification number with the Internal
Revenue Service via a Form SS-4 or other comparable method for each REMIC that
is or becomes a taxable entity, and within thirty days of the Closing Date,
furnish or cause to be furnished to the Internal Revenue Service, on Forms 8811
or as otherwise may be required by the Code, the name, title, address, and
telephone number of the Person that the Holders of the Certificates may contact
for tax information relating thereto, together with such additional information
as may be required by such Form, and update such information at the time or
times in the manner required by the Code for the Trust Fund; (c) the Trustee
shall make or cause to be made elections, on behalf of each REMIC formed
hereunder to be treated as a REMIC on the federal tax return of such REMIC for
its first taxable year (and, if necessary, under applicable state law); (d) the
Trustee shall prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary, state
tax authorities, all information returns and reports as and when required to be
provided to them in accordance with the REMIC Provisions, including without
limitation, the calculation of any original issue discount using the Prepayment
Assumption; (e) the Trustee shall provide information necessary for the
computation of tax imposed on the Transfer of a Residual Certificate to a Person
that is not a Permitted Transferee, or an agent (including a broker, nominee or
other middleman) of a Person that is not a Permitted Transferee, or a
pass-through entity in which a Person that is not a Permitted Transferee is the
record Holder of an interest (the reasonable cost of computing and furnishing
such information may be charged to the Person liable for such tax); (f) the
Trustee shall, to the extent under its control, conduct the affairs of the Trust
Fund at all times that any Certificates are outstanding so as to maintain the
status of each REMIC formed hereunder as a REMIC under the REMIC Provisions; (g)
the Trustee shall not knowingly or intentionally take any action or omit to take
any action that would cause the termination of the REMIC status of any REMIC
formed hereunder; (h) the Trustee shall pay, from the sources specified in the
penultimate paragraph of this Section 9.12, the amount of any federal, state and
local taxes, including prohibited transaction taxes as described below, imposed
on any REMIC formed hereunder prior to the termination of the Trust Fund when
and as the same shall be due and payable (but such obligation shall not prevent
the Trustee or any other appropriate Person from contesting any such tax in
appropriate proceedings and shall not prevent the Trustee from withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings); (i) the Trustee shall maintain records relating to each REMIC
formed hereunder including but not limited to the income, expenses, assets and
liabilities of each such REMIC and adjusted basis of the Trust Fund property
determined at such intervals as may be required by the Code, as may be necessary
to prepare the foregoing returns, schedules, statements or information; (j) the
Trustee shall, for federal income tax purposes, maintain books and records with
respect to the REMICs on a calendar year and on an accrual basis; (k) the
Trustee shall not enter into any arrangement not otherwise provided for in this
Agreement by which the REMICs will receive a fee or other compensation for
services nor permit the REMICs 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; and (l) as and when
necessary and appropriate, the Trustee, at the expense of the Trust Fund, shall
represent the Trust Fund in any administrative or judicial proceedings relating
to an examination or audit by any governmental taxing authority, request an
administrative adjustment as to any taxable year of any REMIC formed hereunder,
enter into settlement agreements with any governmental taxing agency, extend any
statute of limitations relating to any tax item of the Trust Fund, and otherwise
act on behalf of each REMIC formed hereunder in relation to any tax matter
involving any such REMIC.
In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within 10 days after the Closing Date all information or data that the Trustee
requests in writing and determines to be relevant for tax purposes to the
valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order to
enable the Trustee to perform its duties as set forth herein. The Depositor
hereby indemnifies the Trustee for any losses, liabilities, damages, claims or
expenses of the Trustee arising from any errors or miscalculations of the
Trustee that result from any failure of the Depositor to provide, or to cause to
be provided, accurate information or data to the Trustee on a timely basis.
In the event that any tax is imposed on "prohibited transactions" of
any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI as defined in
Section 860F(a)(2) of the Code, on the "net income from foreclosure property" of
the Trust Fund as defined in Section 860G(c) of the Code, on any contribution to
any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI after the
Startup Day pursuant to Section 860G(d) of the Code, or any other tax is
imposed, including, without limitation, any federal, state or local tax or
minimum tax imposed upon any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V
or REMIC VI, and is not paid as otherwise provided for herein, such tax shall be
paid by (i) the Trustee, if any such other tax arises out of or results from a
breach by the Trustee of any of its obligations under this Agreement, (ii) any
party hereto (other than the Trustee) to the extent any such other tax arises
out of or results from a breach by such other party of any of its obligations
under this Agreement or (iii) in all other cases, or in the event that any
liable party hereto fails to honor its obligations under the preceding clauses
(i) or (ii), any such tax will be paid first with amounts otherwise to be
distributed to the Class R Certificateholders, and second with amounts otherwise
to be distributed to all other Certificateholders in the following order of
priority: first, to the Class M-10 Certificates, second, to the Class M-9
Certificates, third, to the Class M-8 Certificates, fourth, to the Class M-7
Certificates, fifth, to the Class M-6 Certificates, sixth, to the Class M-5
Certificates, seventh, to the Class M-4 Certificates, eighth, to the Class M-3
Certificates, ninth, to the Class M-2 Certificates, tenth, to the Class M-1
Certificates, and eleventh, to the Class A Certificates (PRO RATA based on the
amounts to be distributed). Notwithstanding anything to the contrary contained
herein, to the extent that such tax is payable by the Holder of any
Certificates, the Trustee is hereby authorized to retain on any Distribution
Date, from the Holders of the Class R Certificates (and, if necessary, second,
from the Holders of the other Certificates in the priority specified in the
preceding sentence), funds otherwise distributable to such Holders in an amount
sufficient to pay such tax. The Trustee shall promptly notify in writing the
party liable for any such tax of the amount thereof and the due date for the
payment thereof.
The Trustee agrees that, in the event it should obtain any information
necessary for the other party to perform its obligations pursuant to this
Section 9.12, it will promptly notify and provide such information to such other
party.
ARTICLE X
TERMINATION
Section 10.01 TERMINATION UPON LIQUIDATION OR REPURCHASE OF ALL
MORTGAGE LOANS.
Subject to Section 10.03, the obligations and responsibilities of the
Depositor, the Master Servicer, the Seller and the Trustee created hereby with
respect to the Trust Fund shall terminate upon the earlier of (a) the exercise
of the Majority Class CE Certificateholder (or its designee) or the Master
Servicer, as applicable, of its right to repurchase all of the Mortgage Loans
(and REO Properties) remaining in the Trust Fund at a price (the "Mortgage Loan
Purchase Price") equal to the sum of (i) 100% of the Stated Principal Balance of
each Mortgage Loan (other than in respect of REO Property), (ii) accrued
interest thereon at the applicable Mortgage Rate to, but not including, the
first day of the month of such purchase, (iii) the appraised value of any REO
Property in the Trust Fund (up to the Stated Principal Balance of the related
Mortgage Loan), such appraisal to be conducted by an appraiser mutually agreed
upon by the Master Servicer and the Trustee, (iv) unreimbursed out-of pocket
costs of the Master Servicer, including unreimbursed servicing advances and the
principal portion of any unreimbursed Advances, made on the Mortgage Loans prior
to the exercise of such repurchase right, (v) any unreimbursed costs and
expenses of the Trustee payable pursuant to Section 9.05, (vi) any Swap
Termination Payment (which shall include any Net Swap Payment payable to the
Trust Fund) payable to the Swap Provider which remains unpaid or which is due to
the exercise of such option (the "Swap Optional Termination Payment") and (b)
the later of (i) the maturity or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property and (ii) the distribution to Certificateholders
of all amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) 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 and (ii) the Latest
Possible Maturity Date.
The right to repurchase all Mortgage Loans and REO Properties by the
Majority Class CE Certificateholder pursuant to clause (a) in the preceding
paragraph shall be conditioned upon the Stated Principal Balance of all of the
Mortgage Loans in the Trust Fund, at the time of any such repurchase,
aggregating 10% or less of the aggregate Cut-off Date Principal Balance of all
of the Mortgage Loans. If the Majority Class CE Certificateholder does not
exercise this option, the Master Servicer has the right to repurchase all
Mortgage Loans and REO Properties pursuant to clause (a) in the preceding
paragraph, conditioned upon the Stated Principal Balance of all of the Mortgage
Loans in the Trust Fund, at the time of any such repurchase, aggregating 5% or
less of the aggregate Cut-off Date Principal Balance of all of the Mortgage
Loans.
Only an amount equal to the Mortgage Loan Purchase Price less any Swap
Optional Termination Payment (the "REMIC Termination Payment") shall be made
available for distribution to the Regular Certificates. The Swap Optional
Termination Payment shall be withdrawn by the Trustee from the Distribution
Account and remitted to the Supplemental Interest Trust to be paid in accordance
with Section 3.21(c). The Swap Optional Termination Payment shall not be part of
any REMIC and shall not be paid into any account which is part of any REMIC.
Section 10.02 FINAL DISTRIBUTION ON THE CERTIFICATES.
If on any Determination Date, (i) the Master Servicer determines that
there are no Outstanding Mortgage Loans and no other funds or assets in the
Trust Fund other than the funds in the Protected Account, the Master Servicer
shall direct the Trustee to send a final distribution notice promptly to each
Certificateholder or (ii) the Trustee determines that a Class of Certificates
shall be retired after a final distribution on such Class, the Trustee shall
notify the Certificateholders within five (5) Business Days after such
Determination Date that the final distribution in retirement of such Class of
Certificates is scheduled to be made on the immediately following Distribution
Date. Any final distribution made pursuant to the immediately preceding sentence
will be made only upon presentation and surrender of the related Certificates at
the Corporate Trust Office of the Trustee. If the Majority Class CE
Certificateholder or the Master Servicer, as applicable, elects to terminate the
Trust Fund pursuant to Section 10.01, at least 20 days prior to the date notice
is to be mailed to the Certificateholders, the Majority Class CE
Certificateholder or the Master Servicer, as applicable, shall notify the
Depositor and the Trustee of the date the Majority Class CE Certificateholder or
the Master Servicer, as applicable, intends to terminate the Trust Fund. The
Master Servicer shall remit the Mortgage Loan Purchase Price to the Trustee on
the Business Day prior to the Distribution Date for such Optional Termination by
the Majority Class CE Certificateholder or the Master Servicer, as applicable.
Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders may surrender their Certificates
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed not later than two
Business Days after the Determination Date in the month of such final
distribution. Any such notice shall specify (a) the Distribution Date upon which
final distribution on the Certificates will be made upon presentation and
surrender of Certificates at the office therein designated, (b) the amount of
such final distribution, (c) the location of the office or agency at which such
presentation and surrender must be made and (d) that the Record Date otherwise
applicable to such Distribution Date is not applicable, distributions being made
only upon presentation and surrender of the Certificates at the office therein
specified. The Trustee will give such notice to each Rating Agency at the time
such notice is given to Certificateholders.
In the event such notice is given, the Master Servicer shall cause all
funds in the Protected Account to be remitted to the Trustee for deposit in the
Distribution Account on the Business Day prior to the applicable Distribution
Date in an amount equal to the final distribution in respect of the
Certificates. Upon such final deposit with respect to the Trust Fund and the
receipt by the Trustee of a Request for Release therefor, the Trustee or the
Custodian shall promptly release to the Sponsor as applicable the Mortgage Files
for the Mortgage Loans and the Trustee shall execute and deliver any documents
prepared and delivered to it which are necessary to transfer any REO Property.
Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to Certificateholders of each Class the amounts
allocable to such Certificates held in the Distribution Account in the order and
priority set forth in Section 5.04 hereof on the final Distribution Date and in
proportion to their respective Percentage Interests.
In the event that any affected Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee 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 all the applicable Certificates shall not
have been surrendered for cancellation, the Trustee may take appropriate steps,
or may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that remain a part of
the Trust Fund. If within one year after the second notice all Certificates
shall not have been surrendered for cancellation, the Class R Certificateholders
shall be entitled to all unclaimed funds and other assets of the Trust Fund that
remain subject hereto.
Section 10.03 ADDITIONAL TERMINATION REQUIREMENTS.
(a) Upon exercise by the Majority Class CE Certificateholder or the
Master Servicer, as applicable, of its purchase option as provided in Section
10.01, the Trust Fund shall be terminated in accordance with the following
additional requirements, unless the Trustee has been supplied with an Opinion of
Counsel addressed to the Trustee, at the expense of the Majority Class CE
Certificateholder or the Master Servicer, as applicable, to the effect that the
failure of the Trust Fund to comply with the requirements of this Section 10.03
will not (i) result in the imposition of taxes on "prohibited transactions" of a
REMIC, or (ii) cause a REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding:
(1) The Majority Class CE Certificateholder or the
Master Servicer, as applicable, shall establish a 90-day
liquidation period and notify the Trustee thereof, and the
Trustee shall in turn specify the first day of such period in
a statement attached to the tax return for each of REMIC I,
REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI pursuant
to Treasury Regulation Section 1.860F-1. The Majority Class CE
Certificateholder or the Master Servicer, as applicable, shall
satisfy all the requirements of a qualified liquidation under
Section 860F of the Code and any regulations thereunder, as
evidenced by an Opinion of Counsel obtained at the expense of
the Majority Class CE Certificateholder or the Master
Servicer, as applicable;
(2) During such 90-day liquidation period, and at or
prior to the time of making the final payment on the
Certificates, the Trustee shall sell all of the assets of
REMIC I for cash; and
(3) At the time of the making of the final payment on
the Certificates, the Trustee shall distribute or credit, or
cause to be distributed or credited, to the Holders of the
Residual Certificates all cash on hand (other than cash
retained to meet claims), and REMIC I shall terminate at that
time.
(b) By their acceptance of the Certificates, the Holders thereof hereby
authorize the adoption of a 90-day liquidation period and the adoption of a plan
of complete liquidation for REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and
REMIC VI, which authorization shall be binding upon all successor
Certificateholders.
(c) The Trustee as agent for each REMIC hereby agrees to adopt and sign
such a plan of complete liquidation meeting the requirements for a qualified
liquidation under Section 860F of the Code and any regulations thereunder upon
the written request of the Majority Class CE Certificateholder or the Master
Servicer, as applicable, and the receipt of the Opinion of Counsel referred to
in Section 10.03(a)(1) and to take such other action in connection therewith as
may be reasonably requested by the Majority Class CE Certificateholder or the
Master Servicer, as applicable.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 AMENDMENT.
This Agreement may be amended from time to time by parties hereto
without the consent of any of the Certificateholders to cure any ambiguity, to
correct or supplement any provisions herein (including to give effect to the
expectations of investors), to change the manner in which the Protected Account
is maintained or to make such other provisions with respect to matters or
questions arising under this Agreement as shall not be inconsistent with any
other provisions herein if such action shall not, as evidenced by an Opinion of
Counsel addressed to the Trustee, adversely affect in any material respect the
interests of any Certificateholder; provided that any such amendment shall be
deemed not to adversely affect in any material respect the interests of the
Certificateholders and no such Opinion of Counsel shall be required if the
Person requesting such amendment obtains a letter from each Rating Agency
stating that such amendment would not result in the downgrading or withdrawal of
the respective ratings then assigned to the Certificates.
Notwithstanding the foregoing, without the consent of the
Certificateholders, the parties hereto may at any time and from time to time
amend this Agreement to modify, eliminate or add to any of its provisions to
such extent as shall be necessary or appropriate to maintain the qualification
of any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI as a REMIC
under the Code or to avoid or minimize the risk of the imposition of any tax on
any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI pursuant to
the Code that would be a claim against any of REMIC I, REMIC II, REMIC III,
REMIC IV, REMIC V or REMIC VI at any time prior to the final redemption of the
Certificates, provided that the Trustee has been provided an Opinion of Counsel
addressed to the Trustee, which opinion shall be an expense of the party
requesting such opinion but in any case shall not be an expense of the Trustee
or the Trust Fund, to the effect that such action is necessary or appropriate to
maintain such qualification or to avoid or minimize the risk of the imposition
of such a tax.
This Agreement may also be amended from time to time by the parties
hereto with the consent of the Holders of each Class of Certificates affected
thereby evidencing over 50% of the Voting Rights of such Class or Classes for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Derivative Administrator or the Holders of Certificates; provided that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) cause any of REMIC I, REMIC II, REMIC
III, REMIC IV, REMIC V or REMIC VI to cease to qualify as a REMIC or (iii)
reduce the aforesaid percentages of Certificates of each Class the Holders of
which are required to consent to any such amendment without the consent of the
Holders of all Certificates of such Class then outstanding.
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 addressed to the Trustee, which opinion shall be
an expense of the party requesting such amendment but in any case shall not be
an expense of the Trustee, to the effect that such amendment will not (other
than an amendment pursuant to clause (ii) of, and in accordance with, the
preceding paragraph) cause the imposition of any tax on any of REMIC I, REMIC
II, REMIC III, REMIC IV, REMIC V or REMIC VI or the Certificateholders or cause
any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to cease to
qualify as a REMIC at any time that any Certificates are outstanding. Further,
nothing in this Agreement shall require the Trustee to enter into an amendment
without receiving an Opinion of Counsel, satisfactory to the Trustee that (i)
such amendment is permitted and is not prohibited by this Agreement and that all
requirements for amending this Agreement (including any consent of the
applicable Certificateholders) have been complied with.
Notwithstanding any of the other provisions of this Section 11.01, none
of the Depositor, the Master Servicer or the Trustee shall enter into any
amendment to Section 3.21 or Section 5.04(a)(3)(F) of this Agreement without the
prior written consent of the Swap Provider, which consent shall not be
unreasonably withheld, and shall not enter into an amendment that has a
materially adverse effect on the Swap Provider without the Swap Provider's
consent, which consent shall not be unreasonably withheld.
Promptly after the execution of any amendment to this Agreement
requiring the consent of Certificateholders, the Trustee shall furnish written
notification of the substance of such amendment to each Certificateholder, the
Swap Provider, the Yield Maintenance Agreement Provider and each Rating Agency.
It shall not be necessary for the consent of Certificateholders under
this Section 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.
Section 11.02 RECORDATION OF AGREEMENT; COUNTERPARTS.
To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
Mortgaged Properties are situated, and in any other appropriate public recording
office or elsewhere. The Master Servicer shall effect such recordation at the
Trust's expense upon the request in writing of a Certificateholder, but only if
such direction is accompanied by an Opinion of Counsel (provided at the expense
of the Certificateholder requesting recordation) to the effect that such
recordation would materially and beneficially affect the interests of the
Certificateholders or is required by law.
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 11.03 GOVERNING LAW.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).
Section 11.04 INTENTION OF PARTIES.
It is the express intent of the parties hereto that the conveyance of
the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Sellers to the Depositor, and by the Depositor to the Trustee be, and be
construed as, an absolute sale thereof to the Depositor or the Trustee, as
applicable. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Seller to the Depositor, or by the
Depositor to the Trustee. However, in the event that, notwithstanding the intent
of the parties, such assets are held to be the property of the Sellers or the
Depositor, as applicable, or if for any other reason the Mortgage Loan Purchase
Agreement or this Agreement is held or deemed to create a security interest in
such assets, then (i) the Mortgage Loan Purchase Agreement and this Agreement
shall each be deemed to be a security agreement within the meaning of the
Uniform Commercial Code of the State of New York and (ii) the conveyance
provided for in the Mortgage Loan Purchase Agreement from the Sellers to the
Depositor, and the conveyance provided for in this Agreement from the Depositor
to the Trustee, shall be deemed to be an assignment and a grant by the Sellers
or the Depositor, as applicable, for the benefit of the Certificateholders of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.
The Depositor for the benefit of the Certificateholders shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
assets of the Trust Fund, 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 the Agreement.
Section 11.05 NOTICES.
(a) The Trustee shall use its best efforts to promptly provide notice
to each Rating Agency with respect to each of the following of which a
Responsible Officer of the Trustee has actual knowledge:
(i) Any material change or amendment to this Agreement;
(ii) The occurrence of any Event of Default that has not been
cured;
(iii) The resignation or termination of the Master Servicer or
the Trustee and the appointment of any successor;
(iv) The repurchase or substitution of Mortgage Loans pursuant
to Sections 2.02, 2.03, 3.19 and 10.01; and
(v) The final payment to Certificateholders.
(b) All directions, demands and notices hereunder shall be in writing
and shall be deemed to have been duly given when delivered at or mailed by
registered mail, return receipt requested, postage prepaid, or by recognized
overnight courier, or by facsimile transmission to a number provided by the
appropriate party if receipt of such transmission is confirmed to (i) in the
case of the Depositor, Bear Xxxxxxx Asset Backed Securities I LLC, 000 Xxxxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Chief Counsel, and with respect to
Regulation AB notifications to the Depositor at xxxxxxxxxxxxxxxxxx@xxxx.xxx;
(ii) in the case of the Sponsor or the Master Servicer, EMC Mortgage
Corporation, 000 Xxxxxx Xxxxx Xxxxx, Xxxxxx, Xxxxx 00000, Attention: Xxxxxx
Xxxxx or such other address as may be hereafter furnished to the other parties
hereto by the Master Servicer in writing; (iii) in the case of the Trustee, at
each Corporate Trust Office or such other address as the Trustee may hereafter
furnish to the other parties hereto, (iv) in the case of the Swap Provider and
the Yield Maintenance Agreement Provider, 0 Xxxx 00xx Xxxxxx, 00xx Xxxxx, Xxx
Xxxx, XX 00000 and (v) in the case of the Rating Agencies, (x) Xxxxx'x Investors
Service, Inc., 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Home
Equity Monitoring and (y) Standard & Poor's, 00 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx
Xxxx, Xxx Xxxx 00000, the Master Servicer or the Trustee under this Agreement
shall be effective only upon receipt. Any notice required or permitted to be
mailed to a Certificateholder, unless otherwise provided herein, shall be given
by first-class mail, postage prepaid, at the address of such Certificateholder
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 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 11.07 ASSIGNMENT.
Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Section 7.02, this Agreement may not be assigned by the
Master Servicer, the Sponsor (on its own behalf as a Seller and on behalf of
Master Funding) or the Depositor.
Section 11.08 LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.
The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representative or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a petition or winding up of the Trust
Fund, or otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.
No Certificateholder shall have any right to vote (except as 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
party by reason of any action taken by the parties to this Agreement pursuant to
any provision hereof.
No Certificateholder shall have any right by virtue or by availing
itself of any provisions 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 an Event of Default and of the continuance thereof, as hereinbefore provided,
the Holders of Certificates evidencing not less than 25% of the Voting Rights
evidenced by the Certificates shall also have made written request to 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, and the Trustee 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
shall have any right in any manner whatever by virtue or by availing itself or
themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates, 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 all Certificateholders. For the protection and enforcement of
the provisions of this Section 11.08, each and every Certificateholder or the
Trustee shall be entitled to such relief as can be given either at law or in
equity.
Section 11.09 INSPECTION AND AUDIT RIGHTS.
The Master Servicer agrees that, on reasonable prior notice, it will
permit any representative of the Depositor or the Trustee during the Master
Servicer's normal business hours, to examine all the books of account, records,
reports and other papers of the Master Servicer relating to the Mortgage Loans,
to make copies and extracts therefrom, to cause such books to be audited by
independent certified public accountants selected by the Depositor and the
Trustee and to discuss its affairs, finances and accounts relating to such
Mortgage Loans with its officers, employees and independent public accountants
(and by this provision the Master Servicer hereby authorizes such accountants to
discuss with such representative such affairs, finances and accounts), all at
such reasonable times and as often as may be reasonably requested. Any
out-of-pocket expense incident to the exercise by the Depositor or the Trustee
of any right under this Section 11.09 shall be borne by the party requesting
such inspection, subject to such party's right to reimbursement hereunder (in
the case of the Trustee, pursuant to Section 9.05 hereof.
Section 11.10 CERTIFICATES NONASSESSABLE AND FULLY PAID.
It is the intention of the Depositor that Certificateholders shall not
be personally liable for obligations of the Trust Fund, that the interests in
the Trust Fund represented by the Certificates shall be nonassessable for any
reason whatsoever, and that the Certificates, upon due authentication thereof by
the Trustee pursuant to this Agreement, are and shall be deemed fully paid.
Section 11.11 THIRD PARTY RIGHTS.
The Swap Provider and the Derivative Administrator shall be third-party
beneficiaries of this Agreement to the same extent as if they were parties
hereto, and shall have the right to enforce the provisions of this Agreement.
* * *
IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Sponsor and
the Trustee have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written.
BEAR XXXXXXX ASSET BACKED
SECURITIES I LLC,
as Depositor
By: /s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
Title: Vice President
EMC MORTGAGE CORPORATION,
as Sponsor and as Master Servicer
By: /s/ Xxx Xxxxxxxx
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Name: Xxx Xxxxxxxx
Title: Executive Vice President
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee
By: /s/ Xxxxx X. Xxxx
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Name: Xxxxx X. Xxxx
Title: Assistant Vice President
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK)
On this 28th day of February, 2006, before me, a notary public in and
for said State, appeared Xxxx Xxxxxxxx, personally known to me on the basis of
satisfactory evidence to be an authorized representative of Bear Xxxxxxx Asset
Backed Securities I LLC, one of the companies that executed the within
instrument, and also known to me to be the person who executed it on behalf of
such limited liability company and acknowledged to me that such limited
liability company 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.
/s/ Xxxxxxxx Xxxxxxxx
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Notary Public
[Notarial Seal]
STATE OF TEXAS )
) ss.:
COUNTY OF DALLAS )
On this 28th day of February, 2006, before me, a notary public in and
for said State, appeared Xxx Xxxxxxxx, personally known to me on the basis of
satisfactory evidence to be an authorized representative of EMC Mortgage
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 such 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.
/s/ Xxxxxx X. Xxxxxxx
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Notary Public
[Notarial Seal]
STATE OF ILLINOIS )
) ss.:
COUNTY OF XXXX )
On this 28th day of February, 2006, before me, a notary public in and
for said State, appeared Xxxxx X. Xxxx, personally known to me on the basis of
satisfactory evidence to be an authorized representative of LaSalle Bank
National Association that executed the within instrument, and also known to me
to be the person who executed it on behalf of such 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.
/s/ X. X. Xxxxxxx
------------------------------
Notary Public
[Notarial Seal]
EXHIBIT A-1
Form of Class A Certificates
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).
THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
EACH HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 6.02(h) OF THE POOLING AND SERVICING AGREEMENT.
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Certificate No. 1 |
Adjustable Rate |
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Class A-[1][2][3][4] Senior |
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Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006 |
Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] |
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First Distribution Date: March 27, 2006 |
Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] |
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Master Servicer: EMC Mortgage Corporation |
CUSIP: [_____] |
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Last Scheduled Distribution Date: [__________, __] |
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ASSET-BACKED CERTIFICATE
SERIES 2006-EC2
evidencing a fractional undivided interest in the distributions allocable to the Class A-[1][2][3][4] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end, first lien, one- to four-family fixed and adjustable interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.
This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer 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 Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, closed-end first lien, fixed and adjustable rate mortgage loans secured by one- to four- family residences
(collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (the “Sponsor”) and as Master Servicer and LaSalle Bank National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is bound.
Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect to the First Distribution Date, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution Date), 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 the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan.
Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 6.02(h) of the Pooling and Servicing Agreement.
Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee 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 and designated in such notice. 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 hereon and any Realized Losses allocable hereto.
This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund and the Policy for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.
This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.
The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. 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 lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.
As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.
The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made to the Certificateholders for any such registration of transfer, 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 any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.
The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other
assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).
Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
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Dated: _________, ____ |
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LASALLE BANK NATIONAL ASSOCIATION not in its individual capacity but solely as Trustee | ||||||||||
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CERTIFICATE OF AUTHENTICATION
This is one of the Class A-[1][2][3][4] Certificates referred to in the within-mentioned Agreement.
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LASALLE BANK NATIONAL ASSOCIATION Authorized signatory of LaSalle Bank National Association, not in its individual capacity but solely as Trustee | ||||||||||
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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 Asset-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:
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Signature by or on behalf of assignor |
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Signature Guaranteed |
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
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EXHIBIT A-2
Form of Class M Certificates
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES [,] [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [,] [AND] [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS M-4 CERTIFICATES] [,] [AND] [CLASS M-5 CERTIFICATES] [,] [AND] [CLASS M-6 CERTIFICATES] [,] [AND] [CLASS M-7 CERTIFICATES] [,] [AND] [CLASS M-8] [AND] [CLASS M-9 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).
THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.
[For Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9] EACH HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 6.02(h) OF THE POOLING AND SERVICING AGREEMENT.
[For Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9] UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
[For Class M-10] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION.]
[For Class M-10] [THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION EXEMPTION (“PTE”) 84-14, XXX 00-00, XXX 00-0, XXX 95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS AN OPINION SPECIFIED IN SECTION 6.02 OF THE AGREEMENT IS PROVIDED.
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Certificate No.1 |
Adjustable Rate |
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Class M-[1][2][3][4][5][6][7][8][9][10] Subordinate |
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Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006 |
Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] |
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First Distribution Date: March 27, 2006 |
Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] |
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Master Servicer: EMC Mortgage Corporation |
CUSIP: [_____] |
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Last Scheduled Distribution Date: February 25, 2036 |
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ASSET-BACKED CERTIFICATE
SERIES 2006-EC2
evidencing a fractional undivided interest in the distributions allocable to the Class M-[1][2][3][4][5][6][7][8][9][10] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end one- to four-family first lien, one- to four-family fixed and adjustable interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.
This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer 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 hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, closed-end first lien, fixed and adjustable rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (the “Sponsor”) and as Master Servicer and LaSalle Bank National Association as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is bound.
[For Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9] Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect to the First Distribution Date, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution Date), 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 the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan.
[For Class M-10] [Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect to the First Distribution Date, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution date so long as this Certificate remains in non book-entry form (and otherwise, the close of business on the Business Day immediately preceding such Distribution Date) 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 the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan.]
Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee 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 and designated in such notice. 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 hereon and any Realized Losses allocable hereto
[For Class M-10] [No transfer of this Class M-10 Certificate will be made unless such transfer is (i) 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 and (ii) made in accordance with Section 6.02 of the Agreement. In the event that such transfer is to be made the Trustee shall register such transfer if, (i) made to a transferee who has provided the Trustee with evidence as to its QIB status; or (ii) (A) the transferor has advised the Trustee in writing that the Certificate is being transferred to an Institutional Accredited Investor and (B) prior to such transfer the transferee furnishes to the Trustee an Investment Letter; provided that if based upon an Opinion of Counsel to the effect that (A) and (B) above are not sufficient to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable laws, the Trustee shall as a condition of the registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information prior to registering the transfer of this Certificate as shall be set forth in such Opinion of Counsel.]
This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.
This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.
The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the
Voting Rights of such Class or Classes. 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 lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.
As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.
[For Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9] Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 6.02(h) of the Pooling and Servicing Agreement.
[For Class M-10] [This Certificate may not be acquired directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, unless the transferee certifies or represents that the proposed transfer and holding of a Certificate and the servicing, management and operation of the trust and its assets: (i) will not result in any prohibited transaction which is not covered under an individual or class prohibited transaction exemption, including, but not limited to, Prohibited Transaction Exemption (“PTE”) 84-14, XXX 00-00, XXX 00-0, XXX 95-60 or PTE 96-23 and (ii) will not give rise to any additional obligations on the part of the Depositor, the Master Servicer or the Trustee, which will be deemed represented by an owner of a Book-Entry Certificate or a Global Certificate or unless an opinion specified in section 6.02 of the Agreement is provided. This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.]
Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 6.02(h) of the Pooling and Servicing Agreement.
The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made to the Certificateholders for any such registration of transfer, 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 any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.
The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).
Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
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Dated: _________, ____ |
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LASALLE BANK NATIONAL ASSOCIATION not in its individual capacity but solely as Trustee | ||||||||||
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CERTIFICATE OF AUTHENTICATION
This is one of the Class M-[1][2][3][4][5][6][7][8][9][10] Certificates referred to in the within-mentioned Agreement.
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LASALLE BANK NATIONAL ASSOCIATION Authorized signatory of LaSalle Bank National Association, not in its individual capacity but solely as Trustee | ||||||||||
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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 Asset-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:
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Signature by or on behalf of assignor |
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DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
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EXHIBIT A-3
Form of Class P Certificate
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).
THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED HEREIN.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 6.02(h) OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS 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 TRUSTEE, MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
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Certificate No.1 |
Percentage Interest: 100% |
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Class P |
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Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006 |
Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $100.00 |
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First Distribution Date: March 27, 2006 |
Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $100.00 |
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Master Servicer: EMC Mortgage Corporation |
CUSIP: [_____] |
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Last Scheduled Distribution Date: February 25, 2036 |
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ASSET-BACKED CERTIFICATE
SERIES 2006-EC2
evidencing a fractional undivided interest in the distributions allocable to the Class P Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end one- to four-family first lien, fixed and adjustable interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.
This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer, the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer 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 hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting primarily of a pool of fixed and adjustable interest rate, conventional, closed-end mortgage loans that are
secured by first liens on one- to four-family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC (“Master Funding LLC”, and together with EMC, the “Sellers”) to BSABS I. EMC will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (the “Sponsor”) and as Master Servicer and LaSalle Bank National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is bound.
The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, 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 calendar month immediately preceding the month in which the Distribution Date occurs, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amounts required to be distributed to the Holders of Certificates of the same Class as this Certificate.
Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee 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 and designated in such notice.
No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. In the event that such a transfer of this Certificate is to be made without registration or qualification, the Trustee shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit F, as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee or the Master Servicer in their respective capacities as such), together with copies of the written certification(s) of the Holder of the Certificate desiring to
effect the transfer and/or such Holder’s prospective transferee upon which such Opinion of Counsel is based. Neither the Depositor nor the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Sellers and the Master Servicer 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.
No transfer of this Class P Certificate will be made unless the Trustee shall have received either (i) the opinion of counsel set forth in Section 6.02(h) of the Agreement or (ii) a representation letter under Section 6.02 of the Agreement, 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 designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.
This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.
The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. 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 lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.
As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing,
and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.
The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made to the Certificateholders for any such registration of transfer, 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 any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.
The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).
Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
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Dated: _________, ____ |
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LASALLE BANK NATIONAL ASSOCIATION not in its individual capacity but solely as Trustee
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Authorized Signatory | |||||
CERTIFICATE OF AUTHENTICATION
This is one of the Class P Certificates referred to in the within-mentioned Agreement.
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LASALLE BANK NATIONAL ASSOCIATION Authorized signatory of LaSalle Bank National Association, not in its individual capacity but solely as Trustee | ||||||||||
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Authorized Signatory | |||||
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 Asset-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:
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Dated: |
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Signature by or on behalf of assignor |
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Signature Guaranteed |
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
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Distributions shall be made, by wire transfer or otherwise, in immediately available | |||||||
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funds to |
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EXHIBIT A-4
Form of Class CE Certificates
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES AND THE CLASS M CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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 (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 6.02(h) OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND
HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS 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 TRUSTEE, MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
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Certificate No. [_] |
Percentage Interest: 100% |
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Class CE |
Adjustable Rate |
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Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006 |
Initial Certificate Notional Amount of this Certificate as of the Cut-off Date: $[__________] |
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First Distribution Date: March 27, 2006 |
Aggregate Certificate Notional Amount of this Certificate as of the Cut-off Date: $[__________] |
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Master Servicer: EMC Mortgage Corporation |
CUSIP: [_____] |
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Last Scheduled Distribution Date: February 25, 2036 |
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ASSET-BACKED CERTIFICATE
SERIES 2006-EC2
evidencing a fractional undivided interest in the distributions allocable to the Class CE Certificates with respect to a Trust Fund consisting primarily of a pool of fixed and adjustable interest rate, conventional, closed-end mortgage loans that are secured by first liens on one- to four-family residences sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.
This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer 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 hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting primarily of a pool of fixed and adjustable interest rate, conventional, closed-end mortgage loans that are secured by first liens on
one- to four-family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC (“Master Funding LLC”, and together with EMC, the “Sellers”) to BSABS I. EMC will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (the “Sponsor”) and as Master Servicer and LaSalle Bank National Association, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is bound.
The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, 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 calendar month immediately preceding the month in which the Distribution Date occurs, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amounts required to be distributed to the Holders of Certificates of the same Class as this Certificate.
Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee 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 and designated in such notice.
No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification. In the event that such a transfer of this Certificate is to be made without registration or qualification, the Trustee shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit F, as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee, or the Master Servicer in their respective capacities as such), together with copies of the written certification(s) of the Holder of the Certificate desiring to
effect the transfer and/or such Holder’s prospective transferee upon which such Opinion of Counsel is based. Neither the Depositor nor the Trustee is obligated to register or qualify the Class of Certificates specified on the face hereof under the 1933 Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of such Certificates without registration or qualification. Any Holder desiring to effect a transfer of this Certificate shall be required to indemnify the Trustee, the Depositor, the Sellers and the Master Servicer 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.
No transfer of this Class CE Certificate will be made unless the Trustee shall have received either (i) the opinion of counsel set forth in Section 6.02(h) of the Agreement or (ii) a representation letter under Section 6.02 of the Agreement, 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 designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.
This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.
The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. 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 lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.
As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing,
and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.
The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made to the Certificateholders for any such registration of transfer, 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 any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.
The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).
Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
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Dated: _________, ____ |
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LASALLE BANK NATIONAL ASSOCIATION not in its individual capacity but solely as Trustee
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CERTIFICATE OF AUTHENTICATION
This is one of the Class CE Certificates referred to in the within-mentioned Agreement.
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LASALLE BANK NATIONAL ASSOCIATION Authorized signatory of LaSalle Bank National Association, not in its individual capacity but solely as Trustee | ||||||||||
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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 Asset-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:
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DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
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EXHIBIT A-5
Form of Class R Certificates
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”).
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 6.02(h) OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS 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 TRUSTEE, MASTER SERVICER OR THE DEPOSITOR 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) SUCH TRANSFEREE IS A UNITED STATES PERSON UNDER SECTION 7701 OF THE CODE, (3) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (4) 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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Certificate No.1 |
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Class [R-1][R-2][R-3][RX] |
Percentage Interest: 100% |
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Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006 |
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First Distribution Date: March 27, 2006 |
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Master Servicer: EMC Mortgage Corporation |
CUSIP: [_____] |
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Last Scheduled Distribution Date: February 25, 2036 |
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ASSET-BACKED CERTIFICATE
SERIES 2006-EC2
evidencing a fractional undivided interest in the distributions allocable to the Class [R-1][ R-2][ R-3][RX] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end first lien one- to four-family fixed and adjustable interest rate mortgage loans sold by BEAR XXXXXXX ASSET BACKED SECURITIES I LLC.
This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer, the Trustee or any of their affiliates or any other person. None of Bear Xxxxxxx Asset Backed Securities I LLC, the Master Servicer 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 Bear, Xxxxxxx Securities Corp. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, closed-end first lien, fixed and adjustable rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and
Master Funding LLC to BSABS I. EMC will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (the “Sponsor”) and as Master Servicer and LaSalle Bank National Association as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is bound.
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 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 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 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.
The Trustee will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, 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 calendar month immediately preceding the month in which the Distribution Date occurs, an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amounts required to be distributed to the Holders of Certificates of the same Class as this Certificate.
Distributions on this Certificate will be made by the Trustee by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Trustee in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Trustee 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 and designated in such notice.
No transfer of this Class [R-1][ R-2][R-3][RX] Certificate will be made unless the Trustee shall have received either (i) the opinion of counsel set forth in Section 6.02(h) of the Agreement or (ii) a representation letter under Section 6.02 of the Agreement, 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 designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that the Trustee is not liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.
This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee.
The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. 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 lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.
As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Trustee upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee.
The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made to the Certificateholders for any such registration of transfer, 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 any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of Depositor, the Master Servicer, the Trustee or any such agent shall be affected by notice to the contrary.
The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement).
Unless this Certificate has been countersigned by an authorized signatory of the Trustee by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
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Dated: _________, ____ |
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LASALLE BANK NATIONAL ASSOCIATION not in its individual capacity but solely as Trustee
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By: |
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Authorized Signatory | |||||
CERTIFICATE OF AUTHENTICATION
This is one of the Class [R-1][R-2][R-3][RX] Certificates referred to in the within-mentioned Agreement.
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LASALLE BANK NATIONAL ASSOCIATION Authorized signatory of LaSalle Bank National Association, not in its individual capacity but solely as Trustee | ||||||||||
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Authorized Signatory | |||||
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 Asset-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:
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Dated: |
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Signature by or on behalf of assignor |
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Signature Guaranteed |
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
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Distributions shall be made, by wire transfer or otherwise, in immediately available | |||||||
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funds to |
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EXHIBIT B
MORTGAGE LOAN SCHEDULE
LOAN_SEQ LOAN_ID EMC_LOAN_NO CURRENT_ SERV_FEE
GROSS_COUPON
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15914249 0000000000 14538854 7.9400 0.5000
15914248 5000024693 14538847 8.4650 0.5000
15914247 5000024581 14538839 7.5680 0.5000
15914246 5000024465 14538821 6.9900 0.5000
15914245 5000024453 14538813 9.7900 0.5000
15914244 5000024405 14538805 6.8000 0.5000
15914243 5000024387 14538797 7.5500 0.5000
15914241 5000024325 14538789 8.7500 0.5000
15914240 5000024316 14538771 9.5500 0.5000
15914239 5000024221 14538763 6.8500 0.5000
15914238 0000000000 14538755 9.4400 0.5000
15914237 5000024151 14538748 7.7400 0.5000
15914236 5000024137 14538730 6.5000 0.5000
15914235 5000024126 14538722 7.7000 0.5000
15914234 5000024008 14538714 6.9900 0.5000
15914233 5000023993 14538706 10.5500 0.5000
15914232 5000023962 14538698 8.9000 0.5000
15914231 5000023925 14538680 9.3000 0.5000
15914229 5000023923 14538672 8.5000 0.5000
15914228 5000023780 14538664 10.0400 0.5000
15914227 0000000000 14538656 7.7400 0.5000
15914226 0000000000 14538649 6.9500 0.5000
15914225 5000023642 14538631 7.8500 0.5000
15914224 5000023636 14538623 6.8000 0.5000
15914223 5000023609 14538615 8.6000 0.5000
15914220 5000023492 14538607 7.0900 0.5000
15914219 5000023471 14538599 8.0900 0.5000
15914218 5000023427 14538581 6.7400 0.5000
15914217 5000023345 14538573 6.8000 0.5000
15914216 5000023337 14538565 6.9990 0.5000
15914215 5000023330 14538557 8.6000 0.5000
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15912512 271061 14524458 6.9500 0.5000
15912509 270794 14524441 7.8500 0.5000
15912508 270775 14524433 6.8500 0.5000
15912507 270757 14524425 6.2900 0.5000
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15912505 270725 14524409 7.9900 0.5000
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15912494 270186 14524326 6.1900 0.5000
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15912488 269970 14524284 8.2500 0.5000
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15912483 269897 14524235 8.8500 0.5000
15912482 269850 14524227 8.5000 0.5000
15912481 269741 14524219 6.1900 0.5000
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15912463 268462 14524045 6.5000 0.5000
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15912456 268062 14524011 7.2500 0.5000
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15912454 267811 14523997 7.1900 0.5000
15912453 267701 14523989 7.4900 0.5000
15912452 267582 14523971 6.7400 0.5000
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15912447 267347 14523930 6.8900 0.5000
15912444 267165 14523922 6.8900 0.5000
15912442 266939 14523914 6.8500 0.5000
15912440 266642 14523906 6.4400 0.5000
15912439 266374 14523898 8.8400 0.5000
15912438 266358 14523880 7.8400 0.5000
15912437 266338 14523872 6.6900 0.5000
15912435 266290 14523864 6.9000 0.5000
15912433 266140 14523856 5.9900 0.5000
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15912430 265900 14523831 6.2400 0.5000
15912429 265840 14523823 6.9900 0.5000
15912427 265761 14523807 7.9400 0.5000
15912425 265543 14523799 7.7000 0.5000
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15912423 265290 14523773 9.1400 0.5000
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15912421 265113 14523757 6.4900 0.5000
15912420 265035 14523740 7.3900 0.5000
15912418 264798 14523732 7.9900 0.5000
15912417 264794 14523724 6.5400 0.5000
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15912411 264464 14523682 6.8500 0.5000
15912410 264433 14523674 6.5000 0.5000
15912409 264384 14523666 8.9400 0.5000
15912408 264379 14523658 6.9400 0.5000
15912407 264374 14523641 6.5900 0.5000
15912406 264308 14523633 7.8000 0.5000
15912405 264069 14523625 6.8700 0.5000
15912401 263733 14523617 7.9900 0.5000
15912400 263714 14523609 6.6900 0.5000
15912399 263701 14523591 6.5400 0.5000
15912398 263581 14523583 8.4900 0.5000
15912396 263321 14523575 7.3900 0.5000
15912395 263316 14523567 7.3200 0.5000
15912394 263292 14523559 7.3400 0.5000
15912393 263281 14523542 8.6400 0.5000
15912392 263201 14523534 6.9400 0.5000
15912389 263021 14523526 7.9000 0.5000
15912387 262987 14523518 7.1000 0.5000
15912386 262713 14523500 8.0000 0.5000
15912384 262653 14523492 8.2500 0.5000
15912383 262539 14523484 10.2400 0.5000
15912382 262533 14523476 6.2900 0.5000
15912381 262520 14523468 6.8750 0.5000
15912380 262518 14523450 5.6900 0.5000
15912379 262450 14523443 6.9400 0.5000
15912378 262390 14523435 7.2400 0.5000
15912377 262333 14523427 8.0900 0.5000
15912376 262292 14523419 6.3900 0.5000
15912373 262099 14523401 7.9900 0.5000
15912372 262016 14523393 6.9400 0.5000
15912371 261988 14523385 7.9900 0.5000
15912370 261793 14523377 8.3500 0.5000
15912369 261572 14523369 7.0900 0.5000
15912368 261554 14523351 6.2000 0.5000
15912365 261250 14523344 7.4400 0.5000
15912364 261206 14523336 6.6500 0.5000
15912363 261109 14523328 6.9900 0.5000
15912362 261106 14523310 6.3400 0.5000
15912360 261042 14523302 9.3900 0.5000
15912358 260968 14523294 7.0000 0.5000
15912357 260916 14523286 7.0280 0.5000
15912356 260911 14523278 7.9400 0.5000
15912355 260714 14523260 7.2500 0.5000
15912353 260537 14523252 8.0000 0.5000
15912352 260485 14523245 6.9900 0.5000
15912350 260272 14523237 7.4400 0.5000
15912346 259945 14523211 6.2000 0.5000
15912342 259901 14523203 6.4500 0.5000
15912341 259813 14523195 6.2400 0.5000
15912340 259767 14523187 8.6400 0.5000
15912339 259751 14523179 7.3500 0.5000
15912338 259728 14523161 6.1900 0.5000
15912337 259628 14523153 7.9900 0.5000
15912336 259581 14523146 5.9900 0.5000
15912335 259297 14523138 6.3400 0.5000
15912334 259269 14523120 9.6900 0.5000
15912333 259250 14523112 7.7500 0.5000
15912331 259177 14523104 6.1900 0.5000
15912330 259154 14523096 6.9900 0.5000
15912329 259082 14523088 7.3900 0.5000
15912328 258822 14523070 7.8750 0.5000
15912327 258701 14523062 6.9900 0.5000
15912326 258608 14523054 5.4400 0.5000
15912325 258583 14523047 6.7500 0.5000
15912324 258488 14523039 6.6400 0.5000
15912323 258486 14523021 6.0400 0.5000
15912322 258368 14523013 6.9500 0.5000
15912321 258348 14523005 6.0900 0.5000
15912320 258250 14522999 6.5900 0.5000
15912319 258202 14522981 7.9900 0.5000
15912318 258045 14522973 7.8500 0.5000
15912317 258036 14522965 7.6000 0.5000
15912315 257875 14522957 8.2500 0.5000
15912313 257758 14522940 6.1400 0.5000
15912311 257689 14522932 5.0400 0.5000
15912310 257600 14522924 8.2900 0.5000
15912309 257292 14522916 5.3400 0.5000
15912308 257250 14522908 5.9900 0.5000
15912306 257078 14522890 6.4400 0.5000
15912304 256992 14522882 6.6900 0.5000
15912302 256954 14522874 6.5400 0.5000
15912300 256862 14522866 6.4900 0.5000
15912299 256817 14522858 7.5000 0.5000
15912298 256811 14522841 6.9400 0.5000
15912297 256741 14522833 8.0900 0.5000
15912296 256693 14522825 7.1900 0.5000
15912294 256560 14522817 6.2500 0.5000
15912293 256474 14522809 5.6900 0.5000
15912292 256458 14522791 5.9900 0.5000
15912291 256448 14522783 7.0000 0.5000
15912290 256424 14522775 6.7400 0.5000
15912289 256359 14522767 7.7500 0.5000
15912288 256138 14522759 6.7400 0.5000
15912287 255962 14522742 9.0400 0.5000
15912285 255798 14522734 6.7400 0.5000
15912283 255762 14522726 5.9900 0.5000
15912282 255725 14522718 7.0900 0.5000
15912281 255604 14522700 6.4900 0.5000
15912280 255599 14522692 8.6400 0.5000
15912278 255341 14522684 8.7500 0.5000
15912277 255325 14522676 5.9400 0.5000
15912276 255305 14522668 5.2500 0.5000
15912275 255069 14522650 7.1000 0.5000
15912274 255010 14522643 6.5400 0.5000
15912273 254951 14522635 7.7900 0.5000
15912272 254780 14522627 5.9500 0.5000
15912271 254746 14522619 7.4900 0.5000
15912270 254712 14522601 7.4000 0.5000
15912268 254655 14522593 6.5900 0.5000
15912267 254625 14522585 6.3400 0.5000
15912266 254584 14522577 7.9900 0.5000
15912264 254559 14522569 6.8900 0.5000
15912263 254478 14522551 6.2500 0.5000
15912261 254452 14522544 5.9900 0.5000
15912260 254395 14522536 6.1900 0.5000
15912259 254229 14522528 9.9750 0.5000
15912258 254194 14522510 8.3400 0.5000
15912256 253947 14522502 7.9900 0.5000
15912255 253898 14522494 5.6900 0.5000
15912251 253626 14522486 9.0500 0.5000
15912250 253491 14522478 5.7400 0.5000
15912248 253239 14522460 6.4900 0.5000
15912245 252733 14522452 7.9900 0.5000
15912243 252632 14522445 7.2400 0.5000
15912242 252617 14522437 9.3900 0.5000
15912241 252489 14522429 6.4900 0.5000
15912240 252460 14522411 6.9900 0.5000
15912239 252454 14522403 7.1400 0.5000
15912238 252314 14522395 5.5000 0.5000
15912235 252032 14522387 7.9900 0.5000
15912232 251777 14522379 5.5500 0.5000
15912231 251718 14522361 6.2900 0.5000
15912229 251406 14522353 6.8900 0.5000
15912227 251302 14522346 8.6400 0.5000
15912225 251048 14522338 8.5000 0.5000
15912224 250869 14522320 8.6400 0.5000
15912223 250850 14522312 7.6000 0.5000
15912222 250848 14522304 5.9900 0.5000
15912219 250585 14522296 6.0400 0.5000
15912218 250331 14522288 6.4900 0.5000
15912217 250188 14522270 8.7000 0.5000
15912216 250050 14522262 5.7900 0.5000
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15912214 249841 14522247 9.8900 0.5000
15912212 249611 14522239 6.5900 0.5000
15912211 249513 14522221 6.5900 0.5000
15912210 249467 14522213 7.5400 0.5000
15912207 249008 14522205 8.5400 0.5000
15912206 248950 14522197 5.7400 0.5000
15912205 248944 14522189 6.9900 0.5000
15912203 248617 14522171 7.5000 0.5000
15912202 248574 14522163 6.3400 0.5000
15912200 247780 14522155 7.4530 0.5000
15912199 247770 14522148 5.9900 0.5000
15912198 247596 14522130 7.0000 0.5000
15912196 247460 14522122 6.3000 0.5000
15912195 247091 14522114 5.6900 0.5000
15912194 246233 14522106 5.9900 0.5000
15912193 245893 14522098 8.1400 0.5000
15912192 245886 14522080 6.6900 0.5000
15912191 245827 14522072 7.9900 0.5000
15912189 245401 14522064 5.9900 0.5000
15912188 245246 14522056 6.4900 0.5000
15912187 244566 14522049 7.2400 0.5000
15912185 243563 14522031 7.2900 0.5000
15912183 243236 14522015 6.6400 0.5000
15912182 242951 14522007 7.3900 0.5000
15912179 242408 14521991 7.8900 0.5000
15912178 242110 14521983 6.8000 0.5000
15912177 241549 14521975 6.9900 0.5000
15912176 240707 14521967 7.9000 0.5000
15912174 239924 14521959 7.8400 0.5000
15912172 237276 14521942 7.8900 0.5000
15912171 236105 14521934 6.4900 0.5000
15912170 235848 14521926 8.6900 0.5000
15912166 205840 14521918 6.5000 0.5000
LOAN_SEQ MSERV LPMI TRUSTFEE CURRENT_
NET_COUPON
-----------------------------------------------------------------------------------------------------------------
15914249 0.0063 - - 7.4337
15914248 0.0063 - - 7.9587
15914247 0.0063 - - 7.0617
15914246 0.0063 - - 6.4837
15914245 0.0063 - - 9.2837
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15914243 0.0063 - - 7.0437
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15914240 0.0063 - - 9.0437
15914239 0.0063 - - 6.3437
15914238 0.0063 - - 8.9337
15914237 0.0063 - - 7.2337
15914236 0.0063 - - 5.9937
15914235 0.0063 - - 7.1937
15914234 0.0063 - - 6.4837
15914233 0.0063 - - 10.0437
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15914231 0.0063 - - 8.7937
15914229 0.0063 - - 7.9937
15914228 0.0063 - - 9.5337
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15914220 0.0063 - - 6.5837
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15914216 0.0063 - - 6.4927
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15914212 0.0063 - - 6.6937
15914211 0.0063 - - 5.9837
15914210 0.0063 - - 9.0437
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15914204 0.0063 - - 7.9337
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15914202 0.0063 - - 6.9337
15914201 0.0063 - - 9.1937
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15914181 0.0063 - - 7.9337
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15914179 0.0063 - - 10.3837
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15914176 0.0063 - - 7.6437
15914175 0.0063 - - 6.9337
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15914173 0.0063 - - 9.2437
15914172 0.0063 - - 8.1937
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15914170 0.0063 - - 6.7837
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15914164 0.0063 - - 8.4837
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15914162 0.0063 - - 8.9437
15914161 0.0063 - - 5.8837
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15914159 0.0063 - - 8.0867
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15914154 0.0063 - - 7.9837
15914153 0.0063 - - 8.5837
15914152 0.0063 - - 6.9337
15914150 0.0063 - - 7.8837
15914149 0.0063 - - 6.3937
15914148 0.0063 - - 7.6437
15914147 0.0063 - - 7.3237
15914145 0.0063 - - 5.7837
15914144 0.0063 - - 7.9437
15914142 0.0063 - - 7.7967
15914141 0.0063 - - 6.7937
15914140 0.0063 - - 9.7337
15914139 0.0063 - - 6.6067
15914138 0.0063 - - 7.4737
15914134 0.0063 - - 7.8837
15914131 0.0063 - - 10.9937
15914130 0.0063 - - 8.1837
15914129 0.0063 - - 8.5937
15914125 0.0063 - - 7.1337
15914124 0.0063 - - 5.4837
15914123 0.0063 - - 7.1337
15914117 0.0063 - - 5.5437
15914116 0.0063 - - 7.0837
15914114 0.0063 - - 6.2137
15914112 0.0063 - - 5.9937
15914108 0.0063 - - 6.0837
15914107 0.0063 - - 7.9337
15914106 0.0063 - - 8.1937
15914101 0.0063 - - 7.3337
15914100 0.0063 - - 5.9837
15914099 0.0063 - - 6.4837
15914098 0.0063 - - 7.6937
15914097 0.0063 - - 7.3837
15914096 0.0063 - - 7.1837
15914095 0.0063 - - 6.1837
15914093 0.0063 - - 7.6437
15914092 0.0063 - - 7.6437
15914091 0.0063 - - 7.3937
15914090 0.0063 - - 7.2837
15914089 0.0063 - - 5.9437
15914088 0.0063 - - 6.9837
15914087 0.0063 - - 9.3437
15914086 0.0063 - - 7.0687
15914085 0.0063 - - 7.2587
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15914082 0.0063 - - 6.0437
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15914080 0.0063 - - 9.2087
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15914077 0.0063 - - 9.9337
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15914075 0.0063 - - 9.2937
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15914073 0.0063 - - 6.3337
15914072 0.0063 - - 9.0937
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15914069 0.0063 - - 8.4437
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15914067 0.0063 - - 8.9337
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15914065 0.0063 - - 8.7567
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15914063 0.0063 - - 6.9937
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15914061 0.0063 - - 6.0337
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15914059 0.0063 - - 9.2937
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15914045 0.0063 - - 8.0837
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15914043 0.0063 - - 7.6437
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15914040 0.0063 - - 8.9337
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15914038 0.0063 - - 7.2437
15914037 0.0063 - - 7.7437
15914036 0.0063 - - 5.7437
15914035 0.0063 - - 7.4837
15914033 0.0063 - - 7.2937
15914032 0.0063 - - 6.3337
15914031 0.0063 - - 9.8937
15914030 0.0063 - - 6.1187
15914029 0.0063 - - 8.1837
15914028 0.0063 - - 8.1437
15914027 0.0063 - - 7.5437
15914026 0.0063 - - 8.8437
15914025 0.0063 - - 6.9337
15914024 0.0063 - - 7.1837
15914023 0.0063 - - 5.4437
15914022 0.0063 - - 8.2837
15914021 0.0063 - - 7.8937
15914020 0.0063 - - 8.2437
15914019 0.0063 - - 7.9837
15914018 0.0063 - - 7.6437
15914017 0.0063 - - 6.4837
15914016 0.0063 - - 9.9337
15914015 0.0063 - - 8.4937
15914014 0.0063 - - 8.5337
15914013 0.0063 - - 7.8837
15914012 0.0063 - - 8.3937
15914011 0.0063 - - 6.8337
15914010 0.0063 - - 7.0437
15914009 0.0063 - - 6.4337
15914008 0.0063 - - 7.2837
15914007 0.0063 - - 7.3337
15914006 0.0063 - - 6.4837
15914005 0.0063 - - 8.4837
15914004 0.0063 - - 7.8437
15914003 0.0063 - - 6.5437
15914002 0.0063 - - 7.2837
15914001 0.0063 - - 7.4187
15914000 0.0063 - - 8.4937
15913999 0.0063 - - 6.4937
15913998 0.0063 - - 9.4337
15913997 0.0063 - - 6.4837
15913995 0.0063 - - 7.3837
15913994 0.0063 - - 7.7437
15913993 0.0063 - - 10.3437
15913992 0.0063 - - 9.0437
15913990 0.0063 - - 6.8937
15913989 0.0063 - - 8.3437
15913987 0.0063 - - 6.7837
15913985 0.0063 - - 7.4837
15913984 0.0063 - - 6.9437
15913983 0.0063 - - 7.2437
15913982 0.0063 - - 6.7837
15913981 0.0063 - - 6.7337
15913980 0.0063 - - 7.9337
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15913978 0.0063 - - 6.5937
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15913976 0.0063 - - 6.9937
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15913966 0.0063 - - 5.0837
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15913955 0.0063 - - 8.0837
15913954 0.0063 - - 7.4837
15913953 0.0063 - - 6.1937
15913950 0.0063 - - 6.4837
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15912654 0.0063 - - 8.4837
15912653 0.0063 - - 7.4337
15912650 0.0063 - - 6.2937
15912649 0.0063 - - 7.9937
15912648 0.0063 - - 8.0337
15912647 0.0063 - - 6.2937
15912645 0.0063 - - 7.7337
15912644 0.0063 - - 6.1687
15912643 0.0063 - - 6.7837
15912642 0.0063 - - 6.7437
15912641 0.0063 - - 9.0837
15912640 0.0063 - - 6.7937
15912638 0.0063 - - 6.5937
15912637 0.0063 - - 6.0437
15912636 0.0063 - - 6.5187
15912635 0.0063 - - 6.7437
15912633 0.0063 - - 6.4837
15912632 0.0063 - - 7.3937
15912631 0.0063 - - 8.1937
15912630 0.0063 - - 6.4837
15912627 0.0063 - - 9.4337
15912625 0.0063 - - 6.6937
15912624 0.0063 - - 6.7337
15912623 0.0063 - - 5.9437
15912621 0.0063 - - 6.8687
15912619 0.0063 - - 7.4837
15912618 0.0063 - - 7.0337
15912616 0.0063 - - 6.6937
15912613 0.0063 - - 6.7437
15912612 0.0063 - - 6.3437
15912610 0.0063 - - 7.0437
15912609 0.0063 - - 8.8437
15912607 0.0063 - - 7.9637
15912605 0.0063 - - 7.3937
15912604 0.0063 - - 6.9937
15912603 0.0063 - - 5.9437
15912602 0.0063 - - 7.1837
15912600 0.0063 - - 7.1437
15912599 0.0063 - - 6.3837
15912598 0.0063 - - 7.2437
15912597 0.0063 - - 8.7437
15912596 0.0063 - - 6.2937
15912595 0.0063 - - 7.8937
15912594 0.0063 - - 7.3437
15912593 0.0063 - - 7.4937
15912592 0.0063 - - 8.1837
15912591 0.0063 - - 8.1837
15912590 0.0063 - - 5.9337
15912589 0.0063 - - 6.1937
15912587 0.0063 - - 9.6237
15912584 0.0063 - - 7.7437
15912582 0.0063 - - 6.3687
15912581 0.0063 - - 10.1187
15912580 0.0063 - - 9.7837
15912578 0.0063 - - 6.4337
15912577 0.0063 - - 7.0437
15912576 0.0063 - - 5.9937
15912575 0.0063 - - 6.1837
15912573 0.0063 - - 7.4837
15912572 0.0063 - - 7.9337
15912571 0.0063 - - 7.4437
15912570 0.0063 - - 8.6937
15912569 0.0063 - - 7.0337
15912568 0.0063 - - 8.2437
15912566 0.0063 - - 5.3337
15912565 0.0063 - - 6.0437
15912563 0.0063 - - 6.1437
15912562 0.0063 - - 6.7437
15912560 0.0063 - - 6.2437
15912559 0.0063 - - 8.1437
15912556 0.0063 - - 7.0837
15912555 0.0063 - - 5.6937
15912554 0.0063 - - 7.6937
15912553 0.0063 - - 6.6937
15912552 0.0063 - - 7.8087
15912551 0.0063 - - 7.1437
15912550 0.0063 - - 6.7437
15912548 0.0063 - - 7.0937
15912547 0.0063 - - 5.9937
15912545 0.0063 - - 5.7337
15912544 0.0063 - - 6.6837
15912542 0.0063 - - 5.9437
15912541 0.0063 - - 5.7437
15912540 0.0063 - - 5.2937
15912539 0.0063 - - 6.3437
15912537 0.0063 - - 6.9937
15912536 0.0063 - - 6.2437
15912535 0.0063 - - 7.1737
15912534 0.0063 - - 6.3687
15912532 0.0063 - - 7.4837
15912530 0.0063 - - 7.7937
15912528 0.0063 - - 6.4837
15912525 0.0063 - - 8.1437
15912523 0.0063 - - 6.8837
15912521 0.0063 - - 8.3437
15912520 0.0063 - - 6.2437
15912519 0.0063 - - 6.1437
15912517 0.0063 - - 7.7437
15912515 0.0063 - - 6.7937
15912512 0.0063 - - 6.4437
15912509 0.0063 - - 7.3437
15912508 0.0063 - - 6.3437
15912507 0.0063 - - 5.7837
15912506 0.0063 - - 6.6437
15912505 0.0063 - - 7.4837
15912504 0.0063 - - 5.7437
15912503 0.0063 - - 6.6937
15912501 0.0063 - - 7.5937
15912500 0.0063 - - 5.7337
15912497 0.0063 - - 5.8837
15912496 0.0063 - - 8.4837
15912495 0.0063 - - 7.0437
15912494 0.0063 - - 5.6837
15912492 0.0063 - - 8.1337
15912490 0.0063 - - 5.7687
15912489 0.0063 - - 8.2337
15912488 0.0063 - - 7.7437
15912487 0.0063 - - 5.9187
15912486 0.0063 - - 5.9837
15912485 0.0063 - - 5.7837
15912484 0.0063 - - 8.0437
15912483 0.0063 - - 8.3437
15912482 0.0063 - - 7.9937
15912481 0.0063 - - 5.6837
15912480 0.0063 - - 9.0837
15912479 0.0063 - - 6.4937
15912478 0.0063 - - 9.2837
15912477 0.0063 - - 6.4837
15912476 0.0063 - - 6.3187
15912475 0.0063 - - 5.7837
15912474 0.0063 - - 7.4837
15912472 0.0063 - - 5.7337
15912471 0.0063 - - 5.9837
15912470 0.0063 - - 7.7437
15912469 0.0063 - - 5.6337
15912468 0.0063 - - 7.4837
15912467 0.0063 - - 5.0337
15912466 0.0063 - - 6.4937
15912465 0.0063 - - 5.4837
15912464 0.0063 - - 8.2837
15912463 0.0063 - - 5.9937
15912461 0.0063 - - 5.5837
15912459 0.0063 - - 8.3537
15912456 0.0063 - - 6.7437
15912455 0.0063 - - 6.6187
15912454 0.0063 - - 6.6837
15912453 0.0063 - - 6.9837
15912452 0.0063 - - 6.2337
15912450 0.0063 - - 6.2437
15912449 0.0063 - - 5.9837
15912448 0.0063 - - 7.1837
15912447 0.0063 - - 6.3837
15912444 0.0063 - - 6.3837
15912442 0.0063 - - 6.3437
15912440 0.0063 - - 5.9337
15912439 0.0063 - - 8.3337
15912438 0.0063 - - 7.3337
15912437 0.0063 - - 6.1837
15912435 0.0063 - - 6.3937
15912433 0.0063 - - 5.4837
15912432 0.0063 - - 7.4087
15912430 0.0063 - - 5.7337
15912429 0.0063 - - 6.4837
15912427 0.0063 - - 7.4337
15912425 0.0063 - - 7.1937
15912424 0.0063 - - 7.7837
15912423 0.0063 - - 8.6337
15912422 0.0063 - - 5.6337
15912421 0.0063 - - 5.9837
15912420 0.0063 - - 6.8837
15912418 0.0063 - - 7.4837
15912417 0.0063 - - 6.0337
15912416 0.0063 - - 6.2337
15912415 0.0063 - - 7.2437
15912412 0.0063 - - 9.2837
15912411 0.0063 - - 6.3437
15912410 0.0063 - - 5.9937
15912409 0.0063 - - 8.4337
15912408 0.0063 - - 6.4337
15912407 0.0063 - - 6.0837
15912406 0.0063 - - 7.2937
15912405 0.0063 - - 6.3637
15912401 0.0063 - - 7.4837
15912400 0.0063 - - 6.1837
15912399 0.0063 - - 6.0337
15912398 0.0063 - - 7.9837
15912396 0.0063 - - 6.8837
15912395 0.0063 - - 6.8137
15912394 0.0063 - - 6.8337
15912393 0.0063 - - 8.1337
15912392 0.0063 - - 6.4337
15912389 0.0063 - - 7.3937
15912387 0.0063 - - 6.5937
15912386 0.0063 - - 7.4937
15912384 0.0063 - - 7.7437
15912383 0.0063 - - 9.7337
15912382 0.0063 - - 5.7837
15912381 0.0063 - - 6.3687
15912380 0.0063 - - 5.1837
15912379 0.0063 - - 6.4337
15912378 0.0063 - - 6.7337
15912377 0.0063 - - 7.5837
15912376 0.0063 - - 5.8837
15912373 0.0063 - - 7.4837
15912372 0.0063 - - 6.4337
15912371 0.0063 - - 7.4837
15912370 0.0063 - - 7.8437
15912369 0.0063 - - 6.5837
15912368 0.0063 - - 5.6937
15912365 0.0063 - - 6.9337
15912364 0.0063 - - 6.1437
15912363 0.0063 - - 6.4837
15912362 0.0063 - - 5.8337
15912360 0.0063 - - 8.8837
15912358 0.0063 - - 6.4937
15912357 0.0063 - - 6.5217
15912356 0.0063 - - 7.4337
15912355 0.0063 - - 6.7437
15912353 0.0063 - - 7.4937
15912352 0.0063 - - 6.4837
15912350 0.0063 - - 6.9337
15912346 0.0063 - - 5.6937
15912342 0.0063 - - 5.9437
15912341 0.0063 - - 5.7337
15912340 0.0063 - - 8.1337
15912339 0.0063 - - 6.8437
15912338 0.0063 - - 5.6837
15912337 0.0063 - - 7.4837
15912336 0.0063 - - 5.4837
15912335 0.0063 - - 5.8337
15912334 0.0063 - - 9.1837
15912333 0.0063 - - 7.2437
15912331 0.0063 - - 5.6837
15912330 0.0063 - - 6.4837
15912329 0.0063 - - 6.8837
15912328 0.0063 - - 7.3687
15912327 0.0063 - - 6.4837
15912326 0.0063 - - 4.9337
15912325 0.0063 - - 6.2437
15912324 0.0063 - - 6.1337
15912323 0.0063 - - 5.5337
15912322 0.0063 - - 6.4437
15912321 0.0063 - - 5.5837
15912320 0.0063 - - 6.0837
15912319 0.0063 - - 7.4837
15912318 0.0063 - - 7.3437
15912317 0.0063 - - 7.0937
15912315 0.0063 - - 7.7437
15912313 0.0063 - - 5.6337
15912311 0.0063 - - 4.5337
15912310 0.0063 - - 7.7837
15912309 0.0063 - - 4.8337
15912308 0.0063 - - 5.4837
15912306 0.0063 - - 5.9337
15912304 0.0063 - - 6.1837
15912302 0.0063 - - 6.0337
15912300 0.0063 - - 5.9837
15912299 0.0063 - - 6.9937
15912298 0.0063 - - 6.4337
15912297 0.0063 - - 7.5837
15912296 0.0063 - - 6.6837
15912294 0.0063 - - 5.7437
15912293 0.0063 - - 5.1837
15912292 0.0063 - - 5.4837
15912291 0.0063 - - 6.4937
15912290 0.0063 - - 6.2337
15912289 0.0063 - - 7.2437
15912288 0.0063 - - 6.2337
15912287 0.0063 - - 8.5337
15912285 0.0063 - - 6.2337
15912283 0.0063 - - 5.4837
15912282 0.0063 - - 6.5837
15912281 0.0063 - - 5.9837
15912280 0.0063 - - 8.1337
15912278 0.0063 - - 8.2437
15912277 0.0063 - - 5.4337
15912276 0.0063 - - 4.7437
15912275 0.0063 - - 6.5937
15912274 0.0063 - - 6.0337
15912273 0.0063 - - 7.2837
15912272 0.0063 - - 5.4437
15912271 0.0063 - - 6.9837
15912270 0.0063 - - 6.8937
15912268 0.0063 - - 6.0837
15912267 0.0063 - - 5.8337
15912266 0.0063 - - 7.4837
15912264 0.0063 - - 6.3837
15912263 0.0063 - - 5.7437
15912261 0.0063 - - 5.4837
15912260 0.0063 - - 5.6837
15912259 0.0063 - - 9.4687
15912258 0.0063 - - 7.8337
15912256 0.0063 - - 7.4837
15912255 0.0063 - - 5.1837
15912251 0.0063 - - 8.5437
15912250 0.0063 - - 5.2337
15912248 0.0063 - - 5.9837
15912245 0.0063 - - 7.4837
15912243 0.0063 - - 6.7337
15912242 0.0063 - - 8.8837
15912241 0.0063 - - 5.9837
15912240 0.0063 - - 6.4837
15912239 0.0063 - - 6.6337
15912238 0.0063 - - 4.9937
15912235 0.0063 - - 7.4837
15912232 0.0063 - - 5.0437
15912231 0.0063 - - 5.7837
15912229 0.0063 - - 6.3837
15912227 0.0063 - - 8.1337
15912225 0.0063 - - 7.9937
15912224 0.0063 - - 8.1337
15912223 0.0063 - - 7.0937
15912222 0.0063 - - 5.4837
15912219 0.0063 - - 5.5337
15912218 0.0063 - - 5.9837
15912217 0.0063 - - 8.1937
15912216 0.0063 - - 5.2837
15912215 0.0063 - - 6.4837
15912214 0.0063 - - 9.3837
15912212 0.0063 - - 6.0837
15912211 0.0063 - - 6.0837
15912210 0.0063 - - 7.0337
15912207 0.0063 - - 8.0337
15912206 0.0063 - - 5.2337
15912205 0.0063 - - 6.4837
15912203 0.0063 - - 6.9937
15912202 0.0063 - - 5.8337
15912200 0.0063 - - 6.9467
15912199 0.0063 - - 5.4837
15912198 0.0063 - - 6.4937
15912196 0.0063 - - 5.7937
15912195 0.0063 - - 5.1837
15912194 0.0063 - - 5.4837
15912193 0.0063 - - 7.6337
15912192 0.0063 - - 6.1837
15912191 0.0063 - - 7.4837
15912189 0.0063 - - 5.4837
15912188 0.0063 - - 5.9837
15912187 0.0063 - - 6.7337
15912185 0.0063 - - 6.7837
15912183 0.0063 - - 6.1337
15912182 0.0063 - - 6.8837
15912179 0.0063 - - 7.3837
15912178 0.0063 - - 6.2937
15912177 0.0063 - - 6.4837
15912176 0.0063 - - 7.3937
15912174 0.0063 - - 7.3337
15912172 0.0063 - - 7.3837
15912171 0.0063 - - 5.9837
15912170 0.0063 - - 8.1837
15912166 0.0063 - - 5.9937
LOAN_SEQ MATURITY_DATE ORIGINAL_ CURRENT_ STATED_
BALANCE BALANCE ORIGINAL_TERM
-------------------------------------------------------------------------------------------------------------------------------------
15914249 20351201 315,000.00 314,570.68 360
15914248 20351201 236,590.00 236,300.26 360
15914247 20351201 153,900.00 153,673.95 360
15914246 20351201 244,500.00 244,097.19 360
15914245 20351201 61,625.00 61,567.70 360
15914244 20351201 133,000.00 132,772.55 360
15914243 20251201 88,000.00 87,683.10 240
15914241 20351201 97,200.00 97,087.73 360
15914240 20351201 117,000.00 116,885.63 360
15914239 20351201 190,000.00 189,678.25 360
15914238 20351201 204,300.00 204,095.66 360
15914237 20351201 618,750.00 617,872.00 360
15914236 20351201 347,000.00 346,370.90 360
15914235 20351201 427,500.00 427,500.00 360
15914234 20351201 270,000.00 270,000.00 360
15914233 20351201 180,500.00 180,357.45 360
15914232 20351201 154,400.00 154,227.12 360
15914231 20351201 93,100.00 93,004.10 360
15914229 20351201 323,000.00 322,607.25 360
15914228 20351201 110,500.00 110,402.64 360
15914227 20351201 266,000.00 265,835.21 360
15914226 20351201 240,000.00 240,000.00 360
15914225 20351201 214,500.00 214,202.29 360
15914224 20351201 211,000.00 210,293.30 360
15914223 20351201 121,500.00 121,355.26 360
15914220 20351201 353,000.00 352,736.97 360
15914219 20351201 337,250.00 336,804.12 360
15914218 20351201 215,000.00 214,628.00 360
15914217 20351201 288,000.00 287,507.51 360
15914216 20351201 176,000.00 175,410.56 360
15914215 20351201 56,700.00 56,632.46 360
15914214 20351201 296,000.00 295,535.86 360
15914213 20351201 630,000.00 630,000.00 360
15914212 20351201 102,000.00 101,838.78 360
15914211 20351201 318,000.00 317,719.96 360
15914210 20351201 204,250.00 204,050.28 360
15914209 20351201 149,500.00 149,268.96 360
15914208 20351201 115,600.00 115,436.11 360
15914207 20351201 132,000.00 131,776.46 360
15914206 20351201 310,000.00 310,000.00 360
15914204 20351201 109,800.00 109,664.83 360
15914203 20351201 480,000.00 479,515.41 360
15914202 20251201 104,900.00 104,517.12 240
15914201 20351201 174,100.00 173,935.15 360
15914200 20351201 312,000.00 311,481.94 360
15914199 20351201 175,000.00 174,744.58 360
15914198 20351201 112,500.00 112,340.67 360
15914197 20351201 212,500.00 212,256.59 360
15914196 20351201 162,000.00 161,869.27 360
15914195 20351201 357,000.00 356,411.87 360
15914194 20351201 275,000.00 274,637.78 360
15914193 20351201 96,530.00 96,406.22 360
15914192 20351201 53,440.00 53,378.49 360
15914191 20351201 145,350.00 145,190.27 360
15914190 20351201 82,000.00 81,960.78 360
15914187 20351201 120,250.00 120,250.00 360
15914186 20351201 155,000.00 154,884.50 360
15914185 20351201 54,500.00 54,438.22 360
15914182 20351201 169,000.00 168,767.33 360
15914181 20351201 287,710.00 287,355.84 360
15914180 20351201 178,000.00 177,724.19 360
15914179 20351101 562,500.00 561,878.09 360
15914177 20201201 94,400.00 93,802.60 180
15914176 20351201 537,000.00 536,298.64 360
15914175 20351201 182,750.00 182,750.00 360
15914174 20351201 125,000.00 124,866.86 360
15914173 20351201 248,000.00 247,767.64 360
15914172 20351201 200,000.00 199,766.62 360
15914171 20351201 258,300.00 257,891.76 360
15914170 20351201 101,250.00 101,092.79 360
15914169 20351201 300,000.00 300,000.00 360
15914166 20351201 198,050.00 197,720.49 360
15914164 20351201 136,000.00 135,850.56 360
15914163 20351201 202,000.00 201,713.92 360
15914162 20351201 150,000.00 149,850.27 360
15914161 20351201 230,000.00 229,574.05 360
15914160 20351101 230,000.00 229,650.65 360
15914159 20351201 139,000.00 138,834.18 360
15914157 20351101 286,600.00 286,600.00 360
15914154 20351101 133,000.00 132,756.05 360
15914153 20351101 170,500.00 170,154.04 360
15914152 20351101 200,000.00 199,546.51 360
15914150 20351201 131,500.00 131,336.45 360
15914149 20351101 147,000.00 146,999.75 360
15914148 20351101 187,000.00 186,632.38 360
15914147 20351101 508,500.00 507,433.63 360
15914145 20351201 232,000.00 231,561.97 360
15914144 20351201 115,000.00 114,853.91 360
15914142 20351201 164,000.00 163,792.37 360
15914141 20351201 243,750.00 243,372.32 360
15914140 20351201 103,550.00 103,462.59 360
15914139 20351101 399,000.00 398,034.79 360
15914138 20351101 209,000.00 208,574.75 360
15914134 20351001 159,300.00 158,900.94 360
15914131 20351101 147,000.00 146,857.71 360
15914130 20351101 60,000.00 59,894.36 360
15914129 20351201 270,750.00 270,459.22 360
15914125 20350901 91,800.00 91,464.51 360
15914124 20350901 300,000.00 298,488.85 360
15914123 20350901 608,000.00 607,006.83 360
15914117 20350901 230,750.00 229,600.84 360
15914116 20351001 163,400.00 162,919.04 360
15914114 20350901 225,000.00 225,000.00 360
15914112 20350901 467,500.00 465,363.84 360
15914108 20350901 212,500.00 211,545.72 360
15914107 20351001 66,800.00 66,608.66 360
15914106 20350901 182,000.00 181,463.22 360
15914101 20351201 220,000.00 219,867.55 360
15914100 20351201 270,000.00 269,509.56 360
15914099 20351201 400,500.00 400,193.07 360
15914098 20351201 283,500.00 283,133.47 360
15914097 20351201 487,500.00 486,828.82 360
15914096 20351201 385,200.00 385,200.00 360
15914095 20351201 128,500.00 128,275.47 360
15914093 20351201 205,700.00 205,431.35 360
15914092 20351201 193,000.00 192,747.93 360
15914091 20351201 179,000.00 178,555.38 360
15914090 20351201 108,900.00 108,783.16 360
15914089 20351201 477,000.00 476,575.30 360
15914088 20351201 332,500.00 332,499.61 360
15914087 20351201 148,400.00 148,263.88 360
15914086 20351201 161,000.00 160,763.84 360
15914085 20351201 109,000.00 108,846.10 360
15914083 20351201 312,000.00 311,561.70 360
15914082 20351201 225,000.00 224,805.09 360
15914081 20351201 331,500.00 331,280.05 360
15914080 20351201 408,000.00 407,858.75 360
15914078 20351201 104,550.00 104,407.79 360
15914077 20351201 128,250.00 128,146.29 360
15914076 20351201 200,000.00 199,883.35 360
15914075 20351201 120,000.00 119,888.75 360
15914074 20351201 126,900.00 126,728.77 360
15914073 20351201 510,000.00 509,907.00 360
15914072 20351201 198,000.00 197,808.52 360
15914071 20351201 168,750.00 168,518.14 360
15914069 20351201 207,000.00 206,770.63 360
15914068 20351201 160,000.00 159,519.89 360
15914067 20351201 89,900.00 89,810.07 360
15914066 20351201 130,000.00 129,777.25 360
15914065 20351201 91,375.00 91,254.94 360
15914064 20351201 190,800.00 190,599.31 360
15914063 20351201 378,000.00 377,749.20 360
15914062 20351201 225,000.00 224,825.14 360
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15913157 20351201 550,000.00 550,000.00 360
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15913153 20351101 296,250.00 295,611.00 360
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15913149 20351101 300,000.00 299,603.72 360
15913148 20351101 136,000.00 135,646.72 360
15913147 20351101 410,400.00 409,654.96 360
15913146 20351101 296,000.00 295,458.22 360
15913145 20351201 241,900.00 241,553.27 360
15913144 20351101 360,000.00 359,687.64 360
15913143 20351201 252,000.00 251,584.83 360
15913142 20351201 59,500.00 59,480.46 360
15913141 20351101 330,000.00 330,000.00 360
15913140 20351101 186,000.00 186,000.00 360
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15913135 20351201 392,000.00 389,150.00 360
15913134 20351201 252,195.00 251,851.29 360
15913133 20351101 67,270.00 67,175.37 360
15913132 20351101 124,000.00 123,790.53 360
15913129 20351101 330,000.00 330,000.00 360
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15913124 20351201 125,000.00 125,000.00 360
15913123 20351101 539,750.00 539,463.01 360
15913122 20351201 221,000.00 220,818.91 360
15913120 20351201 624,000.00 623,225.56 360
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15913117 20351101 220,000.00 219,544.17 360
15913116 20351101 60,800.00 60,711.25 360
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15913100 20351101 405,000.00 404,663.52 360
15913099 20351101 402,500.00 401,464.65 360
15913098 20351101 630,000.00 629,081.17 360
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15913096 20351201 325,000.00 324,767.85 360
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15913092 20351101 415,000.00 413,890.10 360
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15913084 20351101 62,700.00 62,634.47 360
15913083 20351101 246,000.00 246,000.00 360
15913082 20351101 232,900.00 232,410.10 360
15913081 20351101 284,750.00 284,750.00 360
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15913056 20351101 266,050.00 265,764.59 360
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15913052 20351101 154,000.00 153,699.70 360
15913051 20351101 316,000.00 315,241.12 360
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15913044 20351101 176,000.00 175,596.65 360
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15913042 20351201 220,000.00 219,709.72 360
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15913039 20351101 324,000.00 323,616.96 360
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15913037 20351101 180,000.00 179,821.05 360
15913036 20351101 276,379.00 276,156.61 360
15913035 20351101 306,000.00 305,734.51 360
15913034 20351101 175,000.00 175,000.00 360
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15913020 20351101 308,000.00 307,366.32 360
15913019 20351101 301,750.00 301,426.61 360
15913018 20351101 192,000.00 191,796.54 360
15913017 20360101 123,920.00 123,855.07 360
15913016 20351101 221,350.00 220,983.79 360
15913014 20351101 255,000.00 254,342.75 360
15913012 20351201 539,750.00 538,840.48 360
15913011 20351101 78,000.00 77,877.74 360
15913010 20351201 210,600.00 210,330.49 360
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15913006 20351101 305,000.00 304,720.51 360
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15913003 20351101 153,000.00 152,711.21 360
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15912966 20351101 73,600.00 73,485.89 360
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15912951 20351201 320,000.00 319,447.41 360
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15912941 20351201 331,500.00 331,500.00 360
15912939 20351101 250,800.00 250,602.26 360
15912938 20351101 108,000.00 107,828.51 360
15912937 20351101 148,000.00 148,000.00 360
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15912931 20351101 277,500.00 276,985.80 360
15912930 20351101 228,000.00 228,000.00 360
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15912917 20351101 221,000.00 220,555.76 360
15912915 20351101 325,000.00 324,087.75 360
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15912909 20351101 252,000.00 251,335.78 360
15912908 20351101 363,450.00 363,178.08 360
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15912905 20351101 93,500.00 93,341.98 360
15912904 20351201 157,500.00 157,256.66 360
15912903 20351101 297,000.00 297,000.00 360
15912902 20351101 449,600.00 449,090.32 360
15912900 20351101 81,000.00 80,864.85 360
15912899 20351101 166,500.00 166,224.53 360
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15912895 20351101 150,000.00 149,728.25 360
15912894 20351101 157,250.00 156,875.32 360
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15912887 20351101 60,750.00 60,465.59 360
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15912885 20351101 263,500.00 262,986.21 360
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15912882 20351101 360,000.00 359,091.55 360
15912880 20351201 340,000.00 339,577.16 360
15912879 20351101 262,500.00 262,167.32 360
15912878 20351101 70,800.00 70,644.49 360
15912877 20351101 216,900.00 216,446.96 360
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15912874 20351101 181,900.00 181,519.29 360
15912873 20351101 133,000.00 132,914.10 360
15912872 20351101 498,750.00 498,365.81 360
15912870 20351101 119,850.00 119,680.52 360
15912869 20351101 352,000.00 350,884.55 360
15912868 20351101 166,500.00 166,126.21 360
15912867 20351101 423,500.00 422,925.02 360
15912866 20351101 261,000.00 261,000.00 360
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15912864 20351201 360,000.00 359,553.20 360
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15912860 20351101 78,300.00 78,114.03 360
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15912849 20351101 286,200.00 285,492.09 360
15912847 20351101 480,250.00 480,250.00 360
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15912844 20351101 226,400.00 225,941.34 360
15912842 20351101 357,000.00 356,681.19 360
15912841 20351101 209,100.00 208,550.48 360
15912840 20351101 142,000.00 141,854.14 360
15912839 20251101 168,000.00 166,934.31 240
15912838 20351201 221,000.00 220,694.80 360
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15912836 20351101 104,000.00 103,815.40 360
15912834 20351101 420,000.00 418,959.08 360
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15912829 20351101 195,900.00 195,360.48 360
15912828 20351101 154,500.00 154,281.98 360
15912827 20351101 585,000.00 584,286.88 360
15912826 20351101 463,837.00 462,923.36 360
15912825 20351101 637,500.00 636,920.98 360
15912824 20351101 195,000.00 194,512.92 360
15912823 20351101 67,700.00 67,700.00 360
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15912821 20351101 53,600.00 53,526.89 360
15912820 20351101 312,250.00 311,665.09 360
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15912815 20351101 447,000.00 446,471.55 360
15912814 20351201 328,000.00 327,731.21 360
15912812 20351101 233,750.00 233,312.41 360
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15912777 20351101 198,250.00 197,979.75 360
15912776 20351101 226,400.00 225,927.10 360
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15912739 20351101 240,000.00 239,820.45 360
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15912721 20351101 94,500.00 94,382.37 360
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15912708 20351101 156,600.00 156,300.77 360
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15912653 20351101 228,750.00 228,280.80 360
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15912647 20351001 620,000.00 618,992.24 360
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15912644 20351101 546,400.00 545,835.13 360
15912643 20351001 193,600.00 192,995.19 360
15912642 20351001 135,000.00 135,000.00 360
15912641 20351101 104,500.00 104,347.47 360
15912640 20351101 378,000.00 377,600.59 360
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15912633 20351101 280,000.00 279,281.89 360
15912632 20351101 192,000.00 191,602.98 360
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15912625 20351101 525,000.00 523,750.69 360
15912624 20351101 391,000.00 391,000.00 360
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15912621 20351001 475,000.00 474,999.84 360
15912619 20351001 323,000.00 322,122.61 360
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15912613 20351101 198,400.00 197,932.87 360
15912612 20351101 573,000.00 572,999.75 360
15912610 20351001 418,500.00 417,258.35 360
15912609 20351201 127,500.00 127,370.03 360
15912607 20351001 554,515.00 553,148.58 360
15912605 20351001 341,910.00 340,964.22 360
15912604 20351001 476,000.00 474,573.61 360
15912603 20351001 399,920.00 399,920.00 360
15912602 20351001 220,500.00 220,221.04 360
15912600 20351001 324,000.00 324,000.00 360
15912599 20351101 120,000.00 119,696.70 360
15912598 20351101 617,500.00 617,500.00 360
15912597 20351201 75,200.00 75,121.72 360
15912596 20351101 399,500.00 398,472.34 360
15912595 20351001 104,550.00 104,287.63 360
15912594 20351001 529,200.00 527,721.42 360
15912593 20351101 118,750.00 118,509.35 360
15912592 20351001 353,000.00 352,168.50 360
15912591 20351001 326,700.00 325,930.42 360
15912590 20351001 283,500.00 283,500.00 360
15912589 20351001 232,000.00 231,612.30 360
15912587 20351001 131,750.00 131,520.35 360
15912584 20351101 360,000.00 359,680.82 360
15912582 20351001 280,000.00 279,050.91 360
15912581 20351101 104,000.00 103,878.22 360
15912580 20351101 86,400.00 86,291.28 360
15912578 20351101 347,400.00 347,400.00 360
15912577 20351001 423,000.00 423,000.00 360
15912576 20351001 650,000.00 648,852.16 360
15912575 20351001 268,000.00 268,000.00 360
15912573 20351001 498,800.00 498,800.00 360
15912572 20351001 118,800.00 118,505.43 360
15912571 20351001 55,250.00 55,098.66 360
15912570 20351101 80,100.00 79,973.12 360
15912569 20351001 693,000.00 690,939.84 360
15912568 20351101 128,000.00 127,777.45 360
15912566 20351101 272,000.00 271,570.03 360
15912565 20351001 552,000.00 552,000.00 360
15912563 20351001 445,000.00 445,000.00 360
15912562 20351001 336,000.00 335,518.45 360
15912560 20351001 85,000.00 84,704.78 360
15912559 20351001 80,000.00 79,809.99 360
15912556 20351001 210,000.00 209,381.19 360
15912555 20351001 403,500.00 402,750.00 360
15912554 20351001 444,600.00 443,442.52 360
15912553 20351001 220,000.00 219,300.37 360
15912552 20351201 126,750.00 126,589.93 360
15912551 20351001 161,500.00 161,030.29 360
15912550 20351001 331,500.00 331,024.89 360
15912548 20351001 479,920.00 479,920.00 360
15912547 20351001 201,000.00 200,645.04 360
15912545 20351001 471,750.00 470,855.50 360
15912544 20351001 311,200.00 311,200.00 360
15912542 20351101 136,000.00 135,625.54 360
15912541 20351001 375,000.00 373,565.58 360
15912540 20351101 371,000.00 371,000.00 360
15912539 20351001 236,000.00 236,000.00 360
15912537 20351101 472,500.00 472,028.28 360
15912536 20351001 120,000.00 119,583.22 360
15912535 20351001 195,000.00 194,436.26 360
15912534 20351001 380,000.00 380,000.00 360
15912532 20351001 465,500.00 464,959.68 360
15912530 20351101 132,000.00 131,847.59 360
15912528 20351201 544,000.00 543,583.11 360
15912525 20351201 104,500.00 104,376.80 360
15912523 20351101 56,900.00 56,841.38 360
15912521 20351201 295,800.00 295,465.39 360
15912520 20351001 186,400.00 186,400.00 360
15912519 20351001 164,000.00 163,419.21 360
15912517 20351201 729,000.00 728,067.08 360
15912515 20351001 522,000.00 522,000.00 360
15912512 20351101 550,000.00 548,626.17 360
15912509 20351001 384,000.00 382,927.08 360
15912508 20351001 287,600.00 287,600.00 360
15912507 20351001 321,500.00 320,279.59 360
15912506 20351001 627,950.00 627,950.00 360
15912505 20351001 182,700.00 182,700.00 360
15912504 20351001 428,000.00 426,362.86 360
15912503 20351001 64,000.00 63,796.46 360
15912501 20351001 214,320.00 214,320.00 360
15912500 20351001 407,000.00 405,389.58 360
15912497 20351001 193,500.00 193,450.00 360
15912496 20351101 336,000.00 335,444.09 360
15912495 20351001 364,000.00 363,520.81 360
15912494 20351001 464,000.00 463,993.47 360
15912492 20351001 178,400.00 177,975.40 360
15912490 20351101 420,850.00 420,750.64 360
15912489 20351101 99,750.00 99,576.18 360
15912488 20351001 205,600.00 205,378.64 360
15912487 20351201 527,000.00 526,999.65 360
15912486 20351001 257,600.00 257,600.00 360
15912485 20351001 189,600.00 188,880.28 360
15912484 20351001 200,000.00 199,515.18 360
15912483 20351001 272,000.00 271,380.02 360
15912482 20351001 189,000.00 188,537.11 360
15912481 20351001 395,250.00 393,720.66 360
15912480 20351001 78,300.00 78,147.01 360
15912479 20351001 509,600.00 509,451.37 360
15912478 20351001 52,200.00 52,102.20 360
15912477 20351001 345,000.00 343,856.63 360
15912476 20351101 169,000.00 168,567.40 360
15912475 20351001 270,000.00 270,000.00 360
15912474 20351001 247,500.00 247,402.64 360
15912472 20351101 420,000.00 418,795.89 360
15912471 20351001 187,200.00 186,516.19 360
15912470 20351101 58,000.00 57,888.27 360
15912469 20351001 287,500.00 286,376.86 360
15912468 20351001 400,000.00 400,000.00 360
15912467 20351001 552,000.00 550,736.49 360
15912466 20351001 104,000.00 103,656.00 360
15912465 20351001 369,750.00 369,750.00 360
15912464 20351201 140,000.00 139,839.63 360
15912463 20351001 600,000.00 600,000.00 360
15912461 20351001 333,000.00 333,000.00 360
15912459 20351001 243,000.00 242,447.27 360
15912456 20351101 326,700.00 326,349.90 360
15912455 20350901 505,600.00 505,502.00 360
15912454 20351001 264,000.00 263,615.20 360
15912453 20351001 304,000.00 304,000.00 360
15912452 20350901 224,000.00 223,519.52 360
15912450 20351001 532,000.00 532,000.00 360
15912449 20350901 512,000.00 511,786.41 360
15912448 20351001 90,000.00 89,740.32 360
15912447 20351001 228,000.00 227,229.43 360
15912444 20351001 520,000.00 519,175.68 360
15912442 20351001 393,750.00 392,404.74 360
15912440 20350901 530,000.00 528,705.81 360
15912439 20351001 63,750.00 63,604.38 360
15912438 20350901 247,200.00 247,200.00 360
15912437 20351001 368,000.00 366,706.88 360
15912435 20351001 467,500.00 467,476.19 360
15912433 20351001 270,000.00 270,000.00 360
15912432 20351001 314,500.00 313,632.66 360
15912430 20350901 284,000.00 282,635.89 360
15912429 20351001 368,000.00 366,780.40 360
15912427 20350901 140,250.00 139,767.34 360
15912425 20351001 585,000.00 583,315.59 360
15912424 20350901 675,000.00 674,098.96 360
15912423 20351001 298,000.00 297,360.37 360
15912422 20351001 222,000.00 222,000.00 360
15912421 20351001 357,000.00 356,367.83 360
15912420 20350901 160,042.00 160,041.60 360
15912418 20351101 181,600.00 181,231.23 360
15912417 20350901 560,000.00 560,000.00 360
15912416 20351001 193,500.00 192,826.62 360
15912415 20350901 300,000.00 298,927.54 360
15912412 20350901 145,000.00 144,659.07 360
15912411 20351101 89,250.00 89,142.98 360
15912410 20351001 191,920.00 191,920.00 360
15912409 20351001 61,000.00 60,863.53 360
15912408 20351001 120,000.00 119,598.37 360
15912407 20351001 160,000.00 159,796.73 360
15912406 20351001 243,000.00 242,702.11 360
15912405 20351001 324,000.00 322,900.72 360
15912401 20351001 400,000.00 398,913.42 360
15912400 20350901 545,200.00 545,200.00 360
15912399 20350901 359,200.00 357,546.53 360
15912398 20350901 187,000.00 186,764.47 360
15912396 20350901 162,000.00 161,720.18 360
15912395 20350901 504,000.00 503,112.03 360
15912394 20351001 460,000.00 459,356.91 360
15912393 20350901 100,500.00 100,199.91 360
15912392 20350901 415,200.00 413,458.01 360
15912389 20351001 346,500.00 346,087.24 360
15912387 20351001 648,900.00 646,795.44 360
15912386 20351001 532,000.00 531,384.31 360
15912384 20351001 189,600.00 189,111.35 360
15912383 20351101 149,500.00 149,309.88 360
15912382 20351001 448,000.00 446,299.44 360
15912381 20351001 568,000.00 568,000.00 360
15912380 20351001 460,000.00 458,043.01 360
15912379 20350901 288,000.00 286,791.66 360
15912378 20351001 480,000.00 477,201.02 360
15912377 20350901 172,000.00 171,425.69 360
15912376 20351001 284,000.00 284,000.00 360
15912373 20350901 495,000.00 494,106.40 360
15912372 20350901 140,250.00 139,661.54 360
15912371 20350901 85,000.00 84,710.41 360
15912370 20351001 747,000.00 747,000.00 360
15912369 20350901 57,800.00 57,564.49 360
15912368 20350901 408,000.00 406,025.30 360
15912365 20351001 222,000.00 221,323.17 360
15912364 20350901 242,000.00 240,925.77 360
15912363 20350901 560,000.00 560,000.00 360
15912362 20350901 221,600.00 220,555.80 360
15912360 20350901 78,300.00 78,010.13 360
15912358 20351001 250,750.00 250,362.99 360
15912357 20351001 207,200.00 207,200.00 360
15912356 20351001 284,000.00 284,000.00 360
15912355 20351001 546,250.00 545,467.14 360
15912353 20350701 465,500.00 465,500.00 360
15912352 20350901 89,000.00 88,630.20 360
15912350 20351001 393,300.00 392,071.01 360
15912346 20351001 639,120.00 639,120.00 360
15912342 20351201 336,000.00 335,700.84 360
15912341 20350901 259,250.00 259,250.00 360
15912340 20350901 648,750.00 647,968.02 360
15912339 20351001 460,700.00 460,700.00 360
15912338 20351001 244,000.00 244,000.00 360
15912337 20350901 93,500.00 93,181.45 360
15912336 20350901 313,000.00 311,423.34 360
15912335 20350901 650,000.00 649,734.58 360
15912334 20350901 73,950.00 73,772.43 360
15912333 20351001 57,800.00 57,614.25 360
15912331 20350901 188,000.00 187,903.03 360
15912330 20350901 352,500.00 350,246.36 360
15912329 20351101 92,700.00 92,487.70 360
15912328 20350901 78,400.00 78,126.64 360
15912327 20350901 483,000.00 482,991.95 360
15912326 20350901 643,500.00 643,500.00 360
15912325 20350901 128,000.00 127,441.92 360
15912324 20350901 109,600.00 109,112.54 360
15912323 20350901 465,600.00 465,600.00 360
15912322 20350901 95,000.00 94,599.99 360
15912321 20350901 119,026.00 118,437.69 360
15912320 20350901 185,000.00 183,546.00 360
15912319 20351101 512,994.00 512,994.00 360
15912318 20351101 214,200.00 213,752.60 360
15912317 20350901 310,000.00 308,858.10 360
15912315 20350901 470,000.00 469,196.31 360
15912313 20350901 372,000.00 372,000.00 360
15912311 20350901 594,150.00 592,207.25 360
15912310 20351001 89,910.00 89,680.15 360
15912309 20350901 485,000.00 485,000.00 360
15912308 20350901 305,000.00 303,463.68 360
15912306 20350901 420,000.00 420,000.00 360
15912304 20351001 147,920.00 147,400.21 360
15912302 20350901 183,920.00 183,876.30 360
15912300 20350901 369,750.00 369,750.00 360
15912299 20351201 272,000.00 272,000.00 360
15912298 20350901 310,500.00 310,500.00 360
15912297 20350901 522,000.00 522,000.00 360
15912296 20350901 536,750.00 536,746.00 360
15912294 20350901 170,000.00 169,185.04 360
15912293 20350901 491,300.00 491,298.33 360
15912292 20350901 156,000.00 155,603.31 360
15912291 20350901 387,900.00 387,900.00 360
15912290 20350901 384,000.00 384,000.00 360
15912289 20351001 337,500.00 336,537.88 360
15912288 20350901 339,999.00 339,999.00 360
15912287 20351001 397,500.00 391,974.23 360
15912285 20350901 435,000.00 434,999.40 360
15912283 20350901 280,000.00 278,420.62 360
15912282 20350901 292,000.00 292,000.00 360
15912281 20350901 164,000.00 164,000.00 360
15912280 20351101 114,003.00 113,649.04 360
15912278 20351001 105,450.00 105,351.88 360
15912277 20350901 388,000.00 386,026.97 360
15912276 20350901 351,000.00 349,913.47 360
15912275 20351001 132,000.00 131,571.86 360
15912274 20350901 97,298.00 96,856.79 360
15912273 20350901 408,000.00 406,553.09 360
15912272 20350901 406,000.00 404,956.41 360
15912271 20350901 275,400.00 275,400.00 360
15912270 20350901 507,500.00 505,554.92 360
15912268 20350901 318,750.00 317,318.56 360
15912267 20350901 250,000.00 248,821.98 360
15912266 20351101 535,500.00 535,035.39 360
15912264 20350901 277,600.00 277,575.34 360
15912263 20350901 280,000.00 278,657.70 360
15912261 20350901 266,000.00 264,660.11 360
15912260 20350901 351,920.00 350,213.50 360
15912259 20350801 53,200.00 53,054.92 360
15912258 20351001 217,000.00 216,450.92 360
15912256 20351001 103,500.00 103,218.84 360
15912255 20351001 388,000.00 386,349.37 360
15912251 20350901 77,500.00 77,286.04 360
15912250 20350901 444,000.00 444,000.00 360
15912248 20350901 115,920.00 115,919.88 360
15912245 20350901 175,750.00 175,151.24 360
15912243 20350901 74,400.00 74,105.67 360
15912242 20351001 93,500.00 93,308.90 360
15912241 20350901 504,000.00 502,666.98 360
15912240 20350901 130,500.00 130,247.74 360
15912239 20350901 368,000.00 367,316.73 360
15912238 20350901 350,000.00 350,000.00 360
15912235 20350901 312,800.00 311,645.26 360
15912232 20350901 500,000.00 497,264.00 360
15912231 20350901 184,450.00 184,450.00 360
15912229 20350901 129,360.00 128,811.89 360
15912227 20350901 61,200.00 61,017.24 360
15912225 20350901 306,000.00 304,959.16 360
15912224 20350901 171,000.00 170,489.46 360
15912223 20351001 206,000.00 205,394.87 360
15912222 20350901 308,000.00 307,216.78 360
15912219 20350901 423,200.00 423,200.00 360
15912218 20350901 283,500.00 283,500.00 360
15912217 20351001 115,000.00 114,729.65 360
15912216 20350901 254,400.00 254,400.00 360
15912215 20350801 599,900.00 596,900.35 360
15912214 20350901 70,000.00 69,838.86 360
15912212 20350901 250,400.00 249,275.53 360
15912211 20350901 208,000.00 208,000.00 360
15912210 20350901 276,000.00 274,971.15 360
15912207 20351001 85,000.00 84,793.52 360
15912206 20350901 297,000.00 297,000.00 360
15912205 20350901 350,000.00 349,323.57 360
15912203 20351001 128,000.00 127,616.43 360
15912202 20350901 300,000.00 300,000.00 360
15912200 20350901 152,950.00 152,369.88 360
15912199 20350901 183,000.00 183,000.00 360
15912198 20350901 300,000.00 298,756.02 360
15912196 20350901 392,000.00 390,138.66 360
15912195 20350801 267,200.00 266,243.33 360
15912194 20350901 307,800.00 307,017.30 360
15912193 20350901 462,600.00 461,955.11 360
15912192 20350901 465,000.00 465,000.00 360
15912191 20350801 210,600.00 209,311.96 360
15912189 20250901 114,000.00 112,752.46 240
15912188 20350901 459,000.00 456,898.62 360
15912187 20351101 164,700.00 164,311.44 360
15912185 20350901 331,500.00 330,911.00 360
15912183 20350801 220,000.00 218,822.59 360
15912182 20350901 332,800.00 331,521.92 360
15912179 20350901 646,750.00 645,781.09 360
15912178 20350901 180,000.00 179,223.91 360
15912177 20350901 282,000.00 282,000.00 360
15912176 20351101 180,000.00 179,627.81 360
15912174 20350901 144,500.00 143,992.64 360
15912172 20350801 126,000.00 125,472.69 360
15912171 20350901 180,000.00 179,174.07 360
15912170 20351001 121,500.00 121,213.79 360
15912166 20351201 160,000.00 159,859.48 360
LOAN_SEQ STATED_ PROPTYPE MERS_ID1
REM_TERM
----------------------------------------------------------------------------------------------------------------
15914249 358 Single Family 100382350000249487
15914248 358 PUD 100382350000246969
15914247 358 PUD 100382350000245816
15914246 358 Single Family 100382350000244652
15914245 358 Single Family 100382350000244538
15914244 358 Single Family 100382350000244058
15914243 238 Single Family 100382350000243878
15914241 358 Single Family 100382350000243258
15914240 358 Single Family 100382350000243167
15914239 358 Single Family 100382350000242219
15914238 358 Single Family 100382350000241799
15914237 358 Single Family 100382350000241518
15914236 358 Single Family 100382350000241377
15914235 358 Single Family 100382350000241260
15914234 358 Single Family 100382350000240080
15914233 358 Single Family 100382350000239934
15914232 358 Single Family 100382350000239629
15914231 358 Single Family 100382350000239256
15914229 358 Single Family 100382350000239231
15914228 358 Single Family 100382350000237805
15914227 358 Single Family 100382350000237599
15914226 358 Single Family 100382350000237185
15914225 358 Single Family 100382350000236427
15914224 358 Single Family 100382350000236369
15914223 358 Single Family 100382350000236096
15914220 358 Single Family 100382350000234927
15914219 358 Single Family 100382350000234711
15914218 358 Single Family 100382350000234273
15914217 358 Single Family 100382350000233457
15914216 358 Single Family 100382350000233374
15914215 358 PUD 100382350000233309
15914214 358 Single Family 100382350000233176
15914213 358 Single Family 100382350000233036
15914212 358 Single Family 100382350000232988
15914211 358 Single Family 100382350000232798
15914210 358 Single Family 100382350000232103
15914209 358 Single Family 100382350000231279
15914208 358 Single Family 100382350000231105
15914207 358 Single Family 100382350000230842
15914206 358 Single Family 100382350000230644
15914204 358 Single Family 100382350000230198
15914203 358 Single Family 100382350000229711
15914202 238 Single Family 100382350000229612
15914201 358 Condominium 10038235000022945
15914200 358 Single Family 100382350000228291
15914199 358 Single Family 100382350000227566
15914198 358 Single Family 100382350000226824
15914197 358 Single Family 100382350002266509
15914196 358 Single Family 100382350000226493
15914195 358 PUD 100382350000226212
15914194 358 Condominium 100382350000225719
15914193 358 Single Family 100382350000225164
15914192 358 Single Family 100382350000224845
15914191 358 Single Family 100382350000223813
15914190 358 Single Family 100382350000223714
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15914185 358 Single Family 100382350000218680
15914182 358 Single Family 100382350000217898
15914181 358 Single Family 100382350000217559
15914180 358 Single Family 100382350000216908
15914179 357 Condominium 100382350000216429
15914177 178 Single Family 100382350000215322
15914176 358 PUD 100382350000215140
15914175 358 Single Family 100382350000214903
15914174 358 Single Family 100382350000214705
15914173 358 Single Family 100382350000214408
15914172 358 Single Family 100382350000213533
15914171 358 Single Family 100382350000211792
15914170 358 Single Family 100382350000211321
15914169 358 2-4 Family 100382350000210455
15914166 358 Single Family 100382350000209135
15914164 358 Single Family 100382350000207659
15914163 358 Single Family 100382350000207188
15914162 358 Single Family 100382350000207105
15914161 358 Single Family 100382350000206859
15914160 357 Single Family 100382350000205653
15914159 358 Single Family 100382350000205075
15914157 357 PUD 100382350000204763
15914154 357 Single Family 100382350000200019
15914153 357 Single Family 100382350000198346
15914152 357 Single Family 100382350000197835
15914150 358 Single Family 100382350000194998
15914149 357 2-4 Family 100382350000194774
15914148 357 PUD 100382350000194055
15914147 357 PUD 100382350000193925
15914145 358 Single Family 100382350000192356
15914144 358 Single Family 100382350000190970
15914142 358 Single Family 100382350000189378
15914141 358 Single Family 100382350000189006
15914140 358 Single Family 100382350000186630
15914139 357 PUD 100382350000182894
15914138 357 Single Family 100382350000180708
15914134 356 Condominium 100382350000168349
15914131 357 Single Family 100382350000160668
15914130 357 Single Family 100382350000158290
15914129 358 Single Family 100382350000157334
15914125 355 Single Family 100382350000146865
15914124 355 Single Family 100382350000144928
15914123 355 Single Family 100382350000144373
15914117 355 Single Family 100382350000127956
15914116 356 Single Family 100382350000127790
15914114 355 Single Family 100382350000125711
15914112 355 2-4 Family 100382380000123377
15914108 355 Single Family 100382350000117056
15914107 356 Single Family 100382350000115928
15914106 355 Single Family 100382350000114780
15914101 358 Single Family 100180100003069877
15914100 358 Single Family 100180100003068705
15914099 358 Single Family 100180100003067293
15914098 358 PUD 100180100003067228
15914097 358 Single Family 100180100003066352
15914096 358 PUD 100180100003064100
15914095 358 2-4 Family 100180100003063565
15914093 358 Single Family 100180100003062369
15914092 358 Single Family 100180100003060918
15914091 358 PUD 0
15914090 358 Single Family 100180100003060405
15914089 358 Single Family 100180100003059365
15914088 358 Single Family 100180100003058680
15914087 358 Condominium 100180100003058482
15914086 358 Single Family 100180100003058185
15914085 358 Single Family 100180100003058177
15914083 358 Single Family 100180100003055835
15914082 358 2-4 Family 100180100003055447
15914081 358 Single Family 100180100003054796
15914080 358 Single Family 100180100003054531
15914078 358 Single Family 100180100003054275
15914077 358 Single Family 100180100003053889
15914076 358 PUD 100180100003052618
15914075 358 Single Family 100180100003052345
15914074 358 Single Family 100180100003051990
15914073 358 Single Family 100180100003051818
15914072 358 Single Family 100180100003051149
15914071 358 PUD 100180100003050984
15914069 358 Single Family 100180100003050232
15914068 358 Single Family 100180100003049952
15914067 358 Single Family 100180100003049564
15914066 358 Single Family 100180100003049531
15914065 358 Single Family 100180100003049523
15914064 358 Single Family 100180100003049283
15914063 358 Single Family 100180100003048269
15914062 358 Single Family 100180100003048186
15914061 358 Single Family 100180100003047923
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LOAN_SEQ MIN_RATE MAX_RATE MARGIN NEXT_RATE_
ADJ_DATE1
-------------------------------------------------------------------------------------------------------------------------
15914249 7.9400 14.9400 5.9900 20071201
15914248 8.4650 15.4650 5.2500 20071201
15914247 - - -
15914246 - - -
15914245 9.7900 16.7900 5.9900 20071201
15914244 - - -
15914243 - - -
15914241 8.7500 15.7500 5.2500 20071201
15914240 9.5500 16.5500 5.9900 20071201
15914239 - - -
15914238 9.4400 16.4400 5.9900 20071201
15914237 7.7400 14.7400 5.2500 20071201
15914236 - - -
15914235 7.7000 14.7000 5.2500 20071201
15914234 6.9900 13.9900 5.2500 20071201
15914233 10.5500 17.5500 5.2500 20071201
15914232 - - -
15914231 9.3000 16.3000 5.9900 20071201
15914229 8.5000 15.5000 5.9900 20071201
15914228 10.0400 17.0400 5.9900 20071201
15914227 7.7400 14.7400 5.2500 20071201
15914226 6.9500 13.9500 5.2500 20071201
15914225 7.8500 14.8500 5.9900 20071201
15914224 - - -
15914223 8.6000 15.6000 5.2500 20071201
15914220 7.0900 14.0900 5.2500 20071201
15914219 8.0900 15.0900 5.9900 20071201
15914218 6.7400 13.7400 5.2500 20071201
15914217 6.8000 13.8000 5.2500 20071201
15914216 - - -
15914215 - - -
15914214 7.2400 14.2400 5.2500 20071201
15914213 8.7900 15.7900 5.2500 20071201
15914212 7.2000 14.2000 5.2500 20071201
15914211 6.4900 13.4900 5.2500 20071201
15914210 9.5500 16.5500 5.2500 20071201
15914209 7.3130 14.3130 5.2500 20071201
15914208 7.7450 14.7450 5.9900 20071201
15914207 - - -
15914206 7.5000 14.5000 5.9900 20071201
15914204 8.4400 15.4400 5.9900 20061201
15914203 5.9900 12.9900 5.2500 20071201
15914202 - - -
15914201 9.7000 16.7000 5.9900 20071201
15914200 - - -
15914199 7.6000 14.6000 5.9900 20071201
15914198 7.7500 14.7500 5.2500 20071201
15914197 8.7900 15.7900 5.2500 20071201
15914196 10.4500 17.4500 5.9900 20071201
15914195 - - -
15914194 8.3400 15.3400 5.2500 20071201
15914193 8.2400 15.2400 5.2500 20071201
15914192 - - -
15914191 8.9900 15.9900 5.9900 20071201
15914190 8.6300 15.6300 5.2500 20071201
15914187 6.9630 13.9630 5.2500 20071201
15914186 7.0900 14.0900 5.2500 20071201
15914185 8.8400 15.8400 5.9900 20071201
15914182 7.8900 14.8900 5.9900 20071201
15914181 8.4400 15.4400 5.9900 20071201
15914180 - - -
15914179 10.8900 17.8900 5.9900 20071101
15914177 - - -
15914176 8.1500 15.1500 5.9900 20071201
15914175 - - -
15914174 9.1400 16.1400 5.9900 20071201
15914173 9.7500 16.7500 5.9900 20061201
15914172 8.7000 15.7000 5.9900 20071201
15914171 7.2000 14.2000 5.2500 20071201
15914170 7.2900 14.2900 5.2500 20071201
15914169 5.9900 12.9900 5.2500 20071201
15914166 6.9400 13.9400 5.9900 20061201
15914164 8.9900 15.9900 5.9900 20071201
15914163 7.7500 14.7500 5.2500 20071201
15914162 9.4500 16.4500 5.9900 20071201
15914161 - - -
15914160 9.4000 16.4000 5.9900 20071101
15914159 8.5930 15.5930 5.9900 20071201
15914157 7.7500 14.7500 5.9900 20071101
15914154 8.4900 15.4900 5.9900 20071101
15914153 9.0900 16.0900 5.9900 20071101
15914152 7.4400 14.4400 5.2500 20071101
15914150 8.3900 15.3900 5.9900 20071201
15914149 6.9000 13.9000 5.2500 20071101
15914148 8.1500 15.1500 5.9900 20071101
15914147 7.8300 14.8300 5.9900 20061101
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15913348 - - -
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15912723 8.0000 15.0000 5.9900 20101101
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15912621 7.3750 14.3750 5.9900 20071001
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15912616 7.2000 14.2000 5.9900 20071101
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15912605 7.9000 14.9000 5.9900 20061001
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15912590 6.4400 13.4400 5.9900 20071001
15912589 6.7000 13.7000 5.9900 20071001
15912587 10.1300 17.1300 5.9900 20071001
15912584 8.2500 15.2500 5.9900 20071101
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15912581 10.6250 17.6250 5.9900 20071101
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15912545 6.2400 13.2400 5.9900 20071001
15912544 7.1900 14.1900 5.9900 20071001
15912542 6.4500 13.4500 6.4500 20071101
15912541 6.2500 13.2500 5.9900 20071001
15912540 5.8000 12.8000 5.9900 20081101
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15912537 7.5000 14.5000 5.9900 20071101
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15912535 7.6800 14.6800 5.9900 20071001
15912534 6.8750 13.8750 5.9900 20071001
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15912520 6.7500 13.7500 5.9900 20071001
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15912509 - - -
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15912505 7.9900 14.9900 5.9900 20071001
15912504 6.2500 13.2500 5.9900 20071001
15912503 7.2000 14.2000 5.9900 20081001
15912501 8.1000 15.1000 5.9900 20071001
15912500 6.2400 13.2400 5.9900 20071001
15912497 6.3900 13.3900 4.2800 20071001
15912496 8.9900 15.9900 5.9900 20071101
15912495 7.5500 14.5500 5.9900 20071001
15912494 6.1900 13.1900 5.9900 20071001
15912492 8.6400 15.6400 6.9900 20071001
15912490 6.2750 13.2750 5.9900 20071101
15912489 8.7400 15.7400 5.7000 20071101
15912488 8.2500 15.2500 5.9900 20071001
15912487 6.4250 13.4250 5.9900 20071201
15912486 6.4900 13.4900 5.9900 20071001
15912485 6.2900 13.2900 5.9900 20081001
15912484 8.5500 15.5500 3.9100 20071001
15912483 8.8500 15.8500 6.7500 20071001
15912482 8.5000 15.5000 4.2800 20071001
15912481 6.1900 13.1900 5.9900 20071001
15912480 9.5900 16.5900 6.7500 20071001
15912479 7.0000 14.0000 5.9900 20071001
15912478 9.7900 16.7900 5.9900 20071001
15912477 6.9900 13.9900 6.9900 20071001
15912476 6.8250 13.8250 5.9900 20071101
15912475 6.2900 13.2900 5.9900 20071001
15912474 7.9900 14.9900 5.9900 20071001
15912472 - - -
15912471 6.4900 13.4900 5.9900 20081001
15912470 - - -
15912469 6.1400 13.1400 5.9900 20071001
15912468 7.9900 14.9900 5.9900 20071001
15912467 5.5400 12.5400 5.9900 20071001
15912466 7.0000 14.0000 5.9900 20081001
15912465 5.9900 12.9900 5.9900 20071001
15912464 8.7900 15.7900 6.7500 20071201
15912463 6.5000 13.5000 5.9900 20071001
15912461 6.0900 13.0900 6.7500 20071001
15912459 8.8600 15.8600 4.2800 20071001
15912456 7.2500 14.2500 5.9900 20071101
15912455 7.1250 14.1250 5.9900 20070901
15912454 7.1900 14.1900 5.9900 20071001
15912453 7.4900 14.4900 5.9900 20071001
15912452 6.7900 13.7400 6.7500 20070901
15912450 6.7500 13.7500 5.9900 20071001
15912449 6.4900 13.4900 5.9900 20070901
15912448 7.6900 14.6900 5.9900 20081001
15912447 6.8900 13.8900 4.2800 20071001
15912444 6.8900 13.8900 5.9900 20071001
15912442 6.8500 13.8500 5.9900 20081001
15912440 6.4400 13.4400 6.7500 20070901
15912439 8.8400 15.8400 5.9900 20071001
15912438 7.8400 14.8400 5.9900 20080901
15912437 6.6900 13.6900 5.9900 20071001
15912435 6.9000 13.9000 5.9900 20071001
15912433 5.9900 12.9900 6.7500 20071001
15912432 7.9150 14.9150 5.9900 20071001
15912430 - - -
15912429 6.9900 13.9900 6.7500 20071001
15912427 7.9400 14.9400 6.7500 20080901
15912425 7.7000 14.7000 5.9900 20071001
15912424 8.2900 15.2900 5.9900 20070901
15912423 9.1400 16.1400 6.9900 20081001
15912422 6.1400 13.1400 5.9900 20071001
15912421 6.4900 13.4900 5.9900 20071001
15912420 7.3900 14.3900 5.9900 20070901
15912418 7.9900 14.9900 5.9900 20071101
15912417 6.5400 13.5400 5.9900 20070901
15912416 6.7400 13.7400 4.2800 20071001
15912415 7.7500 14.7500 5.9900 20070901
15912412 9.7900 16.7900 4.2800 20070901
15912411 6.8500 13.8500 6.7500 20071101
15912410 6.5000 13.5000 5.9900 20071001
15912409 8.9400 15.9400 6.7500 20081001
15912408 6.9400 13.9400 5.9900 20081001
15912407 6.5900 13.5900 5.9900 20071001
15912406 7.8000 14.8000 4.2800 20071001
15912405 6.8700 13.8700 4.2800 20061001
15912401 7.9900 14.9900 6.4500 20071001
15912400 6.6900 13.6900 5.9900 20070901
15912399 6.5400 13.5400 5.9900 20080901
15912398 8.4900 15.4900 6.7500 20070901
15912396 7.3900 14.3900 4.2800 20070901
15912395 7.3200 14.3200 5.9900 20070901
15912394 7.3400 14.3400 5.9900 20071001
15912393 8.6400 15.6400 6.9900 20070901
15912392 6.9400 13.9400 5.9900 20080901
15912389 7.9000 14.9000 5.9900 20071001
15912387 7.1000 14.1000 5.9900 20071001
15912386 8.0000 15.0000 5.9900 20071001
15912384 8.2500 15.2500 6.9900 20071001
15912383 10.2400 17.2400 6.9900 20071101
15912382 - - -
15912381 6.8750 13.8750 5.9900 20071001
15912380 5.6900 12.6900 5.9900 20071001
15912379 6.9400 13.9400 5.9900 20070901
15912378 7.2400 14.2400 5.9900 20071001
15912377 8.0900 15.0900 5.7000 20070901
15912376 6.3900 13.3900 5.9900 20071001
15912373 7.9900 14.9900 5.9900 20070901
15912372 6.9400 13.9400 5.9900 20080901
15912371 7.9900 14.9900 6.4500 20070901
15912370 8.3500 15.3500 5.9900 20071001
15912369 - - -
15912368 6.2000 13.2000 5.9900 20060901
15912365 - - -
15912364 6.6500 13.6500 5.9900 20070901
15912363 6.9900 13.9900 5.9900 20070901
15912362 6.3400 13.3400 5.9900 20080901
15912360 9.3900 16.3900 6.7500 20070901
15912358 7.0000 14.0000 5.9900 20071001
15912357 7.0280 14.0280 3.9100 20081001
15912356 7.9400 14.9400 5.9900 20071001
15912355 7.2500 14.2500 5.9900 20071001
15912353 8.0000 15.0000 6.0000 20070701
15912352 6.9900 13.9900 5.9900 20080901
15912350 7.4400 14.4400 5.9900 20071001
15912346 6.2000 13.2000 5.9900 20071001
15912342 6.4500 13.4500 5.9900 20071201
15912341 6.2400 13.2400 5.9900 20080901
15912340 8.6400 15.6400 6.7500 20070901
15912339 7.3500 14.3500 5.9900 20071001
15912338 6.1900 13.1900 5.9900 20071001
15912337 - - -
15912336 5.9900 12.9900 4.1900 20080901
15912335 6.3400 13.3400 5.9900 20070901
15912334 9.6900 16.6900 6.7500 20080901
15912333 - - -
15912331 6.1900 13.1900 5.9900 20070901
15912330 6.9900 13.9900 5.7000 20070901
15912329 7.3900 14.3900 5.9900 20071101
15912328 7.8750 14.8750 6.7500 20070901
15912327 6.9900 13.9900 5.9900 20070901
15912326 5.4400 12.4400 5.9900 20070901
15912325 6.7500 13.7500 5.9900 20070901
15912324 6.6400 13.6400 5.9900 20080901
15912323 6.0400 13.0400 5.9900 20080901
15912322 6.9500 13.9500 4.2800 20080901
15912321 6.0900 13.0900 5.9900 20070901
15912320 6.5900 13.5900 5.9900 20070901
15912319 7.9900 14.9900 6.9900 20071101
15912318 7.8500 14.8500 6.9900 20101101
15912317 7.6000 14.6000 4.1900 20080901
15912315 8.2500 15.2500 6.7500 20070901
15912313 6.1400 13.1400 5.9900 20070901
15912311 5.0400 12.0400 6.7500 20070901
15912310 8.2900 15.2900 6.7500 20081001
15912309 5.3400 12.3400 6.7500 20080901
15912308 - - -
15912306 - - -
15912304 6.6900 13.6900 4.2800 20081001
15912302 6.5400 13.5400 4.2800 20080901
15912300 6.4900 13.4900 5.9900 20070901
15912299 7.5000 14.5000 6.7500 20071201
15912298 6.9400 13.9400 5.9900 20070901
15912297 8.0900 15.0900 5.9900 20070901
15912296 7.1900 14.1900 5.9900 20070901
15912294 6.2500 13.2500 5.9900 20070901
15912293 5.6900 12.6900 5.9900 20070901
15912292 5.9900 12.9900 5.9900 20070901
15912291 7.0000 14.0000 4.2600 20070901
15912290 6.7400 13.7400 5.9900 20080901
15912289 7.7500 14.7500 5.9900 20071001
15912288 6.7400 13.7400 5.9900 20080901
15912287 9.0400 16.0400 6.9900 20071001
15912285 6.7400 13.7400 6.7500 20070901
15912283 - - -
15912282 7.0900 14.0900 5.9900 20070901
15912281 6.4900 13.4900 5.9900 20070901
15912280 - - -
15912278 8.7500 15.7500 6.7500 20071001
15912277 5.9400 12.9400 5.9900 20070901
15912276 5.2500 12.2500 5.9900 20070901
15912275 7.1000 14.1000 5.9900 20071001
15912274 6.5400 13.5400 5.9900 20070901
15912273 7.7900 14.7900 6.7500 20070901
15912272 5.9500 12.9500 5.9900 20070901
15912271 7.4900 14.4900 4.2800 20070901
15912270 7.4000 14.4000 6.4500 20070901
15912268 - - -
15912267 - - -
15912266 7.9900 14.9900 6.7500 20071101
15912264 6.8900 13.8900 5.9900 20070901
15912263 - - -
15912261 - - -
15912260 6.1900 13.1900 5.9900 20070901
15912259 9.9750 16.9750 5.9900 20070801
15912258 8.3400 15.3400 6.9900 20071001
15912256 7.9900 14.9900 4.2800 20071001
15912255 5.6900 12.6900 5.9900 20081001
15912251 9.0500 16.0500 6.4500 20070901
15912250 5.7400 12.7400 5.9900 20070901
15912248 6.4900 13.4900 5.9900 20080901
15912245 7.9900 14.9900 4.1900 20070901
15912243 - - -
15912242 9.3900 16.3900 5.9900 20071001
15912241 6.4900 13.4900 5.9900 20070901
15912240 6.9900 13.9900 6.7500 20070901
15912239 7.1400 14.1400 5.9900 20070901
15912238 5.5000 12.5000 5.9900 20080901
15912235 7.9900 14.9900 5.7000 20070901
15912232 - - -
15912231 6.2900 13.2900 5.9900 20070901
15912229 - - -
15912227 8.6400 15.6400 5.9900 20070901
15912225 8.5000 15.5000 6.7500 20070901
15912224 8.6400 15.6400 6.7500 20070901
15912223 7.6000 14.6000 6.9900 20061001
15912222 5.9900 12.9900 5.9900 20070901
15912219 6.0400 13.0400 5.9900 20080901
15912218 - - -
15912217 - - -
15912216 5.7900 12.7900 5.9900 20070901
15912215 6.9900 13.9900 5.9900 20060801
15912214 9.8900 16.8900 6.7500 20070901
15912212 6.5900 13.5900 5.9900 20070901
15912211 6.5900 13.5900 5.9900 20070901
15912210 7.5400 14.5400 5.9900 20070901
15912207 8.5400 15.5400 6.7500 20071001
15912206 5.7400 12.7400 5.9900 20070901
15912205 6.9900 13.9900 5.9900 20070901
15912203 7.5000 14.5000 5.7000 20071001
15912202 6.3400 13.3400 5.9900 20070901
15912200 7.4530 14.4530 5.9900 20070901
15912199 5.9900 12.9900 5.9900 20070901
15912198 7.0000 14.0000 5.9900 20080901
15912196 6.3000 13.3000 6.3000 20070901
15912195 5.6900 12.6900 5.9900 20070801
15912194 5.9900 12.9900 5.9900 20070901
15912193 8.1400 15.1400 5.9900 20070901
15912192 6.6900 13.6900 6.7500 20070901
15912191 7.9900 14.9900 6.7500 20080801
15912189 - - -
15912188 6.4900 13.4900 5.9900 20070901
15912187 7.2400 14.2400 5.9900 20071101
15912185 7.2900 14.2900 5.9900 20070901
15912183 - - -
15912182 7.3900 14.3900 5.9900 20080901
15912179 7.8900 14.8900 6.7500 20070901
15912178 6.8000 13.8000 5.9900 20070901
15912177 6.9900 13.9900 6.9900 20070901
15912176 7.9000 14.9000 5.9900 20071101
15912174 7.8400 14.8400 4.4600 20070901
15912172 7.8900 14.8900 5.9900 20080801
15912171 - - -
15912170 8.6900 15.6900 6.7500 20081001
15912166 6.5000 13.5000 5.9900 20071201
LOAN_SEQ PER_RATE LIEN PREPAY PORTFOLIO
_CAP
----------------------------------------------------------------------------------------------------------------------------
15914249 2.0000 First Lien Yes MASTER FUNDING
15914248 2.0000 First Lien Yes MASTER FUNDING
15914247 - First Lien Yes MASTER FUNDING
15914246 - First Lien Yes MASTER FUNDING
15914245 2.0000 First Lien No EMC
15914244 - First Lien Yes MASTER FUNDING
15914243 - First Lien Yes MASTER FUNDING
15914241 2.0000 First Lien Yes MASTER FUNDING
15914240 2.0000 First Lien No MASTER FUNDING
15914239 - First Lien Yes MASTER FUNDING
15914238 2.0000 First Lien Yes MASTER FUNDING
15914237 2.0000 First Lien Yes EMC
15914236 - First Lien Yes MASTER FUNDING
15914235 2.0000 First Lien No MASTER FUNDING
15914234 2.0000 First Lien Yes MASTER FUNDING
15914233 2.0000 First Lien No EMC
15914232 - First Lien No MASTER FUNDING
15914231 2.0000 First Lien Yes EMC
15914229 2.0000 First Lien No MASTER FUNDING
15914228 2.0000 First Lien No MASTER FUNDING
15914227 2.0000 First Lien Yes MASTER FUNDING
15914226 2.0000 First Lien Yes MASTER FUNDING
15914225 2.0000 First Lien No MASTER FUNDING
15914224 - First Lien No MASTER FUNDING
15914223 2.0000 First Lien No MASTER FUNDING
15914220 2.0000 First Lien Yes MASTER FUNDING
15914219 2.0000 First Lien No MASTER FUNDING
15914218 2.0000 First Lien Yes MASTER FUNDING
15914217 2.0000 First Lien Yes MASTER FUNDING
15914216 - First Lien Yes MASTER FUNDING
15914215 - First Lien No MASTER FUNDING
15914214 2.0000 First Lien Yes MASTER FUNDING
15914213 2.0000 First Lien No EMC
15914212 2.0000 First Lien No MASTER FUNDING
15914211 2.0000 First Lien Yes MASTER FUNDING
15914210 2.0000 First Lien No MASTER FUNDING
15914209 2.0000 First Lien Yes MASTER FUNDING
15914208 2.0000 First Lien No MASTER FUNDING
15914207 - First Lien Yes MASTER FUNDING
15914206 2.0000 First Lien Yes MASTER FUNDING
15914204 1.5000 First Lien Yes MASTER FUNDING
15914203 2.0000 First Lien Yes MASTER FUNDING
15914202 - First Lien Yes MASTER FUNDING
15914201 2.0000 First Lien Yes MASTER FUNDING
15914200 - First Lien Yes MASTER FUNDING
15914199 2.0000 First Lien Yes MASTER FUNDING
15914198 2.0000 First Lien Yes MASTER FUNDING
15914197 2.0000 First Lien No MASTER FUNDING
15914196 2.0000 First Lien Yes MASTER FUNDING
15914195 - First Lien Yes MASTER FUNDING
15914194 2.0000 First Lien Yes MASTER FUNDING
15914193 2.0000 First Lien No MASTER FUNDING
15914192 - First Lien Yes EMC
15914191 2.0000 First Lien Yes MASTER FUNDING
15914190 2.0000 First Lien No MASTER FUNDING
15914187 2.0000 First Lien Yes MASTER FUNDING
15914186 2.0000 First Lien Yes MASTER FUNDING
15914185 2.0000 First Lien No EMC
15914182 2.0000 First Lien Yes MASTER FUNDING
15914181 2.0000 First Lien No MASTER FUNDING
15914180 - First Lien Yes MASTER FUNDING
15914179 2.0000 First Lien No EMC
15914177 - First Lien No MASTER FUNDING
15914176 2.0000 First Lien No EMC
15914175 - First Lien Yes MASTER FUNDING
15914174 2.0000 First Lien Yes MASTER FUNDING
15914173 1.5000 First Lien No MASTER FUNDING
15914172 2.0000 First Lien No MASTER FUNDING
15914171 2.0000 First Lien No MASTER FUNDING
15914170 2.0000 First Lien No MASTER FUNDING
15914169 2.0000 First Lien Yes MASTER FUNDING
15914166 1.5000 First Lien Yes MASTER FUNDING
15914164 2.0000 First Lien Yes MASTER FUNDING
15914163 2.0000 First Lien Yes MASTER FUNDING
15914162 2.0000 First Lien Yes MASTER FUNDING
15914161 - First Lien Yes MASTER FUNDING
15914160 2.0000 First Lien No EMC
15914159 2.0000 First Lien No MASTER FUNDING
15914157 2.0000 First Lien No MASTER FUNDING
15914154 2.0000 First Lien Yes MASTER FUNDING
15914153 2.0000 First Lien Yes MASTER FUNDING
15914152 2.0000 First Lien No MASTER FUNDING
15914150 2.0000 First Lien Yes MASTER FUNDING
15914149 2.0000 First Lien Yes MASTER FUNDING
15914148 2.0000 First Lien Yes MASTER FUNDING
15914147 1.5000 First Lien Yes MASTER FUNDING
15914145 - First Lien Yes MASTER FUNDING
15914144 2.0000 First Lien No MASTER FUNDING
15914142 2.0000 First Lien Yes MASTER FUNDING
15914141 2.0000 First Lien Yes MASTER FUNDING
15914140 2.0000 First Lien No MASTER FUNDING
15914139 2.0000 First Lien Yes MASTER FUNDING
15914138 2.0000 First Lien No EMC
15914134 2.0000 First Lien No MASTER FUNDING
15914131 2.0000 First Lien Yes EMC
15914130 2.0000 First Lien No EMC
15914129 1.5000 First Lien No MASTER FUNDING
15914125 - First Lien Yes MASTER FUNDING
15914124 - First Lien Yes MASTER FUNDING
15914123 2.0000 First Lien Yes EMC
15914117 - First Lien No MASTER FUNDING
15914116 2.0000 First Lien No EMC
15914114 2.0000 First Lien Yes EMC
15914112 - First Lien Yes EMC
15914108 - First Lien Yes MASTER FUNDING
15914107 - First Lien Yes EMC
15914106 2.0000 First Lien No EMC
15914101 2.0000 First Lien Yes MASTER FUNDING
15914100 2.0000 First Lien Yes MASTER FUNDING
15914099 2.0000 First Lien Yes MASTER FUNDING
15914098 2.0000 First Lien Yes MASTER FUNDING
15914097 2.0000 First Lien Yes MASTER FUNDING
15914096 2.0000 First Lien Yes MASTER FUNDING
15914095 2.0000 First Lien No MASTER FUNDING
15914093 2.0000 First Lien No MASTER FUNDING
15914092 2.0000 First Lien No MASTER FUNDING
15914091 1.0000 First Lien Yes MASTER FUNDING
15914090 2.0000 First Lien No MASTER FUNDING
15914089 2.0000 First Lien Yes MASTER FUNDING
15914088 2.0000 First Lien Yes MASTER FUNDING
15914087 2.0000 First Lien No MASTER FUNDING
15914086 2.0000 First Lien No MASTER FUNDING
15914085 2.0000 First Lien Yes MASTER FUNDING
15914083 2.0000 First Lien Yes MASTER FUNDING
15914082 2.0000 First Lien No MASTER FUNDING
15914081 2.0000 First Lien Yes MASTER FUNDING
15914080 2.0000 First Lien No MASTER FUNDING
15914078 2.0000 First Lien No MASTER FUNDING
15914077 2.0000 First Lien Yes MASTER FUNDING
15914076 2.0000 First Lien Yes MASTER FUNDING
15914075 2.0000 First Lien Yes MASTER FUNDING
15914074 2.0000 First Lien Yes MASTER FUNDING
15914073 2.0000 First Lien Yes MASTER FUNDING
15914072 2.0000 First Lien No MASTER FUNDING
15914071 2.0000 First Lien No MASTER FUNDING
15914069 2.0000 First Lien No MASTER FUNDING
15914068 2.0000 First Lien Yes MASTER FUNDING
15914067 2.0000 First Lien Yes MASTER FUNDING
15914066 1.0000 First Lien Yes MASTER FUNDING
15914065 2.0000 First Lien No MASTER FUNDING
15914064 2.0000 First Lien Yes MASTER FUNDING
15914063 2.0000 First Lien Yes MASTER FUNDING
15914062 2.0000 First Lien No MASTER FUNDING
15914061 2.0000 First Lien Yes MASTER FUNDING
15914060 2.0000 First Lien No MASTER FUNDING
15914059 2.0000 First Lien Yes MASTER FUNDING
15914058 2.0000 First Lien Yes EMC
15914057 2.0000 First Lien Yes MASTER FUNDING
15914056 2.0000 First Lien Yes MASTER FUNDING
15914055 2.0000 First Lien Yes MASTER FUNDING
15914054 2.0000 First Lien No MASTER FUNDING
15914053 2.0000 First Lien Yes MASTER FUNDING
15914052 2.0000 First Lien Yes MASTER FUNDING
15914051 2.0000 First Lien Yes MASTER FUNDING
15914050 2.0000 First Lien Yes MASTER FUNDING
15914049 2.0000 First Lien Yes EMC
15914048 2.0000 First Lien Yes MASTER FUNDING
15914047 2.0000 First Lien Yes MASTER FUNDING
15914045 2.0000 First Lien No MASTER FUNDING
15914044 2.0000 First Lien No MASTER FUNDING
15914043 2.0000 First Lien No MASTER FUNDING
15914042 2.0000 First Lien Yes MASTER FUNDING
15914041 2.0000 First Lien Yes MASTER FUNDING
15914040 2.0000 First Lien No MASTER FUNDING
15914039 2.0000 First Lien Yes MASTER FUNDING
15914038 2.0000 First Lien No MASTER FUNDING
15914037 2.0000 First Lien No MASTER FUNDING
15914036 - First Lien Yes MASTER FUNDING
15914035 2.0000 First Lien Yes MASTER FUNDING
15914033 2.0000 First Lien No MASTER FUNDING
15914032 2.0000 First Lien Yes MASTER FUNDING
15914031 2.0000 First Lien No MASTER FUNDING
15914030 - First Lien Yes MASTER FUNDING
15914029 2.0000 First Lien No MASTER FUNDING
15914028 2.0000 First Lien Yes MASTER FUNDING
15914027 2.0000 First Lien No MASTER FUNDING
15914026 2.0000 First Lien No MASTER FUNDING
15914025 - First Lien Yes MASTER FUNDING
15914024 2.0000 First Lien Yes EMC
15914023 2.0000 First Lien Yes MASTER FUNDING
15914022 2.0000 First Lien Yes MASTER FUNDING
15914021 2.0000 First Lien Yes MASTER FUNDING
15914020 1.0000 First Lien Yes EMC
15914019 2.0000 First Lien Yes MASTER FUNDING
15914018 2.0000 First Lien Yes MASTER FUNDING
15914017 2.0000 First Lien Yes MASTER FUNDING
15914016 2.0000 First Lien No MASTER FUNDING
15914015 2.0000 First Lien Yes MASTER FUNDING
15914014 2.0000 First Lien No MASTER FUNDING
15914013 - First Lien No MASTER FUNDING
15914012 2.0000 First Lien No MASTER FUNDING
15914011 - First Lien No MASTER FUNDING
15914010 2.0000 First Lien Yes MASTER FUNDING
15914009 2.0000 First Lien No MASTER FUNDING
15914008 2.0000 First Lien Yes MASTER FUNDING
15914007 2.0000 First Lien No MASTER FUNDING
15914006 2.0000 First Lien Yes MASTER FUNDING
15914005 2.0000 First Lien No MASTER FUNDING
15914004 2.0000 First Lien No MASTER FUNDING
15914003 2.0000 First Lien Yes MASTER FUNDING
15914002 2.0000 First Lien Yes MASTER FUNDING
15914001 1.5000 First Lien No MASTER FUNDING
15914000 2.0000 First Lien Yes EMC
15913999 2.0000 First Lien Yes MASTER FUNDING
15913998 2.0000 First Lien Yes MASTER FUNDING
15913997 2.0000 First Lien Yes MASTER FUNDING
15913995 2.0000 First Lien Yes MASTER FUNDING
15913994 2.0000 First Lien No MASTER FUNDING
15913993 2.0000 First Lien Yes EMC
15913992 - First Lien No MASTER FUNDING
15913990 2.0000 First Lien Yes MASTER FUNDING
15913989 2.0000 First Lien No MASTER FUNDING
15913987 2.0000 First Lien Yes MASTER FUNDING
15913985 2.0000 First Lien Yes MASTER FUNDING
15913984 - First Lien Yes MASTER FUNDING
15913983 2.0000 First Lien Yes MASTER FUNDING
15913982 2.0000 First Lien Yes MASTER FUNDING
15913981 2.0000 First Lien Yes MASTER FUNDING
15913980 2.0000 First Lien Yes EMC
15913979 2.0000 First Lien No MASTER FUNDING
15913978 2.0000 First Lien Yes MASTER FUNDING
15913977 2.0000 First Lien No MASTER FUNDING
15913976 2.0000 First Lien Yes MASTER FUNDING
15913974 2.0000 First Lien No EMC
15913972 2.0000 First Lien No MASTER FUNDING
15913971 2.0000 First Lien No MASTER FUNDING
15913970 2.0000 First Lien Yes MASTER FUNDING
15913969 2.0000 First Lien Yes MASTER FUNDING
15913968 2.0000 First Lien No MASTER FUNDING
15913967 2.0000 First Lien Yes MASTER FUNDING
15913966 2.0000 First Lien Yes MASTER FUNDING
15913965 2.0000 First Lien Yes MASTER FUNDING
15913964 2.0000 First Lien Yes MASTER FUNDING
15913963 1.5000 First Lien No MASTER FUNDING
15913961 1.5000 First Lien No MASTER FUNDING
15913959 2.0000 First Lien Yes MASTER FUNDING
15913958 2.0000 First Lien Yes MASTER FUNDING
15913957 2.0000 First Lien No MASTER FUNDING
15913955 2.0000 First Lien Yes MASTER FUNDING
15913954 2.0000 First Lien Yes MASTER FUNDING
15913953 2.0000 First Lien Yes MASTER FUNDING
15913950 2.0000 First Lien Yes MASTER FUNDING
15913949 2.0000 First Lien No MASTER FUNDING
15913948 2.0000 First Lien Yes MASTER FUNDING
15913947 1.5000 First Lien No MASTER FUNDING
15913946 2.0000 First Lien No MASTER FUNDING
15913945 2.0000 First Lien Yes EMC
15913944 2.0000 First Lien No MASTER FUNDING
15913943 2.0000 First Lien No EMC
15913942 2.0000 First Lien Yes MASTER FUNDING
15913941 2.0000 First Lien Yes MASTER FUNDING
15913940 2.0000 First Lien Yes MASTER FUNDING
15913939 2.0000 First Lien Yes MASTER FUNDING
15913938 2.0000 First Lien Yes MASTER FUNDING
15913937 1.0000 First Lien No MASTER FUNDING
15913936 2.0000 First Lien Yes MASTER FUNDING
15913935 2.0000 First Lien Yes MASTER FUNDING
15913934 2.0000 First Lien No MASTER FUNDING
15913933 2.0000 First Lien No MASTER FUNDING
15913932 2.0000 First Lien Yes MASTER FUNDING
15913931 2.0000 First Lien Yes MASTER FUNDING
15913929 2.0000 First Lien Yes MASTER FUNDING
15913927 2.0000 First Lien Yes MASTER FUNDING
15913926 2.0000 First Lien Yes MASTER FUNDING
15913925 2.0000 First Lien No MASTER FUNDING
15913924 2.0000 First Lien Yes MASTER FUNDING
15913923 2.0000 First Lien Yes MASTER FUNDING
15913922 2.0000 First Lien Yes MASTER FUNDING
15913921 1.5000 First Lien No MASTER FUNDING
15913920 2.0000 First Lien Yes MASTER FUNDING
15913919 2.0000 First Lien No MASTER FUNDING
15913918 2.0000 First Lien Yes MASTER FUNDING
15913916 2.0000 First Lien No MASTER FUNDING
15913915 - First Lien Yes EMC
15913913 2.0000 First Lien Yes MASTER FUNDING
15913912 2.0000 First Lien Yes MASTER FUNDING
15913911 2.0000 First Lien No MASTER FUNDING
15913910 2.0000 First Lien Yes MASTER FUNDING
15913909 2.0000 First Lien Yes MASTER FUNDING
15913908 1.5000 First Lien No MASTER FUNDING
15913907 1.5000 First Lien Yes MASTER FUNDING
15913906 2.0000 First Lien Yes MASTER FUNDING
15913905 2.0000 First Lien Yes EMC
15913904 2.0000 First Lien Yes EMC
15913903 2.0000 First Lien Yes MASTER FUNDING
15913902 2.0000 First Lien No EMC
15913901 2.0000 First Lien No MASTER FUNDING
15913900 2.0000 First Lien Yes MASTER FUNDING
15913899 2.0000 First Lien Yes MASTER FUNDING
15913898 2.0000 First Lien Yes MASTER FUNDING
15913897 2.0000 First Lien Yes MASTER FUNDING
15913896 1.0000 First Lien Yes EMC
15913895 2.0000 First Lien Yes EMC
15913894 2.0000 First Lien Yes MASTER FUNDING
15913892 2.0000 First Lien No MASTER FUNDING
15913891 2.0000 First Lien Yes MASTER FUNDING
15913890 2.0000 First Lien Yes MASTER FUNDING
15913888 1.0000 First Lien No EMC
15913887 2.0000 First Lien No EMC
15913886 2.0000 First Lien No EMC
15913885 2.0000 First Lien No MASTER FUNDING
15913884 2.0000 First Lien Yes MASTER FUNDING
15913883 1.5000 First Lien No MASTER FUNDING
15913882 - First Lien No MASTER FUNDING
15913880 2.0000 First Lien Yes MASTER FUNDING
15913879 2.0000 First Lien Yes MASTER FUNDING
15913878 2.0000 First Lien No MASTER FUNDING
15913877 1.5000 First Lien No MASTER FUNDING
15913876 2.0000 First Lien No MASTER FUNDING
15913875 2.0000 First Lien Yes MASTER FUNDING
15913874 - First Lien Yes MASTER FUNDING
15913873 2.0000 First Lien Yes MASTER FUNDING
15913872 2.0000 First Lien Yes MASTER FUNDING
15913871 2.0000 First Lien Yes MASTER FUNDING
15913869 2.0000 First Lien No MASTER FUNDING
15913868 2.0000 First Lien Yes MASTER FUNDING
15913867 2.0000 First Lien Yes EMC
15913866 2.0000 First Lien Yes MASTER FUNDING
15913865 2.0000 First Lien Yes MASTER FUNDING
15913864 1.0000 First Lien No MASTER FUNDING
15913863 2.0000 First Lien Yes MASTER FUNDING
15913862 2.0000 First Lien Yes MASTER FUNDING
15913861 2.0000 First Lien No MASTER FUNDING
15913860 2.0000 First Lien No EMC
15913859 2.0000 First Lien No MASTER FUNDING
15913858 2.0000 First Lien Yes MASTER FUNDING
15913857 2.0000 First Lien Yes MASTER FUNDING
15913855 2.0000 First Lien No MASTER FUNDING
15913853 2.0000 First Lien Yes MASTER FUNDING
15913852 2.0000 First Lien Yes MASTER FUNDING
15913851 2.0000 First Lien Yes MASTER FUNDING
15913850 2.0000 First Lien No EMC
15913849 2.0000 First Lien Yes MASTER FUNDING
15913848 2.0000 First Lien No MASTER FUNDING
15913847 2.0000 First Lien Yes MASTER FUNDING
15913846 2.0000 First Lien Yes MASTER FUNDING
15913845 - First Lien Yes MASTER FUNDING
15913844 2.0000 First Lien Yes EMC
15913843 1.5000 First Lien Yes MASTER FUNDING
15913842 2.0000 First Lien Yes EMC
15913841 2.0000 First Lien Yes MASTER FUNDING
15913840 2.0000 First Lien Yes EMC
15913839 2.0000 First Lien Yes MASTER FUNDING
15913838 2.0000 First Lien No MASTER FUNDING
15913837 2.0000 First Lien Yes MASTER FUNDING
15913836 2.0000 First Lien Yes MASTER FUNDING
15913834 2.0000 First Lien No MASTER FUNDING
15913833 - First Lien No MASTER FUNDING
15913832 2.0000 First Lien Yes MASTER FUNDING
15913831 2.0000 First Lien No MASTER FUNDING
15913830 2.0000 First Lien No EMC
15913829 - First Lien Yes MASTER FUNDING
15913828 2.0000 First Lien No MASTER FUNDING
15913827 2.0000 First Lien Yes MASTER FUNDING
15913826 - First Lien Yes MASTER FUNDING
15913825 1.5000 First Lien Yes MASTER FUNDING
15913824 1.5000 First Lien Yes MASTER FUNDING
15913823 2.0000 First Lien Yes MASTER FUNDING
15913822 2.0000 First Lien Yes MASTER FUNDING
15913821 2.0000 First Lien No MASTER FUNDING
15913820 2.0000 First Lien No MASTER FUNDING
15913819 2.0000 First Lien Yes MASTER FUNDING
15913818 2.0000 First Lien Yes MASTER FUNDING
15913816 2.0000 First Lien No MASTER FUNDING
15913814 2.0000 First Lien No EMC
15913813 2.0000 First Lien No MASTER FUNDING
15913812 2.0000 First Lien No MASTER FUNDING
15913811 2.0000 First Lien Yes MASTER FUNDING
15913810 2.0000 First Lien Yes MASTER FUNDING
15913809 2.0000 First Lien Yes MASTER FUNDING
15913807 2.0000 First Lien Yes MASTER FUNDING
15913806 2.0000 First Lien Yes MASTER FUNDING
15913805 2.0000 First Lien Yes EMC
15913804 2.0000 First Lien Yes MASTER FUNDING
15913803 2.0000 First Lien Yes MASTER FUNDING
15913802 - First Lien Yes MASTER FUNDING
15913801 1.0000 First Lien Yes MASTER FUNDING
15913800 2.0000 First Lien Yes MASTER FUNDING
15913799 2.0000 First Lien Yes MASTER FUNDING
15913798 2.0000 First Lien Yes MASTER FUNDING
15913797 2.0000 First Lien No MASTER FUNDING
15913796 2.0000 First Lien Yes MASTER FUNDING
15913795 2.0000 First Lien No MASTER FUNDING
15913794 2.0000 First Lien No EMC
15913793 2.0000 First Lien No MASTER FUNDING
15913791 2.0000 First Lien No MASTER FUNDING
15913790 2.0000 First Lien No MASTER FUNDING
15913789 2.0000 First Lien No MASTER FUNDING
15913788 2.0000 First Lien No EMC
15913787 2.0000 First Lien Yes MASTER FUNDING
15913786 2.0000 First Lien No MASTER FUNDING
15913785 2.0000 First Lien Yes MASTER FUNDING
15913784 2.0000 First Lien Yes MASTER FUNDING
15913783 2.0000 First Lien Yes MASTER FUNDING
15913782 2.0000 First Lien No MASTER FUNDING
15913781 2.0000 First Lien Yes MASTER FUNDING
15913780 2.0000 First Lien Yes MASTER FUNDING
15913779 2.0000 First Lien Yes MASTER FUNDING
15913778 2.0000 First Lien No MASTER FUNDING
15913777 1.5000 First Lien Yes MASTER FUNDING
15913776 2.0000 First Lien Yes EMC
15913775 2.0000 First Lien No MASTER FUNDING
15913773 2.0000 First Lien Yes MASTER FUNDING
15913772 2.0000 First Lien No EMC
15913771 2.0000 First Lien Yes MASTER FUNDING
15913770 2.0000 First Lien No EMC
15913769 2.0000 First Lien Yes MASTER FUNDING
15913768 1.5000 First Lien No MASTER FUNDING
15913767 2.0000 First Lien No MASTER FUNDING
15913766 2.0000 First Lien No MASTER FUNDING
15913765 2.0000 First Lien No MASTER FUNDING
15913764 2.0000 First Lien No MASTER FUNDING
15913763 2.0000 First Lien Yes MASTER FUNDING
15913762 2.0000 First Lien No MASTER FUNDING
15913761 2.0000 First Lien Yes MASTER FUNDING
15913760 2.0000 First Lien Yes MASTER FUNDING
15913758 2.0000 First Lien Yes MASTER FUNDING
15913757 2.0000 First Lien No MASTER FUNDING
15913756 2.0000 First Lien Yes EMC
15913755 2.0000 First Lien Yes MASTER FUNDING
15913754 2.0000 First Lien No MASTER FUNDING
15913753 2.0000 First Lien Yes MASTER FUNDING
15913752 2.0000 First Lien Yes MASTER FUNDING
15913751 - First Lien Yes MASTER FUNDING
15913750 2.0000 First Lien Yes MASTER FUNDING
15913749 2.0000 First Lien Yes MASTER FUNDING
15913748 2.0000 First Lien Yes MASTER FUNDING
15913747 2.0000 First Lien No MASTER FUNDING
15913745 2.0000 First Lien Yes MASTER FUNDING
15913744 - First Lien Yes EMC
15913741 2.0000 First Lien No MASTER FUNDING
15913740 2.0000 First Lien No EMC
15913737 - First Lien Yes MASTER FUNDING
15913736 2.0000 First Lien Yes MASTER FUNDING
15913735 - First Lien Yes MASTER FUNDING
15913734 - First Lien Yes MASTER FUNDING
15913733 2.0000 First Lien Yes MASTER FUNDING
15913732 1.0000 First Lien Yes MASTER FUNDING
15913731 1.5000 First Lien No MASTER FUNDING
15913730 2.0000 First Lien No MASTER FUNDING
15913728 2.0000 First Lien Yes MASTER FUNDING
15913727 2.0000 First Lien No MASTER FUNDING
15913725 2.0000 First Lien Yes MASTER FUNDING
15913724 1.5000 First Lien Yes EMC
15913723 2.0000 First Lien Yes MASTER FUNDING
15913721 2.0000 First Lien Yes MASTER FUNDING
15913720 2.0000 First Lien Yes MASTER FUNDING
15913719 1.5000 First Lien Yes MASTER FUNDING
15913718 2.0000 First Lien Yes MASTER FUNDING
15913717 2.0000 First Lien No MASTER FUNDING
15913716 2.0000 First Lien Yes MASTER FUNDING
15913715 2.0000 First Lien Yes MASTER FUNDING
15913713 2.0000 First Lien Yes EMC
15913712 2.0000 First Lien No MASTER FUNDING
15913711 2.0000 First Lien No MASTER FUNDING
15913710 2.0000 First Lien No MASTER FUNDING
15913709 - First Lien No EMC
15913708 2.0000 First Lien Yes MASTER FUNDING
15913707 2.0000 First Lien No MASTER FUNDING
15913706 2.0000 First Lien No MASTER FUNDING
15913704 2.0000 First Lien No MASTER FUNDING
15913702 2.0000 First Lien Yes MASTER FUNDING
15913701 2.0000 First Lien Yes EMC
15913700 - First Lien Yes MASTER FUNDING
15913698 2.0000 First Lien Yes MASTER FUNDING
15913697 - First Lien No MASTER FUNDING
15913695 2.0000 First Lien Yes MASTER FUNDING
15913694 2.0000 First Lien No MASTER FUNDING
15913693 2.0000 First Lien No MASTER FUNDING
15913691 2.0000 First Lien Yes MASTER FUNDING
15913690 2.0000 First Lien No MASTER FUNDING
15913689 2.0000 First Lien Yes MASTER FUNDING
15913688 2.0000 First Lien Yes MASTER FUNDING
15913687 2.0000 First Lien No MASTER FUNDING
15913686 2.0000 First Lien Yes MASTER FUNDING
15913685 2.0000 First Lien Yes MASTER FUNDING
15913684 2.0000 First Lien Yes MASTER FUNDING
15913683 2.0000 First Lien Yes MASTER FUNDING
15913681 2.0000 First Lien No MASTER FUNDING
15913680 2.0000 First Lien Yes MASTER FUNDING
15913679 2.0000 First Lien Yes EMC
15913678 2.0000 First Lien No MASTER FUNDING
15913677 2.0000 First Lien Yes MASTER FUNDING
15913676 2.0000 First Lien No MASTER FUNDING
15913675 2.0000 First Lien No MASTER FUNDING
15913674 2.0000 First Lien Yes MASTER FUNDING
15913673 2.0000 First Lien Yes MASTER FUNDING
15913672 2.0000 First Lien Yes EMC
15913671 2.0000 First Lien Yes MASTER FUNDING
15913670 2.0000 First Lien Yes MASTER FUNDING
15913669 2.0000 First Lien Yes MASTER FUNDING
15913668 2.0000 First Lien Yes MASTER FUNDING
15913667 2.0000 First Lien Yes EMC
15913666 - First Lien No MASTER FUNDING
15913665 2.0000 First Lien No MASTER FUNDING
15913664 2.0000 First Lien No MASTER FUNDING
15913663 - First Lien Yes MASTER FUNDING
15913662 2.0000 First Lien No MASTER FUNDING
15913661 2.0000 First Lien Yes MASTER FUNDING
15913660 2.0000 First Lien Yes MASTER FUNDING
15913659 2.0000 First Lien Yes MASTER FUNDING
15913658 2.0000 First Lien Yes MASTER FUNDING
15913657 2.0000 First Lien Yes MASTER FUNDING
15913656 2.0000 First Lien Yes MASTER FUNDING
15913655 2.0000 First Lien Yes MASTER FUNDING
15913654 1.0000 First Lien Yes MASTER FUNDING
15913653 2.0000 First Lien Yes MASTER FUNDING
15913652 2.0000 First Lien No MASTER FUNDING
15913651 2.0000 First Lien No MASTER FUNDING
15913650 2.0000 First Lien Yes MASTER FUNDING
15913649 2.0000 First Lien No MASTER FUNDING
15913648 2.0000 First Lien No MASTER FUNDING
15913647 2.0000 First Lien Yes MASTER FUNDING
15913645 2.0000 First Lien No MASTER FUNDING
15913644 2.0000 First Lien No EMC
15913643 2.0000 First Lien No MASTER FUNDING
15913642 1.5000 First Lien No MASTER FUNDING
15913641 2.0000 First Lien No MASTER FUNDING
15913640 2.0000 First Lien Yes EMC
15913639 1.5000 First Lien No MASTER FUNDING
15913638 2.0000 First Lien Yes MASTER FUNDING
15913637 2.0000 First Lien Yes MASTER FUNDING
15913636 2.0000 First Lien No MASTER FUNDING
15913635 2.0000 First Lien Yes MASTER FUNDING
15913634 - First Lien Yes MASTER FUNDING
15913633 2.0000 First Lien Yes MASTER FUNDING
15913632 2.0000 First Lien No MASTER FUNDING
15913631 2.0000 First Lien Yes MASTER FUNDING
15913630 - First Lien Yes MASTER FUNDING
15913628 - First Lien Yes MASTER FUNDING
15913627 2.0000 First Lien Yes MASTER FUNDING
15913626 2.0000 First Lien Yes MASTER FUNDING
15913625 2.0000 First Lien Yes MASTER FUNDING
15913624 2.0000 First Lien Yes MASTER FUNDING
15913623 - First Lien Yes MASTER FUNDING
15913622 1.0000 First Lien No MASTER FUNDING
15913621 2.0000 First Lien No MASTER FUNDING
15913620 2.0000 First Lien No MASTER FUNDING
15913619 2.0000 First Lien No MASTER FUNDING
15913618 2.0000 First Lien No EMC
15913617 2.0000 First Lien No MASTER FUNDING
15913616 2.0000 First Lien Yes MASTER FUNDING
15913615 2.0000 First Lien No MASTER FUNDING
15913614 2.0000 First Lien No EMC
15913613 2.0000 First Lien No MASTER FUNDING
15913612 2.0000 First Lien Yes MASTER FUNDING
15913611 1.5000 First Lien No MASTER FUNDING
15913610 2.0000 First Lien Yes MASTER FUNDING
15913609 2.0000 First Lien Yes MASTER FUNDING
15913608 2.0000 First Lien Yes MASTER FUNDING
15913607 2.0000 First Lien Yes MASTER FUNDING
15913606 2.0000 First Lien Yes MASTER FUNDING
15913605 2.0000 First Lien Yes MASTER FUNDING
15913604 2.0000 First Lien Yes MASTER FUNDING
15913603 1.0000 First Lien No MASTER FUNDING
15913602 2.0000 First Lien Yes MASTER FUNDING
15913601 2.0000 First Lien Yes MASTER FUNDING
15913600 2.0000 First Lien No MASTER FUNDING
15913599 2.0000 First Lien Yes MASTER FUNDING
15913598 2.0000 First Lien No MASTER FUNDING
15913597 2.0000 First Lien Yes MASTER FUNDING
15913596 2.0000 First Lien Yes MASTER FUNDING
15913595 2.0000 First Lien No MASTER FUNDING
15913594 2.0000 First Lien Yes MASTER FUNDING
15913593 2.0000 First Lien No MASTER FUNDING
15913591 2.0000 First Lien Yes EMC
15913590 2.0000 First Lien Yes MASTER FUNDING
15913589 2.0000 First Lien Yes MASTER FUNDING
15913588 2.0000 First Lien No MASTER FUNDING
15913587 2.0000 First Lien Yes EMC
15913586 2.0000 First Lien No MASTER FUNDING
15913585 2.0000 First Lien No MASTER FUNDING
15913584 2.0000 First Lien Yes MASTER FUNDING
15913583 2.0000 First Lien Yes MASTER FUNDING
15913582 2.0000 First Lien Yes MASTER FUNDING
15913581 2.0000 First Lien Yes MASTER FUNDING
15913580 2.0000 First Lien Yes MASTER FUNDING
15913579 2.0000 First Lien Yes MASTER FUNDING
15913578 2.0000 First Lien No MASTER FUNDING
15913577 2.0000 First Lien No MASTER FUNDING
15913576 2.0000 First Lien No MASTER FUNDING
15913575 2.0000 First Lien Yes MASTER FUNDING
15913574 2.0000 First Lien Yes MASTER FUNDING
15913572 2.0000 First Lien Yes EMC
15913571 2.0000 First Lien Yes MASTER FUNDING
15913570 2.0000 First Lien No MASTER FUNDING
15913568 2.0000 First Lien Yes MASTER FUNDING
15913567 2.0000 First Lien Yes MASTER FUNDING
15913566 - First Lien Yes MASTER FUNDING
15913565 - First Lien Yes MASTER FUNDING
15913564 2.0000 First Lien Yes MASTER FUNDING
15913563 2.0000 First Lien Yes MASTER FUNDING
15913562 2.0000 First Lien Yes MASTER FUNDING
15913561 2.0000 First Lien Yes MASTER FUNDING
15913560 2.0000 First Lien Yes MASTER FUNDING
15913559 2.0000 First Lien Yes MASTER FUNDING
15913558 2.0000 First Lien Yes EMC
15913557 2.0000 First Lien Yes MASTER FUNDING
15913556 2.0000 First Lien Yes MASTER FUNDING
15913555 2.0000 First Lien Yes MASTER FUNDING
15913553 2.0000 First Lien No MASTER FUNDING
15913552 2.0000 First Lien Yes EMC
15913551 2.0000 First Lien Yes MASTER FUNDING
15913550 2.0000 First Lien Yes EMC
15913549 2.0000 First Lien No MASTER FUNDING
15913548 1.0000 First Lien No MASTER FUNDING
15913547 2.0000 First Lien No MASTER FUNDING
15913546 2.0000 First Lien Yes MASTER FUNDING
15913545 2.0000 First Lien Yes MASTER FUNDING
15913544 2.0000 First Lien No MASTER FUNDING
15913543 2.0000 First Lien No MASTER FUNDING
15913542 2.0000 First Lien Yes MASTER FUNDING
15913541 2.0000 First Lien No MASTER FUNDING
15913540 1.0000 First Lien Yes MASTER FUNDING
15913539 2.0000 First Lien No EMC
15913537 1.0000 First Lien No MASTER FUNDING
15913536 - First Lien Yes MASTER FUNDING
15913535 2.0000 First Lien No MASTER FUNDING
15913534 2.0000 First Lien Yes MASTER FUNDING
15913533 2.0000 First Lien Yes EMC
15913532 2.0000 First Lien Yes MASTER FUNDING
15913531 2.0000 First Lien Yes MASTER FUNDING
15913530 2.0000 First Lien Yes MASTER FUNDING
15913529 2.0000 First Lien Yes MASTER FUNDING
15913528 2.0000 First Lien Yes MASTER FUNDING
15913527 2.0000 First Lien No MASTER FUNDING
15913526 2.0000 First Lien No MASTER FUNDING
15913525 1.5000 First Lien No MASTER FUNDING
15913524 2.0000 First Lien No MASTER FUNDING
15913523 2.0000 First Lien Yes MASTER FUNDING
15913522 2.0000 First Lien No MASTER FUNDING
15913521 2.0000 First Lien No MASTER FUNDING
15913520 2.0000 First Lien No MASTER FUNDING
15913519 2.0000 First Lien Yes MASTER FUNDING
15913518 2.0000 First Lien Yes MASTER FUNDING
15913517 2.0000 First Lien No MASTER FUNDING
15913516 2.0000 First Lien Yes MASTER FUNDING
15913515 2.0000 First Lien Yes MASTER FUNDING
15913514 2.0000 First Lien No MASTER FUNDING
15913513 - First Lien Yes MASTER FUNDING
15913512 2.0000 First Lien Yes MASTER FUNDING
15913511 2.0000 First Lien Yes MASTER FUNDING
15913510 2.0000 First Lien Yes MASTER FUNDING
15913509 2.0000 First Lien Yes EMC
15913508 2.0000 First Lien Yes MASTER FUNDING
15913507 2.0000 First Lien Yes MASTER FUNDING
15913506 2.0000 First Lien Yes MASTER FUNDING
15913505 2.0000 First Lien No EMC
15913504 2.0000 First Lien Yes MASTER FUNDING
15913502 2.0000 First Lien No MASTER FUNDING
15913501 2.0000 First Lien Yes MASTER FUNDING
15913500 - First Lien Yes MASTER FUNDING
15913499 2.0000 First Lien Yes MASTER FUNDING
15913498 2.0000 First Lien Yes MASTER FUNDING
15913497 2.0000 First Lien No MASTER FUNDING
15913496 2.0000 First Lien No MASTER FUNDING
15913494 2.0000 First Lien Yes MASTER FUNDING
15913493 2.0000 First Lien Yes MASTER FUNDING
15913492 2.0000 First Lien Yes MASTER FUNDING
15913491 2.0000 First Lien Yes MASTER FUNDING
15913490 2.0000 First Lien No MASTER FUNDING
15913489 2.0000 First Lien No MASTER FUNDING
15913488 2.0000 First Lien Yes MASTER FUNDING
15913487 2.0000 First Lien Yes MASTER FUNDING
15913486 2.0000 First Lien Yes MASTER FUNDING
15913485 2.0000 First Lien Yes MASTER FUNDING
15913482 2.0000 First Lien Yes MASTER FUNDING
15913481 2.0000 First Lien Yes EMC
15913480 2.0000 First Lien Yes MASTER FUNDING
15913479 2.0000 First Lien Yes MASTER FUNDING
15913477 2.0000 First Lien Yes EMC
15913476 2.0000 First Lien Yes MASTER FUNDING
15913475 2.0000 First Lien Yes MASTER FUNDING
15913474 2.0000 First Lien Yes MASTER FUNDING
15913473 2.0000 First Lien No EMC
15913472 2.0000 First Lien Yes MASTER FUNDING
15913471 2.0000 First Lien Yes MASTER FUNDING
15913470 2.0000 First Lien Yes MASTER FUNDING
15913469 2.0000 First Lien No MASTER FUNDING
15913468 2.0000 First Lien Yes MASTER FUNDING
15913467 2.0000 First Lien Yes MASTER FUNDING
15913466 2.0000 First Lien Yes MASTER FUNDING
15913465 2.0000 First Lien Yes EMC
15913464 2.0000 First Lien Yes MASTER FUNDING
15913463 2.0000 First Lien No MASTER FUNDING
15913462 2.0000 First Lien Yes MASTER FUNDING
15913461 2.0000 First Lien Yes MASTER FUNDING
15913460 2.0000 First Lien No MASTER FUNDING
15913459 2.0000 First Lien Yes MASTER FUNDING
15913458 2.0000 First Lien No MASTER FUNDING
15913457 2.0000 First Lien Yes MASTER FUNDING
15913456 2.0000 First Lien Yes EMC
15913455 2.0000 First Lien Yes MASTER FUNDING
15913454 - First Lien Yes MASTER FUNDING
15913453 2.0000 First Lien No MASTER FUNDING
15913452 2.0000 First Lien Yes MASTER FUNDING
15913449 2.0000 First Lien Yes MASTER FUNDING
15913448 2.0000 First Lien No MASTER FUNDING
15913447 2.0000 First Lien No MASTER FUNDING
15913446 2.0000 First Lien No MASTER FUNDING
15913444 - First Lien Yes MASTER FUNDING
15913443 2.0000 First Lien Yes EMC
15913442 2.0000 First Lien Yes MASTER FUNDING
15913441 2.0000 First Lien Yes MASTER FUNDING
15913440 2.0000 First Lien Yes MASTER FUNDING
15913439 2.0000 First Lien Yes MASTER FUNDING
15913438 2.0000 First Lien Yes MASTER FUNDING
15913437 2.0000 First Lien Yes MASTER FUNDING
15913435 2.0000 First Lien Yes MASTER FUNDING
15913434 2.0000 First Lien Yes MASTER FUNDING
15913433 2.0000 First Lien No MASTER FUNDING
15913432 2.0000 First Lien Yes MASTER FUNDING
15913431 2.0000 First Lien No MASTER FUNDING
15913430 2.0000 First Lien No MASTER FUNDING
15913429 - First Lien Yes MASTER FUNDING
15913428 - First Lien Yes MASTER FUNDING
15913427 2.0000 First Lien Yes MASTER FUNDING
15913426 2.0000 First Lien No MASTER FUNDING
15913424 2.0000 First Lien Yes MASTER FUNDING
15913423 2.0000 First Lien Yes MASTER FUNDING
15913422 1.5000 First Lien No MASTER FUNDING
15913421 2.0000 First Lien No MASTER FUNDING
15913419 2.0000 First Lien No MASTER FUNDING
15913417 2.0000 First Lien Yes MASTER FUNDING
15913416 2.0000 First Lien No MASTER FUNDING
15913414 - First Lien Yes MASTER FUNDING
15913413 2.0000 First Lien Yes MASTER FUNDING
15913412 2.0000 First Lien No MASTER FUNDING
15913411 2.0000 First Lien Yes MASTER FUNDING
15913410 2.0000 First Lien Yes EMC
15913409 1.5000 First Lien Yes MASTER FUNDING
15913408 2.0000 First Lien Yes EMC
15913407 2.0000 First Lien No MASTER FUNDING
15913406 2.0000 First Lien No MASTER FUNDING
15913405 1.5000 First Lien No MASTER FUNDING
15913404 2.0000 First Lien Yes MASTER FUNDING
15913403 2.0000 First Lien No MASTER FUNDING
15913402 2.0000 First Lien No MASTER FUNDING
15913401 2.0000 First Lien No MASTER FUNDING
15913400 2.0000 First Lien Yes MASTER FUNDING
15913399 2.0000 First Lien No MASTER FUNDING
15913398 2.0000 First Lien Yes MASTER FUNDING
15913397 2.0000 First Lien Yes MASTER FUNDING
15913396 2.0000 First Lien Yes MASTER FUNDING
15913395 2.0000 First Lien Yes MASTER FUNDING
15913394 1.5000 First Lien No MASTER FUNDING
15913393 2.0000 First Lien Yes MASTER FUNDING
15913392 2.0000 First Lien Yes MASTER FUNDING
15913391 2.0000 First Lien Yes MASTER FUNDING
15913390 2.0000 First Lien Yes MASTER FUNDING
15913388 2.0000 First Lien Yes MASTER FUNDING
15913387 2.0000 First Lien No MASTER FUNDING
15913386 2.0000 First Lien No MASTER FUNDING
15913385 2.0000 First Lien Yes MASTER FUNDING
15913384 2.0000 First Lien Yes MASTER FUNDING
15913383 2.0000 First Lien Yes MASTER FUNDING
15913382 2.0000 First Lien No MASTER FUNDING
15913381 2.0000 First Lien No MASTER FUNDING
15913380 2.0000 First Lien Yes MASTER FUNDING
15913378 2.0000 First Lien Yes MASTER FUNDING
15913377 2.0000 First Lien Yes MASTER FUNDING
15913376 2.0000 First Lien No MASTER FUNDING
15913375 2.0000 First Lien No MASTER FUNDING
15913374 2.0000 First Lien Yes MASTER FUNDING
15913373 2.0000 First Lien Yes MASTER FUNDING
15913372 2.0000 First Lien Yes MASTER FUNDING
15913371 2.0000 First Lien Yes MASTER FUNDING
15913370 2.0000 First Lien Yes EMC
15913369 2.0000 First Lien Yes MASTER FUNDING
15913368 2.0000 First Lien No MASTER FUNDING
15913366 2.0000 First Lien Yes MASTER FUNDING
15913363 1.5000 First Lien No MASTER FUNDING
15913362 2.0000 First Lien Yes MASTER FUNDING
15913361 2.0000 First Lien No EMC
15913360 2.0000 First Lien No MASTER FUNDING
15913359 2.0000 First Lien Yes MASTER FUNDING
15913358 2.0000 First Lien Yes MASTER FUNDING
15913357 2.0000 First Lien No MASTER FUNDING
15913356 2.0000 First Lien Yes EMC
15913355 2.0000 First Lien No EMC
15913354 2.0000 First Lien No MASTER FUNDING
15913353 2.0000 First Lien Yes EMC
15913352 2.0000 First Lien Yes MASTER FUNDING
15913351 2.0000 First Lien No EMC
15913350 2.0000 First Lien No MASTER FUNDING
15913349 2.0000 First Lien No MASTER FUNDING
15913348 - First Lien No MASTER FUNDING
15913347 1.5000 First Lien Yes MASTER FUNDING
15913346 2.0000 First Lien Yes EMC
15913345 2.0000 First Lien Yes MASTER FUNDING
15913344 2.0000 First Lien Yes MASTER FUNDING
15913343 2.0000 First Lien Yes MASTER FUNDING
15913341 2.0000 First Lien Yes MASTER FUNDING
15913340 2.0000 First Lien Yes MASTER FUNDING
15913339 2.0000 First Lien Yes MASTER FUNDING
15913338 2.0000 First Lien Yes MASTER FUNDING
15913337 1.0000 First Lien No EMC
15913336 2.0000 First Lien No MASTER FUNDING
15913335 - First Lien Yes MASTER FUNDING
15913334 - First Lien Yes MASTER FUNDING
15913333 2.0000 First Lien Yes MASTER FUNDING
15913332 2.0000 First Lien No MASTER FUNDING
15913331 2.0000 First Lien Yes MASTER FUNDING
15913330 2.0000 First Lien Yes MASTER FUNDING
15913329 2.0000 First Lien Yes MASTER FUNDING
15913328 2.0000 First Lien No MASTER FUNDING
15913327 2.0000 First Lien No EMC
15913326 2.0000 First Lien Yes MASTER FUNDING
15913325 2.0000 First Lien Yes EMC
15913324 2.0000 First Lien Yes MASTER FUNDING
15913323 2.0000 First Lien Yes MASTER FUNDING
15913322 2.0000 First Lien No EMC
15913320 2.0000 First Lien Yes MASTER FUNDING
15913319 2.0000 First Lien No MASTER FUNDING
15913317 2.0000 First Lien Yes MASTER FUNDING
15913316 - First Lien Yes MASTER FUNDING
15913315 2.0000 First Lien Yes MASTER FUNDING
15913314 2.0000 First Lien No MASTER FUNDING
15913313 2.0000 First Lien No MASTER FUNDING
15913312 2.0000 First Lien No MASTER FUNDING
15913310 2.0000 First Lien Yes MASTER FUNDING
15913309 2.0000 First Lien No MASTER FUNDING
15913308 2.0000 First Lien No MASTER FUNDING
15913307 2.0000 First Lien Yes MASTER FUNDING
15913306 2.0000 First Lien No MASTER FUNDING
15913305 2.0000 First Lien Yes MASTER FUNDING
15913304 2.0000 First Lien No MASTER FUNDING
15913303 2.0000 First Lien No MASTER FUNDING
15913302 2.0000 First Lien No MASTER FUNDING
15913301 2.0000 First Lien No MASTER FUNDING
15913300 2.0000 First Lien Yes MASTER FUNDING
15913299 2.0000 First Lien Yes MASTER FUNDING
15913297 2.0000 First Lien No MASTER FUNDING
15913296 2.0000 First Lien Yes MASTER FUNDING
15913295 2.0000 First Lien Yes MASTER FUNDING
15913294 2.0000 First Lien Yes EMC
15913293 2.0000 First Lien Yes MASTER FUNDING
15913291 2.0000 First Lien No MASTER FUNDING
15913290 2.0000 First Lien Yes EMC
15913288 2.0000 First Lien Yes EMC
15913287 2.0000 First Lien Yes MASTER FUNDING
15913286 2.0000 First Lien Yes MASTER FUNDING
15913285 2.0000 First Lien Yes MASTER FUNDING
15913284 2.0000 First Lien No MASTER FUNDING
15913282 2.0000 First Lien Yes MASTER FUNDING
15913281 2.0000 First Lien No MASTER FUNDING
15913280 2.0000 First Lien No MASTER FUNDING
15913279 2.0000 First Lien Yes MASTER FUNDING
15913278 2.0000 First Lien No MASTER FUNDING
15913277 2.0000 First Lien Yes MASTER FUNDING
15913276 2.0000 First Lien No MASTER FUNDING
15913275 2.0000 First Lien No MASTER FUNDING
15913274 2.0000 First Lien No MASTER FUNDING
15913273 2.0000 First Lien Yes EMC
15913272 2.0000 First Lien No MASTER FUNDING
15913271 - First Lien No MASTER FUNDING
15913270 2.0000 First Lien No MASTER FUNDING
15913269 2.0000 First Lien Yes MASTER FUNDING
15913268 2.0000 First Lien Yes MASTER FUNDING
15913267 2.0000 First Lien Yes MASTER FUNDING
15913265 2.0000 First Lien No EMC
15913264 2.0000 First Lien Yes MASTER FUNDING
15913262 2.0000 First Lien No MASTER FUNDING
15913261 2.0000 First Lien Yes MASTER FUNDING
15913260 2.0000 First Lien Yes MASTER FUNDING
15913259 2.0000 First Lien Yes MASTER FUNDING
15913258 2.0000 First Lien Yes MASTER FUNDING
15913257 1.0000 First Lien No MASTER FUNDING
15913256 2.0000 First Lien No MASTER FUNDING
15913255 2.0000 First Lien No MASTER FUNDING
15913254 2.0000 First Lien No MASTER FUNDING
15913253 2.0000 First Lien No EMC
15913252 2.0000 First Lien Yes MASTER FUNDING
15913251 2.0000 First Lien Yes MASTER FUNDING
15913250 2.0000 First Lien Yes EMC
15913249 2.0000 First Lien No MASTER FUNDING
15913248 1.5000 First Lien Yes MASTER FUNDING
15913247 2.0000 First Lien No MASTER FUNDING
15913246 2.0000 First Lien Yes MASTER FUNDING
15913245 2.0000 First Lien Yes MASTER FUNDING
15913244 2.0000 First Lien Yes MASTER FUNDING
15913243 2.0000 First Lien No EMC
15913241 2.0000 First Lien Yes MASTER FUNDING
15913240 2.0000 First Lien No MASTER FUNDING
15913239 2.0000 First Lien Yes MASTER FUNDING
15913238 2.0000 First Lien No MASTER FUNDING
15913237 2.0000 First Lien No MASTER FUNDING
15913236 2.0000 First Lien Yes EMC
15913235 2.0000 First Lien Yes MASTER FUNDING
15913234 2.0000 First Lien Yes EMC
15913233 - First Lien Yes MASTER FUNDING
15913232 2.0000 First Lien No MASTER FUNDING
15913231 2.0000 First Lien Yes MASTER FUNDING
15913230 2.0000 First Lien No MASTER FUNDING
15913229 - First Lien Yes MASTER FUNDING
15913228 1.0000 First Lien Yes MASTER FUNDING
15913226 2.0000 First Lien No MASTER FUNDING
15913225 2.0000 First Lien Yes EMC
15913223 2.0000 First Lien No MASTER FUNDING
15913222 2.0000 First Lien No MASTER FUNDING
15913221 2.0000 First Lien Yes MASTER FUNDING
15913220 2.0000 First Lien Yes EMC
15913219 2.0000 First Lien No MASTER FUNDING
15913218 2.0000 First Lien No EMC
15913216 2.0000 First Lien No MASTER FUNDING
15913215 2.0000 First Lien Yes MASTER FUNDING
15913213 2.0000 First Lien Yes MASTER FUNDING
15913212 - First Lien Yes MASTER FUNDING
15913211 2.0000 First Lien Yes MASTER FUNDING
15913210 2.0000 First Lien Yes MASTER FUNDING
15913209 2.0000 First Lien No MASTER FUNDING
15913208 2.0000 First Lien Yes MASTER FUNDING
15913206 2.0000 First Lien Yes EMC
15913205 2.0000 First Lien No MASTER FUNDING
15913203 2.0000 First Lien No MASTER FUNDING
15913202 2.0000 First Lien Yes MASTER FUNDING
15913201 2.0000 First Lien No MASTER FUNDING
15913199 2.0000 First Lien Yes EMC
15913198 2.0000 First Lien Yes MASTER FUNDING
15913197 2.0000 First Lien Yes EMC
15913196 2.0000 First Lien Yes MASTER FUNDING
15913195 2.0000 First Lien No EMC
15913194 2.0000 First Lien Yes MASTER FUNDING
15913193 2.0000 First Lien Yes MASTER FUNDING
15913192 2.0000 First Lien Yes MASTER FUNDING
15913190 2.0000 First Lien Yes MASTER FUNDING
15913189 2.0000 First Lien Yes MASTER FUNDING
15913187 2.0000 First Lien Yes EMC
15913185 2.0000 First Lien No MASTER FUNDING
15913184 2.0000 First Lien No MASTER FUNDING
15913182 2.0000 First Lien No MASTER FUNDING
15913181 2.0000 First Lien Yes MASTER FUNDING
15913180 2.0000 First Lien No MASTER FUNDING
15913178 - First Lien Yes MASTER FUNDING
15913177 2.0000 First Lien Yes MASTER FUNDING
15913174 2.0000 First Lien Yes MASTER FUNDING
15913173 2.0000 First Lien Yes MASTER FUNDING
15913172 2.0000 First Lien No MASTER FUNDING
15913171 - First Lien Yes MASTER FUNDING
15913170 2.0000 First Lien Yes MASTER FUNDING
15913169 2.0000 First Lien Yes MASTER FUNDING
15913168 2.0000 First Lien Yes EMC
15913167 2.0000 First Lien Yes MASTER FUNDING
15913166 2.0000 First Lien Yes MASTER FUNDING
15913165 2.0000 First Lien No MASTER FUNDING
15913164 2.0000 First Lien Yes MASTER FUNDING
15913163 2.0000 First Lien Yes EMC
15913162 2.0000 First Lien No EMC
15913161 2.0000 First Lien Yes MASTER FUNDING
15913160 2.0000 First Lien Yes EMC
15913159 2.0000 First Lien Yes EMC
15913158 2.0000 First Lien Yes MASTER FUNDING
15913157 2.0000 First Lien Yes MASTER FUNDING
15913156 2.0000 First Lien Yes MASTER FUNDING
15913155 2.0000 First Lien Yes MASTER FUNDING
15913154 2.0000 First Lien Yes MASTER FUNDING
15913153 - First Lien Yes MASTER FUNDING
15913151 2.0000 First Lien No MASTER FUNDING
15913150 2.0000 First Lien Yes MASTER FUNDING
15913149 2.0000 First Lien Yes MASTER FUNDING
15913148 - First Lien Yes MASTER FUNDING
15913147 2.0000 First Lien Yes MASTER FUNDING
15913146 2.0000 First Lien No EMC
15913145 1.0000 First Lien No MASTER FUNDING
15913144 2.0000 First Lien No MASTER FUNDING
15913143 2.0000 First Lien Yes MASTER FUNDING
15913142 2.0000 First Lien Yes EMC
15913141 2.0000 First Lien Yes MASTER FUNDING
15913140 2.0000 First Lien No MASTER FUNDING
15913138 2.0000 First Lien No MASTER FUNDING
15913137 2.0000 First Lien Yes MASTER FUNDING
15913136 2.0000 First Lien Yes MASTER FUNDING
15913135 - First Lien Yes MASTER FUNDING
15913134 2.0000 First Lien Yes MASTER FUNDING
15913133 2.0000 First Lien Yes EMC
15913132 2.0000 First Lien No MASTER FUNDING
15913129 2.0000 First Lien No MASTER FUNDING
15913128 2.0000 First Lien Yes MASTER FUNDING
15913127 2.0000 First Lien Yes MASTER FUNDING
15913126 2.0000 First Lien No MASTER FUNDING
15913125 2.0000 First Lien Yes MASTER FUNDING
15913124 2.0000 First Lien No MASTER FUNDING
15913123 2.0000 First Lien No EMC
15913122 2.0000 First Lien Yes MASTER FUNDING
15913120 2.0000 First Lien Yes EMC
15913119 2.0000 First Lien No EMC
15913118 2.0000 First Lien Yes MASTER FUNDING
15913117 2.0000 First Lien No MASTER FUNDING
15913116 2.0000 First Lien No MASTER FUNDING
15913114 2.0000 First Lien Yes MASTER FUNDING
15913113 2.0000 First Lien Yes MASTER FUNDING
15913112 2.0000 First Lien No MASTER FUNDING
15913110 1.5000 First Lien Yes MASTER FUNDING
15913109 2.0000 First Lien No MASTER FUNDING
15913108 2.0000 First Lien No MASTER FUNDING
15913106 2.0000 First Lien Yes MASTER FUNDING
15913103 2.0000 First Lien No MASTER FUNDING
15913102 2.0000 First Lien Yes MASTER FUNDING
15913101 2.0000 First Lien Yes EMC
15913100 2.0000 First Lien Yes MASTER FUNDING
15913099 2.0000 First Lien Yes EMC
15913098 2.0000 First Lien No EMC
15913097 2.0000 First Lien Yes MASTER FUNDING
15913096 2.0000 First Lien Yes MASTER FUNDING
15913095 2.0000 First Lien Yes MASTER FUNDING
15913094 2.0000 First Lien Yes MASTER FUNDING
15913093 2.0000 First Lien No MASTER FUNDING
15913092 2.0000 First Lien Yes MASTER FUNDING
15913091 2.0000 First Lien Yes MASTER FUNDING
15913090 2.0000 First Lien Yes MASTER FUNDING
15913089 2.0000 First Lien Yes MASTER FUNDING
15913087 2.0000 First Lien No MASTER FUNDING
15913085 2.0000 First Lien No MASTER FUNDING
15913084 2.0000 First Lien No EMC
15913083 2.0000 First Lien No MASTER FUNDING
15913082 2.0000 First Lien No MASTER FUNDING
15913081 2.0000 First Lien Yes MASTER FUNDING
15913080 2.0000 First Lien Yes MASTER FUNDING
15913078 - First Lien Yes MASTER FUNDING
15913077 2.0000 First Lien Yes EMC
15913076 2.0000 First Lien Yes EMC
15913075 2.0000 First Lien Yes MASTER FUNDING
15913074 2.0000 First Lien Yes EMC
15913073 2.0000 First Lien Yes MASTER FUNDING
15913072 2.0000 First Lien No MASTER FUNDING
15913070 2.0000 First Lien Yes MASTER FUNDING
15913069 - First Lien Yes MASTER FUNDING
15913068 2.0000 First Lien No MASTER FUNDING
15913067 2.0000 First Lien No MASTER FUNDING
15913066 2.0000 First Lien Yes MASTER FUNDING
15913065 2.0000 First Lien No MASTER FUNDING
15913064 2.0000 First Lien No MASTER FUNDING
15913063 2.0000 First Lien Yes MASTER FUNDING
15913061 2.0000 First Lien No MASTER FUNDING
15913060 2.0000 First Lien Yes MASTER FUNDING
15913059 2.0000 First Lien Yes MASTER FUNDING
15913058 2.0000 First Lien Yes MASTER FUNDING
15913057 2.0000 First Lien No MASTER FUNDING
15913056 2.0000 First Lien Yes MASTER FUNDING
15913055 2.0000 First Lien Yes MASTER FUNDING
15913053 1.5000 First Lien Yes MASTER FUNDING
15913052 2.0000 First Lien Yes MASTER FUNDING
15913051 2.0000 First Lien Yes MASTER FUNDING
15913050 2.0000 First Lien Yes EMC
15913049 2.0000 First Lien Yes MASTER FUNDING
15913048 2.0000 First Lien No MASTER FUNDING
15913047 2.0000 First Lien Yes MASTER FUNDING
15913046 - First Lien Yes MASTER FUNDING
15913044 2.0000 First Lien No MASTER FUNDING
15913043 2.0000 First Lien Yes MASTER FUNDING
15913042 - First Lien Yes MASTER FUNDING
15913041 2.0000 First Lien Yes MASTER FUNDING
15913040 2.0000 First Lien Yes MASTER FUNDING
15913039 2.0000 First Lien Yes MASTER FUNDING
15913038 2.0000 First Lien Yes MASTER FUNDING
15913037 2.0000 First Lien No MASTER FUNDING
15913036 2.0000 First Lien Yes MASTER FUNDING
15913035 2.0000 First Lien Yes MASTER FUNDING
15913034 2.0000 First Lien Yes MASTER FUNDING
15913032 2.0000 First Lien Yes MASTER FUNDING
15913031 2.0000 First Lien Yes MASTER FUNDING
15913030 2.0000 First Lien Yes MASTER FUNDING
15913029 2.0000 First Lien Yes MASTER FUNDING
15913028 2.0000 First Lien Yes MASTER FUNDING
15913026 2.0000 First Lien Yes MASTER FUNDING
15913025 2.0000 First Lien No MASTER FUNDING
15913024 2.0000 First Lien Yes MASTER FUNDING
15913022 2.0000 First Lien Yes MASTER FUNDING
15913021 2.0000 First Lien Yes MASTER FUNDING
15913020 2.0000 First Lien Yes MASTER FUNDING
15913019 2.0000 First Lien Yes MASTER FUNDING
15913018 2.0000 First Lien Yes MASTER FUNDING
15913017 2.0000 First Lien No MASTER FUNDING
15913016 2.0000 First Lien No MASTER FUNDING
15913014 2.0000 First Lien Yes MASTER FUNDING
15913012 2.0000 First Lien Yes EMC
15913011 2.0000 First Lien Yes MASTER FUNDING
15913010 2.0000 First Lien Yes MASTER FUNDING
15913009 2.0000 First Lien Yes MASTER FUNDING
15913008 2.0000 First Lien No MASTER FUNDING
15913006 2.0000 First Lien Yes MASTER FUNDING
15913005 2.0000 First Lien Yes MASTER FUNDING
15913003 2.0000 First Lien No MASTER FUNDING
15913002 2.0000 First Lien Yes MASTER FUNDING
15913000 2.0000 First Lien Yes MASTER FUNDING
15912999 2.0000 First Lien Yes MASTER FUNDING
15912998 2.0000 First Lien No MASTER FUNDING
15912996 2.0000 First Lien Yes MASTER FUNDING
15912995 2.0000 First Lien Yes MASTER FUNDING
15912992 2.0000 First Lien Yes MASTER FUNDING
15912991 2.0000 First Lien No MASTER FUNDING
15912989 2.0000 First Lien No MASTER FUNDING
15912988 2.0000 First Lien Yes MASTER FUNDING
15912987 2.0000 First Lien No MASTER FUNDING
15912985 2.0000 First Lien Yes MASTER FUNDING
15912984 2.0000 First Lien Yes MASTER FUNDING
15912983 2.0000 First Lien No MASTER FUNDING
15912982 2.0000 First Lien No EMC
15912980 2.0000 First Lien Yes MASTER FUNDING
15912979 2.0000 First Lien Yes EMC
15912978 2.0000 First Lien Yes MASTER FUNDING
15912977 2.0000 First Lien Yes EMC
15912976 2.0000 First Lien Yes MASTER FUNDING
15912974 - First Lien Yes MASTER FUNDING
15912973 2.0000 First Lien Yes MASTER FUNDING
15912972 2.0000 First Lien No MASTER FUNDING
15912971 2.0000 First Lien Yes MASTER FUNDING
15912969 2.0000 First Lien No MASTER FUNDING
15912968 2.0000 First Lien Yes MASTER FUNDING
15912967 2.0000 First Lien Yes MASTER FUNDING
15912966 2.0000 First Lien Yes EMC
15912965 - First Lien Yes EMC
15912964 2.0000 First Lien Yes MASTER FUNDING
15912963 2.0000 First Lien Yes MASTER FUNDING
15912962 2.0000 First Lien No MASTER FUNDING
15912961 - First Lien No MASTER FUNDING
15912960 2.0000 First Lien No MASTER FUNDING
15912959 2.0000 First Lien Yes MASTER FUNDING
15912958 2.0000 First Lien Yes MASTER FUNDING
15912957 2.0000 First Lien Yes MASTER FUNDING
15912956 2.0000 First Lien Yes MASTER FUNDING
15912955 2.0000 First Lien No MASTER FUNDING
15912954 2.0000 First Lien No MASTER FUNDING
15912953 2.0000 First Lien Yes MASTER FUNDING
15912951 - First Lien Yes MASTER FUNDING
15912949 2.0000 First Lien Yes MASTER FUNDING
15912948 2.0000 First Lien Yes EMC
15912946 - First Lien Yes MASTER FUNDING
15912945 2.0000 First Lien No MASTER FUNDING
15912944 2.0000 First Lien Yes MASTER FUNDING
15912942 2.0000 First Lien Yes MASTER FUNDING
15912941 2.0000 First Lien No MASTER FUNDING
15912939 2.0000 First Lien No MASTER FUNDING
15912938 2.0000 First Lien No MASTER FUNDING
15912937 2.0000 First Lien No MASTER FUNDING
15912936 2.0000 First Lien No MASTER FUNDING
15912935 2.0000 First Lien Yes MASTER FUNDING
15912934 2.0000 First Lien No MASTER FUNDING
15912933 2.0000 First Lien No MASTER FUNDING
15912931 2.0000 First Lien No EMC
15912930 2.0000 First Lien Yes MASTER FUNDING
15912929 2.0000 First Lien Yes MASTER FUNDING
15912926 2.0000 First Lien Yes MASTER FUNDING
15912925 2.0000 First Lien Yes MASTER FUNDING
15912924 2.0000 First Lien No MASTER FUNDING
15912923 2.0000 First Lien Yes MASTER FUNDING
15912922 2.0000 First Lien Yes MASTER FUNDING
15912921 2.0000 First Lien No MASTER FUNDING
15912919 2.0000 First Lien Yes MASTER FUNDING
15912917 2.0000 First Lien No MASTER FUNDING
15912915 2.0000 First Lien No MASTER FUNDING
15912913 2.0000 First Lien No MASTER FUNDING
15912911 2.0000 First Lien No EMC
15912909 1.0000 First Lien Yes MASTER FUNDING
15912908 2.0000 First Lien Yes MASTER FUNDING
15912906 - First Lien Yes MASTER FUNDING
15912905 2.0000 First Lien Yes MASTER FUNDING
15912904 2.0000 First Lien Yes MASTER FUNDING
15912903 2.0000 First Lien Yes MASTER FUNDING
15912902 2.0000 First Lien Yes MASTER FUNDING
15912900 2.0000 First Lien No MASTER FUNDING
15912899 2.0000 First Lien Yes MASTER FUNDING
15912898 2.0000 First Lien No MASTER FUNDING
15912897 2.0000 First Lien Yes EMC
15912896 2.0000 First Lien No MASTER FUNDING
15912895 2.0000 First Lien Yes EMC
15912894 2.0000 First Lien Yes MASTER FUNDING
15912893 2.0000 First Lien No MASTER FUNDING
15912892 2.0000 First Lien No MASTER FUNDING
15912891 2.0000 First Lien Yes MASTER FUNDING
15912890 2.0000 First Lien Yes MASTER FUNDING
15912888 2.0000 First Lien Yes MASTER FUNDING
15912887 2.0000 First Lien Yes MASTER FUNDING
15912886 2.0000 First Lien Yes MASTER FUNDING
15912885 2.0000 First Lien No MASTER FUNDING
15912884 2.0000 First Lien Yes MASTER FUNDING
15912883 2.0000 First Lien Yes MASTER FUNDING
15912882 - First Lien No MASTER FUNDING
15912880 1.5000 First Lien No MASTER FUNDING
15912879 2.0000 First Lien Yes MASTER FUNDING
15912878 2.0000 First Lien Yes EMC
15912877 - First Lien Yes MASTER FUNDING
15912876 1.0000 First Lien No MASTER FUNDING
15912874 2.0000 First Lien Yes MASTER FUNDING
15912873 2.0000 First Lien Yes MASTER FUNDING
15912872 2.0000 First Lien Yes MASTER FUNDING
15912870 2.0000 First Lien No MASTER FUNDING
15912869 2.0000 First Lien Yes MASTER FUNDING
15912868 2.0000 First Lien Yes MASTER FUNDING
15912867 2.0000 First Lien Yes MASTER FUNDING
15912866 2.0000 First Lien Yes MASTER FUNDING
15912865 2.0000 First Lien Yes EMC
15912864 2.0000 First Lien No MASTER FUNDING
15912862 2.0000 First Lien No MASTER FUNDING
15912861 2.0000 First Lien No MASTER FUNDING
15912860 2.0000 First Lien Yes MASTER FUNDING
15912858 2.0000 First Lien No MASTER FUNDING
15912857 1.5000 First Lien Yes MASTER FUNDING
15912855 2.0000 First Lien Yes MASTER FUNDING
15912854 2.0000 First Lien Yes MASTER FUNDING
15912853 2.0000 First Lien No MASTER FUNDING
15912850 2.0000 First Lien Yes MASTER FUNDING
15912849 2.0000 First Lien No MASTER FUNDING
15912847 2.0000 First Lien Yes MASTER FUNDING
15912846 2.0000 First Lien No EMC
15912844 2.0000 First Lien Yes EMC
15912842 2.0000 First Lien Yes MASTER FUNDING
15912841 2.0000 First Lien Yes MASTER FUNDING
15912840 2.0000 First Lien No MASTER FUNDING
15912839 - First Lien Yes MASTER FUNDING
15912838 2.0000 First Lien No MASTER FUNDING
15912837 2.0000 First Lien Yes EMC
15912836 - First Lien No MASTER FUNDING
15912834 2.0000 First Lien Yes MASTER FUNDING
15912832 2.0000 First Lien No MASTER FUNDING
15912831 2.0000 First Lien Yes MASTER FUNDING
15912830 2.0000 First Lien Yes MASTER FUNDING
15912829 2.0000 First Lien Yes MASTER FUNDING
15912828 2.0000 First Lien Yes EMC
15912827 2.0000 First Lien Yes EMC
15912826 2.0000 First Lien No EMC
15912825 2.0000 First Lien Yes EMC
15912824 2.0000 First Lien Yes MASTER FUNDING
15912823 2.0000 First Lien Yes EMC
15912822 2.0000 First Lien No MASTER FUNDING
15912821 2.0000 First Lien Yes MASTER FUNDING
15912820 2.0000 First Lien No MASTER FUNDING
15912818 2.0000 First Lien Yes MASTER FUNDING
15912816 2.0000 First Lien No MASTER FUNDING
15912815 2.0000 First Lien No EMC
15912814 2.0000 First Lien Yes MASTER FUNDING
15912812 2.0000 First Lien No EMC
15912809 2.0000 First Lien Yes EMC
15912808 2.0000 First Lien No MASTER FUNDING
15912807 2.0000 First Lien Yes MASTER FUNDING
15912806 2.0000 First Lien No MASTER FUNDING
15912805 2.0000 First Lien Yes EMC
15912804 2.0000 First Lien No MASTER FUNDING
15912803 2.0000 First Lien No MASTER FUNDING
15912800 2.0000 First Lien Yes MASTER FUNDING
15912799 2.0000 First Lien No MASTER FUNDING
15912798 2.0000 First Lien No MASTER FUNDING
15912797 2.0000 First Lien Yes EMC
15912795 2.0000 First Lien Yes MASTER FUNDING
15912794 - First Lien Yes MASTER FUNDING
15912788 2.0000 First Lien No EMC
15912786 2.0000 First Lien Yes EMC
15912785 2.0000 First Lien Yes MASTER FUNDING
15912784 2.0000 First Lien Yes MASTER FUNDING
15912783 2.0000 First Lien Yes MASTER FUNDING
15912782 2.0000 First Lien Yes MASTER FUNDING
15912781 2.0000 First Lien Yes MASTER FUNDING
15912779 2.0000 First Lien Yes MASTER FUNDING
15912778 2.0000 First Lien No MASTER FUNDING
15912777 2.0000 First Lien Yes EMC
15912776 2.0000 First Lien No MASTER FUNDING
15912775 2.0000 First Lien Yes MASTER FUNDING
15912771 2.0000 First Lien Yes MASTER FUNDING
15912770 2.0000 First Lien Yes MASTER FUNDING
15912769 2.0000 First Lien Yes MASTER FUNDING
15912768 2.0000 First Lien No EMC
15912767 2.0000 First Lien Yes MASTER FUNDING
15912765 2.0000 First Lien No MASTER FUNDING
15912763 2.0000 First Lien Yes EMC
15912761 2.0000 First Lien Yes MASTER FUNDING
15912760 2.0000 First Lien No MASTER FUNDING
15912759 2.0000 First Lien No MASTER FUNDING
15912758 2.0000 First Lien No MASTER FUNDING
15912756 2.0000 First Lien No EMC
15912755 2.0000 First Lien Yes MASTER FUNDING
15912754 2.0000 First Lien Yes MASTER FUNDING
15912753 2.0000 First Lien No MASTER FUNDING
15912748 2.0000 First Lien No MASTER FUNDING
15912744 2.0000 First Lien No MASTER FUNDING
15912743 2.0000 First Lien No MASTER FUNDING
15912740 2.0000 First Lien Yes MASTER FUNDING
15912739 2.0000 First Lien Yes EMC
15912738 2.0000 First Lien Yes MASTER FUNDING
15912737 2.0000 First Lien No MASTER FUNDING
15912735 2.0000 First Lien No MASTER FUNDING
15912733 2.0000 First Lien Yes MASTER FUNDING
15912732 2.0000 First Lien Yes EMC
15912731 2.0000 First Lien Yes MASTER FUNDING
15912730 2.0000 First Lien Yes MASTER FUNDING
15912729 2.0000 First Lien Yes MASTER FUNDING
15912727 2.0000 First Lien Yes MASTER FUNDING
15912726 2.0000 First Lien Yes MASTER FUNDING
15912725 2.0000 First Lien Yes MASTER FUNDING
15912724 2.0000 First Lien Yes MASTER FUNDING
15912723 2.0000 First Lien No MASTER FUNDING
15912721 2.0000 First Lien No EMC
15912718 - First Lien Yes MASTER FUNDING
15912716 2.0000 First Lien No MASTER FUNDING
15912713 2.0000 First Lien No MASTER FUNDING
15912711 2.0000 First Lien No MASTER FUNDING
15912709 2.0000 First Lien Yes EMC
15912708 2.0000 First Lien No MASTER FUNDING
15912706 2.0000 First Lien Yes MASTER FUNDING
15912705 2.0000 First Lien No EMC
15912703 2.0000 First Lien Yes MASTER FUNDING
15912702 2.0000 First Lien Yes EMC
15912701 2.0000 First Lien Yes MASTER FUNDING
15912699 2.0000 First Lien No EMC
15912697 2.0000 First Lien Yes MASTER FUNDING
15912696 2.0000 First Lien Yes EMC
15912694 2.0000 First Lien No EMC
15912693 2.0000 First Lien No EMC
15912692 2.0000 First Lien No EMC
15912691 2.0000 First Lien Yes EMC
15912690 2.0000 First Lien No MASTER FUNDING
15912689 2.0000 First Lien No MASTER FUNDING
15912685 2.0000 First Lien Yes MASTER FUNDING
15912684 2.0000 First Lien No MASTER FUNDING
15912683 2.0000 First Lien No MASTER FUNDING
15912682 2.0000 First Lien Yes MASTER FUNDING
15912680 2.0000 First Lien Yes MASTER FUNDING
15912679 2.0000 First Lien Yes MASTER FUNDING
15912677 2.0000 First Lien Yes MASTER FUNDING
15912675 2.0000 First Lien Yes EMC
15912673 2.0000 First Lien Yes MASTER FUNDING
15912672 2.0000 First Lien Yes EMC
15912668 2.0000 First Lien Yes EMC
15912667 1.5000 First Lien Yes MASTER FUNDING
15912666 2.0000 First Lien No EMC
15912664 2.0000 First Lien No MASTER FUNDING
15912663 2.0000 First Lien No MASTER FUNDING
15912662 - First Lien Yes MASTER FUNDING
15912661 2.0000 First Lien No EMC
15912660 2.0000 First Lien Yes EMC
15912657 2.0000 First Lien Yes MASTER FUNDING
15912656 2.0000 First Lien No MASTER FUNDING
15912655 2.0000 First Lien Yes EMC
15912654 2.0000 First Lien Yes EMC
15912653 2.0000 First Lien No MASTER FUNDING
15912650 2.0000 First Lien No MASTER FUNDING
15912649 - First Lien Yes MASTER FUNDING
15912648 2.0000 First Lien No EMC
15912647 2.0000 First Lien Yes EMC
15912645 2.0000 First Lien No EMC
15912644 2.0000 First Lien Yes MASTER FUNDING
15912643 2.0000 First Lien Yes MASTER FUNDING
15912642 2.0000 First Lien Yes MASTER FUNDING
15912641 2.0000 First Lien Yes MASTER FUNDING
15912640 2.0000 First Lien Yes EMC
15912638 2.0000 First Lien Yes EMC
15912637 2.0000 First Lien No MASTER FUNDING
15912636 2.0000 First Lien Yes MASTER FUNDING
15912635 2.0000 First Lien Yes MASTER FUNDING
15912633 2.0000 First Lien Yes MASTER FUNDING
15912632 2.0000 First Lien No EMC
15912631 2.0000 First Lien Yes MASTER FUNDING
15912630 2.0000 First Lien Yes EMC
15912627 2.0000 First Lien No MASTER FUNDING
15912625 1.5000 First Lien Yes EMC
15912624 2.0000 First Lien No MASTER FUNDING
15912623 2.0000 First Lien Yes MASTER FUNDING
15912621 2.0000 First Lien Yes MASTER FUNDING
15912619 2.0000 First Lien Yes MASTER FUNDING
15912618 2.0000 First Lien Yes MASTER FUNDING
15912616 2.0000 First Lien No MASTER FUNDING
15912613 2.0000 First Lien No MASTER FUNDING
15912612 2.0000 First Lien Yes EMC
15912610 2.0000 First Lien No MASTER FUNDING
15912609 2.0000 First Lien Yes MASTER FUNDING
15912607 2.0000 First Lien No EMC
15912605 1.0000 First Lien No MASTER FUNDING
15912604 2.0000 First Lien Yes EMC
15912603 2.0000 First Lien Yes MASTER FUNDING
15912602 2.0000 First Lien No MASTER FUNDING
15912600 2.0000 First Lien No MASTER FUNDING
15912599 2.0000 First Lien No MASTER FUNDING
15912598 2.0000 First Lien No EMC
15912597 2.0000 First Lien Yes MASTER FUNDING
15912596 2.0000 First Lien No MASTER FUNDING
15912595 2.0000 First Lien Yes MASTER FUNDING
15912594 - First Lien Yes EMC
15912593 2.0000 First Lien Yes MASTER FUNDING
15912592 2.0000 First Lien Yes MASTER FUNDING
15912591 2.0000 First Lien No EMC
15912590 2.0000 First Lien No MASTER FUNDING
15912589 2.0000 First Lien Yes MASTER FUNDING
15912587 2.0000 First Lien No EMC
15912584 2.0000 First Lien Yes EMC
15912582 2.0000 First Lien Yes MASTER FUNDING
15912581 2.0000 First Lien Yes MASTER FUNDING
15912580 2.0000 First Lien No EMC
15912578 2.0000 First Lien No MASTER FUNDING
15912577 2.0000 First Lien No MASTER FUNDING
15912576 2.0000 First Lien Yes EMC
15912575 2.0000 First Lien Yes MASTER FUNDING
15912573 2.0000 First Lien No MASTER FUNDING
15912572 1.5000 First Lien No EMC
15912571 - First Lien Yes EMC
15912570 2.0000 First Lien Yes MASTER FUNDING
15912569 - First Lien Yes EMC
15912568 2.0000 First Lien Yes MASTER FUNDING
15912566 2.0000 First Lien Yes MASTER FUNDING
15912565 2.0000 First Lien Yes MASTER FUNDING
15912563 2.0000 First Lien No MASTER FUNDING
15912562 2.0000 First Lien Yes MASTER FUNDING
15912560 2.0000 First Lien Yes MASTER FUNDING
15912559 2.0000 First Lien Yes MASTER FUNDING
15912556 - First Lien Yes MASTER FUNDING
15912555 2.0000 First Lien Yes MASTER FUNDING
15912554 2.0000 First Lien Yes MASTER FUNDING
15912553 2.0000 First Lien Yes MASTER FUNDING
15912552 - First Lien Yes MASTER FUNDING
15912551 2.0000 First Lien No MASTER FUNDING
15912550 2.0000 First Lien Yes MASTER FUNDING
15912548 2.0000 First Lien Yes MASTER FUNDING
15912547 2.0000 First Lien Yes MASTER FUNDING
15912545 2.0000 First Lien Yes MASTER FUNDING
15912544 2.0000 First Lien No MASTER FUNDING
15912542 2.0000 First Lien Yes MASTER FUNDING
15912541 2.0000 First Lien No MASTER FUNDING
15912540 2.0000 First Lien Yes MASTER FUNDING
15912539 2.0000 First Lien No MASTER FUNDING
15912537 2.0000 First Lien No MASTER FUNDING
15912536 2.0000 First Lien Yes MASTER FUNDING
15912535 2.0000 First Lien Yes MASTER FUNDING
15912534 2.0000 First Lien Yes MASTER FUNDING
15912532 2.0000 First Lien Yes EMC
15912530 2.0000 First Lien No MASTER FUNDING
15912528 2.0000 First Lien Yes MASTER FUNDING
15912525 2.0000 First Lien No MASTER FUNDING
15912523 2.0000 First Lien Yes MASTER FUNDING
15912521 2.0000 First Lien No MASTER FUNDING
15912520 2.0000 First Lien No MASTER FUNDING
15912519 2.0000 First Lien Yes MASTER FUNDING
15912517 2.0000 First Lien Yes EMC
15912515 2.0000 First Lien Yes EMC
15912512 - First Lien Yes MASTER FUNDING
15912509 - First Lien Yes MASTER FUNDING
15912508 2.0000 First Lien Yes MASTER FUNDING
15912507 2.0000 First Lien Yes MASTER FUNDING
15912506 2.0000 First Lien Yes EMC
15912505 2.0000 First Lien No MASTER FUNDING
15912504 2.0000 First Lien No MASTER FUNDING
15912503 2.0000 First Lien Yes EMC
15912501 2.0000 First Lien No MASTER FUNDING
15912500 2.0000 First Lien No MASTER FUNDING
15912497 2.0000 First Lien No MASTER FUNDING
15912496 2.0000 First Lien No EMC
15912495 2.0000 First Lien No MASTER FUNDING
15912494 2.0000 First Lien Yes MASTER FUNDING
15912492 2.0000 First Lien Yes MASTER FUNDING
15912490 2.0000 First Lien Yes MASTER FUNDING
15912489 2.0000 First Lien No MASTER FUNDING
15912488 2.0000 First Lien Yes EMC
15912487 2.0000 First Lien Yes MASTER FUNDING
15912486 2.0000 First Lien No MASTER FUNDING
15912485 2.0000 First Lien Yes MASTER FUNDING
15912484 2.0000 First Lien No EMC
15912483 2.0000 First Lien No MASTER FUNDING
15912482 2.0000 First Lien No EMC
15912481 2.0000 First Lien Yes MASTER FUNDING
15912480 2.0000 First Lien Yes EMC
15912479 2.0000 First Lien Yes EMC
15912478 2.0000 First Lien Yes EMC
15912477 2.0000 First Lien Yes EMC
15912476 2.0000 First Lien Yes MASTER FUNDING
15912475 2.0000 First Lien No MASTER FUNDING
15912474 2.0000 First Lien Yes EMC
15912472 - First Lien No MASTER FUNDING
15912471 2.0000 First Lien No MASTER FUNDING
15912470 - First Lien Yes MASTER FUNDING
15912469 2.0000 First Lien Yes MASTER FUNDING
15912468 2.0000 First Lien Yes EMC
15912467 2.0000 First Lien Yes MASTER FUNDING
15912466 2.0000 First Lien Yes MASTER FUNDING
15912465 2.0000 First Lien Yes MASTER FUNDING
15912464 2.0000 First Lien No MASTER FUNDING
15912463 2.0000 First Lien No EMC
15912461 2.0000 First Lien No MASTER FUNDING
15912459 2.0000 First Lien No EMC
15912456 2.0000 First Lien Yes MASTER FUNDING
15912455 2.0000 First Lien Yes EMC
15912454 2.0000 First Lien Yes EMC
15912453 2.0000 First Lien Yes MASTER FUNDING
15912452 2.0000 First Lien Yes MASTER FUNDING
15912450 2.0000 First Lien Yes EMC
15912449 2.0000 First Lien Yes EMC
15912448 2.0000 First Lien No MASTER FUNDING
15912447 2.0000 First Lien No MASTER FUNDING
15912444 2.0000 First Lien Yes EMC
15912442 2.0000 First Lien Yes MASTER FUNDING
15912440 2.0000 First Lien Yes EMC
15912439 2.0000 First Lien Yes EMC
15912438 2.0000 First Lien No MASTER FUNDING
15912437 2.0000 First Lien Yes MASTER FUNDING
15912435 2.0000 First Lien Yes EMC
15912433 2.0000 First Lien Yes MASTER FUNDING
15912432 2.0000 First Lien Yes MASTER FUNDING
15912430 - First Lien Yes MASTER FUNDING
15912429 2.0000 First Lien No MASTER FUNDING
15912427 2.0000 First Lien Yes MASTER FUNDING
15912425 2.0000 First Lien No EMC
15912424 2.0000 First Lien Yes EMC
15912423 2.0000 First Lien No MASTER FUNDING
15912422 2.0000 First Lien No MASTER FUNDING
15912421 2.0000 First Lien Yes EMC
15912420 2.0000 First Lien Yes MASTER FUNDING
15912418 2.0000 First Lien No MASTER FUNDING
15912417 2.0000 First Lien Yes EMC
15912416 2.0000 First Lien No MASTER FUNDING
15912415 2.0000 First Lien No EMC
15912412 2.0000 First Lien No EMC
15912411 2.0000 First Lien Yes MASTER FUNDING
15912410 2.0000 First Lien Yes MASTER FUNDING
15912409 2.0000 First Lien No EMC
15912408 2.0000 First Lien No MASTER FUNDING
15912407 2.0000 First Lien No MASTER FUNDING
15912406 2.0000 First Lien No EMC
15912405 1.0000 First Lien No MASTER FUNDING
15912401 2.0000 First Lien No EMC
15912400 2.0000 First Lien Yes EMC
15912399 2.0000 First Lien Yes MASTER FUNDING
15912398 2.0000 First Lien Yes MASTER FUNDING
15912396 2.0000 First Lien No EMC
15912395 2.0000 First Lien Yes EMC
15912394 2.0000 First Lien Yes MASTER FUNDING
15912393 2.0000 First Lien Yes EMC
15912392 2.0000 First Lien No MASTER FUNDING
15912389 2.0000 First Lien Yes MASTER FUNDING
15912387 2.0000 First Lien Yes EMC
15912386 2.0000 First Lien Yes EMC
15912384 2.0000 First Lien No MASTER FUNDING
15912383 2.0000 First Lien Yes EMC
15912382 - First Lien Yes MASTER FUNDING
15912381 2.0000 First Lien Yes EMC
15912380 2.0000 First Lien Yes EMC
15912379 2.0000 First Lien Yes MASTER FUNDING
15912378 2.0000 First Lien No MASTER FUNDING
15912377 2.0000 First Lien No EMC
15912376 2.0000 First Lien No MASTER FUNDING
15912373 2.0000 First Lien No EMC
15912372 2.0000 First Lien No MASTER FUNDING
15912371 2.0000 First Lien Yes EMC
15912370 2.0000 First Lien No EMC
15912369 - First Lien Yes EMC
15912368 1.0000 First Lien Yes EMC
15912365 - First Lien No MASTER FUNDING
15912364 2.0000 First Lien No MASTER FUNDING
15912363 2.0000 First Lien No EMC
15912362 2.0000 First Lien Yes MASTER FUNDING
15912360 2.0000 First Lien Yes EMC
15912358 2.0000 First Lien Yes EMC
15912357 2.0000 First Lien No MASTER FUNDING
15912356 2.0000 First Lien No MASTER FUNDING
15912355 2.0000 First Lien Yes EMC
15912353 2.0000 First Lien Yes EMC
15912352 2.0000 First Lien No MASTER FUNDING
15912350 2.0000 First Lien Yes EMC
15912346 2.0000 First Lien Yes MASTER FUNDING
15912342 2.0000 First Lien Yes MASTER FUNDING
15912341 2.0000 First Lien Yes MASTER FUNDING
15912340 2.0000 First Lien Yes EMC
15912339 2.0000 First Lien Yes MASTER FUNDING
15912338 2.0000 First Lien No MASTER FUNDING
15912337 - First Lien No MASTER FUNDING
15912336 2.0000 First Lien No MASTER FUNDING
15912335 2.0000 First Lien Yes EMC
15912334 2.0000 First Lien Yes EMC
15912333 - First Lien No EMC
15912331 2.0000 First Lien No MASTER FUNDING
15912330 2.0000 First Lien No MASTER FUNDING
15912329 2.0000 First Lien No MASTER FUNDING
15912328 2.0000 First Lien Yes EMC
15912327 2.0000 First Lien Yes EMC
15912326 2.0000 First Lien Yes EMC
15912325 2.0000 First Lien Yes MASTER FUNDING
15912324 2.0000 First Lien No MASTER FUNDING
15912323 2.0000 First Lien No MASTER FUNDING
15912322 2.0000 First Lien No MASTER FUNDING
15912321 2.0000 First Lien Yes EMC
15912320 2.0000 First Lien Yes MASTER FUNDING
15912319 2.0000 First Lien Yes EMC
15912318 2.0000 First Lien No MASTER FUNDING
15912317 2.0000 First Lien No EMC
15912315 2.0000 First Lien Yes EMC
15912313 2.0000 First Lien Yes MASTER FUNDING
15912311 2.0000 First Lien Yes EMC
15912310 2.0000 First Lien No MASTER FUNDING
15912309 2.0000 First Lien Yes MASTER FUNDING
15912308 - First Lien Yes MASTER FUNDING
15912306 - First Lien Yes MASTER FUNDING
15912304 2.0000 First Lien No MASTER FUNDING
15912302 2.0000 First Lien No MASTER FUNDING
15912300 2.0000 First Lien Yes MASTER FUNDING
15912299 2.0000 First Lien Yes MASTER FUNDING
15912298 2.0000 First Lien Yes EMC
15912297 2.0000 First Lien Yes EMC
15912296 2.0000 First Lien Yes EMC
15912294 2.0000 First Lien Yes MASTER FUNDING
15912293 2.0000 First Lien Yes MASTER FUNDING
15912292 2.0000 First Lien Yes MASTER FUNDING
15912291 2.0000 First Lien No MASTER FUNDING
15912290 2.0000 First Lien Yes MASTER FUNDING
15912289 2.0000 First Lien No EMC
15912288 2.0000 First Lien Yes MASTER FUNDING
15912287 2.0000 First Lien Yes MASTER FUNDING
15912285 2.0000 First Lien No EMC
15912283 - First Lien Yes MASTER FUNDING
15912282 2.0000 First Lien Yes MASTER FUNDING
15912281 2.0000 First Lien Yes MASTER FUNDING
15912280 - First Lien No MASTER FUNDING
15912278 2.0000 First Lien No EMC
15912277 2.0000 First Lien Yes MASTER FUNDING
15912276 2.0000 First Lien Yes MASTER FUNDING
15912275 2.0000 First Lien No MASTER FUNDING
15912274 2.0000 First Lien No MASTER FUNDING
15912273 2.0000 First Lien No EMC
15912272 2.0000 First Lien Yes EMC
15912271 2.0000 First Lien No EMC
15912270 2.0000 First Lien No EMC
15912268 - First Lien No EMC
15912267 - First Lien No MASTER FUNDING
15912266 2.0000 First Lien Yes EMC
15912264 2.0000 First Lien Yes MASTER FUNDING
15912263 - First Lien Yes MASTER FUNDING
15912261 - First Lien Yes MASTER FUNDING
15912260 2.0000 First Lien Yes MASTER FUNDING
15912259 2.0000 First Lien No EMC
15912258 2.0000 First Lien No EMC
15912256 2.0000 First Lien No MASTER FUNDING
15912255 2.0000 First Lien No MASTER FUNDING
15912251 2.0000 First Lien Yes EMC
15912250 2.0000 First Lien Yes MASTER FUNDING
15912248 2.0000 First Lien No MASTER FUNDING
15912245 2.0000 First Lien No EMC
15912243 - First Lien Yes EMC
15912242 2.0000 First Lien Yes EMC
15912241 2.0000 First Lien Yes EMC
15912240 2.0000 First Lien No MASTER FUNDING
15912239 2.0000 First Lien Yes EMC
15912238 2.0000 First Lien No MASTER FUNDING
15912235 2.0000 First Lien No EMC
15912232 - First Lien Yes MASTER FUNDING
15912231 2.0000 First Lien Yes EMC
15912229 - First Lien Yes MASTER FUNDING
15912227 2.0000 First Lien No EMC
15912225 2.0000 First Lien Yes EMC
15912224 2.0000 First Lien Yes EMC
15912223 1.0000 First Lien Yes MASTER FUNDING
15912222 2.0000 First Lien Yes EMC
15912219 2.0000 First Lien Yes MASTER FUNDING
15912218 - First Lien Yes EMC
15912217 - First Lien Yes EMC
15912216 2.0000 First Lien No MASTER FUNDING
15912215 1.0000 First Lien Yes EMC
15912214 2.0000 First Lien Yes EMC
15912212 2.0000 First Lien Yes MASTER FUNDING
15912211 2.0000 First Lien Yes EMC
15912210 2.0000 First Lien No EMC
15912207 2.0000 First Lien Yes MASTER FUNDING
15912206 2.0000 First Lien Yes EMC
15912205 2.0000 First Lien Yes EMC
15912203 2.0000 First Lien No EMC
15912202 2.0000 First Lien Yes EMC
15912200 2.0000 First Lien Yes EMC
15912199 2.0000 First Lien Yes MASTER FUNDING
15912198 2.0000 First Lien No MASTER FUNDING
15912196 2.0000 First Lien Yes EMC
15912195 2.0000 First Lien Yes MASTER FUNDING
15912194 2.0000 First Lien Yes EMC
15912193 2.0000 First Lien Yes EMC
15912192 2.0000 First Lien No MASTER FUNDING
15912191 2.0000 First Lien Yes EMC
15912189 - First Lien No MASTER FUNDING
15912188 2.0000 First Lien Yes EMC
15912187 2.0000 First Lien No EMC
15912185 2.0000 First Lien Yes EMC
15912183 - First Lien No EMC
15912182 2.0000 First Lien No MASTER FUNDING
15912179 2.0000 First Lien No EMC
15912178 2.0000 First Lien Yes MASTER FUNDING
15912177 2.0000 First Lien Yes EMC
15912176 2.0000 First Lien No MASTER FUNDING
15912174 2.0000 First Lien No EMC
15912172 2.0000 First Lien No EMC
15912171 - First Lien No MASTER FUNDING
15912170 2.0000 First Lien No MASTER FUNDING
15912166 2.0000 First Lien Yes MASTER FUNDING
EXHIBIT C
FORM OF TRANSFER AFFIDAVIT
Affidavit pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended, and for other purposes
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STATE OF |
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ss.: |
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COUNTY OF |
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[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he/she is [Title of Officer] of [Name of Investor] (the “Investor”), 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.
2. That (i) the Investor is not a “disqualified organization” as defined in Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), or an electing large partnership as defined in Section 775(a) of the Code, and will not be a disqualified organization or an electing large partnership as of [Closing Date] [date of purchase]; (ii) it is not acquiring the Bear Xxxxxxx Asset Backed Securities I LLC Asset-Backed Certificates, Series 2006-EC2, Class [R-1][R-2][R-3][RX] Certificates (the “Residual Certificates”) for the account of a disqualified organization or an electing large partnership; (iii) it consents to any amendment of the Pooling and Servicing Agreement that shall be deemed necessary by Bear Xxxxxxx Asset Backed Securities I LLC (upon advice of counsel) to constitute a reasonable arrangement to ensure that the Residual Certificates will not be owned directly or indirectly by a disqualified organization or an electing large partnership; and (iv) it will not transfer such Residual Certificates unless (a) it has received from the transferee an affidavit in substantially the same form as this affidavit containing these same seven representations and (b) as of the time of the transfer, it does not have actual knowledge that such affidavit is false.
3. That the Investor is one of the following: (i) a citizen or resident of the United States, (ii) a corporation or partnership (including an entity treated as a corporation or partnership for federal income tax purposes) created or organized in, or under the laws of, the United States or any state thereof or the District of Columbia (except, in the case of a partnership, to the extent provided in regulations), provided that no partnership or other entity treated as a partnership for United States federal income tax purposes shall be treated as a United States person within the meaning of the Code 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 United States persons, (iii) an estate whose income is subject to United States federal income tax regardless of its source, or (iv) a trust other than a “foreign trust” as defined in Section 7701 (a)(31) of the Code.
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4. |
That the Investor’s taxpayer identification number is ______________________. |
5. That no purpose of the acquisition of the Residual Certificates is to avoid or impede the assessment or collection of tax.
6. That the Investor understands that, as the holder of the Residual Certificates, the Investor may incur tax liabilities in excess of any cash flows generated by such Residual Certificates.
7. That the Investor intends to pay taxes associated with holding the Residual Certificates as they become due.
IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its [Title of Officer] this ____ day of _________, 20__.
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Address of Investor for receipt of tax information: | |||||
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 Investor, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the Investor.
Subscribed and sworn before me this ___ day of _________, 20___.
NOTARY PUBLIC
COUNTY OF
STATE OF
My commission expires the ___ day of ___________________, 20___.
EXHIBIT D
FORM OF TRANSFEROR CERTIFICATE
______________, 200___
Bear Xxxxxxx Asset Backed Securities I LLC
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Bear Xxxxxxx Asset Backed Securities Trust 2006-EC2
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Re: |
Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 (the “Certificates”), including the Class ___ |
Ladies and Gentlemen:
In connection with the sale by ___________ (the “Seller”) to ________ (the “Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed Certificates, Series 2006-EC2, Class _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor (the “Depositor”), EMC Mortgage Corporation, as sponsor and as master servicer and LaSalle Bank National Association, as trustee (the “Trustee”). The Seller hereby certifies, represents and warrants to, a 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.
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Very truly yours, | |
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___________________________________________ | |
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(Seller) | |
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By: |
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Name: |
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Title: |
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EXHIBIT E
FORM OF INVESTMENT LETTER-NON RULE 144A
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[Date] |
[SELLER]
Bear Xxxxxxx Asset Backed Securities I LLC
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
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Re: |
Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 (the “Certificates”), including the Class ___ |
Dear Ladies and Gentlemen:
In connection with our purchase of Privately Offered Certificates, we confirm that:
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(i) |
we understand that the Privately Offered Certificates are not being registered under the Securities Act of 1933, as amended (the “Act”) or any applicable state securities or “Blue Sky” laws, and are being sold to us in a transaction that is exempt from the registration requirements of such laws; |
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any information we desired concerning the Certificates, including the Privately Offered Certificates, the trust in which the Certificates represent the entire beneficial ownership interest (the “Trust”) or any other matter we deemed relevant to our decision to purchase Privately Offered Certificates has been made available to us; |
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we are able to bear the economic risk of investment in Privately Offered Certificates; we are an institutional “accredited investor” as defined in Section 501(a) of Regulation D promulgated under the Act and a sophisticated institutional investor; |
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we are acquiring Privately Offered Certificates for our own account, not as nominee for any other person, and not with a present view to any distribution or other disposition of the Privately Offered Certificates; |
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we agree the Privately Offered Certificates must be held indefinitely by us (and may not be sold, pledged, hypothecated or in any way disposed of) unless subsequently registered under the Act and any applicable state securities or “Blue Sky” laws or an exemption from the registration requirements of the Act and any applicable state securities or “Blue Sky” laws is available; |
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we agree that in the event that at some future time we wish to dispose of or exchange any of the Privately Offered Certificates (such disposition or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Privately Offered Certificates unless: |
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(A) (1) the sale is to an Eligible Purchaser (as defined below), (2) if required by the Pooling and Servicing Agreement (as defined below) a letter to substantially the same effect as either this letter or, if the Eligible Purchaser is a Qualified Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A and Related Matters Certificate in the form attached to the Pooling and Servicing Agreement (as defined below) (or such other documentation as may be acceptable to the Trustee) is executed promptly by the purchaser and delivered to the addressees hereof and (3) all offers or solicitations in connection with the sale, whether directly or through any agent acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; and
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(B) if the Privately Offered Certificate is not registered under the Act (as to which we acknowledge you have no obligation), the Privately Offered Certificate is sold in a transaction that does not require registration under the Act and any applicable state securities or “blue sky” laws and, if LaSalle Bank National Association (the “Trustee”) so requests, a satisfactory Opinion of Counsel is furnished to such effect, which Opinion of Counsel shall be an expense of the transferor or the transferee;
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we agree to be bound by all of the terms (including those relating to restrictions on transfer) of the Pooling and Servicing, pursuant to which the Trust was formed; we have reviewed carefully and understand the terms of the Pooling and Servicing Agreement; | |
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we either: (i) are not acquiring the Privately Offered Certificate directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, and/or section 4975 of the Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately Offered Certificates, have provided the Opinion of Counsel required by the Agreement. | |
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We understand that each of the Privately Offered Certificates bears, and will continue to bear, a legend to substantiate the following effect: THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. [In the case of the Class M-10 Certificates]: THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION EXEMPTION (“PTE”) 84-14, XXX 00-00, XXX 00-0, XXX 95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE OR UNLESS AN OPINION SPECIFIED IN SECTION 6.02 OF THE AGREEMENT IS PROVIDED. |
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[In the case of the Class P Certificates and Class CE Certificates]: |
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NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 6.02(h) OF THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS 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 TRUSTEE, MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT. |
“Eligible Purchaser” means a corporation, partnership or other entity which we have reasonable grounds to believe and do believe (i) can make representations with respect to itself to substantially the same effect as the representations set forth herein, and (ii) is either a Qualified Institutional Buyer as defined under Rule 144A of the Act or an institutional “Accredited Investor” as defined under Rule 501 of the Act.
Terms not otherwise defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation, as sponsor and as master servicer and LaSalle Bank National Association, as Trustee (the “Pooling and Servicing Agreement’).
If the Purchaser proposes that its Certificates be registered in the name of a nominee on its behalf, the Purchaser has identified such nominee below, and has caused such nominee to complete the Nominee Acknowledgment at the end of this letter.
Name of Nominee (if any): __________________________
IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Eligible Purchaser on the ___ day of ________, 20___.
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Very truly yours, | |
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[PURCHASER]
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By: |
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(Authorized Officer) |
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(Attorney-in-fact) |
Nominee Acknowledgment
The undersigned hereby acknowledges and agrees that as to the Certificates being registered in its name, the sole beneficial owner thereof is and shall be the Purchaser identified above, for whom the undersigned is acting as nominee.
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[NAME OF NOMINEE] | |
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By: |
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(Authorized Officer) |
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EXHIBIT F
FORM OF RULE 144A AND RELATED MATTERS CERTIFICATE
[SELLER]
Bear Xxxxxxx Asset Backed Securities I LLC
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
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Re: |
Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 (the “Certificates”), including the Class |
Dear Ladies and Gentlemen:
In connection with our purchase of Privately Offered Certificates, the undersigned certifies to each of the parties to whom this letter is addressed that it is a qualified institutional buyer (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Act”)) as follows:
1. It owned and/or invested on a discretionary basis eligible securities (excluding affiliate’s securities, bank deposit notes and CD’s, loan participations, repurchase agreements, securities owned but subject to a repurchase agreement and swaps), as described below:
Date: ______________, 20__ (must be on or after the close of its most recent fiscal year)
Amount: $ _____________________; and
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The dollar amount set forth above is: |
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greater than $100 million and the undersigned is one of the following entities: |
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(1) |
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an insurance company as defined in Section 2(13) of the Act[1]; or |
_________________________
1 A purchase by an insurance company for one or more of its separate accounts, as defined by Section 2(a)(37) of the Investment Company Act of 1940, which are neither registered nor required to be registered thereunder, shall be deemed to be a purchase for the account of such insurance company.
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an investment company registered under the Investment Company Act or any business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940; or |
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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; or |
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(4) |
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a plan (i) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, the laws of which permit the purchase of securities of this type, for the benefit of its employees and (ii) the governing investment guidelines of which permit the purchase of securities of this type; or |
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(5) |
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a business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940; or |
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(6) |
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a corporation (other than a U.S. bank, savings and loan association or equivalent foreign institution), partnership, Massachusetts or similar business trust, or an organization described in Section 501(c)(3) of the Internal Revenue Code; or |
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(7) |
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a U.S. bank, savings and loan association or equivalent foreign institution, which has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements; or |
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an investment adviser registered under the Investment Advisers Act; or |
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greater than $10 million, and the undersigned is a broker-dealer registered with the SEC; or | ||
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less than $10 million, and the undersigned is a broker-dealer registered with the SEC and will only purchase Rule 144A securities in transactions in which it acts as a riskless principal (as defined in Rule 144A); or | ||
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less than $100 million, and the undersigned is an investment company registered under the Investment Company Act of 1940, which, together with one or more registered investment companies having the same or an affiliated investment adviser, owns at least $100 million of eligible securities; or | ||
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less than $100 million, and the undersigned is an entity, all the equity owners of which are qualified institutional buyers. | ||
The undersigned further certifies that it is purchasing a Privately Offered Certificate for its own account or for the account of others that independently qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware that the sale of the Privately Offered Certificates is being made in reliance on its continued compliance with Rule 144A. It is aware that the transferor may rely on the exemption from the provisions of Section 5 of the Act provided by Rule 144A. The undersigned understands that the Privately Offered Certificates may be resold, pledged or transferred only to (i) 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 in Rule 144A, or (ii) an institutional “accredited investor,” as such term is defined under Rule 501 of the Act in a transaction that otherwise does not constitute a public offering.
The undersigned agrees that if at some future time it wishes to dispose of or exchange any of the Privately Offered Certificates, it will not transfer or exchange any of the Privately Offered Certificates to a Qualified Institutional Buyer without first obtaining a Rule 144A and Related Matters Certificate in the form hereof from the transferee and delivering such certificate to the addressees hereof. Prior to making any transfer of Privately Offered Certificates, if the proposed Transferee is an institutional “accredited investor,” the transferor shall obtain from the transferee and deliver to the addressees hereof an Investment Letter in the form attached to the Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation, as sponsor and as master servicer and LaSalle Bank National Association, as Trustee, pursuant to which the Certificates were issued.
The undersigned certifies that it either: (i) is not acquiring the Privately Offered Certificate directly or indirectly by, or on behalf of, an employee benefit plan or other retirement arrangement which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, and/or section 4975 of the Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately Offered Certificates, has provided the Opinion of Counsel required by the Agreement.
If the Purchaser proposes that its Certificates be registered in the name of a nominee on its behalf, the Purchaser has identified such nominee below, and has caused such nominee to complete the Nominee Acknowledgment at the end of this letter.
Name of Nominee (if any): _______________________________________
IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Eligible Purchaser on the ____ day of ___________, 20___.
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Very truly yours, | |
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[PURCHASER]
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By: |
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(Authorized Officer) |
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(Attorney-in-fact) |
Nominee Acknowledgment
The undersigned hereby acknowledges and agrees that as to the Certificates being registered in its name, the sole beneficial owner thereof is and shall be the Purchaser identified above, for whom the undersigned is acting as nominee.
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[NAME OF NOMINEE] | |
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By: |
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(Authorized Officer) |
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EXHIBIT G
FORM OF REQUEST FOR RELEASE
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To: |
LaSalle Bank National Association |
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
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RE: |
Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as Depositor, EMC Mortgage Corporation, as sponsor and as master servicer and LaSalle Bank National Association, as Trustee |
In connection with the administration of the Mortgage Loans held by you pursuant to the above-captioned Pooling and Servicing Agreement, we request the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described below, for the reason indicated.
Mortgagor’s Name, Address & Zip Code:
Mortgage Loan Number:
Reason for Requesting Documents (check one):
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1. |
Mortgage Loan paid in full. ([The Master Servicer] [The Trustee] hereby certifies that all amounts received in connection therewith have been credited to ______________________________.) |
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Mortgage Loan in foreclosure. |
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Repurchase. (The [Master Servicer] [Trustee] hereby certifies that the repurchase price has been credited to ________________________.) |
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A Mortgage Loan liquidated by _________________________. ([The Master Servicer] [The Trustee] hereby certifies that all proceeds of the foreclosure, insurance, condemnation or other liquidation have been finally received and credited to ______________________.) |
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Other (explain) |
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By: |
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(authorized signer) |
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Issuer: |
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Address: |
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Date: |
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EXHIBIT H
DTC Letter of Representations
(Provided Upon Request)
EXHIBIT I
Schedule of Mortgage Loans with Lost Notes
[Provided Upon Request]
EXHIBIT J
FORM OF CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the “Agreement”), dated as of February 28, 2006, by and among LASALLE BANK NATIONAL ASSOCIATION, not individually but solely as trustee under the Pooling and Servicing Agreement defined below (including its successors under the Pooling and Servicing Agreement defined below, in that capacity, the “Trustee”) and as custodian (together with any successor in interest or any successor appointed hereunder, in that capacity, the “Custodian”), BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, as depositor (together with any successor in interest, the “Depositor”) EMC MORTGAGE CORPORATION, as sponsor (“EMC” and “Sponsor”) and as master servicer (together with any successor in interest or successor under the Pooling and Servicing Agreement referred to below, the “Master Servicer”) and Master Funding LLC, as a seller (“Master Funding”, and together with EMC, the “Sellers”).
WITNESSETH THAT:
WHEREAS, the Depositor, EMC, the Master Servicer and the Trustee have entered into a Pooling and Servicing Agreement, dated as of February 1, 2006, relating to the issuance of Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 (as in effect on the date of this Agreement, the “Original Pooling and Servicing Agreement,” and as amended and supplemented from time to time, the “Pooling and Servicing Agreement”); and all custodian obligations are defined herein. In the event any custodian obligations are defined in the Pooling and Servicing Agreement, this custodial agreement shall supercede.
WHEREAS, the Custodian has agreed to act as agent for the Trustee on behalf of the Certificateholders for the purposes of receiving and holding certain documents and other instruments delivered by the Depositor, the Sellers or the Master Servicer under the Pooling and Servicing Agreement and the Servicers, if any, under their respective Servicing Agreements, 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 Sellers, the Master Servicer and the Custodian hereby agree as follows:
ARTICLE I.
DEFINITIONS
Section 1.1. Definitions. For the purposes of this Agreement, the following terms shall have the indicated meanings unless the context or use indicates another or different meaning and intent, the definitions of such terms are equally applicable to the singular and the plural forms of such terms, the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section or other subdivision, and section references refer to sections of this Agreement.
"Business Day" shall mean any day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York, New York, Chicago, Illinois, Minneapolis, Minnesota or the city in which the Corporate Trust Office of the Trustee or the principal office of the Master Servicer is located are authorized or obligated by law or executive order to be closed.
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“Closing Date” shall mean February 28, 2006. |
“MERS” shall mean Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.
“MERS Mortgage Loan” shall mean any Mortgage Loan registered with MERS on the MERS® system.
“MERS® System” shall mean the system of recording transfers of Mortgages electronically maintained by MERS.
“MIN” shall mean the Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS System.
“MOM Loan” shall mean 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.
“Mortgage” shall mean the mortgage, deed of trust or other instrument creating a first or second lien on or first or second priority ownership interest in an estate in fee simple in real property securing a Mortgage Note.
“Mortgage Assignment” shall mean an assignment of the Mortgage in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the sale of the Mortgage.
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“Mortgage File” shall have the meaning set forth in Section 2 hereof. |
“Mortgage Loan” shall mean a first or subordinate lien mortgage loan on a one-to-four family residential property.
“Mortgage Loan Schedule” shall mean the electronic schedule of Mortgage Loans identified in Schedule A.
“Mortgaged Property” shall mean the real property securing repayment of a Mortgage Loan.
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“Mortgagor” shall mean the obligor on a Mortgage Note. |
“Note” shall mean any promissory note or other evidence of indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.
“Servicer” shall mean the related servicer of the Mortgage Loans as designated by Owner.
Any Capitalized terms used in this Agreement and not defined herein shall have the meanings assigned in the Original Pooling and Servicing 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 custodial agent of the Trustee for these purposes, acknowledges (subject to any exceptions noted in the Initial Certification referred to in Section 2.3(a)) receipt of the Mortgage Files relating to the Mortgage Loans identified on the Schedule attached hereto (the “Mortgage Loan Schedule”) and declares that it holds and will hold such 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 of Mortgage that have not been recorded and the related Mortgage Loan is not a MERS Loan or the Custodian has not received written instructions from the related Seller or the Trustee that the related Mortgaged Properties are located in jurisdictions under the laws of which the recordation of such assignment is not necessary to protect the Trustee’s interest therein, each such assignment shall be delivered by the Custodian to the related Seller for the purpose of recording it in the appropriate public office for real property records, and the Sellers, at no expense to the Custodian, shall promptly cause to be recorded in the appropriate public office for real property records each such assignment of Mortgage and, upon receipt thereof from such public office, shall return each such assignment of Mortgage to the Custodian.
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Section 2.3. |
Review of Mortgage Files. |
(a) The documents set forth in the definition “Mortgage File” herein shall be delivered and released to the Custodian relating to each of the Mortgage Loans to be purchased on a Closing Date. The related Mortgage Loans shall be identified in the Mortgage Loan Schedule in electronic format which shall be delivered to the Custodian at least two Business Days prior to each Closing Date. On or prior to the Closing Date, the Custodian shall deliver to EMC and the Trustee an Initial Certification in the form annexed hereto as Exhibit One evidencing receipt (subject to any exceptions noted therein) of a Mortgage File for each of the Mortgage Loans listed on Schedule A attached hereto (the “Mortgage Loan Schedule”).
(b) Within 90 days thereafter, the Custodian agrees, for the benefit of Certificateholders, to review each such document, and shall deliver to EMC, the Master Servicer and the Trustee an Interim Certification in the form annexed hereto as Exhibit Two to the effect that all such documents 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. 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.
(c) Not later than 180 days after the Closing Date, the Custodian shall review, for the benefit of Certificateholders, the Mortgage Files and deliver to EMC, the Master Servicer and the Trustee a Final Certification in the form annexed hereto as Exhibit Three evidencing whether each document required to be recorded has been returned from the recording office with evidence of recording thereon and the Custodian has received either an original or a copy thereof. If the Custodian finds any document missing, or to be unrelated, determined on the basis of the mortgagor name, original principal balance and loan number, to the mortgage loans identified on the Mortgage Loan Schedule or to appear defective on its face, the Custodian shall note such defect in the exception report attached to the Final Certification and shall promptly notify the Trustee.
(d) In reviewing the Mortgage Files as provided herein, the Custodian shall make no representation as to and shall not be responsible to verify (i) the validity, legality, enforceability, due authorization, recordability, sufficiency or genuineness of any of the documents included in any Mortgage File or (ii) the collectibility, insurability, effectiveness or suitability of any of the documents in any Mortgage File.
In performing any such review, the Custodian may conclusively rely on the purported due execution and genuineness of any such document and on the purported genuineness of any signature thereon.
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 missing from the Mortgage Files.
Section 2.4. Custodian to Cooperate: Release of Mortgage Files. Upon receipt of written notice per Exhibit Four or Electronic Release Request per Exhibit Five from the Trustee that EMC has repurchased a Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement, and a request for release (a “Request for Release”) confirming that the purchase price therefore has been paid as required under the Pooling and Servicing Agreement, then the Custodian agrees to promptly release to EMC the related Mortgage File.
Upon the Custodian’s receipt of a Request for Release substantially in the form of Exhibit Four or Three attached hereto or Electronic Release Request per Exhibit Five, stating that it has received payment in full of a Mortgage Loan or that payment in full will be escrowed in a manner customary for such purposes, the Custodian agrees promptly to release to the Master Servicer, the related Mortgage File. The Depositor shall deliver to the Custodian and the Custodian agrees to review in accordance with the provisions of the Custodial Agreement the Mortgage Note and other documents constituting the Mortgage File with respect to any Replacement Mortgage Loan.
From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan, the Master Servicer shall deliver to the Custodian a Request for Release per Exhibit Four or Electronic Release Request per Exhibit Five requesting that possession of all of
the Mortgage File be released to the Master Servicer and certifying as to the reason for such release. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File to the Master Servicer. All Mortgage Files so released to the Master Servicer shall be held by it in trust for the Trustee for the use and benefit of all present and future Certificateholders. The Master Servicer shall cause each Mortgage File or any document therein so released to be returned to the Custodian when the need therefore by the Master Servicer no longer exists, unless (i) the Mortgage Loan has been liquidated, 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.
Section 2.5. Assumption Agreements. In the event that any assumption agreement, substitution of liability agreement or sale of servicing agreement is entered into with respect to any Mortgage Loan subject to this 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 custodial 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 and the 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 2.4 of this Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered by the Custodian to the Sellers, the Depositor or the Master Servicer or otherwise released from the possession of the Custodian.
Section 3.2. Custodian May Own Certificates. The Custodian in its individual or any other capacity may become the owner or pledgee of interests in the Mortgage Loans with the same rights it would have if it were not Custodian.
Section 3.3. Trustee to Pay Custodian’s Fees. The Trustee 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.
Section 3.4. 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 written notice of resignation, the Trustee shall either take custody of the Mortgage Files itself and give prompt written 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 written 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 upon 60 days prior written notice to Custodian. 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 shall be able to satisfy the other requirements contained in Section 3.6 and shall be unaffiliated with the Master Servicer and the Depositor.
Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.4 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. Notwithstanding anything to the contrary set forth herein, no successor Custodian shall be appointed by the Trustee without the prior approval of the Depositor and the Master Servicer.
Section 3.5. 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; provided that such successor is a depository institution subject to supervision or examination by federal or state authority and is able to satisfy the other requirements contained in Section 3.6.
Section 3.6. 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.
Section 3.7. Limitation on Liability. Neither the Custodian nor any of its directors, officers, agents or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder or in connection herewith in good faith and believed (which belief may be based upon the opinion or advice of counsel selected by it in the exercise of reasonable care) by it or them to be within the purview of this Agreement, except for its or their own negligence, lack of good faith or willful misconduct. The Custodian and any director, officer, employee or agent of the Custodian 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. In no event shall the Custodian or its directors, officers, agents and employees be held liable for any special, indirect or consequential damages resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages.
Notwithstanding anything herein to the contrary, the Custodian agrees to indemnify the Trust Fund, the Trustee and each of their respective officers, directors and agents for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the Trustee or Trust Fund, due to any negligent performance by the Custodian of its duties and responsibilities under this Agreement; provided, however, that the Custodian shall not be liable to any of the foregoing Persons for any amount and any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of such person, and the Custodian’s reliance on instructions from the Trustee or the Master Servicer. The provisions of this Section 3.7 shall survive the termination of this Custodial Agreement.
LaSalle Bank National Association, as Custodian and in its individual capacity, and its directors, officers, employees and agents shall be entitled to indemnification and defense from the Trust Fund for any loss, liability or expense incurred without negligence, willful misconduct, bad faith on their part, arising out of, or in connection with, the acceptance or administration of the custodial arrangement created hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder.
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Section 3.8. |
Limitation of Duties. The Custodian in its capacity as such: |
(a) in the course of its review of the Mortgage Files, shall not be required to make determinations (1) of a legal nature or (2) as to the authority of any officer or agent of the Master Servicer, Trustee or other entity who has executed (or certified with respect to) any document which is part of the Mortgage File;
(b) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed upon in writing by the parties hereto and shall use the same degree of care and skill as is reasonably expected of financial institutions acting in comparable capacities;
(c) will be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, genuineness, ownership or transferability of any Mortgage Loans and will not be required to and will not make any representations as to the validity, value or genuineness of the Mortgage Loans;
(d) shall not be obligated to take any legal action hereunder which might in its judgment involve any expense or liability unless it has been furnished with reasonable indemnity;
(e) may rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document, or any security, delivered to it and reasonably believed by it to be genuine and to have been signed by the Master Servicer or the Trustee;
(f) may rely on and shall be protected in acting upon the written instructions of the Master Servicer or the Trustee and such employees and representatives of the Master Servicer and the Trustee, as applicable, may hereinafter designate in writing;
(g) may consult counsel satisfactory to it (including counsel for the Trustee or the Master Servicer) and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the opinion of such counsel (provided that the fees of such counsel in connection with such consultation and opinion shall be paid by the Custodian); and
(h) shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection therewith, except in the case of a breach of any of the Custodian’s obligations hereunder, negligence or willful misconduct.
The Custodian shall be held to the same standard of conduct, and shall be entitled to the same protections, privileges and immunities as other custodians acting in a custodial capacity are generally afforded.
No covenant or agreement contained herein shall be deemed to be the covenant or agreement of any member of the Board of Directors, or any director, officer, agent, employee or representative of the Trustee, Master Servicer or the Custodian in his or her individual capacity and none of such persons shall be subject to any personal liability or accountability by reason of the execution of this Agreement, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty, or otherwise.
ARTICLE IV.
Compliance with Regulation AB
Section 4.1. Intent of the parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of this Article IV is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act. Each of the parties hereto acknowledges that interpretations of the requirements of Regulation AB may change overtime, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the mortgage-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Custodian shall cooperate reasonably with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all disclosure, statements, reports, certifications, records and any other information necessary in the reasonable, good faith determination of the Depositor to permit the Depositor to comply with the provisions of Regulation AB.
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Section 4.2. |
Additional Representations and Warranties of the Custodian. |
(a) The Custodian shall be deemed to represent to the Depositor as of the date hereof and on each date on which information is provided to the Trustee under Section 4.3 that, except as disclosed in writing to the Depositor prior to such date: (i) there are no aspects of its
financial condition that could have a material adverse effect on the performance by it of its Custodian obligations under this Agreement or any other Securitization Transaction as to which it is the custodian; (ii) there are no material legal or governmental proceedings pending (or known to be contemplated) against it; and (iii) there are no affiliations, relationships or transactions relating to the Custodian with respect to the Depositor or any sponsor, issuing entity, servicer, originator, significant obligor, enhancement or support provider or other material transaction party (other than the Trustee, which is the same entity as the Custodian) (as such terms are used in Regulation AB) relating to the Securitization Transaction contemplated by the Agreement, as identified by the Depositor to the Custodian in writing as of the Closing Date (each, a "Transaction Party").
(b) If so requested by the Depositor on any date following the Closing Date, the Custodian shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or, if any such representation and warranty is not accurate as of the date of such confirmation, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. Any such request from the Depositor shall not be given more than once each calendar quarter, unless the Depositor shall have a reasonable basis for a determination that any of the representations and warranties may not be accurate.
Section 4.3. Additional Information to Be Provided by the Custodian. For so long as the Trust is subject to the reporting obligations under the Exchange Act, for the purpose of satisfying the Depositor 's reporting obligation under the Exchange Act with respect to any class of publicly offered Certificates, the Custodian shall (a) notify the Depositor in writing of any material litigation or governmental proceedings pending against the Custodian that would be material to Certificateholders, and (b) provide to the Depositor and Trustee a written description of such proceedings. Any notices and descriptions required under this Section 4.3 shall be given no later than five Business Days prior to the Determination Date following the month in which the Custodian has knowledge of the occurrence of the relevant event. As of the date the Trustee files each Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian will be deemed to represent that any information previously provided under this Section 4.3, if any, is materially correct and does not have any material omissions unless the Custodian has provided an update to such information.
Section 4.4. Report on Assessment of Compliance and Attestation. On or before March 15 of each calendar year beginning in 2007, the Custodian shall:
(a) deliver to the Trustee, the Master Servicer and the Depositor a report regarding the Custodian’s assessment of compliance (an “Assessment of Compliance”) with the Servicing Criteria during the preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The Assessment of Compliance, as set forth in Regulation AB, must contain (i) a statement by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the Custodian, (ii) a statement by such officer that the Custodian used the Servicing Criteria attached as Exhibit Five hereto, and which will also be attached to the Assessment of Compliance, to assess compliance with the Servicing Criteria applicable to the Custodian, (iii) an assessment by such officer of the Custodian’s compliance with the applicable Servicing Criteria for the period consisting of the
preceding calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period, which assessment shall be based on the activities the Custodian performs with respect to asset-based securities transactions taken as a whole involving the Custodian, that are backed by the same asset type as the Mortgage Loans, (iv) a statement that a registered public accounting firm has issued an attestation report on the Custodian’s Assessment of Compliance for the period consisting of the preceding calendar year, and (v) a statement as to which of the Servicing Criteria, if any, are not applicable to the Custodian, which statement shall be based on the activities the Custodian performs with respect to asset-backed securities transactions taken as a whole involving the Custodian, that are backed by the same asset type as the Mortgage Loans. Such a report at a minimum shall address each of the Servicing Criteria specified on Exhibit Five hereto which are indicated as applicable to the Custodian.
(b) deliver to the Trustee, the Master Servicer and the Depositor a report (an “Attestation Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the Custodian, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight Board.
(c) Notwithstanding the foregoing, an Assessment of Compliance is not required to be delivered by the Custodian unless it is required as part of a Form 10-K with respect to the Trust Fund.
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Section 4.5. |
Indemnification; Remedies. |
(a) The Custodian shall indemnify the Depositor, each affiliate of the Depositor, the Master Servicer and each broker dealer acting as underwriter, placement agent or initial purchaser of the Certificates or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:
(i) any failure by the Custodian to deliver any report on assessment of compliance or accountants’ attestation when and as required under this Article IV.
(b) In the case of any failure of performance described in clause (i) of Section 4.5(a), the Custodian shall promptly reimburse the Depositor for all costs reasonably incurred by the Depositor in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Custodian.
ARTICLE V.
MISCELLANEOUS PROVISIONS
Section 5.1. 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 5.2. 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. The Trustee shall give prompt notice to the Custodian of any amendment or supplement to the Pooling and Servicing Agreement and furnish the Custodian with written copies thereof.
Section 5.3. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
Section 5.4. 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 Depositor and at the Trust’s expense, but only upon direction accompanied by an Opinion of Counsel reasonably satisfactory to the Depositor to the effect that the failure to effect such recordation is likely to materially and adversely affect the interests of the Certificateholders.
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 5.5. 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.
[Signature Page Attached]
IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.
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Address: 000 Xxxxx XxXxxxx Xxxxxx Xxxxxxx, XX 00000 Attention: BSABS I 0000-XX0
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XXXXXXX BANK NATIONAL ASSOCIATION, not individually but solely as Trustee By: ________________________________ Name: Xxxxx X. Xxxx Title: Assistant Vice President
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Address: 0000 Xxxxx Xx., Xxxxx 000 Xxx Xxxxx Xxxxxxx, XX 00000
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LASALLE BANK NATIONAL ASSOCIATION, as Custodian By: ________________________________ Name: Title:
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Address: 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 |
BEAR XXXXXXX ASSET BACKED SECURITIES I LLC By: ________________________________ Name: Xxxx X. Xxxxxxxx Title: Vice President
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Address: 000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000 Xxxxxx, Xxxxx 00000 |
EMC MORTGAGE CORPORATION By: ________________________________ Name: Title:
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Address: 000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000 Xxxxxx, Xxxxx 00000 |
MASTER FUNDING LLC By: ________________________________ Name: Title: |
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STATE OF ILLINOIS |
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COUNTY OF XXXX |
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On the 28th day of February 2006 before me, a notary public in and for said State, personally appeared Xxxxx X. Xxxx, known to me to be an Assistant Vice President of LaSalle Bank National Association, one of the parties that executed the within agreement, and also known to me to be the person who executed the within agreement on behalf of said party and acknowledged to me that such party 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.
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Notary Public |
[SEAL]
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STATE OF ILLINOIS |
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COUNTY OF XXXX |
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On the 28th day of February 2006 before me, a notary public in and for said State, personally appeared ____________________, known to me to be a(n) ____________________ of LaSalle Bank National Association, one of the parties that executed the within instrument, and also known to me to be the person who executed it on behalf of said party, and acknowledged to me that such party 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.
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Notary Public |
[Notarial Seal]
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STATE OF NEW YORK |
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COUNTY OF NEW YORK |
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On the 28th day of February 2006 before me, a notary public in and for said State, personally appeared Xxxx X. Xxxxxxxx, known to me to be a Vice President of Bear Xxxxxxx Asset Backed Securities I LLC, and also known to me to be the person who executed the within instrument on behalf of said party, and acknowledged to me that such party 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.
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Notary Public |
[SEAL]
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STATE OF TEXAS |
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) |
ss.: |
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COUNTY OF DALLAS |
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On the 28th day of February 2006 before me, a notary public in and for said State, personally appeared ____________________, known to me to be a(n) ____________________ of EMC Mortgage Corporation, one of the parties that executed the within instrument, and also known to me to be the person who executed the within instrument on behalf of said party, and acknowledged to me that such party 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.
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Notary Public |
[Notarial Seal]
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STATE OF TEXAS |
) |
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ss.: |
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COUNTY OF DALLAS |
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On the 28th day of February 2006 before me, a notary public in and for said State, personally appeared _____________________, known to me to be a(n) ____________________ of Master Funding LLC, one of the parties that executed the within instrument, and also known to me to be the person who executed the within instrument on behalf of said party, and acknowledged to me that such party 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.
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Notary Public |
[Notarial Seal]
SCHEDULE A
(Provided upon request)
EXHIBIT ONE
FORM OF CUSTODIAN INITIAL CERTIFICATION
February 28, 2006
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LaSalle Bank National Association |
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
EMC Mortgage Corporation
000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Bear Xxxxxxx Asset Backed Securities I LLC, Series 2006-EC2
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Re: |
Custodial Agreement, dated as of February 28, 2006, by and among LaSalle Bank National Association, Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Master Funding LLC, relating to Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 |
Ladies and Gentlemen:
In accordance with Section 2.3(a) of the above-captioned Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has received the following documents with respect to each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions listed on Schedule A attached hereto: (i) an original note, including any riders thereto, endorsed without recourse to the order of LaSalle Bank National Association, as Trustee for certificateholders of ___________________________ or to blank and showing an unbroken chain of endorsements from the original payee thereof to the person endorsing it to the Trustee; (ii) an original mortgage and, if the related mortgage loan is a MERS Loan, registered with MERS, noting the presence of the mortgage identification number and language indicating that such mortgage loan is a MERS Loan, which shall have been recorded (or if the original is not available, a copy) with evidence of such recording indicated thereon (or if clause (x) in the proviso below applies, shall be in recordable form); (iii) unless the mortgage loan is a MERS Loan, the assignment (either an original or a copy, which may be in the form of a blanket assignment if permitted in the jurisdiction in which the mortgage property is located) to the Trustee of the mortgage with respect to each mortgage loan in the name of ___________________________, which shall have been recorded (of if clause (x) in the proviso below applies, shall be in recordable form); (iv) an original or a copy of all intervening assignments of the mortgage, if any, with evidence of recording thereon; (v) the original policy of title insurance or mortgagee’s certificate of title insurance or commitment or binder for title insurance, if available, or a copy thereof, or, in the event that such original title insurance policy is unavailable, a photocopy thereof, or in lieu thereof, a current lien search on the related mortgaged property; and (vi) originals or copies of all available assumption, modification or
substitution agreements, if any; provided, however, that in lieu of the foregoing, the Sellers may deliver the following documents, under the circumstances set forth below: (x) if any mortgage, assignment thereof to the Trustee or intervening assignments thereof have been delivered or are being delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Depositor may deliver a true copy thereof with a certification by the related Seller or the title company issuing the commitment for title insurance, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording” and (y) in lieu of the mortgage notes relating to the mortgage loans identified in the list attached hereto, the Depositor may deliver a lost note affidavit and indemnity and a copy of the original note, if available.
Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Custodial Agreement.
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LASALLE BANK NATIONAL ASSOCIATION |
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By: ____________________________________ | |
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Name: | |
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Title: |
SCHEDULE A
(PROVIDED UPON REQUEST)
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
[DATE]
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LaSalle Bank National Association |
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
EMC Mortgage Corporation
000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Bear Xxxxxxx Asset Backed Securities I LLC, Series 2006-EC2
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Re: |
Custodial Agreement, dated as of February 28, 2006, by and among LaSalle Bank National Association, Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Master Funding LLC, relating to Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 |
Ladies and Gentlemen:
In accordance with Section 2.3(b) of the above-captioned Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has received and reviewed the documents described in its initial certification dated February 28, 2006 and has determined that: all 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 Custodi al Agreement.
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LASALLE BANK NATIONAL ASSOCIATION |
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By: ____________________________________ | |
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Name: | |
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Title: |
SCHEDULE A
(PROVIDED UPON REQUEST)
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
[DATE]
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LaSalle Bank National Association | ||
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000 Xxxxx XxXxxxx Xxxxxx |
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Xxxxxxx, XX 00000 |
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EMC Mortgage Corporation
000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Bear Xxxxxxx Asset Backed Securities I LLC, Series 2006-EC2
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Re: |
Custodial Agreement, dated as of February 28, 2006, by and among LaSalle Bank National Association, Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Master Funding LLC, relating to Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 |
Ladies and Gentlemen:
In accordance with Section 2.3(c) of the above-captioned Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has received and reviewed the documents described in its initial certification dated February 28, 2006 and has determined that: all 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.
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LASALLE BANK NATIONAL ASSOCIATION |
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By: ____________________________________ | |
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Name: | |
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Title: |
SCHEDULE A
(PROVIDED UPON REQUEST)
EXHIBIT FOUR
FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT
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To: |
[Name/Address of Owner] |
Attention:
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Re: |
Custodial Agreement, dated as of February 28, 2006, by and among LaSalle Bank National Association, Bear Xxxxxxx Asset Backed Securities I LLC, EMC Mortgage Corporation and Master Funding LLC, relating to Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 |
In connection with the Mortgage Files that you hold pursuant to the Custodial Agreement, we request the release, and acknowledge receipt of the Mortgage file/[specify document] for the Mortgage Loan described below, the reason indicated.
Mortgagor’s Name, Address and Zip Code:
Mortgage Loan Number:
Reason for Requesting Documents: (check one)
_____ 1. Mortgage Loan paid in full. ([The Master Servicer] [the Trustee] hereby certifies that all amounts received in connection therewith have been credited to __________________________________________________________________________.)
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_____ 2. Mortgage Loan in foreclosure. |
_____ 3. Repurchase. (The [Master Servicer] [Trustee] hereby certifies that the repurchase price has been credited to _____________________________________________.)
_____ 4. Mortgage Loan liquidated by _______________________________________. ([The Master Servicer] [The Trustee] hereby certifies that all proceeds of the foreclosure, insurance, condemnation or other liquidation have been finally received and credited to _____________________________________.
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_____ 5. Other (explain): |
EXHIBIT FIVE
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by the Custodian shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”
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Servicing Criteria |
Applicable Servicing Criteria | |
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Reference |
Criteria |
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General Servicing Considerations |
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1122(d)(1)(i) |
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements |
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1122(d)(1)(ii) |
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities |
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1122(d)(1)(iii) |
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |
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1122(d)(1)(iv) |
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |
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Cash Collection and Administration |
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1122(d)(2)(i) |
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt and identification, or such other number of days specified in the transaction agreements. |
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1122(d)(2)(ii) |
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |
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1122(d)(2)(iii) |
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances are made, reviewed and approved as specified in the transaction agreements. |
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1122(d)(2)(iv) |
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. |
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1122(d)(2)(v) |
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institutions” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. |
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1122(d)(2)(vi) |
Unissued checks are safeguarded so as to prevent unauthorized access. |
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1122(d)(2)(vii) |
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 45 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than ther person who prepared the reconciliations; and (D) contain explanations for reconciling items, These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. |
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Investor Remittances and Reporting |
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1122(d)(3)(i) |
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements, (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors; or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer. |
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1122(d)(3)(ii) |
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |
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1122(d)(3)(iii) |
Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements. |
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1122(d)(3)(iv) |
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
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Pool Asset Administration |
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1122(d)(4)(i) |
Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents. |
X |
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1122(d)(4)(ii) |
Pool assets and related documents are safeguarded as required by the transaction agreements. |
X
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1122(d)(4)(iii) |
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements |
X*
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_________________________
* Only with respect to the logistics of adding, removing or substituting loan files.
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1122(d)(4)(iv) |
Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. |
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1122(d)(4)(v) |
The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance. |
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1122(d)(4)(vi) |
Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |
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1122(d)(4)(vii) |
Loss mitigation of recovery actions (e.g., forbearance plans, modifications and deed in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction documents. |
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1122(d)(4)(viii) |
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements., Such records are maintained in at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |
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1122(d)(4)(ix) |
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |
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1122(d)(4)(x) |
Regarding any funds held in trust for an obligor (such as escrow accounts); (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 3- calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |
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1122(d)(4)(xi) |
Payments made on behalf of an obligor (such as tax ore insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the service at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |
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1122(d)(4)(xii) |
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. |
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1122(d)(4)(xiii) |
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements. |
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1122(d)(4)(xiv) |
Delinquencies, charge-offs and uncollectible funds are recognized and recorded in accordance with the transaction agreements. |
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1122(d)(4)(xv) |
Any external enhancement or other support, identified in item 1114(a)(1) through (3) or item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |
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ELECTRONIC RELEASE REQUEST (Excel)
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Collateral Release Tasks |
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Required Field Header |
Description |
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Customer |
Value can be constant of '1018' |
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Poolnum |
pool number if available, can be left blank as well |
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Loaned |
EMC loan#, required field |
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loc_code |
Codes must be mutually agreed upon with custodian. Examples are PDPO= loans released for payoff, FORC = loans released for foreclosure, OLIQ= loans released for repurchase, NLIQ = loans released for non-liquidation/correction. |
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rel_code |
Codes must be mutually agreed upon with custodian. Examples are 1 = payoff, 2 = foreclosure, 4 = repurchase, 5 = non-liquidation. |
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rel_doclist |
Can be left blank |
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notation |
"Name of Person File Being Released To @ Company Name" (i.e. Xxxxxx Xxxxx@EMC) |
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reqstr |
Can be left blank |
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reqstr_sig |
Signatory code assigned to requestor, TBD |
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amend |
0 = new release request, 1= amend an existing released record (ie. FORC to PDPO) |
EXHIBIT K
FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE
Re: The [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY PARTIES]
I, ________________________________, the _______________________ of [NAME OF COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer] [Securities Administrator] [Trustee], and their officers, with the knowledge and intent that they will rely upon this certification, that:
(1) I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans by the Company during 200[ ] that were delivered by the Company to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement (collectively, the “Company Servicing Information”);
(2) Based on my knowledge, the Company Servicing Information, 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 the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;
(3) Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];
(4) I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and
(5) The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the [Depositor] [Master Servicer]. Any material instances of noncompliance described in such reports have been disclosed to the [Depositor] [Master Servicer]. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.
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Date: |
_________________________ |
By:
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Name: |
________________________________ |
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Title: |
________________________________ |
EXHIBIT L
FORM OF MORTGAGE LOAN PURCHASE AGREEMENT
MORTGAGE LOAN PURCHASE AGREEMENT, dated as of February 28, 2006, as amended and supplemented by any and all amendments hereto (collectively, “this Agreement”), by and among EMC MORTGAGE CORPORATION, a Delaware corporation ( the “Sponsor” or a “Mortgage Loan Seller”), MASTER FUNDING LLC, a Delaware limited liability company (a “Mortgage Loan Seller” or “Master Funding”, and together with EMC, the “Mortgage Loan Sellers”) and BEAR XXXXXXX ASSET BACKED SECURITIES I LLC, a Delaware limited liability company (the “Purchaser”).
Upon the terms and subject to the conditions of this Agreement, each Mortgage Loan Seller agrees to sell, and the Purchaser agrees to purchase, certain conventional, closed-end, subprime, fixed rate and adjustable rate, first lien mortgage loans secured by one- to four-family residences (collectively, the “Mortgage Loans”) as described herein. The Purchaser intends to deposit the Mortgage Loans into a trust fund (the “Trust Fund”) and create Bear Xxxxxxx Asset-Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2 (the “Certificates”), under a pooling and servicing agreement, to be dated as of February 1, 2006 (the “Pooling and Servicing Agreement”), among the Purchaser, as depositor, EMC as Sponsor and as master servicer (the “Master Servicer”) and LaSalle Bank National Association, as trustee (the “Trustee”).
The Purchaser has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (Number 333-125422) relating to its Asset-Backed Certificates and the offering of certain series thereof (including certain classes of the Certificates) from time to time in accordance with Rule 415 under the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Securities Act”). Such registration statement, when it became effective under the Securities Act, and the prospectus relating to the public offering of certain classes of the Certificates by the Purchaser (the “Public Offering”), as each may be amended or supplemented from time to time pursuant to the Securities Act or otherwise, are referred to herein as the “Registration Statement” and the “Prospectus,” respectively. The “Free Writing Prospectus” shall mean the free writing prospectus, dated February 9, 2006, relating to certain classes of the Certificates. The “Prospectus Supplement” shall mean the final supplement, dated February 21, 2006, to the Prospectus, dated June 24, 2005, relating to certain classes of the Certificates. With respect to the Public Offering of certain classes of the Certificates, Bear, Xxxxxxx & Co. Inc. (“Bear Xxxxxxx”) and the Purchaser have entered into a terms agreement, dated as of February 9, 2006, to an underwriting agreement, dated January 10, 2006 (together, the “Underwriting Agreement”) between Bear Xxxxxxx and the Purchaser.
Now, therefore, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:
SECTION 1. Definitions. Certain terms are defined herein. Capitalized terms used herein but not defined herein shall have the meanings specified in the Pooling and Servicing Agreement. The following other terms are defined as follows:
Acquisition Price: With respect to the Sponsor and the sale of the EMC Mortgage Loans, cash in an amount equal to $ * (plus $ * in accrued interest) and the retained certificates. With respect to Master Funding and the sale of the Master Funding Mortgage Loans, cash in an amount equal to $ * (plus $ * in accrued interest).
Bear Xxxxxxx: Bear, Xxxxxxx & Co. Inc.
Closing Date: February 28, 2006.
Custodial Agreement: An agreement, dated as of February 28, 2006, among the Depositor, EMC, Master Funding, the Master Servicer, the Trustee and the Custodian.
Cut-off Date: February 1, 2006.
Cut-off Date Balance: Shall mean $445,177,198.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement Mortgage Loan.
Due Date: As to any Mortgage Loan, the date in each month on which the related Scheduled Payment is due, as set forth in the related Mortgage Note.
EMC: EMC Mortgage Corporation.
EMC Mortgage Loan: The Mortgage Loans identified as such on the Mortgage Loan Schedule for which EMC is the applicable Mortgage Loan Seller.
LaSalle: LaSalle Bank National Association, or its successors in interest.
Master Funding: Master Funding LLC.
Master Funding Mortgage Loan: The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Master Funding is the applicable Mortgage Loan Seller.
MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.
MERS® System: The system of recording transfers of Mortgages electronically maintained by MERS.
Moody’s: Xxxxx’x Investors Service, Inc., or its successors in interest.
Mortgage: The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in an estate in fee simple in real property securing a Mortgage Note.
_________________________
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* |
Please contact Bear Xxxxxxx for pricing information. |
Mortgage File: The items referred to in Exhibit 1 pertaining to a particular Mortgage Loan and any additional documents required to be added to such documents pursuant to this Agreement.
Mortgage Rate: The annual rate of interest borne by a Mortgage Note as stated herein.
Mortgagor: The obligor(s) on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum rate equal to the Mortgage Rate less the sum of (i) the Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) the rate at which the LPMI Fee is calculated, if any.
Opinion of Counsel: A written opinion of counsel, who may be counsel for the Mortgage Loan Sellers or the Purchaser, reasonably acceptable to the Trustee.
Person: Any legal person, including any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
Purchase Price: With respect to any Mortgage Loan required to be purchased by the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) pursuant to the applicable provisions of this Agreement, an amount equal to the sum of (i) 100% of the principal remaining unpaid on such Mortgage Loan as of the date of purchase (including if a foreclosure has already occurred, the principal balance of the related Mortgage Loan at the time the Mortgaged Property was acquired), (ii) accrued and unpaid interest thereon at the Mortgage Interest Rate through and including the last day of the month of purchase and (iii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any anti-predatory lending laws.
Rating Agencies: Standard & Poor’s and Moody’s, each a “Rating Agency.”
Replacement Mortgage Loan: A mortgage loan substituted for a Deleted Mortgage Loan which must meet on the date of such substitution the requirements stated herein and in the Pooling and Servicing Agreement; upon such substitution, such mortgage loan shall be a “Mortgage Loan” hereunder.
Securities Act: The Securities Act of 1933, as amended.
Standard & Poor’s: Standard & Poor’s, a division of The XxXxxx-Xxxx Companies, Inc. or its successors in interest.
Value: The value of the Mortgaged Property at the time of origination of the related Mortgage Loan, such value being the lesser of (i) the value of such property set forth in an appraisal accepted by the applicable originator of the Mortgage Loan or (ii) the sales price of such property at the time of origination.
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SECTION 2. |
Purchase and Sale of the Mortgage Loans and Related Rights. |
(a) Upon satisfaction of the conditions set forth in Section 11 hereof, each Mortgage Loan Seller agrees to sell, and the Purchaser agrees to purchase the Mortgage Loans sold by such Mortgage Loan Seller having an aggregate outstanding principal balance as of the Cut-off Date equal to the Cut-off Date Balance, and each Mortgage Loan Seller’s interest in the Swap Agreement and the Yield Maintenance Agreement.
(b) The closing for the purchase and sale of the Mortgage Loans and the closing for the issuance of the Certificates will take place on the Closing Date at the office of the Purchaser’s counsel in New York, New York or such other place as the parties shall agree.
(c) Upon the satisfaction of the conditions set forth in Section 11 hereof, on the Closing Date, the Purchaser shall pay to each respective Mortgage Loan Seller the related Acquisition Price for the Mortgage Loans sold by such Mortgage Loan Seller in immediately available funds by wire transfer to such account or accounts as shall be designated by such Mortgage Loan Seller.
SECTION 3. Mortgage Loan Schedules. The Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) agrees to provide to the Purchaser as of the date hereof a preliminary listing of the Mortgage Loans (the “Preliminary Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by the respective Mortgage Loan Sellers. If there are changes to the Preliminary Mortgage Loan Schedule, the Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) shall provide to the Purchaser as of the Closing Date a final schedule (the “Final Mortgage Loan Schedule”) setting forth the information listed on Exhibit 2 to this Agreement with respect to each of the Mortgage Loans being sold by each Mortgage Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be delivered to the Purchaser on the Closing Date, shall be attached to an amendment to this Agreement to be executed on the Closing Date by the parties hereto and shall be in form and substance mutually agreed to by the Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) and the Purchaser (the “Amendment”). If there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all purposes hereof.
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SECTION 4. |
Mortgage Loan Transfer. |
(a) The Purchaser will be entitled to all scheduled payments of principal and interest on the Mortgage Loans due after the Cut-off Date (regardless of when actually collected) and all payments thereof. Each Mortgage Loan Seller will be entitled to all scheduled payments of principal and interest on the Mortgage Loans sold by it to the Purchaser due on or before the Cut-off Date (including payments collected after the Cut-off Date) and all payments thereof. Such principal amounts and any interest thereon belonging to the related Mortgage Loan Seller as described above will not be included in the aggregate outstanding principal balance of the Mortgage Loans as of the Cut-off Date as set forth on the Final Mortgage Loan Schedule.
(b) Pursuant to various conveyancing documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on
the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, each Mortgage Loan Seller has delivered or will deliver or cause to be delivered to the Trustee, or the Custodian on behalf of the Trustee, by the Closing Date or such later date as is agreed to by the Purchaser and such Mortgage Loan Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the items of the Custodian’s Mortgage File, provided, however, that in lieu of the foregoing, each Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the related Mortgage Loan Seller may deliver a true copy thereof with a certification by such Mortgage Loan Seller or the Master Servicer, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording;” (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from such Mortgage Loan Seller or the Master Servicer to such effect), such Mortgage Loan Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 5 the related Mortgage Loan Seller may deliver lost note affidavits and indemnities of such Mortgage Loan Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, such Mortgage Loan Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by such Mortgage Loan Seller or the Master Servicer to such effect. Each Mortgage Loan Seller shall deliver such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Trustee, or the Custodian on behalf of the Trustee, promptly after they are received. The Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) shall cause the Mortgage and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than 180 days after the Closing Date unless such assignment is not required to be recorded under the terms set forth in Section 6(a) hereof.
(c) In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) further agrees that it will cause, at the Sponsor’s own expense, within 30 days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the related Mortgage Loan Seller to the Purchaser and by the Purchaser 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 Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) 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 the Pooling and Servicing Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of the Pooling and Servicing Agreement.
(d) Each Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of the Mortgage Loans will ultimately be assigned to LaSalle Bank National Association, as Trustee for the benefit of the Certificateholders, on the date hereof.
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SECTION 5. |
Examination of Mortgage Files. |
(a) On or before the Mortgage File Delivery Date, each Mortgage Loan Seller will have made the related Mortgage Files available to the Purchaser or its agent for examination which may be at the offices of the Trustee or such Mortgage Loan Seller and/or such Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has conducted or has failed to conduct any partial or complete examination of the related Mortgage Files shall not affect the Purchaser’s rights to demand cure, repurchase, substitution or other relief as provided in this Agreement. In furtherance of the foregoing, each Mortgage Loan Seller shall make the related Mortgage Files available to the Purchaser or its agent from time to time so as to permit the Purchaser to confirm such Mortgage Loan Seller’s compliance with the delivery and recordation requirements of this Agreement and the Pooling and Servicing Agreement. In addition, upon request of the Purchaser, each Mortgage Loan Seller agrees to provide to the Purchaser, Bear Xxxxxxx and to any investors or prospective investors in the Certificates information regarding the Mortgage Loans and their servicing, to make the related Mortgage Files available to the Purchaser, Bear Xxxxxxx and to such investors or prospective investors (which may be at the offices of the related Mortgage Loan Seller and/or such Mortgage Loan Seller’s custodian) and to make available personnel knowledgeable about the related Mortgage Loans for discussions with the Purchaser, Bear Xxxxxxx and such investors or prospective investors, upon reasonable request during regular business hours, sufficient to permit the Purchaser, Bear Xxxxxxx and such investors or potential investors to conduct such due diligence as any such party reasonably believes is appropriate.
(b) Pursuant to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or the Custodian as obligated under the Custodial Agreement) for the benefit of the Certificateholders will review items of the Mortgage Files as set forth on Exhibit 1 and will deliver to the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) an initial certification in the form attached as Exhibit One to the Custodial Agreement.
(c) Within 90 days of the Closing Date, the Trustee or the Custodian on its behalf shall, in accordance with the provisions of Section 2.02 of the Pooling and Servicing Agreement, deliver to the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and the Trustee an Interim Certification in the form attached as Exhibit Two to the Custodial Agreement to the effect that all such documents 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. 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.
(d) The Trustee or the Custodian on its behalf will review the Mortgage Files within 180 days of the Closing Date and will deliver to the Sponsor and the Master Servicer, and if reviewed by the Custodian, the Trustee, a final certification substantially in the form of Exhibit Three to the Custodial Agreement. If the Trustee or the Custodian on its behalf is unable to deliver a final certification with respect to the items listed in Exhibit 1 due to any document that is missing, has not been executed, is unrelated, determined on the basis of the Mortgagor name, original principal balance and loan number, to the Mortgage Loans identified in the Final Mortgage Loan Schedule (a “Material Defect”), the Trustee or the Custodian on its behalf shall notify the Sponsor of such Material Defect. The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall correct or cure any such Material Defect within 90 days from the date of notice from the Trustee, the Depositor or the Master Servicer of the Material Defect and if the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) does not correct or cure such Material Defect within such period and such defect materially and adversely affects the interests of the Certificateholders in the related Mortgage Loan, the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) will, in accordance with the terms of the Pooling and Servicing Agreement, within 90 days of the date of notice, provide the Trustee with a Replacement Mortgage Loan (if within two years of the Closing Date) or purchase the related Mortgage Loan at the applicable Purchase Price; provided, however, that if such defect relates solely to the inability of the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) to deliver the original security instrument or intervening assignments thereof, or a certified copy because the originals of such documents, or a certified copy, have not been returned by the applicable jurisdiction, the Sponsor shall not be required to purchase such Mortgage Loan if the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) delivers such original documents or certified copy promptly upon receipt, but in no event later than 360 days after the Closing Date. The foregoing repurchase obligation shall not apply in the event that the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) cannot deliver such original or copy of any document submitted for recording to the appropriate recording office in the applicable jurisdiction because such document has not been returned by such office; provided that the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall instead deliver a recording receipt of such recording office or, if such receipt is not available, a certificate of the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) or a Servicing Officer confirming that such documents have been accepted for recording, and delivery to the Trustee shall be effected by the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) within thirty days of its receipt of the original recorded document.
(e) At the time of any substitution, the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall deliver or cause to be delivered the Replacement Mortgage Loan, the related Mortgage File and any other documents and payments required to be delivered in connection with a substitution pursuant to the Pooling and Servicing Agreement. At the time of any purchase or substitution, the Trustee shall (i) assign the selected Mortgage Loan to the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and shall release or cause the Custodian to release the documents (including, but not limited to, the Mortgage, Mortgage Note and other contents of the Mortgage File) in the possession of the Trustee or the Custodian, as applicable relating to the Deleted Mortgage Loan and (ii) execute and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) title to such Deleted Mortgage Loan.
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SECTION 6. |
Recordation of Assignments of Mortgage. |
(a) The Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) will, promptly after the Closing Date, cause each Mortgage and each assignment of Mortgage from the Mortgage Loan Sellers to the Trustee, and all unrecorded intervening assignments, if any, delivered on or prior to the Closing Date, to be recorded in all recording offices in the jurisdictions where the related Mortgaged Properties are located; provided, however, the Sponsor (on its own behalf as Mortgage Loan Seller or on behalf of Master Funding) need not cause to be recorded any assignment which relates to a Mortgage Loan that is a MOM Loan or for which the related Mortgaged Property is located in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) to the Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Sponsor (on its own behalf as Mortgage Loan Seller and on behalf of Master Funding) in the manner described above, at no expense to the Trust Fund or Trustee, upon the earliest to occur of (i) reasonable direction by the Holders of Certificates evidencing Percentage Interests aggregating not less than 25% of the Trust, (ii) the occurrence of an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor under the Pooling and Servicing Agreement, (iv) the occurrence of a servicing transfer or an assignment of the servicing as described in Section 7.07 of the Pooling and Servicing Agreement or (iv) with respect to any one assignment of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage.
While each such Mortgage or assignment is being recorded, if necessary, the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall leave or cause to be left with the Trustee or the Custodian on its behalf a certified copy of such Mortgage or assignment. In the event that, within 180 days of the Closing Date, the Trustee has not been provided with an Opinion of Counsel as described above or received evidence of recording with respect to each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof or as set forth above and the related Mortgage Loan is not a MOM Loan, the failure to provide evidence of recording or such Opinion of Counsel shall be considered a Material Defect, and the provisions of Section 5(c) and (d) shall apply. All customary recording fees and reasonable expenses relating to the recordation of the assignments of mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall be borne by the Sponsor.
(b) It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by each Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement be, and be treated as, a sale. It is, further, not the intention of the parties that such conveyance be deemed a pledge of the Mortgage Loans by such Mortgage Loan Seller to the Purchaser to secure a debt or other obligation of that Mortgage Loan Seller. However, in the event that, notwithstanding the intent of the parties, the Mortgage Loans are held by a court to continue to be property of such Mortgage Loan Seller, then (a) this Agreement shall also be
deemed to be a security agreement within the meaning of Articles 8 and 9 of the applicable Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided for herein shall be deemed to be a grant by such Mortgage Loan Seller to the Purchaser of a security interest in all of such Mortgage Loan Seller’s right, title and interest in and to the Mortgage Loans and all amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, to the extent the Purchaser would otherwise be entitled to own such Mortgage Loans and proceeds pursuant to Section 4 hereof, including all amounts, other than investment earnings, from time to time held or invested in any accounts created pursuant to the Pooling and Servicing Agreement, whether in the form of cash, instruments, securities or other property; (c) the possession by the Purchaser or the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to Section 9-305 (or comparable provision) of the applicable Uniform Commercial Code; 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 Purchaser for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the Purchaser pursuant to any provision hereof or pursuant to the Pooling and Servicing Agreement shall also be deemed to be an assignment of any security interest created hereby. The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be reasonably necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, 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 the Pooling and Servicing Agreement.
SECTION 7. Representations and Warranties of the Sponsor Concerning the Mortgage Loans. The Sponsor hereby represents and warrants to the Purchaser as of the Closing Date or such other date as may be specified below with respect to each Mortgage Loan:
(a) The information set forth in the Mortgage Loan Schedule on the Closing Date is complete, true and correct.
(b) All payments required to be made prior to the Cut-off Date with respect to each Mortgage Loan have been made and no Mortgage Loan is delinquent thirty one or more days (determined using a 30/360 basis).
(c) If any of the Mortgage Loans are secured by a leasehold interest, with respect to each leasehold interest: the use of leasehold estates for residential properties is an accepted practice in the area where the related Mortgaged Property is located; residential property in such area consisting of leasehold estates is readily marketable; the lease is recorded and no party is in any way in breach of any provision of such lease; the leasehold is in full force and effect and is not subject to any prior lien or encumbrance by which the leasehold could be terminated or subject to any charge or penalty; and the remaining term of the lease does not terminate less than ten years after the maturity date of such Mortgage Loan.
(d) Except with respect to taxes, insurance and other amounts previously advanced by a prior servicer with respect to any Mortgage Loan, there are no delinquent taxes, water charges, sewer rents, assessments, insurance premiums, leasehold payments, including assessments payable in future installments, or other outstanding charges affecting the related Mortgaged Property.
(e) The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments which in the case of the Mortgage Loans are in the Mortgage File and have been or will be recorded, if necessary to protect the interests of the Trustee, and which have been or will be delivered to the Trustee, all in accordance with this Agreement. The substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required by the related policy. No Mortgagor has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer, to the extent required by the policy, and which assumption agreement in the case of the Mortgage Loans is part of the Mortgage File.
(f) The Mortgage Note and the Mortgage are not subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Mortgage Note and the Mortgage, or the exercise of any right thereunder, render the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto.
(g) All buildings upon, or comprising part of, the Mortgaged Property are insured by an insurer acceptable to Xxxxxx Xxx and Xxxxxxx Mac against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, and such insurer is licensed to do business in the state where the Mortgaged Property is located. All such insurance policies contain a standard mortgagee clause naming the originator, its successors and assigns as mortgagee and the related Mortgage Loan Seller has received no notice that all premiums thereon have not been paid. If upon origination of the Mortgage Loan, the Mortgaged Property was, or was subsequently deemed to be, in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available), which require under applicable law that a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration (or any successor thereto) be obtained, such flood insurance policy is in effect which policy is with a generally acceptable carrier in an amount representing coverage not less than the least of (A) the Stated Principal Balance of the related Mortgage Loan, (B) the minimum amount required to compensate for damage or loss on a replacement cost basis, or (C) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at Mortgagor’s cost and expense and, on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s cost and expense and to obtain reimbursement therefor from the Mortgagor.
(h) Each loan at the time it was made complied in all material respects with applicable local, state and federal laws, including but not limited to, all applicable anti-predatory lending laws.
(i) The Mortgage has not been satisfied, canceled, subordinated, or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission.
(j) The Mortgage is a valid, existing and enforceable first lien on the Mortgaged Property, including all improvements on the Mortgaged Property, if any, subject only to (1) the lien of current real property taxes and assessments not yet due and payable, (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the Appraised Value of the Mortgaged Property and (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage. The Mortgage Loan Seller has full right to sell and assign the Mortgage to the Purchaser.
(k) The Mortgage Note and the related Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or reorganization or general principles of equity.
(l) All parties to the Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage Loan transaction and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties.
(m) The proceeds of the Mortgage Loan have been fully disbursed and there is no requirement for future advances thereunder and any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage.
(n) Immediately prior to the conveyance of the Mortgage Loans by the related Mortgage Loan Seller to the Purchaser hereunder, such Mortgage Loan Seller was the sole owner and holder of the Mortgage Loan; the related Originator or such Mortgage Loan Seller was the custodian of the related escrow account, if applicable; the Mortgage Loan had neither been assigned nor pledged, and such Mortgage Loan Seller had good and marketable title thereto, and had full right to transfer and sell the Mortgage Loan and the related servicing rights to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest subject to the applicable servicing agreement and had full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign the Mortgage Loan and the related servicing rights, subject to the applicable servicing agreement, to the Purchaser pursuant to the terms of this Agreement.
(o) All parties which have had any interest in the Mortgage, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (1) in compliance with any and all applicable licensing
requirements of the laws of the state wherein the Mortgaged Property is located, and (2) organized under the laws of such state, qualified to do business in such state, a federal savings and loan association or national bank having principal offices in such state or not deemed to be doing business in such state under applicable law.
(p) The Mortgage Loan is covered by an ALTA lender’s title insurance policy or equivalent form acceptable to the Department of Housing and Urban Development, or any successor thereto, and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions contained in clause (i) above) the related Mortgage Loan Seller (as assignee), its successors and assigns as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress, and against encroachments by or upon the Mortgaged Property or any interest therein. With respect to each Mortgage Loan, the related Mortgage Loan Seller (as assignee) is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect. No claims have been made under such lender’s title insurance policy, and no prior holder of the related Mortgage, including the related Mortgage Loan Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy.
(q) Except as provided in clause (b), immediately prior to the Cut-off Date, there was no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and there was no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and the related Mortgage Loan Seller has not waived any default, breach, violation or event of acceleration.
(r) There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the related Mortgaged Property which are or may be liens prior to or equal with, the lien of the related Mortgage.
(s) At the time of origination, each Mortgaged Property was the subject of an appraisal which conformed to the underwriting requirements of the originator of the Mortgage Loan and, the appraisal is in a form acceptable to Xxxxxx Xxx or Xxxxxxx Mac.
(t) The origination, servicing and collection practices with respect to each Mortgage Note and Mortgage including, the establishment, maintenance and servicing of the escrow accounts and escrow payments, if any, since origination, have been conducted in all respects in accordance with the terms of Mortgage Note and in compliance with all applicable laws and regulations and, unless otherwise required by law or Xxxxxx Mae/Xxxxxxx Mac standards, in accordance with the proper, prudent and customary practices in the mortgage origination and servicing business. With respect to the escrow accounts and escrow payments, if any, and a Mortgage Loan all such payments are in the possession or under the control of the related Mortgage Loan Seller (including pursuant to a Subservicing Agreement) and there exists no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. Any interest required to be paid pursuant to state and local law has been properly paid and credited.
(u) The Mortgaged Property is free of material damage and waste and there is no proceeding pending for the total or partial condemnation thereof.
(v) The Mortgage contains customary and enforceable provisions to render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security intended to be provided thereby, including, (1) in the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (2) otherwise by judicial foreclosure. There is no other exemption available to the Mortgagor which would interfere with the right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage. The Mortgagor has not notified the Mortgage Loan Seller and the Mortgage Loan Seller has no knowledge of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act.
(w) The Mortgage Note is not and has not been secured by any collateral except the lien of the applicable Mortgage.
(x) In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Certificateholders to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor.
(y) The Mortgagor has received all disclosure materials required by applicable law with respect to the making of the Mortgage Loan.
(z) No Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property.
(aa) To the best of the Sponsor’s knowledge, the Mortgaged Property is lawfully occupied under applicable law and all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy, have been made or obtained from the appropriate authorities.
(bb) The assignment of Mortgage with respect to a Mortgage Loan is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.
(cc) The Mortgaged Property consists of a single parcel of real property with or without a detached single family residence erected thereon, or an individual condominium unit, or a 2-4 family dwelling, or an individual unit in a planned unit development as defined by Xxxxxx Mae or a townhouse, each structure of which is permanently affixed to the Mortgaged Property, and is legally classified as real estate.
(dd) Each Mortgage Loan at the time of origination was underwritten in general in accordance with guidelines not inconsistent with the guidelines set forth in the Prospectus Supplement and generally accepted credit underwriting guidelines.
(ee) No error, omission, misrepresentation, fraud or similar occurrence with respect to a Mortgage Loan has taken place on the part of either Mortgage Loan Seller or the related Originator.
(ff) Each Mortgage Loan was originated (1) by a savings and loan association, savings bank, commercial bank, credit union, insurance company or similar institution that is supervised and examined by a federal or state authority, (2) by a mortgagee approved by the Secretary of HUD pursuant to Sections 203 and 211 of the National Housing Act, as amended, or (3) by a mortgage broker or correspondent lender in a manner such that the related Mortgage Loan would be regarded for purposes of Section 3(a)(41) of the Securities Exchange Act of 1934, as amended, as having been originated by an entity described in clauses (1) or (2) above;
(gg) None of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part 226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing TILA, which implements the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) or (b) classified and/or defined as a “high cost home loan” (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) under any federal, state, or local law, including, but not limited to, the States of Georgia or North Carolina.
(hh) No mortgage loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act.
(ii) None of the Mortgage Loans contains provisions pursuant to which monthly payments are (a) paid or partially paid with funds deposited in any separate account established by the related Mortgage Loan Seller, the mortgagor, or anyone on behalf of the mortgagor, (b) paid by any source other than the mortgagor or (c) contains any other similar provisions which may constitute a “buydown” provision. None of the Mortgage Loans is a graduated payment mortgage loan and no Mortgage Loan has a shared appreciation or other contingent interest feature.
(jj) Each Mortgage Loan that contains a provision for the assumption substitution of liability, pursuant to which the original mortgagor is released from liability and another person is substituted as the mortgagor and becomes liable under the Mortgage Note, shall be effective only if such person satisfies the then current underwriting practices and procedures of prudent mortgage lenders in a state in which the mortgaged property is located.
(kk) The Mortgaged Property and all improvements thereon comply with all requirements of any applicable zoning and subdivision laws and ordinances.
(ll) Each Mortgage is a valid and enforceable first lien on the property securing the related Mortgage Note and each Mortgaged Property is owned by the Mortgagor in fee simple (except with respect to common areas in the case of condominiums, PUDs and de minimis PUDs) or by leasehold for a term longer than the term of the related Mortgage, subject only to (i) the lien of current real property taxes and assessments, (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal obtained in connection with the origination of
the related Mortgage Loan or referred to in the lender’s title insurance policy delivered to the originator of the related Mortgage Loan and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage; Appraisal Form 1004 or Form 2055 with an interior inspection for first lien Mortgage Loans has been obtained. Form 704, 2065 or 2055 with an exterior only inspection for junior lien Mortgage Loans has been obtained.
(mm) None of the Mortgage Loans that are secured by property located in the State of Illinois are in violation of the provisions of the Illinois Interest Act.
(nn) Each Prepayment Charge is enforceable and was originated in compliance with all applicable federal, state and local laws.
(oo) With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity, the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal law.
(pp) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary which is now Version 5.6c Revised, Appendix E attached hereto as Exhibit 6).
(qq) No Mortgage Loan is a High-Cost Home Loan under the New Jersey Home Ownership Security Act of 2002.
It is understood and agreed that the representations and warranties set forth in this Section 7 will inure to the benefit of the Purchaser, its successors and assigns, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or assignment of Mortgage or the examination of any Mortgage File. Upon any substitution for a Mortgage Loan, the representations and warranties set forth above shall be deemed to be made by the Mortgage Loan Seller as to any Replacement Mortgage Loan as of the date of substitution.
Upon discovery or receipt of notice by the Sponsor, the Purchaser or the Trustee of a breach of any representation or warranty of the Sponsor set forth in this Section 7 which materially and adversely affects the value of the interests of the Purchaser, the Certificateholders or the Trustee in any of the Mortgage Loans delivered to the Purchaser pursuant to this Agreement, the party discovering or receiving notice of such breach shall give prompt written notice to the others. In the case of any such breach of a representation or warranty set forth in this Section 7, within 90 days from the date of discovery by the Sponsor, or the date the Sponsor is notified by the party discovering or receiving notice of such breach (whichever occurs earlier), the Sponsor will (i) cure such breach in all material respects, (ii) purchase the affected Mortgage Loan at the applicable Purchase Price or (iii) if within two years of the Closing Date, substitute a qualifying Replacement Mortgage Loan in exchange for such Mortgage Loan; provided that, (A) in the case of a breach of the representation and warranty concerning the Mortgage Loan Schedule contained in clause (a) of this Section 7, if such breach is material and relates to any field on the Mortgage Loan Schedule which identifies any Prepayment Charge or (B) in the case of a breach of the representation contained in clause (nn) of this Section 7, then, in each case, in lieu of purchasing such Mortgage Loan from the Trust Fund at the Purchase Price, the Sponsor shall pay the amount of the Prepayment Charge (net of any amount previously collected by or
paid to the Trust Fund in respect of such Prepayment Charge) from its own funds and without reimbursement therefor, and the Sponsor shall have no obligation to repurchase or substitute for such Mortgage Loan. The obligations of the Sponsor to cure, purchase or substitute a qualifying Replacement Mortgage Loan shall constitute the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive remedy under this Agreement or otherwise respecting a breach of representations or warranties hereunder with respect to the Mortgage Loans, except for the obligation of the Sponsor to indemnify the Purchaser for such breach as set forth in and limited by Section 14 hereof.
Any cause of action against the Sponsor or relating to or arising out of a breach by the Sponsor of any representations and warranties made in this Section 7 shall accrue as to any Mortgage Loan upon (i) discovery of such breach by the Sponsor or notice thereof by the party discovering such breach and (ii) failure by the Sponsor to cure such breach, purchase such Mortgage Loan or substitute a qualifying Replacement Mortgage Loan pursuant to the terms hereof.
SECTION 8. Representations and Warranties Concerning the Sponsor. As of the date hereof and as of the Closing Date, the Sponsor represents and warrants to the Purchaser and Master Funding as to itself in the capacity indicated as follows:
(a) The Sponsor (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on the Sponsor’s business as presently conducted or on the Sponsor’s ability to enter into this Agreement and to consummate the transactions contemplated hereby;
(b) The Sponsor has full power to own its property, to carry on its business as presently conducted and to enter into and perform its obligations under this Agreement;
(c) The execution and delivery by the Sponsor of this Agreement has been duly authorized by all necessary action on the part of the Sponsor; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof or thereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Sponsor or its properties or the charter or by-laws of the Sponsor, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Sponsor’s ability to enter into this Agreement and to consummate the transactions contemplated hereby;
(d) The execution, delivery and performance by the Sponsor of this Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made and, in connection with the recordation of the Mortgages, powers of attorney or assignments of Mortgages not yet completed;
(e) This Agreement has been duly executed and delivered by the Sponsor and, assuming due authorization, execution and delivery by the Purchaser or the parties thereto, constitutes a valid and binding obligation of the Sponsor enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally);
(f) There are no actions, suits or proceedings pending or, to the knowledge of the Sponsor, threatened against the Sponsor, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement or (ii) with respect to any other matter which in the judgment of the Sponsor could reasonably be expected to be determined adversely to the Sponsor and if determined adversely to the Sponsor materially and adversely affect the Sponsor’s ability to perform its obligations under this Agreement; and the Sponsor is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement; and
(g) The Mortgage Loan Sellers’ Information (as defined in Section 14(a) hereof) does not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
SECTION 9. Representations and Warranties Concerning the Purchaser. As of the date hereof and as of the Closing Date, the Purchaser represents and warrants to the Mortgage Loan Sellers as follows:
(a) The Purchaser (i) is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on the Purchaser’s business as presently conducted or on the Purchaser’s ability to enter into this Agreement and to consummate the transactions contemplated hereby;
(b) The Purchaser has full power to own its property, to carry on its business as presently conducted and to enter into and perform its obligations under this Agreement;
(c) The execution and delivery by the Purchaser of this Agreement has been duly authorized by all necessary action on the part of the Purchaser; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Purchaser or its properties or the certificate of formation or limited liability company agreement of the Purchaser, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on the Purchaser’s ability to enter into this Agreement and to consummate the transactions contemplated hereby or thereby;
(d) The execution, delivery and performance by the Purchaser of this Agreement and the consummation of the transactions contemplated hereby or thereby do not
require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made;
(e) This Agreement has been duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery by the Mortgage Loan Sellers, constitutes a valid and binding obligation of the Purchaser enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally);
(f) There are no actions, suits or proceedings pending or, to the knowledge of the Purchaser, threatened against the Purchaser, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement or (ii) with respect to any other matter which in the judgment of the Purchaser could reasonably be expected to be determined adversely to the Purchaser and if determined adversely to the Purchaser materially and adversely affect the Purchaser’s ability to perform its obligations under this Agreement; and the Purchaser is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement; and
(g) The Purchaser’s Information (as defined in Section 14(b) hereof) does not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
SECTION 10. Representations and Warranties Concerning Master Funding. As of the date hereof and as of the Closing Date, Master Funding represents and warrants to the Sponsor and the Purchaser as follows:
(a) Master Funding (i) is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and (ii) is qualified and in good standing to do business in each jurisdiction where such qualification is necessary, except where the failure so to qualify would not reasonably be expected to have a material adverse effect on Master Funding’s business as presently conducted or on Master Funding’s ability to enter into this Agreement and to consummate the transactions contemplated hereby;
(b) Master Funding has full power to own its property, to carry on its business as presently conducted and to enter into and perform its obligations under this Agreement;
(c) The execution and delivery by Master Funding of this Agreement has been duly authorized by all necessary action on the part of Master Funding; and neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof or thereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on Master Funding or its properties or the written consent of the sole member or limited liability company agreement of Master Funding, except those conflicts, breaches or defaults which would not reasonably be expected to have a material
adverse effect on Master Funding’s ability to enter into this Agreement and to consummate the transactions contemplated hereby;
(d) The execution, delivery and performance by Master Funding of this Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made and, in connection with the recordation of the Mortgages, powers of attorney or assignments of Mortgages not yet completed;
(e) This Agreement has been duly executed and delivered by Master Funding and, assuming due authorization, execution and delivery by the Purchaser or the parties thereto, constitutes a valid and binding obligation of Master Funding enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally); and
(f) There are no actions, suits or proceedings pending or, to the knowledge of Master Funding, threatened against Master Funding, before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Agreement or (ii) with respect to any other matter which in the judgment of Master Funding could reasonably be expected to be determined adversely to Master Funding and if determined adversely to Master Funding materially and adversely affect Master Funding’s ability to perform its obligations under this Agreement; and Master Funding is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement.
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SECTION 11. |
Conditions to Closing. |
(a) The obligations of the Purchaser under this Agreement will be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:
(1) Each of the obligations of each Mortgage Loan Seller required to be performed at or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects; all of the representations and warranties of each Mortgage Loan Seller under this Agreement shall be true and correct as of the date or dates specified in all material respects; and no event shall have occurred which, with notice or the passage of time, would constitute a default under this Agreement or the Pooling and Servicing Agreement; and the Purchaser shall have received certificates to that effect signed by authorized officers of each of the Mortgage Loan Sellers.
(2) The Purchaser shall have received all of the following closing documents, in such forms as are agreed upon and reasonably acceptable to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the respective terms thereof:
(i) If required pursuant to Section 3 hereof, the Amendment dated as of the Closing Date and any documents referred to therein;
(ii) If required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule containing the information set forth on Exhibit 2 hereto, one copy to be attached to each counterpart of the Amendment;
(iii) The Pooling and Servicing Agreement, in form and substance reasonably satisfactory to the Trustee and the Purchaser, and all documents required thereby duly executed by all signatories;
(iv) A certificate of an officer of the Sponsor dated as of the Closing Date, in a form reasonably acceptable to the Purchaser, and attached thereto the resolutions of the Sponsor authorizing the transactions contemplated by this Agreement, together with copies of the articles of incorporation, by-laws and certificate of good standing of the Sponsor;
(v) A certificate of an officer of Master Funding dated as of the Closing Date, in a form reasonably acceptable to the Purchaser, and attached thereto the resolutions of Master Funding authorizing the transactions contemplated by this Agreement, together with copies of the written consent of the sole member, limited liability company agreement and certificate of good standing of Master Funding;
(vi) One or more opinions of counsel from the Mortgage Loan Sellers’ counsel otherwise in form and substance reasonably satisfactory to the Purchaser, the Trustee and each Rating Agency;
(vii) A letter from each of the Rating Agencies giving each Class of Certificates set forth on Schedule A hereto the rating set forth therein; and
(viii) Such other documents, certificates (including additional representations and warranties) and opinions as may be reasonably necessary to secure the intended ratings from each Rating Agency for the Certificates.
(3) The Certificates to be sold to Bear Xxxxxxx pursuant to the Underwriting Agreement and the Purchase Agreement shall have been issued and sold to Bear Xxxxxxx.
(4) Each Mortgage Loan Seller shall have furnished to the Purchaser such other certificates of its officers or others and such other documents and opinions of counsel to evidence fulfillment of the conditions set forth in this Agreement and the transactions contemplated hereby as the Purchaser and their respective counsel may reasonably request.
(b) The obligations of each Mortgage Loan Seller under this Agreement shall be subject to the satisfaction, on or prior to the Closing Date, of the following conditions:
(1) The obligations of the Purchaser required to be performed by it on or prior to the Closing Date pursuant to the terms of this Agreement shall have been duly performed and complied with in all material respects, and all of the representations and warranties of the Purchaser under this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing Date, and no event shall have occurred which would
constitute a breach by it of the terms of this Agreement or the Pooling and Servicing Agreement, and each Mortgage Loan Seller shall have received a certificate to that effect signed by an authorized officer of the Purchaser.
(2) Each Mortgage Loan Seller shall have received copies of all of the following closing documents, in such forms as are agreed upon and reasonably acceptable to each Mortgage Loan Seller, duly executed by all signatories other than the related Mortgage Loan Seller as required pursuant to the respective terms thereof:
(i) If required pursuant to Section 3 hereof, the Amendment dated as of the Closing Date and any documents referred to therein;
(ii) The Pooling and Servicing Agreement, in form and substance reasonably satisfactory to the Sponsor and the Trustee, and all documents required thereby duly executed by all signatories;
(iii) A certificate of an officer of the Purchaser dated as of the Closing Date, in a form reasonably acceptable to the Mortgage Loan Seller, and attached thereto the written consent of the member of the Purchaser authorizing the transactions contemplated by this Agreement, the Pooling and Servicing Agreement, together with copies of the Purchaser’s certificate of formation, limited liability company agreement and evidence as to the good standing of the Purchaser dated as of a recent date;
(iv) One or more opinions of counsel from the Purchaser’s counsel in form and substance reasonably satisfactory to each Mortgage Loan Seller, the Trustee and the Rating Agencies; and
(v) Such other documents, certificates (including additional representations and warranties) and opinions as may be reasonably necessary to secure the intended rating from each Rating Agency for the Certificates.
SECTION 12. Fees and Expenses. Subject to Section 17 hereof, the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall pay on the Closing Date or such later date as may be agreed to by the Purchaser (i) the fees and expenses of the Mortgage Loan Sellers’ attorneys and the reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s Registration Statement based on the aggregate original principal amount of the Certificates and the filing fee of the Commission as in effect on the date on which the Registration Statement was declared effective, (iv) the fees and expenses including counsel’s fees and expenses in connection with any “blue sky” and legal investment matters, (v) the fees and expenses of the Trustee which shall include without limitation the fees and expenses of the Trustee (and the fees and disbursements of its counsel) with respect to (A) legal and document review of this Agreement, the Pooling and Servicing Agreement, the Certificates and related agreements, (B) attendance at the Closing and (C) review of the Mortgage Loans to be performed by the Trustee or the Custodian on its behalf, (vi) the expenses for printing or otherwise reproducing the Certificates, the Prospectus and the Prospectus Supplement, (vii) the fees and expenses of each Rating Agency (both initial and ongoing), (viii) the fees and expenses relating to the preparation and recordation of mortgage assignments (including intervening assignments,
if any and if available, to evidence a complete chain of title from the originator to the Trustee) from the Mortgage Loan Seller to the Trustee or the expenses relating to the Opinion of Counsel referred to in Section 6(a) hereof, as the case may be and (ix) Mortgage File due diligence expenses and other out-of-pocket expenses incurred by the Purchaser in connection with the purchase of the Mortgage Loans and by Bear Xxxxxxx in connection with the sale of the Certificates. The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) additionally agrees to pay directly to any third party on a timely basis the fees provided for above which are charged by such third party and which are billed periodically.
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SECTION 13. |
Accountants’ Letters. |
(a) Deloitte & Touche LLP will review the characteristics of a sample of the Mortgage Loans described in the Preliminary Mortgage Loan Schedule and will compare those characteristics to the description of the Mortgage Loans contained in the Free Writing Prospectus under the captions “Summary—The Mortgage Loans” and “The Mortgage Pool” and in Schedule A thereto. Deloitte & Touche LLP will review the characteristics of a sample of the Mortgage Loans described in the Final Mortgage Loan Schedule and will compare those characteristics to the description of the Mortgage Loans contained in the Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The Mortgage Pool” and in Schedule A thereto. The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) will cooperate with the Purchaser in making available all information and taking all steps reasonably necessary to permit such accountants to complete the review and to deliver the letters required of them under the Underwriting Agreement. Deloitte & Touche LLP will also confirm certain calculations as set forth under the caption “Yield, Prepayment and Maturity Considerations” in the Free Writing Prospectus and in the Prospectus Supplement.
(b) To the extent statistical information with respect to the Sponsor’s servicing portfolio is included in the Free Writing Prospectus and in the Prospectus Supplement under the caption “Servicing of the Mortgage Loans—The Master Servicer—Delinquency and Foreclosure Experience of the Sponsor,” a letter from the certified public accountant for the Sponsor will be delivered to the Purchaser dated the date of the Prospectus Supplement, in the form previously agreed to by the Sponsor and the Purchaser, with respect to such statistical information.
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SECTION 14. |
Indemnification. |
(a) The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall indemnify and hold harmless the Purchaser and its directors, officers and controlling persons (as defined in Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon (i) any untrue statement of a material fact contained in the Mortgage Loan Sellers’ Information as identified in Exhibit 3, the omission to state in the Free Writing Prospectus, the Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and in which additional Mortgage Loan Sellers’ Information is identified), in reliance upon and in conformity with Mortgage Loan Sellers’ Information a material fact required to be stated therein or necessary to make the
statements therein in light of the circumstances in which they were made, not misleading, (ii) any representation or warranty assigned or made by the Sponsor in Section 7 or Section 8 or by Master Funding in Section 10 hereof being, or alleged to be, untrue or incorrect, or (iii) any failure by the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) to perform its obligations under this Agreement; and the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall reimburse the Purchaser and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action.
The foregoing indemnity agreement is in addition to any liability which the Sponsor or Master Funding otherwise may have to the Purchaser or any other such indemnified party.
(b) The Purchaser shall indemnify and hold harmless each Mortgage Loan Seller and its respective directors, officers and controlling persons (as defined in Section 15 of the Securities Act) from and against any loss, claim, damage or liability or action in respect thereof, to which they or any of them may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon (i) any untrue statement of a material fact contained in the Purchaser’s Information as identified in Exhibit 4, the omission to state in the Prospectus Supplement or Prospectus (or any amendment thereof or supplement thereto approved by the Purchaser and in which additional Purchaser’s Information is identified), in reliance upon and in conformity with the Purchaser’s Information, a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made, not misleading, (ii) any representation or warranty made by the Purchaser in Section 9 hereof being, or alleged to be, untrue or incorrect, or (iii) any failure by the Purchaser to perform its obligations under this Agreement; and the Purchaser shall reimburse each Mortgage Loan Seller, and each other indemnified party for any legal and other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend any such loss, claim, damage, liability or action. The foregoing indemnity agreement is in addition to any liability which the Purchaser otherwise may have to the Mortgage Loan Sellers, or any other such indemnified party.
(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement thereof (but the failure so to notify an indemnifying party shall not relieve it from any liability which it may have under this Section 14 except to the extent that it has been prejudiced in any material respect by such failure or from any liability which it may have otherwise). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent it may elect by written notice delivered to the indemnified party promptly (but, in any event, within 30 days) after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the
expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded that there is a conflict of interest between itself or themselves and the indemnifying party in the conduct of the defense of any claim or that the interests of the indemnified party or parties are not substantially co-extensive with those of the indemnifying party (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties (provided, however, that the indemnifying party shall be liable only for the fees and expenses of one counsel in addition to one local counsel in the jurisdiction involved. Anything in this subsection to the contrary notwithstanding, an indemnifying party shall not be liable for any settlement or any claim or action effected without its written consent; provided, however, that such consent was not unreasonably withheld.
(d) If the indemnification provided for in paragraphs (a) and (b) of this Section 14 shall for any reason be unavailable to an indemnified party in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to in Section 14, then the indemnifying party shall in lieu of indemnifying the indemnified party contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect the relative benefits received by the Mortgage Loan Sellers on the one hand and the Purchaser on the other from the purchase and sale of the Mortgage Loans, the offering of the Certificates and the other transactions contemplated hereunder. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for such fraudulent misrepresentation.
(e) The parties hereto agree that reliance by an indemnified party on any publicly available information or any information or directions furnished by an indemnifying party shall not constitute negligence, bad faith or willful misconduct by such indemnified party.
SECTION 15. Notices. All demands, notices and communications hereunder shall be in writing but may be delivered by facsimile transmission subsequently confirmed in writing. Notices to the Sponsor shall be directed to EMC Mortgage Corporation, 000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000 Xxxxxx, Xxxxx 00000, (Telecopy: (972-444-2880)); notices to Master Funding shall be directed to Master Funding LLC, 000 Xxxxxx Xxxxx Xxxxx, Xxxxx 000 Xxxxxx, Xxxxx 00000; and notices to the Purchaser shall be directed to Bear Xxxxxxx Asset Backed Securities I LLC, 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, (Telecopy: (212-272-7206)), Attention: Chief Counsel; or to any other address as may hereafter be furnished by one party to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt) provided that it is received on a business day during normal business hours and, if received after normal business hours, then it shall be deemed to be received on the next business day.
SECTION 16. Transfer of Mortgage Loans. The Purchaser retains the right to assign the Mortgage Loans and any or all of its interest under this Agreement to the Trustee without the consent of the Mortgage Loan Sellers, and, upon such assignment, the Trustee shall succeed to the applicable rights and obligations of the Purchaser hereunder; provided, however, the Purchaser shall remain entitled to the benefits set forth in Sections 12, 14 and 18 hereto and as provided in Section 2(a). Notwithstanding the foregoing, the sole and exclusive right and remedy of the Trustee with respect to a breach of representation or warranty of the Mortgage Loan Sellers shall be the cure, purchase or substitution obligations of the Sponsor contained in Sections 5 and 7 hereof.
SECTION 17. Termination. This Agreement may be terminated (a) by the mutual consent of the parties hereto prior to the Closing Date, (b) by the Purchaser, if the conditions to the Purchaser’s obligation to close set forth under Section 11(a) hereof are not fulfilled as and when required to be fulfilled or (c) by any Mortgage Loan Seller, if the conditions to the Mortgage Loan Sellers’ obligation to close set forth under Section 11(b) hereof are not fulfilled as and when required to be fulfilled. In the event of termination pursuant to clause (b), the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall pay, and in the event of termination pursuant to clause (c), the Purchaser shall pay, all reasonable out-of-pocket expenses incurred by the other in connection with the transactions contemplated by this Agreement. In the event of a termination pursuant to clause (a), each party shall be responsible for its own expenses.
SECTION 18. Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement, or contained in certificates of officers of the Mortgage Loan Sellers submitted pursuant hereto, shall remain operative and in full force and effect and shall survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser to the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser, each of the Sponsor’s representations and warranties contained herein with respect to the Mortgage Loans shall be deemed to relate to the Mortgage Loans actually delivered to the Purchaser and included in the Final Mortgage Loan Schedule and any Replacement Mortgage Loan and not to those Mortgage Loans deleted from the Preliminary Mortgage Loan Schedule pursuant to Section 3 hereof prior to the Closing.
SECTION 19. Severability. If any provision of this Agreement shall be prohibited or invalid under applicable law, this Agreement shall be ineffective only to such extent, without invalidating the remainder of this Agreement.
SECTION 20. Counterparts. This Agreement may be executed in counterparts, each of which will be an original, but which together shall constitute one and the same agreement.
SECTION 21. Amendment. This Agreement cannot be amended or modified in any manner without the prior written consent of each party.
SECTION 22. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
SECTION 23. Further Assurances. Each of the parties agrees to execute and deliver such instruments and take such actions as another party may, from time to time, reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement including any amendments hereto which may be required by either Rating Agency.
SECTION 24. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by each of the Mortgage Loan Sellers and the Purchaser and their permitted successors and assigns and, to the extent specified in Section 14 hereof, Bear Xxxxxxx, and their directors, officers and controlling persons (within the meaning of federal securities laws). The Mortgage Loan Sellers acknowledge and agree that the Purchaser may assign its rights under this Agreement (including, without limitation, with respect to the Sponsor’s representations and warranties respecting the Mortgage Loans) to the Trustee. Any person into which any Mortgage Loan Seller may be merged or consolidated (or any person resulting from any merger or consolidation involving such Mortgage Loan Seller), any person resulting from a change in form of such Mortgage Loan Seller or any person succeeding to the business of such Mortgage Loan Seller, shall be considered the “successor” of such Mortgage Loan Seller hereunder and shall be considered a party hereto without the execution or filing of any paper or any further act or consent on the part of any party hereto. Except as provided in the two preceding sentences, this Agreement cannot be assigned, pledged or hypothecated by either party hereto without the written consent of the other parties to this Agreement and any such assignment or purported assignment shall be deemed null and void.
SECTION 25. The Mortgage Loan Sellers. The Mortgage Loan Sellers will keep in full force and effect its existence, all rights and franchises as a corporation under the laws of the State of its incorporation and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is necessary to perform its obligations under this Agreement.
SECTION 26. Entire Agreement. This Agreement contains the entire agreement and understanding between the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.
SECTION 27. No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective duly authorized officers as of the date first above written.
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EMC MORTGAGE CORPORATION |
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By: ____________________________________ | |
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Name: | |
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Title: | |
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BEAR XXXXXXX ASSET BACKED SECURITIES I LLC |
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By: ____________________________________ | |
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Name: Xxxx X. Xxxxxxxx | |
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Title: Vice President | |
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MASTER FUNDING LLC |
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By: ____________________________________ | |
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Name: | |
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Title: |
EXHIBIT 1
CONTENTS OF MORTGAGE FILE
With respect to each Mortgage Loan, the Mortgage File shall include each of the following items, which shall be available for inspection by the Purchaser or its designee, and which shall be delivered to the Purchaser or its designee pursuant to the terms of this Agreement.
(a) The original Mortgage Note, including any riders thereto, endorsed without recourse to the order of “LaSalle Bank National Association, as Trustee for certificateholders of Bear Xxxxxxx Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2006-EC2,” and showing to the extent available to the related Mortgage Loan Seller an unbroken chain of endorsements from the original payee thereof to the Person endorsing it to the Trustee;
(b) The original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original is not available, a copy), with evidence of such recording indicated thereon (or if clause (x) in the proviso below applies, shall be in recordable form);
(c) Unless the Mortgage Loan is a MOM Loan, the assignment (either an original or a copy, which may be in the form of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located) to the Trustee of the Mortgage with respect to each Mortgage Loan in the name of “LaSalle Bank National Association, as Trustee for certificateholders of Bear Xxxxxxx Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2006-EC2,” which shall have been recorded (or if clause (x) in the proviso below applies, shall be in recordable form);
(d) An original or a copy of all intervening assignments of the Mortgage, if any, to the extent available to the related Mortgage Loan Seller, with evidence of recording thereon;
(e) The original policy of title insurance or mortgagee’s certificate of title insurance or commitment or binder for title insurance, if available, or a copy thereof, or, in the event that such original title insurance policy is unavailable, a photocopy thereof, or in lieu thereof, a current lien search on the related Mortgaged Property and
(f) Originals or copies of all available assumption, modification or substitution agreements, if any; provided, however, that in lieu of the foregoing, the related Mortgage Loan Seller may deliver the following documents, under the circumstances set forth below: (x) if any Mortgage, assignment thereof to the Trustee or intervening assignments thereof have been delivered or are being delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Purchaser may deliver a true copy thereof with a certification by the related Mortgage Loan Seller or the title company issuing the commitment for title insurance, on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording” and (y) in lieu of
the Mortgage Notes relating to the Mortgage Loans identified in the list set forth in Exhibit J to the Pooling and Servicing Agreement, the Purchaser may deliver a lost note affidavit and indemnity and a copy of the original note, if available; and provided, further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-Off Date and prior to the Closing Date, the Purchaser, in lieu of delivering the above documents, may deliver to the Trustee and its Custodian a certification of a Servicing Officer to such effect and in such case shall deposit all amounts paid in respect of such Mortgage Loans, in the Protected Account or in the Distribution Account on the Closing Date. In the case of the documents referred to in clause (x) above, the Purchaser shall deliver such documents to the Trustee or its Custodian promptly after they are received. The Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall cause, at its expense, the Mortgage and intervening assignments, if any, and to the extent required in accordance with the foregoing, the assignment of the Mortgage to the Trustee to be submitted for recording promptly after the Closing Date; provided that the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) need not cause to be recorded any assignment (a) in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel addressed to the Trustee delivered by the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) to the Trustee, and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan or (b) if MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as mortgagee of record solely as nominee for the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and its successors and assigns. In the event that the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding), the Purchaser or the Master Servicer gives written notice to the Trustee that a court has recharacterized the sale of the Mortgage Loans as a financing, the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall submit or cause to be submitted for recording as specified above or, should the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) fail to perform such obligations, the Master Servicer shall cause each such previously unrecorded assignment to be submitted for recording as specified above at the expense of the Trust. In the event a Mortgage File is released to the Sponsor (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) or the Master Servicer as a result of such Person having completed a Request for Release, the Custodian shall, if not so completed, complete the assignment of the related Mortgage in the manner specified in clause (iii) above.
EXHIBIT 2
MORTGAGE LOAN SCHEDULE INFORMATION
The Preliminary and Final Mortgage Loan Schedules shall set forth the following information with respect to each Mortgage Loan:
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(i) |
the loan sequence number; |
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(ii) |
the Mortgage Loan identifying number; |
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(iii) |
the EMC Loan identifying number; |
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(iv) |
the current gross coupon; |
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(v) |
the Servicing Fee Rate; |
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(vi) |
the master servicing fee rate, if applicable; |
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(vii) |
the LPMI Fee, if applicable; |
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(viii) |
the Trustee Fee Rate; |
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(ix) |
the current net coupon; |
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(x) |
the maturity date; |
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(xi) |
the original principal balance; |
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(xii) |
the current principal balance; |
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(xiii) |
the stated original term to maturity; |
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(xiv) |
the stated remaining term to maturity; |
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(xv) |
the property type; |
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(xvi) |
the MIN with respect to each MOM Loan; |
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(xvii) |
with respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate; |
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(xviii) |
with respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Rate; |
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(xix) |
with respect to each Adjustable Rate Mortgage Loan, the Gross Margin; |
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(xx) |
with respect to each Adjustable Rate Mortgage Loan, the next Adjustment Date; |
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(xxi) |
with respect to each Adjustable Rate Mortgage Loan, the Periodic Rate Cap; |
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(xxii) |
the Loan Group; |
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(xxiii) |
the Prepayment Charge, if any; and |
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(xxiv) |
a code indicating whether the Mortgage Loan is an EMC Mortgage Loan or a Master Funding Mortgage Loan. |
EXHIBIT 3
MORTGAGE LOAN SELLERS' INFORMATION
All information in the Prospectus Supplement described under the following captions: “SUMMARY — The Mortgage Loans,” “THE MORTGAGE POOL”, “THE SPONSOR” and “SCHEDULE A — Mortgage Loan Statistical Data.”
EXHIBIT 4
PURCHASER'S INFORMATION
All information in the Prospectus Supplement and the Prospectus, except the Mortgage Loan Sellers’ Information, the Swap Provider’s Information and the Yield Maintenance Agreement Provider’s Information.
EXHIBIT 5
SCHEDULE OF LOST NOTES
Available Upon Request
EXHIBIT 6
REVISED February 14, 0000
XXXXXXXX X - STANDARD & POOR'S PREDATORY LENDING CATEGORIES
Standard & Poor’s has categorized loans governed by anti-predatory lending laws in the Jurisdictions listed below into three categories based upon a combination of factors that include (a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set forth in those laws. Note that certain loans classified by the relevant statute as Covered are included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests that are typical of what is generally considered High Cost by the industry.
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Arkansas |
Arkansas Home Loan Protection Act, Ark. Code Xxx. §§ 00-00-000 et seq. Effective July 16, 2003 |
High Cost Home Loan |
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Cleveland Heights, OH |
Ordinance No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq. Effective June 2, 2003 |
Covered Loan |
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Colorado |
Consumer Equity Protection, Colo. Stat. Xxx. §§ 5-3.5-101 et seq. Effective for covered loans offered or entered into on or after January 1, 2003. Other provisions of the Act took effect on June 7, 2002 |
Covered Loan |
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Connecticut |
Connecticut Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746 et seq. Effective October 1, 2001 |
High Cost Home Loan |
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District of Columbia |
Home Loan Protection Act, D.C. Code §§ 26-1151.01 et seq. Effective for loans closed on or after January 28, 2003 |
Covered Loan |
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Florida |
Fair Lending Act, Fla. Stat. Xxx. §§ 494.0078 et seq. Effective October 2, 2002 |
High Cost Home Loan |
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Georgia (Oct. 1, 2002 – Mar. 6, 2003) |
Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. |
High Cost Home Loan |
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Effective October 1, 2002 – Xxxxx 0, 0000 |
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Xxxxxxx as amended (Mar. 7, 2003 – current) |
Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective for loans closed on or after March 7, 2003 |
High Cost Home Loan |
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HOEPA Section 32 |
Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R. §§ 226.32 and 226.34 Effective October 1, 1995, amendments October 1, 2002 |
High Cost Loan |
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Illinois |
High Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq. Effective January 1, 2004 (prior to this date, regulations under Residential Mortgage License Act effective from May 14, 2001) |
High Risk Home Loan |
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Kansas |
Consumer Credit Code, Kan. Stat. Xxx. §§ 16a-1-101 et seq. Sections 16a-1-301 and 16a-3-207 became effective April 14, 1999; Section 16a-3-308a became effective July 1, 1999 |
High Loan to Value Consumer Loan (id. § 16a-3-207) and; |
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High APR Consumer Loan (id. § 16a-3-308a) | ||
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Kentucky |
2003 KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100 et seq. Effective June 24, 2003 |
High Cost Home Loan |
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Maine |
Truth in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq. Effective September 29, 1995 and as amended from time to time |
High Rate High Fee Mortgage |
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Massachusetts |
Part 40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01 et seq. |
High Cost Home Loan |
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Effective March 22, 2001 and amended from time to time |
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Nevada |
Assembly Xxxx No. 284, Nev. Rev. Stat. §§ 598D.010 et seq. Effective October 1, 2003 |
Home Loan |
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New Jersey |
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective for loans closed on or after November 27, 2003 |
High Cost Home Loan |
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New Mexico |
Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as of February 26, 2004 |
High Cost Home Loan |
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New York |
N.Y. Banking Law Article 6-l Effective for applications made on or after April 1, 2003 |
High Cost Home Loan |
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North Carolina |
Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of credit) |
High Cost Home Loan |
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Ohio |
H.B. 386 (codified in various sections of the Ohio Code), Ohio Rev. Code Xxx. §§ 1349.25 et seq. Effective May 24, 2002 |
Covered Loan |
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Oklahoma |
Consumer Credit Code (codified in various sections of Title 14A) Effective July 1, 2000; amended effective January 1, 2004 |
Subsection 10 Mortgage |
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South Carolina |
South Carolina High Cost and Consumer Home Loans Act, S.C. Code |
High Cost Home Loan |
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Xxx. §§ 37-23-10 et seq. Effective for loans taken on or after January 1, 0000 |
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Xxxx Xxxxxxxx |
Xxxx Xxxxxxxx Residential Mortgage Lender, Broker and Servicer Act, W. Va. Code Xxx. §§ 31-17-1 et seq. Effective June 5, 0000 |
Xxxx Xxxxxxxx Mortgage Loan Act Loan |
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Georgia (Oct. 1, 2002 – Mar. 6, 2003) |
Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective October 1, 2002 – March 6, 2003 |
Covered Loan |
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New Jersey |
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective November 27, 2003 – July 5, 2004 |
Covered Home Loan |
STANDARD & POOR'S HOME LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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Georgia (Oct. 1, 2002 – Mar. 6, 2003) |
Georgia Fair Lending Act, Ga. Code Xxx. §§ 7-6A-1 et seq. Effective October 1, 2002 – March 6, 2003 |
Home Loan |
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New Jersey |
New Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective for loans closed on or after November 27, 2003 |
Home Loan |
STANDARD & POOR'S HOME LOAN CATEGORIZATION
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State/Jurisdiction |
Name of Anti-Predatory Lending Law/Effective Date |
Category under Applicable Anti-Predatory Lending Law |
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New Mexico |
Home Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as of February 26, 2004 |
Home Loan |
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North Carolina |
Restrictions and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of credit) |
Consumer Home Loan |
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South Carolina |
South Carolina High Cost and Consumer Home Loans Act, S.C. Code Xxx. §§ 37-23-10 et seq. Effective for loans taken on or after January 1, 2004 |
Consumer Home Loan |
SCHEDULE A
REQUIRED RATINGS FOR EACH CLASS OF CERTIFICATES
Public Certificates
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Class |
S&P |
Moody’s |
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A-1 |
AAA |
Aaa |
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A-2 |
AAA |
Aaa |
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A-3 |
AAA |
Aaa |
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A-4 |
AAA |
Aaa |
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M-1 |
AA+ |
Aa1 |
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M-2 |
AA |
Aa2 |
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M-3 |
AA- |
Aa3 |
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M-4 |
A+ |
A1 |
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M-5 |
A |
A2 |
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M-6 |
A- |
A3 |
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M-7 |
BBB+ |
Baa1 |
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M-8 |
BBB |
Baa2 |
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M-9 |
BBB- |
Baa3 |
None of the above ratings has been lowered, qualified or withdrawn since the dates of issuance of such ratings by the Rating Agencies.
Private Certificates
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Class |
S&P |
Moody’s |
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M-10 |
BB+ |
Ba1 |
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CE |
Not Rated |
Not Rated |
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P |
Not Rated |
Not Rated |
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R-1 |
Not Rated |
Not Rated |
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R-2 |
Not Rated |
Not Rated |
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R-3 |
Not Rated |
Not Rated |
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RX |
Not Rated |
Not Rated |
EXHIBIT M
SWAP AGREEMENT
BEAR XXXXXXX FINANCIAL PRODUCTS INC.
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
000-000-0000
DATE: |
February 28, 2006 |
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TO: |
LaSalle Bank National Association, not individually, but solely as Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust (each as defined herein) with respect to Bear Xxxxxxx Asset-Backed Securities I Trust 2006-EC2 |
ATTENTION: |
Global Securities and Trust Services Group – BSABS, Series 2006-EC2 |
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TELEPHONE: |
(000) 000-0000 |
FACSIMILE: |
(000) 000-0000 |
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FROM: |
Derivatives Documentation |
TELEPHONE: |
000-000-0000 |
FACSIMILE: |
000-000-0000 |
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SUBJECT: |
Fixed Income Derivatives Confirmation and Agreement |
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REFERENCE NUMBER: |
FXNSC7936 |
The purpose of this letter agreement ("Agreement") is to confirm the terms and conditions of the current Transaction entered into on the Trade Date specified below (the "Transaction") between Bear Xxxxxxx Financial Products Inc. ("BSFP") and LaSalle Bank National Association, not individually, but solely as trustee (the “Supplemental Interest Trust Trustee”) on behalf of the supplemental interest trust with respect to the Bear Xxxxxxx Asset-Backed Securities I Trust 2006-EC2 (the “Supplemental Interest Trust”) (“Counterparty”) created under the Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC (Depositor), EMC Mortgage Corporation (Sponsor and Master Servicer) and LaSalle Bank National Association (Trustee) (the “Pooling and Servicing Agreement”) ("Counterparty"). This Agreement, which evidences a complete and binding agreement between you and us to enter into the Transaction on the terms set forth below, constitutes a "Confirmation" as referred to in the "ISDA Form Master Agreement" (as defined below), as well as a “Schedule” as referred to in the ISDA Form Master Agreement.
1. This Agreement is subject to the 2000 ISDA Definitions (the “Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but, rather, an ISDA Form Master Agreement shall be deemed to have been executed by you and us on the date we entered into the Transaction. Terms capitalized but not defined herein except in the Definitions shall have the respective meanings attributed to them in the Pooling and Servicing Agreement. In the event of any inconsistency between the provisions of this Agreement and the Definitions or the ISDA
Form Master Agreement, this Agreement shall prevail for purposes of the Transaction. Each reference to a “Section” (unless specifically referencing the Pooling and Servicing Agreement or to a “Section” “of this Agreement” will be construed as a reference to a Section of the ISDA Form Master Agreement.
2. |
The terms of the particular Transaction to which this Confirmation relates are as follows: |
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Notional Amount: |
With respect to any Calculation Period, the amount set forth for such period on Schedule I attached hereto. |
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Trade Date: |
February 23, 2006 |
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Effective Date: |
June 25, 2006 |
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Termination Date: |
February 25, 2011, provided, however, for the purposes of determining the Floating Amount to be paid in respect of the final Calculation Period, such date shall be subject to adjustment in accordance with the Business Day Convention. |
Fixed Amount:
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Fixed Rate Payer: |
Counterparty |
Fixed Rate Payer
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Period End Dates: |
The 25th calendar day of each month during the Term of this Transaction, commencing July 25, 2006, and ending on the Termination Date, with No Adjustment. |
Fixed Rate Payer
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Payment Dates: |
The 25th calendar day of each month during the Term of this Transaction, commencing July 25, 2006, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention. |
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Fixed Rate: |
5.05750% |
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Fixed Amount: |
To be determined in accordance with the following Formula: |
100*Fixed Rate*Notional Amount*Fixed Rate Day Count Fraction
Fixed Rate Day
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Count Fraction: |
30/360 |
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Floating Amounts: |
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Floating Rate Payer: |
BSFP |
Floating Rate Payer
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Period End Dates: |
The 25th calendar day of each month during the Term of this Transaction, commencing July 25, 2006, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention. |
Floating Rate Payer
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Payment Dates: |
The 25th calendar day of each month during the Term of this Transaction, commencing July 25, 2006, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention. |
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Floating Rate Option: |
USD-LIBOR-BBA |
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Floating Amount: |
To be determined in accordance with the following Formula: |
100*Floating Rate Option*Notional Amount*Floating Rate Day Count Fraction
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Designated Maturity: |
One month |
Floating Rate Day
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Count Fraction: |
Actual/360 |
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Reset Dates: |
The first day of each Calculation Period. |
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Compounding: |
Inapplicable |
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Business Days: |
New York and Illinois |
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Business Day Convention: |
Following |
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Calculation Agent: |
BSFP |
3. |
Additional Provisions: |
1) Each party hereto is hereby advised and acknowledges that the other party has engaged in (or refrained from engaging in) substantial financial transactions and has taken (or refrained
from taking) other material actions in reliance upon the entry by the parties into the Transaction being entered into on the terms and conditions set forth herein and in the Pooling and Servicing Agreement relating to such Transaction, as applicable. This paragraph 1) shall be deemed repeated on the trade date of each Transaction.
4. |
Provisions Deemed Incorporated in a Schedule to the Master Agreement: |
1) |
The parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply to any Transaction. |
2) Termination Provisions. For purposes of the Master Agreement:
(a) |
"Specified Entity" is not applicable to BSFP or Counterparty for any purpose. |
(b) "Specified Transaction" is not applicable to BSFP or Counterparty for any purpose, and, accordingly, Section 5(a)(v) shall not apply to BSFP or Counterparty.
(c) The "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or to Counterparty.
(d) The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply to BSFP or Counterparty.
(e) With respect to Counterparty, the “Bankruptcy Provision” of Section 5(a) (vii) (2) shall be deleted in its entirety.
(f) The "Automatic Early Termination" provision of Section 6(a) will not apply to BSFP or to Counterparty.
(g) |
Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: |
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(i) |
Market Quotation will apply. |
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(ii) |
the Second Method will apply. |
(h) |
"Termination Currency" means United States Dollars. |
(i) |
Tax Event. The provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed ISDA Form Master Agreement shall not apply to Counterparty and Counterparty shall not be required to pay any additional amounts referred to therein. |
3) Tax Representations.
(a) Payer Representations. For the purpose of Section 3(e) of this Agreement, each of BSFP and the Counterparty will make the following representations:
It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on:
(i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement;
(ii) the satisfaction of the agreement contained in Section 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(iii) of this Agreement; and
(iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.
(b) Payee Representations. For the purpose of Section 3(f) of this Agreement, each of BSFP and the Counterparty make the following representations.
|
The following representation will apply to BSFP: |
BSFP is a corporation organized under the laws of the State of Delaware and its U.S. taxpayer identification number is 00-0000000.
The following representation will apply to the Counterparty:
Counterparty represents that it is the Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement.
4) The ISDA Form Master Agreement is hereby amended as follows:
The word “third” shall be replaced by the word “second” in the third line of Section 5(a)(i) of the ISDA Form Master Agreement.
5) Documents to be Delivered. For the purpose of Section 4(a):
|
(1) |
Tax forms, documents, or certificates to be delivered are: |
Party required to deliver document |
Form/Document/ Certificate |
Date by which to be delivered |
BSFP and the Counterparty |
Any document required or reasonably requested to allow the other party to make payments under this Agreement without any deduction or withholding for or on the account of any Tax or with such deduction or withholding at a reduced rate |
Promptly after the earlier of (i) reasonable demand by either party or (ii) learning that such form or document is required |
|
(2) |
Other documents to be delivered are: |
Party required to deliver document |
Form/Document/ Certificate |
Date by which to be delivered |
Covered by Section 3(d) Representation |
BSFP and the Counterparty |
Any documents required by the receiving party to evidence the authority of the delivering party or its Credit Support Provider, if any, for it to execute and deliver this Agreement, any Confirmation , and any Credit Support Documents to which it is a party, and to evidence the authority of the delivering party or its Credit Support Provider to perform its obligations under this Agreement, such Confirmation and/or Credit Support Document, as the case may be |
Upon the execution and delivery of this Agreement and such Confirmation |
Yes |
BSFP and the Counterparty |
A certificate of an authorized officer of the party, as to the incumbency and authority of the respective officers of the party signing this Agreement, any relevant Credit Support Document, or any Confirmation, as the case may be |
Upon the execution and delivery of this Agreement and such Confirmation |
Yes |
BSFP |
A copy of the most recent annual report of such party (only if available) and its Credit Support Provider, if any, containing in all cases audited consolidated financial statements for each fiscal year certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the United States or in the country in which such party is organized
|
Promptly after request by the other party |
Yes |
BSFP and the Counterparty |
An opinion of counsel with respect to the due authorization, execution and enforceability of this Agreement, acceptable to the other party hereto. |
Upon the execution and delivery of this Agreement and such Confirmation |
Yes |
6) Miscellaneous. Miscellaneous
(a) |
Address for Notices: For the purposes of Section 12(a) of this Agreement: |
|
Address for notices or communications to BSFP: |
Address: |
000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 |
Attention: |
DPC Manager |
Facsimile: |
(000) 000-0000 |
|
with a copy to: |
Address: |
Xxx Xxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxx 00000 |
Attention: |
Derivative Operations - 7th Floor |
Facsimile: |
(000) 000-0000 |
|
(For all purposes) |
|
Address for notices or communications to the Counterparty: |
Address: |
LaSalle Bank National Association |
|
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000 |
|
Xxxxxxx, XX 00000 |
Attention: |
Global Securities and Trust Services Group-Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2 |
Facsimile: |
(000) 000-0000 |
Phone: |
(000) 000-0000 |
(For all purposes)
(b) |
Process Agent. For the purpose of Section 13(c): |
BSFP appoints as its |
|
|
Process Agent: |
|
Not Applicable |
|
|
|
The Counterparty appoints as its |
|
|
Process Agent: |
|
Not Applicable |
(c) Offices. The provisions of Section 10(a) will not apply to this Agreement; neither BSFP nor the Counterparty have any Offices other than as set forth in the Notices Section and BSFP agrees that, for purposes of Section 6(b) of this Agreement, it shall not in future have any Office other than one in the United States.
(d) |
Multibranch Party. For the purpose of Section 10(c) of this Agreement: |
|
BSFP is not a Multibranch Party. |
The Counterparty is not a Multibranch Party.
(e) |
Credit Support Document. Not applicable for either BSFP or the Counterparty. |
(f) |
Credit Support Provider. |
|
BSFP: Not Applicable |
The Counterparty: Not Applicable
(g) Governing Law. The parties to this Agreement hereby agree that the law of the State of New York shall govern their rights and duties in whole, without regard to the conflict of law provisions thereof other than New York General Obligations Law Sections 5-1401 and 5-1402.
(h) Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the invalid or unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties.
The parties shall endeavor to engage in good faith negotiations to replace any invalid or unenforceable term, provision, covenant or condition with a valid or enforceable term, provision, covenant or condition, the economic effect of which comes as close as possible to that of the invalid or unenforceable term, provision, covenant or condition.
(i) Consent to Recording. Each party hereto consents to the monitoring or recording, at any time and from time to time, by the other party of any and all communications between officers or employees of the parties, waives any further notice of such monitoring or recording, and agrees to notify its officers and employees of such monitoring or recording.
(j) Waiver of Jury Trial. Each party waives any right it may have to a trial by jury in respect of any Proceedings relating to this Agreement or any Credit Support Document.
(k) Set-Off. The provisions for Set-off set forth in Section 6(e) of the ISDA Form Master Agreement shall not apply for purposes of this Transaction. Notwithstanding any provision of this Agreement or any other existing or future agreement, each party irrevocably waives any and all rights it may have to set off, net, recoup or otherwise withhold or suspend or condition payment or performance of any obligation between it and the other party hereunder against any obligation between it and the other party under any other agreements.
(l) This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
(m) |
Additional Definitional Provisions. |
As used in this Agreement, the following terms shall have the meanings set forth below, unless the context clearly requires otherwise:
“Moody’s” means Xxxxx’x Investors Service, Inc., or any successor.
“S&P” means Standard & Poor's Ratings Services, or any successor.
(n) Supplemental Interest Trust Trustee Liability Limitations. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by LaSalle Bank National Association (“LaSalle”), not individually or personally but solely as Supplemental Interest Trust Trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Counterparty is made and intended not as personal representations, undertakings and agreements by LaSalle but is made and intended for the purpose of binding only the Counterparty, (c) nothing herein contained shall be construed as creating any liability on LaSalle, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto; provided that nothing in this paragraph shall relieve LaSalle from performing its duties and obligations under the Pooling and Servicing Agreement in accordance with the standard of care set forth therein, (d) under no circumstances shall LaSalle be personally liable for the payment of any indebtedness or expenses of the Counterparty or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Counterparty under this Agreement or any other related documents, (e) LaSalle has been directed pursuant to the Pooling and Servicing Agreement to enter into this Agreement and to perform its obligations hereunder and (f) the parties hereto acknowledge and agree that under (i) the Derivative Administration Agreement, dated as of February 28, 2006, among LaSalle Bank National Association, as derivative administrator (in such capacity, the “Derivative Administrator”), LaSalle Bank National Association, as Supplemental Interest Trust Trustee, and LaSalle Bank National Association, as trustee for Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2, Asset-Backed Certificates, Series 2006-EC2, (ii) the Pooling and Servicing Agreement, and (iii) this Agreement, the Derivative Administrator may act for the Counterparty hereunder, and BSFP hereby acknowledges and agrees that it will, unless otherwise directed by the Supplemental Interest Trust Trustee or the Derivative Administrator, make all payments hereunder to the account specified below. Any resignation or removal of LaSalle as Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement shall require the assignment of this agreement to LaSalle’s replacement.
(o) Additional Provisions. The provisions of Sections 5(a)(ii), 5(a)(iii) and 5(a)(iv) shall not apply to BSFP or Counterparty.
7) "Affiliate": BSFP and Counterparty shall be deemed to not have any Affiliates for purposes of this Agreement, including for purposes of Section 6(b)(ii).
8) Additional Termination Events. Additional Termination Events will apply: (a) If a Rating Agency Downgrade has occurred and BSFP has not complied with Section 9 below, then an Additional Termination Event shall have occurred with respect to BSFP and BSFP shall be the sole Affected Party with respect to such an Additional Termination Event. (b) If the Trustee is unable to pay its Class A Certificates or fails or admits in writing its inability to pay its Class A Certificates as they become due, then an Additional Termination Event shall have occurred with respect to Counterparty and Counterparty shall be the sole Affected Party with respect to such Additional Termination Event. (c) If, at any time, the Majority Class CE Certificateholder or the Master Servicer, as applicable, purchases the Mortgage Loans pursuant to Section 10.01 of the Pooling and Servicing Agreement, then an Additional Termination Event shall have occurred and Counterparty shall be the sole Affected Party with respect thereto; provided, however, that notwithstanding Section 6(b)(iv) of the ISDA Form Master Agreement, both BSFP and Counterparty shall have the right to designate an Early Termination Date (such Termination Date shall not be later than the date on which the Mortgage Loans are purchased) in respect of this Additional Termination Event. (d) If, upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15 below) BSFP has not, within 10 Business Days after such Swap Disclosure Event complied with any of the provisions set forth in clause (iii) of paragraph 15 below, then an Additional Termination Event shall have occurred with respect to BSFP and BSFP shall be the sole Affected Party with respect to such Additional Termination Event
9) Rating Agency Downgrade. In the event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by Xxxxx’x (and together with S&P, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then within 30 days after such rating withdrawal or downgrade (unless, within 30 days after such withdrawal or downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the rating of the Certificates, which was in effect immediately prior to such withdrawal or downgrade), BSFP shall, at its own expense, subject to the Rating Agency Condition, either (i) seek another entity to replace BSFP as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement, or (iii) post collateral which will be sufficient to restore the immediately prior ratings of the Certificates. BSFP’s failure to do any of the foregoing shall, at the Counterparty’s option, constitute an Additional Termination Event with BSFP as the Affected Party. In the event that BSFP’s long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “BBB-” by S&P, then within 10 Business Days after such rating withdrawal or downgrade, BSFP shall, subject to the Rating Agency Condition and at its own expense, either (i) secure another entity to replace BSFP as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement or (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement. For purposes of this provision, “Rating Agency Condition” means, with respect to any particular proposed act or omission to act hereunder that the party acting or failing to act must consult with each of the Swap Rating Agencies then providing a rating of the Certificates and any Notes and receive from each of
the Swap Rating Agencies a prior written confirmation that the proposed action or inaction would not cause a downgrade or withdrawal of the then-current rating of the Certificates and Notes.
10) Payment Instructions. BSFP hereby agrees that, unless notified in writing by the Supplemental Interest Trust Trustee of other payment instructions, any and all amounts payable by BSFP to the Counterparty under this Agreement shall be paid to the Derivative Administrator at the account specified in Section 5.
11) Section 3 of the ISDA Form Master Agreement is hereby amended by adding at the end thereof the following subsection (g):
|
“(g) |
Relationship Between Parties. |
Each party represents to the other party on each date when it enters into a Transaction that:--
(1) Nonreliance. (i) It is not relying on any statement or representation of the other party regarding the Transaction (whether written or oral), other than the representations expressly made in this Agreement or the Confirmation in respect of that Transaction and (ii) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and it has made its own investment, hedging and trading decisions based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party.
|
(2) Evaluation and Understanding. |
(i) It has the capacity to evaluate (internally or through independent professional advice) the Transaction and has made its own decision subject to Section 6(n) of this Agreement to enter into the Transaction; and
(ii) It understands the terms, conditions and risks of the Transaction and is willing and able to accept those terms and conditions and to assume those risks, financially and otherwise.
(3) Purpose. It is entering into the Transaction for the purposes of managing its borrowings or investments, hedging its underlying assets or liabilities or in connection with a line of business.
(4) Status of Parties. The other party is not acting as an agent, fiduciary or advisor for it in respect of the Transaction.
(5) Eligible Contract Participant. It constitutes an “eligible contract participant” as such term is defined in Section 1(a)12 of the Commodity Exchange Act, as amended.”
12) Non-Recourse. Notwithstanding any provision herein or in the ISDA Form Master Agreement to the contrary, the obligations of Counterparty hereunder are limited recourse obligations of
Counterparty, payable solely from the Derivative Account and the proceeds thereof, in accordance with the terms of the Pooling and Servicing Agreement. In the event that the Derivative Account and proceeds thereof should be insufficient to satisfy all claims outstanding and following the realization of the Derivative Account and the proceeds thereof, any claims against or obligations of Counterparty under the ISDA Form Master Agreement or any other confirmation thereunder still outstanding shall be extinguished and thereafter not revive. The Supplemental Interest Trust Trustee shall not have liability for any failure or delay in making a payment hereunder to BSFP due to any failure or delay in receiving amounts in the Derivative Account from the Trust created pursuant to the Pooling and Servicing Agreement.
13) Transfer, Amendment and Assignment. No transfer, amendment, waiver, supplement, assignment or other modification of this Transaction shall be permitted by either party unless Xxxxx’x Investors Service, Inc. (“Moody’s”) and Standard & Poors Ratings Service, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P") have been provided prior notice of the same and confirms in writing (including by facsimile transmission) that it will not downgrade, withdraw or otherwise modify its then-current ratings of the Class A and Class M Certificates.
14) Proceedings. BSFP shall not institute against or cause any other person to institute against, or join any other person in instituting against Counterparty, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law for a period of one year and one day (or, if longer, the applicable preference period) following payment in full of the Certificates
15) Compliance with Regulation AB.
(i) BSFP agrees and acknowledges that Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS”) is required under Regulation AB under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (“Regulation AB”), to disclose certain financial information regarding BSFP or its group of affiliated entities, if applicable, depending on the aggregate “significance percentage” of this Agreement and any other derivative contracts between BSFP or its group of affiliated entities, if applicable, and Counterparty, as calculated from time to time in accordance with Item 1115 of Regulation AB.
(ii) It shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day after the date hereof, BSABS requests from BSFP the applicable financial information described in Item 1115 of Regulation AB (such request to be based on a reasonable determination by BSABS, in good faith, that such information is required under Regulation AB) (the “Swap Financial Disclosure”).
(iii) Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall (a) provide to BSABS the Swap Financial Disclosure, (b) secure another entity to replace BSFP as party to this Agreement on terms substantially similar to this Agreement and subject to prior notification to the Swap Rating Agencies, which entity (or a guarantor therefor) meets or exceeds the Approved Rating Thresholds and which satisfies the Rating Agency Condition and which entity is able to comply with the requirements of Item 1115 of Regulation AB or (c) obtain a guaranty of the BSFP’s
obligations under this Agreement, subject to Rating Agency Condition, from an affiliate of the BSFP that is able to comply with the financial information disclosure requirements of Item 1115 of Regulation AB, such that disclosure provided in respect of the affiliate will satisfy any disclosure requirements applicable to the Swap Provider, and cause such affiliate to provide Swap Financial Disclosure. If permitted by Regulation AB, any required Swap Financial Disclosure may be provided by incorporation by reference from reports filed pursuant to the Exchange Act.
(iv) BSFP agrees that, in the event that BSFP provides Swap Financial Disclosure to BSABS in accordance with clause (iii)(a) of paragraph 15 or causes its affiliate to provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(c) of paragraph 15, it will indemnify and hold harmless BSABS, its respective directors or officers and any person controlling BSABS, from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in such Swap Financial Disclosure or caused by any omission or alleged omission to state in such Swap Financial Disclosure a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
NEITHER THE BEAR XXXXXXX COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR XXXXXXX COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.
5. |
Account Details and |
|
|
Settlement Information: |
Payments to BSFP: |
|
|
Citibank, N.A., New York |
|
|
ABA Number: 000-0000-00, for the account of |
|
|
Bear, Xxxxxxx Securities Corp. |
|
|
Account Number: 0925-3186, for further credit to |
|
|
Bear Xxxxxxx Financial Products Inc. |
|
|
Sub-account Number: 102-04654-1-3 |
|
|
Attention: Derivatives Department |
|
|
|
|
|
Payments to Counterparty: |
. |
|
Bank Name: LaSalle Bank N.A |
|
|
ABA Number: 000000000 |
|
|
LaSalle CHGO/CTR/BNF:/ LaSalle Trust |
|
|
Reference Trust Account Number: 723463.4 |
|
|
Attention: Xxxxx Xxxxxxxx, (000) 000-0000 |
This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Counterparty hereby agrees to check this Confirmation and to confirm that the foregoing correctly sets forth the terms of the Transaction by signing in the space provided below and returning to BSFP a facsimile of the fully-executed Confirmation to 000-000-0000. For inquiries regarding U.S. Transactions, please contact Xxxxx Xxxxxx by telephone at 000-000-0000. For all other inquiries please contact Derivatives Documentation by telephone at 000-0-000-0000. Originals will be provided for your execution upon your request.
We are very pleased to have executed this Transaction with you and we look forward to completing other transactions with you in the near future.
Very truly yours,
BEAR XXXXXXX FINANCIAL PRODUCTS INC.
By: |
_______________________________ |
||
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Name: |
|
|
|
Title: |
|
|
Counterparty, acting through its duly authorized signatory, hereby agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.
LASALLE BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST
By: |
_______________________________ |
||
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Name: |
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Title: |
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|
lm
SCHEDULE I
(where for the purposes of (i) determining Floating Amounts, all such dates subject to adjustment in accordance with the Business Day Convention and (ii) determining Fixed Amounts, all such dates subject to No Adjustment.)
From and including
|
To but excluding
|
Notional Amount (USD) |
Effective Date |
25-Jul-06 |
4,116,807.99 |
25-Jul-06 |
25-Aug-06 |
3,999,047.33 |
25-Aug-06 |
25-Sep-06 |
3,868,544.73 |
25-Sep-06 |
25-Oct-06 |
3,725,970.72 |
25-Oct-06 |
25-Nov-06 |
3,572,151.85 |
25-Nov-06 |
25-Dec-06 |
3,408,497.64 |
25-Dec-06 |
25-Jan-07 |
3,251,226.61 |
25-Jan-07 |
25-Feb-07 |
3,101,274.54 |
25-Feb-07 |
25-Mar-07 |
2,958,281.39 |
25-Mar-07 |
25-Apr-07 |
2,821,922.84 |
25-Apr-07 |
25-May-07 |
2,691,889.76 |
25-May-07 |
25-Jun-07 |
2,567,887.43 |
25-Jun-07 |
25-Jul-07 |
2,449,637.74 |
25-Jul-07 |
25-Aug-07 |
2,336,872.97 |
25-Aug-07 |
25-Sep-07 |
2,229,334.40 |
25-Sep-07 |
25-Oct-07 |
2,126,778.70 |
25-Oct-07 |
25-Nov-07 |
2,028,973.33 |
25-Nov-07 |
25-Dec-07 |
1,935,697.75 |
25-Dec-07 |
25-Jan-08 |
1,847,047.22 |
25-Jan-08 |
25-Feb-08 |
1,762,497.88 |
25-Feb-08 |
25-Mar-08 |
215,336.63 |
25-Mar-08 |
25-Apr-08 |
207,460.95 |
25-Apr-08 |
25-May-08 |
199,883.52 |
25-May-08 |
25-Jun-08 |
192,592.60 |
25-Jun-08 |
25-Jul-08 |
185,576.93 |
25-Jul-08 |
25-Aug-08 |
178,825.73 |
25-Aug-08 |
25-Sep-08 |
172,328.63 |
25-Sep-08 |
25-Oct-08 |
166,075.69 |
25-Oct-08 |
25-Nov-08 |
160,057.39 |
25-Nov-08 |
25-Dec-08 |
154,269.13 |
25-Dec-08 |
25-Jan-09 |
148,700.72 |
25-Jan-09 |
25-Feb-09 |
143,339.89 |
25-Feb-09 |
25-Mar-09 |
100,467.08 |
25-Mar-09 |
25-Apr-09 |
97,276.93 |
25-Apr-09 |
25-May-09 |
94,187.38 |
25-May-09 |
25-Jun-09 |
91,195.29 |
25-Jun-09 |
25-Jul-09 |
88,297.59 |
25-Jul-09 |
25-Aug-09 |
85,491.33 |
25-Aug-09 |
25-Sep-09 |
82,773.63 |
25-Sep-09 |
25-Oct-09 |
80,141.71 |
25-Oct-09 |
25-Nov-09 |
77,592.89 |
25-Nov-09 |
25-Dec-09 |
75,124.55 |
25-Dec-09 |
25-Jan-10 |
72,734.16 |
25-Jan-10 |
25-Feb-10 |
70,419.28 |
25-Feb-10 |
25-Mar-10 |
68,177.54 |
25-Mar-10 |
25-Apr-10 |
66,006.63 |
25-Apr-10 |
25-May-10 |
63,904.33 |
25-May-10 |
25-Jun-10 |
61,868.49 |
25-Jun-10 |
25-Jul-10 |
59,897.02 |
25-Jul-10 |
25-Aug-10 |
57,987.89 |
25-Aug-10 |
25-Sep-10 |
56,139.14 |
25-Sep-10 |
25-Oct-10 |
54,348.88 |
25-Oct-10 |
25-Nov-10 |
52,614.22 |
25-Nov-10 |
25-Dec-10 |
50,934.49 |
25-Dec-10 |
25-Jan-11 |
49,304.78 |
25-Jan-11 |
Termination Date |
47,726.04 |
EXHIBIT N
SPECIAL SERVICER DELINQUENCY TRIGGERS
EXHIBIT O
YIELD MAINTENANCE AGREEMENT
BEAR XXXXXXX FINANCIAL PRODUCTS INC.
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
000-000-0000
DATE: |
February 28, 2006 |
|
|
TO: |
LaSalle Bank National Association, not individually, but solely as Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust (each as defined herein) with respect to Bear Xxxxxxx Asset-Backed Securities I Trust 2006-EC2 |
ATTENTION: |
Global Securities and Trust Services Group – BSABS, Series 2006-EC2 |
|
|
TELEPHONE: |
(000) 000-0000 |
FACSIMILE: |
(000) 000-0000 |
|
|
FROM: |
Derivatives Documentation |
TELEPHONE: |
000-000-0000 |
FACSIMILE: |
000-000-0000 |
|
|
SUBJECT: |
Fixed Income Derivatives Confirmation and Agreement |
|
|
REFERENCE NUMBER: |
FXNCC7924 |
The purpose of this letter agreement ("Agreement") is to confirm the terms and conditions of the current Transaction entered into on the Trade Date specified below (the "Transaction") between Bear Xxxxxxx Financial Products Inc. ("BSFP") and LaSalle Bank National Association, not individually, but solely as trustee (the “Supplemental Interest Trust Trustee”) on behalf of the supplemental interest trust with respect to the Bear Xxxxxxx Asset-Backed Securities I Trust 2006-EC2 (the “Supplemental Interest Trust”) (“Counterparty”) created under the Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC (Depositor), EMC Mortgage Corporation (Sponsor and Master Servicer) and LaSalle Bank National Association (Trustee) (the “Pooling and Servicing Agreement”) ("Counterparty"). This Agreement, which evidences a complete and binding agreement between you and us to enter into the Transaction on the terms set forth below, constitutes a "Confirmation" as referred to in the "ISDA Form Master Agreement" (as defined below), as well as a “Schedule” as referred to in the ISDA Form Master Agreement.
1. This Agreement is subject to the 2000 ISDA Definitions (the “Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but, rather, an ISDA Form Master Agreement shall be deemed to have been executed by you and us on the date we entered into the Transaction. Terms capitalized but not defined herein except in
the Definitions shall have the respective meanings attributed to them in the Pooling and
Servicing Agreement. In the event of any inconsistency between the provisions of this Agreement and the Definitions or the ISDA Form Master Agreement, this Agreement shall prevail for purposes of the Transaction. Each reference to a “Section” (unless specifically referencing the Pooling and Servicing Agreement or to a “Section” “of this Agreement” will be construed as a reference to a Section of the ISDA Form Master Agreement.
2. |
The terms of the particular Transaction to which this Confirmation relates are as follows: |
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Type of Transaction: |
Rate Cap |
|
Notional Amount: |
With respect to any Calculation Period, the lesser of (i) the amount set forth for such period on Schedule I attached hereto and (ii) the aggregate Principal Balance of the Mortgage Loans as of the related Floating Rate Payer Payment Date. |
|
Trade Date: |
February 23, 2006 |
|
Effective Date: |
February 28, 2006 |
|
Termination Date: |
June 25, 2006, subject to adjustment in accordance with the Business Day Convention. |
Fixed Amount (Premium):
|
Fixed Rate Payer: |
Counterparty |
Fixed Rate Payer
|
Payment Date: |
February 28, 2006 |
|
Fixed Amount: |
USD 258,000 |
|
Floating Amounts: |
|
|
Floating Rate Payer: |
BSFP |
|
Cap Rate: |
4.68000% |
Floating Rate Payer
|
Period End Dates: |
The 25th calendar day of each month during the Term of this Transaction, commencing March 25, 2006, and ending on the Termination Date, subject to adjustment in accordance with the Business Day Convention. |
Floating Rate Payer
|
Payment Dates: |
Early Payment shall be applicable. The Floating Rate Payer Payment Date shall be two Business Days preceding each Floating Rate Payer Period End Date. |
|
Floating Rate Option: |
USD-LIBOR-BBA |
|
Designated Maturity: |
One month |
Floating Rate Day
|
Count Fraction: |
Actual/360 |
|
Reset Dates: |
The first day of each Calculation Period. |
|
Compounding: |
Inapplicable |
|
Business Days: |
New York and Illinois |
|
Business Day Convention: |
Following |
|
Calculation Agent: |
BSFP |
3. Additional Provisions: Each party hereto is hereby advised and acknowledges that the other party has engaged in (or refrained from engaging in) substantial financial transactions and has taken (or refrained from taking) other material actions in reliance upon the entry by the parties into the Transaction being entered into on the terms and conditions set forth herein and in the Confirmation relating to such Transaction, as applicable. This paragraph (1) shall be deemed repeated on the trade date of each Transaction.
4. |
Provisions Deemed Incorporated in a Schedule to the Master Agreement: |
1) |
The parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply to any Transaction. |
2) Termination Provisions. For purposes of the Master Agreement:
(a) |
"Specified Entity" is not applicable to BSFP or Counterparty for any purpose. |
(b) |
“Breach of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or Counterparty. |
(c) |
“Credit Support Default” provisions of Section 5(a)(iii) will not apply to BSFP or Counterparty. |
(d) |
“Misrepresentation” provisions of Section 5(a)(iv) will not apply to BSFP or Counterparty. |
(e) |
“Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to Counterparty. |
(f) "Specified Transaction" is not applicable to BSFP or Counterparty for any purpose, and, accordingly, Section 5(a)(v) shall not apply to BSFP or Counterparty.
(g) The "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or to Counterparty.
(h) The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply to BSFP or Counterparty.
(i) Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement, if at any time and so long as the Counterparty has satisfied in full all its payment obligations under Section 2(a)(i) of the ISDA Form Master Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless BSFP is required pursuant to appropriate proceedings to return to the Counterparty or otherwise returns to the Counterparty upon demand of the Counterparty any portion of any such payment, (a) the occurrence of an event described in Section 5(a) of the ISDA Form Master Agreement with respect to the Counterparty shall not constitute an Event of Default or Potential Event of Default with respect to the Counterparty as Defaulting Party and (b) BSFP shall be entitled to designate an Early Termination Date pursuant to Section 6 of the ISDA Form Master Agreement only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the ISDA Form Master Agreement with respect to BSFP as the Affected Party, or Section 5(b)(iii) with respect to BSFP as the Burdened Party.
(j) The "Automatic Early Termination" provision of Section 6(a) will not apply to BSFP or to Counterparty.
(k) |
Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: |
|
(i) |
Market Quotation will apply. |
|
(ii) |
The Second Method will apply. |
(l) |
"Termination Currency" means United States Dollars. |
3) Tax Representations.
(a) Payer Representations. For the purpose of Section 3(e) of this Agreement, each of BSFP and the Counterparty will make the following representations:
It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on:
(i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement;
(ii) the satisfaction of the agreement contained in Section 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(iii) of this Agreement; and
(iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.
(b) Payee Representations. For the purpose of Section 3(f) of this Agreement, each of BSFP and the Counterparty make the following representations.
|
The following representation will apply to BSFP: |
BSFP is a corporation organized under the laws of the State of Delaware and its U.S. taxpayer identification number is 00-0000000.
The following representation will apply to the Counterparty:
Counterparty represents that it is the Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement.
4) [Reserved]
5) Documents to be Delivered. For the purpose of Section 4(a):
|
(1) |
Tax forms, documents, or certificates to be delivered are: |
Party required to deliver document |
Form/Document/ Certificate |
Date by which to be delivered |
BSFP and the Counterparty |
Any document required or reasonably requested to allow the other party to make payments under this Agreement without any deduction or withholding for or on the account of any Tax or with such deduction or withholding at a reduced rate |
Promptly after the earlier of (i) reasonable demand by either party or (ii) learning that such form or document is required |
(2) |
Other documents to be delivered are: |
Party required to deliver document |
Form/Document/ Certificate |
Date by which to be delivered |
Covered by Section 3(d) Representation |
BSFP and the Counterparty |
Any documents required by the receiving party to evidence the authority of the delivering party or its Credit Support Provider, if any, for it to execute and deliver this Agreement, any Confirmation, and any Credit Support Documents to which it is a party, and to evidence the authority of the delivering party or its Credit Support Provider, if any, to perform its obligations under this Agreement, such Confirmation and/or Credit Support Document, as the case may be |
Upon the execution and delivery of this Agreement and such Confirmation |
Yes |
BSFP and the Counterparty |
A certificate of an authorized officer of the party, as to the incumbency and authority of the respective officers of the party signing this Agreement, any relevant Credit Support Document, or any Confirmation, as the case may be |
Upon the execution and delivery of this Agreement and such Confirmation |
Yes |
6) Miscellaneous. Miscellaneous
(a) |
Address for Notices: For the purposes of Section 12(a) of this Agreement: |
|
Address for notices or communications to BSFP: |
Address: |
000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 |
Attention: |
DPC Manager |
Facsimile: |
(000) 000-0000 |
|
with a copy to: |
Address: |
Xxx Xxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxx 00000 |
Attention: |
Derivative Operations - 7th Floor |
Facsimile: |
(000) 000-0000 |
|
(For all purposes) |
|
Address for notices or communications to the Counterparty: |
|
||
|
|
|
||
|
Address: |
LaSalle Bank National Association |
||
|
|
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000 |
||
|
Xxxxxxx, XX 00000 |
Attention: |
Global Securities and Trust Services Group-Bear Xxxxxxx Asset Backed Securities I Trust 2006-EC2 |
Facsimile: |
(000) 000-0000 |
Phone: |
(000) 000-0000 |
(For all purposes)
(b) |
Process Agent. For the purpose of Section 13(c): |
BSFP appoints as its Process Agent: |
Not Applicable |
|
|
The Counterparty appoints as its Process Agent: |
Not Applicable |
(c) Offices. The provisions of Section 10(a) will not apply to this Agreement; neither BSFP nor the Counterparty have any Offices other than as set forth in the Notices Section and BSFP agrees that, for purposes of Section 6(b) of this Agreement, it shall not in future have any Office other than one in the United States.
(d) |
Multibranch Party. For the purpose of Section 10(c) of this Agreement: |
|
BSFP is not a Multibranch Party. |
The Counterparty is not a Multibranch Party.
(e) |
Credit Support Document. Not applicable for either BSFP or the Counterparty. |
(f) |
Credit Support Provider. |
|
BSFP: |
Not Applicable |
The Counterparty: Not Applicable
(g) Governing Law. The parties to this Agreement hereby agree that the law of the State of New York shall govern their rights and duties in whole, without regard to the conflict of law provisions thereof other than New York General Obligations Law Sections 5-1401 and 5-1402.
(h) Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the
invalid or unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties.
The parties shall endeavor to engage in good faith negotiations to replace any invalid or unenforceable term, provision, covenant or condition with a valid or enforceable term, provision, covenant or condition, the economic effect of which comes as close as possible to that of the invalid or unenforceable term, provision, covenant or condition.
(i) Consent to Recording. Each party hereto consents to the monitoring or recording, at any time and from time to time, by the other party of any and all communications between officers or employees of the parties, waives any further notice of such monitoring or recording, and agrees to notify its officers and employees of such monitoring or recording.
(j) Waiver of Jury Trial. Each party waives any right it may have to a trial by jury in respect of any Proceedings relating to this Agreement or any Credit Support Document.
(k) Transfer, Amendment and Assignment. No transfer, amendment, waiver, supplement, assignment or other modification of this Transaction shall be permitted by either party unless
Xxxxx’x Investors Service, Inc. (“Moody’s”) and Standard & Poors Ratings Service, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P") have been provided prior notice of the same and confirms in writing (including by facsimile transmission) that it will not downgrade, withdraw or otherwise modify its then-current ratings of the Class A and Class M Certificates.
7) "Affiliate" will have the meaning specified in Section 14 of the ISDA Form Master Agreement, provided that BSFP and Counterparty shall not be deemed to have any Affiliates for purposes of this Agreement, including for purposes of Section 6(b)(ii).
8) Section 3 of the ISDA Form Master Agreement is hereby amended by adding at the end thereof the following subsection (g):
|
"(g) |
Relationship Between Parties. |
Each party represents to the other party on each date when it enters into a Transaction that:--
(1) Nonreliance. It is not relying on any statement or representation of the other party regarding the Transaction (whether written or oral), other than the representations expressly made in this Agreement or the Confirmation in respect of that Transaction.
|
(2) Evaluation and Understanding. |
(i) It has the capacity to evaluate (internally or through independent professional advice) the Transaction and has made its own decision subject to Section 13 of this Agreement to enter into the Transaction; and
(ii) It understands the terms, conditions and risks of the Transaction and is willing and able to accept those terms and conditions and to assume those risks, financially and otherwise.
(3) Purpose. It is entering into the Transaction for the purposes of managing its borrowings or investments, hedging its underlying assets or liabilities or in connection with a line of business.
(4) Principal. Except as set forth herein, it is entering into the Transaction as principal, and not as agent or in any other capacity, fiduciary or otherwise.
(5) Eligible Contract Participant. It is an “eligible contract participant” as defined in Section 1(a)(12) of the Commodity Exchange Act.”
9) Non-Petition. BSFP shall not institute against, or cause any other person to institute against, or join any other person in instituting against Counterparty in any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or state bankruptcy or similar law for a period of one year and one day (or, if longer, the applicable preference period) following payment in full of the Certificates.
10) Set-off. Notwithstanding any provision of this Agreement or any other existing or future agreement, each party irrevocably waives any and all rights it may have to set off, net, recoup or otherwise withhold or suspend or condition payment or performance of any obligation between it and the other party hereunder against any obligation between it and the other party under any other agreements. The provisions for Set-off set forth in Section 6(e) of the Agreement shall not apply for purposes of this Transaction.
11) Additional Termination Events. Additional Termination Events will apply: (i) If a Rating Agency Downgrade has occurred and BSFP has not complied with Section 12 below, then an Additional Termination Event shall have occurred with respect to BSFP and BSFP shall be the sole Affected Party with respect to such an Additional Termination Event. (ii) If, upon the occurrence of a Swap Disclosure Event (as defined in paragraph 14 below) BSFP has not, within 10 Business Days after such Swap Disclosure Event complied with any of the provisions set forth in clause (iii) of paragraph 14 below, then an Additional Termination Event shall have occurred with respect to BSFP and BSFP shall be the sole Affected Party with respect to such Additional Termination Event.
12) Rating Agency Downgrade. In the event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then within 30 days after such rating withdrawal or downgrade (unless, within 30 days after such withdrawal or downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the rating of the Certificates, which was in effect immediately prior to such withdrawal or downgrade), BSFP shall, at its own expense, subject to the Rating Agency Condition, either (i) seek another entity to replace BSFP as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement, or (iii) post collateral which will be sufficient to restore the immediately prior ratings of the Certificates. BSFP’s failure to do any of the foregoing shall, at the Counterparty’s option, constitute an Additional Termination Event with BSFP as the Affected Party. In the event that BSFP’s long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “BBB-” by S&P, then within 10 Business Days after such rating withdrawal or downgrade, BSFP shall, subject to the Rating Agency Condition and at its own expense, either (i) secure another entity to replace BSFP as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement or (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement. For purposes of this provision, “Rating Agency Condition” means, with respect to any particular proposed act or omission to act hereunder that the party acting or failing to act must consult with each of the Swap Rating Agencies then providing a rating of the Certificates and any Notes and receive from each of the Swap Rating Agencies a prior written confirmation that the proposed action or inaction would not cause a downgrade or withdrawal of the then-current rating of the Certificates and Notes.
13) Supplemental Interest Trust Trustee Capacity. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed by LaSalle Bank National Association (“LaSalle”) not in its individual capacity, but solely as Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement in the exercise of the powers and authority conferred and invested in it thereunder; (ii) LaSalle has been directed pursuant to the Pooling and Servicing Agreement to enter into this Agreement and to perform its obligations hereunder; (iii) each of the representations, undertakings and agreements herein made on behalf of the Trust is made and intended not as personal representations of the Trustee but is made and intended for the purpose of binding only the Trust; and (iv) under no circumstances shall LaSalle Bank National Association in its individual capacity be personally liable for any payments hereunder or for the breach or failure of any obligation, representation, warranty or covenant made or undertaken under this Agreement.
14) Compliance with Regulation AB.
(i) BSFP agrees and acknowledges that Bear Xxxxxxx Asset Backed Securities I LLC (“BSABS”) is required under Regulation AB under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (“Regulation AB”), to disclose certain financial information regarding BSFP or its group of affiliated entities, if applicable, depending on the aggregate “significance percentage” of this Agreement and any other derivative contracts between BSFP or its group of affiliated entities, if applicable, and Counterparty, as calculated from time to time in accordance with Item 1115 of Regulation AB.
(ii) It shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day after the date hereof, BSABS requests from BSFP the applicable financial information described in Item 1115 of Regulation AB (such request to be based on a reasonable determination by BSABS, in good faith, that such information is required under Regulation AB) (the “Swap Financial Disclosure”).
(iii) Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall (a) provide to BSABS the Swap Financial Disclosure, (b) secure another entity to replace BSFP as party to this Agreement on terms substantially similar to this Agreement and subject to prior notification to the Swap Rating Agencies, which entity (or a guarantor therefor) meets or exceeds the Approved Rating Thresholds and which satisfies the Rating Agency Condition and which entity is able to comply with the requirements of Item 1115 of Regulation AB or (c) obtain a guaranty of the BSFP’s obligations under this Agreement, subject to Rating Agency Condition, from an affiliate of the BSFP that is able to comply with the financial information disclosure requirements of Item 1115 of Regulation AB, such that disclosure provided in respect of the affiliate will satisfy any disclosure requirements applicable to the Swap Provider, and cause such affiliate to provide Swap Financial Disclosure. If permitted by Regulation AB, any required Swap Financial Disclosure may be provided by incorporation by reference from reports filed pursuant to the Exchange Act.
(iv) BSFP agrees that, in the event that BSFP provides Swap Financial Disclosure to BSABS in accordance with clause (iii)(a) of paragraph 14 or causes its affiliate to provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(c) of paragraph 14, it will indemnify and hold harmless BSABS, its respective directors or officers and any person controlling BSABS, from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in such Swap Financial Disclosure or caused by any omission or alleged omission to state in such Swap Financial Disclosure a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
NEITHER THE BEAR XXXXXXX COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR XXXXXXX COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.
5. |
Account Details and |
|
|
Settlement Information: |
Payments to BSFP: |
|
|
Citibank, N.A., New York |
|
|
ABA Number: 000-0000-00, for the account of |
|
|
Bear, Xxxxxxx Securities Corp. |
|
|
Account Number: 0925-3186, for further credit to |
|
|
Bear Xxxxxxx Financial Products Inc. |
|
|
Sub-account Number: 102-04654-1-3 |
|
|
Attention: Derivatives Department |
|
|
|
|
|
Payments to Counterparty: |
|
|
Bank Name: LaSalle Bank N.A. |
|
|
ABA Number: 000000000 |
|
|
LaSalle CHGO/CTR/BNF:/ LaSalle Trust |
|
|
Reference Trust Account Number: 723453.4 |
|
|
Attention: Xxxxx Xxxxxxxx, (000) 000-0000 |
This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Counterparty hereby agrees to check this Confirmation and to confirm that the foregoing correctly sets forth the terms of the Transaction by signing in the space provided below and returning to BSFP a facsimile of the fully-executed Confirmation to 000-000-0000. For inquiries regarding U.S. Transactions, please contact Xxxxx Xxxxxx by telephone at 000-000-0000. For all other inquiries please contact Derivatives Documentation by telephone at 000-0-000-0000. Originals will be provided for your execution upon your request.
We are very pleased to have executed this Transaction with you and we look forward to completing other transactions with you in the near future.
Very truly yours,
BEAR XXXXXXX FINANCIAL PRODUCTS INC.
By: |
_______________________________ |
||
|
Name: |
|
|
|
Title: |
|
|
Counterparty, acting through its duly authorized signatory, hereby agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.
LASALLE BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL INTEREST TRUST TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT
By: |
_______________________________ |
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Name: |
|
|
|
Title: |
|
|
lm
SCHEDULE I
(all such dates subject to adjustment in accordance with the Business Day Convention)
From an including
|
To but excluding
|
Notional Amount (USD) |
Effective Date |
25-Mar-06 |
445,177,198.22 |
25-Mar-06 |
25-Apr-06 |
438,898,420.16 |
25-Apr-06 |
25-May-06 |
431,211,371.12 |
25-May-06 |
Termination Date |
422,129,918.05 |
EXHIBIT P
SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE
Definitions
Master Servicer – aggregator of pool assets
Custodian – safe keeper of pool assets
Trustee – fiduciary of the transaction, waterfall calculator, paying agent
Where there are multiple checks for criteria the attesting party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are responsible for in the related transaction agreements.
|
Key: |
X – obligation |
|
Reg AB Reference |
Servicing Criteria |
Master Servicer |
Trustee |
Custodian |
|
|
General Servicing Considerations |
|
|
|
|
1122(d)(1)(i) |
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. |
X |
X |
|
|
1122(d)(1)(ii) |
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. |
X |
|
|
|
1122(d)(1)(iv) |
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |
X |
|
|
|
|
Cash Collection and Administration |
|
|
|
|
1122(d)(2)(i) |
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt and identification, or such other number of days specified in the transaction agreements. |
X |
X |
|
|
1122(d)(2)(ii) |
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |
X |
X |
|
|
1122(d)(2)(iii) |
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |
X |
X |
|
|
1122(d)(2)(iv) |
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. |
X |
X |
|
|
1122(d)(2)(v) |
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. |
X |
X |
|
|
1122(d)(2)(vi) |
Unissued checks are safeguarded so as to prevent unauthorized access. |
X |
|
|
|
1122(d)(2)(vii) |
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 45 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. |
X |
X |
|
|
|
Investor Remittances and Reporting |
|
|
|
|
1122(d)(3)(i) |
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer. |
X |
X |
|
|
1122(d)(3)(ii) |
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |
X |
X |
|
|
1122(d)(3)(iii) |
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. |
X |
X |
|
|
1122(d)(3)(iv) |
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
X |
X |
|
|
|
Pool Asset Administration |
|
|
|
|
1122(d)(4)(i) |
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |
|
|
X |
|
1122(d)(4)(ii) |
Pool assets and related documents are safeguarded as required by the transaction agreements |
|
|
X |
|
1122(d)(4)(iii) |
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |
X |
X |
X* |
|
1122(d)(4)(iv) |
Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. |
X |
|
|
|
1122(d)(4)(v) |
The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance. |
X |
|
|
|
1122(d)(4)(vi) |
Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |
X |
|
|
|
1122(d)(4)(vii) |
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |
X |
|
|
|
1122(d)(4)(viii) |
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |
X |
|
|
|
1122(d)(4)(ix) |
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |
X |
|
|
|
1122(d)(4)(x) |
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |
X |
|
|
_________________________
* Only with respect to the logistics of adding, removing and substituting loan files.
|
1122(d)(4)(xi) |
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |
X |
|
|
|
1122(d)(4)(xii) |
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. |
X |
|
|
|
1122(d)(4)(xiii) |
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements. |
X |
|
|
|
1122(d)(4)(xiv) |
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |
X |
|
|
|
1122(d)(4)(xv) |
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |
|
X |
|
EXHIBIT Q
FORM 10-D, FORM 8-K AND FORM 10-K
REPORTING RESPONSIBILITY
As to each item described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to the party identified as responsible for preparing the Securities Exchange Act Reports pursuant to Section 3.16 of the Pooling and Servicing Agreement. The trustee in this transaction is responsible for all of the securities administrator functions.
Under Item 1 of Form 10-D: a) items marked “monthly statements to certificateholders” are required to be included in the periodic Distribution Date statement under Section 5.06 of the Pooling and Servicing Agreement, provided by the Trustee based on information received from the party providing such information; and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the monthly statements to certificateholders, provided by the party indicated. Information under all other Items of Form 10-D is to be included in the Form 10-D report. All such information and any other Items of Form 8-K and Form 10-K set forth in this exhibit shall be sent to the Trustee and the Depositor.
|
Form |
Item |
Description |
Master Servicer |
Trustee |
Custodian |
Depositor |
Sponsor |
|
10-D |
Must be filed within 15 days of the distribution date for the asset-backed securities. |
|
| ||||
|
|
1 |
Distribution and Pool Performance Information |
|
|
|
|
|
|
Item 1121(a) – Distribution and Pool Performance Information |
|
|
|
|
| ||
|
(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(2) Cash flows received and the sources thereof for distributions, fees and expenses. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including: |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
|
|
(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of such payments and the party receiving such payments. |
|
X
(monthly statements to certificateholders) |
|
|
|
|
(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(4) Beginning and ending principal balances of the asset-backed securities. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable. Consider providing interest rate information for pool assets in appropriate distributional groups or incremental ranges. |
|
X
(monthly statements to certificateholders) |
|
|
|
|
|
|
(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period. |
|
X
(monthly statements to certificateholders)(only with respect to the reserve accounts) |
|
|
|
|
(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment amounts. |
|
X
(monthly statements to certificateholders)
|
|
Updated pool composition information fields to be as specified by Depositor from time to time |
| ||
|
(9) Delinquency and loss information for the period. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology) |
X |
|
|
|
| ||
|
(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements. |
|
X
(monthly statements to certificateholders) |
|
|
|
|
|
|
(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time. |
|
X
(monthly statements to certificateholders) |
|
|
|
|
(12) Material breaches of pool asset representations or warranties or transaction covenants. |
X |
X
(if agreed upon by the parties) |
|
X |
| ||
|
(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met. |
|
X
(monthly statements to certificateholders) |
|
|
| ||
|
(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, |
|
|
|
X |
| ||
|
[information regarding] any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. |
X |
X
|
|
X |
|
|
|
|
Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets. |
|
|
|
X |
X |
|
Item 1121(b) – Pre-Funding or Revolving Period Information
Updated pool information as required under Item 1121(b). |
|
|
|
X |
| ||
|
2 |
Legal Proceedings |
|
|
|
|
| |
|
Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities: |
|
|
|
|
| ||
|
Sponsor (Seller) |
|
|
|
|
X | ||
|
Depositor |
|
|
|
X |
| ||
|
Trustee |
|
X |
|
|
| ||
|
Issuing entity |
|
|
|
X |
| ||
|
Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers |
X |
|
|
|
| ||
|
Originator of 20% or more of pool assets as of the Cut-off Date |
|
|
|
X |
| ||
|
Custodian |
|
|
X |
|
| ||
|
|
3 |
Sales of Securities and Use of Proceeds |
|
|
|
|
|
|
|
|
Information from Item 2(a) of Part II of Form 10-Q:
With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not registered. |
|
|
|
X |
| ||
|
4 |
Defaults Upon Senior Securities |
|
|
|
|
| |||
|
Information from Item 3 of Part II of Form 10-Q:
Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice) |
|
X |
|
|
| ||||
|
5 |
Submission of Matters to a Vote of Certificateholders |
|
|
|
|
| |||
|
Information from Item 4 of Part II of Form 10-Q |
|
X |
|
|
| ||||
|
6 |
Significant Obligors of Pool Assets |
|
|
|
|
| |||
|
Item 1112(b) – Significant Obligor Financial Information* |
|
|
|
X |
| ||||
|
*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item. |
|
|
|
|
| ||||
|
7 |
Significant Enhancement Provider Information |
|
|
|
|
| |||
|
Item 1114(b)(2) – Credit Enhancement Provider Financial Information* |
|
|
|
|
| ||||
|
Determining applicable disclosure threshold |
|
X |
|
|
| ||||
|
Requesting required financial information or effecting incorporation by reference |
|
X |
|
|
| ||||
|
Item 1115(b) – Derivative Counterparty Financial Information* |
|
|
|
|
| ||||
|
Determining current maximum probable exposure |
|
|
|
X |
| ||||
|
Determining current significance percentage |
|
X |
|
|
| ||||
|
Requesting required financial information or effecting incorporation by reference |
|
X |
|
|
| ||||
|
*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items. |
|
|
|
|
| ||||
|
8 |
Other Information |
|
|
|
|
| |||
|
|
|
Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported |
The Responsible Party for the applicable Form 8-K item as indicated below. | ||||||
|
|
9 |
Exhibits |
|
|
|
|
| ||
|
Distribution report |
|
X |
|
|
| ||||
|
Exhibits required by Item 601 of Regulation S-K, such as material agreements |
|
|
|
X |
| ||||
|
8-K |
Must be filed within four business days of an event reportable on Form 8-K. |
|
| ||||||
|
|
1.01 |
Entry into a Material Definitive Agreement |
|
|
|
|
| ||
|
|
|
Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.
Examples: servicing agreement, custodial agreement.
Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus |
X |
X |
|
X |
X |
|
1.02 |
Termination of a Material Definitive Agreement |
X |
X |
|
X |
X | |
|
Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.
Examples: servicing agreement, custodial agreement. |
X |
X |
X |
X |
X | ||
|
1.03 |
Bankruptcy or Receivership |
|
|
|
|
|
|
|
|
Disclosure is required regarding the bankruptcy or receivership, if known to the Master Servicer, with respect to any of the following:
Sponsor (Seller), Depositor, Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers, Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, Custodian |
X |
X |
X |
X |
X | |||
|
2.04 |
Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement |
|
|
|
|
| ||||
|
Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.
Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to certificateholders [in this transaction there will be no events other than waterfall triggers] |
X |
X |
|
|
| |||||
|
3.03 |
Material Modification to Rights of Certificateholders |
|
|
|
|
| ||||
|
Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement |
|
X |
|
|
| |||||
|
5.03 |
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year |
|
|
|
|
| ||||
|
Disclosure is required of any amendment “to the governing documents of the issuing entity” |
|
|
|
X |
| |||||
|
5.06 |
Change in Shell Company Status |
|
|
|
|
| ||||
|
[Not applicable to ABS issuers] |
|
|
|
X |
| |||||
|
6.01 |
ABS Informational and Computational Material |
|
|
|
|
| ||||
|
[Not included in reports to be filed under Section 3.16] |
|
|
|
X |
| |||||
|
6.02 |
Change of Servicer or Trustee |
|
|
|
|
| ||||
|
Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee. |
X |
X |
|
X |
| |||||
|
Reg AB disclosure about any new master servicer is also required. |
X |
|
|
|
| |||||
|
Reg AB disclosure about any new trustee is also required. |
|
X |
|
|
| |||||
|
6.03 |
Change in Credit Enhancement or Other External Support |
|
|
|
|
| ||||
|
Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives. |
|
X |
|
X |
| |||||
|
Reg AB disclosure about any new enhancement provider is also required. |
|
X |
|
X |
| |||||
|
6.04 |
Failure to Make a Required Distribution |
|
X |
|
|
| ||||
|
6.05 |
Securities Act Updating Disclosure |
|
|
|
|
| ||||
|
If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool. |
|
|
|
X |
| |||||
|
If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively. |
|
|
|
X |
| |||||
|
7.01 |
Regulation FD Disclosure |
X |
X |
X |
X |
| ||||
|
8.01 |
Other Events |
|
|
|
|
| ||||
|
Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders. |
|
|
|
X |
| |||||
|
|
9.01 |
Financial Statements and Exhibits |
The Responsible Party applicable to reportable event. | |||||||
|
10-K |
|
Must be filed within 90 days of the fiscal year end for the registrant. |
|
| ||||||
|
|
9B |
Other Information |
|
|
|
|
| |||
|
|
|
Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported |
The Responsible Party for the applicable Form 8-K as indicated above. | |||||||
|
|
15 |
Exhibits and Financial Statement Schedules |
|
|
|
|
| |||
|
Item 1112(b) – Significant Obligor Financial Information |
|
|
|
X |
| |||||
|
Item 1114(b)(2) – Credit Enhancement Provider Financial Information |
|
|
|
|
| |||||
|
Determining applicable disclosure threshold |
|
X |
|
|
| |||||
|
Requesting required financial information or effecting incorporation by reference |
|
X |
|
|
| |||||
|
|
|
Item 1115(b) – Derivative Counterparty Financial Information |
|
|
|
|
|
|
Determining current maximum probable exposure |
|
|
|
X |
| ||
|
|
|
Determining current significance percentage |
|
X |
|
|
|
|
Requesting required financial information or effecting incorporation by reference |
|
X |
|
|
| ||
|
Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities: |
|
|
|
|
| ||
|
Sponsor (Seller) |
|
|
|
|
X | ||
|
Depositor |
|
|
|
X |
| ||
|
Trustee |
|
X |
|
|
| ||
|
Issuing entity |
|
|
|
X |
| ||
|
Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers |
X |
|
|
|
| ||
|
Originator of 20% or more of pool assets as of the Cut-off Date |
|
|
|
X |
| ||
|
Custodian |
|
|
X |
|
| ||
|
Item 1119 – Affiliations and relationships between the following entities, or their respective affiliates, that are material to Certificateholders: |
|
|
|
|
| ||
|
Sponsor (Seller) |
|
|
|
|
X | ||
|
Depositor |
|
|
|
X |
| ||
|
Trustee |
|
X |
|
|
|
|
|
|
Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers |
X |
|
|
|
|
|
Originator |
|
|
|
X |
| ||
|
Custodian |
|
|
X |
|
| ||
|
Credit Enhancer/Support Provider |
|
|
|
X |
| ||
|
Significant Obligor |
|
|
|
X |
| ||
|
Item 1122 – Assessment of Compliance with Servicing Criteria |
X |
X |
X |
|
| ||
|
Item 1123 – Servicer Compliance Statement |
X |
X |
|
|
|
EXHIBIT R
ADDITIONAL DISCLOSURE NOTIFICATION
Bear Xxxxxxx Asset Backed Securities I LLC
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Fax: (000) 000-0000
E-mail: xxxxxxxxxxxxxxxxxx@xxxx.xxx
LaSalle Bank National Association as Trustee
000 X. XxXxxxx Xx., Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxxxx@xxxxxxx.xxx
Attn: Global Securities and Trust Services Group - BEAR XXXXXXX ASSET BACKED SECURITIES I TRUST 2006-EC2-SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section 3.16(a)(v) of the Pooling and Servicing Agreement, dated as of February 1, 2006, among Bear Xxxxxxx Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation, as sponsor and as master servicer, and LaSalle Bank National Association, as trustee. The Undersigned, as [Name of Party], hereby notifies you that certain events have come to our attention that [will][may] need to be disclosed on Form [ ].
|
Description of Additional Form [ |
] Disclosure: |
List of Any Attachments hereto to be included in the Additional Form [ ] Disclosure:
Any inquiries related to this notification should be directed to [ ], phone number: [ ]; email address: [ ].
|
|
[NAME OF PARTY] |
|
| |
|
| |
|
By: ____________________________________ | |
|
Name: | |
|
Title: |
