Exhibit 4.1
--------------
EXECUTION COPY
--------------
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
XXXX XX XXXXXXX FUNDING CORPORATION,
as Depositor,
XXXXX FARGO BANK, N.A.,
as Master Servicer and Securities Administrator,
and
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
POOLING AND SERVICING AGREEMENT
Dated February 27, 2007
-----------------------------
Mortgage Pass-Through Certificates
Series 2007-2
================================================================================
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS....19
Section 1.01 Defined Terms...........................................19
Section 1.02 Interest Calculations...................................94
ARTICLE II CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES.............................................94
Section 2.01 Conveyance of Mortgage Loans............................94
Section 2.02 Acceptance by the Trustee or Custodian of the Mortgage
Loans...................................................99
Section 2.03 Representations, Warranties and Covenants of the
Master Servicer........................................104
Section 2.04 Representations and Warranties of the Depositor as to
the Mortgage Loans.....................................105
Section 2.05 Designation of Interests in the REMICs.................106
Section 2.06 Designation of Start-up Day............................107
Section 2.07 REMIC Certificate Maturity Date........................107
Section 2.08 Execution and Delivery of Certificates.................107
Section 2.09 Establishment of the Trust.............................108
Section 2.10 Purpose and Powers of the Trust........................108
Section 2.11 Rights of the NIMS Insurer.............................108
ARTICLE III ADMINISTRATION AND MASTER SERVICING
OF MORTGAGE LOANS...........................................................109
Section 3.01 Master Servicing of the Mortgage Loans.................109
Section 3.02 Monitoring of Servicers................................110
Section 3.03 Fidelity Bond; Errors and Omissions Insurance..........111
Section 3.04 Access to Certain Documentation........................112
Section 3.05 Maintenance of Primary Mortgage Insurance Policy;
Claims.................................................112
Section 3.06 Rights of the Depositor, the Securities Administrator
and the Trustee in Respect of the Master Servicer......113
Section 3.07 Trustee to Act as Master Servicer......................113
Section 3.08 Servicer Custodial Accounts and Escrow Accounts........113
Section 3.09 Collection of Mortgage Loan Payments; Master Servicer
Custodial Account, Certificate Account, Cap Carryover
Reserve Account, Class 1-A-16 Reserve Fund, Class
1-A-18 Reserve Fund and Interest Rate Cap Agreements...114
Section 3.10 Access to Certain Documentation and Information
Regarding the Mortgage Loans...........................119
Section 3.11 Permitted Withdrawals from the Certificate Account and
the Master Servicer Custodial Account..................119
Section 3.12 Maintenance of Hazard Insurance and Other Insurance....121
Section 3.13 Presentment of Claims and Collection of Proceeds.......121
-i-
Section 3.14 Enforcement of Due-On-Sale Clauses; Assumption
Agreements.............................................122
Section 3.15 Realization Upon Defaulted Mortgage Loans; REO
Property...............................................122
Section 3.16 Trustee to Cooperate; Release of Mortgage Files........124
Section 3.17 Documents, Records and Funds in Possession of the
Master Servicer to be Held for the Trustee.............125
Section 3.18 Master Servicer Compensation...........................125
Section 3.19 Advances...............................................125
Section 3.20 Annual Statement as to Compliance......................126
Section 3.21 Assessments of Compliance and Attestation Reports......127
Section 3.22 Reports to the Commission..............................129
ARTICLE IV MASTER SERVICER'S CERTIFICATE.....................................136
Section 4.01 Master Servicer's Certificate..........................136
ARTICLE V PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS;
REMIC ADMINISTRATION....136
Section 5.01 Distributions..........................................136
Section 5.02 Priorities of Distributions on the Shifting Interest
Certificates...........................................137
Section 5.03 Priorities of Distributions on the Overcollateralized
Certificates...........................................148
Section 5.04 Allocation of Losses...................................160
Section 5.05 Statements to Certificateholders.......................164
Section 5.06 REMIC Tax Returns and Reports to Certificateholders....171
Section 5.07 Tax Matters Person.....................................172
Section 5.08 Rights of the Tax Matters Person in Respect of the
Securities Administrator...............................172
Section 5.09 REMIC and Grantor Trust Related Covenants..............172
Section 5.10 Determination of One-Month LIBOR.......................174
Section 5.11 Master Servicer, Securities Administrator and Trustee
Indemnification........................................175
Section 5.12 Grantor Trust Administration...........................175
Section 5.13 Distributions on the Exchangeable Certificates.........176
Section 5.14 Supplemental Interest Trust............................177
Section 5.15 Tax Treatment of Swap Payments and Swap Termination
Payments...............................................178
ARTICLE VI THE CERTIFICATES..................................................179
Section 6.01 The Certificates.......................................179
Section 6.02 Registration of Transfer and Exchange of Certificates..180
Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates......185
Section 6.04 Persons Deemed Owners..................................185
Section 6.05 Transfer of Exchangeable REMIC Certificates and
Exchangeable Certificates..............................185
Section 6.06 Exchanges of Exchangeable REMIC Certificates and
Exchangeable Certificates..............................186
-ii-
ARTICLE VII THE DEPOSITOR AND THE MASTER SERVICER............................187
Section 7.01 Respective Liabilities of the Depositor and the Master
Servicer...............................................187
Section 7.02 Merger or Consolidation of the Depositor or the Master
Servicer...............................................187
Section 7.03 Limitation on Liability of the Depositor, the Master
Servicer and Others....................................188
Section 7.04 Depositor and Master Servicer Not to Resign............189
ARTICLE VIII DEFAULT.........................................................189
Section 8.01 Events of Default......................................189
Section 8.02 Remedies of Trustee....................................191
Section 8.03 Directions by Certificateholders and Duties of Trustee
During Event of Default................................191
Section 8.04 Action upon Certain Failures of the Master Servicer
and upon Event of Default..............................192
Section 8.05 Trustee to Act; Appointment of Successor...............192
Section 8.06 Notification to Certificateholders.....................193
ARTICLE IX THE TRUSTEE AND THE SECURITIES ADMINISTRATOR......................193
Section 9.01 Duties of Trustee and Securities Administrator.........193
Section 9.02 Certain Matters Affecting the Trustee and the
Securities Administrator...............................199
Section 9.03 Neither Trustee nor Securities Administrator Liable
for Certificates or Mortgage Loans.....................200
Section 9.04 Trustee and Securities Administrator May Own
Certificates...........................................201
Section 9.05 Eligibility Requirements for Trustee and the
Securities Administrator...............................201
Section 9.06 Resignation and Removal of Trustee and the Securities
Administrator..........................................202
Section 9.07 Successor Trustee or Securities Administrator..........203
Section 9.08 Merger or Consolidation of Trustee or Securities
Administrator..........................................204
Section 9.09 Appointment of Co-Trustee or Separate Trustee..........204
Section 9.10 Authenticating Agents..................................206
Section 9.11 Securities Administrator's Fees and Expenses and
Trustee's Fees and Expenses............................206
Section 9.12 Appointment of Custodian...............................207
Section 9.13 Paying Agents..........................................207
Section 9.14 Limitation of Liability................................208
Section 9.15 Trustee or Securities Administrator May Enforce Claims
Without Possession of Certificates.....................209
Section 9.16 Suits for Enforcement..................................209
Section 9.17 Waiver of Bond Requirement.............................209
Section 9.18 Waiver of Inventory, Accounting and Appraisal
Requirement............................................209
ARTICLE X TERMINATION........................................................210
Section 10.01 Termination upon Purchase or Liquidation of All
Mortgage Loans.........................................210
Section 10.02 Additional Termination Requirements....................212
-iii-
ARTICLE XI MISCELLANEOUS PROVISIONS..........................................213
Section 11.01 Amendment..............................................213
Section 11.02 Recordation of Agreement; Counterparts.................215
Section 11.03 Limitation on Rights of Certificateholders.............215
Section 11.04 Governing Law..........................................216
Section 11.05 Notices................................................217
Section 11.06 Severability of Provisions.............................217
Section 11.07 Certificates Nonassessable and Fully Paid..............217
Section 11.08 Access to List of Certificateholders...................218
Section 11.09 Recharacterization.....................................218
Section 11.10 Regulation AB Compliance; Intent of the Parties;
Reasonableness.........................................218
Section 11.11 Third Party Beneficiary................................219
-iv-
EXHIBITS
Form of Face of Class 1-A-R Certificate
Exhibit A-1A1 Form of Face of Class 1-A-1 Certificate
Exhibit A-1A2 Form of Face of Class 1-A-2 Certificate
Exhibit A-1A3 Form of Face of Class 1-A-3 Certificate
Exhibit A-1A4 Form of Face of Class 1-A-4 Certificate
Exhibit A-1A5 Form of Face of Class 1-A-5 Certificate
Exhibit A-1A6 Form of Face of Class 1-A-6 Certificate
Exhibit A-1A7 Form of Face of Class 1-A-7 Certificate
Exhibit A-1A8 Form of Face of Class 1-A-8 Certificate
Exhibit A-1A9 Form of Face of Class 1-A-9 Certificate
Exhibit A-1A10 Form of Face of Class 1-A-10 Certificate
Exhibit A-1A11 Form of Face of Class 1-A-11 Certificate
Exhibit A-1A12 Form of Face of Class 1-A-12 Certificate
Exhibit A-1A13 Form of Face of Class 1-A-13 Certificate
Exhibit A-1A14 Form of Face of Class 1-A-14 Certificate
Exhibit A-1A15 Form of Face of Class 1-A-15 Certificate
Exhibit A-1A16 Form of Face of Class 1-A-16 Certificate
Exhibit A-1A17 Form of Face of Class 1-A-17 Certificate
Exhibit A-1A18 Form of Face of Class 1-A-18 Certificate
Exhibit A-1A19 Form of Face of Class 1-A-19 Certificate
Exhibit A-1A20 Form of Face of Class 1-A-20 Certificate
Exhibit A-1A21 Form of Face of Class 1-A-21 Certificate
Exhibit A-1A22 Form of Face of Class 1-A-22 Certificate
Exhibit A-1A23 Form of Face of Class 1-A-23 Certificate
Exhibit A-1A24 Form of Face of Class 1-A-24 Certificate
Exhibit A-1A25 Form of Face of Class 1-A-25 Certificate
Exhibit A-1A26 Form of Face of Class 1-A-26 Certificate
Exhibit A-1A27 Form of Face of Class 1-A-27 Certificate
Exhibit A-1A28 Form of Face of Class 1-A-28 Certificate
Exhibit A-1A29 Form of Face of Class 1-A-29 Certificate
Exhibit A-1A30 Form of Face of Class 1-A-30 Certificate
Exhibit A-1A31 Form of Face of Class 1-A-31 Certificate
Exhibit A-1A32 Form of Face of Class 1-A-32 Certificate
Exhibit A-1A33 Form of Face of Class 1-A-33 Certificate
Exhibit A-1A34 Form of Face of Class 1-A-34 Certificate
Exhibit A-1A35 Form of Face of Class 1-A-35 Certificate
Exhibit A-1A36 Form of Face of Class 1-A-36 Certificate
Exhibit A-1A37 Form of Face of Class 1-A-37 Certificate
Exhibit A-1A38 Form of Face of Class 1-A-38 Certificate
Exhibit A-1A39 Form of Face of Class 1-A-39 Certificate
Exhibit A-1A40 Form of Face of Class 1-A-40 Certificate
Exhibit A-1A41 Form of Face of Class 1-A-41 Certificate
Exhibit A-1A42 Form of Face of Class 1-A-42 Certificate
Exhibit A-2A1 Form of Face of Class 2-A-1 Certificate
-v-
Exhibit A-30IO Form of Face of Class 30-IO Certificate
Exhibit A-30PO Form of Face of Class 30-PO Certificate
Exhibit A-TA1A Form of Face of Class T-A-1A Certificate
Exhibit A-TA1B Form of Face of Class T-A-1B Certificate
Exhibit A-TA2 Form of Face of Class T-A-2 Certificate
Exhibit A-TA3 Form of Face of Class T-A-3 Certificate
Exhibit A-TA4 Form of Face of Class T-A-4 Certificate
Exhibit A-TA5 Form of Face of Class T-A-5 Certificate
Exhibit A-TA6 Form of Face of Class T-A-6 Certificate
Exhibit B-M1 Form of Face of Class M-1 Certificate
Exhibit B-B1 Form of Face of Class B-1 Certificate
Exhibit B-B2 Form of Face of Class B-2 Certificate
Exhibit B-B3 Form of Face of Class B-3 Certificate
Exhibit B-B4 Form of Face of Class B-4 Certificate
Exhibit B-B5 Form of Face of Class B-5 Certificate
Exhibit B-B6 Form of Face of Class B-6 Certificate
Exhibit B-TM1 Form of Face of Class T-M-1 Certificate
Exhibit B-TM2 Form of Face of Class T-M-2 Certificate
Exhibit B-TM3 Form of Face of Class T-M-3 Certificate
Exhibit B-TM4 Form of Face of Class T-M-4 Certificate
Exhibit B-TM5 Form of Face of Class T-M-5 Certificate
Exhibit B-TB1 Form of Face of Class T-B-1 Certificate
Exhibit B-CE Form of Face of Class CE Certificate
Exhibit B-P Form of Face of Class P Certificate
Exhibit C Form of Reverse of all Certificates
Exhibit D-1 Loan Group 1 Mortgage Loan Schedule
Exhibit D-2 Loan Group 2 Mortgage Loan Schedule
Exhibit D-T2 Loan Group T2 Mortgage Loan Schedule
Exhibit E Request for Release of Documents
Exhibit F Form of Certification of Establishment of Account
Exhibit G-1 Form of Transferor's Certificate
Exhibit G-2A Form 1 of Transferee's Certificate
Exhibit G-2B Form 2 of Transferee's Certificate
Exhibit H Form of Transferee Representation Letter for ERISA
Restricted Certificates
Exhibit I Form of Affidavit Regarding Transfer of Residual
Certificate
Exhibit J List of Recordation States
Exhibit K Form of Initial Certification
Exhibit L Form of Final Certification
Exhibit M Form of Xxxxxxxx-Xxxxx Certification
Exhibit N Relevant Servicing Criteria
Exhibit O Additional Form 10-D Disclosure
Exhibit P Additional Form 10-K Disclosure
Exhibit Q Form 8-K Disclosure Information
Exhibit R Form of Back-up Certification
Exhibit S Form of Additional Disclosure Notification
-vi-
Exhibit T-1 Class 1-A-16 Interest Rate Cap Agreement
Exhibit T-2 Class 1-A-18 Interest Rate Cap Agreement
Exhibit T-3 Class T-A-4 Interest Rate Cap Agreement
Exhibit U-1 Interest Rate Swap Agreement A
Exhibit U-2 Interest Rate Swap Agreement B
Exhibit U-3 Interest Rate Swap Agreement C
Exhibit V Principal Balance Schedules
Exhibit W Available Combinations
Exhibit X Form of Request for Exchange of Exchangeable REMIC
Certificates or Exchangeable
Certificates
Exhibit Y Form of Transferor Certificate Regarding Transfer
of Residual Certificate
-vii-
POOLING AND SERVICING AGREEMENT
THIS POOLING AND SERVICING AGREEMENT, dated February 27, 2007, is hereby
executed by and among BANC OF AMERICA FUNDING CORPORATION, as depositor
(together with its permitted successors and assigns, the "Depositor"), XXXXX
FARGO BANK, N.A., as master servicer (together with its permitted successors and
assigns, in such capacity, the "Master Servicer") and as securities
administrator (together with its permitted successors and assigns, in such
capacity, the "Securities Administrator"), and U.S. BANK NATIONAL ASSOCIATION,
as trustee (together with its permitted successors and assigns, the "Trustee").
W I T N E S S E T H T H A T:
- - - - - - - - - - - - - -
In consideration of the mutual agreements herein contained, the Depositor,
the Master Servicer, the Securities Administrator and the Trustee agree as
follows:
PRELIMINARY STATEMENT
The Depositor intends to sell pass-through certificates (collectively, the
"Certificates"), to be issued hereunder in multiple Classes, which in the
aggregate, together with the Uncertificated Class Swap-IOA Interest,
Uncertificated Class Swap-IOB Interest and Uncertificated Class Swap-IOC
Interest issued by the Upper-Tier II REMIC, will evidence the entire beneficial
ownership interest in the Trust Estate created hereunder. The Certificates will
consist of sixty-eight Classes of Certificates, designated as the Class 1-A-1,
Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7,
Class 1-A-8, Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class
1-A-13, Class 1-A-14, Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18,
Class 1-A-19, Class 1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class
1-A-24, Class 1-A-25, Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29,
Class 1-A-30, Class 1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class
1-A-35, Class 1-A-36, Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40,
Class 1-A-41, Class 1-A-42, Class 2-A-1, Class 30-IO, Class 30-PO, Class T-A-1A,
Class T-A-1B, Class T-A-2, Class T-A-3, Class T-A-4, Class T-A-5, Class T-A-6,
Class M-1, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6,
Class T-M-1, Class T-M-2, Class T-M-3, Class T-M-4, Class T-M-5, Class T-B-1,
Class CE, Class P and the Class 1-A-R Certificates. The descriptions of the
Shifting Interest Lower-Tier REMIC, the Shifting Interest Middle-Tier REMIC, the
Shifting Interest Upper-Tier REMIC, the Lower-Tier II REMIC, the Middle-Tier II
REMIC and the Upper-Tier II REMIC that follow are part of the Preliminary
Statement. Any inconsistencies or ambiguities in this Agreement or in the
administration of this Agreement shall be resolved pursuant to the terms of
Section 11.01 hereof in a manner that preserves the validity of such REMIC
elections described below.
Shifting Interest Lower-Tier REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Shifting Interest Mortgage
Loans and certain other related assets subject to this Agreement (but exclusive
of the Class 1-A-16 Interest Rate Cap Agreement, the Class 1-A-18 Interest Rate
Cap Agreement, Class 1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund) as a
real estate mortgage investment conduit ("REMIC") for federal income tax
purposes, and such segregated pool of assets will be designated as the "Shifting
Interest Lower-Tier REMIC." The Class SI-LR Interest will represent the sole
class of "residual interests" in the Shifting Interest Lower-Tier REMIC for
purposes of the REMIC Provisions. The following table irrevocably sets forth the
designation, the Uncertificated Shifting Interest Lower-Tier REMIC Pass-Through
Rate, the initial Uncertificated Balance, and solely for purposes of satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for each of the Uncertificated Shifting Interest Lower-Tier Regular
Interests. None of the Uncertificated Shifting Interest Lower-Tier Interests
will be certificated.
------------------------ ----------------------------- --------------------------------
Uncertificated Shifting
Initial Uncertificated Interest Lower-Tier REMIC
Designation(1) Balance Pass-Through Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-L $522,200,947.46 6.10%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-LS $25,242.56 6.10%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-LIO $21,847,716.91(2) 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-LPO $3,755,105.72 (3)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
2-L $43,274,158.38 Variable(4)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
2-LS $2,078.24 Variable(4)
------------------------ ----------------------------- --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Shifting Interest Mortgage Loan with the latest maturity date has
been designated as the "latest possible maturity date" for each
Uncertificated Shifting Interest Lower-Tier Regular Interest.
(2) Calculated in accordance with the definition of "Notional Amount" herein.
(3) The Class 1-LPO Interest will not bear interest.
(4) Calculated in accordance with the definition of "Uncertificated Shifting
Interest Lower-Tier REMIC Pass-Through Rate" herein.
-2-
Shifting Interest Middle-Tier REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Uncertificated Shifting
Interest Lower-Tier Regular Interests as a REMIC for federal income tax
purposes, and such segregated pool of assets will be designated as the "Shifting
Interest Middle-Tier REMIC." The Class SI-MR Interest will represent the sole
class of "residual interests" in the Shifting Interest Middle-Tier REMIC for
purposes of the REMIC Provisions. The following table irrevocably sets forth the
designation, the Uncertificated Shifting Interest Middle-Tier REMIC Pass-Through
Rate, the initial Uncertificated Balance, and solely for purposes of satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for each of the Uncertificated Shifting Interest Middle-Tier Regular
Interests. None of the Uncertificated Shifting Interest Middle-Tier Interests
will be certificated.
------------------------ ----------------------------- --------------------------------
Uncertificated Shifting
Initial Uncertificated Interest Middle-Tier REMIC
Designations(1) Balance Pass-Through Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-1 $49,697,800.00 7.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-R $100.00 6.10%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-2 $106,425,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-3 $5,366,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-4 $68,234,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-5 $24,601,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-6 $75,649,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-7 $17,185,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-8 $19,820,200.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-1-A-9 $130,000,000.00 6.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-2-A-1 $41,198,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-IO $21,847,716.91(3) (4)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-PO $3,755,105.72 0.00%
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-M-1 $9,679,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-1 $4,839,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-2 $4,269,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-3 $3,131,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-4 $2,277,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-5 $1,708,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRI-B-6 $1,423,326.64 Variable(2)
------------------------ ----------------------------- --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Shifting Interest Mortgage Loan with the latest maturity date has
been designated as the "latest possible maturity date" for each
Uncertificated Shifting Interest Middle-Tier Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated Shifting
Interest Middle-Tier REMIC Pass-Through Rate" herein.
(3) Calculated in accordance with the definition of "Notional Amount" herein.
(4) For federal income tax purposes, the Class MRI-IO Interest will be entitled
to 100% of the amounts distributed on the Uncertificated Shifting Interest
Lower-Tier Class 1-LIO Interest.
-3-
The foregoing Shifting Interest Lower-Tier REMIC and Shifting Interest
Middle-Tier REMIC structure is intended to cause all the cash from the Shifting
Interest Mortgage Loans to flow through the Shifting Interest Upper-Tier REMIC
as cash flow on a Shifting Interest Upper-Tier Regular Interest, without
creating any shortfall, actual or potential (other than for losses), to any
Shifting Interest Upper-Tier Regular Interest. To the extent that the structure
is believed to diverge from such intention, the party identifying such ambiguity
or drafting error shall notify the other parties hereto, and the parties hereto
shall attempt to resolve such ambiguity or drafting error in accordance with
Section 11.01 hereto.
-4-
Shifting Interest Upper-Tier REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Uncertificated Shifting
Interest Middle-Tier Regular Interests as a REMIC for federal income tax
purposes, and such segregated pool of assets will be designated as the "Shifting
Interest Upper-Tier REMIC." The Class SI-UR Interest will represent the sole
class of "residual interests" in the Shifting Interest Upper-Tier REMIC for
purposes of the REMIC Provisions. The following table irrevocably sets forth (or
describes) the designation, the Interest Rate, and Initial Uncertificated
Balance or Notional Amount for each Shifting Interest Upper-Tier Regular
Interest comprising the "regular interests" in the Shifting Interest Upper-Tier
REMIC for purposes of the REMIC Provisions and solely for purposes of Satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for each class of Shifting Interest Upper-Tier Regular Interests.
------------------------ ----------------------------- --------------------------------
Initial Uncertificated
Designation(1) Balance or Notional Amount Interest Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-R $100.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-1 $49,697,800.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-3 $106,425,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-4 $4,434,375.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-5 $5,366,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-6 $223,583.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-7 $68,234,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-8 $2,843,083.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-9 $24,601,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-10 $1,025,041.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-11 $75,649,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-12 $3,152,041.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-13 $17,185,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-14 $716,041.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-15 $9,362,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-16 $110,560,000.00 (4)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-17 $6,555,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-18 $19,440,000.00 (5)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-19 $130,000,000.00(3) (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-20 $10,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-21 $10,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-22 $3,783,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-23 $100,200.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
1-A-28(3) $49,697,800.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
2-A-1 $41,198,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
30-IO $21,847,716.91(3) (6)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
30-PO $3,755,105.72 (7)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
M-1 $9,679,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
-5-
------------------------ ----------------------------- --------------------------------
Initial Uncertificated
Designation(1) Balance or Notional Amount Interest Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-1 $4,839,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-2 $4,269,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-3 $3,131,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-4 $2,277,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-5 $1,708,000.00 (2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
B-6 $1,423,326.64 (2)
------------------------ ----------------------------- --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Shifting Interest Mortgage Loan with the latest maturity date has
been designated as the "latest possible maturity date" for each Shifting
Interest Upper-Tier Regular Interest.
(2) Interest will accrue on these Shifting Interest Upper-Tier Regular
Interests at a rate equal to the Pass-Through Rate of the Corresponding
Class of Shifting Interest Certificates.
(3) Calculated in accordance with the definition of "Notional Amount" herein.
(4) Interest will accrue on the Shifting Interest Upper-Tier Class 1-A-16
Regular Interest at a rate equal to the Pass-Through Rate of the
Corresponding Class of Shifting Interest Certificates. The Shifting
Interest Upper-Tier Class 1-A-16 Regular Interest will not be entitled to
any amounts in respect of the Class 1-A-16 Interest Rate Cap Agreement.
(5) Interest will accrue on the Shifting Interest Upper-Tier Class 1-A-18
Regular Interest at a rate equal to the Pass-Through Rate of the
Corresponding Class of Shifting Interest Certificates. The Shifting
Interest Upper-Tier Class 1-A-18 Regular Interest will not be entitled to
any amounts in respect of the Class 1-A-18 Interest Rate Cap Agreement.
(6) The Class 30-IO Interest will be entitled to 100% of the amounts
distributed on the Uncertificated Shifting Interest Middle-Tier Class
MRI-IO Regular Interest.
(7) The Class 30-PO Interest will not bear interest.
-6-
Lower-Tier II REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Group T2 Mortgage Loans
and certain other related assets subject to this Agreement (but exclusive of the
Class T-A-4 Interest Rate Cap Agreement, the Class T-A-4 Interest Rate Cap
Agreement Account, the Supplemental Interest Trust, the Interest Rate Swap
Agreements, the Swap Account and the Cap Carryover Reserve Account) as a real
estate mortgage investment conduit ("REMIC") for federal income tax purposes,
and such segregated pool of assets will be designated as the "Lower-Tier II
REMIC." The Class II-LR Interest will represent the sole class of "residual
interests" in the Lower-Tier II REMIC for purposes of the REMIC Provisions. The
following table irrevocably sets forth the designation, the Uncertificated
Lower-Tier II REMIC Pass-Through Rate, the initial Uncertificated Balance, and
solely for purposes of satisfying Treasury Regulations Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the
Uncertificated Lower-Tier II Regular Interests. None of the Uncertificated
Lower-Tier II Interests will be certificated.
----------------------------- ------------------------ --------------------------------
Initial Uncertificated Uncertificated Lower-Tier II
Designation(1) Balance REMIC Pass-Through Rate
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRII-I $177,623,923.77 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-17-A $4,074,257.10 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-17-B $4,074,257.10 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-18-A $4,760,988.52 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-18-B $4,760,988.52 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-19-A $4,576,078.76 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-19-B $4,576,078.76 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-20-A $4,398,338.29 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-20-B $4,398,338.29 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-21-A $4,227,489.56 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-21-B $4,227,489.56 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-22-A $4,063,265.73 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-22-B $4,063,265.73 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-23-A $3,905,410.28 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-23-B $3,905,410.28 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-24-A $2,628,995.69 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-24-B $2,628,995.69 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-25-A $1,803,913.85 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-25-B $1,803,913.85 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-26-A $1,733,817.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-26-B $1,733,817.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-27-A $1,666,440.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-27-B $1,666,440.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-28-A $1,318,581.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-28-B $1,318,581.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-37-A $1,120,582.49 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-37-B $1,120,582.49 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
-7-
----------------------------- ------------------------ --------------------------------
Initial Uncertificated Uncertificated Lower-Tier II
Designation(1) Balance REMIC Pass-Through Rate
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-38-A $579,338.98 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-38-B $579,338.98 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-39-A $66,267.96 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-39-B $66,267.96 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-40-A $63,690.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-40-B $63,690.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-41-A $61,212.51 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-41-B $61,212.51 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-42-A $58,831.02 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-42-B $58,831.02 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-43-A $56,542.00 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-43-B $56,542.00 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-44-A $54,341.85 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-44-B $54,341.85 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-45-A $52,227.16 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-45-B $52,227.16 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-46-A $50,194.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-46-B $50,194.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-47-A $48,240.93 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-47-B $48,240.93 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-48-A $46,363.18 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-48-B $46,363.18 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-49-A $44,558.36 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-49-B $44,558.36 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-50-A $61,658.92 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-50-B $61,658.92 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-51-A $69,451.34 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-51-B $69,451.34 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-52-A $66,747.06 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-52-B $66,747.06 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-53-A $64,147.84 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-53-B $64,147.84 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-54-A $61,649.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-54-B $61,649.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-55-A $59,248.51 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-55-B $59,248.51 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-56-A $56,940.69 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-56-B $56,940.69 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-57-A $54,722.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-57-B $54,722.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-58-A $52,590.67 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-58-B $52,590.67 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
-8-
----------------------------- ------------------------ --------------------------------
Initial Uncertificated Uncertificated Lower-Tier II
Designation(1) Balance REMIC Pass-Through Rate
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-59-A $50,541.62 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-59-B $50,541.62 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-60-A $48,572.25 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-60-B $48,572.25 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-61-A $46,679.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-61-B $46,679.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-62-A $404,124.26 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIA-62-B $404,124.26 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-28-A $566,191.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-28-B $566,191.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-29-A $3,078,851.60 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-29-B $3,078,851.60 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-30-A $2,959,179.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-30-B $2,959,179.21 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-31-A $2,844,149.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-31-B $2,844,149.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-32-A $2,733,583.50 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-32-B $2,733,583.50 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-33-A $2,627,307.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-33-B $2,627,307.44 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-34-A $2,525,155.39 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-34-B $2,525,155.39 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-35-A $2,426,967.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-35-B $2,426,967.57 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-36-A $2,332,590.40 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-36-B $2,332,590.40 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-40-A $874,576.13 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-40-B $874,576.13 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-41-A $1,018,435.06 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-41-B $1,018,435.06 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-42-A $964,672.23 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-42-B $964,672.23 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-43-A $913,243.46 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-43-B $913,243.46 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-44-A $864,054.00 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-44-B $864,054.00 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-45-A $817,012.81 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-45-B $817,012.81 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-46-A $772,032.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-46-B $772,032.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-47-A $106,613.41 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIB-47-B $106,613.41 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
-9-
----------------------------- ------------------------ --------------------------------
Initial Uncertificated Uncertificated Lower-Tier II
Designation(1) Balance REMIC Pass-Through Rate
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-1-A $1,896,401.58 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-1-B $1,896,401.58 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-2-A $2,090,453.08 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-2-B $2,090,453.08 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-3-A $2,277,792.54 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-3-B $2,277,792.54 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-4-A $2,457,296.35 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-4-B $2,457,296.35 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-5-A $2,627,867.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-5-B $2,627,867.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-6-A $2,788,446.50 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-6-B $2,788,446.50 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-7-A $2,938,022.29 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-7-B $2,938,022.29 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-8-A $3,075,584.25 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-8-B $3,075,584.25 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-9-A $3,200,192.35 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-9-B $3,200,192.35 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-10-A $3,304,965.54 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-10-B $3,304,965.54 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-11-A $3,376,383.18 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-11-B $3,376,383.18 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-12-A $3,157,208.78 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-12-B $3,157,208.78 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-13-A $3,034,637.27 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-13-B $3,034,637.27 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-14-A $2,916,816.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-14-B $2,916,816.48 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-15-A $2,803,562.52 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-15-B $2,803,562.52 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-16-A $2,694,698.64 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-16-B $2,694,698.64 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-17-A $459,671.19 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-17-B $459,671.19 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-24-A $1,124,680.94 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-24-B $1,124,680.94 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-25-A $1,803,913.84 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-25-B $1,803,913.84 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-26-A $1,733,817.80 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-26-B $1,733,817.80 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-27-A $1,666,440.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-27-B $1,666,440.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
-10-
----------------------------- ------------------------ --------------------------------
Initial Uncertificated Uncertificated Lower-Tier II
Designation(1) Balance REMIC Pass-Through Rate
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-28-A $1,318,581.43 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-28-B $1,318,581.43 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-37-A $590,125.72 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-37-B $590,125.72 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-38-A $47,403.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-38-B $47,403.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-39-A $45,559.26 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-39-B $45,559.26 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-40-A $43,787.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-40-B $43,787.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-41-A $42,083.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-41-B $42,083.63 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-42-A $40,446.36 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-42-B $40,446.36 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-43-A $38,872.65 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-43-B $38,872.65 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-44-A $37,360.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-44-B $37,360.05 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-45-A $35,906.19 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-45-B $35,906.19 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-46-A $34,508.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-46-B $34,508.79 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-47-A $33,165.67 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-47-B $33,165.67 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-48-A $31,874.71 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-48-B $31,874.71 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-49-A $30,633.90 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-49-B $30,633.90 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-50-A $10,606.02 Variable(2)
----------------------------- ------------------------ --------------------------------
----------------------------- ------------------------ --------------------------------
LRIIC-50-B $10,606.02 Variable(2)
----------------------------- ------------------------ --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Group T2 Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each Uncertificated
Lower-Tier II Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated Lower-Tier
II REMIC Pass-Through Rate" herein.
-11-
Middle-Tier II REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Uncertificated Lower-Tier
II Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as the "Middle-Tier II REMIC." The
Class II-MR Interest will represent the sole class of "residual interests" in
the Middle-Tier REMIC for purposes of the REMIC Provisions. The following table
irrevocably sets forth the designation, the Uncertificated Middle-Tier II REMIC
Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes
of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest
possible maturity date" for each of the Middle-Tier Regular Interests. None of
the Uncertificated Middle-Tier II Regular Interests will be certificated.
------------------------ ----------------------------- --------------------------------
Initial Uncertificated Uncertificated Middle-Tier II
Designations(1) Balance REMIC Pass-Through Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-AA $418,466,543.99 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A1A $800,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A1B $961,430.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A2 $598,300.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A3 $326,760.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A4 $545,140.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A5 $665,810.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-A6 $99,340.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-M1 $104,620.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-M2 $55,510.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-M3 $21,350.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-M4 $21,350.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-M5 $21,350.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-B1 $29,900.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-ZZ $4,289,273.55 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-P $100.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-IOA (3) Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-IOB (3) Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
MRII-IOC (3) Variable(2)
------------------------ ----------------------------- --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Group T2 Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each Uncertificated
Middle-Tier II Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated Middle-Tier
II REMIC Pass-Through Rate" herein.
(3) The Class MRII-IOA Interest, the Class MRII-IOB Interest, and the Class
MRII-IOC Interest will have Uncertificated Balances calculated in
accordance with the definition of "Uncertificated Balance" herein.
The foregoing Lower-Tier II REMIC and Middle-Tier II REMIC structure is
intended to cause all the cash from the Group T2 Mortgage Loans to flow through
the Upper-Tier II REMIC as cash flow on an Upper-Tier II Regular Interest,
without creating any shortfall, actual or potential (other than for losses), to
any Upper-Tier II Regular Interest. To the extent that the structure is believed
-12-
to diverge from such intention, the party identifying such ambiguity or drafting
error shall notify the other parties hereto, and the parties hereto shall
attempt to resolve such ambiguity or drafting error in accordance with Section
11.01 hereto.
-13-
Upper-Tier II REMIC
As provided herein, the Securities Administrator will make an election to
treat the segregated pool of assets consisting of the Uncertificated Middle-Tier
II Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as the "Upper-Tier II REMIC." The
Class II-UR Interest will represent the sole class of "residual interests" in
the Upper-Tier II REMIC for purposes of the REMIC Provisions.
The following table irrevocably sets forth (or describes) the Upper-Tier II
Regular Interest designation, the Initial Uncertificated Balance and the
Uncertificated Upper-Tier II REMIC Pass-Through Rate for each Upper-Tier II
Regular Interest comprising the "regular interests" in the Upper-Tier II REMIC
for purposes of the REMIC Provisions and, solely for purposes of satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity
date" for each Upper-Tier II Regular Interest.
------------------------ ----------------------------- --------------------------------
Initial Uncertificated Uncertificated Upper- Tier II
Designation(1) Balance REMIC Pass-Through Rate
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-1A $80,000,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-1B $96,143,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-2 $59,830,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-3 $32,676,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-4 $54,514,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-5 $66,581,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-A-6 $9,934,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-M-1 $10,462,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-M-2 $5,551,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-M-3 $2,135,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-M-4 $2,135,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-M-5 $2,135,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
T-B-1 $2,990,000.00 Variable(2)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
CE (3) (3)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
P $100.00 (4)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
Swap-IOA (5) (5)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
Swap-IOB (5) (5)
------------------------ ----------------------------- --------------------------------
------------------------ ----------------------------- --------------------------------
Swap-IOC (5) (5)
------------------------ ----------------------------- --------------------------------
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date
for the Group T2 Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each Upper-Tier II
Regular Interest.
(2) Interest will accrue on these Upper-Tier II Regular Interests at a per
annum rate equal to the lesser of (i) the related Pass-Through Rate and
(ii) the Upper-Tier II REMIC Net WAC Cap.
On any Distribution Date on which the Certificate Interest Rate for the
Corresponding Class of Certificates exceeds the Upper-Tier II REMIC Net WAC
Cap, interest accruals based on such excess shall be treated as having been
paid from Cap Carryover Reserve Account or the Supplemental Interest Trust,
as applicable. On any Distribution Date on which the Certificate Interest
Rate on a Class of Certificates is based on the applicable Pool Cap, the
excess of the amount of interest that would have accrued on such Class of
Certificates if the Upper-Tier II REMIC Net WAC Cap were substituted for
-14-
the applicable Pool Cap over the interest accruals based on the applicable
Pool Cap shall be treated as having been paid by the related Class of
Certificates to the Supplemental Interest Trust, all pursuant to and as
further provided in Sections 5.14 and 5.15 herein.
(3) Solely for REMIC purposes, the Class CE Upper-Tier II Regular Interest (i)
will have an initial Uncertificated Balance equal to the Initial
Overcollateralization Amount and (ii) will bear interest at its
Pass-Through Rate on its Notional Amount.
(4) The Class P Upper-Tier II Regular Interest will not bear interest.
(5) Solely for federal income tax purposes, the Class Swap IOA Upper-Tier II
Regular Interest, the Class Swap IOB Upper-Tier II Regular Interest, and
the Class Swap IOC Upper-Tier II Regular Interest will not have
Uncertificated Balances or Uncertificated Upper-Tier II REMIC Pass-Through
Rates, but will be entitled to 100% of the amounts distributed on the Class
MRII-IOA Middle-Tier II Regular Interest, the Class MRII-IOB Middle-Tier II
Regular Interest, and the Class MRII-IOC Middle-Tier II Regular Interest,
respectively.
-15-
SUMMARY OF CERTIFICATES
The following table sets forth characteristics of the Certificates,
together with the minimum denominations and integral multiples in excess thereof
in which the Classes of Certificates shall be issuable:
Initial Class Certificate
Balance, Initial Notional Pass-
Amount, Maximum Initial Through Integral
Class Certificate Balance Rate or Multiples in
or Maximum Initial Notional Certificate Minimum Excess of
Classes Amount Interest Rate Denomination Minimum
Class 1-A-R $100 6.1000% $100 N/A
Class 1-A-1 $49,697,800 (1) $1,000 $1
Class 1-A-2 $111,791,000 6.0000% $1,000 $1
Class 1-A-3 $106,425,000 5.7500% $1,000 $1
Class 1-A-4 $4,434,375 6.0000% $1,000,000 $1
Class 1-A-5 $5,366,000 5.7500% $1,000 $1
Class 1-A-6 $223,583 6.0000% $223,583 N/A
Class 1-A-7 $68,234,000 5.7500% $1,000 $1
Class 1-A-8 $2,843,083 6.0000% $1,000,000 $1
Class 1-A-9 $24,601,000 5.7500% $1,000 $1
Class 1-A-10 $1,025,041 6.0000% $1,000,000 $1
Class 1-A-11 $75,649,000 5.7500% $1,000 $1
Class 1-A-12 $3,152,041 6.0000% $1,000,000 $1
Class 1-A-13 $17,185,000 5.7500% $1,000 $1
Class 1-A-14 $716,041 6.0000% $716,041 N/A
Class 1-A-15 $9,362,000 6.0000% $1,000 $1
Class 1-A-16 $110,560,000 (2) $1,000 $1
Class 1-A-17 $6,555,000 6.0000% $1,000 $1
Class 1-A-18 $19,440,000 (2) $1,000 $1
Class 1-A-19 $130,000,000 (3) $1,000,000 $1
Class 1-A-20 $10,000 6.0000% $1,000 $1
Class 1-A-21 $10,000 6.0000% $1,000 $1
Class 1-A-22 $3,783,000 6.0000% $1,000 $1
Class 1-A-23 $100,200 6.0000% $1,000 $1
Class 1-A-24 $111,791,000 5.7500% $1,000 $1
Class 1-A-25 4,657,958 6.0000% $1,000,000 $1
Class 1-A-26 $106,425,000 6.0000% $1,000 $1
Class 1-A-27 $5,366,000 6.0000% $1,000 $1
Class 1-A-28 $49,697,800 (4) $1,000,000 $1
Class 1-A-29 $11,921,000 6.0000% $1,000 $1
Class 1-A-30 $68,234,000 6.0000% $1,000 $1
Class 1-A-31 $24,601,000 6.0000% $1,000 $1
Class 1-A-32 $75,649,000 6.0000% $1,000 $1
-16-
Initial Class Certificate
Balance, Initial Notional Pass-
Amount, Maximum Initial Through Integral
Class Certificate Balance Rate or Multiples in
or Maximum Initial Notional Certificate Minimum Excess of
Classes Amount Interest Rate Denomination Minimum
Class 1-A-33 $17,185,000 6.0000% $1,000 $1
Class 1-A-34 $92,835,000 5.7500% $1,000 $1
Class 1-A-35 $3,868,124 6.0000% $1,000,000 $1
Class 1-A-36 $92,835,000 6.0000% $1,000 $1
Class 1-A-37 $92,834,000 5.7500% $1,000 $1
Class 1-A-38 $3,868,082 6.0000% $1,000,000 $1
Class 1-A-39 $92,834,000 6.0000% $1,000 $1
Class 1-A-40 $185,669,000 5.7500% $1,000 $1
Class 1-A-41 $7,736,206 6.0000% $1,000,000 $1
Class 1-A-42 $185,669,000 6.0000% $1,000 $1
Class 2-A-1 $41,198,000 (5) $1,000 $1
Class 30-IO $21,847,716 6.0000% $1,000,000 $1
Class 30-PO $3,755,105 (6) $25,000 $1
Class M-1 $9,679,000 (7) $25,000 $1
Class B-1 $4,839,000 (7) $25,000 $1
Class B-2 $4,269,000 (7) $25,000 $1
Class B-3 $3,131,000 (7) $25,000 $1
Class B-4 $2,277,000 (7) $25,000 $1
Class B-5 $1,708,000 (7) $25,000 $1
Class B-6 $1,423,326 (7) $25,000 $1
Class T-A-1A $80,000,000 (8) $1,000 $1
Class T-A-1B $96,143,000 5.8058%(9) $1,000 $1
Class T-A-2 $59,830,000 (8) $1,000 $1
Class T-A-3 $32,676,000 (8) $1,000 $1
Class T-A-4 $54,514,000 (8) $1,000 $1
Class T-A-5 $66,581,000 5.9644%(10) $1,000 $1
Class T-A-6 $9,934,000 5.9713%(10) $1,000 $1
Class T-M-1 $10,462,000 6.1643%(10) $25,000 $1
Class T-M-2 $5,551,000 (8) $25,000 $1
Class T-M-3 $2,135,000 (8) $25,000 $1
Class T-M-4 $2,135,000 (8) $25,000 $1
Class T-M-5 $2,135,000 (8) $25,000 $1
Class T-B-1 $2,990,000 6.5400%(10) $25,000 $1
Class CE (11) (11) N/A N/A
Class P $100 (12) $100 N/A
(1) During the initial Interest Accrual Period, interest will accrue on the
Class 1-A-1 Certificates at the rate of 5.6200% per annum. During each
Interest Accrual Period thereafter, interest will accrue on the Class 1-A-1
Certificates at a per annum rate equal to (i) 0.3000% plus (ii) One-Month
LIBOR, subject to a minimum rate of 0.3000% and a maximum rate of 7.0000%.
-17-
(2) During the initial Interest Accrual Period, interest will accrue on the
Class 1-A-16 and Class 1-A-18 Certificates at the rate of 5.9200% per
annum. During each Interest Accrual Period thereafter, interest will accrue
on the Class 1-A-16 and Class 1-A-18 Certificates at a per annum rate equal
to (i) 0.6000% plus (ii) One-Month LIBOR, subject to a minimum rate of
0.6000% and a maximum rate of 6.0000%.
(3) During the initial Interest Accrual Period, interest will accrue on the
Class 1-A-19 Certificates at the rate of 0.0800% per annum. During each
Interest Accrual Period thereafter, interest will accrue on the Class
1-A-19 Certificates at a per annum rate equal to (i) 5.4000% minus (ii)
One-Month LIBOR, subject to a minimum rate of 0.0000% and a maximum rate of
5.4000%.
(4) During the initial Interest Accrual Period, interest will accrue on the
Class 1-A-28 Certificates at the rate of 1.3800% per annum. During each
Interest Accrual Period thereafter, interest will accrue on the Class
1-A-28 Certificates at a per annum rate equal to (i) 6.7000% minus (ii)
One-Month LIBOR, subject to a minimum rate of 0.0000% and a maximum rate of
6.7000%.
(5) During each Interest Accrual Period, interest will accrue on the Class
2-A-1 Certificates at a per annum rate equal to the Net WAC of the Group 2
Mortgage Loans.
(6) The Class 30-PO Certificates are Principal Only Certificates and will not
be entitled to distributions in respect of interest.
(7) Interest will accrue on these Certificates for each Distribution Date at a
per annum rate equal to the weighted average (based on the Group
Subordinate Amount for each Shifting Interest Loan Group) of (i) with
respect to Loan Group 1, 6.100% and (ii) with respect to Loan Group 2, the
Net WAC for the Group 2 Mortgage Loans.
(8) The Certificate Interest Rate for these Certificates will be a per annum
rate equal to the lesser of (i) the sum of Certificate One-Month LIBOR plus
the applicable Certificate Margin (the "Pass-Through Rate") and (ii) the
Pool Cap.
(9) The Certificate Interest Rate for these Certificates will be a per annum
rate equal to the lesser of (i) the fixed interest rate specified in this
table (the "Pass-Through Rate") and (ii) the Pool Cap.
(10) The Certificate Interest Rate for these Certificates will be a per annum
rate equal to the lesser of (i) the fixed interest rate specified in this
table (the "Pass-Through Rate") and (ii) the Pool Cap. The Pass-Through
Rate for these Certificates will increase by 0.50% per annum following the
Group T2 Optional Termination Date.
(11) Solely for federal income tax purposes, the Class CE Certificates will (i)
have an initial Class Certificate Balance equal to the Initial
Overcollateralization Amount and (ii) be entitled to 100% of the amount
distributed on the Class CE Upper-Tier II Regular Interest.
(12) The Class P Certificates will not bear interest.
-18-
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article:
10-K Filing Deadline: As defined in Section 3.22(c).
1933 Act: The Securities Act of 1933, as amended.
60+ Day Delinquent Loan: For each Distribution Date, each Group T2 Mortgage
Loan (including each Group T2 Mortgage Loan in foreclosure and each Group T2
Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing
Date) with respect to which any portion of a Monthly Payment is, as of the Due
Date in the prior calendar month, two months or more past due and each Group T2
Mortgage Loan relating to an REO Property.
Accretion Termination Date: For (i) the Class 1-A-20 Certificates, the
earlier to occur of (1) the Distribution Date following the Distribution Date on
which the aggregate Class Certificate Balance of the Class 1-A-16 and Class
1-A-18 Certificates has been reduced to zero and (2) the Senior Credit Support
Depletion Date and (ii) the Class 1-A-21 Certificates, the earlier to occur of
(1) the Distribution Date following the Distribution Date on which the aggregate
Class Certificate Balance of the Class 1-A-16, Class 1-A-18 and Class 1-A-20
Certificates has been reduced to zero and (2) the Senior Credit Support
Depletion Date.
Additional Disclosure Notification: The form of notification to be included
with any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or
Form 8-K Disclosure Information which is attached hereto as Exhibit S.
Additional Form 10-D Disclosure: As defined in Section 3.22(b).
Additional Form 10-K Disclosure: As defined in Section 3.22(c).
Additional Servicer: A Subcontractor engaged by the Master Servicer or the
Securities Administrator that is a "servicer" within the meaning of Item 1101 of
Regulation AB and meets any of the criteria in Item 1108(a)(2)(i) through (iii)
of Regulation AB.
Adjusted Pool Amount: With respect to any Distribution Date and each
Shifting Interest Loan Group, the Cut-off Date Pool Principal Balance of the
Mortgage Loans in such Shifting Interest Loan Group minus the sum of (i) all
amounts in respect of principal received in respect of the Mortgage Loans in
such Shifting Interest Loan Group (including, without limitation, amounts
received as Monthly Payments, Periodic Advances, Principal Prepayments,
Liquidation Proceeds and Substitution Adjustment Amounts) and distributed to
Holders of the related Shifting Interest Certificates on such Distribution Date
and all prior Distribution Dates and (ii) the principal portion of all Realized
Losses (other than Debt Service Reductions) incurred on the Mortgage Loans in
-19-
such Shifting Interest Loan Group from the Cut-off Date through the end of the
month preceding such Distribution Date.
Adjusted Pool Amount (Non-PO Portion): With respect to any Distribution
Date and each Shifting Interest Loan Group, the difference between the Adjusted
Pool Amount for such Shifting Interest Loan Group and the Adjusted Pool Amount
(PO Portion) for such Shifting Interest Loan Group.
Adjusted Pool Amount (PO Portion): With respect to any Distribution Date
and each Shifting Interest Loan Group, the sum of the amount, calculated as
follows, with respect to each Outstanding Mortgage Loan in such Shifting
Interest Loan Group: the product of (i) the PO Percentage for such Mortgage Loan
and (ii) the remainder of (A) the Cut-off Date Principal Balance of such
Mortgage Loan minus (B) the sum of (x) all amounts in respect of principal
received in respect of such Mortgage Loan (including, without limitation,
amounts received as Monthly Payments, Periodic Advances, Principal Prepayments,
Liquidation Proceeds and Substitution Adjustment Amounts) and distributed to
Holders of the related Shifting Interest Certificates on such Distribution Date
and all prior Distribution Dates and (y) the principal portion of any Realized
Loss (other than a Debt Service Reduction) incurred on such Mortgage Loan from
the Cut-off Date through the end of the month preceding such Distribution Date.
Advance: A Periodic Advance or a Servicing Advance.
Administrative Fee Rate: With respect to each Mortgage Loan, an amount
equal to the sum of the related Servicing Fee Rate and the related LPMI Premium
Rate, if any.
Administrative Fees: With respect to any Loan Group, the sum of (a) the
related Servicing Fee and (b) with respect to any Mortgage Loan covered by an
LPMI Policy, a fee based on the LPMI Premium Rate.
Aggregate Denomination: As to any Class of Exchangeable REMIC Certificates
or Exchangeable Certificates and any date of determination, the aggregate of the
Denominations of the Outstanding Certificates of such Class on such date.
Aggregate Subordinate Percentage: With respect to any Distribution Date,
the percentage, carried to six places rounded up, obtained by dividing (i) the
aggregate Class Certificate Balance of the Class M-1 and Class B Certificates
immediately prior to such Distribution Date by (ii) the aggregate Pool Principal
Balance (Non-PO Portion) of both Shifting Interest Loan Groups.
Agreement: This Pooling and Servicing Agreement together with all
amendments hereof and supplements hereto.
Applied Realized Loss Amount: Any of a Senior Applied Realized Loss Amount
or a Subordinated Applied Realized Loss Amount.
Appraised Value: With respect to any Mortgaged Property, either (i) the
lesser of (a) the appraised value determined in an appraisal obtained by the
originator generally no more than four months prior to origination (or, with
respect to newly constructed properties, no more than twelve months prior to
-20-
origination) of such Mortgage Loan or, in certain cases, an automated valuation
model (if applicable) or tax assessed value and (b) the sales price for such
property, except that, in the case of Mortgage Loans the proceeds of which were
used to refinance an existing mortgage loan, the Appraised Value of the related
Mortgaged Property is the appraised value thereof determined in an appraisal
obtained at the time of refinancing or, in certain cases, an automated valuation
model (if applicable) or tax assessed value, or (ii) the appraised value
determined in an appraisal made at the request of a Mortgagor subsequent to
origination in order to eliminate the Mortgagor's obligation to keep a Primary
Mortgage Insurance Policy in force.
Assessment of Compliance: As defined in Section 3.21(a).
Assignment of Mortgage: An individual assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to give
record notice of the sale of the Mortgage.
Attestation Report: As defined in Section 3.21(b).
Authenticating Agents: As defined in Section 9.10.
Back-up Certification: As defined in Section 3.22(e).
BAFC: Banc of America Funding Corporation.
BAMCC: Banc of America Mortgage Capital Corporation.
BANA: Bank of America, National Association, a national banking
association, or its successor in interest.
BANA Servicing Agreement: The Servicing Agreement, dated February 27, 2007,
by and between BAFC, as depositor, and BANA, as servicer.
BBA: As defined in Section 5.10.
Book-Entry Certificate: All Classes of Certificates other than the Physical
Certificates.
BPP Mortgage Loan: Any Mortgage Loan which includes a Borrowers Protection
Plan(R) addendum to the related Mortgage Note whereby BANA agrees to cancel (i)
certain payments of principal and interest on such Mortgage Loan for up to
twelve months upon the disability or involuntary unemployment of the Mortgagor
or (ii) the outstanding principal balance of the Mortgage Loan upon the
accidental death of the Mortgagor; provided that such Borrowers Protection
Plan(R) has not been terminated in accordance with its terms.
BPP Mortgage Loan Payment: With respect to any BPP Mortgage Loan, the
Monthly Covered Amount or Total Covered Amount, if any, payable by BANA pursuant
to Section 7(b) of the Mortgage Loan Purchase Agreement.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day
on which banking institutions in the State of North Carolina, the State of New
York, the states in which the servicing offices of any Servicer are located, the
-21-
state or states in which the master servicing offices of the Master Servicer are
located or the state or states in which the Corporate Trust Offices of the
Trustee and the Securities Administrator are located are required or authorized
by law or executive order to be closed.
Buy-Down Account: The separate Eligible Account or Accounts created and
maintained by a Servicer as set forth in Section 3.08.
Buy-Down Agreement: An agreement governing the application of Buy-Down
Funds with respect to a Buy-Down Mortgage Loan.
Buy-Down Funds: Money advanced by a builder, seller or other interested
party to reduce a Mortgagor's monthly payment during the initial years of a
Buy-Down Mortgage Loan.
Buy-Down Mortgage Loan: Any Mortgage Loan in respect of which, pursuant to
a Buy-Down Agreement, the monthly interest payments made by the related
Mortgagor will be less than the scheduled monthly interest payments on such
Mortgage Loan, with the resulting difference in interest payments being provided
from related Buy-Down Funds.
Calculated Principal Distribution: As defined in Section 5.04(b)(iii).
Calculation Balance: With respect to each class of Exchangeable REMIC
Certificates and as of any date of determination, an amount equal the
then-current Class Certificate Balance of such Exchangeable REMIC Certificates
if such Class Certificate Balance had been calculated under the condition that
no Exchangeable REMIC Certificates of such Class are ever exchanged for
Exchangeable Certificates.
Cap Carryover Amount: If on any Distribution Date, the Overcollateralized
Accrued Certificate Interest for any Offered Overcollateralized Certificate or
the Class T-B-1 Certificates is based on the Pool Cap, the excess of (i) the
amount of interest such Class would have been entitled to receive on such
Distribution Date based on its Pass-Through Rate without regard to the Pool Cap
over (ii) the amount of interest such Class received on such Distribution Date
based on the Pool Cap, together with the unpaid portion of any such excess from
prior Distribution Dates (and interest accrued thereon at the then-applicable
Pass-Through Rate on such Class without regard to the Pool Cap). For federal
income tax purposes, each application of the Pool Cap shall be an application of
the Upper-Tier II REMIC Net WAC Cap for purposes of calculating the Cap
Carryover Amount.
Cap Carryover Reserve Account: The Eligible Account created and maintained
by the Securities Administrator pursuant to Section 3.09(i) in the name of the
Securities Administrator, on behalf of the Trustee, for the benefit of the
Holders of the Offered Overcollateralized Certificates and the Class T-B-1
Certificates and designated "Xxxxx Fargo Bank, N.A., as Securities Administrator
for U.S. Bank National Association, as Trustee, in trust for registered holders
of Banc of America Funding Corporation Mortgage Pass-Through Certificates,
Series 2007-2." Funds in the Cap Carryover Reserve Account shall be held in
-22-
trust for the Holders of the Offered Overcollateralized Certificates and the
Class T-B-1 Certificates for the uses and purposes set forth in this Agreement.
Funds in the Cap Carryover Reserve Account shall be held uninvested. The Cap
Carryover Reserve Account shall not be an asset of any REMIC formed under this
Agreement.
Cap Provider: Bank of America, National Association.
Certificate: Any of the Banc of America Funding Corporation Mortgage
Pass-Through Certificates, Series 2007-2 that are issued pursuant to this
Agreement.
Certificate Account: The Eligible Account created and maintained by the
Securities Administrator pursuant to Section 3.09(b) in the name of the
Securities Administrator, on behalf of the Trustee, for the benefit of the
Certificateholders and designated "Xxxxx Fargo Bank, N.A., as Securities
Administrator for U.S. Bank National Association, as Trustee, in trust for
registered holders of Banc of America Funding Corporation Mortgage Pass-Through
Certificates, Series 2007-2." The Certificate Account shall be deemed to consist
of ten sub-accounts; one for each of the Loan Groups (the "Loan Group 1
Sub-Account," the "Loan Group 2 Sub-Account" and the "Loan Group T2
Sub-Account"), and one for each of the Exchangeable Certificates Grantor Trust
Account, the Lower-Tier II Certificate Sub-Account, the Middle-Tier II
Certificate Sub-Account, the Upper-Tier II Certificate Sub-Account, the Shifting
Interest Lower-Tier Certificate Sub-Account, the Shifting Interest Middle-Tier
Certificate Sub-Account and the Shifting Interest Upper-Tier Certificate
Sub-Account. Funds in the Certificate Account shall be held in trust for the
Holders of the Certificates for the uses and purposes set forth in this
Agreement.
Certificate Balance: With respect to any Certificate at any date (other
than a Class CE Certificate), the maximum dollar amount of principal to which
the Holder thereof is then entitled hereunder, such amount being equal to the
product of the Percentage Interest of such Certificate and the Class Certificate
Balance of the Class of Certificates of which such Certificate is a part.
Certificate Custodian: Initially, Xxxxx Fargo Bank, N.A.; thereafter any
other Certificate Custodian acceptable to the Depository and selected by the
Securities Administrator.
Certificate Interest Rate: With respect to each Class of Offered
Overcollateralized Certificates and the Class T-B-1 Certificates, the per annum
rate set forth or calculated in the table under the caption "Summary of
Certificates" in the Preliminary Statement.
Certificate Margin: With respect to each class of Overcollateralized
Certificates that are LIBOR Certificates, the following percentages:
On or Prior to Group After the
T2 Optional Termination Group T2 Optional
Date Termination Date
Class T-A-1A Certificates 0.060% 0.060%
Class T-A-2 Certificates 0.130% 0.130%
Class T-A-3 Certificates 0.160% 0.320%
Class T-A-4 Certificates 0.400% 0.800%
Class M-2 Certificates 0.550% 0.825%
-23-
On or Prior to Group After the
T2 Optional Termination Group T2 Optional
Date Termination Date
Class M-3 Certificates 0.850% 1.275%
Class M-4 Certificates 1.050% 1.575%
Class M-5 Certificates 1.200% 1.800%
Certificate Owner: With respect to a Book-Entry Certificate, the Person who
is the beneficial owner of a Book-Entry Certificate. With respect to any
Definitive Certificate, the Certificateholder of such Certificate.
Certificate Register: The register maintained pursuant to Section 6.02.
Certificate Registrar: The registrar appointed pursuant to Section 6.02.
Certificateholder: The Person in whose name a Certificate is registered in
the Certificate Register, except that, solely for the purpose of giving any
consent pursuant to this Agreement, any Certificate registered in the name of
the Depositor, the Master Servicer or any affiliate thereof shall be deemed not
to be outstanding and the Percentage Interest and Voting Rights evidenced
thereby shall not be taken into account in determining whether the requisite
amount of Percentage Interests or Voting Rights, as the case may be, necessary
to effect any such consent has been obtained, unless such entity is the
registered owner of the entire Class of Certificates, provided that neither the
Securities Administrator nor the Trustee shall be responsible for knowing that
any Certificate is registered in the name of an affiliate of the Depositor or
the Master Servicer unless one of its Responsible Officers has actual knowledge
thereof.
Certification Parties: As defined in Section 3.22(e).
Certifying Person: As defined in Section 3.22(e).
Class: As to the Certificates, the Class 1-A-R, Class 1-A-1, Class 1-A-2,
Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1 A-8,
Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13, Class
1-A-14, Class 1 A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19,
Class 1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class
1-A-25, Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30,
Class 1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class
1-A-36, Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40, Class 1-A-41,
Class 1-A-42, Class 2-A-1, Class 30-IO, Class 30-PO, Class M-1, Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class T-A-1A, Class T-A-1B,
Class T-A-2, Class T-A-3, Class T-A-4, Class T-A-5, Class T-A-6, Class T-M-1,
Class T-M-2, Class T-M-3, Class T-M-4, Class T-M-5, Class T-B-1, Class CE and
Class P Certificates, as the case may be.
Class 1-A-3 Loss Amount: With respect to any Distribution Date after the
Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-3 Certificates would be reduced as a result
of the allocation of any reduction pursuant to Section 5.04(b)(i) to such Class,
without regard to the operation of Section 5.04(b)(iv).
-00-
Xxxxx 0-X-0 Xxxxxxxx Xxxxxx: With respect to each Distribution Date, an
amount equal to product of (i) 4.1666666667% of the Calculation Balance of the
Class 1-A-3 Certificates and (ii) a fraction, (a) the numerator of which is the
Aggregate Denomination of all Outstanding Class 1-A-4 Certificates and (b) the
denominator of which is the Maximum Initial Notional Amount of the Class 1-A-4
Certificates.
Class 1-A-5 Loss Allocation Amount: With respect to any Distribution Date
after the Senior Credit Support Depletion Date, the lesser of (a) the Class
Certificate Balance of the Class 1-A-5 Certificates with respect to such
Distribution Date prior to any reduction for the Class 1-A-5 Loss Allocation
Amount and (b) the Class 1-A-3 Loss Amount with respect to such Distribution
Date.
Class 1-A-6 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) 4.1666604547% of the Calculation Balance of the
Class 1-A-5 Certificates and (ii) a fraction, (a) the numerator of which is the
Aggregate Denomination of all Outstanding Class 1-A-6 Certificates and (b) the
denominator of which is the Maximum Initial Notional Amount of the Class 1-A-6
Certificates.
Class 1-A-7 Loss Amount: With respect to any Distribution Date after the
Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-7 Certificates would be reduced as a result
of the allocation of any reduction pursuant to Section 5.04(b)(i) to such Class,
without regard to the operation of Section 5.04(b)(iv).
Class 1-A-8 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) 4.1666661782% of the Calculation Balance of the
Class 1-A-7 Certificates and (ii) a fraction, (a) the numerator of which is the
Aggregate Denomination of all Outstanding Class 1-A-8 Certificates and (b) the
denominator of which is the Maximum Initial Notional Amount of the Class 1-A-8
Certificates.
Class 1-A-9 Loss Amount: With respect to any Distribution Date after
the Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-9 Certificates would be reduced as a result
of the allocation of any reduction pursuant to Section 5.04(b)(i) to such Class,
without regard to the operation of Section 5.04(b)(iv).
Class 1-A-10 Notional Amount: With respect to each Distribution Date,
an amount equal to product of (i) 4.1666639567% of the Calculation Balance of
the Class 1-A-9 Certificates and (ii) a fraction, (a) the numerator of which is
the Aggregate Denomination of all Outstanding Class 1-A-10 Certificates and (b)
the denominator of which is the Maximum Initial Notional Amount of the Class
1-A-10 Certificates.
Class 1-A-11 Loss Amount: With respect to any Distribution Date after
the Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-11 Certificates would be reduced as a
result of the allocation of any reduction pursuant to Section 5.04(b)(i) to such
Class, without regard to the operation of Section 5.04(b)(iv).
-00-
Xxxxx 0-X-00 Xxxxxxxx Xxxxxx: With respect to each Distribution Date, an
amount equal to product of (i) 4.1666657854% of the Calculation Balance of the
Class 1-A-11 Certificates and (ii) a fraction, (a) the numerator of which is the
Aggregate Denomination of all Outstanding Class 1-A-12 Certificates and (b) the
denominator of which is the Maximum Initial Notional Amount of the Class 1-A-12
Certificates.
Class 1-A-13 Loss Amount: With respect to any Distribution Date after the
Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-13 Certificates would be reduced as a
result of the allocation of any reduction pursuant to Section 5.04(b)(i) to such
Class, without regard to the operation of Section 5.04(b)(iv).
Class 1-A-14 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) 4.1666627873% of the Calculation Balance of the
Class 1-A-13 Certificates and (ii) a fraction, (a) the numerator of which is the
Aggregate Denomination of all Outstanding Class 1-A-14 Certificates and (b) the
denominator of which is the Maximum Initial Notional Amount of the Class 1-A-14
Certificates.
Class 1-A-15 Loss Allocation Amount: With respect to any Distribution Date
after the Senior Credit Support Depletion Date, the lesser of (a) the Class
Certificate Balance of the Class 1-A-15 Certificates with respect to such
Distribution Date prior to any reduction for the Class 1-A-15 Loss Allocation
Amount and (b) the sum of the Class 1-A-7 Loss Amount, the Class 1-A-9 Loss
Amount, the Class 1-A-11 Loss Amount and the Class 1-A-13 Loss Amount with
respect to such Distribution Date.
Class 1-A-16 Interest Rate Cap Agreement: The interest rate cap agreement
between the Securities Administrator, on behalf of the Trust, and the Cap
Provider, which will be for the benefit of the Class 1-A-16 Certificates,
substantially in the form attached hereto as Exhibit T-1. The Class 1-A-16
Interest Rate Cap Agreement shall not be an asset of any REMIC formed under this
Agreement.
Class 1-A-16 Loss Amount: With respect to any Distribution Date after the
Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-16 Certificates would be reduced as a
result of the allocation of any reduction pursuant to Section 5.04(b)(i) to such
Class, without regard to the operation of Section 5.04(b)(iv).
Class 1-A-16 Reserve Fund: The Eligible Account created and maintained by
the Securities Administrator pursuant to Section 3.09(j) in the name of the
Securities Administrator, on behalf of the Trustee, for the benefit of the
Holders of the Class 1-A-16 Certificates and designated "Class 1-A-16 Reserve
Fund, Xxxxx Fargo Bank, N.A., as Securities Administrator for U.S. Bank National
Association, as Trustee, in trust for registered holders of Banc of America
Funding Corporation Mortgage Pass-Through Certificates, Series 2007-2." Amounts
on deposit in the Class 1-A-16 Reserve Fund shall not be invested. The Class
1-A-16 Reserve Fund shall not be an asset of any REMIC formed under this
Agreement.
-26-
Class 1-A-17 Loss Allocation Amount: With respect to any Distribution Date
after the Senior Credit Support Depletion Date, the lesser of (a) the Class
Certificate Balance of the Class 1-A-17 Certificates with respect to such
Distribution Date prior to any reduction for the Class 1-A-17 Loss Allocation
Amount and (b) the sum of the Class 1-A-16 Loss Amount and the Class 1-A-18 Loss
Amount with respect to such Distribution Date.
Class 1-A-18 Interest Rate Cap Agreement: The interest rate cap agreement
between the Securities Administrator, on behalf of the Trust, and the Cap
Provider, which will be for the benefit of the Class 1-A-18 Certificates,
substantially in the form attached hereto as Exhibit T-2. The Class 1-A-18
Interest Rate Cap Agreement shall not be an asset of any REMIC formed under this
Agreement.
Class 1-A-18 Loss Amount: With respect to any Distribution Date after the
Senior Credit Support Depletion Date, the amount, if any, by which the Class
Certificate Balance of the Class 1-A-18 Certificates would be reduced as a
result of the allocation of any reduction pursuant to Section 5.04(b)(i) to such
Class, without regard to the operation of Section 5.04(b)(iv).
Class 1-A-18 Reserve Fund: The Eligible Account created and maintained by
the Securities Administrator pursuant to Section 3.09(j) in the name of the
Securities Administrator, on behalf of the Trustee, for the benefit of the
Holders of the Class 1-A-18 Certificates and designated "Class 1-A-18 Reserve
Fund, Xxxxx Fargo Bank, N.A., as Securities Administrator for U.S. Bank National
Association, as Trustee, in trust for registered holders of Banc of America
Funding Corporation Mortgage Pass-Through Certificates, Series 2007-2." Amounts
on deposit in the Class 1-A-18 Reserve Fund shall not be invested. The Class
1-A-18 Reserve Fund shall not be an asset of any REMIC formed under this
Agreement.
Class 1-A-19 Notional Amount: With respect to each Distribution Date, an
amount equal to the aggregate Class Certificate Balance of the Class 1-A-16 and
Class 1-A-18 Certificates.
Class 1-A-20 Accrual Distribution Amount: For any Distribution Date and the
Class 1-A-20 Certificates prior to the related Accretion Termination Date, an
amount with respect to such Class equal to the sum of (i) the amount allocated
but not currently distributable as interest to such Class pursuant to Section
5.02(a)(i) that is attributable to clause (i) of the definition of "Interest
Distribution Amount," and (ii) the amount allocated but not currently
distributable as interest to such Class pursuant to Section 5.02(a)(i) that is
attributable to clause (ii) of the definition of "Interest Distribution Amount."
Class 1-A-21 Accrual Distribution Amount: For any Distribution Date and the
Class 1-A-21 Certificates prior to the related Accretion Termination Date, an
amount with respect to such Class equal to the sum of (i) the amount allocated
but not currently distributable as interest to such Class pursuant to Section
5.02(a)(i) that is attributable to clause (i) of the definition of "Interest
Distribution Amount," and (ii) the amount allocated but not currently
distributable as interest to such Class pursuant to Section 5.02(a)(i) that is
attributable to clause (ii) of the definition of "Interest Distribution Amount."
-00-
Xxxxx 0-X-00 Xxxxxxxx Xxxxxx: With respect to each Distribution Date, an
amount equal to product of (i) the sum of (a) 4.1666666667% of the Calculation
Balance of the Class 1-A-3 Certificates and (b) 4.1666604547% of the Calculation
Balance of the Class 1-A-5 Certificates and (ii) a fraction, (a) the numerator
of which is the Aggregate Denomination of all Outstanding Class 1-A-25
Certificates and (b) the denominator of which is the Maximum Initial Notional
Amount of the Class 1-A-25 Certificates.
Class 1-A-28 Notional Amount: With respect to each Distribution Date, an
amount equal to the Class Certificate Balance of the Class 1-A-1 Certificates.
Class 1-A-35 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) the sum of (a) 4.1666661782% of the Calculation
Balance of the Class 1-A-7 Certificates and (b) 4.1666639567% of the Calculation
Balance of the Class 1-A-9 Certificates and (ii) a fraction, (a) the numerator
of which is the Aggregate Denomination of all Outstanding Class 1-A-35
Certificates and (b) the denominator of which is the Maximum Initial Notional
Amount of the Class 1-A-35 Certificates.
Class 1-A-38 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) the sum of (a) 4.1666657854% of the Calculation
Balance of the Class 1-A-11 Certificates and (b) 4.1666627873% of the
Calculation Balance of the Class 1-A-13 Certificates and (ii) a fraction, (a)
the numerator of which is the Aggregate Denomination of all Outstanding Class
1-A-38 Certificates and (b) the denominator of which is the Maximum Initial
Notional Amount of the Class 1-A-38 Certificates.
Class 1-A-41 Notional Amount: With respect to each Distribution Date, an
amount equal to product of (i) the sum of (a) 4.1666661782% of the Calculation
Balance of the Class 1-A-7 Certificates, (b) 4.1666639567% of the Calculation
Balance of the Class 1-A-9 Certificates, (c) 4.1666657854% of the Calculation
Balance of the Class 1-A-11 Certificates and (d) 4.1666627873% of the
Calculation Balance of the Class 1-A-13 Certificates (ii) a fraction, (a) the
numerator of which is the Aggregate Denomination of all Outstanding Class 1-A-41
Certificates and (b) the denominator of which is the Maximum Initial Notional
Amount of the Class 1-A-41 Certificates.
Class 1-A-R Certificate: The Class 1-A-R Certificate, which represents the
ownership of the Class II-UR Interest, the Class II-MR Interest, the Class II-LR
Interest, the Class SI-UR Interest, the Class SI-MR Interest and the Class SI-LR
Interest.
Class 30-IO Notional Amount: With respect to each Distribution Date, an
amount equal to the product of (i) the aggregate of the Stated Principal
Balances of the Premium Mortgage Loans as of the Due Date in the month preceding
the month of such Distribution Date and (ii) a fraction, (a) the numerator of
which is equal to the weighted average of the Net Mortgage Interest Rates of the
Premium Mortgage Loans (based on the Stated Principal Balances of the Premium
Mortgage Loans as of the Due Date in the month preceding the month of such
Distribution Date) minus 6.10% and (b) the denominator of which is equal to
6.00%.
Class B Certificates: The Class B-1, Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates.
-28-
Class CE Certificates: The Class CE Certificates, which represent (i) the
corresponding Upper-Tier II Regular Interest for purposes of the REMIC
Provisions, (ii) the obligation to pay Cap Carryover Amounts, Swap Termination
Payments and the Class IO Distribution Amount and (iii) the right to receive the
Class IO Distribution Amount and amounts from the Cap Carryover Reserve Account,
the Swap Account, and the Class T-A-4 Interest Rate Cap Agreement Account.
Class CE Distributable Amount: With respect to any Distribution Date, the
sum of (i) the interest accrued on the Class CE Upper-Tier II Regular Interests
at their Pass-Through Rate calculated on their Notional Amount less the amount
(without duplication) of Cap Carryover Amounts paid pursuant to Section
5.03(c)(i) and any Defaulted Swap Termination Payments paid pursuant to Section
5.03(d), (ii) any remaining Overcollateralization Release Amounts and (iii) the
amounts remaining in (A) the Cap Carryover Reserve Account after the
distributions in Section 3.09(i), (B) the Supplemental Interest Trust in respect
of the Swap Account after distributions in Section 5.03(d), priorities first
through ninth and (C) the Class T-A-4 Interest Rate Cap Agreement Account after
distributions in Section 5.03(e).
Class CE Grantor Trust: The grantor trust created pursuant to Section 5.12
consisting of any interests in the Cap Carryover Reserve Account and
Supplemental Interest Trust beneficially owned by the holders of the Class CE
Certificates and rights and obligations with respect thereto. The Class CE
Grantor Trust shall not be an asset of any REMIC formed hereunder.
Class Certificate Balance: With respect to any Class of Shifting Interest
Certificates (other than the Interest Only Certificates) and any date of
determination, and subject to Section 5.04(b)(vi), an amount equal to (a) the
Initial Class Certificate Balance or, in the case of a Class of Exchangeable
REMIC Certificates or Exchangeable Certificates, the Aggregate Denomination of
such Class (plus, in the case of the Class 1-A-20 and Class 1-A-21 Certificates,
any Class 1-A-20 Accrual Distribution Amounts and Class 1-A-21 Accrual
Distribution Amounts, respectively, previously added thereto) minus the sum of
(i) all distributions of principal made with respect thereto (including in the
case of a Class of Class M-1 Certificates or Class B Certificates, any principal
otherwise payable to such Class of Certificates used to pay any PO Deferred
Amounts), (ii) all reductions in Class Certificate Balance previously allocated
thereto pursuant to Section 5.04(b)(i) and (iii) in the case of the Class 1-A-5,
Class 1-A-15 and Class 1-A-17 Certificates, any reduction allocated thereto
pursuant to Section 5.04(b)(iv) plus (b) the sum of (i) all increases in Class
Certificate Balance previously allocated thereto pursuant to Section 5.04(b)(i)
and (ii) in the case of the Class 1-A-5, Class 1-A-15 and Class 1-A-17
Certificates, any increases allocated thereto pursuant to Section 5.04(b)(iv).
The Class 1-A-4, Class 1-A-6, Class 1-A-8, Class 1-A-10, Class 1-A-12, Class
1-A-14, Class 1-A-19, Class 1-A-25, Class 1-A-28, Class 1-A-35, Class 1-A-38,
Class 1-A-41 and Class 30-IO Certificates are Interest Only Certificates and
have no Class Certificate Balance.
With respect to any Class of Overcollateralized Certificates (other than
the Class CE Certificates) and any date of determination, and subject to the
last paragraph of Section 5.04(c), the Initial Class Certificate Balance of such
Class (a) reduced by the sum of (i) all amounts actually distributed in respect
of principal of such Class on all prior Distribution Dates and (ii) Applied
Realized Loss Amounts allocated thereto for previous Distribution Dates and (b)
increased by any Recoveries allocated to such Class for previous Distribution
Dates.
-29-
With respect to the Class CE Certificates and any date of determination,
and solely for federal income tax purposes, the excess, if any, of the then
aggregate Uncertificated Balances of the Uncertificated Middle-Tier II Interests
(other than the Class MRII-IOA Interest, the Class MRII-IOB Interest and the
Class MRII-IOC Interest) over the aggregate Class Certificate Balance of the
Offered Overcollateralized Certificates and the Class T-B-1 and Class P
Certificates then outstanding.
Class Distribution Amount: As to any Distribution Date and each Class of
Exchangeable Certificates, an amount equal to the sum of (i) the Interest
Distribution Amount for such Class and (ii) the Class Principal Distribution
Amount for such Class.
Class Interest Shortfall: For any Distribution Date and each Class of
interest-bearing Shifting Interest Certificates, the amount by which Shifting
Interest Accrued Certificate Interest for such Class (as reduced pursuant to
Section 5.02(c)) exceeds the amount of interest actually distributed on such
Class (or, in the case of the Class 1-A-20 and Class 1-A-21 Certificates prior
to the applicable Accretion Termination Date, the amount included in the Class
1-A-20 Accrual Distribution Amount or Class 1-A-21 Accrual Distribution Amount,
as applicable, pursuant to clause (i) of the definition thereof, but not
distributed pursuant to the proviso in Section 5.02(a)(i)) on such Distribution
Date pursuant to clause (i) of the definition of "Interest Distribution Amount."
Class IO Distribution Amount: As defined in Section 5.14(e) hereof. For the
purpose of clarity, the Class IO Distribution Amount for any Distribution Date
shall equal the amount payable to the Supplemental Interest Trust on such
Distribution Date in excess of the amount payable on the Class Swap-IOA
Interest, the Class Swap-IOB Interest and the Class Swap-IOC Interest on such
Distribution Date, all as further provided in Section 5.14(e) hereof.
Class P Certificates: The Class P Certificates, which represent the
corresponding Upper-Tier II Regular Interest for purposes of the REMIC
Provisions and are entitled to distributions in respect of their Class
Certificate Balance and certain Prepayment Charges as set forth herein.
Class Principal Distribution Amount: As to any Distribution Date and each
Class of Exchangeable Certificates, an amount as to principal equal to (i) the
distributions of principal made in respect of the Related Classes of
Exchangeable REMIC Certificates pursuant to Section 5.02(b) multiplied by (ii) a
fraction, the numerator of which is the Aggregate Denomination of such Class of
Exchangeable Certificates and the denominator of which is the Maximum Initial
Class Certificate Balance of such Class of Exchangeable Certificates.
Class Swap-IOA Interest: An uncertificated interest representing the right
to distributions as set forth herein and evidencing an Upper-Tier II Regular
Interest for purposes of the REMIC Provisions.
Class Swap-IOB Interest: An uncertificated interest representing the right
to distributions as set forth herein and evidencing an Upper-Tier II Regular
Interest for purposes of the REMIC Provisions.
-30-
Class Swap-IOC Interest: An uncertificated interest representing the right
to distributions as set forth herein and evidencing an Upper-Tier II Regular
Interest for purposes of the REMIC Provisions.
Class T-A-4 Interest Rate Cap Agreement: The interest rate cap agreement
between the Supplemental Interest Trust Trustee and the Cap Provider
substantially in the form attached hereto as Exhibit T-3. The Class T-A-4
Interest Rate Cap Agreement shall not be an asset of any REMIC formed under this
Agreement.
Class T-A-4 Interest Rate Cap Agreement Account: The Eligible Account
created and maintained by the Supplemental Interest Trust Trustee pursuant to
Section 5.14. The Class T-A-4 Interest Rate Cap Agreement shall not be an asset
of any REMIC formed under this Agreement.
Class T-B-1 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date), (ii) the Class Certificate Balance of the Class T-M-1 Certificates (after
taking into account the payment of the Class T-M-1 Principal Distribution Amount
on such Distribution Date), (iii) the Class Certificate Balance of the Class
T-M-2 Certificates (after taking into account the payment of the Class T-M-2
Principal Distribution Amount on such Distribution Date), (iv) the Class
Certificate Balance of the Class T-M-3 Certificates (after taking into account
the payment of the Class T-M-3 Principal Distribution Amount on such
Distribution Date), (v) the Class Certificate Balance of the Class T-M-4
Certificates (after taking into account the payment of the Class T-M-4 Principal
Distribution Amount on such Distribution Date), (vi) the Class Certificate
Balance of the Class T-M-5 Certificates (after taking into account the payment
of the Class T-M-5 Principal Distribution Amount on such Distribution Date) and
(vii) the Class Certificate Balance of the Class T-B-1 Certificates immediately
prior to such Distribution Date over (y) the lesser of (a) the product of (i)
99.10% and (ii) the aggregate Stated Principal Balance of the Group T2 Mortgage
Loans as of the last day of the related Collection Period and (b) the amount by
which the aggregate Stated Principal Balance of the Group T2 Mortgage Loans as
of the last day of the related Collection Period exceeds the product of (i)
0.35% and (ii) the aggregate Stated Principal Balance of the Group T2 Mortgage
Loans as of the Cut-off Date.
Class T-M-1 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date) and (ii) the Class Certificate Balance of the Class T-M-1 Certificates
immediately prior to such Distribution Date over (y) the lesser of (a) the
product of (i) 92.10% and (ii) the aggregate Stated Principal Balance of the
Group T2 Mortgage Loans as of the last day of the related Collection Period and
(b) the amount by which the aggregate Stated Principal Balance of the Group T2
Mortgage Loans as of the last day of the related Collection Period exceeds the
product of (i) 0.35% and (ii) the aggregate Stated Principal Balance of the
Group T2 Mortgage Loans as of the Cut-off Date.
-31-
Class T-M-2 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date), (ii) the Class Certificate Balance of the Class T-M-1 Certificates (after
taking into account the payment of the Class T-M-1 Principal Distribution Amount
on such Distribution Date) and (iii) the Class Certificate Balance of the Class
T-M-2 Certificates immediately prior to such Distribution Date over (y) the
lesser of (a) the product of (i) 94.70% and (ii) the aggregate Stated Principal
Balance of the Group T2 Mortgage Loans as of the last day of the related
Collection Period and (b) the amount by which the aggregate Stated Principal
Balance of the Group T2 Mortgage Loans as of the last day of the related
Collection Period exceeds the product of (i) 0.35% and (ii) the aggregate Stated
Principal Balance of the Group T2 Mortgage Loans as of the Cut-off Date.
Class T-M-3 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date), (ii) the Class Certificate Balance of the Class T-M-1 Certificates (after
taking into account the payment of the Class T-M-1 Principal Distribution Amount
on such Distribution Date), (iii) the Class Certificate Balance of the Class
T-M-2 Certificates (after taking into account the payment of the Class T-M-2
Principal Distribution Amount on such Distribution Date) and (iv) the Class
Certificate Balance of the Class T-M-3 Certificates immediately prior to such
Distribution Date over (y) the lesser of (a) the product of (i) 95.70% and (ii)
the aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the
last day of the related Collection Period and (b) the amount by which the
aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the last
day of the related Collection Period exceeds the product of (i) 0.35% and (ii)
the aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the
Cut-off Date.
Class T-M-4 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date), (ii) the Class Certificate Balance of the Class T-M-1 Certificates (after
taking into account the payment of the Class T-M-1 Principal Distribution Amount
on such Distribution Date), (iii) the Class Certificate Balance of the Class
T-M-2 Certificates (after taking into account the payment of the Class T-M-2
Principal Distribution Amount on such Distribution Date), (iv) the Class
Certificate Balance of the Class T-M-3 Certificates (after taking into account
the payment of the Class T-M-3 Principal Distribution Amount on such
Distribution Date) and (v) the Class Certificate Balance of the Class T-M-4
Certificates immediately prior to such Distribution Date over (y) the lesser of
(a) the product of (i) 96.70% and (ii) the aggregate Stated Principal Balance of
the Group T2 Mortgage Loans as of the last day of the related Collection Period
and (b) the amount by which the aggregate Stated Principal Balance of the Group
T2 Mortgage Loans as of the last day of the related Collection Period exceeds
the product of (i) 0.35% and (ii) the aggregate Stated Principal Balance of the
Group T2 Mortgage Loans as of the Cut-off Date.
Class T-M-5 Principal Distribution Amount: As of any Distribution Date, the
excess of (x) the sum of (i) the aggregate Class Certificate Balance of the
-32-
Senior Overcollateralized Certificates (after taking into account the payment of
the Overcollateralized Senior Principal Distribution Amount on such Distribution
Date), (ii) the Class Certificate Balance of the Class T-M-1 Certificates (after
taking into account the payment of the Class T-M-1 Principal Distribution Amount
on such Distribution Date), (iii) the Class Certificate Balance of the Class
T-M-2 Certificates (after taking into account the payment of the Class T-M-2
Principal Distribution Amount on such Distribution Date), (iv) the Class
Certificate Balance of the Class T-M-3 Certificates (after taking into account
the payment of the Class T-M-3 Principal Distribution Amount on such
Distribution Date), (v) the Class Certificate Balance of the Class T-M-4
Certificates (after taking into account the payment of the Class T-M-4 Principal
Distribution Amount on such Distribution Date) and (vi) the Class Certificate
Balance of the Class T-M-5 Certificates immediately prior to such Distribution
Date over (y) the lesser of (a) the product of (i) 97.70% and (ii) the aggregate
Stated Principal Balance of the Group T2 Mortgage Loans as of the last day of
the related Collection Period and (b) the amount by which the aggregate Stated
Principal Balance of the Group T2 Mortgage Loans as of the last day of the
related Collection Period exceeds the product of (i) 0.35% and (ii) the
aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the
Cut-off Date.
Class Unpaid Interest Shortfall: As to any Distribution Date and each Class
of interest-bearing Shifting Interest Certificates, the amount by which the
aggregate Class Interest Shortfalls for such Class on prior Distribution Dates
exceeds the amount of interest actually distributed on such Class (or, in the
case of the Class 1-A-20 and Class 1-A-21 Certificates prior to the applicable
Accretion Termination Date, the amount included in the Class 1-A-20 Accrual
Distribution Amount or Class 1-A-21 Accrual Distribution Amount, as applicable,
pursuant to clause (ii) of the definition thereof, but not distributed pursuant
to the proviso in Section 5.02(a)(i)) on such prior Distribution Dates pursuant
to clause (ii) of the definition of "Interest Distribution Amount."
Closing Date: February 27, 2007.
Code: The Internal Revenue Code of 1986, as amended.
Collection Period: With respect to any Distribution Date, the period from
the second day of the calendar month preceding the month in which such
Distribution Date occurs through the first day of the month in which such
Distribution Date occurs.
Combination: Any Exchangeable Combination or Exchangeable REMIC
Combination.
Commission: The U.S. Securities and Exchange Commission.
Compensating Interest: With respect to any Distribution Date and Servicer
other than National City, an amount equal to the lesser of (a) the aggregate
Servicing Fee payable to such Servicer for the Mortgage Loans serviced by such
Servicer as of the Due Date of the month preceding the month of such
Distribution Date and (b) the aggregate of the Prepayment Interest Shortfalls on
the Mortgage Loans serviced by such Servicer resulting from Principal
Prepayments on such Mortgage Loans during the related Prepayment Period;
provided, however, Compensating Interest payable for any month by BANA will be
limited to one-twelfth of 0.2500% of the aggregate Stated Principal Balance of
-33-
the Mortgage Loans serviced by BANA, calculated as of the Due Date of the month
preceding the month of such Distribution Date. With respect to any Distribution
Date and National City, an amount equal to the aggregate of the Prepayment
Interest Shortfalls on the Mortgage Loans serviced by National City resulting
from Principal Prepayments on such Mortgage Loans during the related Prepayment
Period.
Compliance Statement: As defined in Section 3.20.
Cooperative: A private, cooperative housing corporation which owns or
leases land and all or part of a building or buildings, including apartments,
spaces used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building owned
or leased by a Cooperative, which unit the Mortgagor has an exclusive right to
occupy pursuant to the terms of a proprietary lease or occupancy agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment or mortgage of the Cooperative Lease, (iv) financing statements and
(v) a stock power (or other similar instrument), and ancillary thereto, a
Recognition Agreement, each of which was transferred and assigned to the Trust
pursuant to Section 2.01.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Corporate Trust Office: With respect to the Trustee, the office of the
Trustee, which office at the date of the execution of this instrument is located
at 000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxx 00000, Attention:
Corporate Trust Services, BAFC, Series 2007-2, or at such other address as the
Trustee may designate from time to time by notice to the Certificateholders, the
Depositor, the Securities Administrator and the Master Servicer. With respect to
the Securities Administrator, the principal corporate trust office of the
Securities Administrator at which at any particular time its corporate trust
business with respect to this Agreement is conducted, which office at the date
of the execution of this instrument is located at 0000 Xxx Xxxxxxxxx Xxxx,
Xxxxxxxx, Xxxxxxxx 00000-0000, Attention: Corporate Trust Services - BAFC
2007-2, and for certificate transfer purposes is located at Xxxxx Xxxxxx xxx
Xxxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, Attention: Corporate Trust
Services - BAFC 2007-2, or at such other address as the Securities Administrator
may designate from time to time by notice to the Certificateholders, the
Depositor, the Trustee and the Master Servicer.
-34-
Corresponding Class or Classes: The Class of interests in one REMIC created
under this Agreement that corresponds to the Class of interests in another REMIC
or to a Class of Certificates in the manner set out below:
---------------------------------- ---------------------------------------- ------------------------------------------
Uncertificated Shifting Interest Corresponding Shifting Interest Corresponding Class of
Middle-Tier Regular Interest Upper-Tier Regular Interest Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-1 Class 1-A-1 and Class 1-A-28 Interests Class 1-A-1 and Class 1-A-28 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-2 Class 1-A-3 and Class 1-A-4 Interests Class 1-A-4 and Class 1-A-11 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-3 Class 1-A-5 and Class 1-A-6 Interests Class 1-A-5 and Class 1-A-6 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-4 Class 1-A-7 and Class 1-A-8 Interests Class 1-A-7 and Class 1-A-8 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-5 Class 1-A-9 and Class 1-A-10 Interests Class 1-A-10 and Class 1-A-11
Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-6 Class 1-A-11 and Class 1-A-12 Interests Class 1-A-11 and Class 1-A-12
Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-7 Class 1-A-13 and Class 1-A-14 Interests Class 1-A-13 and Class 1-A-14
Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-8 Class 1-A-15, Class 1-A-17, Class 1-A-20, Class 1-A-15, Class 1-A-17, Class
Class 1-A-21, Class 1-A-22 and 1-A-20, Class 1-A-21, Class 1-A-
Class 1-A-23 Interests 22 and Class 1-A-23 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-9 Class 1-A-16, Class 1-A-18 and Class Class 1-A-16, Class 1-A-18 and Class
1-A-19 Interests 1-A-19 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-1-A-R N/A Class 1-A-R Certificate
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-2-A-1 Class 2-A-1 Interest Class 2-A-1 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-IO Class 30-IO Interest Class 30-IO Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-PO Class 30-PO Interest Class 30-PO Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-M1 Class M-1 Interest Class M-1 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-1 Class B-1 Interest Class B-1 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-2 Class B-2 Interest Class B-2 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-3 Class B-3 Interest Class B-3 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-4 Class B-4 Interest Class B-4 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-5 Class B-5 Interest Class B-5 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRI-B-6 Class B-6 Interest Class B-6 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
-35-
---------------------------------- ---------------------------------------- ------------------------------------------
Uncertificated Shifting Interest Corresponding Shifting Interest Corresponding Class of
Middle-Tier Regular Interest Upper-Tier Regular Interest Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A1A Class T-A-1A Interest Class T-A-1A Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A1B Class T-A-1B Interest Class T-A-1B Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A2 Class T-A-2 Interest Class T-A-2 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A3 Class T-A-3 Interest Class T-A-3 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A4 Class T-A-4 Interest Class T-A-4 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A5 Class T-A-5 Interest Class T-A-5 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-A6 Class T-A-6 Interest Class T-A-6 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-M1 Class T-M-1 Interest Class T-M-1 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-M2 Class T-M-2 Interest Class T-M-2 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-M3 Class T-M-3 Interest Class T-M-3 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-M4 Class T-M-4 Interest Class T-M-4 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-M5 Class T-M-5 Interest Class T-M-5 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-B1 Class T-B-1 Interest Class T-B-1 Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-P Class P Interest Class P Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
N/A Class CE Interest Class CE Certificates
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-IOA Class Swap IOA Interest N/A
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-IOB Class Swap IOB Interest N/A
---------------------------------- ---------------------------------------- ------------------------------------------
---------------------------------- ---------------------------------------- ------------------------------------------
MRII-IOC Class Swap IOC Interest N/A
---------------------------------- ---------------------------------------- ------------------------------------------
Custodian: Initially, the Trustee and thereafter any custodian appointed by
the Trustee pursuant to Section 9.12. A Custodian may (but need not) be the
Trustee or any Person directly or indirectly controlling or controlled by or
under common control of either of them. None of the Master Servicer, any
Servicer or the Depositor, or any Person directly or indirectly controlling or
controlled by or under common control with any such Person may be appointed
Custodian.
Customary Servicing Procedures: With respect to (i) any Servicer,
procedures (including collection procedures) that a Servicer customarily employs
and exercises in servicing and administering mortgage loans for its own account
and which are in accordance with accepted mortgage servicing practices of
prudent lending institutions servicing mortgage loans of the same type as the
Mortgage Loans in the jurisdictions in which the related Mortgaged Properties
are located and (ii) the Master Servicer, those master servicing procedures that
constitute customary and usual standards of practice of prudent mortgage loan
master servicers.
Cut-off Date: February 1, 2007.
Cut-off Date Pool Principal Balance: For each Loan Group, the aggregate of
the Stated Principal Balances of the Mortgage Loans in such Loan Group as of the
Cut-off Date, which is $525,981,295.74 for Loan Group 1, $43,276,236.62 for Loan
Group 2 and $427,006,777.54 for Loan Group T2.
Debt Service Reduction: As to any Mortgage Loan and any Determination Date,
the excess of (i) the Monthly Payment due on the related Due Date under the
-36-
terms of such Mortgage Loan over (ii) the amount of the monthly payment of
principal and/or interest required to be paid with respect to such Due Date by
the Mortgagor as established by a court of competent jurisdiction (pursuant to
an order which has become final and nonappealable) as a result of a proceeding
initiated by or against the related Mortgagor under the Bankruptcy Code, as
amended from time to time (11 U.S.C.); provided that no such excess shall be
considered a Debt Service Reduction so long as (a) the Servicer of such Mortgage
Loan is pursuing an appeal of the court order giving rise to any such
modification and (b)(1) such Mortgage Loan is not in default with respect to
payment due thereunder in accordance with the terms of such Mortgage Loan as in
effect on the Cut-off Date or (2) Monthly Payments are being advanced by the
applicable Servicer, the Master Servicer or the Trustee, as applicable, in
accordance with the terms of such Mortgage Loan as in effect on the Cut-off
Date.
Defaulted Swap Termination Payment: Any Swap Termination Payment required
to be paid by the Supplemental Interest Trust to a Swap Provider pursuant to the
related Interest Rate Swap Agreement as a result of an Event of Default (as
defined in each such Interest Rate Swap Agreement) with respect to which such
Swap Provider is the defaulting party or a Termination Event (including a
Downgrade Termination Event) under an Interest Rate Swap Agreement (other than
Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined
in such Interest Rate Swap Agreement)) with respect to which the related Swap
Provider is the sole Affected Party (as defined in the applicable Interest Rate
Swap Agreement).
Defective Mortgage Loan: Any Mortgage Loan which is required to be cured,
repurchased or substituted for pursuant to Sections 2.02 or 2.04.
Deficient Valuation: As to any Mortgage Loan and any Determination Date,
the excess of (i) the then outstanding indebtedness under such Mortgage Loan
over (ii) the secured valuation thereof established by a court of competent
jurisdiction (pursuant to an order which has become final and nonappealable) as
a result of a proceeding initiated by or against the related Mortgagor under the
Bankruptcy Code, as amended from time to time (11 U.S.C.), pursuant to which
such Mortgagor retained such Mortgaged Property; provided that no such excess
shall be considered a Deficient Valuation so long as (a) the applicable Servicer
is pursuing an appeal of the court order giving rise to any such modification
and (b)(1) such Mortgage Loan is not in default with respect to payments due
thereunder in accordance with the terms of such Mortgage Loan as in effect on
the Cut-off Date or (2) Monthly Payments are being advanced by the applicable
Servicer, the Master Servicer or the Trustee, as applicable, in accordance with
the terms of such Mortgage Loan as in effect on the Cut-off Date.
Definitive Certificates: As defined in Section 6.02(c)(iii).
Delinquent: Any Mortgage Loan with respect to which the Monthly Payment due
on a Due Date is not made by the close of business on the next scheduled Due
Date for such Mortgage Loan.
Denomination: The amount, if any, specified on the face of each Certificate
(other than an Interest Only Certificate) representing the principal portion of
the Initial Class Certificate Balance or Maximum Initial Class Certificate
Balance evidenced by such Certificate. As to any Interest Only Certificate, the
amount specified on the face of each such Certificate representing the portion
-37-
of the Initial Notional Amount or Maximum Initial Notional Amount evidenced by
such Certificate.
Depositor: Banc of America Funding Corporation, a Delaware corporation, or
its successor in interest, as depositor of the Trust Estate.
Depository: The Depository Trust Company, the nominee of which is Cede &
Co., as the registered Holder of the Book-Entry Certificates or any successor
thereto appointed in accordance with this Agreement. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York.
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.
Determination Date: With respect to any Distribution Date and for each
Servicer, as defined in the applicable Servicing Agreement.
Discount Mortgage Loan: Any Group 1 Mortgage Loan with a Net Mortgage
Interest Rate as of the Cut-off Date that is less than 6.100% per annum.
Distribution Date: The 25th day of each month beginning in March 2007 (or,
if such day is not a Business Day, the next Business Day).
Document Transfer Event: The 60th day following the day on which either (i)
Xxxxx Fargo is no longer the Servicer of any of the Mortgage Loans purchased by
the Sponsor from Xxxxx Fargo Bank, N.A. or (ii) the senior, unsecured long-term
debt rating of Xxxxx Fargo & Company is less than "BBB-" by Fitch.
Downgrade Termination Event: An event whereby (x) a Swap Provider (or its
guarantor) ceases to have short term unsecured and/or long term debt ratings at
least equal to the levels specified in the related Interest Rate Swap Agreement,
and (y) at least one of the following events has not occurred (except to the
extent otherwise approved by the Rating Agencies): (i) within the time period
specified in such Interest Rate Swap Agreement with respect to such downgrade,
the related Swap Provider transferred such Interest Rate Swap Agreement, in
whole, but not in part, to a substitute swap provider that satisfied the
requirements set forth in such Interest Rate Swap Agreement, subject to the
satisfaction of the rating agency condition or (ii) within the time periods and
otherwise as required by such Interest Rate Swap Agreement, the related Swap
Provider obtained a qualified guaranty of its obligations from an eligible third
party or (iii) within the time period specified in such Interest Rate Swap
Agreement with respect to such downgrade, the related Swap Provider
collateralized its exposure to the Issuing Entity pursuant to an ISDA Credit
Support Annex between the Supplemental Interest Trust and the related Swap
Provider.
Due Date: As to any Distribution Date and each Mortgage Loan, the first day
in the calendar month of such Distribution Date.
XXXXX: The Commission's Electronic Data Gathering and Retrieval System.
-38-
Eligible Account: Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company the
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) have the highest
short-term ratings of each Rating Agency 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, the Securities Administrator 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 trust department of a federal or state chartered
depository institution or trust company (including the Trustee, the Master
Servicer and the Securities Administrator), acting in its fiduciary capacity or
(iv) any other account acceptable to each Rating Agency. Eligible Accounts may
bear interest and may include, if otherwise qualified under this definition,
accounts maintained with the Trustee, the Master Servicer or the Securities
Administrator.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
ERISA Restricted Certificates: Any of the Class 1-A-R, Class B-4, Class
B-5, Class B-6, Class T-B-1, Class CE and Class P Certificates and any
Certificate that no longer meets the applicable rating requirements of an
Underwriter's Exemption.
Escrow Account: As defined in Section 3.08.
Escrow Payments: The amounts constituting taxes, assessments, Primary
Mortgage Insurance Policy premiums, fire and hazard insurance premiums and other
payments as may be required to be escrowed by the Mortgagor with the mortgagee
pursuant to the terms of any Mortgage Note or Mortgage.
Events of Default: As defined in Section 8.01.
Excess Proceeds: With respect to any Liquidated Mortgage Loan, the amount,
if any, by which any Liquidation Proceeds of such Mortgage Loan received in the
calendar month in which such Mortgage Loan became a Liquidated Mortgage Loan,
net of any amounts previously reimbursed to the applicable Servicer as
Nonrecoverable Advance(s) with respect to such Mortgage Loan pursuant to Section
3.11(a)(iv), exceeds (i) the unpaid principal balance of such Liquidated
Mortgage Loan as of the Due Date in the month in which such Mortgage Loan became
a Liquidated Mortgage Loan plus (ii) accrued interest at the Mortgage Interest
Rate from the Due Date as to which interest was last paid or for which a
Periodic Advance was made (and not reimbursed) up to the Due Date applicable to
the Distribution Date immediately following the calendar month during which such
liquidation occurred.
Exchange Act: The Securities Exchange Act of 1934, as amended.
-39-
Exchangeable Certificates: The Class 1-A-2, Class 1-A-24, Class 1-A-25,
Class 1-A-26, Class 1-A-27, Class 1-A-29, Class 1-A-30, Class 1-A-31, Class
1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class 1-A-36, Class 1-A-37,
Class 1-A-38, Class 1-A-39, Class 1-A-40, Class 1-A-41 and Class 1-A-42
Certificates.
Exchangeable Certificates Grantor Trust: That portion of the Trust
exclusive of the REMICs consisting of any interests in the Exchangeable REMIC
Certificates beneficially owned in the form of the Exchangeable Certificates and
rights with respect thereto.
Exchangeable Certificates Grantor Trust Account: The sub-account of the
Certificate Account designated by the Securities Administrator pursuant to
Section 5.12(a).
Exchangeable Combination: Any of Exchangeable Combination 1, Exchangeable
Combination 2, Exchangeable Combination 3, Exchangeable Combination 4,
Exchangeable Combination 5, Exchangeable Combination 6, Exchangeable Combination
7, Exchangeable Combination 8, Exchangeable Combination 9, Exchangeable
Combination 10, Exchangeable Combination 11, Exchangeable Combination 12,
Exchangeable Combination 13, Exchangeable Combination 14, Exchangeable
Combination 15, Exchangeable Combination 16, Exchangeable Combination 17,
Exchangeable Combination 18 and Exchangeable Combination 19, as applicable.
Exchangeable Combination 1: The Class 1-A-24 Certificates.
Exchangeable Combination 2: The Class 1-A-29 Certificates.
Exchangeable Combination 3: The Class 1-A-26 Certificates.
Exchangeable Combination 4: The Class 1-A-27 Certificates.
Exchangeable Combination 5: The Class 1-A-2 Certificates.
Exchangeable Combination 6: The Class 1-A-34 Certificates.
Exchangeable Combination 7: The Class 1-A-36 Certificates.
Exchangeable Combination 8: The Class 1-A-35 Certificates.
Exchangeable Combination 9: The Class 1-A-37 Certificates.
Exchangeable Combination 10: The Class 1-A-39 Certificates.
Exchangeable Combination 11: The Class 1-A-38 Certificates.
Exchangeable Combination 12: The Class 1-A-40 Certificates.
Exchangeable Combination 13: The Class 1-A-41 Certificates.
Exchangeable Combination 14: The Class 1-A-30 Certificates.
-40-
Exchangeable Combination 15: The Class 1-A-31 Certificates.
Exchangeable Combination 16: The Class 1-A-32 Certificates.
Exchangeable Combination 17: The Class 1-A-33 Certificates.
Exchangeable Combination 18: The Class 1-A-25 Certificates.
Exchangeable Combination 19: The Class 1-A-42 Certificates.
Exchangeable REMIC Certificates: Any of the Class 1-A-3, Class 1-A-4, Class
1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class 1-A-9, Class 1-A-10, Class
1-A-11, Class 1-A-12, Class 1-A-13, Class 1-A-14 and Class 1-A-17 Certificates.
Exchangeable REMIC Combination: Any of the Exchangeable REMIC Combination
1, Exchangeable REMIC Combination 2, Exchangeable REMIC Combination 3,
Exchangeable REMIC Combination 4, Exchangeable REMIC Combination 5, Exchangeable
REMIC Combination 6, Exchangeable REMIC Combination 7, Exchangeable REMIC
Combination 8, Exchangeable REMIC Combination 9, Exchangeable REMIC Combination
10, Exchangeable REMIC Combination 11, Exchangeable REMIC Combination 12,
Exchangeable REMIC Combination 13, Exchangeable REMIC Combination 14,
Exchangeable REMIC Combination 15, Exchangeable REMIC Combination 16,
Exchangeable REMIC Combination 17, Exchangeable REMIC Combination 18 and
Exchangeable REMIC Combination 19, as applicable.
Exchangeable REMIC Combination 1: The Class 1-A-3 and Class 1-A-5
Certificates.
Exchangeable REMIC Combination 2: The Class 1-A-5, Class 1-A-6 and Class
1-A-17 Certificates.
Exchangeable REMIC Combination 3: The Class 1-A-3 and Class 1-A-4
Certificates.
Exchangeable REMIC Combination 4: The Class 1-A-5 and Class 1-A-6
Certificates.
Exchangeable REMIC Combination 5: The Class 1-A-3, Class 1-A-4, Class 1-A-5
and Class 1-A-6 Certificates.
Exchangeable REMIC Combination 6: The Class 1-A-7 and Class 1-A-9
Certificates.
Exchangeable REMIC Combination 7: The Class 1-A-7, Class 1-A-8, Class 1-A-9
and Class 1-A-10 Certificates.
Exchangeable REMIC Combination 8: The Class 1-A-8 and Class 1-A-10
Certificates.
Exchangeable REMIC Combination 9: The Class 1-A-11 and Class 1-A-13
Certificates.
Exchangeable REMIC Combination 10: The Class 1-A-11, Class 1-A-12, Class
1-A-13 and Class 1-A-14 Certificates.
-41-
Exchangeable REMIC Combination 11: The Class 1-A-12 and Class 1-A-14
Certificates.
Exchangeable REMIC Combination 12: The Class 1-A-7, Class 1-A-9, Class
1-A-11 and Class 1-A-13 Certificates.
Exchangeable REMIC Combination 13: The Class 1-A-8, Class 1-A-10, Class
1-A-12 and Class 1-A-14 Certificates.
Exchangeable REMIC Combination 14: The Class 1-A-7 and Class 1-A-8
Certificates.
Exchangeable REMIC Combination 15: The Class 1-A-9 and Class 1-A-10
Certificates.
Exchangeable REMIC Combination 16: The Class 1-A-11 and Class 1-A-12
Certificates.
Exchangeable REMIC Combination 17: The Class 1-A-13 and Class 1-A-14
Certificates.
Exchangeable REMIC Combination 18: The Class 1-A-4 and Class 1-A-6
Certificates.
Exchangeable REMIC Combination 19: The Class 1-A-7, Class 1-A-8, Class
1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13 and Class 1-A-14
Certificates.
Extra Principal Distribution Amount: As of any Distribution Date, the
lesser of (x) the Monthly Excess Interest Amount for such Distribution Date and
(y) the Overcollateralization Deficiency for such Distribution Date.
FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of some or all of the Certificates will be made pursuant
to Section 10.01.
Financial Market Service: Bloomberg LP, Intex Solutions, Inc. and any other
financial information provider designated by the Depositor by written notice to
the Securities Administrator.
FIRREA: The Financial Institutions Reform, Recovery and Enforcement Act of
1989, as amended.
Fitch: Fitch Ratings, or any successor thereto.
Fixed Payer Rate A: The fixed rate payable for each Distribution Date up to
and including the Distribution Date in April 2012, which is 5.28900%.
Fixed Payer Rate B: The fixed rate payable for each Distribution Date up to
and including the Distribution Date in January 2011, which is 5.21750%.
Fixed Payer Rate C: The fixed rate payable for each Distribution Date up to
and including the Distribution Date in April 2011, which is 5.31375%.
Form 8-K Disclosure Information: As defined in Section 3.22(d).
-42-
Fractional Interest: As defined in Section 5.02(d).
Group 1: The Group 1 Certificates.
Group 1 Certificates: The Class 1-A-R, Class 1-A-1, Class 1-A-2, Class
1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class
1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13, Class 1-A-14,
Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19, Class
1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class 1-A-25,
Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30, Class
1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class 1-A-36,
Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40, Class 1-A-41, Class
1-A-42, Class 30-IO and Class 30-PO Certificates.
Group 1 Mortgage Loan: Each Mortgage Loan listed on Exhibit D-1 hereto.
Group 1 Priority Amount: For any Distribution Date the lesser of (i) the
aggregate Class Certificate Balance of the Class 1-A-3, Class 1-A-5 and Class
1-A-17 Certificates for such Distribution Date and (ii) the product of (a) the
Group 1 Shift Percentage, (b) the Group 1 Priority Percentage and (c) the Non-PO
Principal Amount for Loan Group 1.
Group 1 Priority Percentage: For any Distribution Date (i) the aggregate
Class Certificate Balance of the Class 1-A-3, Class 1-A-5 and Class 1-A-17
Certificates for such Distribution Date divided by (ii) the Pool Balance (Non-PO
Portion) for Loan Group 1.
Group 1 Shift Percentage: For any Distribution Date will be the percentage
indicated below:
Distribution Date Occurring In Percentage
------------------------------ ----------
March 2007 through February 2012 0%
March 2012 through February 2013 30%
March 2013 through February 2014 40%
March 2014 through February 2015 60%
March 2015 through February 2016 80%
March 2016 and thereafter 100%
Group 2: The Group 2 Certificates.
Group 2 Certificates: The Class 2-A-1 Certificates.
Group 2 Mortgage Loan: Each Mortgage Loan listed on Exhibit D-2 hereto.
Group Subordinate Amount: With respect to any Distribution Date and each
Shifting Interest Loan Group, the excess of the Pool Principal Balance for such
Shifting Interest Loan Group over the aggregate Class Certificate Balance of the
Senior Certificates of the Related Group immediately prior to such date
Group T2 Mortgage Loans: Each Mortgage Loan listed on Exhibit D-T2 hereto.
-43-
Group T2 Optional Termination Date: The first Distribution Date on which
all of the Group T2 Mortgage Loans and all related REO Property remaining in the
Trust Estate may be purchased pursuant to Section 10.01.
Group T2 Priority Amount: For any Distribution Date the lesser of (i) the
aggregate Class Certificate Balance of the Class T-A-5 and Class T-A-6
Certificates for such Distribution Date and (ii) the product of (a) the Group T2
Shift Percentage, (b) the Group T2 Priority Percentage and (c) the
Overcollateralized Senior Principal Distribution Amount.
Group T2 Priority Percentage: For any Distribution Date (i) the aggregate
Class Certificate Balance of the Class T-A-5 and Class T-A-6 Certificates for
such Distribution Date divided by (ii) the aggregate Class Certificate Balance
of the Senior Overcollateralized Certificates.
Group T2 Regular Interest: The Uncertificated Lower-Tier II Regular
Interests, the Uncertificated Middle-Tier II Regular Interests, and the
Uncertificated Upper-Tier II Regular Interests.
Group T2 Shift Percentage: For any Distribution Date will be the percentage
indicated below:
Distribution Date Occurring In Percentage
------------------------------ ----------
March 2007 through February 2010 0%
March 2010 through February 2012 45%
March 2012 through February 2013 80%
March 2013 through February 2014 100%
March 2014 and thereafter 300%
Holder: A Certificateholder.
Indenture: An indenture relating to the issuance of net interest margin
notes secured entirely or in part by all or a portion of the Class CE or Class P
Certificates, which may or may not be guaranteed by the NIMS Insurer.
Independent: When used with respect to any specified Person means such a
Person who (i) is in fact independent of the Depositor, the Trustee, the
Securities Administrator, the Master Servicer and the Servicers, (ii) does not
have any direct financial interest or any material indirect financial interest
in the Depositor, the Trustee, the Securities Administrator, the Master Servicer
or the Servicers or in an affiliate of any of them, and (iii) is not connected
with the Depositor, the Trustee, the Securities Administrator, the Master
Servicer or the Servicers as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions. When used
with respect to any accountants, a Person who is "independent" within the
meaning of Rule 2-01(B) of the Commission's Regulation S-X.
Initial Balance: As set forth in the Preliminary Statement.
-44-
Initial Class Certificate Balance: As to each Class of Certificates (other
than the Interest Only Certificates, Exchangeable REMIC Certificates,
Exchangeable Certificates and Class CE Certificates), the Class Certificate
Balance set forth in the Preliminary Statement. The Interest Only Certificates
have no Initial Class Certificate Balance.
Initial Notional Amount: As to each Class of Interest Only Certificates
(other than the Exchangeable REMIC Certificates and Exchangeable Certificates),
the Notional Amount set forth in the Preliminary Statement.
Initial Overcollateralization Amount: $1,920,677.54.
Insurance Policy: With respect to any Mortgage Loan included in the Trust
Estate, any Primary Mortgage Insurance Policy or any other insurance policy
(including any policy covering any Mortgage Loan or Mortgaged Property,
including without limitation, any hazard insurance policy required pursuant to
Section 3.12, any title insurance policy described in Section 2.01 and any
Federal Housing Administration insurance policies and Department of Veterans
Affairs insurance policies), including all riders and endorsements thereto in
effect, including any replacement policy or policies for any Insurance Policies.
Insurance Proceeds: Proceeds paid by an insurer pursuant to any Insurance
Policy, in each case other than any amount included in such Insurance Proceeds
in respect of Insured Expenses.
Insured Expenses: Expenses covered by an Insurance Policy or any other
insurance policy with respect to the Mortgage Loans.
Interest Accrual Period: As to any Distribution Date and each Class of
interest-bearing Shifting Interest Certificates (other than the Class 1-A-1,
Class 1-A-16, Class 1-A-18, Class 1-A-19 and Class 1-A-28 Certificates) and the
Class T-A-1B, Class T-A-5, Class T-A-6, Class T-M-1 and Class T-B-1
Certificates, the period from and including the first day of the calendar month
preceding the calendar month of such Distribution Date to but not including the
first day of the calendar month of such Distribution Date. As to any
Distribution Date and the Class 1-A-1, Class 1-A-16, Class 1-A-18, Class 1-A-19,
Class 1-A-28, Class T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2,
Class T-M-3, Class T-M-4 and Class T-M-5 Certificates, the period from and
including the Distribution Date in the prior month (or, in the case of the first
period, (i) February 25, 2007 for the Class 1-A-1, Class 1-A-16, Class 1-A-18,
Class 1-A-19 and Class 1-A-28 Certificates and (ii) the Closing Date for the
Class T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3,
Class T-M-4 and Class T-M-5 Certificates) to but not including the then current
Distribution Date. The Class CE Certificates have no Interest Accrual Period.
Interest Carryforward Amount: For any Class of Overcollateralized
Certificates (other than the Class CE and Class P Certificates) and any
Distribution Date, the sum of (a) the excess, if any, of the Overcollateralized
Accrued Certificate Interest for such Distribution Date over the amount in
respect of interest actually distributed on such Class for such Distribution
Date, (b) any remaining unpaid Interest Carryforward Amount from prior
-45-
Distribution Dates and (c) interest on such remaining Interest Carryforward
Amount referred to in clause (b) at the applicable Pass-Through Rate for the
related Interest Accrual Period.
Interest Distribution Amount: For any Distribution Date and each Class of
Shifting Interest Certificates, the sum of (i) Shifting Interest Accrued
Certificate Interest, subject to reduction pursuant to Section 5.02(c) and (ii)
any Class Unpaid Interest Shortfall for such Class.
Interest Only Certificates: The Class 1-A-4, Class 1-A-6, Class 1-A-8,
Class 1-A-10, Class 1-A-12, Class 1-A-14, Class 1-A-19, Class 1-A-25, Class
1-A-28, Class 1-A-35, Class 1-A-38, Class 1-A-41 and Class 30-IO Certificates.
Interest Percentage: With respect to any Class of Offered
Overcollateralized Certificates or the Class T-B-1 Certificates and any
Distribution Date, the ratio (expressed as a decimal carried to six places) of
the Overcollateralized Accrued Certificate Interest for such Class to the sum of
the Overcollateralized Accrued Certificate Interest for all Classes of Offered
Overcollateralized Certificates and the Class T-B-1 Certificates, in each case
with respect to such Distribution Date, without regard to Relief Act Reductions.
Interest Rate: As set forth in the Preliminary Statement.
Interest Rate Cap Agreement: Any of the Class 1-A-16 Interest Rate Cap
Agreement, the Class 1-A-18 Interest Rate Cap Agreement and the Class T-A-4
Interest Rate Cap Agreement, as the case may be.
Interest Rate Cap Agreement Payment: With respect to each of the Class
1-A-16 Interest Rate Cap Agreement and the Class 1-A-18 Interest Rate Cap
Agreement and for any Distribution Date prior to and including the Distribution
Date in February 2011, the amount, if any, required to be paid by the Cap
Provider to the Securities Administrator under the Class 1-A-16 Interest Rate
Cap Agreement or the Class 1-A-18 Interest Rate Cap Agreement, as applicable.
Interest Rate Swap Agreement A: The 1992 ISDA Master Agreement
(Multicurrency-Cross Border), dated as of February 27, 2007 (together with the
schedule thereto, the "Master Agreement"), between the related Swap Provider and
the Supplemental Interest Trust Trustee, and a confirmation and credit support
annex of the same date, which supplement and form part of the Master Agreement,
the form of which has been attached hereto as Exhibit U-1. Interest Rate Swap
Agreement A shall not be an asset of any REMIC formed under this Agreement.
Interest Rate Swap Agreement B: The 1992 ISDA Master Agreement
(Multicurrency-Cross Border), dated as of February 27, 2007 (together with the
schedule thereto, the "Master Agreement"), between the related Swap Provider and
the Supplemental Interest Trust Trustee, and a confirmation and credit support
annex of the same date, which supplement and form part of the Master Agreement,
the form of which has been attached hereto as Exhibit U-2. Interest Rate Swap
Agreement B shall not be an asset of any REMIC formed under this Agreement.
Interest Rate Swap Agreement C: The 1992 ISDA Master Agreement
(Multicurrency-Cross Border), dated as of February 27, 2007 (together with the
schedule thereto, the "Master Agreement"), between the related Swap Provider and
the Supplemental Interest Trust Trustee, and a confirmation and credit support
-46-
annex of the same date, which supplement and form part of the Master Agreement,
the form of which has been attached hereto as Exhibit U-3. Interest Rate Swap
Agreement C shall not be an asset of any REMIC formed under this Agreement.
Interest Rate Swap Agreement: Any of Interest Rate Swap Agreement A,
Interest Rate Swap Agreement B and Interest Rate Swap Agreement C.
Interest Remittance Amount: As of any Distribution Date, (A) the sum,
without duplication, of (i) all interest collected or advanced with respect to
the related Collection Period on the Group T2 Mortgage Loans received by the
Servicers on or prior to the Determination Date for such Distribution Date (less
the Administrative Fees for the Group T2 Mortgage Loans, certain amounts
available for reimbursement of Advances with respect to the Group T2 Mortgage
Loans and certain other reimbursable expenses and indemnities pursuant to this
Agreement and the Servicing Agreements), (ii) all Compensating Interest paid by
the Servicers for such Distribution Date with respect to the Group T2 Mortgage
Loans, (iii) the portion of any payment in connection with any Principal
Prepayment, Substitution Adjustment Amount, Repurchase Price, Insurance Proceeds
or Liquidation Proceeds relating to interest with respect to the Group T2
Mortgage Loans received during the related Prepayment Period, (iv) any
Reimbursement Amounts received with respect to the Group T2 Mortgage Loans
during the related Prepayment Period and (v) on the Distribution Date on which
the Group T2 Mortgage Loans and related REO Property are purchased in accordance
with Section 10.01 hereof, that portion of the purchase price therefor in
respect of interest less (B) any amounts payable to the Swap Providers
(including any Net Swap Payments and any Swap Termination Payments owed to the
Swap Providers, other than a Defaulted Swap Termination Payment).
LIBOR Business Day: Any day on which banks in London, England and New York
City are open and conducting transactions in foreign currency and exchange.
LIBOR Certificates: Any of the Class 1-A-1, Class 1-A-16, Class 1-A-18,
Class 1-A-19, Class 1-A-28, Class T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4,
Class T-M-2, Class T-M-3, Class T-M-4 and Class T-M-5 Certificates.
LIBOR Determination Date: With respect to each class of Certificates whose
Pass-Through Rate or Certificate Interest Rate is based on One-Month LIBOR, for
each Distribution Date beginning with the second Distribution Date, the second
LIBOR Business Day prior to the immediately preceding Distribution Date.
Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan (including any REO Property) that was liquidated in the
related Prepayment Period and as to which the applicable Servicer has certified
(in accordance with the applicable Servicing Agreement) that it has received all
proceeds it expects to receive in connection with the liquidation of such
Mortgage Loan including the final disposition of an REO Property.
Liquidation Proceeds: Amounts, including Insurance Proceeds, received in
connection with the partial or complete liquidation of defaulted Mortgage Loans,
whether through trustee's sale, foreclosure sale or otherwise or amounts
received in connection with any condemnation or partial release of a Mortgaged
-47-
Property and any other proceeds received in connection with an REO Property,
less the sum of related unreimbursed Servicing Fees and Advances.
Loan Group: Any of Loan Group 1, Loan Group 2 or Loan Group T2.
Loan Group 1: The Group 1 Mortgage Loans.
Loan Group 2: The Group 2 Mortgage Loans.
Loan Group T2: The Group T2 Mortgage Loans.
Loan-to-Value Ratio: With respect to any Mortgage Loan and any date of
determination, the fraction, expressed as a percentage, the numerator of which
is the outstanding principal balance of the related Mortgage Loan at origination
and the denominator of which is the Appraised Value of the related Mortgaged
Property.
Losses: As defined in Section 5.11.
Lower-Tier II Certificate Sub-Account: The sub-account of the Certificate
Account designated by the Securities Administrator pursuant to Section 3.09(h).
Lower-Tier II REMIC: As defined in the Preliminary Statement, the assets of
which consist of the Group T2 Mortgage Loans, such amounts as shall be held in
the Lower-Tier II Certificate Sub-Account, the insurance policies, if any,
relating to a Group T2 Mortgage Loan and property which secured a Group T2
Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
foreclosure. The Lower-Tier II REMIC will not include the Cap Carryover Reserve
Account, the Supplemental Interest Trust, the Interest Rate Swap Agreements, the
Swap Account, the Class T-A-4 Interest Rate Cap Agreement and the Class T-A-4
Interest Rate Cap Agreement Account.
LPMI Policy: A lender-paid primary mortgage insurance policy.
LPMI Premium Rate: With respect to each Mortgage Loan covered by an LPMI
Policy, as set forth in the applicable Mortgage Loan Schedule.
Marker Rate: With respect to the Class CE Upper-Tier II Regular Interest
and any Distribution Date, a per annum rate equal to two (2) times the weighted
average of the Uncertificated Middle-Tier II REMIC Pass-Through Rates for the
Middle-Tier II Corresponding Marker Interests and the Class MRII-ZZ Interest,
(i) with the rate on each such Middle-Tier II Corresponding Marker Interest
subject to a cap equal to the lesser of (a) the Pass-Through Rate of its
Corresponding Class of Certificates and (b) the Upper-Tier II REMIC Net WAC Cap
for the purposes of this calculation and (ii) with the rate on the Class MRII-ZZ
Interest subject to a cap of zero for the purpose of this calculation; provided,
however, that for this purpose, calculations of the Uncertificated Middle-Tier
II REMIC Pass-Through Rate and the related caps with respect to the Class
MRII-A1A, Class MRII-A2, Class MRII-A3, Class MRII-A4, Class MRII-M2, Class
MRII-M3, Class MRII-M4 and Class MRII-M5 Interests shall be multiplied by a
fraction, the numerator of which is the actual number of days in the related
Interest Accrual Period and the denominator of which is 30.
-48-
Master Servicer: Xxxxx Fargo Bank, N.A., and any successors-in-interest
and, if a successor master servicer is appointed hereunder, such successor, as
master servicer.
Master Servicer Custodial Account: The Eligible Account created and
maintained by the Master Servicer pursuant to Section 3.09(c) in the name of the
Master Servicer for the benefit of the Certificateholders and designated "Xxxxx
Fargo Bank, N.A., as Master Servicer, in trust for the registered holders of
Banc of America Funding Corporation Mortgage Pass-Through Certificates, Series
2007-2."
Master Servicer Custodial Account Reinvestment Income: For each
Distribution Date, all income and gains net of any losses realized since the
preceding Distribution Date from Permitted Investments of funds in the Master
Servicer Custodial Account.
Master Servicer's Certificate: The monthly report required by Section 4.01.
Master Servicing Officer: Any officer of the Master Servicer involved in,
or responsible for, the administration and master servicing of the Mortgage
Loans whose name appears on a list of servicing officers furnished to the
Securities Administrator and the Trustee by the Master Servicer, as such list
may from time to time be amended.
Master Servicing Transfer Costs: All reasonable costs and expenses
(including attorney's fees) incurred by the Trustee or a successor master
servicer in connection with the transfer of master servicing or servicing from a
predecessor master servicer, including, without limitation, any costs or
expenses associated with the complete transfer of all master servicing data or
servicing data and the completion, correction or manipulation of such master
servicing data or servicing data as may be required by the Trustee or successor
master servicer to correct any errors or insufficiencies in the master servicing
data or servicing data or otherwise to enable the Trustee or a successor master
servicer to master service or service, as the case may be, the applicable
Mortgage Loans properly and effectively.
Maximum Initial Class Certificate Balance: As to each Class of Exchangeable
REMIC Certificates or Exchangeable Certificates (other than the Class 1-A-4,
Class 1-A-6, Class 1-A-8, Class 1-A-10, Class 1-A-12, Class 1-A-14, Class
1-A-25, Class 1-A-35, Class 1-A-38 and Class 1-A-41 Certificates), the Class
Certificate Balance set forth in the Preliminary Statement. The Class 1-A-4,
Class 1-A-6, Class 1-A-8, Class 1-A-10, Class 1-A-12, Class 1-A-14, Class
1-A-25, Class 1-A-35, Class 1-A-38 and Class 1-A-41 Certificates are Interest
Only Certificates and have no Maximum Initial Class Certificate Balance.
Maximum Initial Notional Amount: As to each Class of Exchangeable REMIC
Certificates or Exchangeable Certificates that is a Class of Interest Only
Certificates, the Notional Amount set forth in the Preliminary Statement.
Maximum MRII-ZZ Uncertificated Accrued Interest Deferral Amount: With
respect to any Distribution Date, the excess of (a) accrued interest at the
Uncertificated Middle-Tier II REMIC Pass-Through Rate applicable to the Class
MRII-ZZ Interest for such Distribution Date on a balance equal to the
Uncertificated Balance of the Class MRII-ZZ Interest minus the Middle-Tier II
REMIC Overcollateralized Amount, in each case for such Distribution Date, over
-49-
(b) Uncertificated Accrued Interest on the Middle-Tier II Corresponding Marker
Interests, with the rate on each such Middle-Tier II Corresponding Marker
Interest subject to a cap equal to the lesser of (i) the Pass-Through Rate of
the Corresponding Class of Certificates and (ii) the Upper-Tier II REMIC Net WAC
Cap for the purposes of this calculation; provided, however, that for this
purpose, calculations of the Uncertificated Middle-Tier II REMIC Pass-Through
Rate and the related caps with respect to Uncertificated Accrued Interest on the
Class MRII-A1A, Class MRII-A2, Class MRII-A3, Class MRII-A4, Class MRII-M2,
Class MRII-M3, Class MRII-M4, and Class MRII-M5 Interests shall be multiplied by
a fraction, the numerator of which is the actual number of days in the related
Interest Accrual Period and the denominator of which is 30.
MERS: As defined in Section 2.01(b)(iii).
Mezzanine Certificates: The Class T-M-1, Class T-M-2, Class T-M-3, Class
T-M-4 and Class T-M-5 Certificates, each of which represents (i) the
corresponding Upper-Tier II Regular Interest for purposes of the REMIC
Provisions, (ii) the right to receive the related Cap Carryover Amounts and
(iii) the obligation to pay the Class IO Distribution Amount.
Middle-Tier II Certificate Sub-Account: The sub-account of the Certificate
Account designated by the Securities Administrator pursuant to Section 3.09(h).
Middle-Tier II Corresponding Marker Interests: The Class MRII-A1A Interest,
Class MRII-A1B Interest, Class MRII-A2 Interest, Class MRII-A3 Interest, Class
MRII-A4 Interest, Class MRII-A5 Interest, Class MRII-A6 Interest, Class MRII-M1
Interest, Class MRII-M2 Interest, Class MRII-M3 Interest, Class MRII-M4
Interest, Class MRII-M5 Interest, and Class MRII-B1 Interest.
Middle-Tier II REMIC: As defined in the Preliminary Statement, the assets
of which consist of the Uncertificated Lower-Tier II Regular Interests and such
amounts as shall be deemed held in the Middle-Tier II Certificate Sub-Account.
Middle-Tier II REMIC Interest Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to (a) the product of (i) the aggregate
Stated Principal Balance of the Group T2 Mortgage Loans and related REO
Properties then outstanding and (ii) the Uncertificated Middle-Tier II REMIC
Pass-Through Rate for the Class MRII-AA Interest minus the Marker Rate, divided
by (b) 12.
Middle-Tier II REMIC Overcollateralization Target Amount: 1.00% of the
Targeted Overcollateralization Amount.
Middle-Tier II REMIC Overcollateralized Amount: With respect to any date of
determination, (i) 1.00% of the aggregate Uncertificated Balances of the
Uncertificated Middle-Tier II Regular Interests minus (ii) the aggregate of the
Uncertificated Balances of the Middle-Tier II Corresponding Marker Interests and
1.00% of the Class MRII-P Interest, in each case as of such date of
determination.
Middle-Tier II REMIC Principal Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to (a) the product of (i) the aggregate
Stated Principal Balance of the Group T2 Mortgage Loans and related REO
-50-
Properties then outstanding and (ii) 1 minus a fraction, the numerator of which
is two times the aggregate of the Uncertificated Balances of the Middle-Tier II
Corresponding Marker Interests, and the denominator of which is the aggregate of
the Uncertificated Balances of the Middle-Tier II Corresponding Marker Interests
and the Class MRII-ZZ Interest.
Monthly Covered Amount: As defined in the Mortgage Loan Purchase Agreement.
Monthly Excess Cashflow Amount: For any Distribution Date, the sum of the
Monthly Excess Interest Amount for such Distribution Date (reduced by amounts
paid as part of the Principal Distribution Amount), the Overcollateralization
Release Amount for such Distribution Date and (without duplication) any portion
of the Principal Distribution Amount remaining after principal distributions on
the Offered Overcollateralized Certificates and the Class T-B-1 Certificates on
such Distribution Date.
Monthly Excess Interest Amount: With respect to each Distribution Date, the
amount, if any, by which the Interest Remittance Amounts for such Distribution
Date exceeds the sum of the aggregate amount distributed on such Distribution
Date to the Overcollateralized Certificates pursuant to Section 5.03(a)
priorities first through eighth.
Monthly Payment: The scheduled monthly payment on a Mortgage Loan due on
any Due Date allocable to principal and/or interest on such Mortgage Loan which,
unless otherwise specified herein, shall give effect to any related Debt Service
Reduction and any Deficient Valuation that affect the amount of the monthly
payment due on such Mortgage Loan.
Monthly Statement: As defined in Section 5.05(b).
Moody's: Xxxxx'x Investors Service, Inc. or any successor thereto.
Mortgage: The mortgage, deed of trust or other instrument creating a first
lien on a Mortgaged Property securing a Mortgage Note or creating a first lien
on a leasehold interest.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining to
a particular Mortgage Loan and any additional documents required to be added to
the Mortgage File pursuant to this Agreement.
Mortgage Interest Rate: As to any Mortgage Loan, the per annum rate of
interest at which interest accrues on the principal balance of such Mortgage
Loan in accordance with the provisions of the related Mortgage Note.
Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase Agreement,
dated February 27, 2007, between BANA, as seller, and the Depositor, as
purchaser.
Mortgage Loan Schedule: The list of Mortgage Loans (as from time to time
amended by the Master Servicer to reflect the addition of Substitute Mortgage
Loans and the deletion of Defective Mortgage Loans pursuant to the provisions of
this Agreement) transferred to the Trustee as part of the Trust Estate and from
time to time subject to this Agreement, attached hereto as Exhibit X-0, Xxxxxxx
X-0 and Exhibit D-T2 setting forth the following information with respect to
-51-
each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) a code
indicating whether the Mortgaged Property is owner-occupied; (iii) the property
type for each Mortgaged Property; (iv) the original months to maturity or the
remaining months to maturity from the Cut-off Date; (v) the Loan-to-Value Ratio
at origination; (vi) the Mortgage Interest Rate; (vii) the date on which the
first Monthly Payment was due on the Mortgage Loan, and, if such date is not the
Due Date currently in effect, such Due Date; (viii) the stated maturity date;
(ix) the amount of the Monthly Payment as of the Cut-off Date; (x) the
paid-through date; (xi) the original principal amount of the Mortgage Loan;
(xii) the principal balance of the Mortgage Loan as of the close of business on
the Cut-off Date, after application of payments of principal due on or before
the Cut-off Date, whether or not collected, and after deduction of any payments
collected of scheduled principal due after the Cut-off Date; (xiii) a code
indicating the purpose of the Mortgage Loan; (xiv) a code indicating the
documentation style; (xv) a code indicating the initial Servicer; (xvi) the
Appraised Value; (xvii) the closing date of the Mortgage Loan; (xviii) a code
indicating whether the Mortgage Loan has a Prepayment Charge; (xix) the
Servicing Fee Rate and (xx) the LPMI Fee Rate, if any. With respect to the
Mortgage Loans in the aggregate, the Mortgage Loan Schedule shall set forth the
following information, as of the Cut-off Date: (i) the number of Mortgage Loans;
(ii) the current aggregate outstanding principal balance of the Mortgage Loans;
(iii) the weighted average Mortgage Interest Rate of the Mortgage Loans; and
(iv) the weighted average months to maturity of the Mortgage Loans.
Mortgage Loans: Such of the mortgage loans transferred and assigned to the
Trustee pursuant to Section 2.01 as from time to time are held as a part of the
Trust Estate (including any Substitute Mortgage Loans and REO Property), the
Mortgage Loans originally so held being identified in the Mortgage Loan
Schedule.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with all riders thereto and amendments thereof.
Mortgaged Property: The underlying property securing a Mortgage Loan, which
may include Cooperative Stock or residential long-term leases.
Mortgagor: The obligor on a Mortgage Note.
National City: National City Mortgage Co.
National City Servicing Agreement: Collectively, the Master Seller's
Warranties and Servicing Agreement, dated as of September 1, 2003, by and
between BANA (as successor in interest to BAMCC) and National City, as amended
by (i) Amendment No. 1, dated as of July 1, 2004, by and among BAMCC, National
City and BANA, (ii) the Master Assignment, Assumption and Recognition Agreement,
dated as of July 1, 2004, by and among BAMCC, National City, BANA and Wachovia
Bank, National Association, (iii) Amendment No. 2, dated as of October 1, 2004,
by and between National City and BANA, (iv) Amendment No. 3, dated as of August
11, 2005, by and between National City and BANA, (v) that certain Regulation AB
Compliance Addendum to the Master Seller's Warranties and Servicing Agreement,
-52-
dated as of January 1, 2006, by and between National City and BANA, and (vi) the
Assignment, Assumption and Recognition Agreement, dated February 27, 2007, by
and among BANA, the Depositor, the Trustee and National City.
Net Mortgage Interest Rate: As to any Mortgage Loan and Distribution Date,
such Mortgage Loan's Mortgage Interest Rate thereon on the first day of the
calendar month preceding the month of such Distribution Date reduced by the
applicable Administrative Fee Rate for such Mortgage Loan.
Net Swap Payment: With respect to each Interest Rate Swap Agreement and any
Distribution Date, any net payment (other than a Swap Termination Payment)
payable by the Supplemental Interest Trust to the related Swap Provider on the
related Fixed Rate Payer Payment Date (as defined in such Interest Rate Swap
Agreement).
Net Swap Receipt: With respect to each Interest Rate Swap Agreement and any
Distribution Date, any net payment (other than a Swap Termination Payment) made
by the applicable Swap Provider to the Supplemental Interest Trust on the
related Floating Rate Payer Payment Date (as defined in such Interest Rate Swap
Agreement), or any amount withdrawn from the Swap Account that is required to be
treated as a Net Swap Receipt for purposes of determining the distributions from
the Supplemental Interest Trust.
Net WAC: As to any Loan Group and any Distribution Date, the weighted
average of the Net Mortgage Interest Rates of the Mortgage Loans in such Loan
Group (based on Stated Principal Balances of the Mortgage Loans in such Loan
Group on the Due Date in the month preceding the month of such Distribution
Date).
NIMS Insurer: Any insurer that is guaranteeing certain payments under notes
secured by collateral which includes all or a portion of the Class CE or Class P
Certificates.
Non-PO Percentage: As to any Discount Mortgage Loan, a fraction (expressed
as a percentage), the numerator of which is the Net Mortgage Interest Rate as of
the Cut-off Date of such Discount Mortgage Loan and the denominator of which is
6.100%. As to any Group 1 Mortgage Loan that is not a Discount Mortgage Loan,
100%. The Non-PO Percentage with respect to any Group 2 Mortgage Loan will be
100%.
Non-PO Principal Amount: As to any Distribution Date and either Shifting
Interest Loan Group, the sum of (i) the sum of the applicable Non-PO Percentage
of (a) the principal portion of each Monthly Payment due on each Mortgage Loan
in such Shifting Interest Loan Group on the related Due Date (net of
unreimbursed Advances and other amounts as to which the related Servicer is
entitled to be reimbursed pursuant to the applicable Servicing Agreement), (b)
the Stated Principal Balance, as of the date of repurchase, of (i) each Mortgage
Loan in such Shifting Interest Loan Group that was repurchased by a Servicer
pursuant to the applicable Servicing Agreement as of such Distribution Date,
(ii) each Mortgage Loan in such Shifting Interest Loan Group repurchased by the
Sponsor pursuant to the Mortgage Loan Purchase Agreement or a Purchase
Obligation as of such Distribution Date, (iii) each Mortgage Loan in such
Shifting Interest Loan Group repurchased by the Depositor pursuant to Section
2.04, (iv) each Mortgage Loan in such Shifting Interest Loan Group purchased by
-53-
the Master Servicer pursuant to Section 10.01 and (v) each Mortgage Loan in such
Shifting Interest Loan Group purchased by the related originator as set forth in
Section 2.02, (c) any Substitution Adjustment Amount (net of unreimbursed
Advances and other amounts as to which the related Servicer is entitled to be
reimbursed pursuant to the applicable Servicing Agreement) in connection with a
Defective Mortgage Loan in such Shifting Interest Loan Group received during the
related Prepayment Period, (d) any Liquidation Proceeds other than amounts to
which the related Servicer is entitled to be reimbursed pursuant to the
applicable Servicing Agreement allocable to recoveries of principal of Mortgage
Loans in such Shifting Interest Loan Group that are not yet Liquidated Mortgage
Loans received by a Servicer during the related Prepayment Period, (e) with
respect to each Mortgage Loan in such Shifting Interest Loan Group that became a
Liquidated Mortgage Loan during the related Prepayment Period, the amount of
Liquidation Proceeds (excluding Excess Proceeds) allocable to principal received
by a Servicer with respect to such Mortgage Loan in such Shifting Interest Loan
Group during such period and (f) with respect to each Mortgage Loan in such
Shifting Interest Loan Group, all Principal Prepayments on the Mortgage Loans in
such Shifting Interest Loan Group received by a Servicer during the related
Prepayment Period; and (ii) the Non-PO Recovery with respect to such Loan Group
for such Distribution Date.
Non-PO Recovery: As to any Distribution Date and either Shifting Interest
Loan Group, the amount of all Recoveries with respect to such Shifting Interest
Loan Group during the related Prepayment Period less the PO Recovery with
respect to such Loan Group for such Distribution Date.
Non-Supported Interest Shortfalls: As to any Distribution Date and the
Shifting Interest Mortgage Loans, the amount, if any, by which the aggregate of
Prepayment Interest Shortfalls related to the Shifting Interest Mortgage Loans
exceeds the aggregate Compensating Interest for the Shifting Interest Mortgage
Loans for such Distribution Date.
Non-U.S. Person: A Person other than a U.S. Person.
Nonrecoverable Advance: Any portion of an Advance previously made or
proposed to be made in respect of a Mortgage Loan which has not been previously
reimbursed and which, in the good faith judgment of the applicable Servicer will
not or, in the case of a proposed Advance, would not be ultimately recoverable
from the related Mortgagor, related Liquidation Proceeds, Insurance Proceeds or
other recoveries in respect of the related Mortgage Loan.
Notional Amount: With respect to the Class 1-A-4 Certificates and the Class
1-A-4 Interests and any date of determination, the Class 1-A-4 Notional Amount.
With respect to the Class 1-A-6 Certificates and the Class 1-A-6 Interests and
any date of determination, the Class 1-A-6 Notional Amount. With respect to the
Class 1-A-8 Certificates and the Class 1-A-8 Interests and any date of
determination, the Class 1-A-8 Notional Amount. With respect to the Class 1-A-10
Certificates and the Class 1-A-10 Interests and any date of determination, the
Class 1-A-10 Notional Amount. With respect to the Class 1-A-12 Certificates and
the Class 1-A-12 Interests and any date of determination, the Class 1-A-12
Notional Amount. With respect to the Class 1-A-14 Certificates and the Class
1-A-14 Interests and any date of determination, the Class 1-A-14 Notional
Amount. With respect to the Class 1-A-19 Certificates and the Class 1-A-19
Interests and any date of determination, the Class 1-A-19 Notional Amount. With
respect to the Class 1-A-25 Certificates and the Class 1-A-25 Interests and any
date of determination, the Class 1-A-25 Notional Amount. With respect to the
-54-
Class 1-A-28 Certificates and the Class 1-A-28 Interests and any date of
determination, the Class 1-A-28 Notional Amount. With respect to the Class
1-A-35 Certificates and the Class 1-A-35 Interests and any date of
determination, the Class 1-A-35 Notional Amount. With respect to the Class
1-A-38 Certificates and the Class 1-A-38 Interests and any date of
determination, the Class 1-A-38 Notional Amount. With respect to the Class
1-A-41 Certificates and the Class 1-A-41 Interests and any date of
determination, the Class 1-A-41 Notional Amount. With respect to the Class 30-IO
Certificates, the Class 30-IO Interests, the Class 1-LIO Interest and the Class
MRI-IO Interest and any date of determination, the Class 30-IO Notional Amount.
With respect to the Class CE Upper-Tier II Interest and any date of
determination, a notional amount equal to the then aggregate Uncertificated
Balances of the Uncertificated Middle-Tier II Interests other than the Class
MRII-P Interest.
NYCEMA: A New York Consolidation, Extension and Modification Agreement.
Offered Certificates: The Senior, Class B-1, Class B-2, Class B-3 and Mezzanine
Certificates.
Offered Overcollateralized Certificates: The Class T-A-1A, Class T-A-1B,
Class T-A-2, Class T-A-3, Class T-A-4, Class T-A-5, Class T-A-6, Class T-M-1,
Class T-M-2, Class T-M-3, Class T-M-4 and Class T-M-5 Certificates.
Officer's Certificate: A certificate signed by the Chairman of the Board,
Vice Chairman of the Board, President or a Vice President and by the Treasurer,
the Secretary or one of the Assistant Treasurers or Assistant Secretaries, or
any other duly authorized officer of the Depositor or the Master Servicer, as
the case may be, and delivered to the Trustee or the Securities Administrator,
as required in this Agreement.
One-Month LIBOR: As to any Distribution Date, the arithmetic mean of London
Interbank offered rate quotations for one-month U.S. Dollar deposits, as
determined by the Securities Administrator in accordance with Section 5.10.
Opinion of Counsel: A written opinion of counsel acceptable to the Trustee
if such opinion is delivered to the Trustee, or acceptable to the Securities
Administrator if such opinion is delivered to the Securities Administrator, who
may be counsel for the Depositor or the Master Servicer, except that any opinion
of counsel relating to the qualification of any REMIC created hereunder as a
REMIC or compliance with the REMIC Provisions must be an opinion of Independent
counsel.
Original Fractional Interest: With respect to each of the following Class
M-1 and Classes of Class B Certificates, the corresponding percentage described
below, as of the Closing Date:
Class M-1 3.12%
Class B-1 2.26%
Class B-2 1.51%
Class B-3 0.96%
Class B-4 0.55%
Class B-5 0.25%
Class X-0 X/X
-00-
Xxxxxxxx Xxxxxxxxxxx Principal Balance: $17,647,326.
OTS: The Office of Thrift Supervision.
Outstanding Certificate: Any Outstanding Exchangeable Certificate or
Outstanding Exchangeable REMIC Certificate.
Outstanding Exchangeable Certificate: Any Exchangeable Certificate issued
hereunder on the Closing Date; provided, however, that upon the exchange of any
Exchangeable Certificate pursuant to Section 6.06 hereof, the Exchangeable
Certificate so exchanged shall be deemed no longer to be an Outstanding
Exchangeable Certificate, and each Exchangeable REMIC Certificate issued in
exchange therefor shall be deemed to be an Outstanding Exchangeable REMIC
Certificate.
Outstanding Exchangeable REMIC Certificate: Any Exchangeable REMIC
Certificate issued hereunder on the Closing Date; provided, however, that upon
the exchange of any Exchangeable REMIC Certificate pursuant to Section 6.06
hereof, the Exchangeable REMIC Certificate so exchanged shall be deemed no
longer to be an Outstanding Exchangeable REMIC Certificate, and each
Exchangeable Certificate issued in exchange therefor shall be deemed to be an
Outstanding Exchangeable Certificate.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan which was
not the subject of a Principal Prepayment in Full prior to such Due Date, which
did not become a Liquidated Mortgage Loan prior to such Due Date and which was
not purchased from the Trust prior to such Due Date pursuant to Sections 2.02 or
2.04.
Overcollateralization Amount: As of any Distribution Date, the excess, if
any, of (x) the aggregate Stated Principal Balance of the Group T2 Mortgage
Loans as of the last day of the related Collection Period over (y) the aggregate
Class Certificate Balance of all Classes of Overcollateralized Certificates
(after taking into account all distributions of principal on such Distribution
Date and the increase of any Class Certificate Balance of a Class of
Overcollateralized Certificates as a result of Recoveries related to the Group
T2 Mortgage Loans).
Overcollateralization Deficiency: As of any Distribution Date, the excess,
if any, of (x) the Targeted Overcollateralization Amount for such Distribution
Date over (y) the difference (which may be negative) between (i) the aggregate
Stated Principal Balance of the Group T2 Mortgage Loans as of the last day of
the related Collection Period and (ii) the aggregate Class Certificate Balance
of all Classes of Overcollateralized Certificates (after taking into account the
reduction on such Distribution Date of the Class Certificate Balances of all
Classes of Overcollateralized Certificates resulting from the distribution of
the Principal Distribution Amount (but not the Extra Principal Distribution
Amount) on such Distribution Date, but prior to taking into account any Applied
Realized Loss Amounts on such Distribution Date).
-56-
Overcollateralization Release Amount: With respect to any Distribution Date
on or after the Stepdown Date on which a Trigger Event is not in effect, 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 the Overcollateralized Certificates on such
Distribution Date over (ii) the Targeted Overcollateralization Amount for such
Distribution Date. With respect to any Distribution Date on which a Trigger
Event is in effect, the Overcollateralization Release Amount will be zero.
Overcollateralized Accrued Certificate Interest: For any Distribution Date
and each Class of Overcollateralized Certificates, one month's interest accrued
during the related Interest Accrual Period at the applicable Certificate
Interest Rate on the applicable Class Certificate Balance minus such Class'
Interest Percentage of Relief Act Reductions related to any Group T2 Mortgage
Loan for such Distribution Date.
Overcollateralized Certificates: The Class T-A-1A, Class T-A-1B, Class
T-A-2, Class T-A-3, Class T-A-4, Class T-A-5, Class T-A-6, Class T-M-1, Class
T-M-2, Class T-M-3, Class T-M-4, Class T-M-5, Class T-B-1, Class CE and Class P
Certificates.
Overcollateralized Senior Principal Distribution Amount: As of any
Distribution Date (i) before the Stepdown Date or as to which a Trigger Event is
in effect, the Principal Distribution Amount and (ii) on or after the Stepdown
Date and as long as a Trigger Event is not in effect, the excess of (a) the
aggregate Class Certificate Balance of the Senior Overcollateralized
Certificates immediately prior to such Distribution Date over (b) the lesser of
(x) the product of (1) 87.20% and (2) the aggregate Stated Principal Balance of
the Group T2 Mortgage Loans as of the last day of the related Collection Period
and (y) the amount by which the aggregate Stated Principal Balance of the Group
T2 Mortgage Loans as of the last day of the related Collection Period exceeds
the product of (1) 0.35% and (2) the Cut-off Date Pool Principal Balance of Loan
Group T2.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
Pass-Through Rate: With respect to each Distribution Date and any Class of
interest-bearing Certificates (other than the Class CE Certificates), the per
annum rate set forth or described in the Preliminary Statement. With respect to
each Distribution Date and the Uncertificated Shifting Interest Lower-Tier
Regular Interests, the Uncertificated Shifting Interest Lower-Tier REMIC
Pass-Through Rate. With respect to each Distribution Date and the Uncertificated
Shifting Interest Middle-Tier Regular Interests, the Uncertificated Shifting
Interest Middle-Tier REMIC Pass-Through Rate. With respect to each Distribution
Date and the Uncertificated Lower-Tier II Regular Interests, the Uncertificated
Lower-Tier II REMIC Pass-Through Rate. With respect to each Distribution Date
and the Uncertificated Middle-Tier II Regular Interests, the Uncertificated
Middle-Tier II REMIC Pass-Through Rate. With respect to each Distribution Date
and the Upper-Tier II Regular Interests (other than the Class CE Upper-Tier II
Regular Interest, the Class Swap-IOA Interest, the Class Swap-IOB Interest and
the Class Swap-IOC Interest), the Uncertificated Upper-Tier II REMIC
Pass-Through Rate.
-57-
With respect to the Class CE Upper-Tier II Regular Interest and any
Distribution Date, a per annum rate equal to the percentage equivalent of a
fraction, the numerator of which is the sum of the amounts calculated pursuant
to clauses (A) through (D) below, and the denominator of which is the aggregate
of the Uncertificated Balances of the Class MRII-AA Interest, the Middle-Tier II
Corresponding Marker Interests and the Class MRII-ZZ Interest. For purposes of
calculating the Pass-Through Rate for the Class CE Upper-Tier II Regular
Interest, the numerator is equal to the sum of the following components:
(A) the Uncertificated Middle-Tier II REMIC Pass-Through Rate for
the Class MRII-AA Interest minus the Marker Rate, applied to an amount
equal to the Uncertificated Balance of the Class MRII-AA Interest;
(B) the Uncertificated Middle-Tier II REMIC Pass-Through Rate for
each Middle-Tier II Corresponding Marker Interest, in each case minus
the Marker Rate, applied in each case to an amount equal to the
respective Uncertificated Balance of each such Middle-Tier II
Corresponding Marker Interest;
(C) the Uncertificated Middle-Tier II REMIC Pass-Through Rate for
the Class MRII-ZZ Interest minus the Marker Rate, applied to an amount
equal to the Uncertificated Balance of the Class MRII-ZZ Interest; and
(D) 100% of the Uncertificated Accrued Interest on the Class
MRII-P Interest.
With respect to the Class CE Certificates and any Distribution Date, the
Class CE Certificates shall be entitled to 100% of the amounts distributable to
the Class CE Upper-Tier II Regular Interest.
With respect to the Class Swap IOA Interest and any Distribution Date, the
Class Swap IOA Interest shall be entitled to 100% of the amounts distributable
to the Class MRII-IOA Interest. With respect to the Class Swap IOB Interest and
any Distribution Date, the Class Swap IOB Interest shall be entitled to 100% of
the amounts distributable to the Class MRII-IOB Interest. With respect to the
Class Swap IOC Interest and any Distribution Date, the Class Swap IOC Interest
shall be entitled to 100% of the amounts distributable to the Class MRII-IOC
Interest.
Paying Agent: As defined in Section 9.13.
Percentage Interest: As to any Certificate (other than an Exchangeable
REMIC Certificate, Exchangeable Certificate or Class CE Certificate), the
percentage obtained by dividing the Denomination of such Certificate by the
Initial Class Certificate Balance or Initial Notional Amount, as applicable, of
the Class of which such Certificate is a part. As to any Exchangeable REMIC
Certificate or Exchangeable Certificate and as of any date of determination, the
percentage obtained by dividing the Denomination of such Certificate by the
Aggregate Denomination on such date of the Class of which such Certificate is a
part. With respect to a Class CE Certificate, the portion of the Class evidenced
-58-
thereby, expressed as a percentage, as stated on the face of such Certificate;
provided, however, that the sum of all such percentages for each such
Certificate totals 100%.
Periodic Advance: With respect to each Servicer, shall have the meaning
given to term "Monthly Advance" in the applicable Servicing Agreement.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by the
United States, Xxxxxxx Mac, Xxxxxx Xxx or any agency or instrumentality of
the United States when such obligations are backed by the full faith and
credit of the United States; provided that such obligations of Xxxxxxx Mac
or Xxxxxx Xxx shall be limited to senior debt obligations and mortgage
participation certificates other than investments in mortgage-backed or
mortgage participation securities with yields evidencing extreme
sensitivity to the rate of principal payments on the underlying mortgages,
which shall not constitute Permitted Investments hereunder;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof with
a corporation incorporated under the laws of the United States or any state
thereof rated not lower than "P-1" by Xxxxx'x, "F1" by Fitch and "A-1+" by
S&P;
(iii) federal funds, certificates of deposit, demand deposits, time
deposits and bankers' acceptances (which shall each have an original
maturity of not more than 90 days and, in the case of bankers' acceptances,
shall in no event have an original maturity of more than 365 days or a
remaining maturity of more than 30 days) denominated in United States
dollars of any U.S. depository institution or trust company incorporated
under the laws of the United States or any state thereof, rated not lower
than "P-1" by Xxxxx'x, "F1" by Fitch and "A-1+" by S&P;
(iv) commercial paper (having original maturities of not more than 365
days) of any corporation incorporated under the laws of the United States
or any state thereof which is rated not lower than "P-1" by Xxxxx'x, "F1"
by Fitch and "A-1+" by S&P;
(v) investments in money market funds (including funds of the
Securities Administrator or its affiliates, or funds for which an affiliate
of the Securities Administrator acts as advisor, as well as funds for which
the Securities Administrator and its affiliates may receive compensation)
rated "Aaa" by Xxxxx'x, "AAA" by Fitch (if rated by Fitch) and "AAAm G" by
S&P or otherwise approved in writing by each Rating Agency; and
(vi) other obligations or securities that are acceptable to each
Rating Agency and, as evidenced by an Opinion of Counsel obtained by the
Master Servicer or Securities Administrator, as the case may be, will not
affect the qualification of any REMIC created under this Agreement as a
REMIC;
-59-
provided, however, that no instrument shall be a Permitted Investment if it
represents either (a) the right to receive only interest payments with respect
to the underlying debt instrument or (b) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest with respect to such instrument provide a yield to
maturity greater than 120% of the yield to maturity at par of such underlying
obligations.
Permitted Transferee: Any Person other than (i) the United States, or any
State or any political subdivision thereof, 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
which 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) (except
certain farmers' cooperatives described in Code Section 521), (iv) rural
electric and telephone cooperatives described in Code Section 1381(a)(2)(C), (v)
a Person with respect to whom the income on a Residual Certificate is allocable
to a foreign permanent establishment or fixed base, within the meaning of an
applicable income tax treaty, of such Person or any other U.S. Person, and (vi)
any other Person so designated by the Depositor based on an Opinion of Counsel
to the effect that any transfer to such Person may cause the Trust or any other
Holder of a Residual Certificate to incur tax liability that would not be
imposed other than on account of such transfer. The terms "United States,"
"State" and "international organization" shall have the meanings set forth in
Code Section 7701 or successor provisions.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Physical Certificates: The Class 1-A-R, Class B-4, Class B-5, Class B-6,
Class CE and Class P Certificates.
Plan: As defined in Section 6.02(e).
PO Deferred Amount: As to any Distribution Date and the Class 30-PO
Certificates, the sum of the amounts by which the Class Certificate Balance of
the Class 30-PO Certificates will be reduced on such Distribution Date or has
been reduced on prior Distribution Dates as a result of Section 5.03(b) less the
sum of (a) the PO Recoveries for prior Distribution Dates and (b) the amounts
distributed to the Class 30-PO Certificates pursuant to Section 5.02(a)(iii) on
prior Distribution Dates.
PO Percentage: As to any Discount Mortgage Loan, 100% minus the Non-PO
Percentage for such Mortgage Loan. As to any Group 1 Mortgage Loan that is not a
Discount Mortgage Loan, 0%. As to any Group 2 Mortgage Loan, 0%
PO Principal Amount: As to any Distribution Date and Loan Group 1, the sum
of (i) the applicable PO Percentage of (a) the principal portion of each Monthly
Payment (net of unreimbursed Advances and other amounts as to which the related
Servicer is entitled to be reimbursed pursuant to the applicable Servicing
Agreement) due on each Group 1 Mortgage Loan on the related Due Date; (b) the
-60-
Stated Principal Balance, as of the date of repurchase, of (i) each Group 1
Mortgage Loan that was repurchased by a Servicer pursuant to the applicable
Servicing Agreement as of such Distribution Date, (ii) each Group 1 Mortgage
Loan repurchased by the Sponsor pursuant to the Mortgage Loan Purchase Agreement
or a Purchase Obligation as of such Distribution Date, (iii) each Group 1
Mortgage Loan repurchased by the Depositor pursuant to Section 2.04, (iv) each
Group 1 Mortgage Loan purchased by the Master Servicer pursuant to Section 10.01
and (v) each Group 1 Mortgage Loan purchased by the related originator as set
forth in Section 2.02; (c) any Substitution Adjustment Amount (net of
unreimbursed Advances and other amounts as to which the related Servicer is
entitled to be reimbursed pursuant to the applicable Servicing Agreement) in
connection with any Defective Mortgage Loan in Loan Group 1 received with
respect to such Distribution Date; (d) any Liquidation Proceeds allocable to
recoveries of principal of Group 1 Mortgage Loans that are not yet Liquidated
Mortgage Loans received by a Servicer during the related Prepayment Period; (e)
with respect to each Group 1 Mortgage Loan that became a Liquidated Mortgage
Loan during the related Prepayment Period, the amount of Liquidation Proceeds
(excluding Excess Proceeds) allocable to principal received by a Servicer with
respect to such Group 1 Mortgage Loan during such period; and (f) all Principal
Prepayments on the Group 1 Mortgage Loans received by a Servicer during the
related Prepayment Period; and (ii) the PO Recovery for such Distribution Date.
PO Recovery: As to any Distribution Date, the lesser of (a) the PO Deferred
Amount for the Class 30-PO Certificates for such Distribution Date and (b) an
amount equal to the sum, as to each Group 1 Mortgage Loan as to which there has
been a Recovery received during the calendar month preceding the month of such
Distribution Date, of the product of (x) the PO Percentage with respect to such
Group 1 Mortgage Loan and (y) the amount of the Recovery with respect to such
Group 1 Mortgage Loan received during the related Prepayment Period.
Pool Cap: For any Distribution Date and the Overcollateralized
Certificates, a per annum rate (subject to adjustment, in the case of the Class
T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class
T-M-4 and Class T-M-5 Certificates, based on the actual number of days elapsed
in the related Interest Accrual Period) equal to (i) the weighted average of the
Net Mortgage Interest Rates for the Group T2 Mortgage Loans, weighted on the
basis of the Stated Principal Balances of the Group T2 Mortgage Loans as of the
first day of the related Collection Period less (ii) 12 times the quotient of
(a) the aggregate Net Swap Payment or Swap Termination Payment, if any, made to
the Swap Providers (only if such Swap Termination Payment is not due to a Swap
Provider Trigger Event (as defined in the related Interest Rate Swap Agreement))
and (b) the aggregate Stated Principal Balance of the Group T2 Mortgage Loans as
of the first day of the related Collection Period.
Pool Distribution Amount: As to any Distribution Date and each Shifting
Interest Loan Group, the excess of (a) the sum of (i) the aggregate of (A) the
interest portion of any Monthly Payment on a Mortgage Loan in such Shifting
Interest Loan Group (net of the related Administrative Fees) and the principal
portion of any Monthly Payment on a Mortgage Loan in such Shifting Interest Loan
Group due on the Due Date in the month in which such Distribution Date occurs
and which is received prior to the related Determination Date and (B) all
Periodic Advances made by a Servicer (or the Master Servicer or the Trustee, as
applicable) in respect of such Shifting Interest Loan Group and payments of
Compensating Interest allocable to such Shifting Interest Loan Group made by the
applicable Servicer in respect of such Shifting Interest Loan Group and such
Distribution Date deposited to the Master Servicer Custodial Account pursuant to
-61-
Section 3.09(d)(vi); (ii) all Liquidation Proceeds (other than Excess Proceeds)
received on the Mortgage Loans in such Shifting Interest Loan Group during the
related Prepayment Period and deposited to the Master Servicer Custodial Account
pursuant to Section 3.09(d)(iii); (iii) all Principal Prepayments received on
the Mortgage Loans in such Shifting Interest Loan Group during the related
Prepayment Period and deposited to the Master Servicer Custodial Account
pursuant to Section 3.09(d)(i) during such period; (iv) in connection with any
Mortgage Loans in such Shifting Interest Loan Group that are Defective Mortgage
Loans, the aggregate of the Purchase Prices and Substitution Adjustment Amounts
remitted on the related Remittance Date pursuant to Section 3.09(d)(vii); (v)
any other amounts in the Master Servicer Custodial Account deposited therein
pursuant to Section 3.09(d)(iv), (v), (viii), (x), and (xi) in respect of such
Distribution Date and such Loan Group; (vi) any Reimbursement Amount required to
be included pursuant to Section 5.02; and (vii) any Non-PO Recovery with respect
to such Distribution Date and Shifting Interest Loan Group over (b) any amounts
permitted to be withdrawn from the Master Servicer Custodial Account pursuant to
clauses (i) through (viii), inclusive, of Section 3.11 in respect of such
Shifting Interest Loan Group.
Pool Principal Balance: As to any Distribution Date and any Loan Group, the
aggregate Stated Principal Balance of all Mortgage Loans in such Loan Group that
were Outstanding Mortgage Loans immediately following the Due Date in the month
preceding the month in which such Distribution Date occurs.
Pool Principal Balance (Non-PO Portion): As to any Distribution Date and
each Shifting Interest Loan Group, the sum of the product, for each Mortgage
Loan in such Shifting Interest Loan Group, of (a) the Non-PO Percentage of such
Mortgage Loan multiplied by (b) the Stated Principal Balance of such Mortgage
Loan that was an Outstanding Mortgage Loan immediately following the Due Date in
the month preceding the month in which such Distribution Date occurs.
Premium Mortgage Loan: Any Group 1 Mortgage Loan with a Net Mortgage
Interest Rate as of the Cut-off Date that is greater than or equal to 6.100%.
Prepayment Charges: With respect to any Prepayment Period, any prepayment
premium, penalty or charge collected by a Servicer from a Mortgagor in
connection with any voluntary Principal Prepayment in Full pursuant to the terms
of the related Mortgage Note as from time to time held as a part of the Trust
Estate, the Prepayment Charges so held being identified in the related Mortgage
Loan Schedule.
Prepayment Interest Shortfall: As to any Distribution Date and each
Mortgage Loan subject to a Principal Prepayment received during the related
Prepayment Period, the amount, if any, by which one month's interest at the
related Net Mortgage Interest Rate on such Principal Prepayment exceeds the
amount of interest paid in connection with such Principal Prepayment.
Prepayment Period: With respect to any Distribution Date, the calendar
month preceding the calendar month in which such Distribution Date occurs.
-62-
Primary Mortgage Insurance Policy: Each policy of primary mortgage guaranty
insurance or any replacement policy therefor with respect to any Mortgage Loan,
in each case issued by an insurer acceptable to Xxxxxx Xxx or Xxxxxxx Mac.
Principal Distribution Amount: As to any Distribution Date, the sum of (i)
the Principal Remittance Amount minus the Overcollateralization Release Amount,
if any, and (ii) the Extra Principal Distribution Amount, if any.
Principal Only Certificates: Any Class of Certificates entitled to
distributions of principal, but to no distributions of interest. The Class 30-PO
Certificates are the only Class of Principal Only Certificates.
Principal Prepayment: With respect to each Mortgage Loan, any payment or
other recovery of principal on a Mortgage Loan (other than Liquidation Proceeds)
which is received in advance of its scheduled Due Date and is not accompanied by
an amount of interest representing scheduled interest due on any date or dates
in any month or months subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan.
Principal Remittance Amount: With respect to any Distribution Date and the
Group T2 Mortgage Loans, to the extent of funds available therefor, the amount
equal to (A) the sum (less amounts available for reimbursement to the Servicers
for Advances and expenses pursuant to the applicable Servicing Agreement and
amounts reimbursable or payable to the Master Servicer, Securities Administrator
and Trustee pursuant to this Agreement) of: (i) each payment of principal on a
Group T2 Mortgage Loan due during the related Collection Period and received by
the Servicers on or prior to the related Determination Date, and any Advances
with respect thereto, (ii) all Principal Prepayments received by the applicable
Servicer during the related Prepayment Period, (iii) Insurance Proceeds,
Liquidation Proceeds and Recoveries allocable to principal actually collected by
the applicable Servicer during the related Prepayment Period, (iv) with respect
to Defective Mortgage Loans repurchased during the related Prepayment Period,
the portion of the Repurchase Price allocable to principal, (v) any Substitution
Adjustment Amounts paid during the related Prepayment Period and (vi) on the
Distribution Date on which the Group T2 Mortgage Loans and related REO Property
are purchased in accordance with Section 10.01 hereof, that portion of the
purchase price therefor in respect of principal less (B) any amounts payable to
the Swap Providers (including any Net Swap Payments and any Swap Termination
Payments owed to the Swap Providers, other than a Defaulted Swap Termination
Payment) not covered by the Interest Remittance Amount.
Private Certificates: The Class B-4, Class B-5, Class B-6, Class T-B-1,
Class CE and Class P Certificates.
Pro Rata Share: As to any Distribution Date and any Class of Class M-1 or
Class B Certificates that is not a Restricted Class, the portion of the
Subordinate Principal Distribution Amounts allocable to such Class, equal to the
product of the Subordinate Principal Distribution Amounts for the Class M-1 and
Class B Certificates for such Distribution Date and a fraction, the numerator of
-63-
which is the related Class Certificate Balance thereof and the denominator of
which is the aggregate Class Certificate Balance of the Class M-1 and Class B
Certificates that are not Restricted Classes. The Pro Rata Share of a Restricted
Class shall be 0%.
Purchase Obligation: An obligation of the Sponsor or the Depositor to
purchase Mortgage Loans under the circumstances and in the manner provided in
Section 2.02 or 2.04.
Purchase Price: With respect to each Mortgage Loan that was a Defective
Mortgage Loan repurchased on any date pursuant to Sections 2.02 or 2.04, an
amount equal to the sum of (i) the Stated Principal Balance of the Mortgage
Loan, (ii) interest on such Stated Principal Balance at the Mortgage Interest
Rate from the date on which interest has last been paid and distributed through
the last day of the month in which such repurchase takes place and (iii) any
costs and damages incurred by the Trust in connection with any violation by such
repurchased Mortgage Loan of any predatory or abusive lending law, less (x)
amounts received or advanced in respect of such repurchased Mortgage Loan which
are being held in the applicable Servicer Custodial Account for distribution in
the month of repurchase and (y) if the Person repurchasing such Mortgage Loan is
servicing such Mortgage Loan under the related Servicing Agreement, the
Servicing Fee for such Mortgage Loan.
Rating Agency: Each of S&P, Xxxxx'x and Fitch. If any such organization or
a successor is no longer in existence, "Rating Agency" shall be such nationally
recognized statistical rating organization, or other comparable Person, as is
designated by the Depositor, notice of which designation shall be given to the
Trustee, the Master Servicer and the Securities Administrator. References herein
to a given rating or rating category of a Rating Agency shall mean such rating
category without giving effect to any modifiers.
Realized Loss: With respect to each Liquidated Mortgage Loan, an amount as
of the date of such liquidation, equal to (i) the unpaid principal balance of
the Liquidated Mortgage Loan as of the date of such liquidation, plus (ii)
interest at the Net Mortgage Interest Rate from the Due Date as to which
interest was last paid or advanced (and not reimbursed) to Certificateholders up
to the Due Date in the month in which Liquidation Proceeds are required to be
distributed on the Stated Principal Balance of such Liquidated Mortgage Loan
from time to time, minus (iii) the Liquidation Proceeds, if any, received during
the month in which such liquidation occurred, to the extent applied as
recoveries of interest at the Net Mortgage Interest Rate and to principal of the
Liquidated Mortgage Loan. With respect to each Mortgage Loan that has become the
subject of a Deficient Valuation, if the principal amount due under the related
Mortgage Note has been reduced, 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 that has become the subject of a
Debt Service Reduction and any Distribution Date, the amount, if any, by which
the principal portion of the related Monthly Payment has been reduced.
Realized Loss Amortization Amount: As to each Class of Senior
Overcollateralized Certificates, Mezzanine Certificates and the Class T-B-1
Certificates and any Distribution Date, the lesser of (x) the Unpaid Realized
Loss Amount for such Class and (y) the remaining Monthly Excess Cashflow Amount
available for such Class pursuant to priority sixth, seventh or eighth, as
applicable, of Section 5.03(c).
-64-
Recognition Agreement: With respect to a Cooperative Loan, the recognition
agreement between the Cooperative and the originator of such Cooperative Loan.
Record Date: With respect to the Shifting Interest Certificates and the
Overcollateralized Certificates (other than the Class T-A-1A, Class T-A-2, Class
T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class T-M-4 and Class T-M-5
Certificates), the last Business Day of the month immediately preceding the
month in which the related Distribution Date occurs. With respect to the Class
T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class
T-M-4 and Class T-M-5 Certificates, the Business Day immediately preceding each
Distribution Date; provided, however, if Definitive Certificates are issued for
any of such Certificates, the Record Date for such Certificates will be the last
Business Day of the month preceding such Distribution Date.
Recovery: Any amount received on a Mortgage Loan subsequent to such
Mortgage Loan being determined to be a Liquidated Mortgage Loan.
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 - 1,631 (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.
Reimbursement Amount: As defined in Section 2.02.
Related: As to any Class of Exchangeable REMIC Certificates, each Class of
Exchangeable Certificates in its Combination. As to any Class of Exchangeable
Certificates, each Class of Exchangeable REMIC Certificates in its Combination.
Related Group: For Loan Group 1, Group 1; and for Loan Group 2, Group 2.
Related Loan Group: For Group 1, Loan Group 1; and for Group 2, Loan Group
2.
Relevant Servicing Criteria: The Servicing Criteria applicable to the
various parties, as set forth on Exhibit N attached hereto. For clarification
purposes, multiple parties can have responsibility for the same Relevant
Servicing Criteria. With respect to a Servicing Function Participant engaged by
the Master Servicer, the Securities Administrator, the Custodian or any
Servicer, the term "Relevant Servicing Criteria" may refer to a portion of the
Relevant Servicing Criteria applicable to such parties.
Relief Act: The Servicemembers Civil Relief Act, as it may be amended from
time to time.
Relief Act Reduction: With respect to any Distribution Date, for any
Mortgage Loan as to which there has been a reduction in the amount of interest
collectible thereon for the related Collection Period as a result of the
application of the Relief Act or comparable state legislation, the amount, if
any, by which (i) interest collectible on such Mortgage Loan for such Collection
Period is less than (ii) interest accrued pursuant to the terms of the Mortgage
-65-
Note on the same principal amount and for the same period as the interest
collectible on such Mortgage Loan for the related Collection Period.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Certificate Maturity Date: As set forth in Section 2.07.
REMIC Provisions: Provisions of the federal income tax law relating to real
estate mortgage investment conduits, which appear at Section 860A through 860G
of Subchapter M of Chapter 1 of the Code, and related provisions, and
regulations promulgated thereunder, as the foregoing may be in effect from time
to time, as well as provisions of applicable state laws.
Remittance Date: The 18th day of each month beginning in March 2007 (or, if
such day is not a Business Day, the preceding Business Day).
REO Disposition Period: As defined in Section 3.15.
REO Proceeds: Proceeds, net of any related expenses of a Servicer received
in respect of any REO Property (including, without limitation, proceeds from the
rental of the related Mortgaged Property), which are received prior to the final
liquidation of such Mortgaged Property.
REO Property: A Mortgaged Property acquired by a Servicer servicing the
related Mortgage Loan on behalf of the Trust through foreclosure or deed-in-lieu
of foreclosure in connection with a defaulted Mortgage Loan.
Reportable Event: As defined in Section 3.22(d).
Reporting Servicer: As defined in Section 3.22(c)(i).
Request for Release: The Request for Release submitted by a Servicer to the
Custodian on behalf of the Trustee, substantially in the form attached hereto as
Exhibit E.
Required Insurance Policy: With respect to any Mortgage Loan, any insurance
policy which is required to be maintained from time to time under this Agreement
in respect of such Mortgage Loan.
Reserve Interest Rate: As defined in Section 5.10.
Residual Certificate: The Class 1-A-R Certificate.
Responsible Officer: When used with respect to the Trustee or the
Securities Administrator, any officer of the Corporate Trust Department of the
Trustee or the Securities Administrator, as applicable, including any Senior
Vice President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee or Securities Administrator, as applicable, customarily performing
-66-
functions similar to those performed by any of the above designated officers and
having direct responsibility for the administration of this Agreement.
Restricted Classes: As defined in Section 5.02(d).
S&P: Standard & Poor's, a division of The XxXxxx-Xxxx Companies, Inc., or
any successor thereto.
Xxxxxxxx-Xxxxx Certification: As defined in Section 3.22(e).
Securities Administrator: Xxxxx Fargo Bank, N.A., and its
successors-in-interest and, if a successor securities administrator is appointed
hereunder, such successor, as securities administrator.
Security Agreement: With respect to a Cooperative Loan, the agreement or
mortgage creating a security interest in favor of the originator of the
Cooperative Loan in the related Cooperative Stock.
Senior Applied Realized Loss Amount: With respect to each Distribution Date
after the aggregate Class Certificate Balance of the Mezzanine Certificates and
the Class T-B-1 Certificates has been reduced to zero and any Class of Senior
Overcollateralized Certificates, the product of (i) the excess, if any, of the
aggregate of (a) the Class Certificate Balances of the Senior Overcollateralized
Certificates (after taking into account the distribution of the Principal
Distribution Amount and any Net Swap Payments from the Swap Providers on such
Distribution Date and any increase in any Class Certificate Balance as a result
of Recoveries) over (b) the aggregate Stated Principal Balance of the Group T2
Mortgage Loans as of last day of the related Collection Period and (ii) a
fraction, the numerator of which is the Class Certificate Balance of such Class
of Senior Overcollateralized Certificates and the denominator of which is the
aggregate Class Certificate Balance of the Senior Overcollateralized
Certificates.
Senior Certificates: The Class 1-A-R, Class 1-A-1, Class 1-A-2, Class
1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class
1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13, Class 1-A-14,
Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19, Class
1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class 1-A-25,
Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30, Class
1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class 1-A-36,
Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40, Class 1-A-41, Class
1-A-42, Class 2-A-1, Class 30-IO, Class 30-PO, Class T-A-1A, Class T-A-1B, Class
T-A-2, Class T-A-3, Class T-A-4, Class T-A-5 and Class T-A-6 Certificates.
Senior Credit Support Depletion Date: The date on which the aggregate Class
Certificate Balance of the Class M-1 and Class B Certificates has been reduced
to zero.
Senior Enhancement Percentage: For any Distribution Date, the percentage
obtained by dividing (x) the sum of (i) the aggregate Class Certificate Balance
of the Mezzanine Certificates and Class T-B-1 Certificates before taking into
account distributions on such Distribution Date and (ii) the
Overcollateralization Amount as of the prior Distribution Date by (y) the
-67-
aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the last
day of the related Collection Period.
Senior Non-PO Shifting Interest Certificates: The Senior Shifting Interest
Certificates other than the Class 30-PO Certificates.
Senior Overcollateralized Certificates: The Class T-A-1A, Class T-A-1B,
Class T-A-2, Class T-A-3, Class T-A-4, Class T-A-5 and Class T-A-6 Certificates.
Senior Percentage: With respect to any Distribution Date and each Shifting
Interest Loan Group, the percentage, carried to six places rounded up, obtained
by dividing (i) the aggregate Class Certificate Balance of the Senior Non-PO
Shifting Interest Certificates of the Related Group immediately prior to such
Distribution Date by (ii) the Pool Principal Balance (Non-PO Portion) of such
Shifting Interest Loan Group for such Distribution Date.
Senior Prepayment Percentage: For any Distribution Date and each Shifting
Interest Loan Group during the five (5) years beginning on the first
Distribution Date, 100%. The Senior Prepayment Percentage for any Distribution
Date and each Shifting Interest Loan Group occurring on or after the fifth
anniversary of the first Distribution Date will, except as provided herein, be
as follows: for any Distribution Date in the first (1st) year thereafter, the
Senior Percentage for such Shifting Interest Loan Group plus 70% of the
Subordinate Percentage for such Shifting Interest Loan Group for such
Distribution Date; for any Distribution Date in the second (2nd) year
thereafter, the Senior Percentage for such Shifting Interest Loan Group plus 60%
of the Subordinate Percentage for such Shifting Interest Loan Group for such
Distribution Date; for any Distribution Date in the third (3rd) year thereafter,
the Senior Percentage for such Shifting Interest Loan Group plus 40% of the
Subordinate Percentage for such Shifting Interest Loan Group for such
Distribution Date; for any Distribution Date in the fourth (4th) year
thereafter, the Senior Percentage for such Shifting Interest Loan Group plus 20%
of the Subordinate Percentage for such Shifting Interest Loan Group for such
Distribution Date; and for any Distribution Date in the fifth (5th) or later
years thereafter, the Senior Percentage for such Shifting Interest Loan Group
for such Distribution Date (unless on any of the foregoing Distribution Dates,
the Total Senior Percentage exceeds the Total Senior Percentage calculated as of
the Closing Date, in which case the Senior Prepayment Percentage for each
Shifting Interest Loan Group for such Distribution Date will once again equal
100%). Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage will occur unless both of the Senior Step Down Conditions are
satisfied.
Senior Shifting Interest Certificates: The Class 1-A-R, Class 1-A-1, Class
1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class
1-A-8, Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13,
Class 1-A-14, Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class
1-A-19, Class 1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24,
Class 1-A-25, Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class
1-A-30, Class 1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35,
Class 1-A-36, Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40, Class
1-A-41, Class 1-A-42, Class 2-A-1, Class 30-IO and Class 30-PO Certificates.
Senior Specified Enhancement Percentage: For any date, 12.80%.
-68-
Senior Step Down Conditions: As of any Distribution Date and as to which
any decrease in the Senior Prepayment Percentage for a Shifting Interest Loan
Group applies, (i) the outstanding principal balance of all Shifting Interest
Mortgage Loans (including, for this purpose, any Shifting Interest Mortgage
Loans in foreclosure, any REO Property and any such Shifting Interest Mortgage
Loan for which the Mortgagor has filed for bankruptcy after the Closing Date)
delinquent 60 days or more (averaged over the preceding six month period), as a
percentage of the aggregate Class Certificate Balance of the Class M-1 and Class
B Certificates, is not equal to or greater than 50% or (ii) cumulative Realized
Losses with respect to the Shifting Interest Mortgage Loans as of the applicable
Distribution Date do not exceed the percentages of the Original Subordinate
Principal Balance set forth below:
Percentage of
Original Subordinate
Distribution Date Occurring Principal Balance
--------------------------------- -------------------------------------
--------------------------------- -------------------------------------
March 2012 through February 2013 30%
March 2013 through February 2014 35%
March 2014 through February 2015 40%
March 2015 through February 2016 45%
March 2016 and thereafter 50%
Servicer: Any of BANA, National City, SunTrust, WaMu and Xxxxx Fargo, each
in their capacity as a servicer of the Mortgage Loans, or any successor servicer
appointed as herein provided.
Servicer Custodial Accounts: The separate accounts created and maintained
by each of the Servicers pursuant to the applicable Servicing Agreement.
Servicing Advance: With respect to each Servicer, shall have the meaning
given to the term "Servicing Advances" in the applicable Servicing Agreement.
Servicing Agreements: Any of the BANA Servicing Agreement, the National
City Servicing Agreement, the SunTrust Servicing Agreement, the WaMu Servicing
Agreement and the Xxxxx Fargo Servicing Agreements.
Servicing Criteria: The criteria set forth in paragraph (d) of Item 1122 of
Regulation AB, as such may be amended from time to time
Servicing Fee: With respect to each Servicer, as defined in the applicable
Servicing Agreement.
Servicing Fee Rate: With respect to each Mortgage Loan, as set forth on the
applicable Mortgage Loan Schedule.
Servicing File: With respect to each Mortgage Loan, as defined in the
applicable Servicing Agreement.
-69-
Servicing Function Participant: Any Subcontractor utilized by the Master
Servicer, the Securities Administrator or the Custodian that is "participating
in the servicing function" within the meaning of Item 1122 of Regulation AB.
Servicing Officer: With respect to each Servicer, as defined in the related
Servicing Agreement.
Servicing Transfer Costs: All reasonable costs and expenses of the Master
Servicer or the Trustee, as applicable, related to any termination of a
Servicer, appointment of a successor Servicer or the transfer and assumption of
servicing by the Master Servicer or the Trustee, as applicable, with respect to
any Servicing Agreement (including, without limitation, (i) all legal costs and
expenses and all due diligence costs and expenses associated with an evaluation
of the potential termination of the Servicer as a result of an event of default
by such Servicer and (ii) any costs or 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 Master Servicer or the Trustee, as
applicable, to correct any errors or insufficiencies in the servicing data or
otherwise to enable the Master Servicer or the Trustee, as applicable, to
service the Mortgage Loans properly and effectively).
Shifting Interest Accrued Certificate Interest: For any Distribution Date
and each Class of interest-bearing Shifting Interest Certificates, one month's
interest accrued during the related Interest Accrual Period at the applicable
Pass-Through Rate on the applicable Class Certificate Balance or Notional
Amount.
Shifting Interest Certificates: The Class 1-A-R, Class 1-A-1, Class 1-A-2,
Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8,
Class 1-A-9, Class 1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13, Class
1-A-14, Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19,
Class 1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class
1-A-25, Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30,
Class 1-A-31, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class
1-A-36, Class 1-A-37, Class 1-A-38, Class 1-A-39, Class 1-A-40, Class 1-A-41,
Class 1-A-42, Class 2-A-1, Class 30-IO, Class 30-PO, Class M-1, Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates.
Shifting Interest Groups: Each of the Group 1 and Group 2.
Shifting Interest Loan Groups: Each of Loan Group 1 and Loan Group 2.
Shifting Interest Lower-Tier Certificate Sub-Account: The sub-account of
the Certificate Account designated by the Securities Administrator pursuant to
Section 3.09(h).
Shifting Interest Lower-Tier Distribution Amount: As defined in Section
5.02(a) hereof.
Shifting Interest Lower-Tier REMIC: As defined in the Preliminary
Statement, the assets of which consist of the Shifting Interest Mortgage Loans,
such amounts as shall be deemed held in the Shifting Interest Lower-Tier
Certificate Sub-Account, the insurance policies, if any, relating to a Shifting
Interest Mortgage Loan and property which secured a Shifting Interest Mortgage
-70-
Loan and which has been acquired by foreclosure or deed in lieu of foreclosure.
The Shifting Interest Lower-Tier REMIC will not include the Class 1-A-16
Interest Rate Cap Agreement, the Class 1-A-18 Interest Rate Cap Agreement, the
Class 1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund.
Shifting Interest Middle-Tier Certificate Sub-Account: The sub-account of
the Certificate Account designated by the Securities Administrator pursuant to
Section 3.09(h).
Shifting Interest Middle-Tier Distribution Amount: As defined in Section
5.02(a) hereof.
Shifting Interest Middle-Tier REMIC: As defined in the Preliminary
Statement, the assets of which consist of the Uncertificated Shifting Interest
Lower-Tier Regular Interests and such amounts as shall be deemed held in the
Shifting Interest Middle-Tier Certificate Sub-Account.
Shifting Interest Mortgage Loans: The Group 1 and Group 2 Mortgage Loans.
Shifting Interest Regular Interest: The Uncertificated Shifting Interest
Lower-Tier Regular Interests, the Uncertificated Shifting Interest Middle-Tier
Regular Interests, and the Shifting Interest Upper-Tier Regular Interests.
Shifting Interest Senior Principal Distribution Amount: As to any
Distribution Date and each Shifting Interest Loan Group, the sum of (a) the
Senior Percentage for such Shifting Interest Loan Group of the applicable Non-PO
Percentage of the amounts described in clauses (i)(a) through (d) of the
definition of "Non-PO Principal Amount" for such Distribution Date and Shifting
Interest Loan Group and (b) the Senior Prepayment Percentage for such Shifting
Interest Loan Group of (1) the applicable Non-PO Percentage of the amounts
described in clauses (i)(e) and (f) and (2) the amount described in clause (ii)
of the definition of "Non-PO Principal Amount" for such Distribution Date and
Shifting Interest Loan Group.
Shifting Interest Upper-Tier Certificate Sub-Account: The sub-account of
the Certificate Account designated by the Securities Administrator pursuant to
Section 3.09(h).
Shifting Interest Upper-Tier Interests: The Shifting Interest Upper-Tier
Regular Interests and the Class SI-UR interest, which represents the sole class
of residual interest in the Shifting Interest Upper-Tier REMIC.
Shifting Interest Upper-Tier Regular Interest: Any of the regular interests
in the Shifting Interest Upper-Tier REMIC listed in the Preliminary Statement,
the ownership of which is represented by the Shifting Interest Certificates.
Shifting Interest Upper-Tier REMIC: As defined in the Preliminary
Statement, the assets of which consist of the Uncertificated Shifting Interest
Middle-Tier Interests and such amounts as shall be deemed held in the Shifting
Interest Upper-Tier Certificate Sub-Account.
Similar Law: As defined in Section 6.02(e).
-71-
Sponsor: Bank of America, National Association, a national banking
association, or its successor in interest, as seller of the Mortgage Loans under
the Mortgage Loan Purchase Agreement.
Stated Principal Balance: As to any Mortgage Loan and Due Date, the unpaid
principal balance of such Mortgage Loan as of such date as specified in the
amortization schedule at the time relating thereto (before any adjustment to
such amortization schedule by reason of any moratorium or similar waiver or
grace period) after giving effect to any previous partial Principal Prepayments
and Liquidation Proceeds allocable to principal (other than with respect to any
Liquidated Mortgage Loan) and to the payment of principal due on such Due Date
and irrespective of any delinquency in payment by the related Mortgagor, and
after giving effect to any Deficient Valuation.
Stepdown Date: The earlier to occur of (i) the Distribution Date on which
the aggregate Class Certificate Balance of the Senior Overcollateralized
Certificates is reduced to zero and (ii) the later to occur of (x) the
Distribution Date in March 2010 and (y) the Distribution Date on which the
Senior Enhancement Percentage is greater than or equal to the Senior Specified
Enhancement Percentage.
Subcontractor: Any vendor, subcontractor or other Person that is not
responsible for the overall servicing of Mortgage Loans but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to
Mortgage Loans under the direction or authority of the Master Servicer, the
Securities Administrator or the Custodian.
Subordinate Balance Ratio: As of any date of determination, the ratio among
the principal balances of the Class 1-LS Interest and Class 2-LS Interest equal
to the ratio among the Group Subordinate Amounts of Loan Group 1 and Loan Group
2.
Subordinate Percentage: As of any Distribution Date and each Shifting
Interest Loan Group, 100% minus the Senior Percentage for such Shifting Interest
Loan Group for such Distribution Date.
Subordinate Prepayment Percentage: As to any Distribution Date and each
Shifting Interest Loan Group, 100% minus the Senior Prepayment Percentage for
such Shifting Interest Loan Group for such Distribution Date.
Subordinate Principal Distribution Amount: With respect to any Distribution
Date and each Shifting Interest Loan Group, an amount equal to the sum of (a)
the Subordinate Percentage for such Shifting Interest Loan Group of the Non-PO
Percentage of the amounts described in clauses (i)(a) through (d) of the
definition of "Non-PO Principal Amount" for such Distribution Date and (b) the
Subordinate Prepayment Percentage for such Shifting Interest Loan Group of the
Non-PO Percentage of the amounts described in clauses (i)(e) and (f) and (2) the
amount described in clause (ii) of the definition of "Non-PO Principal Amount"
for such Distribution Date.
Subordinated Applied Realized Loss Amount: With respect to each
Distribution Date, the excess, if any, of (a) the aggregate of the Class
Certificate Balances of the Overcollateralized Certificates (after taking into
-72-
account the distribution of the Principal Distribution Amount and any Net Swap
Payments from the Swap Providers on such Distribution Date and any increase in
the Class Certificate Balance of a Class of Overcollateralized Certificates as a
result of Recoveries) over (b) the aggregate Stated Principal Balance of the
Group T2 Mortgage Loans as of the last day of the related Collection Period.
Substitute Mortgage Loan: A Mortgage Loan substituted for a Defective
Mortgage Loan which must, on the date of such substitution (i) have a Stated
Principal Balance, after deduction of the principal portion of the Monthly
Payment due in the month of substitution, not in excess of the Stated Principal
Balance of the Defective Mortgage Loan; (ii) have a Net Mortgage Interest Rate
not less than, and not more than 2% greater than that of the Defective Mortgage
Loan; (iii) be of the same type as the Defective Mortgage Loan; (iv) have a
Loan-to-Value Ratio not higher than that of the Defective Mortgage Loan; (v)
have a credit score not less than that of the Defective Mortgage Loan; (vi) have
a credit grade not lower in quality than that of the Defective Mortgage Loan;
(vii) have a remaining term to maturity not greater than (and not more than one
(1) year less than) that of the Defective Mortgage Loan; (viii) have the same
lien priority as the Defective Mortgage Loan; and (ix) comply with each Mortgage
Loan representation and warranty set forth in the Mortgage Loan Purchase
Agreement, the applicable Servicing Agreement, if any, and this Agreement. More
than one Substitute Mortgage Loan may be substituted for a Defective Mortgage
Loan if such Substitute Mortgage Loans meet the foregoing attributes in the
aggregate.
Substitution Adjustment Amount: As defined in Section 2.02.
SunTrust: SunTrust Mortgage, Inc., in its capacity as servicer under the
SunTrust Servicing Agreement.
SunTrust Servicing Agreement: Collectively, (i) the Flow Sale and Servicing
Agreement, dated as of February 1, 2004, by and between BANA (as successor in
interest to BAMCC), as purchaser, and SunTrust, as seller, (ii) that certain
Amendment No. 1, dated as of June 1, 2004, by and between BANA and SunTrust,
(iii) that certain Master Assignment, Assumption and Recognition Agreement,
dated September 1, 2004, by and among BAMCC, SunTrust, BANA and Wachovia Bank,
National Association, (iv) that certain Amendment No. 2, dated as of November 1,
2004, by and between BANA and SunTrust, (v) that certain Regulation AB
Compliance Addendum to the Flow Sale and Servicing Agreement, dated as of
January 1, 2006, by and between BANA and SunTrust, and (vi) the Assignment,
Assumption and Recognition Agreement, dated February 27, 2007, by and among
BANA, the Depositor, the Trustee and SunTrust.
Super Senior Support Cap: For the Class T-A-3 Certificates, $3,275,800, and
for the Class T-A-5 Certificates, $6,658,200.
Supplemental Interest Trust: The trust created pursuant to Section 5.14 of
this Agreement and designated as the "Supplemental Interest Trust," the assets
of which consist of the Interest Rate Swap Agreements and the Class T-A-4
Interest Rate Cap Agreement, the Supplemental Interest Trust Trustee's rights
under the Interest Rate Swap Agreements and the Class T-A-4 Interest Rate Cap
-73-
Agreement, the Swap Account, the Class T-A-4 Interest Rate Cap Agreement Account
and the Cap Carryover Reserve Account. The Supplemental Interest Trust is not an
asset of any REMIC created hereunder.
Supplemental Interest Trust Trustee: Xxxxx Fargo Bank, N.A., or any
successor Supplemental Interest Trust Trustee appointed as herein provided.
Swap Account: The Eligible Account or Accounts created and maintained
pursuant to Section 5.14. The Swap Account shall not be an asset of any REMIC
formed under this Agreement.
Swap A LIBOR: A per annum rate equal to the floating rate payable by the
Swap Provider under Interest Rate Swap Agreement A.
Swap B LIBOR: A per annum rate equal to the floating rate payable by the
Swap Provider under Interest Rate Swap Agreement B.
Swap C LIBOR: A per annum rate equal to the floating rate payable by the
Swap Provider under Interest Rate Swap Agreement C.
Swap Notional Amount: With respect to each Distribution Date, the related
notional amount set forth on the schedule to the confirmation of each Interest
Rate Swap Agreement.
Swap Provider: Each of The Bank of New York or Bank of America, National
Association, as applicable.
Swap Termination Payment: Any payment payable by the Supplemental Interest
Trust or the applicable Swap Provider upon termination of an Interest Rate Swap
Agreement as a result of an Event of Default (as defined in such Interest Rate
Swap Agreement) or a Termination Event (as defined in such Interest Rate Swap
Agreement).
TAC Certificates: The Class 1-A-16, Class 1-A-18 and Class 1-A-20
Certificates.
TAC Principal Amount: As to any Distribution Date and the TAC Certificates,
the amount, if any, that would reduce the aggregate Class Certificate Balance of
the TAC Certificates to the applicable balance shown in the table set forth in
Exhibit V with respect to such Distribution Date.
Targeted Overcollateralization Amount: As of any Distribution Date (x)
prior to the Stepdown Date, 0.45% of the aggregate Stated Principal Balance of
the Group T2 Mortgage Loans on the Cut-off Date and (y) on and after the
Stepdown Date, (i) if a Trigger Event has not occurred, the greater of (A) the
lesser of (i) 0.45% of the aggregate Stated Principal Balance of the Group T2
Mortgage Loans on the Cut-off Date and (ii) 0.90% of the aggregate Stated
Principal Balance of the Group T2 Mortgage Loans as of last day of the related
Collection Period and (B) 0.35% of the aggregate Stated Principal Balance of the
Group T2 Mortgage Loans on the Cut-off Date and (ii) if a Trigger Event has
occurred, the Targeted Overcollateralization Amount for the immediately
preceding Distribution Date.
-74-
Tax Matters Person: Any person designated as "tax matters person" in
accordance with Section 5.07 and the manner provided under Treasury Regulation
ss. 1.860F-4(d) and Treasury Regulation ss. 301.6231(a)(7)-1.
Telerate Page 3750: The display page currently so designated on the Reuters
Telerate Service (or such other page as may replace the Telerate Page 3750 page
on that service for the purpose of displaying London interbank offered rates of
major banks).
Total Covered Amount: As defined in the Mortgage Loan Purchase Agreement.
Total Senior Percentage: With respect to any Distribution Date, the
percentage, carried to six places rounded up, obtained by dividing (i) the
aggregate Class Certificate Balance of the Senior Non-PO Shifting Interest
Certificates immediately prior to such Distribution Date by (ii) the aggregate
Pool Principal Balance (Non-PO Portion) for both Shifting Interest Loan Groups
with respect to such Distribution Date.
Treasury Regulations: The final and temporary regulations promulgated under
the Code by the U.S. Department of the Treasury.
Trigger Event: With respect to any Distribution Date, if (i) the
three-month rolling average of 60+ Day Delinquent Loans equals or exceeds 50.00%
of the Senior Enhancement Percentage or (ii) the aggregate amount of Realized
Losses incurred on the Group T2 Mortgage Loans since the Cut-off Date through
the last day of the related Collection Period (reduced by the aggregate amount
of Recoveries related to the Group T2 Mortgage Loans received since the Cut-off
Date through the last day of the related Collection Period on the Group T2
Mortgage Loans) divided by the aggregate Cut-off Date Pool Principal Balance for
Loan Group T2 exceeds the applicable percentages set forth below with respect to
such Distribution Date:
Distribution Date Occurring In Percentage
March 2009 through February 2010 0.25% for the first month, plus an additional 1/12th of 0.35%
for each month thereafter
March 2010 through February 2011 0.60% for the first month, plus an additional 1/12th of 0.45%
for each month thereafter
March 2011 through February 2012 1.05% for the first month, plus an additional 1/12th of 0.40%
for each month thereafter
March 2012 through February 2013 1.45% for the first month, plus an additional 1/12th of 0.30%
for each month thereafter
March 2013 and thereafter 1.75%
Trust: The trust created by this Agreement, which shall be named the "Banc
of America Funding 2007-2 Trust."
Trust Estate: The segregated pool of assets subject hereto, constituting
the primary trust created hereby and to be administered hereunder, with respect
to a portion of which multiple REMIC elections are to be made as specified
herein, such entire Trust Estate consisting of: (i) such Mortgage Loans as from
time to time are subject to this Agreement, together with the Mortgage Files
relating thereto, and together with all collections thereon and proceeds
thereof, (ii) any REO Property, together with all collections thereon and
-75-
proceeds thereof, (iii) the Trustee's rights with respect to the Mortgage Loans
under all insurance policies required to be maintained pursuant to this
Agreement and any proceeds thereof, (iv) the right to receive amounts, if any,
payable on behalf of any Mortgagor from the Buy-Down Account relating to any
Buy-Down Mortgage Loan, (v) the Depositor's rights under the Servicing
Agreements and the Mortgage Loan Purchase Agreement (including any security
interest created thereby) and (vi) the Servicer Custodial Accounts, the Master
Servicer Custodial Account, the Cap Carryover Reserve Account, the Certificate
Account, the Class 1-A-16 Reserve Fund, the Class 1-A-18 Reserve Fund and the
Exchangeable Certificates Grantor Trust Account and such assets that are
deposited therein from time to time and any investments thereof, together with
any and all income, proceeds and payments with respect thereto. The Buy-Down
Account shall not be part of the Trust Estate.
Trustee: U.S. Bank National Association, and its successors-in-interest
and, if a successor trustee is appointed hereunder, such successor, as trustee.
Uncertificated Accrued Interest: With respect to each Group T2 Regular
Interest (other than the Class CE Upper-Tier II Regular Interest, the Class
Swap-IOA Upper-Tier II Regular Interest, the Class Swap-IOB Upper-Tier II
Regular Interest and the Class Swap-IOC Upper-Tier II Regular Interest) on each
Distribution Date, an amount equal to one month's interest at the related
Pass-Through Rate on the Uncertificated Balance of such Group T2 Regular
Interest. With respect to the Class CE Upper-Tier II Regular Interest on each
Distribution Date, an amount equal to one month's interest at its Pass-Through
Rate on its Notional Amount. In the case of each Group T2 Regular Interest,
Uncertificated Accrued Interest will be reduced by any Relief Act Reductions
allocated to such Group T2 Regular Interest as provided in Section 5.03. The
Class Swap-IOA Upper-Tier II Regular Interest will be entitled to 100% of the
amounts distributed on the Class MRII-IOA Interest. The Class Swap-IOB
Upper-Tier II Regular Interest will be entitled to 100% of the amounts
distributed on the MRII-IOB Interest. The Class Swap-IOC Upper Tier II Regular
Interest will be entitled to 100% of the amounts distributed on the MRII-IOC
Interest.
With respect to each Shifting Interest Regular Interest on each
Distribution Date, an amount equal to one month's interest at the related
Pass-Through Rate on the Uncertificated Balance of such Shifting Interest
Regular Interest. In the case of each Shifting Interest Regular Interest,
Uncertificated Accrued Interest will be reduced by any Non-Supported Interest
Shortfalls and any Relief Act Reductions, allocated to such Group 1 Regular
Interest as provided in Section 5.02.
Uncertificated Balance: The amount of any Group T2 Regular Interest
outstanding as of any date of determination (other than the Class MRII-IOA
Middle-Tier II Regular Interest, the Class MRII-IOB Middle-Tier II Regular
Interest, the Class MRII-IOC Middle-Tier II Regular Interest, the Class Swap-IOA
Upper-Tier II Regular Interest, the Class Swap-IOB Upper-Tier II Regular
Interest, and the Class Swap-IOC Upper-Tier II Regular Interest). As of the
Closing Date, the Uncertificated Balance of each Group T2 Regular Interest
(other than the Class MRII-IOA Middle-Tier II Regular Interest, the Class
MRII-IOB Middle-Tier II Regular Interest, the Class MRII-IOC Middle-Tier II
Regular Interest, the Class Swap-IOA Upper-Tier II Regular Interest, the Class
Swap-IOB Upper-Tier II Regular Interest, and the Class Swap-IOC Upper-Tier II
-76-
Regular Interest) shall equal the amount set forth in the Preliminary Statement
hereto as its initial Uncertificated Balance. On each Distribution Date, the
Uncertificated Balance of each Group T2 Regular Interest (other than the Class
MRII-IOA Middle-Tier II Regular Interest, the Class MRII-IOB Middle-Tier II
Regular Interest, the Class MRII-IOC Middle-Tier II Regular Interest, the Class
Swap-IOA Upper-Tier II Regular Interest, the Class Swap-IOB Upper-Tier II
Regular Interest, and the Class Swap-IOC Upper-Tier II Regular Interest) shall
be reduced by all distributions of principal made on such Group T2 Regular
Interest on such Distribution Date pursuant to Section 5.03 and, if and to the
extent necessary and appropriate, shall be further reduced on such Distribution
Date by Realized Losses as provided in Section 5.04. The Uncertificated Balance
of the Class MRII-ZZ Interest shall be increased by interest deferrals as
provided in Section 5.03. With respect to the Class MRII-IOA Middle-Tier II
Regular Interest, the Class MRII-IOB Middle-Tier II Regular Interest, and the
Class MRII-IOC Middle-Tier II Regular Interest, their Uncertificated Notional
Amounts. The Uncertificated Balance of each Group T2 Regular Interest shall
never be less than zero.
With respect to each Shifting Interest Regular Interest, the principal or
notional amount of such Shifting Interest Regular Interest outstanding as of any
date of determination. As of the Closing Date, the Uncertificated Balance of
each Shifting Interest Regular Interest shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Balance. On each
Distribution Date, the Uncertificated Balance of each Shifting Interest Regular
Interest shall be reduced by all distributions of principal made on such
Shifting Interest on such Distribution Date pursuant to Section 5.02 and, if and
to the extent necessary and appropriate, shall be further reduced on such
Distribution Date by Realized Losses as provided in Section 5.04. The
Uncertificated Balance of each Shifting Interest Regular Interest shall never be
less than zero.
Uncertificated Lower-Tier II Interests: The Uncertificated Lower-Tier II
Regular Interests and the II-LR interest, which represents the sole class of
residual interest in the Lower-Tier II REMIC.
Uncertificated Lower-Tier II Regular Interest: A regular interest in the
Lower-Tier II REMIC which is held as an asset of the Middle-Tier II REMIC and is
entitled to monthly distributions as provided in Section 5.03 hereof. Any of the
Class LRII-I Interest, the Class LRIIA-17-A Interest through the Class LRIIA-28B
Interest, the Class LRIIA-37-A Interest through the Class LRIIA-62-B Interest,
the Class LRIIB-28-A Interest through the Class LRIIB-36-B Interest, the Class
LRIIB-40-A Interest through the Class LRIIB-47-B Interest, the Class LRIIC-1-A
Interest through the Class LRIIC-17-B Interest, the Class LRIIC-24-A Interest
through the Class LRIIC-28-B Interest, and the Class LRIIC-37-A Interest through
the Class LRIIC-50-B Interest are Uncertificated Lower-Tier II Regular
Interests.
Uncertificated Lower-Tier II REMIC Pass-Through Rate: With respect to the
Class LRII-I Interest, a per annum rate equal to the weighted average of the Net
Mortgage Interest Rates of the Group T2 Mortgage Loans. With respect to the
Class LRIIA-17-A Interests through Class LRIIA-28-B Interests and the Class
LRIIA-37-A Interests through Class LRIIA-62-B Interests ending with the
designation "A," a per annum rate equal to the weighted average of the Net
Mortgage Interest Rates of the Group T2 Mortgage Loans multiplied by 2, subject
to a maximum rate of Fixed Payer Rate A multiplied by 2. With respect to each
Class LRIIA-17-A Interests through Class LRIIA-28-B Interests and the Class
LRIIA-37-A Interests through Class LRIIA-62-B Interests ending with the
-77-
designation "B," a per annum rate equal to the excess, if any, of (i) 2
multiplied by the weighted average of the Net Mortgage Interest Rates of the
Group T2 Mortgage Loans over (ii) Fixed Payer Rate A multiplied by 2 (or 0.00%
if there is no such excess). With respect to the Class LRIIB-28-A Interests
through the Class LRIIB-36-B Interests and the Class LRIIB-40-A Interests
through the Class LRIIB-47-B Interests ending with the designation "A," a per
annum rate equal to the weighted average of the Net Mortgage Interest Rates of
the Group T2 Mortgage Loans multiplied by 2, subject to a maximum rate of Fixed
Payer Rate B multiplied by 2. With respect to each Class LRIIB-28-A Interests
through the Class LRIIB-36-B Interests and the Class LRIIB-40-A Interests
through the Class LRIIB-47-B Interests ending with the designation "B," a per
annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
average of the Net Mortgage Interest Rates of the Group T2 Mortgage Loans over
(ii) Fixed Payer Rate B multiplied by 2 (or 0.00% if there is no such excess).
With respect to the Class LRIIC-1-A Interests through the Class LRIIC-17-B
Interests, the Class LRIIC-24-A Interests through the Class LRIIC-28-B
Interests, and the Class LRIIC-37-A Interests through the Class LRIIC-50-B
Interests ending with the designation "A," a per annum rate equal to the
weighted average of the Net Mortgage Interest Rates of the Group T2 Mortgage
Loans multiplied by 2, subject to a maximum rate of Fixed Payer Rate C
multiplied by 2. With respect to each Class LRIIC-1-A Interests through the
Class LRIIC-17-B Interests, the Class LRIIC-24-A Interests through the Class
LRIIC-28-B Interests, and the Class LRIIC-37-A Interests through the Class
LRIIC-50-B Interests ending with the designation "B," a per annum rate equal to
the excess, if any, of (i) 2 multiplied by the weighted average of the Net
Mortgage Interest Rates of the Group T2 Mortgage Loans over (ii) Fixed Payer
Rate C multiplied by 2 (or 0.00% if there is no such excess).
Uncertificated Middle-Tier II Interests: The Uncertificated Middle-Tier II
Regular Interests and the Class II-MR interest, which represents the sole class
of residual interest in the Middle-Tier II REMIC.
Uncertificated Middle-Tier II Regular Interest: A regular interest in the
Middle-Tier II REMIC which is held as an asset of the Upper-Tier II REMIC and is
entitled to monthly distributions as provided in Section 5.03 hereof. Any of the
Class MRI-AA Interest, the Middle-Tier II Corresponding Marker Interests, the
Class MRII-ZZ Interest, the Class MRII-IOA Interest, the Class MRII-IOB
Interest, the Class MRII-IOC Interest and the Class MRII-P Interest are
Uncertificated Middle-Tier II Regular Interests.
Uncertificated Middle-Tier II REMIC Pass-Through Rate: With respect to the
Class MRII-AA Interest, the Middle-Tier II Corresponding Marker Interests, the
Class MRII-ZZ Interest and the Class MRII-P Interest, a per annum rate (but not
less than zero) equal to the weighted average of: (x) with respect to the Class
LRII-I Interest and each Uncertificated Lower-Tier II Interest ending with the
designation "B," the weighted average of the Uncertificated Lower-Tier II REMIC
Pass-Through Rates for such Uncertificated Lower-Tier II Regular Interests,
weighted on the basis of the Uncertificated Balances of such Uncertificated
Lower-Tier II Regular Interests for each such Distribution Date and (y) with
respect to Uncertificated Lower-Tier II Interests ending with the designation
"A," for each Distribution Date listed below, the weighted average of the rates
listed below for each such Uncertificated Lower-Tier II Regular Interest listed
below, weighted on the basis of the Uncertificated Balances of each such
Uncertificated Lower-Tier II Interest for each such Distribution Date:
-78-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
1-17 LRIIA-17-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum rate
LRIIA-62-A Pass-Through Rate of Uncertificated Lower-Tier II REMIC LRIIA-37-A through
18 LRIIA-18-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC Pass-Through Rate
LRIIA-17-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
19 LRIIA-19-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A and LRIIA-18-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
20 LRIIA-20-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-19-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
21 LRIIA-21-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-20-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
22 LRIIA-22-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-21-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
23 LRIIA-23-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-22-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
24 LRIIA-24-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-23-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
25 LRIIA-25-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-24-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
26 LRIIA-26-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-25-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
27 LRIIA-27-A through LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-26-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
28 LRIIA-28-A 2 multiplied by Swap A LIBOR, subject to a maximum
LRIIA-37-A through LRIIA-62-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-27-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
29-37 LRIIA-37-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum rate of
Uncertificated Lower-Tier II REMIC Pass-Through Rate
LRIIA-17-A through LRIIA-28-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
38 LRIIA-38-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
-79-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
LRIIA-37-A
39 LRIIA-39-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A and LRIIA-38-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
40 LRIIA-40-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-39-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
41 LRIIA-41-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-40-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
42 LRIIA-42-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-41-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
43 LRIIA-43-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-42-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
44 LRIIA-44-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-43-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
45 LRIIA-45-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-44-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
46 LRIIA-46-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-45-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
47 LRIIA-47-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-46-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
48 LRIIA-48-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-47-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
49 LRIIA-49-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-48-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
-80-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
50 LRIIA-50-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-49-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
51 LRIIA-51-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-50-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
52 LRIIA-52-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-51-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
53 LRIIA-53-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-52-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
54 LRIIA-54-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-53-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
55 LRIIA-55-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-54-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
56 LRIIA-56-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-55-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
57 LRIIA-57-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-56-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
58 LRIIA-58-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-57-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
59 LRIIA-59-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-58-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
60 LRIIA-60-A through LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-59-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
-81-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
61 LRIIA-61-A and LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-60-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
62 LRIIA-62-A 2 multiplied by Swap A LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-61-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
thereafter LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
1-28 LRIIB-28-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum rate
LRIIB-47-A Pass-Through Rate of Uncertificated Lower-Tier II REMIC LRIIB-40-A through
29 LRIIB-29-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum rate of
LRIIB-40-A through LRIIB-47-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
LRIIB-28-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
30 LRIIB-30-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A and LRIIB-29-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
31 LRIIB-31-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-30-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
32 LRIIB-32-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-31-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
33 LRIIB-33-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-32-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
34 LRIIB-34-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-33-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
35 LRIIB-35-A through LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-34-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
36 LRIIB-36-A 2 multiplied by Swap B LIBOR, subject to a maximum
LRIIB-40-A through LRIIB-47-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-35-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
37-40 LRIIB-40-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum rate of
Uncertificated Lower-Tier II REMIC Pass-Through Rate
LRIIB-28-A through LRIIB-36-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
-82-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
41 LRIIB-41-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
42 LRIIB-42-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A and LRIIB-41-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
43 LRIIB-43-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-42-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
44 LRIIB-44-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-43-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
45 LRIIB-45-A through LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-44-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
46 LRIIB-46-A and LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-45-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
47 LRIIB-47-A 2 multiplied by Swap B LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-46-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
thereafter LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
1 LRIIC-1-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum rate
LRIIC-24-A through LRIIC-28-A of Uncertificated Lower-Tier II Pass-Through Rate
LRIIC-37-A through LRIIC-50-A
2 LRIIC-2-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
3 LRIIC-3-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A and LRIIC-2-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
4 LRIIC-4-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
-83-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-3-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
5 LRIIC-5-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-4-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
6 LRIIC-6-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-5-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
7 LRIIC-7-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-6-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
8 LRIIC-8-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-7-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
9 LRIIC-9-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-8-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
10 LRIIC-10-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-9-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
11 LRIIC-11-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-10-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
12 LRIIC-12-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-11-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
13 LRIIC-13-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-12-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
14 LRIIC-14-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-13-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
15 LRIIC-15-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
-84-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
LRIIC-1-A through LRIIC-14-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
16 LRIIC-16-A through LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-15-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
17 LRIIC-17-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-24-A through LRIIC-28-A rate of Uncertificated Lower-Tier II REMIC
LRIIC-37-A through LRIIC-50-A Pass-Through Rate
LRIIC-1-A through LRIIC-16-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
18-24 LRIIC-24-A through LRIIC-28-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-37-A through LRIIC-50-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
25 LRIIC-25-A through LRIIC-28-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-37-A through LRIIC-50-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
26 LRIIC-26-A through LRIIC-28-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-37-A through LRIIC-50-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A and LRIIC-25-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
27 LRIIC-27-A and LRIIC-28-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-37-A through LRIIC-50-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-26-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
28 LRIIC-28-A 2 multiplied by Swap C LIBOR, subject to a maximum
LRIIC-37-A through LRIIC-50-A rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-27-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
29-37 LRIIC-37-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum rate of
Uncertificated Lower-Tier II REMIC Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
38 LRIIC-38-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
39 LRIIC-39-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A and LRIIC-38-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
40 LRIIC-40-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
-85-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-39-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
41 LRIIC-41-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-40-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
42 LRIIC-42-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-41-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
43 LRIIC-43-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-42-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
44 LRIIC-44-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-43-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
45 LRIIC-45-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-44-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
46 LRIIC-46-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-45-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
47 LRIIC-47-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-46-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
48 LRIIC-48-A through LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-47-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
49 LRIIC-49-A and LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-48-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
-86-
Distribution Uncertificated Lower-Tier II
Date Interest Rate
------------ -------------------------------- ----------------------------------------------------------
50 LRIIC-50-A 2 multiplied by Swap C LIBOR, subject to a maximum
rate of Uncertificated Lower-Tier II REMIC
Pass-Through Rate
LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-49-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
thereafter LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A Uncertificated Lower-Tier II REMIC Pass-Through Rate
With respect to the Class MRII-IOA Interest and (i) the first Distribution
Date through the 62nd Distribution Date, the excess, if any, of (x) the weighted
average of the Uncertificated Lower-Tier II REMIC Pass-Through Rates for the
Class LRIIA-17-A Interests through Class LRIIA-28-B Interests and the Class
LRIIA-37-A Interests through Class LRIIA-62-B Interests ending with the
designation "A," over (y) 2 multiplied by Swap A LIBOR (or 0.00% if there is no
such excess) and (ii) thereafter, 0.00%.
With respect to the Class MRII-IOB Interest and (i) the first Distribution
Date through the 47th Distribution Date, the excess, if any, of (x) the weighted
average of the Uncertificated Lower-Tier II REMIC Pass-Through Rates for the
Class LRIIB-28-A Interests through the Class LRIIB-36-B Interests and the Class
LRIIB-40-A Interests through the Class LRIIB-47-B Interests ending with the
designation "A," over (y) 2 multiplied by Swap B LIBOR (or 0.00% if there is no
such excess) and (ii) thereafter, 0.00%.
With respect to the Class MRII-IOC Interest and (i) the first Distribution
Date through the 50th Distribution Date, the excess, if any, of (x) the weighted
average of the Uncertificated Lower-Tier II REMIC Pass-Through Rates for the
Class LRIIC-1-A Interests through the Class LRIIC-17-B Interests, the Class
LRIIC-24-A Interests through the Class LRIIC-28-B Interests, and the Class
LRIIC-37-A Interests through the Class LRIIC-50-B Interests ending with the
designation "A," over (y) 2 multiplied by Swap C LIBOR (or 0.00% if there is no
such excess) and (ii) thereafter, 0.00%.
Uncertificated Notional Amount: With respect to the Class MRII-IOA Interest
and each Distribution Date listed below, a notional amount equal to the
aggregate Uncertificated Balances of the Uncertificated Lower-Tier II Interests
specified below:
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
1-17 LRIIA-17-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
18 LRIIA-18-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
19 LRIIA-19-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
20 LRIIA-20-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
21 LRIIA-21-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
22 LRIIA-22-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
23 LRIIA-23-A through LRIIA-28-A
-87-
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
LRIIA-37-A through LRIIA-62-A
24 LRIIA-24-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
25 LRIIA-25-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
26 LRIIA-26-A through LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
27 LRIIA-27-A and LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
28 LRIIA-28-A
LRIIA-37-A through LRIIA-62-A
29-37 LRIIA-37-A through LRIIA-62-A
38 LRIIA-38-A through LRIIA-62-A
39 LRIIA-39-A through LRIIA-62-A
40 LRIIA-40-A through LRIIA-62-A
41 LRIIA-41-A through LRIIA-62-A
42 LRIIA-42-A through LRIIA-62-A
43 LRIIA-43-A through LRIIA-62-A
44 LRIIA-44-A through LRIIA-62-A
45 LRIIA-45-A through LRIIA-62-A
46 LRIIA-46-A through LRIIA-62-A
47 LRIIA-47-A through LRIIA-62-A
48 LRIIA-48-A through LRIIA-62-A
49 LRIIA-49-A through LRIIA-62-A
50 LRIIA-50-A through LRIIA-62-A
51 LRIIA-51-A through LRIIA-62-A
52 LRIIA-52-A through LRIIA-62-A
53 LRIIA-53-A through LRIIA-62-A
54 LRIIA-54-A through LRIIA-62-A
55 LRIIA-55-A through LRIIA-62-A
56 LRIIA-56-A through LRIIA-62-A
57 LRIIA-57-A through LRIIA-62-A
58 LRIIA-58-A through LRIIA-62-A
59 LRIIA-59-A through LRIIA-62-A
60 LRIIA-60-A through LRIIA-62-A
61 LRIIA-61-A and LRIIA-62-A
62 LRIIA-62-A
thereafter $0.00
With respect to the Class Swap-IOA Interest and any Distribution Date, an
amount equal to the Uncertificated Notional Amount of the Class MRII-IOA
Interest.
With respect to the Class MRII-IOB Interest and each Distribution Date
listed below, a notional amount equal to the aggregate Uncertificated Balances
of the Uncertificated Lower-Tier II Interests specified below:
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
1-28 LRIIB-28-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
29 LRIIB-29-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
30 LRIIB-30-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
31 LRIIB-31-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
32 LRIIB-32-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
-88-
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
33 LRIIB-33-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
34 LRIIB-34-A through LRIIB-36-A
LRIIB-40-A through LRIIB-47-A
35 LRIIB-35-A and LRIIB-36-A
LRIIB-40-A through XXXXX-00-X
00 XXXXX-00-X
XXXXX-00-X through XXXXX-00-X
00-00 XXXXX-00-X through LRIIB-47-A
41 LRIIB-41-A through LRIIB-47-A
42 LRIIB-42-A through LRIIB-47-A
43 LRIIB-43-A through LRIIB-47-A
44 LRIIB-44-A through LRIIB-47-A
45 LRIIB-45-A through LRIIB-47-A
46 LRIIB-46-A and LRIIB-47-A
47 LRIIB-47-A
thereafter $0.00
With respect to the Class Swap-IOB Interest and any Distribution Date, an
amount equal to the Uncertificated Notional Amount of the Class MRII-IOB
Interest.
With respect to the Class MRII-IOC Interest and each Distribution Date
listed below, a notional amount equal to the aggregate Uncertificated Balances
of the Uncertificated Lower-Tier II Interests specified below:
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
1 LRIIC-1-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
2 LRIIC-2-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
3 LRIIC-3-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
4 LRIIC-4-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
5 LRIIC-5-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
6 LRIIC-6-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
7 LRIIC-7-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
8 LRIIC-8-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
9 LRIIC-9-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
10 LRIIC-10-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
11 LRIIC-11-A through LRIIC-17-A
-89-
Distribution Date Uncertificated Lower-Tier II Interests
----------------- --------------------------------------------
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
12 LRIIC-12-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
13 LRIIC-13-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
14 LRIIC-14-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
15 LRIIC-15-A through LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
16 LRIIC-16-A and LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
17 LRIIC-17-A
LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
18-24 LRIIC-24-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
25 LRIIC-25-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
26 LRIIC-26-A through LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
27 LRIIC-27-A and LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
28 LRIIC-28-A
LRIIC-37-A through LRIIC-50-A
29-37 LRIIC-37-A through LRIIC-50-A
38 LRIIC-38-A through LRIIC-50-A
39 LRIIC-39-A through LRIIC-50-A
40 LRIIC-40-A through LRIIC-50-A
41 LRIIC-41-A through LRIIC-50-A
42 LRIIC-42-A through LRIIC-50-A
43 LRIIC-43-A through LRIIC-50-A
44 LRIIC-44-A through LRIIC-50-A
45 LRIIC-45-A through LRIIC-50-A
46 LRIIC-46-A through LRIIC-50-A
47 LRIIC-47-A through LRIIC-50-A
48 LRIIC-48-A through LRIIC-50-A
49 LRIIC-49-A and LRIIC-50-A
50 LRIIC-50-A
thereafter $0.00
With respect to the Class Swap-IOC Interest and any Distribution Date, an
amount equal to the Uncertificated Notional Amount of the Class MRII-IOC
Interest.
Uncertificated Shifting Interest Lower-Tier Interest: The Uncertificated
Shifting Interest Lower-Tier Regular Interests and the Class SI-LR interest,
which represents the sole class of residual interest in the Shifting Interest
Lower-Tier REMIC.
Uncertificated Shifting Interest Lower-Tier Regular Interest: A regular
interest in the Shifting Interest Lower-Tier REMIC which is held as an asset of
the Shifting Interest Middle-Tier REMIC and is entitled to monthly distributions
as provided in Section 5.02 hereof. Any of the Class 1-L Interest, the Class
-90-
1-LS Interest, the Class 1-LIO Interest, the Class 1-LPO Interest, the Class 2-L
Interest and the Class 2-LS Interest are Uncertificated Shifting Interest
Lower-Tier Regular Interests.
Uncertificated Shifting Interest Lower-Tier REMIC Pass-Through Rate: With
respect to the Class 1-L Interest, the Class 1-LS Interest, the Class 1-LIO
Interest, and the Class 1-LPO Interest, as set forth in the Preliminary
Statement. With respect to the Class 2-L Interest and the Class 2-LS Interest,
the Net WAC of the Group 2 Mortgage Loans.
Uncertificated Shifting Interest Middle-Tier Interests: The Uncertificated
Shifting Interest Middle-Tier Regular Interests and the SI-MR interest, which
represents the sole class of residual interest in the Shifting Interest
Middle-Tier REMIC.
Uncertificated Shifting Interest Middle-Tier Regular Interest: A regular
interest in the Shifting Interest Middle-Tier REMIC which is held as an asset of
the Shifting Interest Upper-Tier REMIC and is entitled to monthly distributions
as provided in Section 5.02 hereof. Any of the Class MRI-1-A-1 Interest, Class
MRI-1-A-R Interest, Class MRI-1-A-2 Interest, Class MRI-1-A-3 Interest, Class
MRI-1-A-4 Interest, Class MRI-1-A-5 Interest, Class MRI-1-A-6 Interest, Class
MRI-1-A-7 Interest, Class MRI-1-A-8 Interest, Class MRI-1-A-9 Interest, Class
MRI-2-A-1 Interest, Class MRI-IO Interest, Class MRI-PO Interest, Class MRI-M-1
Interest, Class MRI-B-1 Interest, Class MRI-B-2 Interest, Class MRI-B-3
Interest, Class MRI-B-4 Interest, Class MRI-B-5 and Class MRI-B-6 Interest are
Uncertificated Shifting Interest Middle-Tier Regular Interests.
Uncertificated Shifting Interest Middle-Tier REMIC Pass-Through Rate: With
respect to the Class MRI-1-A-1 Interest, the Class MRI-1-A-R Interest, the Class
MRI-1-A-2 Interest, the Class MRI-1-A-3 Interest, the Class MRI-1-A-4 Interest,
the Class MRI-1-A-5 Interest, the Class MRI-1-A-6 Interest, the Class MRI-1-A-7
Interest, the Class MRI-1-A-8 Interest, and the Class MRI-1-A-9 Interest, as set
forth in the Preliminary Statement. With respect to the Class MRI-2-A-1
Interest, the weighted average of the Uncertificated Shifting Interest
Lower-Tier REMIC Pass-Through Rates for the Class 2-L Interest and the Class
2-LS Interest. With respect to the Class MRI-M-1 Interest, the Class MRI-B-1
Interest, the Class MRI-B-2 Interest, the Class MRI-B-3 Interest, the Class
MRI-B-4 Interest, the Class MRI-B-5 Interest, and the Class MRI-B-6 Interest,
the weighted average of the Uncertificated Shifting Interest Lower-Tier REMIC
Pass-Through Rates for the Class 1-LS Interest and the Class 2-LS Interest.
Uncertificated Upper-Tier II REMIC Pass-Through Rate: As set forth in the
Preliminary Statement.
Underwriter's Exemption: An exemption listed in footnote 1 of, and as
amended by, Prohibited Transaction Exemption 2002-41, 67 Fed Reg 54487 (August
22, 2002) and any successor exemption.
Unpaid Realized Loss Amount: For any Class of Senior Overcollateralized
Certificates, Mezzanine Certificates or Class T-B-1 Certificates and as to any
Distribution Date, the excess of (x) the cumulative amount of Applied Realized
Loss Amounts allocated to such Class for all prior Distribution Dates over (y)
the sum of (a) the cumulative amount of any Recoveries allocated to such Class,
-91-
(b) the cumulative amount of Realized Loss Amortization Amounts with respect to
such Class for all prior Distribution Dates and (c) the cumulative amount of
Unpaid Realized Loss Amounts reimbursed to such class for all prior Distribution
Dates from the Supplemental Interest Trust.
Upper-Tier II Interests: The Uncertificated Upper-Tier II Regular Interests
and the Class II-UR interest, which represents the sole class of residual
interest in the Upper-Tier II REMIC.
Upper-Tier II Certificate Sub-Account: The sub-account of the Certificate
Account designated by the Securities Administrator pursuant to Section 3.09(h).
Upper-Tier II Regular Interest: Any of the regular interests in the
Upper-Tier II REMIC listed in the Preliminary Statement, the ownership of which
is represented, in part, by the Overcollateralized Certificates, the Class
Swap-IOA Interest, the Class Swap-IOB Interest and the Class Swap-IOC Interest.
Upper-Tier II REMIC: As defined in the Preliminary Statement, the assets of
which consist of the Uncertificated Middle-Tier II Interests and such amounts as
shall be deemed held in the Upper-Tier II Certificate Sub-Account.
Upper-Tier II REMIC Net WAC Cap: For federal income tax purposes, for any
Distribution Date with respect to the Upper-Tier II Regular Interests, the
ownership of which is represented, in part, by the Overcollateralized
Certificates, and the Class Swap-IOA Interest, the Class Swap-IOB Interest, and
the Class Swap-IOC Interest, the weighted average (adjusted, in the case of the
Class T-A-1A Interest, the Class T-A-2 Interest, the Class T-A-3 Interest, the
Class T-A-4 Interest, the Class T-M-2 Interest, the Class T-M-3 Interest, the
Class T-M-4 Interest and the Class T-M-5 Interest, for the actual number of days
elapsed in the related Interest Accrual Period) of the Uncertificated
Middle-Tier II Pass-Through Rate on the Uncertificated Middle-Tier II Regular
Interests (other than the Class MRII-IOA Interest, the Class MRII-IOB Interest,
and the Class MRII-IOC Interest), weighted on the basis of the Uncertificated
Balance of each such Uncertificated Middle-Tier II Regular Interests.
U.S. Person: A citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury Regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or
more such U.S. Persons have the authority to control all substantial decisions
of such trust (or, to the extent provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be
treated as U.S. Persons).
Voting Rights: The portion of the voting rights of all of the Certificates
which is allocated to any Certificate. As of any date of determination, (a) 88%
of all Voting Rights shall be allocated to the Holders of the Senior
Certificates (other than the Exchangeable Certificates and the Class 1-A-R,
Class 1-A-4, Class 1-A-6, Class 1-A-8, Class 1-A-10, Class 1-A-12, Class 1-A-14,
-92-
Class 1-A-19, Class 1-A-28 and Class 30-IO Certificates), the Class M-1
Certificates, the Class B Certificates, the Mezzanine Certificates and the Class
T-B-1 Certificates in proportion to the Certificate Balances of their respective
Certificates, (b) 1% of all Voting Rights shall be allocated to the Holders of
the Class 1-A-R Certificates, (c) 1% of all Voting Rights shall be allocated to
the Holders of the Class 1-A-4 Certificates, (d) 1% of all Voting Rights shall
be allocated to the Holders of the Class 1-A-6 Certificates, (e) 1% of all
Voting Rights shall be allocated to the Holders of the Class 1-A-8 Certificates,
(f) 1% of all Voting Rights shall be allocated to the Holders of the Class
1-A-10 Certificates, (g) 1% of all Voting Rights shall be allocated to the
Holders of the Class 1-A-12 Certificates, (h) 1% of all Voting Rights shall be
allocated to the Holders of the Class 1-A-14 Certificates, (i) 1% of all Voting
Rights shall be allocated to the Holders of the Class 1-A-19 Certificates, (j)
1% of all Voting Rights shall be allocated to the Holders of the Class 1-A-28
Certificates, (k) 1% of all Voting Rights shall be allocated to the Holders of
the Class 30-IO Certificates, (l) 1% of all Voting Rights shall be allocated to
the Holders of the Class CE Certificates and (m) 1% of all Voting Rights shall
be allocated to the Holders of the Class P Certificates.
In the event that all or a portion of a Combination of Classes of
Exchangeable REMIC Certificates in any Exchangeable REMIC Combination is
exchanged for a proportionate portion of the Class of Exchangeable Certificates
in the related Combination, the Class of such Exchangeable Certificates will be
entitled to a proportionate share of the Voting Rights allocated to the Classes
of Exchangeable REMIC Certificates in the related Combination.
WaMu: Washington Mutual Bank, in its capacity as servicer under the WaMu
Servicing Agreement.
WaMu Servicing Agreement: Collectively, (i) that certain Mortgage Loan
Purchase and Sale Agreement (Amended and Restated), dated as of July 1, 2003, by
and among Washington Mutual Bank fsb, WaMu and the BANA (as successor in
interest to BAMCC), as purchaser (as amended by (a) that certain Master
Assignment, Assumption and Recognition Agreement dated as of July 1, 2004, by
and among BAMCC, BANA and WaMu and (b) that certain Regulation AB Amendment to
the Mortgage Loan Purchase and Sale Agreement, dated as of January 1, 2006, by
and among Washington Mutual Bank fsb, WaMu and BANA), (ii) that certain
Servicing Agreement (Amended and Restated), dated as of July 1, 2003, by and
between BANA and WaMu, as servicer (as amended by (a) that certain Master
Assignment, Assumption and Recognition Agreement dated as of July 1, 2004, by
and among BAMCC, BANA and WaMu and (b) that certain Regulation AB Amendment to
the Servicing Agreement, dated as of January 1, 2006, by and between WaMu and
BANA); and (iii) that certain Assignment, Assumption and Recognition Agreement,
dated February 27, 2007, by and among BANA, the Depositor, the Trustee and WaMu.
Xxxxx Fargo: Xxxxx Fargo Bank, N.A., in its capacity as Servicer under the
Xxxxx Fargo Servicing Agreement.
Xxxxx Fargo Servicing Agreement: Each of (a) collectively, (i) that certain
Second Amended and Restated Master Seller's Warranties and Servicing Agreement,
dated as of May 1, 2006, by and between BANA and Xxxxx Fargo, (ii) that certain
Second Amended and Restated Master Mortgage Loan Purchase Agreement, dated as of
May 1, 2006, by and between BANA and Xxxxx Fargo, and (iii) the Assignment,
-93-
Assumption and Recognition Agreement, dated February 27, 2007, by and among
BANA, the Depositor, the Trustee and Xxxxx Fargo, and (b) collectively, (i) that
certain Servicing Agreement, dated as of July 1, 2006, by and between BANA and
Xxxxx Fargo and (ii) the Assignment, Assumption and Recognition Agreement, dated
February 27, 2007, by and among BANA, the Depositor, the Trustee and Xxxxx
Fargo.
Section 1.02 Interest Calculations.
All calculations of interest with respect to the Shifting Interest
Certificates and the Overcollateralized Certificates (other than the Class
T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class
T-M-4 and Class T-M-5 Certificates) will be made on a 360-day year consisting of
twelve (12) 30-day months. All calculations of interest with respect to the
Class T-A-1A, Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3,
Class T-M-4 and Class T-M-5 Certificates will be made on a 360-day year
consisting of twelve (12) months, each of which has the actual number of days in
such month. All dollar amounts calculated hereunder shall be rounded to the
nearest xxxxx with one-half of one xxxxx being rounded down.
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
(a) The Depositor, concurrently with the execution and delivery hereof,
hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee
on behalf of the Trust for the benefit of the Certificateholders, without
recourse, all the right, title and interest of the Depositor in and to the
Mortgage Loans and the related Mortgage Files, including all interest and
principal received on or with respect to the Mortgage Loans (other than payments
of principal and interest due and payable on the Mortgage Loans on or before the
Cut-off Date) and the Depositor's rights under the BANA Servicing Agreement and
under the Mortgage Loan Purchase Agreement, including the rights of the
Depositor as assignee of the Sponsor with respect to the Sponsor's rights under
the Servicing Agreements (other than the BANA Servicing Agreement). The
foregoing sale, transfer, assignment and set over does not and is not intended
to result in a creation of an assumption by the Trustee of any obligation of the
Depositor or any other Person in connection with the Mortgage Loans or any
agreement or instrument relating thereto, except as specifically set forth
herein. In addition, the Depositor, concurrently with the execution and delivery
hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to the
Trustee on behalf of the Trust for the benefit of the Certificateholders,
without recourse, the Depositor's rights to receive any BPP Mortgage Loan
Payment. It is agreed and understood by the parties hereto that it is not
intended that any mortgage loan be included in the Trust that is a "High-Cost
Home Loan" as defined in any of (i) the New Jersey Home Ownership Act effective
November 27, 2003, (ii) the New Mexico Home Loan Protection Act effective
January 1, 2004, (iii) the Massachusetts Predatory Home Loan Practices Act
effective November 7, 2004 or (iv) the Indiana Home Loan Practices Act,
effective January 1, 2005.
-94-
(b) In connection with such transfer and assignment, the Depositor has
delivered or caused to be delivered to the Trustee, or a Custodian on behalf of
the Trustee, for the benefit of the Certificateholders, the following documents
or instruments with respect to each Mortgage Loan so assigned:
(i) the original Mortgage Note, endorsed by manual or facsimile
signature in the following form: "Pay to the order of U.S. Bank National
Association, as trustee for holders of Banc of America Funding Corporation
Mortgage Pass-Through Certificates, Series 2007-2, without recourse," with
all necessary intervening endorsements showing a complete chain of
endorsement from the originator to the Trustee (each such endorsement being
sufficient to transfer all right, title and interest of the party so
endorsing, as noteholder or assignee thereof, in and to that Mortgage Note)
and, in the case of any Mortgage Loan originated in the State of New York
documented by a NYCEMA, the NYCEMA, the new Mortgage Note, if applicable,
the consolidated Mortgage Note and the consolidated Mortgage;
(ii) except as provided below and other than with respect to the
Mortgage Loans purchased by the Sponsor from Xxxxx Fargo, the original
recorded Mortgage with evidence of a recording thereon, or if any such
Mortgage has not been returned from the applicable recording office or has
been lost, or if such public recording office retains the original recorded
Mortgage, a copy of such Mortgage certified by the applicable Servicer
(which may be part of a blanket certification) as being a true and correct
copy of the Mortgage;
(iii) subject to the provisos at the end of this paragraph, a duly
executed Assignment of Mortgage to "U.S. Bank National Association, as
trustee for the holders of Banc of America Funding Corporation Mortgage
Pass-Through Certificates, Series 2007-2" (which may be included in a
blanket assignment or assignments), together with, except as provided below
and other than with respect to the Mortgage Loans purchased by the Sponsor
from Xxxxx Fargo, originals of all interim recorded assignments of such
mortgage or a copy of such interim assignment certified by the applicable
Servicer (which may be part of a blanket certification) as being a true and
complete copy of the original recorded intervening assignments of Mortgage
(each such assignment, when duly and validly completed, to be in recordable
form and sufficient to effect the assignment of and transfer to the
assignee thereof, under the Mortgage to which the assignment relates);
provided that, if the related Mortgage has not been returned from the
applicable public recording office, such Assignment of Mortgage may exclude
the information to be provided by the recording office; and provided,
further, if the related Mortgage has been recorded in the name of Mortgage
Electronic Registration Systems, Inc. ("MERS") or its designee, no
Assignment of Mortgage in favor of the ---- Trustee will be required to be
prepared or delivered and instead, the Master Servicer shall enforce the
obligations of the applicable Servicer to take all actions as are necessary
to cause the Trust to be shown as the owner of the related Mortgage Loan on
the records of MERS for purposes of the system of recording transfers of
beneficial ownership of mortgages maintained by MERS;
-95-
(iv) the originals of all assumption, modification, consolidation or
extension agreements, if any, with evidence of recording thereon, if any;
(v) other than with respect to the Mortgage Loans purchased by the
Sponsor from Xxxxx Fargo, any of (A) the original or duplicate original
mortgagee title insurance policy and all riders thereto, (B) a title search
showing no lien (other than standard exceptions) on the Mortgaged Property
senior to the lien of the Mortgage or (C) an opinion of counsel of the type
customarily rendered in the applicable jurisdiction in lieu of a title
insurance policy;
(vi) the original of any guarantee executed in connection with the
Mortgage Note;
(vii) for each Mortgage Loan, if any, which is secured by a
residential long-term lease, a copy of the lease with evidence of recording
indicated thereon, or, if the lease is in the process of being recorded, a
photocopy of the lease, certified by an officer of the respective prior
owner of such Mortgage Loan or by the applicable title insurance company,
closing/settlement/escrow agent or company or closing attorney to be a true
and correct copy of the lease transmitted for recordation;
(viii) the original of any security agreement, chattel mortgage or
equivalent document executed in connection with the Mortgage; and
(ix) for each Mortgage Loan secured by Cooperative Stock (other than
with respect to any Mortgage Loan secured by Cooperative Stock purchased by
the Sponsor from Xxxxx Fargo), the originals of the following documents or
instruments:
(A) The Cooperative Stock Certificate;
(B) The stock power executed in blank;
(C) The executed Cooperative Lease;
(D) The executed Recognition Agreement;
(E) The executed assignment of Recognition Agreement, if any;
(F) The executed UCC-1 financing statement with evidence of
recording thereon; and
(G) Executed UCC-3 financing statements or other appropriate UCC
financing statements required by state law, evidencing a complete and
unbroken line from the mortgagee to the Trustee with evidence of
recording thereon (or in a form suitable for recordation).
provided, however, that on the Closing Date, with respect to item (iii), if an
Assignment of Mortgage is required to be recorded as set forth below, the
Depositor has delivered to the Trustee or a Custodian on behalf of the Trustee,
as the case may be, a copy of such Assignment of Mortgage in blank rather than
-96-
in the name of the Trustee and has caused the applicable Servicer to retain the
completed Assignment of Mortgage for recording as described below, unless such
Mortgage has been recorded in the name of MERS or its designee. In addition, if
the Depositor is unable to deliver or cause the delivery of any original
Mortgage Note due to the loss of such original Mortgage Note, the Depositor may
deliver a copy of such Mortgage Note, together with a lost note affidavit, and
shall thereby be deemed to have satisfied the document delivery requirements of
this Section 2.01(b).
If in connection with any Mortgage Loans, the Depositor cannot deliver (A)
the Mortgage, (B) all interim recorded assignments, (C) all assumption,
modification, consolidation or extension agreements, if any, or (D) the lender's
title policy, if any, (together with all riders thereto), if applicable,
satisfying the requirements of clause (ii), (iii), (iv) or (v) above,
respectively, concurrently with the execution and delivery hereof because such
document or documents have not been returned from the applicable public
recording office in the case of clause (ii), (iii) or (iv) above, or because the
title policy, if applicable, has not been delivered to any of the related
Servicer, the Sponsor or the Depositor, as applicable, by the applicable title
insurer, if any, in the case of clause (v) above, the Depositor shall promptly
deliver or cause to be delivered to the Trustee or a Custodian on behalf of the
Trustee, as the case may be, in the case of clause (ii), (iii) or (iv) above,
such Mortgage, such interim assignment or such assumption, modification,
consolidation or extension agreement, as the case may be, with evidence of
recording indicated thereon upon receipt thereof from the public recording
office, but in no event shall any such delivery of any such documents or
instruments be made later than one (1) year following the Closing Date, unless,
in the case of clause (ii), (iii) or (iv) above, there has been a continuing
delay at the applicable recording office or, in the case of clause (v), there
has been a continuing delay at the applicable insurer and the Depositor has
delivered an Officer's Certificate to such effect to the Trustee. The Depositor
shall forward or cause to be forwarded to the Trustee or a Custodian, on behalf
of the Trustee, as the case may be, (1) from time to time additional original
documents evidencing an assumption or modification of a Mortgage Loan and (2)
any other documents required to be delivered by the Depositor, or the applicable
Servicer to the Trustee or a Custodian on the Trustee's behalf, as the case may
be. In the event that the original Mortgage is not delivered and in connection
with the payment in full of the related Mortgage Loan the public recording
office requires the presentation of a "lost instruments affidavit and indemnity"
or any equivalent document, because only a copy of the Mortgage can be delivered
with the instrument of satisfaction or reconveyance, the Depositor shall
prepare, execute and deliver or cause to be prepared, executed and delivered, on
behalf of the Trust, such a document to the public recording office.
Upon discovery by the Depositor or notice from Xxxxx Fargo, the Master
Servicer, the Securities Administrator or Trustee that a Document Transfer Event
has occurred, the Depositor shall, with respect to Mortgage Loans purchased by
the Sponsor from Xxxxx Fargo, deliver or cause to be delivered to the Trustee or
a Custodian, on behalf of the Trustee, within 60 days copies (which may be in
electronic form mutually agreed upon by the Depositor and the Trustee or such
Custodian) of the following additional documents or instruments to the Mortgage
File with respect to each such Mortgage Loan; provided, however, that originals
of such documents or instruments shall be delivered to the Trustee or a
Custodian on behalf of the Trustee, as applicable, if originals are required
under the law in which the related Mortgaged Property is located in order to
-97-
exercise all remedies available to the Trust under applicable law following
default by the related Mortgagor:
(1) other than if the related Mortgage has been recorded in the
name of MERS or its designee, originals of all interim recorded assignments of
such mortgage or a copy of such interim assignments certified by Xxxxx Fargo
(which may be part of a blanket certification) as being a true and complete copy
of the original recorded intervening assignments of Mortgage (each such
assignment, when duly and validly completed, to be in recordable form and
sufficient to effect the assignment of and transfer to the assignee thereof,
under the Mortgage to which the assignment relates);
(2) the original or a certified copy of the lender's title
insurance policy;
(3) the original Mortgage with evidence of recording thereon, and
the original recorded power of attorney, if the Mortgage was executed pursuant
to a power of attorney, with evidence of recording thereon or, if such Mortgage
or power of attorney has been submitted for recording but has not been returned
from the applicable public recording office, has been lost or is not otherwise
available, a copy of such Mortgage or power of attorney, as the case may be,
certified to be a true and complete copy of the original submitted for
recording; and
(4) for each Mortgage Loan secured by Cooperative Stock, the
originals of the following documents or instruments:
(A) The Cooperative Stock Certificate;
(B) The stock power executed in blank;
(C) The executed Cooperative Lease;
(D) The executed Recognition Agreement;
(E) The executed assignment of Recognition Agreement, if
any;
(F) The executed UCC-1 financing statement with evidence of
recording thereon; and
(G) Executed UCC-3 financing statements or other appropriate
UCC financing statements required by state law, evidencing a
complete and unbroken line from the mortgagee to the Trustee with
evidence of recording thereon (or in a form suitable for
recordation).
With respect to each Mortgage Loan, as promptly as practicable subsequent
to such transfer and assignment, the Master Servicer shall (except for any
Mortgage which has been recorded in the name of MERS or its designee) enforce
the obligations of the related Servicer pursuant to the related Servicing
Agreement to (I) cause each Assignment of Mortgage to be in proper form for
recording in the appropriate public office for real property records within the
time period required in the applicable Servicing Agreement and (II) at the
Depositor's expense, cause to be delivered for recording in the appropriate
public office for real property records the Assignments of the Mortgages to the
-98-
Trustee, except that, with respect to any Assignment of a Mortgage as to which
the related Servicer has not received the information required to prepare such
assignment in recordable form, such Servicer's obligation to do so and to
deliver the same for such recording shall be as soon as practicable after
receipt of such information and in accordance with the applicable Servicing
Agreement.
No recording of an Assignment of Mortgage will be required in a state if
either (i) the Depositor furnishes to the Trustee and the Securities
Administrator an unqualified Opinion of Counsel reasonably acceptable to the
Trustee and the Securities Administrator to the effect that recordation of such
assignment is not necessary under applicable state law to preserve the Trustee's
interest in the related Mortgage Loan against the claim of any subsequent
transferee of such Mortgage Loan or any successor to, or creditor of, the
Depositor or the originator of such Mortgage Loan or (ii) the recordation of an
Assignment of Mortgage in such state is not required by either Rating Agency in
order to obtain the initial ratings on the Certificates on the Closing Date.
Exhibit J attached hereto sets forth the list of all states where recordation is
required by any Rating Agency to obtain the initial ratings of the Certificates.
The Securities Administrator and the Trustee may rely and shall be protected in
relying upon the information contained in such Exhibit J.
In the case of Mortgage Loans that have been prepaid in full as of the
Closing Date, the Depositor, in lieu of delivering the above documents to the
Trustee, or a Custodian on the Trustee's behalf, will cause the applicable
Servicer to remit to the Master Servicer for deposit in the Master Servicer
Custodial Account the portion of such payment that is required to be deposited
in the such account pursuant to Section 3.09.
Section 2.02 Acceptance by the Trustee or Custodian of the Mortgage Loans.
Subject to the provisions of the following paragraph, the Trustee declares
that it, or a Custodian as its agent, will hold the documents referred to in
Section 2.01 and the other documents delivered to it or a Custodian as its
agent, as the case may be, constituting the Mortgage Files, and that it will
hold such other assets as are included in the Trust Estate delivered to it, in
trust for the exclusive use and benefit of all present and future
Certificateholders. Upon execution and delivery of this document, the Trustee
shall deliver or cause a Custodian to deliver to the Depositor, the Master
Servicer and the NIMS Insurer a certification in the form attached hereto as
Exhibit K (the "Initial Certification") to the effect that, except as may be
specified in a list of exceptions attached thereto, such Person has received the
original Mortgage Note relating to each of the Mortgage Loans listed on the
Mortgage Loan Schedule.
Within 90 days after the execution and delivery of this Agreement, the
Trustee shall review, or cause a Custodian, on behalf of the Trustee, to review,
the Mortgage Files in such Person's possession, and shall deliver to the
Depositor, the Master Servicer and the NIMS Insurer a certification in the form
attached hereto as Exhibit L (the "Final Certification") to the effect that, as
to each Mortgage Loan listed in the Mortgage Loan Schedule, except as may be
specified in a list of exceptions attached to such Final Certification, such
Mortgage File contains all of the items required to be delivered pursuant to
Section 2.01(b). In performing any such review, the Trustee or a Custodian, as
-99-
the case may be, may conclusively rely on the purported genuineness of any such
document and any signature thereon.
If, in the course of such review, the Trustee or a Custodian finds any
document constituting a part of a Mortgage File which does not meet the
requirements of Section 2.01 or is omitted from such Mortgage File or if the
Depositor, the Master Servicer, the Trustee, a Custodian, the NIMS Insurer or
the Securities Administrator discovers a breach by a Servicer, the Sponsor or
the Depositor of any representation, warranty or covenant under the Servicing
Agreements, the Mortgage Loan Purchase Agreement or this Agreement, as the case
may be, in respect of any Mortgage Loan and such breach materially adversely
affects the interest of the Certificateholders in the related Mortgage Loan
(provided that any such breach that causes the Mortgage Loan not to be a
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code shall
be deemed to materially and adversely affect the interests of the
Certificateholders), then such party shall promptly so notify the Master
Servicer, the Sponsor, such Servicer, the Securities Administrator, the Trustee,
the NIMS Insurer and the Depositor of such failure to meet the requirements of
Section 2.01 or of such breach and request that the applicable Servicer, the
Sponsor or the Depositor, as applicable, deliver such missing documentation or
cure such defect or breach within 90 days of its discovery or its receipt of
notice of any such failure to meet the requirements of Section 2.01 or of such
breach. If the Trustee receives written notice that the Depositor, the Sponsor
or the applicable Servicer, as the case may be, has not delivered such missing
document or cured such defect or breach in all material respects during such
period, the Trustee, on behalf of the Trust, shall enforce the applicable
Servicer's, the Sponsor's or the Depositor's obligation, as the case may be,
under the applicable Servicing Agreement, the Mortgage Loan Purchase Agreement
or this Agreement, as the case may be, and cause the applicable Servicer, the
Sponsor or the Depositor, as the case may be, to either (a) other than in the
case of WaMu, substitute for the related Mortgage Loan a Substitute Mortgage
Loan, which substitution shall be accomplished in the manner and subject to the
conditions set forth below or (b) purchase such Mortgage Loan from the Trust at
the Purchase Price for such Mortgage Loan; provided, however, that in no event
shall such a substitution occur more than two years from the Closing Date;
provided, further, that such substitution or repurchase must occur within 90
days of when such defect was discovered if such defect will cause the Mortgage
Loan not to be a "qualified mortgage" within the meaning of Section 860G(a)(3)
of the Code.
Notwithstanding any contrary provision of this Agreement, no substitution
pursuant to this Section 2.02 shall be made more than 90 days after the Closing
Date unless the Depositor delivers to the Securities Administrator an Opinion of
Counsel, which Opinion of Counsel shall not be at the expense of any of the
Trustee, the Securities Administrator or the Trust Estate, addressed to the
Trustee and the Securities Administrator, to the effect that such substitution
will not (i) result in the imposition of the tax on "prohibited transactions" on
any REMIC created hereunder or contributions after the Start-up Day, as defined
in Sections 860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause any
REMIC created hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding.
It is understood that the scope of the Trustee's review (or a Custodian's
review on its behalf) of the Mortgage Files is limited solely to confirming that
the documents listed in Section 2.01 have been received and further confirming
that any and all documents delivered pursuant to Section 2.01 appear on their
-100-
face to have been executed and relate to the applicable Mortgage Loans
identified in the related Mortgage Loan Schedule based solely upon the review of
items (i) and (xi) in the definition of Mortgage Loan Schedule. Neither the
Trustee nor any Custodian shall have any responsibility for determining whether
any document is valid and binding, whether the text of any assignment or
endorsement is in proper or recordable form, whether any document has been
recorded in accordance with the requirements of any applicable jurisdiction, or
whether a blanket assignment is permitted in any applicable jurisdiction.
If the Trustee receives written notice from the Depositor, the Master
Servicer or the Securities Administrator of a breach of any representation or
warranty of a related Servicer or the Sponsor, the Trustee, on behalf of the
Trust, shall enforce the rights of the Trust under the Servicing Agreements, the
Mortgage Loan Purchase Agreement and this Agreement for the benefit of the
Certificateholders. If the Trustee receives written notice from the Depositor,
the Master Servicer or the Securities Administrator of a breach of the
representations or warranties with respect to the Mortgage Loans set forth in a
Servicing Agreement, the Trustee, on behalf of the Trust, shall enforce the
right of the Trust to be indemnified for such breach of representation or
warranty. In addition, if the Trustee receives written notice from the
Depositor, the Master Servicer or the Securities Administrator of a breach of a
representation with respect to a Mortgage Loan set forth in clauses (k) or (o)
of paragraph 3 or clauses (f) and (oo) of paragraph 4 of the Mortgage Loan
Purchase Agreement that occurs as a result of a violation of an applicable
predatory or abusive lending law, the Trustee, on behalf of the Trust, shall
enforce the right of the Trust to reimbursement by the Sponsor for all costs or
damages incurred by the Trust as a result of the violation of such law (such
amount, the "Reimbursement Amount"), but in the case of a breach of a
representation set forth in clauses (k) or (o) of paragraph 3 of the Mortgage
Loan Purchase Agreement, only to the extent the applicable Servicer does not so
reimburse the Trust. It is understood and agreed that, except for any
indemnification provided in the Servicing Agreements and the payment of any
Reimbursement Amount, the obligation of a Servicer, the Sponsor or the Depositor
to cure or to repurchase (or, other than in the case of WaMu, to substitute for)
any Mortgage Loan as to which a document is missing, a material defect in a
constituent document exists or as to which such a breach has occurred and is
continuing shall constitute the sole remedy against a Servicer, the Sponsor or
the Depositor in respect of such omission, defect or breach available to the
Trustee on behalf of the Trust and the Certificateholders.
With respect to the representations and warranties relating to the Mortgage
Loans set forth in the Mortgage Loan Purchase Agreement that are made to the
best of the Sponsor's knowledge or as to which the Sponsor had no knowledge, if
it is discovered by the Depositor, the Master Servicer, the NIMS Insurer or the
Trustee that the substance of such representation or warranty is inaccurate and
such inaccuracy materially and adversely affects the interest of the
Certificateholders in the related Mortgage Loan then, notwithstanding the
Sponsor's lack of knowledge with respect to the substance of such representation
or warranty being inaccurate at the time the representation or warranty was
made, such inaccuracy shall be deemed a breach of the applicable representation
or warranty.
It is understood and agreed that the representations and warranties
relating to the Mortgage Loans set forth in the Mortgage Loan Purchase Agreement
shall survive delivery of the Mortgage Files to the Trustee or a Custodian on
the Trustee's behalf and shall inure to the benefit of the Certificateholders
notwithstanding any restrictive or qualified endorsement or assignment. It is
-101-
understood and agreed that the obligations of the Sponsor set forth in this
Section 2.02 to cure, substitute for or repurchase a Mortgage Loan pursuant to
the Mortgage Loan Purchase Agreement constitute the sole remedies available to
the Certificateholders and to the Trustee on their behalf respecting a breach of
the representations and warranties contained in the Mortgage Loan Purchase
Agreement.
The representations and warranties of each Servicer with respect to the
applicable Mortgage Loans in the related Servicing Agreement, which have been
assigned to the Trustee hereunder, were made as of the date specified in such
Servicing Agreement. To the extent that any fact, condition or event with
respect to a Mortgage Loan constitutes a breach of both (i) a representation or
warranty of a Servicer under the related Servicing Agreement and (ii) a
representation or warranty of the Sponsor under the Mortgage Loan Purchase
Agreement, the only right or remedy of the Trustee or of any Certificateholder
shall be the Trustee's right, on behalf of the Trust, to enforce the obligations
of the applicable Servicer under any applicable representation or warranty made
by it. It is hereby acknowledged that the Sponsor shall have no obligation or
liability with respect to any breach of a representation or warranty made by it
with respect to the Mortgage Loans if the fact, condition or event constituting
such breach also constitutes a breach of a representation or warranty made by
the applicable Servicer in the applicable Servicing Agreement, without regard to
whether such Servicer fulfills its contractual obligations in respect of such
representation or warranty. It is hereby further acknowledged that the Depositor
shall have no obligation or liability with respect to any breach of any
representation or warranty with respect to the Mortgage Loans (except as set
forth in Section 2.04) under any circumstances.
With respect to each Substitute Mortgage Loan the applicable Servicer, the
Sponsor or the Depositor, as the case may be, shall deliver to the Trustee (or a
Custodian on behalf of the Trustee), for the benefit of the Certificateholders,
the documents and agreements required by Section 2.01, with the Mortgage Note
endorsed and the Mortgage assigned as required by Section 2.01. No substitution
is permitted to be made in any calendar month after the Determination Date for
such month. Monthly Payments due with respect to any such Substitute Mortgage
Loan in the month of substitution shall not be part of the Trust Estate. For the
month of substitution, distributions to Certificateholders will include the
Monthly Payment due for such month on any Defective Mortgage Loan for which the
Depositor, the Sponsor or a Servicer has substituted a Substitute Mortgage Loan.
The Master Servicer shall amend the Mortgage Loan Schedule for the benefit
of the Certificateholders to reflect the removal of each Mortgage Loan that has
become a Defective Mortgage Loan and the substitution of the Substitute Mortgage
Loan or Loans and the Master Servicer shall deliver the amended Mortgage Loan
Schedule to the Securities Administrator, the Trustee, the NIMS Insurer and any
Custodian. Upon such substitution of a Mortgage Loan by the Depositor, the
Sponsor or a Servicer, each Substitute Mortgage Loan shall be subject to the
terms of this Agreement in all respects, and the Depositor or the Sponsor, as
the case may be, shall be deemed to have made to the Trustee with respect to
such Substitute Mortgage Loan, as of the date of substitution, the
representations and warranties made pursuant to paragraph 4 of the Mortgage Loan
Purchase Agreement and the applicable Servicer shall be deemed to have made to
the Trustee with respect to such Substitute Mortgage Loan, as of the date of
substitution, the mortgage loan representations and warranties made pursuant to
the applicable Servicing Agreement. Upon any such substitution and the deposit
-102-
to the Master Servicer Custodial Account of any required Substitution Adjustment
Amount (as described in the next paragraph) and receipt by the Trustee of a
Request for Release, the Trustee shall release, or shall direct a Custodian to
release, the Mortgage File relating to such Defective Mortgage Loan to
applicable Person and shall execute and deliver at such Person's direction such
instruments of transfer or assignment prepared by such Person, without recourse,
as shall be necessary to vest title in such Person or its designee to the
Trustee's interest in any Defective Mortgage Loan substituted for pursuant to
this Section 2.02.
For any month in which the Depositor, the Sponsor or a Servicer substitutes
one or more Substitute Mortgage Loans for one or more Defective Mortgage Loans,
the amount (if any) by which the aggregate principal balance of all such
Substitute Mortgage Loans substituted by such Person in a Loan Group as of the
date of substitution is less than the aggregate Stated Principal Balance of all
such Defective Mortgage Loans in a Loan Group substituted by such Person (after
application of the principal portion of the Monthly Payments due in the month of
substitution) (the "Substitution Adjustment Amount" for such Loan Group) plus an
amount equal to the aggregate of any unreimbursed Advances with respect to such
Defective Mortgage Loans shall be remitted by such Person to the Master Servicer
for deposit to the Master Servicer Custodial Account on or before the 18th day
of the month succeeding the calendar month during which the related Mortgage
Loan is required to be purchased or replaced hereunder.
The Trustee shall retain or shall cause a Custodian to retain, as
applicable, possession and custody of each Mortgage File in accordance with and
subject to the terms and conditions set forth herein. The Master Servicer shall
cause to be promptly delivered to the Trustee or a Custodian on behalf of the
Trustee, as the case may be, upon the execution or, in the case of documents
requiring recording, receipt thereof, the originals of such other documents or
instruments constituting the Mortgage File as come into the Master Servicer's
possession from time to time.
Neither the Trustee nor any Custodian shall be under any duty or obligation
(i) to inspect, review or examine any such documents, instruments, certificates
or other papers to determine that they are genuine, enforceable, or appropriate
for the represented purpose or that they are other than what they purport to be
on their face or (ii) to determine whether any Mortgage File should include any
of the documents specified in Section 2.01(b)(iv), (vi), (vii), (viii) and (ix).
In connection with making the certifications required hereunder, to the extent a
title search or opinion of counsel has been provided in lieu of a title policy
for any Mortgage Loan, the Trustee or a Custodian on its behalf, as applicable,
shall only be responsible for confirming that a title search or opinion of
counsel has been provided for such Mortgage Loan.
If a Mortgagor is either (a) sixty (60) days or more delinquent with
respect to the first, second or third Monthly Payment that was due after the
transfer of the related Mortgage Loan to the Sponsor or (b) thirty (30) days or
more delinquent but less than sixty (60) days delinquent with respect to the
first, second or third Monthly Payment that was due after the transfer of the
related Mortgage Loan to the Sponsor and becomes (60) days or more delinquent
with respect to the fourth through twelfth Monthly Payment that was due after
the transfer of the related Mortgage Loan to the Sponsor under (i) the SunTrust
Servicing Agreement, (ii) the Master Bulk Sale and Interim Servicing Agreement,
dated as of May 1, 2006, between the Sponsor and American Home Mortgage Co.,
-103-
(iii) the Correspondent Loan Purchase and Sale Agreement, dated March 23, 2006,
between the Sponsor and Pinnacle Financial Corporation, or (iv) the
Correspondent Loan Purchase and Sale Agreement, dated February 8, 2006, between
the Sponsor and Coastal Capital Corp., the Depositor, upon discovery of any such
delinquency, shall direct the Trustee to enforce the obligation of SunTrust,
American Home Mortgage Co., Pinnacle Financial Corporation or Coastal Capital
Corp., as the case may be, to repurchase such Mortgage Loan at the purchase
price set forth in the applicable agreement; provided, however, the Trustee
shall not enforce any such obligation if the applicable purchase price for such
Mortgage Loan would be less than the Purchase Price.
Section 2.03 Representations, Warranties and Covenants of the Master
Servicer.
The Master Servicer hereby makes the following representations and
warranties to the Depositor, the Securities Administrator, the NIMS Insurer and
the Trustee, as of the Closing Date:
(i) The Master Servicer is a national banking association duly
chartered and validly existing in good standing under the laws of the
United States of America and has all licenses necessary to carry on its
business as now being conducted and is licensed, qualified and in good
standing in each of the states where a Mortgaged Property securing a
Mortgage Loan is located if the laws of such state require licensing or
qualification in order to conduct business of the type conducted by the
Master Servicer. The Master Servicer has power and authority to execute and
deliver this Agreement and to perform in accordance herewith; the
execution, delivery and performance of this Agreement (including all
instruments of transfer to be delivered pursuant to this Agreement) by the
Master Servicer and the consummation of the transactions contemplated
hereby have been duly and validly authorized. This Agreement, assuming due
authorization, execution and delivery by the other parties hereto,
evidences the valid, binding and enforceable obligation of the Master
Servicer, subject to applicable law except as enforceability may be limited
by (A) bankruptcy, insolvency, liquidation, receivership, moratorium,
reorganization or other similar laws affecting the enforcement of the
rights of creditors and (B) general principles of equity, whether
enforcement is sought in a proceeding in equity or at law. All requisite
corporate action has been taken by the Master Servicer to make this
Agreement valid and binding upon the Master Servicer in accordance with its
terms.
(ii) No consent, approval, authorization or order is required for the
transactions contemplated by this Agreement from any court, governmental
agency or body, or federal or state regulatory authority having
jurisdiction over the Master Servicer is required or, if required, such
consent, approval, authorization or order has been or will, prior to the
Closing Date, be obtained.
(iii) The consummation of the transactions contemplated by this
Agreement are in the ordinary course of business of the Master Servicer and
will not result in the breach of any term or provision of the charter or
by-laws of the Master Servicer or result in the breach of any term or
provision of, or conflict with or constitute a default under or result in
the acceleration of any obligation under, any agreement, indenture or loan
-104-
or credit agreement or other instrument to which the Master Servicer or its
property is subject, or result in the violation of any law, rule,
regulation, order, judgment or decree to which the Master Servicer or its
property is subject.
(iv) There is no action, suit, proceeding or investigation pending or,
to the best knowledge of the Master Servicer, threatened against the Master
Servicer which, either individually or in the aggregate, would result in
any material adverse change in the business, operations, financial
condition, properties or assets of the Master Servicer, or in any material
impairment of the right or ability of the Master Servicer to carry on its
business substantially as now conducted or which would draw into question
the validity of this Agreement or the Mortgage Loans or of any action taken
or to be taken in connection with the obligations of the Master Servicer
contemplated herein, or which would materially impair the ability of the
Master Servicer to perform under the terms of this Agreement.
The representations and warranties made pursuant to this Section 2.03 shall
survive delivery of the respective Mortgage Files to the Trustee or a Custodian
on the Trustee's behalf and shall inure to the benefit of the
Certificateholders.
Section 2.04 Representations and Warranties of the Depositor as to the
Mortgage Loans.
The Depositor hereby represents and warrants to the Trustee and the NIMS
Insurer with respect to the Mortgage Loans or each Mortgage Loan, as the case
may be, as of the date hereof or such other date set forth herein that as of the
Closing Date:
(i) Immediately prior to the transfer and assignment contemplated
herein, the Depositor was the sole owner and holder of the Mortgage Loans.
The Mortgage Loans were not assigned or pledged by the Depositor and the
Depositor had good and marketable title thereto, and the Depositor had full
right to transfer and sell the Mortgage Loans to the Trustee free and clear
of any encumbrance, participation interest, lien, equity, pledge, claim or
security interest and had full right and authority subject to no interest
or participation in, or agreement with any other party to sell or otherwise
transfer the Mortgage Loans.
(ii) As of the Closing Date, the Depositor has transferred all right,
title and interest in the Mortgage Loans to the Trustee on behalf of the
Trust.
(iii) As of the Closing Date, the Depositor has not transferred the
Mortgage Loans to the Trustee on behalf of the Trust with any intent to
hinder, delay or defraud any of its creditors.
(iv) Each Mortgage Loan is a "qualified mortgage" within the meaning
of Section 860G(a)(3) of the Code and Treasury Regulation section 1.860G-2.
-105-
It is understood and agreed that the representations and warranties set
forth in this Section 2.04 shall survive delivery of the respective Mortgage
Files to the Trustee or a Custodian on the Trustee's behalf and shall inure to
the benefit of the Certificateholders.
Upon discovery by any of the Depositor, the Master Servicer, the Securities
Administrator or the Trustee that any of the representations and warranties set
forth in this Section 2.04 is not accurate (referred to herein as a "breach")
and that such breach materially and adversely affects the interests of the
Certificateholders in the related Mortgage Loan, the party discovering such
breach shall give prompt written notice to the other parties; provided that a
breach of the representation that each Mortgage Loan is a "qualified mortgage"
within the meaning of Section 860G(a)(3) of the Code shall be deemed to
materially and adversely affect the interests of the Certificateholders. Within
90 days of its discovery or its receipt of notice of any such breach, the
Depositor shall cure such breach in all material respects or shall either (i)
repurchase the Mortgage Loan or any property acquired in respect thereof from
the Trustee at a price equal to the Purchase Price or (ii) if within two years
of the Closing Date, substitute for such Mortgage Loan in the manner described
in Section 2.02; provided that if the breach relates to the representation that
each Mortgage Loan is a "qualified mortgage" as defined in Section 860G(a)(3) of
the Code, any such repurchase or substitution must occur within 90 days from the
date the breach was discovered. The Purchase Price of any repurchase described
in this paragraph and the Substitution Adjustment Amount, if any, shall be
remitted to the Master Servicer for deposit to the Master Servicer Custodial
Account. It is understood and agreed that, except with respect to the second
preceding sentence, the obligation of the Depositor to repurchase or substitute
for any Mortgage Loan or Mortgaged Property as to which such a breach has
occurred and is continuing shall constitute the sole remedy respecting such
breach available to Certificateholders, or to the Trust and the Trustee on
behalf of Certificateholders, and such obligation shall survive until
termination of the Trust hereunder.
Section 2.05 Designation of Interests in the REMICs.
The Depositor hereby designates the Shifting Interest Upper-Tier Regular
Interests as "regular interests" and the Class SI-UR Interest as the single
class of "residual interest" in the Shifting Interest Upper-Tier REMIC for the
purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively. The Depositor
hereby further designates (i) the Uncertificated Shifting Interest Middle-Tier
Regular Interests as classes of "regular interests" and the Class SI-MR Interest
as the single class of "residual interest" in the Shifting Interest Middle-Tier
REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively,
and (ii) the Uncertificated Shifting Interest Lower-Tier Regular Interests as
classes of "regular interests" and the Class SI-LR Interest as the single class
of "residual interest" in the Shifting Interest Lower-Tier REMIC for the
purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively.
The Depositor hereby designates the Upper-Tier II Regular Interests as
"regular interests" and the Class II-UR Interest as the single class of
"residual interest" in the Upper-Tier II REMIC for purposes of Code Section
860G(a)(1) and 860G(a)(2), respectively. The Depositor hereby further designates
(i) the Uncertificated Middle-Tier II Regular Interests as classes of "regular
interests" and the Class II-MR Interest as the single class of "residual
interest" in the Middle-Tier II REMIC for purposes of Code Section 860G(a)(1)
and 860G(a)(2), respectively and (ii) the Uncertificated Lower-Tier II Regular
-106-
Interests as classes of "regular interests" and the Class II-LR Interest as the
single class of "residual interest" in the Lower-Tier II REMIC for purposes of
Code Section 860G(a)(1) and 860G(a)(2), respectively.
Section 2.06 Designation of Start-up Day.
The Closing Date is hereby designated as the "start-up day" of each of the
Shifting Interest Upper-Tier REMIC, the Shifting Interest Middle-Tier REMIC, the
Shifting Interest Lower-Tier REMIC, the Upper-Tier II REMIC, the Middle-Tier II
REMIC and the Lower-Tier II REMIC within the meaning of Section 860G(a)(9) of
the Code.
Section 2.07 REMIC Certificate Maturity Date.
Solely for purposes of satisfying Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" of the regular
interests in the Shifting Interest Upper-Tier REMIC, the Shifting Interest
Middle-Tier REMIC and the Shifting Interest Lower-Tier REMIC is the Distribution
Date immediately following the maturity date for the Shifting Interest Mortgage
Loan with the latest maturity date.
Solely for purposes of satisfying Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" of the regular
interests in the Upper-Tier II REMIC, the Middle-Tier II REMIC and the
Lower-Tier II REMIC is the Distribution Date immediately following the maturity
date for the Group T2 Mortgage Loan with the latest maturity date.
Section 2.08 Execution and Delivery of Certificates.
(a) The Securities Administrator (i) acknowledges the issuance of and
hereby declares that it holds the Uncertificated Shifting Interest Lower-Tier
Regular Interests on behalf of the Shifting Interest Middle-Tier REMIC and the
Shifting Interest Certificateholders and that it holds the Uncertificated
Shifting Interest Middle-Tier Regular Interests on behalf of the Shifting
Interest Upper-Tier REMIC and the Shifting Interest Certificateholders, (ii)
acknowledges the issuance of and hereby declares that it holds the
Uncertificated Lower-Tier II Regular Interests on behalf of the Middle-Tier II
REMIC and the Overcollateralized Certificateholders, and that it holds the
Uncertificated Middle-Tier II Regular Interests on behalf of the Upper-Tier II
REMIC and the Overcollateralized Certificateholders, and (iii) has executed and
delivered to or upon the order of the Depositor, in exchange for the Mortgage
Loans, Uncertificated Shifting Interest Lower-Tier Interests, Uncertificated
Shifting Interest Middle-Tier Interests, Uncertificated Lower-Tier II Interests
and Uncertificated Middle-Tier II Interests, together with all other assets
included in the definition of "Trust Estate," receipt of which is hereby
acknowledged, Certificates (other than the Exchangeable Certificates) in
authorized denominations which, together with the Uncertificated Shifting
Interest Lower-Tier Interests, the Uncertificated Shifting Interest Middle-Tier
Interests, the Class Swap-IOA Interest, the Class Swap IOB Interest, the Class
Swap IOC Interest, the Uncertificated Lower-Tier II Interests and the
Uncertificated Middle-Tier II Interests, evidence ownership of the entire Trust
Estate. The Securities Administrator acknowledges the obligation of the Class CE
Certificates to pay Cap Carryover Amounts and declares that it holds the same on
behalf of the Class T-A-1A, Class T-A-1B, Class T-A-2, Class T-A-3, Class T-A-4,
Class T-A-5, Class T-A-6, Class T-M-1, Class T-M-2, Class T-M-3, Class T-M-4,
Class T-M-5 and Class T-B-1 Certificates, respectively, which shall be treated
-107-
as beneficially owning the right to receive the Cap Carryover Amounts. The
Securities Administrator also acknowledges the obligation of the Offered
Overcollateralized Certificates, the Class T-B-1 Certificates and the Class CE
Certificates to pay the Class IO Distribution Amount.
(b) In addition, the Securities Administrator shall, from time to time as
requested by beneficial owners of Exchangeable REMIC Certificates or
Exchangeable Certificates pursuant to Section 5.12, exchange Exchangeable REMIC
Certificates for Exchangeable Certificates and vice versa.
Section 2.09 Establishment of the Trust.
The Depositor does hereby establish, pursuant to the further provisions of
this Agreement and the laws of the State of New York, an express trust to be
known, for convenience, as "Banc of America Funding 2007-2 Trust" and does
hereby appoint U.S. Bank National Association as Trustee in accordance with the
provisions of this Agreement.
Section 2.10 Purpose and Powers of the Trust.
The purpose of the common law trust, as created hereunder, is to engage in
the following activities:
(a) to acquire and hold the Mortgage Loans and the other assets of the
Trust Estate and the proceeds therefrom;
(b) to issue the Certificates sold to the Depositor in exchange for the
Mortgage Loans;
(c) to make payments 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
Estate and the making of distributions to the Certificateholders.
The trust is hereby authorized to engage in the foregoing activities.
Neither the Trustee nor the Securities Administrator 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 (or those ancillary
thereto) while any Certificate is outstanding, and this Section 2.10 may not be
amended, without the consent of the Certificateholders evidencing 51% or more of
the aggregate voting rights of the Certificates.
Section 2.11 Rights of the NIMS Insurer.
Each of the rights of the NIMS Insurer set forth in this Agreement shall
exist so long as (i) the NIMS Insurer has undertaken to guarantee certain
payments of notes issued pursuant to the Indenture and (ii) any series of notes
-108-
issued pursuant to the Indenture remains outstanding or the NIMS Insurer is owed
amounts in respect of its guarantee of payments on such notes; provided,
however, the NIMS Insurer shall not have any rights hereunder (except pursuant
to Section 11.01 in the case of clause (ii) below) during the period of time, if
any, that (a) the NIMS Insurer has not undertaken to guarantee certain payments
of notes issued pursuant to the Indenture or (ii) any default has occurred and
is continuing under the insurance policy issued by the NIMS Insurer with respect
to such notes.
ARTICLE III
ADMINISTRATION AND MASTER SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicing of the Mortgage Loans.
For and on behalf of the Certificateholders, the Master Servicer shall
supervise, monitor and oversee the obligations of the Servicers to service and
administer their respective Mortgage Loans in accordance with the terms of the
applicable Servicing Agreement and shall have full power and authority to do any
and all things which it may deem necessary or desirable in connection with such
master servicing and administration. In performing its obligations hereunder,
the Master Servicer shall act in a manner consistent with this Agreement,
subject to the prior sentence, and with Customary Servicing Procedures.
Furthermore, the Master Servicer shall oversee and consult with each Servicer as
necessary from time-to-time to carry out the Master Servicer's obligations
hereunder, shall receive, review and evaluate all reports, information and other
data provided to the Master Servicer by each Servicer and shall cause each
Servicer to perform and observe the covenants, obligations and conditions to be
performed or observed by such Servicer under the applicable Servicing Agreement.
The Master Servicer shall independently and separately monitor each Servicer's
servicing activities with respect to each related Mortgage Loan, reconcile the
results of such monitoring with such information provided in the previous
sentence on a monthly basis and coordinate corrective adjustments to the
Servicers' and the Master Servicer's records, and based on such reconciled and
corrected information, prepare the Master Servicer's Certificate and any other
information and statements required hereunder. The Master Servicer shall
reconcile the results of its Mortgage Loan monitoring with the actual
remittances of the Servicers to the Master Servicer Custodial Account pursuant
to the applicable Servicing Agreements.
Continuously from the date hereof until the termination of the Trust, the
Master Servicer shall enforce the obligations of the Servicers to collect all
payments due under the terms and provisions of the Mortgage Loans when the same
shall become due and payable to the extent such procedures shall be consistent
with the applicable Servicing Agreement.
The relationship of the Master Servicer (and of any successor to the Master
Servicer as master servicer under this Agreement) to the Trustee and the
Securities Administrator under this Agreement is intended by the parties to be
that of an independent contractor and not that of a joint venturer, partner or
agent.
-109-
Section 3.02 Monitoring of Servicers.
(a) The Master Servicer shall be responsible for reporting to the Trustee,
the Securities Administrator and the Depositor the compliance by each Servicer
with its duties under the related Servicing Agreement. In the review of each
Servicer's activities, the Master Servicer may rely upon an officer's
certificate of the Servicer with regard to such Servicer's compliance with the
terms of its Servicing Agreement. In the event that the Master Servicer, in its
judgment, determines that a Servicer should be terminated in accordance with its
Servicing Agreement, or that a notice should be sent pursuant to such Servicing
Agreement with respect to the occurrence of an event that, unless cured, would
constitute grounds for such termination, the Master Servicer shall notify the
Depositor, the Securities Administrator, the NIMS Insurer and the Trustee
thereof and the Master Servicer shall issue such notice or take such other
action as it deems appropriate.
(b) The Master Servicer, for the benefit of the Trust and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall, in the event that a Servicer fails to
perform its obligations in accordance with the related Servicing Agreement,
subject to the preceding paragraph, terminate the rights and obligations of such
Servicer thereunder and act as successor Servicer of the related Mortgage Loans
under the applicable Servicing Agreement or cause the Trustee to enter into a
new Servicing Agreement with a successor Servicer selected by the Master
Servicer (except, in the case of the Xxxxx Fargo Servicing Agreement, the
Trustee shall select the successor Servicer); provided, however, it is
understood and acknowledged by the parties hereto that there will be a period of
transition (not to exceed 90 days) before the actual servicing functions can be
fully transferred to such successor Servicer. Such enforcement, including,
without limitation, the legal prosecution of claims, termination of Servicing
Agreements and the pursuit of other appropriate remedies, shall be in such form
and carried out to such an extent and at such time as the Master Servicer, in
its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at
its own expense, and shall be reimbursed therefor only (i) from a general
recovery resulting from such enforcement to the extent, if any, that such
recovery exceeds all amounts due in respect of the related Mortgage Loans or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party whom such enforcement is directed, provided that the Master Servicer and
the Trustee, as applicable, shall not be required to prosecute or defend any
legal action except to the extent that the Master Servicer or the Trustee, as
applicable, shall have received reasonable indemnity for its costs and expenses
in pursuing such action.
(c) To the extent that the costs and expenses of the Master Servicer or the
Trustee, as applicable, related to any termination of a Servicer, appointment of
a successor Servicer or the transfer and assumption of servicing by the Master
Servicer or the Trustee, as applicable, with respect to any Servicing Agreement
(including, without limitation, (i) all legal costs and expenses and all due
diligence costs and expenses associated with an evaluation of the potential
termination of the Servicer as a result of an event of default by such Servicer
under the related Servicing Agreement and (ii) all costs and expenses associated
with the complete transfer of servicing, including all servicing files and all
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the successor Servicer to correct any errors or
-110-
insufficiencies in the servicing data or otherwise to enable the successor
Servicer to service the Mortgage Loans in accordance with the related Servicing
Agreement) are not fully and timely reimbursed by the terminated Servicer, the
Master Servicer (except in the case of the termination of Xxxxx Fargo as a
Servicer) or the Trustee, as applicable, shall be entitled to reimbursement of
such costs and expenses from the Master Servicer Custodial Account; provided
that if such servicing transfer costs are ultimately reimbursed by the
terminated Servicer, then the Master Servicer or the Trustee, as applicable,
shall remit such amounts that are reimbursed by the terminated Servicer to the
Master Servicer Custodial Account.
(d) The Master Servicer shall require each Servicer to comply with the
remittance requirements and other obligations set forth in the related Servicing
Agreement.
(e) If the Master Servicer acts as Servicer, it will not assume liability
for the representations and warranties of the Servicer, if any, that it
replaces.
(f) Subject to the conditions set forth in this Section 3.02(f), the Master
Servicer is permitted to utilize one or more Subcontractors to perform certain
of its obligations hereunder. The Master Servicer shall promptly upon request
provide to the Depositor a written description (in form and substance
satisfactory to the Depositor) of the role and function of each Subcontractor
utilized by the Master Servicer, specifying (i) the identity of each such
Subcontractor that is a Servicing Function Participant and (ii) which elements
of the Servicing Criteria will be addressed in Assessments of Compliance
provided by each Servicing Function Participant. As a condition to the
utilization by the Master Servicer of any Servicing Function Participant, the
Master Servicer shall cause any such Servicing Function Participant for the
benefit of the Depositor to comply with the provisions of Section 3.21 of this
Agreement to the same extent as if such Servicing Function Participant were the
Master Servicer. The Master Servicer shall be responsible for obtaining from
each such Servicing Function Participant and delivering to the applicable
Persons any Assessment of Compliance and related Attestation Report required to
be delivered by such Servicing Function Participant under Section 3.21, in each
case as and when required to be delivered.
Notwithstanding the foregoing, if the Master Servicer engages a
Subcontractor in connection with the performance of any of its duties under this
Agreement, the Master Servicer shall be responsible for determining whether such
Subcontractor is an Additional Servicer.
The Master Servicer shall indemnify the Depositor, the Sponsor, the
Trustee, the Custodian and the Securities Administrator and any of their
directors, officers, employees or agents and hold them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other costs, fees and
expenses that any of them may sustain in any way related to a breach of the
Master Servicer's obligation set forth in the preceding paragraph or the failure
of the Master Servicer to perform any of its obligations under this Section
3.02(f), Section 3.20, Section 3.21 or Section 3.22.
Section 3.03 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 on all
officers, employees or other persons involved in the performance of its
-111-
obligations as Master Servicer hereunder. These policies must insure the Master
Servicer against losses resulting from dishonest or fraudulent acts committed by
the Master Servicer's personnel, any employees of outside firms that provide
data processing services for the Master Servicer, and temporary contract
employees or student interns. No provision of this Section 3.03 requiring such
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 Xxxxxx Xxx in the Xxxxxx Mae
Servicing Guide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx' & Servicers'
Guide, as amended or restated from time to time, or in an amount as may be
permitted to the Master Servicer by express waiver of Xxxxxx Xxx or Xxxxxxx Mac.
In the event that any such policy or bond ceases to be in effect, the Master
Servicer shall obtain a comparable replacement policy or bond from an insurer or
issuer, meeting the requirements set forth above as of the date of such
replacement.
Section 3.04 Access to Certain Documentation.
The Master Servicer shall provide, and the Master Servicer shall cause each
Servicer to provide in accordance with the related Servicing Agreement, to the
OCC, the OTS, the FDIC and to comparable regulatory authorities supervising
Holders of Certificates and the examiners and supervisory agents of the OCC, the
OTS, the FDIC and such other authorities, access to the documentation required
by applicable regulations of the OCC, the OTS, the FDIC and such other
authorities with respect to the Mortgage Loans. Such access shall be afforded
without charge, but only upon reasonable and prior written request and during
normal business hours at the offices designated by the Master Servicer and the
related Servicer. In fulfilling such request for access, the Master Servicer
shall not be responsible to determine the sufficiency of any information
provided by such Servicer. Nothing in this Section 3.04 shall limit the
obligation of the Master Servicer and the related Servicer to observe any
applicable law and the failure of the Master Servicer or the related Servicer to
provide access as provided in this Section 3.04 as a result of such obligation
shall not constitute a breach of this Section 3.04.
Section 3.05 Maintenance of Primary Mortgage Insurance Policy; Claims.
(a) The Master Servicer shall not take, or permit any Servicer (to the
extent such action is prohibited under the applicable Servicing Agreement) to
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 or such Servicer, would have been covered thereunder. The Master
Servicer shall use its best reasonable efforts to cause each Servicer (to the
extent required under the related Servicing Agreement) 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 in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer (to the extent required under the related Servicing Agreement) to,
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 except in accordance with the provisions of this
Agreement and the related Servicing Agreement, as applicable.
-112-
(b) The Master Servicer agrees to present, or to cause each Servicer (to
the extent required under the related Servicing Agreement) to present, on behalf
of the Trust, the Trustee and 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
Sections 3.08 and 3.09, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Master Servicer Custodial Account, subject to withdrawal pursuant to Section
3.11.
Section 3.06 Rights of the Depositor, the Securities Administrator and the
Trustee in Respect of the Master Servicer.
The Depositor may, but is not obligated to, enforce the obligations of the
Master Servicer hereunder and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer hereunder
and in connection with any such defaulted obligation to exercise the related
rights of the Master Servicer hereunder; provided that the Master Servicer shall
not be relieved of any of its obligations hereunder by virtue of such
performance by the Depositor or its designee. None of the Securities
Administrator, the Trustee or the Depositor shall have any responsibility or
liability for any action or failure to act by the Master Servicer and the
Securities Administrator, the Trustee or the Depositor shall not be obligated to
supervise the performance of the Master Servicer hereunder or otherwise.
Section 3.07 Trustee to Act as Master Servicer.
(a) In the event the Master Servicer or any successor master servicer shall
for any reason no longer be the Master Servicer hereunder (including by reason
of an Event of Default), the Trustee as trustee hereunder shall within 90 days
of such time, assume, if it so elects, or shall appoint a successor Master
Servicer to assume, all of the rights and obligations of the Master Servicer
hereunder arising thereafter. Any such assumption shall be subject to Sections
7.02 and 8.05.
(b) The predecessor Master Servicer at its expense shall, upon request of
the Trustee, deliver to the assuming party all master servicing documents and
records and an accounting of amounts collected or held by the Master Servicer,
and shall transfer control of the Master Servicer Custodial Account and any
investment accounts to the successor Master Servicer, and otherwise use its best
efforts to effect the orderly and efficient transfer of its rights and duties as
Master Servicer hereunder to the assuming party. The Trustee shall be entitled
to be reimbursed from the predecessor Master Servicer (or the Trust if the
predecessor Master Servicer is unable to fulfill such obligations) for all
Master Servicing Transfer Costs.
Section 3.08 Servicer Custodial Accounts and Escrow Accounts.
(a) The Master Servicer shall enforce the obligation of each Servicer to
establish and maintain a Servicer Custodial Account in accordance with the
applicable Servicing Agreement, with records to be kept with respect thereto on
a loan by loan basis, into which accounts shall be deposited within 48 hours (or
as of such other time specified in the related Servicing Agreement) of receipt
-113-
all collections of principal and interest on any Mortgage Loan and all
collections with respect to any REO Property received by a Servicer, including
Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and
Advances made from the Servicer's own funds (less servicing compensation as
permitted by the applicable Servicing Agreement in the case of any Servicer) and
all other amounts to be deposited in the Servicer Custodial Account. The Master
Servicer is hereby authorized to make withdrawals from and deposits to the
related Servicer Custodial Account for purposes required or permitted by this
Agreement.
(b) The Master Servicer shall also enforce the obligation of each Servicer
to establish and maintain a Buy-Down Account in accordance with the applicable
Servicing Agreement, with records to be kept with respect thereto on a Mortgage
Loan by Mortgage Loan basis, into which accounts any Buy-Down Funds shall be
deposited within 48 hours (or as of such other time specified in the related
Servicing Agreement) of receipt thereof. In addition, the Master Servicer shall
enforce the obligation of each Servicer to withdraw from the Buy-Down Account
and deposit in immediately available funds in the Servicer Custodial Account an
amount which, when added to such Mortgagor's payment, will equal the full
monthly payment due under the related Mortgage Note.
(c) To the extent required by the related Servicing Agreement and by the
related Mortgage Note and not violative of current law, the Master Servicer
shall enforce the obligation of each Servicer to establish and maintain one or
more escrow accounts (for each Servicer, collectively, the "Escrow Account") and
deposit and retain therein all collections from the Mortgagors (or Advances by
such 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 Servicer to establish an Escrow Account
in violation of applicable law.
Section 3.09 Collection of Mortgage Loan Payments; Master Servicer
Custodial Account, Certificate Account, Cap Carryover Reserve Account, Class
1-A-16 Reserve Fund, Class 1-A-18 Reserve Fund and Interest Rate Cap Agreements.
(a) Continuously from the date hereof until the principal and interest on
all Mortgage Loans are paid in full, the Master Servicer shall enforce the
obligations of the Servicers to collect all payments due under the terms and
provisions of the Mortgage Loans when the same shall become due and payable to
the extent such procedures shall be consistent with the applicable Servicing
Agreement.
(b) The Securities Administrator shall establish and maintain the
Certificate Account, which shall be deemed to consist of ten sub-accounts and
into which the Master Servicer will deposit on or prior to 11:00 a.m. New York
time, on each Distribution Date (or, if the Securities Administrator is no
longer the same Person as, or an Affiliate of, the Master Servicer, the Business
Day preceding each Distribution Date) all amounts on deposit in the Master
Servicer Custodial Account for distribution to Certificateholders.
(c) The Master Servicer shall establish and maintain the Master Servicer
Custodial Account, which shall be an Eligible Account and which may be deemed to
be a sub-account of the Certificate Account for so long as the Master Servicer
and the Securities Administrator are the same person. The Master Servicer shall,
promptly upon receipt, deposit in the Master Servicer Custodial Account and
-114-
retain therein any amounts which are required to be deposited in the Master
Servicer Custodial Account by the Master Servicer.
(d) On a daily basis within one (1) Business Day of receipt (except as
otherwise specifically provided herein), the Master Servicer shall deposit or
cause to be deposited in the Master Servicer Custodial Account the following
payments and collections remitted to the Master Servicer by each Servicer from
its respective Servicer Custodial Account pursuant to the related Servicing
Agreement or otherwise or received by the Master Servicer in respect of the
related Mortgage Loans subsequent to the Cut-off Date (other than in respect of
principal and interest due on the related 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 of the related Mortgage
Loans, including Principal Prepayments;
(ii) all payments on account of interest on the related Mortgage
Loans, net of the related Administrative Fee;
(iii) (A) all related Insurance Proceeds and Liquidation Proceeds,
other than Insurance Proceeds to be (1) applied to the restoration or
repair of the Mortgaged Property, (2) released to the Mortgagor in
accordance with Customary Servicing Procedures or (3) required to be
deposited to an Escrow Account pursuant to Section 3.08 and (B) any
Insurance Proceeds released from an Escrow Account;
(iv) in the case of the Master Servicer Custodial Account, any amount
required to be deposited by the Master Servicer pursuant to Section 3.09(e)
in connection with any losses on Permitted Investments with respect to the
Master Servicer Custodial Account;
(v) any amounts relating to REO Property required to be remitted by
the applicable Servicer;
(vi) Periodic Advances made by the applicable Servicer pursuant to the
related Servicing Agreement (or, if applicable, by the Master Servicer or
the Trustee pursuant to Section 3.19 or the Trustee pursuant to Section
8.01) and any Compensating Interest paid by the applicable Servicer
pursuant to the related Servicing Agreement;
(vii) all related Purchase Prices, all related Substitution Adjustment
Amounts and all related Reimbursement Amounts to the extent received by the
Master Servicer;
(viii) any related Recoveries;
(ix) all Prepayment Charges collected by the Servicers in connection
with the voluntary Principal Prepayment in full of any related Mortgage
Loan;
(x) any related Buy-Down Funds required to be deposited pursuant to
Section 3.08; and
(xi) any other amounts required to be deposited hereunder.
-115-
If the Master Servicer shall deposit any amount not required to be deposited, it
may at any time withdraw such amount from the Master Servicer Custodial Account,
any provision herein to the contrary notwithstanding. All funds required to be
deposited in the Master Servicer Custodial Account shall be held by the Master
Servicer in trust for the Certificateholders until disbursed in accordance with
this Agreement or withdrawn in accordance with Section 3.11.
(e) Each institution at which the Master Servicer Custodial Account is
maintained shall invest the funds therein as directed in writing by the Master
Servicer in Permitted Investments, which shall mature not later than the
Business Day next preceding the Distribution Date (except that if such Permitted
Investment is an obligation of the institution that maintains such account, then
such Permitted Investment shall mature not later than such Distribution Date)
and, in each case, 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 Master Servicer Custodial Account
Reinvestment Income shall be for the benefit of the Master Servicer as part of
its master servicing compensation and shall be remitted to the Master Servicer
monthly as provided herein. The amount of any losses realized in the Master
Servicer Custodial Account incurred in any such account in respect of any such
investments shall promptly be deposited by the Master Servicer from its own
funds in the Master Servicer Custodial Account.
(f) Each institution at which the Certificate Account is maintained shall
invest the funds therein if directed in writing by the Securities Administrator
in Permitted Investments that are obligations of the institution that maintains
the Certificate Account, which shall mature on the Distribution 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 gains net of any losses realized since the
preceding Distribution Date from Permitted Investments of funds in the
Certificate Account shall be for the benefit of the Securities Administrator as
its compensation and the amount of any losses realized in the Certificate
Account in respect of any such Permitted Investments shall promptly be deposited
by the Securities Administrator from its own funds to the Certificate Account.
(g) The Master Servicer shall give notice to the Depositor, the Trustee,
the Securities Administrator and the Rating Agencies of any proposed change of
location of the Master Servicer Custodial Account not later than 30 days after
and not more that 45 days prior to any change thereof. The Securities
Administrator shall give notice to the Depositor, the Trustee, the Master
Servicer and the Rating Agencies of any proposed change of the location of the
Certificate Account maintained by the Securities Administrator not later than 30
days after and not more than 45 days prior to any change thereof. The creation
of the Master Servicer Custodial Account and the Certificate Account shall be
evidenced by a certification substantially in the form attached hereto as
Exhibit F.
(h) The Securities Administrator shall designate each of the Lower-Tier II
Certificate Sub-Account, the Middle-Tier II Certificate Sub-Account, the
Upper-Tier II Certificate Sub-Account, the Shifting Interest Lower-Tier
Certificate Sub-Account, the Shifting Interest Middle-Tier Certificate
Sub-Account and the Shifting Interest Upper-Tier Certificate Sub-Account as a
sub-account of the Certificate Account.
-116-
(i) On each Distribution Date (other than the Final Distribution Date,
if such Final Distribution Date is in connection with a purchase of the
assets of the Trust Estate by the Depositor), the Securities Administrator
shall (A) from funds available on deposit in the Certificate Account, be
deemed to deposit into the Shifting Interest Lower-Tier Certificate
Sub-Account, all funds deemed on deposit in the Loan Group 1 Sub-Account
and the Loan Group 2 Sub-Account; (B) immediately thereafter, be deemed to
deposit into the Shifting Interest Middle-Tier Certificate Sub-Account, the
Shifting Interest Lower-Tier Distribution Amount; and (C) immediately
thereafter, be deemed to deposit into the Shifting Interest Upper-Tier
Certificate Sub-Account, the Shifting Interest Middle-Tier Distribution
Amount.
(ii) On each Distribution Date (other than the Final Distribution
Date, if such Final Distribution Date is in connection with a purchase of
the assets of the Trust Estate by the Depositor), the Securities
Administrator shall (A) from funds available on deposit in the Certificate
Account, be deemed to deposit into the Lower-Tier II Certificate
Sub-Account, all funds deemed on deposit in the Loan Group T2 Sub-Account,
(B) immediately thereafter, be deemed to deposit into the Middle-Tier II
Certificate Sub-Account, the Lower-Tier II Distribution Amount, and (C)
immediately, thereafter, be deemed to deposit into the Upper-Tier II
Certificate Sub-Account the Middle-Tier II Distribution Amount.
(i) No later than the Closing Date, the Securities Administrator shall
establish and maintain the Cap Carryover Reserve Account. On each Distribution
Date as to which there is a Cap Carryover Amount payable to the Offered
Overcollateralized Certificates or the Class T-B-1 Certificates, the Securities
Administrator has been directed by the Holders of the Class CE Certificates to,
and therefore will, deposit into the Cap Carryover Reserve Account the amounts
described in Section 5.03(c)(i) priority fifth, rather than distributing such
amounts to the Holders of the Class CE Certificates.
For federal and state income tax purposes, the Holders of the Class CE
Certificates will be deemed to be the owners of the Cap Carryover Reserve
Account and the Cap Carryover Reserve Account will be an asset of the Class CE
Grantor Trust as provided in Section 5.12 and all amounts deposited into the Cap
Carryover Reserve Account shall be treated as amounts distributed by the
Upper-Tier II REMIC with respect to the Class CE Upper-Tier II Regular Interest.
Upon a termination relating to the Overcollateralized Certificates pursuant to
Section 10.01 or the payment in full of the Offered Overcollateralized
Certificates and the Class T-B-1 Certificates, all amounts remaining on deposit
in the Cap Carryover Reserve Account will be released by the Trust Estate and
distributed to the Holders of the Class CE Certificates or their designees. The
Cap Carryover Reserve Account will be part of the Trust Estate but not part of
any REMIC created hereunder and any payments to the Holders of the Offered
Overcollateralized Certificates or the Class T-B-1 Certificates of Cap Carryover
Amounts will not be payments with respect to a "regular interest" in a REMIC
within the meaning of Code Section 860G(a)(1). The Cap Carryover Reserve Account
is an "outside reserve fund" within the meaning of Treasury Regulation Section
1.860G-2(h).
By accepting a Class CE Certificate, each Holder of a Class CE Certificate
hereby agrees to direct the Securities Administrator, and the Securities
Administrator hereby is directed, to deposit into the Cap Carryover Reserve
-117-
Account the amounts described above on each Distribution Date as to which there
is any Cap Carryover Amount rather than distributing such amounts to the Holders
of the Class CE Certificates. By accepting a Class CE Certificate, each Holder
of a Class CE Certificate further agrees that such direction is given for good
and valuable consideration, the receipt and sufficiency of which is acknowledged
by such acceptance. Amounts held in the Cap Carryover Reserve Account shall be
held uninvested.
For federal tax return and information reporting, the value of the right of
the Holders of the Offered Overcollateralized Certificates and the Class T-B-1
Certificates to receive payments from the Cap Carryover Reserve Account in
respect of any Cap Carryover Amount shall be assumed to have a value of zero as
of the Closing Date unless and until required otherwise by an applicable taxing
authority.
(j) (i) The Securities Administrator shall establish and maintain the Class
1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund, each held in trust for
the benefit of the Holders of the Class 1-A-16 and the Class 1-A-18
Certificates, respectively. The Securities Administrator shall deposit in the
Class 1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund, as applicable, on
the date received by it the related Interest Rate Cap Agreement Payment, if any,
received from the Cap Provider for the related Distribution Date. Funds on
deposit in the Class 1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund shall
remain uninvested. On each Distribution Date, the Securities Administrator shall
withdraw from the Class 1-A-16 Reserve Fund or the Class 1-A-18 Reserve Fund, as
applicable, the related Interest Rate Cap Agreement Payment, if any, received in
respect of such Distribution Date and shall distribute such amount to the Class
1-A-16 or the Class 1-A-18 Certificates, as applicable.
(ii) The Securities Administrator and the Trustee shall account for
the Class 1-A-16 Reserve Fund, the Class 1-A-18 Reserve Fund, the Class
1-A-16 Interest Rate Cap Agreement and the Class 1-A-18 Interest Rate Cap
Agreement and the rights with respect thereto as, for federal income tax
purposes, a "grantor trust" as described in Subpart E of Part I of
Subchapter J of the Code and Treasury Regulation ss.301.7701-4(c)(2) and
not as assets of any REMIC created pursuant to this Agreement. The
Securities Administrator shall apply for a taxpayer identification number
on IRS Form SS-4 and any similarly required state or local forms. The
Securities Administrator shall furnish or caused to be furnished to the
Holders of the Class 1-A-16 and the Class 1-A-18 Certificates and shall
file or cause to be filed such forms as may be required by the Code and
regulations promulgated thereunder and any similar state or local laws with
respect to the allocable shares of income and expenses with respect to the
assets of the grantor trust at the time and in the manner required by the
Code and regulations promulgated thereunder and any similar state or local
laws. The beneficial owners of the Class 1-A-16 Interest Rate Cap
Agreement, the Class 1-A-18 Interest Rate Cap Agreement, the Class 1-A-16
Reserve Fund and the Class 1-A-18 Reserve Fund are the Holders of the Class
1-A-16 and Class 1-A-18 Certificates, respectively. Each of the Class
1-A-16 Reserve Fund and the Class 1-A-18 Reserve Fund is an "outside
reserve fund" within the meaning of Treasury Regulations Section
1.860G-2(h) that is owned by the holders of the Class 1-A-16 and the Class
1-A-18 Certificates, respectively.
-118-
(iii) Any amounts in the Class 1-A-16 Reserve Fund and the Class
1-A-18 Reserve Fund paid by the Securities Administrator pursuant to this
Section 3.09(j) to the Class 1-A-16 and Class 1-A-18 Certificates, as
applicable, shall be accounted for by the Securities Administrator as
amounts paid to the Class 1-A-16 and Class 1-A-18 Certificates from, for
federal income tax purposes, a grantor trust as described in Subpart E of
Part I of Subchapter J of the Code and Treasury Regulation
ss.301.7701-4(c)(2) unless required otherwise by applicable law or an
applicable taxing authority. The Securities Administrator shall prepare or
cause to be prepared, shall execute or cause to be executed by such Person
as is required by the Code, Treasury Regulations or state or local tax
laws, regulations or rules and shall file or cause to be filed with the
Internal Revenue Service and applicable state or local tax authorities, all
of the tax returns in respect of such grantor trusts. In addition, the
Securities Administrator shall account for the rights of the Class 1-A-16
and Class 1-A-18 Certificates to receive amounts in respect of the Class
1-A-16 Interest Rate Cap Agreement and the Class 1-A-18 Interest Rate Cap
Agreement, respectively, as a right in a limited recourse interest rate cap
contract written by the Cap Provider in favor of the Class 1-A-16 and Class
1-A-18 4 Certificates, respectively. Thus, for tax purposes, each Class
1-A-16 and Class 1-A-18 Certificate shall be treated as representing not
only ownership of a "regular interest" in the related REMIC within the
meaning of Code Section 860G(a)(1), but also ownership of an interest in a
notional principal contract.
(iv) For federal tax return and information reporting purposes, the
right of the Holders of the Class 1-A-16 and Class 1-A-18 Certificates to
receive payments under the Class 1-A-16 Interest Rate Cap Agreement or
Class 1-A-18 Interest Rate Cap Agreement, as applicable, shall be assumed
to have a value of zero as of the Closing Date unless and until required
otherwise by an applicable taxing authority.
Section 3.10 Access to Certain Documentation and Information Regarding the
Mortgage Loans.
The Master Servicer shall afford and shall enforce the obligation of the
Servicers to afford the Securities Administrator and the Trustee reasonable
access to all records and documentation regarding the Mortgage Loans and all
accounts, insurance information and other matters relating to this Agreement,
such access being afforded without charge, but only upon reasonable request and
during normal business hours at the office designated by the Master Servicer or
the applicable Servicer.
Section 3.11 Permitted Withdrawals from the Certificate Account and the
Master Servicer Custodial Account.
(a) The Securities Administrator shall withdraw funds from the Certificate
Account for distributions to Certificateholders in the manner specified in this
Agreement. In addition, the Master Servicer may from time to time make
withdrawals from the Master Servicer Custodial Account for the following
purposes:
-119-
(i) to pay to the Servicers (to the extent not previously retained by
them), the Servicing Fee to which they are entitled pursuant to the
Servicing Agreements and to pay itself any Master Servicer Custodial
Account Reinvestment Income;
(ii) to pay to the Securities Administrator and the Trustee any
amounts due to the Securities Administrator and the Trustee under this
Agreement (including, but not limited to, all amounts provided for under
Section 3.02, Section 3.07, Section 8.05 and Section 9.11, other than the
amounts provided for in the first sentence of Section 9.11);
(iii) to reimburse the Servicers (or, if applicable, itself or the
Trustee) for unreimbursed Advances made pursuant to the related Servicing
Agreement (or in the case of itself or the Trustee, pursuant to Section
3.19 or Section 8.01, as applicable), such right of reimbursement pursuant
to this clause (iii) being limited first to amounts received on the
Mortgage Loans serviced by such Servicer in the related Loan Group in
respect of which any such Advance was made and then limited to amounts
received on all the Mortgage Loans serviced by such Servicer (or, if
applicable, the Master Servicer or the Trustee) in respect of which any
such Advance was made;
(iv) to reimburse the Servicers (or, if applicable, itself or the
Trustee) for any Nonrecoverable Advance previously made, such right of
reimbursement pursuant to this clause (iv) being limited first to amounts
received on the Mortgage Loans in the same Loan Group as the Mortgage
Loan(s) in respect of which such Nonrecoverable Advance was made and then
limited to amounts received on all the Mortgage Loans serviced by such
Servicer (of, if applicable, the Master Servicer or the Trustee);
(v) to reimburse the Servicers for Insured Expenses from the related
Insurance Proceeds;
(vi) to pay to the purchaser, with respect to each Mortgage Loan or
REO Property that has been purchased pursuant to Section 2.02 or 2.04, all
amounts received thereon after the date of such purchase;
(vii) to reimburse itself or the Depositor for expenses incurred by
either of them and reimbursable pursuant to this Agreement, including but
not limited to, Section 3.02 and Section 7.03;
(viii) to withdraw any amount deposited in the Master Servicer
Custodial Account and not required to be deposited therein; and
(ix) to clear and terminate the Master Servicer Custodial Account upon
termination of this Agreement pursuant to Section 10.01.
If the Master Servicer shall remit to the Securities Administrator any amount
not required to be remitted, it may at any time direct the Securities
Administrator to withdraw such amount from the Certificate Account, any
provision herein to the contrary notwithstanding. Such direction may be
accomplished by delivering an Officer's Certificate to the Securities
-120-
Administrator which describes the amounts remitted in error to the Securities
Administrator for deposit to the Certificate Account.
(b) On each Distribution Date, funds on deposit in the Certificate Account
and deemed to be on deposit in the Shifting Interest Upper-Tier Certificate
Sub-Account shall be used to make payments on the Shifting Interest Upper-Tier
Interests as provided in Sections 5.01 and 5.02, and funds on deposit in the
Certificate Account and deemed to be on deposit in the Upper-Tier II Certificate
Sub-Account shall be used to make payments on the Upper-Tier II Interests as
provided in Sections 5.01 and 5.03. The Certificate Account shall be cleared and
terminated upon termination of this Agreement pursuant to Section 10.01.
Section 3.12 Maintenance of Hazard Insurance and Other Insurance.
(a) For each Mortgage Loan, the Master Servicer shall enforce any
obligation of the Servicers under the related Servicing Agreements to maintain
or cause to be maintained fire, flood and hazard insurance with extended
coverage customary in the area where the Mortgaged Property is located in
accordance with the related Servicing Agreements. It is understood and agreed
that such insurance provided for in this Section 3.12 shall be with insurers
meeting the eligibility requirements set forth in the applicable Servicing
Agreement and that no earthquake or other additional insurance is to be required
of any Mortgagor or to be maintained on property acquired in respect of a
defaulted loan, other than pursuant to such applicable laws and regulations as
shall at any time be in force and as shall require such additional insurance.
(b) Pursuant to Sections 3.08 and 3.09, any amounts collected by the Master
Servicer, or by any Servicer, under any insurance policies (other than amounts
to be applied to the restoration or repair of the property subject to the
related Mortgage or released to the Mortgagor in accordance with the applicable
Servicing Agreement) shall be deposited into the Master Servicer Custodial
Account, subject to withdrawal pursuant to Sections 3.09 and 3.11. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Sections 3.08 and 3.09.
Section 3.13 Presentment of Claims and Collection of Proceeds.
The Master Servicer shall (to the extent provided in the applicable
Servicing Agreement) cause the related Servicer to, prepare and present on
behalf of the Trust 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 policies. Any proceeds disbursed to the Master
Servicer (or disbursed to a Servicer and remitted to the Master Servicer) in
respect of such policies, bonds or contracts shall be promptly deposited in the
Master Servicer Custodial 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
-121-
Mortgage Loan to the insurer under any applicable Insurance Policy need not be
so deposited (or remitted).
Section 3.14 Enforcement of Due-On-Sale Clauses; Assumption Agreements.
To the extent provided in the applicable Servicing Agreement and to the
extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
Servicer shall cause the Servicers to enforce such clauses in accordance with
the applicable Servicing Agreement. If applicable law prohibits the enforcement
of a due-on-sale clause or such clause is otherwise not enforced in accordance
with the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
is assumed, the original Mortgagor may be released from liability in accordance
with the applicable Servicing Agreement.
Section 3.15 Realization Upon Defaulted Mortgage Loans; REO Property.
(a) The Master Servicer shall cause each Servicer (to the extent required
under the related Servicing Agreement) to foreclose upon or otherwise comparably
convert the ownership of Mortgaged 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, all in
accordance with the applicable Servicing Agreement.
(b) With respect to any REO Property, the deed or certificate of sale shall
be taken in the name of the Trust for the benefit of the Certificateholders, or
its nominee, on behalf of the Certificateholders. The Master Servicer shall
enforce the obligation of the Servicers, to the extent provided in the
applicable Servicing Agreement, to (i) cause the name of the Trust to be placed
on the title to such REO Property and (ii) ensure that the title to such REO
Property references this Agreement. The Master Servicer shall, to the extent
provided in the applicable Servicing Agreement, cause the applicable Servicer to
sell any REO Property as expeditiously as possible and in accordance with the
provisions of this Agreement and the related Servicing Agreement, as applicable.
Pursuant to its efforts to sell such REO Property, the Master Servicer shall
cause the applicable Servicer to protect and conserve such REO Property in the
manner and to the extent required by the applicable Servicing Agreement, subject
to the REMIC Provisions. In the event that the Trust Estate acquires any
Mortgaged Property as aforesaid or otherwise in connection with a default or
imminent default on a Mortgage Loan, the Master Servicer shall enforce the
obligation of the related Servicer to dispose of such Mortgaged Property within
the time period specified in the applicable Servicing Agreement, but in any
event within three years after the acquisition by the Servicer for the Trust
(such period, the "REO Disposition Period") unless (i) the Servicer provides to
the Trustee, the Master Servicer and the Securities Administrator an Opinion of
Counsel to the effect that the holding by the Trust of such Mortgaged Property
subsequent to three years after its acquisition will not result in the
imposition of taxes on "prohibited transactions" of the Trust as defined in
Section 860F of the Code or under the law of any state in which real property
securing a Mortgage Loan owned by the Trust is located or cause any REMIC
created hereunder to fail to qualify as a REMIC for federal income tax purposes
or for state tax purposes under the laws of any state in which real property
securing a Mortgage Loan owned by the Trust is located at any time that any
Certificates are outstanding or (ii) the Servicer shall have applied for and
received an extension of such period from the Internal Revenue Service, in which
-122-
case the Trust Estate may continue to hold such Mortgaged Property for the
period of such extension.
(c) The Master Servicer shall, to the extent required by the related
Servicing Agreement, cause the applicable Servicer to deposit all funds
collected and received in connection with the operation of any REO Property in
the Servicer Custodial Account.
(d) The applicable Servicer, upon the final disposition of any REO
Property, shall be entitled to reimbursement for any related unreimbursed
Advances and other unreimbursed advances as well as any unpaid Servicing Fees
from Liquidation Proceeds received in connection with the final disposition of
such REO Property; provided that any such unreimbursed Advances 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.
(e) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the applicable Servicer as provided above shall
be deposited in the related Servicer Custodial Account on or prior to the
Determination Date in the month following receipt thereof and be remitted by
wire transfer in immediately available funds to the Master Servicer for deposit
into the Master Servicer Custodial Account.
Notwithstanding any other provision of this Agreement, the Master Servicer
shall not permit any Mortgaged Property acquired by the Trust to be rented (or
allowed to continue to be rented) or otherwise used for the production of income
by or on behalf of the Trust 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, (ii) result in
the receipt by any REMIC created hereunder of any "income from non-permitted
assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net
income from foreclosure property" which is subject to taxation under the REMIC
Provisions or (iii) subject any REMIC created hereunder 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 or related Servicer, as applicable, has agreed to indemnify and hold
harmless the Trust with respect to the imposition of any such taxes.
Notwithstanding any other provision of this Agreement, the Master Servicer
and the Securities Administrator, as applicable, shall comply with all federal
withholding requirements with respect to payments to Certificateholders of
interest or original issue discount that the Master Servicer or the Securities
Administrator reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for any such withholding. Without
limiting the foregoing, the Securities Administrator agrees that it will not
withhold with respect to payments of interest or original issue discount in the
case of a Certificateholder that has furnished or caused to be furnished an
effective Form W-8 or an acceptable substitute form or a successor form and who
is not a "10 percent shareholder" within the meaning of Code Section
871(h)(3)(B) or a "controlled foreign corporation" described in Code Section
881(c)(3)(C) with respect to the Trust or the Depositor. In the event the
Securities Administrator withholds any amount from interest or original issue
-123-
discount payments or advances thereof to any Certificateholder pursuant to
federal withholding requirements, the Securities Administrator shall indicate
the amount withheld to such Certificateholder.
Section 3.16 Trustee to Cooperate; Release of Mortgage Files.
Upon the payment in full of any Mortgage Loan, or the receipt by the Master
Servicer or the related Servicer of a notification that payment in full will be
escrowed in a manner customary for such purposes, the Master Servicer or the
related Servicer will immediately notify the Trustee (or, at the direction of
the Trustee, a Custodian) by delivering, or causing to be delivered, two copies
(one of which will be returned to the related Servicer with the Mortgage File)
of a Request for Release (which may be delivered in an electronic format
acceptable to the Trustee and the Master Servicer or the related Servicer). Upon
receipt of such request, the Trustee or a Custodian, as applicable, shall within
seven (7) Business Days release the related Mortgage File to the Master Servicer
or the related Servicer. The Trustee shall at the Master Servicer's or the
related Servicer's direction execute and deliver to the Master Servicer or the
related Servicer the request for reconveyance, deed of reconveyance or release
or satisfaction of mortgage or such instrument releasing the lien of the
Mortgage relating to the Mortgage Loan, in each case provided by the Master
Servicer or the related Servicer, together with the Mortgage Note with written
evidence of cancellation thereon. If the Mortgage has been recorded in the name
of MERS or its designee, the Master Servicer shall enforce the applicable
Servicer's obligation under the related Servicing Agreement take all necessary
action to reflect the release of the Mortgage on the records of MERS. Expenses
incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the related Mortgagor of the Mortgage Loan.
From time to time and as shall be appropriate for the servicing or
foreclosure of any Mortgage Loan, including for such purpose collection under
any Primary Mortgage Insurance Policy, any policy of flood insurance, any
fidelity bond or errors or omissions policy, or for the purposes of effecting a
partial release of any Mortgaged Property from the lien of the Mortgage or the
making of any corrections to the Mortgage Note or the Mortgage or any of the
other documents included in the Mortgage File, the Trustee or a Custodian, as
applicable, shall, upon delivery to the Trustee (or, at the direction of the
Trustee, a Custodian) of a Request for Release signed by a Master Servicing
Officer or a Servicing Officer, release the Mortgage File within seven (7)
Business Days to the Master Servicer or the related Servicer. Subject to the
further limitations set forth below, the Master Servicer or the applicable
Servicer shall cause the Mortgage Files so released to be returned to the
Trustee or a Custodian, as applicable, when the need therefor no longer exists,
unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in
the related Servicer Custodial Account, in which case such Servicer shall
deliver to the Trustee or a Custodian, as applicable, a Request for Release,
signed by a Servicing Officer.
If the Master Servicer or any related Servicer at any time seeks to
initiate a foreclosure proceeding in respect of any Mortgaged Property as
authorized by this Agreement or the Servicing Agreement, the Master Servicer or
any related Servicer shall deliver or cause to be delivered to the Trustee, for
signature, as appropriate, any court pleadings, requests for trustee's sale or
other documents necessary to effectuate such foreclosure or any legal action
brought to obtain judgment against the Mortgagor on the Mortgage Note or the
Mortgage or to obtain a deficiency judgment or to enforce any other remedies or
-124-
rights provided by the Mortgage Note or the Mortgage or otherwise available at
law or in equity.
Section 3.17 Documents, Records and Funds in Possession of the Master
Servicer to be Held for the Trustee.
Notwithstanding any other provisions of this Agreement, the Master Servicer
shall cause each Servicer to transmit to the Trustee (or a Custodian on behalf
of the Trustee) as required by this Agreement and the Servicing Agreements all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the Servicer from time to time and shall account fully to the
Trustee for any funds received by the Master Servicer or the related Servicer or
which otherwise are collected by the Master Servicer or the related Servicer as
Liquidation Proceeds, Recoveries or Insurance Proceeds in respect of any
Mortgage Loan. All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer or the related Servicer in respect of any
Mortgage Loans, whether from the collection of principal and interest payments
or from Liquidation Proceeds, including but not limited to, any funds on deposit
in the Master Servicer Custodial Account or any Servicer Custodial Account,
shall be held by the Master Servicer or the related Servicer for and on behalf
of the Trustee and shall be and remain the sole and exclusive property of the
Trustee on behalf of the Trust, subject to the applicable provisions of this
Agreement and the related Servicing Agreement. The Master Servicer also agrees
that it shall not, and shall enforce any requirement under the related Servicing
Agreement that the related Servicer shall not, knowingly create, incur or
subject any Mortgage File or any funds that are deposited in any Master Servicer
Custodial Account, any Servicer Custodial Account, the Certificate Account or
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
created by the Master Servicer or Servicer, or assert by legal action or
otherwise any claim or right of setoff 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 3.18 Master Servicer Compensation.
As compensation for its services hereunder, the Master Servicer shall be
entitled to compensation in the form of the Master Servicer Custodial Account
Reinvestment Income. The Master Servicer shall be required to pay all expenses
incurred by it in connection with its master servicing activities hereunder and
shall not be entitled to reimbursement therefor except as specifically provided
in this Agreement.
Section 3.19 Advances.
The Master Servicer shall enforce the obligations of each Servicer to make
a Periodic Advance in accordance with the applicable Servicing Agreement. A
Servicer shall be entitled to be reimbursed from the applicable Servicer
Custodial Account for all Advances of its own funds made pursuant to the related
Servicing Agreement. Based upon information set forth in the servicer reports,
the Master Servicer shall inform the Securities Administrator of the amount of
-125-
the Periodic Advance to be made by a Servicer no later than the related
Remittance Date. If a Servicer fails to make any required Periodic Advance
pursuant to the related Servicing Agreement, the Master Servicer shall (i)
unless the Master Servicer determines that such Periodic Advance would not be
recoverable in its good faith business judgment, make such Periodic Advance not
later than the Business Day preceding the related Distribution Date and (ii) to
the extent such failure leads to the termination of the Servicer and until such
time as a successor Servicer is appointed, continue to make Periodic Advances
required pursuant to the related Servicing Agreement for any Distribution Date,
within the same time frame set forth in (i) above, unless the Master Servicer
determines (to the extent provided in the related Servicing Agreement) that such
Periodic Advance would not be recoverable. If the Master Servicer is unable to
make a Periodic Advance required to be made by it in accordance with this
Section 3.19, the Master Servicer shall immediately, and in no event later than
5:00 P.M. New York time on the last Business Day preceding the related
Distribution Date, give written notice thereof to the Trustee, the Securities
Administrator and the Depositor.
Section 3.20 Annual Statement as to Compliance.
(a) Each of the Master Servicer and the Securities Administrator shall
deliver, and shall cause any Additional Servicer engaged by it to deliver, or
otherwise make available to the Depositor and the Securities Administrator (and
the Securities Administrator will make available to the Trustee and each Rating
Agency), no later than March 15th of each calendar year beginning in 2008, an
Officer's Certificate (each, together with such similar certificate delivered by
each Servicer as described in Section 3.20(b), a "Compliance Statement"), signed
by an officer of such party, stating, as to the signer thereof, that (a) a
review of the activities of such party during the preceding calendar year or
portion thereof and of performance of such party under this Agreement or such
applicable agreement in case of an Additional Servicer has been made under such
officers' supervision and (b) to the best of such officer's knowledge, based on
such review, such party has fulfilled all of its obligations under this
Agreement or such applicable agreement in case of an Additional Servicer 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 thereof. Such Compliance
Statements shall contain no restrictions or limitations on their use. The
obligations of the Master Servicer and the Securities Administrator under this
Section apply to each entity that acted as Master Servicer or Securities
Administrator, as applicable, during the applicable period, whether or not such
entity is acting as Master Servicer or Securities Administrator at the time such
Compliance Statement is required to be delivered.
(b) In the event the Master Servicer or the Securities Administrator is
terminated or resigns pursuant to the terms of this Agreement, such party shall
provide, and shall use its reasonable efforts to cause any Additional Servicer
that resigns or is terminated under any applicable servicing agreement to
provide, a Compliance Statement pursuant to this Section 3.20 with respect to
the period of time that the Master Servicer or the Securities Administrator was
subject to this Agreement or such applicable agreement in the case of an
Additional Servicer or the period of time that the Additional Servicer was
subject to such other servicing agreement. The Master Servicer shall enforce any
obligation of each Servicer, to the extent set forth in the related Servicing
Agreement, to deliver to the Master Servicer a Compliance Statement within the
time frame set forth in, and in such form and substance as may be required
pursuant to, the related Servicing Agreement. The Master Servicer shall include
-126-
such Compliance Statements of the Servicers with its own Compliance Statement to
be submitted pursuant to this Section 3.20.
Section 3.21 Assessments of Compliance and Attestation Reports.
(a) Each of the Master Servicer, the Securities Administrator and the
Custodian, each at its own expense, shall deliver, and shall cause each
Servicing Function Participant engaged by it to deliver, or otherwise make
available to the Depositor and the Securities Administrator on or before March
15th of each calendar year beginning in 2008, a report regarding such party's
assessment of compliance with the Relevant Servicing Criteria (each, together
with such similar report delivered by each Servicer as described in Section
3.21(c), an "Assessment of Compliance") that contains (i) a statement by such
party of its responsibility for assessing compliance with the Relevant Servicing
Criteria, (ii) a statement that such party used the Relevant Servicing Criteria
to assess compliance with the Relevant Servicing Criteria, (iii) such party's
assessment of compliance with the Relevant Servicing Criteria as of and for the
fiscal year covered by the Form 10-K required to be filed pursuant to Section
3.22(c), including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the
nature and status thereof and (iv) a statement that a registered public
accounting firm has issued an attestation report on such party's assessment of
compliance with the Relevant Servicing Criteria as of and for such period.
No later than February 1 of each fiscal year for the Trust for which a 10-K
is required to be filed, the Master Servicer, the Securities Administrator and
the Custodian shall each forward to the Depositor and the Securities
Administrator the name of each Servicing Function Participant engaged by it and
what Relevant Servicing Criteria will be addressed in the report on assessment
of compliance prepared by such Servicing Function Participant. When the Master
Servicer, the Securities Administrator and the Custodian (or any Servicing
Function Participant engaged by them) submit their assessments to the Depositor
and the Securities Administrator, such parties will also at such time include
the assessment (and attestation pursuant to Section 3.21(b)) of each Servicing
Function Participant engaged by it.
Promptly after receipt of such Assessments of Compliance, the Securities
Administrator shall confirm that the Assessments of Compliance, taken
individually address the Relevant Servicing Criteria for each party as set forth
on Exhibit N and on any similar exhibit set forth in each Servicing Agreement in
respect of each Servicer and notify the Depositor of any exceptions. None of
such parties shall be required to deliver any such Assessments of Compliance
until April 15 in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of
the Trust for the preceding calendar year. The Custodian and any Servicing
Function Participant engaged by it shall not be required to deliver or cause the
delivery of such Assessments of Compliance in any given year so long as it has
received written confirmation from the Depositor that a Form 10-K is not
required to be filed in respect of the Trust for the preceding fiscal year.
(b) Each of the Master Servicer, the Securities Administrator and the
Custodian, each at its own expense, shall cause, and shall cause each Servicing
Function Participant engaged by it to cause, on or before March 15th of each
calendar year beginning in 2008, a registered public accounting firm (which may
also render other services to the Master Servicer, the Securities Administrator,
-127-
the Custodian or such other Servicing Function Participants, as the case may be)
and that is a member of the American Institute of Certified Public Accountants
to furnish a report (each, together with such similar report delivered by each
Servicer as described in Section 3.21(c), an "Attestation Report") to the
Securities Administrator and the Depositor, to the effect that (i) it has
obtained a representation regarding certain matters from the management of such
party, which includes an assertion that such party has complied with the
Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
by such firm in accordance with standards for attestation engagements issued or
adopted by the Public Company Accounting Oversight Board, it is expressing an
opinion as to whether such party's compliance with the Relevant Servicing
Criteria was fairly stated in all material respects, or it cannot express an
overall opinion regarding such party's assessment of compliance with the
Relevant Servicing Criteria. In the event that an overall opinion cannot be
expressed, such registered public accounting firm shall state in such
Attestation Report why it was unable to express such an opinion. Each such
related Attestation Report shall be made in accordance with Rules 1-02(a)(3) and
2-02(g) of the Commission's Regulation S-X. Such Attestation Reports must be
available for general use and not contain restricted use language. If requested
by the Depositor, such report shall contain or be accompanied by a consent of
such accounting firm to inclusion or incorporation of such report in the
Depositor's registration statement on Form S-3 relating to the Offered
Certificates and the Form 10-K for the Trust.
Promptly after receipt of such Attestation Reports, the Securities
Administrator shall confirm that each Assessment of Compliance is coupled with a
related Attestation Report and shall notify the Depositor of any exceptions.
None of the Master Servicer, the Securities Administrator or any Servicing
Function Participant engaged by such parties shall be required to deliver or
cause the delivery of such Attestation Reports until April 15 in any given year
so long as it has received written confirmation from the Depositor that a Form
10-K is not required to be filed in respect of the Trust for the preceding
fiscal year. The Custodian and any Servicing Function Participant engaged by it
shall not be required to deliver or cause the delivery of such Attestation
Report in any given year so long as it has received written confirmation from
the Depositor that a Form 10-K is not required to be filed in respect of the
Trust for the preceding fiscal year.
(c) The Master Servicer shall enforce any obligation of each Servicer, to
the extent set forth in the related Servicing Agreement, to deliver to the
Master Servicer an Assessment of Compliance and related Attestation Report
within the time frame set forth in, and in such form and substance as may be
required pursuant to, the related Servicing Agreement. The Master Servicer shall
include such Assessments of Compliance and Attestation Reports of the Servicers
with its own Assessment of Compliance and related Attestation Report to be
submitted pursuant to this Section 3.21.
(d) In the event the Master Servicer, the Custodian or the Securities
Administrator is terminated or resigns pursuant to the terms of this Agreement,
such party shall provide, and each such party shall cause any Servicing Function
Participant engaged by it to provide, an Assessment of Compliance pursuant to
this Section 3.21, coupled with an Attestation Report as required in this
Section 3.21 with respect to the period of time that the Master Servicer or the
Securities Administrator was subject to this Agreement.
-128-
Section 3.22 Reports to the Commission.
(a) The Securities Administrator and the Master Servicer shall reasonably
cooperate with the Depositor in connection with the Trust's satisfying its
reporting requirements under the Exchange Act. Without limiting the generality
of the foregoing, the Securities Administrator shall prepare and file on behalf
of the Trust any Form 8-K, Form 10-D and Form 10-K required by the Exchange Act
and the rules and regulations of the Commission thereunder, and the Master
Servicer shall sign such Forms on behalf of the Trust. Notwithstanding the
previous sentence, the Depositor shall file the Form 8-K in connection with the
filing of this Agreement.
(b) Within 15 days after each Distribution Date (subject to permitted
extensions under the Exchange Act), the Securities Administrator shall prepare
and file on behalf of the Trust any Form 10-D required by the Exchange Act, in
form and substance as required by the Exchange Act. The Securities Administrator
shall file each Form 10-D with a copy of the Monthly Statement for such
Distribution Date attached thereto. Any disclosure in addition to the Monthly
Statement for such Distribution Date that is required to be included on Form
10-D ("Additional Form 10-D Disclosure") shall be reported by the parties set
forth on Exhibit O hereto to the Depositor and the Securities Administrator and
directed and approved by the Depositor pursuant to the following paragraph, and
the Securities Administrator will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-D Disclosure, except as
set forth in this Section 3.22(b).
As set forth on Exhibit O hereto, within 5 calendar days after the related
Distribution Date, (i) the parties described on Exhibit O shall be required to
provide to the Securities Administrator (at xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
with a copy by facsimile to 410-715-2380) and the Depositor, to the extent known
by a responsible officer thereof, in XXXXX-compatible format, or in such other
format as otherwise agreed upon by the Securities Administrator and such party,
any Additional Form 10-D Disclosure, if applicable, together with an Additional
Disclosure Notification in the form of Exhibit S and (ii) the Depositor shall
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 Securities
Administrator shall compile all such information provided to it in a Form 10-D
prepared by it. The Securities Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Exhibit O of their
duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-D Disclosure information. The Depositor will be
responsible for any reasonable fees and expenses assessed or incurred by the
Securities Administrator in connection with including any Additional Form 10-D
Disclosure on Form 10-D pursuant to this paragraph.
After preparing the Form 10-D, the Securities Administrator shall, upon
request, forward electronically a copy of the Form 10-D to the Master Servicer
for review and, only if Additional Form 10-D Disclosure is contained therein,
the Securities Administrator shall forward such Form 10-D to the Depositor for
review. Within 2 Business Days after receipt of such copy, the Depositor shall
notify the Securities Administrator in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-D. In the absence
of any written changes or approval, the Securities Administrator shall be
entitled to assume that such Form 10-D is in final form and the Securities
Administrator may proceed with the execution and filing of the Form 10-D. A duly
authorized officer of the Master Servicer shall sign each Form 10-D. If a Form
-129-
10-D cannot be filed on time or if a previously filed Form 10-D needs to be
amended, the Securities Administrator will follow the procedures set forth in
Section 3.22(h)(ii). Form 10-D requires the registrant to indicate (by checking
"yes" or "no") that it "(1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days." The
Depositor hereby represents to the Securities Administrator that the Depositor
has filed all such required reports during the preceding 12 months and that is
has been subject to such filing requirement for the past 90 days. The Depositor
shall notify the Securities Administrator in writing, no later than the fifth
calendar day after the related Distribution Date with respect to the filing of a
report on Form 10-D, if the answer to either question should be "no." The
Securities Administrator shall be entitled to rely on such representations in
preparing, executing and/or filing any such report. Promptly (but no later than
1 Business Day) after filing with the Commission, the Securities Administrator
will make available on its internet website a final executed copy of each Form
10-D prepared and filed by the Securities Administrator. The signing party at
the Master Servicer can be contacted at the address specified in Section 11.05.
Each party to this Agreement acknowledges that the performance by the Master
Servicer and Securities Administrator of its duties under this Section 3.22(b)
related to the timely preparation, arrangement for execution and filing of Form
10-D is contingent upon such parties strictly observing all applicable deadlines
in the performance of their duties under this Section 3.22(b) and also
contingent upon the Servicers, the Custodian and any Servicing Function
Participant strictly observing deadlines no later than those set forth in this
paragraph that are applicable to the parties to this Agreement in the delivery
to the Securities Administrator of any necessary Additional Form 10-D Disclosure
pursuant to the related Servicing Agreements, any custodial agreement or any
other applicable agreement. Neither the Master Servicer nor the Securities
Administrator shall have any liability for any loss, expense, damage, claim
arising out of or with respect to any failure to properly prepare, arrange for
execution and/or timely file such Form 10-D, where such failure results from the
Master Servicer's or the Securities Administrator's inability or failure to
receive, on a timely basis, any information from any other party hereto or any
Servicer, Custodian or Servicing Function Participant needed to prepare, arrange
for execution or file such Form 10-D, not resulting from its own negligence, bad
faith or willful misconduct.
(c) On or prior to the 90th day 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 2008, the Securities
Administrator 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
Securities Administrator within the applicable time frames set forth in this
Agreement and the related Servicing Agreements:
(i) a Compliance Statement for each Servicer, the Master Servicer and
the Securities Administrator (each, a "Reporting Servicer") as described
under Section 3.20;
(ii) (A) the Assessment of Compliance for each Reporting Servicer, as
described under Section 3.21(a) and (c), and (B) if each Reporting
Servicer's Assessment of Compliance identifies any material instance of
-130-
noncompliance, disclosure identifying such instance of noncompliance, or if
each Reporting Servicer's Assessment of Compliance 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; provided, however, that the
Securities Administrator, at its discretion, may omit from the Form 10-K
any Assessment of Compliance described in this clause (ii) or Attestation
Report described in clause (iii) below that is not required to be filed
with such Form 10-K pursuant to Regulation AB;
(iii) (A) the Attestation Report for each Reporting Servicer, as
described under Section 3.21(b) and (c), and (B) if any Reporting
Servicer's Attestation Report identifies any material instance of
noncompliance, disclosure identifying such instance of noncompliance, or if
any Reporting Servicer's Attestation Report is not included as an exhibit
to such Form 10-K, disclosure that such Attestation Report is not included
and an explanation why such Attestation Report is not included; and
(iv) a Xxxxxxxx-Xxxxx Certification, as described in Section 3.22(e).
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 reported by the parties set forth on Exhibit P to the Depositor and the
Securities Administrator and directed and approved by the Depositor pursuant to
the following paragraph, and the Securities Administrator will have no duty or
liability for any failure hereunder to determine or prepare any Additional Form
10-K Disclosure, except as set forth in this Section 3.22(d).
As set forth on Exhibit P hereto, no later than March 1 of each year that
the Trust is subject to the Exchange Act reporting requirements, commencing in
2008, (i) the parties described in Exhibit P shall be required to provide to the
Securities Administrator (at xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx with a copy by
facsimile to 410-715-2380) and the Depositor, to the extent known by a
responsible officer thereof, in XXXXX-compatible format, or in such other format
as otherwise agreed upon by the Securities Administrator and such party, any
Additional Form 10-K Disclosure, together with an Additional Disclosure
Notification in the form attached hereto as Exhibit S and (ii) the Depositor
shall 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 Securities
Administrator shall compile all such information provided to it in a Form 10-K
prepared by it. The Securities Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Exhibit P of their
duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-K Disclosure information. The Depositor will be
responsible for any reasonable fees and expenses assessed or incurred by the
Securities Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this paragraph.
After preparing the Form 10-K, the Securities Administrator shall forward
electronically a copy of the Form 10-K to the Master Servicer and Depositor for
review. Within three Business Days after receipt of such copy, the Depositor
shall notify the Securities Administrator in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-K. A senior
officer of the Master Servicer in charge of the master servicing function shall
sign the Form 10-K. If a Form 10-K cannot be filed on time or if a previously
filed Form 10-K needs to be amended, the Securities Administrator will follow
-131-
the procedures set forth in Section 3.22(h)(ii). Form 10-K requires the
registrant to indicate (by checking "yes" or "no") that it "(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days." The Depositor hereby represents to the
Securities Administrator that the Depositor has filed all such required reports
during the preceding 12 months and that is has been subject to such filing
requirement for the past 90 days. The Depositor shall notify the Securities
Administrator in writing, no later than March 15th with respect to the filing of
a report on Form 10-K, if the answer to either question should be "no." The
Securities Administrator shall be entitled to rely on such representations in
preparing, executing and/or filing any such report. Promptly (but no later than
1 Business Day) after filing with the Commission, the Securities Administrator
will make available on its internet website a final executed copy of each Form
10-K prepared and filed by the Securities Administrator. The signing party at
the Master Servicer can be contacted at the address specified in Section 11.05.
The parties to this Agreement acknowledge that the performance by the Master
Servicer and the Securities Administrator of its duties under this Section
3.22(c) related to the timely preparation, arrangement for execution and filing
of Form 10-K is contingent upon such parties strictly observing all applicable
deadlines in the performance of their duties under this Section 3.22(c), Section
3.22(e), Section 3.20 and Section 3.21 and is also contingent upon the
Servicers, the Custodian and any Servicing Function Participant strictly
observing deadlines no later than those set forth in this paragraph that are
applicable to the parties to this Agreement in the delivery to the Securities
Administrator of any necessary Additional Form 10-K Disclosure, any Compliance
Statement and any Assessment of Compliance and Attestation Report pursuant to
the related Servicing Agreements, any custodial agreement or any other
applicable agreement. Neither the Master Servicer nor the Securities
Administrator shall have any liability for any loss, expense, damage, claim
arising out of or with respect to any failure to properly prepare, arrange for
execution and/or timely file such Form 10-K, where such failure results from the
Securities Administrator's inability or failure to receive, on a timely basis,
any information from any other party hereto or any Servicer or Servicing
Function Participant needed to prepare, arrange for execution or file such Form
10-K, not resulting from its own negligence, bad faith or willful misconduct.
(d) Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a "Reportable Event"), and if
requested by the Depositor, the Securities Administrator 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-Ks 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 other
than the initial Form 8-Ks filed in connection with the issuance of the
Certificates ("Form 8-K Disclosure Information") shall be reported by the
parties set forth on Exhibit Q hereto to the Depositor and the Securities
Administrator and directed and approved by the Depositor pursuant to the
following paragraph, and the Securities Administrator will have no duty or
liability for any failure hereunder to determine or prepare any Additional Form
8-K Disclosure Information, or any Form 8-K, except as set forth in this Section
3.22(d).
As set forth on Exhibit Q hereto, no later than the end of business on the
2nd Business Day after the occurrence of a Reportable Event (i) the parties
described in Exhibit Q shall be required to provide to the Securities
-132-
Administrator (at xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx with a copy by facsimile
to 410-715-2380) and to the Depositor, to the extent known by a responsible
officer thereof, in XXXXX-compatible format, or in such other format as
otherwise agreed upon by the Securities Administrator and such party, any Form
8-K Disclosure Information, if applicable, together with an Additional
Disclosure Notification in the form attached hereto as Exhibit S and (ii) the
Depositor shall approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Form 8-K Disclosure Information. The Securities
Administrator shall compile all such information provided to it in a Form 8-K
prepared by it. The Securities Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Exhibit Q of their
duties under this paragraph or proactively solicit or procure from such parties
any Form 8-K Disclosure Information. The Depositor will be responsible for any
reasonable fees and expenses assessed or incurred by the Securities
Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph.
After preparing the Form 8-K, the Securities Administrator shall forward
electronically a copy of the Form 8-K to the Master Servicer and Depositor for
review. No later than the close of business New York City time on the 3rd
Business Day after the Reportable Event, the Depositor shall notify the
Securities Administrator in writing (which may be furnished electronically) of
any changes to or approval of such Form 8-K. In the absence of receipt of any
written changes or approval, the Securities Administrator shall be entitled to
assume that such Form 8-K is in final form and the Securities Administrator may
proceed with the execution and filing of the Form 8-K. A duly authorized officer
of the Master Servicer shall sign the Form 8-K. If a Form 8-K cannot be filed on
time or if a previously filed Form 8-K needs to be amended, the Securities
Administrator will follow the procedures set forth in Section 3.22(h)(ii).
Promptly (but no later than 1 Business Day) after filing with the Commission,
the Securities Administrator will, make available on its internet website a
final executed copy of each Form 8-K prepared and filed by the Securities
Administrator. The signing party at the Master Servicer can be contacted at the
address specified in Section 11.05. The parties to this Agreement acknowledge
that the performance by the Securities Administrator of its duties under this
Section 3.22(d) related to the timely preparation, arrangement for execution 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
3.22(d) and also contingent upon the Servicers, the Custodian and any Servicing
Function Participant strictly observing deadlines no later than those set forth
in this paragraph that are applicable to the parties to this Agreement in the
delivery to the Securities Administrator of any necessary Form 8-K Disclosure
Information pursuant to the related Servicing Agreements, any custodial
agreement or any other applicable agreement. Neither the Master Servicer nor the
Securities Administrator shall have any liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare, arrange
for execution and/or timely file such Form 8-K, where such failure results from
the Securities Administrator's inability or failure to receive, on a timely
basis, any information from any other party hereto or any Servicer, Custodian or
Servicing Function Participant needed to prepare, arrange for execution or file
such Form 8-K, not resulting from its own negligence, bad faith or willful
misconduct.
(e) Each Form 10-K shall include a certification (the "Xxxxxxxx-Xxxxx
Certification"), exactly as set forth in Exhibit M attached hereto, required to
be included therewith pursuant to the Xxxxxxxx-Xxxxx Act. The Securities
-133-
Administrator (if the Securities Administrator is not the same entity as the
Master Servicer) shall provide, and shall cause any Servicing Function
Participant engaged by it to provide, to the Person who signs the Xxxxxxxx-Xxxxx
Certification (the "Certifying Person"), by March 15th 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, together
with such similar certification delivered by each Servicer as described in
Section 3.22(f), a "Back-up Certification"), in the form attached hereto as
Exhibit R, 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 in charge of the
master servicing function shall serve as the Certifying Person on behalf of the
Trust. Such officer of the Certifying Person can be contacted by email at
xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx. In the event the Master Servicer, the
Securities Administrator or any Servicing Function Participant engaged by such
parties is terminated or resigns pursuant to the terms of this Agreement, or any
applicable sub-servicing agreement, as the case may be, such party shall provide
a Back-up Certification to the Certifying Person pursuant to this Section
3.22(e) with respect to the period of time it was subject to this Agreement or
any applicable sub-servicing agreement, as the case may be. Notwithstanding the
foregoing, (i) the Master Servicer and the Securities Administrator shall not be
required to deliver a Back-Up Certification to each other if both are the same
Person and the Master Servicer is the Certifying Person and (ii) the Master
Servicer shall not be obligated to sign the Xxxxxxxx-Xxxxx Certification in the
event that it does not receive any Back-Up Certification required to be
furnished to it pursuant to this section or any Servicing Agreement or Custodial
Agreement.
(f) Pursuant to the related Servicing Agreements, the Master Servicer shall
enforce the obligation of each Servicer to provide the Back-up Certification
required pursuant to each of the Servicing Agreements.
(g) Upon any filing with the Commission prepared and filed by the
Securities Administrator, the Securities Administrator shall promptly deliver or
make available to the Depositor a copy of any such executed report, statement or
information.
(h) (i) The obligations set forth in paragraphs (a) through (h) of this
Section shall only apply with respect to periods for which reports are required
to be filed with respect to the Trust under the Exchange Act. On or prior to
January 30 of the first year in which the Securities Administrator is able to do
so under applicable law, unless otherwise requested by the Depositor, the
Securities Administrator shall prepare and file with the Commission a Form 15
Suspension Notification executed by the Master Servicer with respect to the
Trust, with a copy to the Depositor. At the beginning of the calendar year after
the filing of a Form 15 Suspension Notification, if the Depositor or the
Certificate Registrar determines that the number of Certificateholders of the
Offered Certificates of record exceeds the number set forth in Section 15(d) of
the Exchange Act or the regulations promulgated pursuant thereto which would
cause the Trust to again become subject to the reporting requirements of the
Exchange Act, it shall promptly notify the Securities Administrator and the
Securities Administrator shall recommence preparing and filing reports on Form
8-K, Form 10-D and Form 10-K as required pursuant to this Section and the
-134-
then-current reporting requirements of the Exchange Act and the parties hereto
will again have the obligations set forth in paragraphs (a) through (h) of this
Section.
(ii) In the event that the Securities Administrator is unable to
timely file with the Commission all or any required portion of any Form
8-K, Form 10-D or Form 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 Securities Administrator will immediately electronically
notify the Depositor and the Master Servicer of such inability to make a
timely filing with the Commission. In the case of Form 10-D and Form 10-K,
the Securities Administrator, the Master Servicer, the Trustee and the
Depositor will cooperate to prepare and file a Form 12b-25 and a Form
10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the
Exchange Act. In the case of Form 8-K, the Securities Administrator 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, Form 10-D or Form 10-K needs to be amended in connection with any
Additional Form 10-D Disclosure (other than, in the case of Form 10-D, for
the purpose of restating any Monthly Statement), Additional Form 10-K
Disclosure or Form 8-K Disclosure Information, the Securities Administrator
will notify the Depositor and such other parties to the transaction as are
affected by such amendment, and such parties will cooperate to prepare any
necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 15, Form 12b-25
or any amendment to Form 8-K or Form 10-D shall be signed by a duly
authorized officer (and a senior officer with respect to the Form 10-K) of
the Master Servicer. The parties to this Agreement acknowledge that the
performance by the Master Servicer and the Securities Administrator of
their duties under this Section 3.22(h) related to the timely preparation,
arrangement for execution and filing of Form 15, a Form 12b-25 or any
amendment to Form 8-K, Form 10-D or Form 10-K is contingent upon each such
party performing its duties under this Section 3.22(h). Neither the Master
Servicer nor the Securities Administrator shall have any liability for any
loss, expense, damage, claim arising out of or with respect to any failure
to properly prepare, arrange for execution and/or timely file any such Form
15, Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K,
where such failure results from the Securities Administrator's inability or
failure to receive, on a timely basis, any information from any other party
hereto or any Servicer, the Custodian or any Servicing Function Participant
needed to prepare, arrange for execution or file such Form 15, Form 12b-25
or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting from
its own negligence, bad faith or willful misconduct.
(i) Notwithstanding the provision of Section 11.01, this Section 3.22 may
be amended without the consent of the Certificateholders.
-135-
ARTICLE IV
MASTER SERVICER'S CERTIFICATE
Section 4.01 Master Servicer's Certificate.
Each month, not later than 12:00 noon Eastern time on the 18th calendar day
of such month (or if such day is not a Business Day, the following Business
Day), the Master Servicer shall deliver to the Securities Administrator, a
Master Servicer's Certificate based solely on the information provided by the
Servicers (in substance and format mutually acceptable to the Master Servicer
and the Securities Administrator) certified by a Master Servicing Officer
setting forth the information necessary in order for the Securities
Administrator to perform its obligations under this Agreement. The Securities
Administrator may conclusively rely upon the information contained in a Master
Servicer's Certificate delivered by the Master Servicer for all purposes
hereunder and shall have no duty to verify or re-compute any of the information
contained therein.
ARTICLE V
PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS;REMIC ADMINISTRATION
Section 5.01 Distributions.
On each Distribution Date, based solely on the information in the Master
Servicer's Certificate, the Securities Administrator shall distribute or be
deemed to distribute out of the Certificate Account, the Exchangeable
Certificates Grantor Trust Account, the Lower-Tier II Certificate Sub-Account,
the Middle-Tier II Certificate Sub-Account, the Upper-Tier II Certificate
Sub-Account, the Shifting Interest Lower-Tier Certificate Sub-Account, the
Shifting Interest Middle-Tier Certificate Sub-Account or the Shifting Interest
Upper-Tier Certificate Sub-Account, as applicable (to the extent funds are
available therein), to each Certificateholder of record on the related Record
Date (other than as provided in Section 10.01 respecting the final distribution)
(a) by check mailed to such Certificateholder entitled to receive a distribution
on such Distribution Date at the address appearing in the Certificate Register,
or (b) upon written request by the Holder of a Certificate (other than a
Residual Certificate), by wire transfer or by such other means of payment as
such Certificateholder and the Securities Administrator shall agree upon, such
Certificateholder's Percentage Interest in the amount to which the related Class
of Certificates is entitled in accordance with the priorities set forth below in
Section 5.02 or 5.03, as applicable.
None of the Holders of any Class of Certificates, the Depositor, the Master
Servicer, the Securities Administrator or the Trustee shall in any way be
responsible or liable to Holders of any Class of Certificates in respect of
amounts properly previously distributed on any such Class.
Amounts distributed with respect to any Class of Certificates shall be
applied first to the distribution of interest thereon and then to principal
thereon.
-136-
Section 5.02 Priorities of Distributions on the Shifting Interest
Certificates.
(a) On each Distribution Date, the Securities Administrator shall withdraw
from the Certificate Account (to the extent funds are available therein) (1) to
the extent not previously paid, the amounts payable to the Master Servicer, the
Securities Administrator and the Trustee pursuant to Section 3.09(e) and (f) and
Section 3.11 and shall pay such funds to itself, the Master Servicer and the
Trustee, as applicable, and (2) based solely on the information contained in the
Master Servicer's Certificate, the Pool Distribution Amount for each Shifting
Interest Loan Group, and shall apply such funds, first, to distributions in
respect of the Uncertificated Shifting Interest Lower-Tier Interests, and then
to the Uncertificated Shifting Interests Middle-Tier Interests as specified in
this Section 5.02(a) and then to distributions on the Shifting Interest
Certificates, paying Group 1 solely from the Pool Distribution Amount for Loan
Group 1 and paying Group 2 solely from the Pool Distribution Amount for Loan
Group 2 and paying the Class M-1 and Class B Certificates from the remaining
combined Pool Distribution Amounts from both Shifting Interest Loan Groups in
the following order of priority and to the extent of such funds:
(i) concurrently, to each Class of Senior Shifting Interest
Certificates, an amount allocable to interest equal to the Interest
Distribution Amount for such Class and any shortfall being allocated among
such Classes in proportion to the amount of the Interest Distribution
Amount that would have been distributed in the absence of such shortfall
but, until the applicable Accretion Termination Date, amounts that would
have been distributed pursuant to this clause to the Class 1-A-20
Certificates may be distributed instead as principal to the Class 1-A-16
and Class 1-A-18 Certificates and amounts that would have distributed
pursuant to this clause to the Class 1-A-21 Certificates may be distributed
as principal to the Class 1-A-16, Class 1-A-18 and Class 1-A-20
Certificates in accordance with Section 5.02(b)(i);
(ii) (x) concurrently, (a) to the Senior Non-PO Shifting Interest
Certificates of Group 1 and (b) to the Class 30-PO Certificates, pro rata,
based on their respective Shifting Interest Senior Principal Distribution
Amount and PO Principal Amount, (A) to the Senior Non-PO Shifting Interest
Certificates of Group 1, in an aggregate amount up to the Shifting Interest
Senior Principal Distribution Amount for Group 1, such distribution to be
allocated among such Classes in accordance with Section 5.02(b) and (B) to
the Class 30-PO Certificates, up to the PO Principal Amount and (y) in the
case of Group 2, to the Senior Certificates of Group 2, in an aggregate
amount up to the Shifting Interest Senior Principal Distribution for Group
2, such distribution to be allocated among such Classes in accordance with
Section 5.02(b);
(iii) (A) with respect to Group 1, concurrently, to (1) the Class
30-PO Certificates, up to the PO Principal Amount, and (2) the Senior
Non-PO Shifting Interest Certificates of Group 1, up to the Shifting
Interest Senior Principal Distribution Amount for Loan Group 1, pro rata,
and (B) with respect to Group 2, to the Group 2 Certificates, up to the
Shifting Interest Senior Principal Distribution Amount for Loan Group 2,
such distributions to be allocated among such Classes in accordance with
Section 5.02(b);
-137-
(iv) in the case of Group 1, to the Class 30-PO Certificates, to pay
any applicable PO Deferred Amounts (after giving effect to the distribution
to the Class 30-PO Certificates of the PO Recovery for Loan Group 1), up to
the Subordinate Principal Distribution Amounts from amounts otherwise
distributable to the Subordinated Certificate, first to the Class B-6
Certificates pursuant to clause (iv)(N) below, second to the Class B-5
Certificates, pursuant to clause (iv)(L) below, third to the Class B-4
Certificates, pursuant to clause (iv)(J) below, fourth to the Class B-3
Certificates, pursuant to clause (iv)(H) below, fifth to the Class B-2
Certificates, pursuant to clause (iv)(F) below, sixth to the Class B-1
Certificates, pursuant to clause (iv)(D) below and finally to the Class M-1
Certificates, pursuant to clause (iv)(B) below;
(v) to each Class of Class M-1 and Class B Certificates, subject to
paragraph (d) below, in the following order of priority:
(A) to the Class M-1 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(B) to the Class M-1 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(C) to the Class B-1 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(D) to the Class B-1 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(E) to the Class B-2 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(F) to the Class B-2 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(G) to the Class B-3 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(H) to the Class B-3 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(I) to the Class B-4 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
-138-
(J) to the Class B-4 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(K) to the Class B-5 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(L) to the Class B-5 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(M) to the Class B-6 Certificates, an amount allocable to
interest equal to the Interest Distribution Amount for such Class for
such Distribution Date;
(N) to the Class B-6 Certificates, an amount allocable to
principal equal to its Pro Rata Share for such Distribution Date less
any amount used to pay the PO Deferred Amounts pursuant to clause
(iii) above until the Class Certificate Balance thereof has been
reduced to zero;
(vi) to the Holder of the Class 1-A-R Certificate (in respect of the
Class SI-UR Interest, the Class SI-MR Interest or the Class SI-LR Interest,
as applicable), any amounts remaining in the Shifting Interest Upper-Tier
Certificate Sub-Account, the Shifting Interest Middle-Tier Certificate
Sub-Account and the Shifting Interest Lower-Tier Certificate Sub-Account
and any remaining Pool Distribution Amounts.
No Class of Certificates will be entitled to any distributions with respect
to the amount payable pursuant to clause (ii) of the definition of "Interest
Distribution Amount" after its Class Certificate Balance or Notional Amount, as
the case may be, has been reduced to zero.
All distributions in respect of the Interest Distribution Amount for a
Class will be applied first with respect to the amount payable pursuant to
clause (i) of the definition of "Interest Distribution Amount" and second with
respect to the amount payable pursuant to clause (ii) of such definition.
On each Distribution Date, the Securities Administrator shall distribute
any Reimbursement Amount received with respect to each Shifting Interest Loan
Group sequentially to each related Class of Shifting Interest Certificates then
outstanding which bore the loss to which such Reimbursement Amount relates,
beginning with the most senior of such Classes of Certificates, up to, with
respect to each Class, the amount of loss borne by such Class. Any Reimbursement
Amount remaining after the application described in the preceding sentence shall
be included in the Pool Distribution Amount for the applicable Loan Group.
Distributions on the Uncertificated Shifting Interest Lower-Tier Interests.
On each Distribution Date, Uncertificated Accrued Interest shall be deemed
distributed in respect of the Uncertificated Shifting Interest Lower-Tier
Interests (other than the Class 1-LPO Interest) at the Uncertificated Shifting
-139-
Interest Lower-Tier REMIC Pass-Through Rate thereon, plus any amounts in respect
thereof remaining unpaid from previous Distribution Dates. For purposes of
calculating Uncertificated Accrued Interest in respect of each Uncertificated
Shifting Interest Lower-Tier Interest and any Distribution Date, Non-Supported
Interest Shortfalls and Relief Act Reductions shall be allocated to the related
Uncertificated Shifting Interest Lower-Tier Interest in the same relative
proportions as interest is allocated to such Uncertificated Shifting Interest
Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act
Reductions allocated to the Uncertificated Shifting Interest Lower-Tier
Interests pursuant to this paragraph shall be (a) from Non-Supported Interest
Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of
Uncertificated Shifting Interest Lower-Tier Interests beginning with the numeral
"1" and (b) from Non-Supported Interest Shortfalls and Relief Act Reductions
allocated to Loan Group 2 in the case of Uncertificated Shifting Interest
Lower-Tier Interests beginning with the numeral "2."
All distributions of principal shall be made first to the Class 1-LPO
Interest so as to keep the principal balance thereof at all times equal to the
Class Certificate Balance of the Class 30-PO Certificates; second, to the Class
1-LS Interest and the Class 2-LS Interest so as to keep the Uncertificated
Balances thereof (computed to eight decimal places) equal to 0.100% of the Group
Subordinate Amount for Loan Group 1 and Loan Group 2, respectively (except that
if any such amount is greater than on the preceding Distribution Date, the least
amount of principal shall be distributed to the Class 1-LS Interest and the
Class 2-LS Interest, such that the Subordinate Balance Ratio is maintained), and
third, any remaining principal to the Class 1-L Interest and the Class 2-L
Interest. Any distributions of principal made to the Uncertificated Shifting
Interest Lower-Tier Interests pursuant to this paragraph shall be made from the
Group 1 Mortgage Loans to the Uncertificated Shifting Interest Lower-Tier
Interests beginning with the numeral "1," and from the Group 2 Mortgage Loans to
the Uncertificated Shifting Interest Lower-Tier Interests beginning with the
numeral "2."
Realized Losses with respect to the Shifting Interest Loan Groups shall be
applied after all distributions have been made on each Distribution Date first,
to the Class 1-LPO Interest so as to keep the principal balance thereof at all
times equal to the Class Certificate Balance of the Class 30-PO Certificates;
second, to the Class 1-LS Interest and the Class 2-LS Interest so as to keep the
Uncertificated Balances thereof (computed to eight decimal places) equal to
0.100% of the Group Subordinate Amount for Loan Group 1 and Loan Group 2,
respectively (except that if any such amount is greater than on the preceding
Distribution Date, the least amount of Realized Losses shall be allocated to the
Class 1-LS Interest and the Class 2-LS Interest such that the Subordinate
Balance Ratio is maintained); and third, the remaining Realized Losses shall be
allocated to the Class 1-L Interest and the Class 2-L Interest. Any Realized
Losses allocated to the Uncertificated Shifting Interest Lower-Tier Interests
pursuant to this paragraph shall be (a) from Realized Losses allocated to Loan
Group 1 in the case of Uncertificated Shifting Interest Lower-Tier Interests
beginning with the numeral "1" and (b) from Realized Losses allocated to Loan
Group 2 in the case of Uncertificated Shifting Interest Lower-Tier Interests
beginning with the numeral "2."
Recoveries and Reimbursement Amounts received with respect to the Shifting
Interest Loan Groups shall be applied to the Uncertificated Shifting Interest
-140-
Lower-Tier Interests in a manner analogous to the application of Realized Losses
to the Uncertificated Shifting Interest Lower-Tier Interests.
As of any date, the aggregate Uncertificated Balance of the Class 1-L
Interest and the Class 1-LS Interest shall equal the Pool Principal Balance
(Non-PO Portion) of Loan Group 1. As of any date, the aggregate principal
balance of the Class 2-L Interest and the Class 2-LS Interest shall equal the
Pool Principal Balance (Non-PO Portion) of Loan Group 2. As of any date, the
principal balance of the Class 1-LPO Interest will be equal to the Class
Certificate Balance of the Class 30-PO Certificates and the notional amount of
the Class 1-LIO Interest will be equal to the Class 30-IO Notional Amount.
Amounts distributed to the Uncertificated Shifting Interest Lower-Tier
Interests in respect of principal and interest with respect to any Distribution
Date are referred to herein collectively as the "Shifting Interest Lower-Tier
Distribution Amount."
Distributions on the Uncertificated Shifting Interest Middle-Tier
Interests. On each Distribution Date, each Uncertificated Shifting Interest
Middle-Tier Interest shall receive distributions in respect of principal in an
amount equal to the amount of principal distributed to its respective
Corresponding Class or Classes of Shifting Interest Certificates as provided
herein and shall have its principal balance increased in the event of
Recoveries, Class 1-A-20 Accrual Distribution Amounts or Class 1-A-21 Accrual
Distribution Amounts in an amount equal to any such increase in the Class
Certificate Balance of the respective Corresponding Class or Classes of Shifting
Interest Certificates. On each Distribution Date, each Uncertificated Shifting
Interest Middle-Tier Interest shall receive distributions in respect of interest
based on its Uncertificated Shifting Interest Middle-Tier REMIC Pass-Through
Rate based on its Uncertificated Balance in an amount equal to the
Uncertificated Accrued Interest of such class, and any amounts undistributed
from prior Distribution Dates, which amount shall equal the Interest
Distribution Amount in respect of its Corresponding Class or Classes of Shifting
Interest Certificates, in each case to the extent actually distributed thereon.
Such amounts distributed to the Uncertificated Shifting Interest Middle-Tier
Interests in respect of principal and interest with respect to any Distribution
Date are referred to herein collectively as the "Shifting Interest Middle-Tier
Distribution Amount."
As of any date, the Uncertificated Balance of each Uncertificated Shifting
Interest Middle-Tier Interest equals the aggregate of the Class Certificate
Balances or Notional Amounts of the respective Corresponding Class or Classes of
Shifting Interest Certificates or in the case of the Class MRI-1-A-1 Interest,
the Class Certificate Balance of the Class 1-A-1 Certificates, in the case of
the Class MRI-1-A-2 Interest, the Class Certificate Balance of the Class 1-A-3
Certificates, in the case of the Class MRI-1-A-3 Interest, the Class Certificate
Balance of the Class 1-A-5 Certificates, in the case of the Class MRI-1-A-4
Interest, the Class Certificate Balance of the Class 1-A-7 Certificates, in the
case of the Class MRI-1-A-5 Interest, the Class Certificate Balance of the Class
1-A-9 Certificates, in the case of the Class MRI-1-A-6 Interest, the Class
Certificate Balance of the Class 1-A-11 Certificates, in the case of the Class
MRI-1-A-7 Interest, the Class Certificate Balance of the Class 1-A-13
Certificates, and in the case of the Class MRI-1-A-9 Interest, the aggregate of
the Class Certificate Balances of the Class 1-A-16 and Class 1-A-18
Certificates. The initial Uncertificated Balance of each Uncertificated Shifting
-141-
Interest Middle-Tier Interest equals the aggregate of the Initial Class
Certificate Balances or Initial Notional Amounts of the respective Corresponding
Class or Class of Shifting Interest Certificates or in the case of the Class
MRI-1-A-1 Interest, the Initial Class Certificate Balance of the Class 1-A-1
Certificates, in the case of the Class MRI-1-A-2 Interest, the Initial Class
Certificate Balance of the Class 1-A-3 Certificates, in the case of the Class
MRI-1-A-3 Interest, the Initial Class Certificate Balance of the Class 1-A-5
Certificates, in the case of the Class MRI-1-A-4 Interest, the Initial Class
Certificate Balance of the Class 1-A-7 Certificates, in the case of the Class
MRI-1-A-5 Interest, the Initial Class Certificate Balance of the Class 1-A-9
Certificates, in the case of the Class MRI-1-A-6 Interest, the Initial Class
Certificate Balance of the Class 1-A-11 Certificates, in the case of the Class
MRI-1-A-7 Interest, the Initial Class Certificate Balance of the Class 1-A-13
Certificates, and in the case of the Class MRI-1-A-9 Interest, the aggregate of
the Initial Class Certificate Balances of the Class 1-A-16 and Class 1-A-18
Certificates.
Distributions on the Shifting Interest Upper-Tier Interests. Each Shifting
Interest Upper-Tier Regular Interest will be entitled to receive interest and
principal payments at the times and in the amounts equal to those made on the
Certificate to which it corresponds.
(b) (i) With respect to the Group 1 Certificates:
I. On each Distribution Date occurring prior to the Accretion
Termination Date for the Class 1-A-20 Certificates, the Class 1-A-20
Accrual Distribution Amount will be allocated, sequentially, as follows:
first, concurrently, to the Class 1-A-16 and Class 1-A-18
Certificates, pro rata, until their Class Certificate Balances have been
reduced to zero; and
second, to the Class 1-A-20 Certificates, until their Class
Certificate Balance has been reduced to zero.
II. On each Distribution Date prior to the Senior Credit Support
Depletion Date, the amount distributable to the Senior Non-PO Shifting
Interest Certificates of Group 1 (other than the Exchangeable Certificates)
pursuant to Section 5.02(a)(ii) for such Distribution Date, will be
distributed, sequentially, as follows:
first, to the Class 1-A-R Certificate, until its Class Certificate
Balance has been reduced to zero; and
second, concurrently, as follows:
(a) 10% to the Class 1-A-1 Certificates, until their Class
Certificate Balance has been reduced to zero; and
(b) 90%, sequentially, as follows:
(i) up to the Group 1 Priority Amount, concurrently, to the
Class 1-A-3, Class 1-A-5 and Class 1-A-17 Certificates, pro rata,
until their Calculation Balances have been reduced to zero;
-142-
(ii)concurrently, as follows:
(A) 98.849571516327387%, sequentially, as follows:
(1) up to $1,000, sequentially, as follows:
(a) up to the TAC Principal Amount for such
Distribution Date, sequentially, as follows:
(i) concurrently, to the Class 1-A-16
and Class 1-A-18 Certificates, pro rata,
until their Class Certificate Balances have
been reduced to zero; and
(ii) to the Class 1-A-20 Certificates,
until their Class Certificate Balance has
been reduced to zero;
(b) to the Class 1-A-21 Certificates, until
their Class Certificate Balance has been
reduced to zero; and
(c) sequentially, as follows:
(i) concurrently, to the Class 1-A-16
and Class 1-A-18 Certificates, pro rata,
until their Class Certificate Balances
have been reduced to zero; and
(ii) to the Class 1-A-20 Certificates,
until their Class Certificate Balance has
been reduced to zero;
(2) up to $2,340,372, concurrently, as follows:
(a) 95.199737477631757%, concurrently, as
follows:
(i) 50.000269296436130162%,
sequentially, as follows:
(1) up to $1,000, to the Class
1-A-9 Certificates, until their
Calculation Balance has been reduced
to zero;
(2) on an after the Distribution
Date in July 2008, up to $10,917,440,
-143-
to the Class 1-A-7 Certificates, until
their Calculation Balance has been
reduced to zero; and
(3) sequentially, to the Class
1-A-9 and Class 1-A-7 Certificates,
in that order, until their Calculation
Balances have been reduced to zero; and
(ii) 49.99973070356387%, sequentially,
to the Class 1-A-11 and Class 1-A-13
Certificates, in that order, until their
Calculation Balances have been reduced to
zero; and
(b) 4.800262522368238%, to the Class 1-A-15
Certificates, until their Class Certificate
Balance has been reduced to zero;
(3) sequentially, as follows:
(a) up to the TAC Principal Amount for such
Distribution Date, sequentially, as follows:
(i) concurrently, to the Class 1-A-16
and Class 1-A-18 Certificates, pro rata,
until their Class Certificate Balances have
been reduced to zero; and
(ii) to the Class 1-A-20 Certificates,
until their Class Certificate Balance has
been reduced to zero;
(b) to the Class 1-A-21 Certificates, until
their Class Certificate Balance has been
reduced to zero; and
(c) sequentially, as follows:
(i) concurrently, to the Class 1-A-16
and Class 1-A-18 Certificates, pro rata,
until their Class Certificate Balances have
been reduced to zero; and
-144-
(ii) to the Class 1-A-20 Certificates,
until their Class Certificate Balance has
been reduced to zero; and
(4) concurrently, as follows:
(a) 95.199737477631757%, concurrently, as
follows:
(i) 50.000269296436130162%,
sequentially, as follows:
(1) to the extent not distributed
pursuant to Section 5.02(b)(i)(II
second(b)(ii)(A)(2)(a)(i)(1) above, up
to $1,000, to the Class 1-A-9
Certificates, until their Calculation
Balance has been reduced to zero;
(2) on or after the Distribution
Date in July 2008, to the extent not
distributed pursuant to Section 5.02
(b)(i)(II)second(b)(ii)(A)(2)(a)(i)(2)
above, up to $10,917,440, to the Class
1-A-7 Certificates, until their
Calculation Balance has been reduced
to zero; and
(3) sequentially, to the Class
1-A-9 and Class 1-A-7 Certificates, in
that order, until their Calculation
Balances have been reduced to zero; and
(ii) 49.99973070356387%, sequentially,
to the Class 1-A-11 and Class 1-A-13
Certificates, in that order, until their
Calculation Balances have been reduced to
zero; and
(b) 4.800262522368238%, to the Class 1-A-15
Certificates, until their Class Certificate
Balance has been reduced to zero; and
-145-
(B) 1.150428483672613% to the Class 1-A-22
Certificates, until their Class Certificate Balance has been
reduced to zero;
(iii) to the Class 1-A-23 Certificates, until their Class
Certificate Balance has been reduced to zero; and
(iv) concurrently, to the Class 1-A-3, Class 1-A-5 and Class
1-A-17 Certificates, pro rata, until their Calculation Balances
have been reduced to zero.
III. On each Distribution Date occurring prior to the Accretion
Termination Date for the Class 1-A-21 Certificates, the Class 1-A-21
Accrual Distribution Amount will be allocated, sequentially, as follows:
first, up to the TAC Principal Amount for such Distribution Date
(after taking into account any distributions to the Class 1-A-16,
Class 1-A-18 and Class 1-A-20 Certificates pursuant to Section
5.02(b)(i)(II) above), sequentially, as follows:
(a) concurrently, to the Class 1-A-16 and Class 1-A-18
Certificates, pro rata, until their Class Certificate Balances
have been reduced to zero; and
(b) to the Class 1-A-20 Certificates, until their Class
Certificate Balances has been reduced to zero.
second, to the Class 1-A-21 Certificates, until their Class
Certificate Balance has been reduced to zero.
On each Distribution Date on or after the Senior Credit Support
Depletion Date, notwithstanding the allocation and priority set forth
above, the portion of the Pool Distribution Amount for Loan Group 1
available to be distributed as principal of the Senior Non-PO Certificates
of Group 1 (other than the Exchangeable Certificates) shall be distributed,
concurrently, as principal of such Classes of Group 1 Certificates, pro
rata, on the basis of their respective Class Certificate Balances or, in
the case of the Exchangeable REMIC Certificates, their respective
Calculation Balances immediately prior to that Distribution Date, until the
Class Certificate Balances or, in the case of the Exchangeable REMIC
Certificates, the Calculation Balances thereof are reduced to zero.
(ii) With respect to the Group 2 Certificates:
On each Distribution Date, the amount distributable to the Group 2
Senior Certificates pursuant to Section 5.02(a)(ii)(B) for such
Distribution Date, will be distributed to the Class 2-A-1 Certificates
until their Class Certificate Balance has been reduced to zero.
-146-
(iii) The Class 1-A-4, Class 1-A-6, Class 1-A-8, Class 1-A-10, Class
1-A-12, Class 1-A-14, Class 1-A-19, Class 1-A-25, Class 1-A-28, Class
1-A-35, Class 1-A-38, Class 1-A-41 and Class 30-IO Certificates are
Interest Only Certificates and are not entitled to distributions in respect
of principal.
(iv) On each Distribution Date, the amount distributable as principal
to a Class of Exchangeable Certificates shall equal its Class Principal
Distribution Amount. Such amount shall reduce proportionately the amount
distributable as principal to the Related Classes of Exchangeable REMIC
Certificates.
(v) Notwithstanding the foregoing, on each Distribution Date prior to
the Senior Credit Support Depletion Date but on or after the date on which
the aggregate Class Certificate Balance of the Senior Non-PO Shifting
Interest Certificates of a Shifting Interest Group have been reduced to
zero, amounts otherwise distributable as principal payments from the
Related Loan Group on the Subordinate Certificates will be paid as
principal to the remaining Classes of Senior Non-PO Shifting Interest
Certificates of the other Shifting Interest Group together with the
applicable Shifting Interest Senior Principal Distribution Amount in
accordance with the priorities set forth for the applicable Shifting
Interest Group in (b)(i) or (ii) above, provided that on such Distribution
Date (a) the Aggregate Subordinate Percentage for such Distribution Date is
less than twice the initial Aggregate Subordinate Percentage or (b) the
outstanding principal balance of the Shifting Interest Mortgage Loans
(including, for this purpose, any such Mortgage Loans in foreclosure, any
REO Property related to such Mortgage Loans and any such Mortgage Loan for
which the Mortgagor has filed for bankruptcy after the Closing Date)
delinquent 60 days or more (averaged over the preceding six month period),
as a percentage of the aggregate Class Certificate Balance of the Class M-1
and Class B Certificates, is equal to or greater than 50%. In addition,
after giving effect to the preceding sentence, if on any Distribution Date
the aggregate Class Certificate Balance of the Senior Non-PO Shifting
Interest Certificates of a Group is greater than the Adjusted Pool Amount
(Non-PO Portion) of the Related Loan Group (any such Group, the
"Undercollateralized Group" and any such excess, the "Undercollateralized
Amount"), all amounts otherwise distributable as principal on the
Subordinate Certificates pursuant to Section 5.02(a)(iv)(N), (L), (J), (H),
(F), (D) and (B), in that order, will be paid as principal to the Senior
Non-PO Shifting Interest Certificates of the Undercollateralized Group
together with the applicable Senior Principal Distribution Amount in
accordance with the priorities set forth for the applicable Group above
under (b)(i) or (ii) until the aggregate Class Certificate Balance of the
Senior Non-PO Shifting Interest Certificates of the Undercollateralized
Group equals the Adjusted Pool Amount (Non-PO Portion) of the Related Loan
Group. Also, the amount of any Class Unpaid Interest Shortfalls with
respect to the Undercollateralized Group (including any Class Unpaid
Interest Shortfalls for such Distribution Date) will be paid to the
Undercollateralized Group pursuant to Section 5.02(a)(i) prior to the
payment of any Undercollateralized Amount from amounts otherwise
distributable as principal on the Subordinate Certificates pursuant to
Section 5.02(a)(iv)(N), (L), (J), (H),(F), (D) and (B), in that order. Such
amount will be paid to the Senior Non-PO Shifting Interest Certificates of
such Undercollateralized Group in accordance with the priorities set forth
in Section 5.02(a)(i) up to their Interest Distribution Amounts for such
Distribution Date.
-147-
The PO Deferred Amounts for the Class 30-PO Certificates will be paid
from amounts otherwise distributable as principal on the Class M-1 and
Class B Certificates before any payments are made pursuant to the preceding
paragraph.
(c) On each Distribution Date, Shifting Interest Accrued Certificate
Interest for each Class of Shifting Interest Certificates for such Distribution
Date shall be reduced by such Class' pro rata share, based on such Class'
Interest Distribution Amount for such Distribution Date, without taking into
account the allocation made by this Section 5.02(c), of an amount equal to the
sum of (A) Non-Supported Interest Shortfalls on the Shifting Interest Mortgage
Loans with respect to such Distribution Date, (B) on and after the Senior Credit
Support Depletion Date, any other Realized Losses on the Mortgage Loans for the
Related Loan Group (or the Shifting Interest Loan Groups, in the case of the
Class M-1 and Class B Certificates) allocable to interest and (C) Relief Act
Reductions incurred on the Mortgage Loans for the Shifting Interest Loan Groups
with respect to such Distribution Date.
(d) Notwithstanding the priority and allocation contained in Section
5.02(a)(iv), if with respect to any Class of Class M-1 or Class B Certificates
on any Distribution Date, (i) the aggregate of the Class Certificate Balances
immediately prior to such Distribution Date of all Class M-1 and Classes of
Class B Certificates which have a lower payment priority than such Class,
divided by (ii) the aggregate Pool Principal Balance (Non-PO Portion) for both
Shifting Interest Loan Groups immediately prior to such Distribution Date (for
each Class, the "Fractional Interest") is less than the Original Fractional
Interest for such Class, no distribution of principal will be made to any
Classes of Class B Certificates which have a lower payment priority than such
Class (the "Restricted Classes") and the Class Certificate Balances of the
Restricted Classes will not be used in determining the Pro Rata Share for the
Class M-1 or Class B Certificates that are not Restricted Classes. If the
aggregate Class Certificate Balance of the Class M-1 and Class B Certificates
that are not Restricted Classes is reduced to zero, notwithstanding the previous
sentence, any funds remaining will be distributed sequentially to the Class B
Certificates that are Restricted Classes in order of their respective numerical
Class designations (beginning with the Class of Class B Certificates that is a
Restricted Class then outstanding with the highest payment priority).
(e) Any amounts distributed to the Class 1-A-16 or Class 1-A-18
Certificates from the Class 1-A-16 Reserve Fund or Class 1-A-18 Reserve Fund,
respectively, shall be deemed to be a distribution to the Class 1-A-16 or Class
1-A-18 Certificates, as applicable, from, for federal income tax purposes, a
grantor trust as described in Subpart E of Part I of Subchapter J of the Code
and Treasury Regulation ss.301.7701-4(c)(2).
Section 5.03 Priorities of Distributions on the Overcollateralized
Certificates.
(a) Distributions of Interest with Respect to the Overcollateralized
Certificates
On each Distribution Date, the Securities Administrator shall withdraw from
the Certificate Account (to the extent funds are available therein) the Interest
Remittance Amount and apply such amounts in the following order of priority and
to the extent of such funds:
-148-
first, concurrently, to the Senior Overcollateralized Certificates, pro
rata, the Overcollateralized Accrued Certificate Interest thereon for such
Distribution Date;
second, concurrently, to the Senior Overcollateralized Certificates, pro
rata, the Interest Carryforward Amount thereon for such Distribution Date;
third, to the Class T-M-1 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date;
fourth, to the Class T-M-2 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date;
fifth, to the Class T-M-3 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date;
sixth to the Class T-M-4 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date;
seventh, to the Class T-M-5 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date;
eighth, to the Class T-B-1 Certificates, the Overcollateralized Accrued
Certificate Interest thereon for such Distribution Date; and
ninth, the amount, if any, of the Interest Remittance Amount remaining
after application with respect to the priorities set forth above will be applied
as described below under Section 5.03(c) hereof.
(b) Distributions of Principal with Respect to the Overcollateralized
Certificates
The Securities Administrator shall withdraw from the Certificate Account
(to the extent funds are available therein) the Principal Distribution Amount
and apply it in the following order of priority and to the extent of such funds:
With respect to each Distribution Date (a) before the Stepdown Date or (b)
as to which a Trigger Event is in effect, the Principal Distribution Amount will
be allocated among and distributed in reduction of the Class Certificate
Balances of the Overcollateralized Certificates in the following order of
priority:
first, concurrently, up to the Group T2 Priority Amount, to the Class T-A-5
and Class T A-6 Certificates, pro rata, until their Class Certificate Balances
have been reduced to zero;
second, concurrently, to the Class T-A-1A and Class T-A-1B Certificates,
pro rata, until their Class Certificate Balances have been reduced to zero;
third, to the Class T-A-2 Certificates, until their Class Certificate
Balance has been reduced to zero;
-149-
fourth, to the Class T-A-3 Certificates, until their Class Certificate
Balance has been reduced to zero;
fifth, to the Class T-A-4 Certificates, until their Class Certificate
Balance has been reduced to zero;
sixth, concurrently, to the Class T-A-5 and Class T-A-6 Certificates, pro
rata, until their Class Certificate Balances have been reduced to zero;
seventh, to the Class T-M-1 Certificates, until their Class Certificate
Balance has been reduced to zero;
eighth, to the Class T-M-2 Certificates, until their Class Certificate
Balance has been reduced to zero;
ninth, to the Class T-M-3 Certificates, until their Class Certificate
Balance has been reduced to zero;
tenth, to the Class T-M-4 Certificates, until their Class Certificate
Balance has been reduced to zero;
eleventh, to the Class T-M-5 Certificates, until their Class Certificate
Balance has been reduced to zero;
twelfth, to the Class T-B-1 Certificates, until their Class Certificate
Balance has been reduced to zero; and
thirteenth, any remaining Principal Distribution Amount will be distributed
as described below in Section 5.03(c) hereof.
With respect to each Distribution Date (a) on or after the Stepdown Date
and (b) as long as a Trigger Event is not in effect, the Principal Distribution
Amount will be allocated among and distributed in reduction of the Class
Certificate Balances of the Overcollateralized Certificates in the following
order of priority:
first, concurrently, up to the Group T2 Priority Amount, to the Class T-A-5
and Class T A-6 Certificates, pro rata, the Overcollateralized Senior Principal
Distribution Amount until their Class Certificate Balances have been reduced to
zero;
second, concurrently, to the Class T-A-1A and Class T-A-1B Certificates,
pro rata, the Overcollateralized Senior Principal Distribution Amount until
their Class Certificate Balances have been reduced to zero;
third, to the Class T-A-2 Certificates, the Overcollateralized Senior
Principal Distribution Amount until their Class Certificate Balance has been
reduced to zero;
fourth, to the Class T-A-3 Certificates, the Overcollateralized Senior
Principal Distribution Amount until their Class Certificate Balance has been
reduced to zero;
-150-
fifth, to the Class T-A-4 Certificates, the Overcollateralized Senior
Principal Distribution Amount until their Class Certificate Balance has been
reduced to zero;
sixth, concurrently, to the Class T-A-5 and Class T-A-6 Certificates, pro
rata, the Overcollateralized Senior Principal Distribution Amount until their
Class Certificate Balances have been reduced to zero;
seventh, to the Class T-M-1 Certificates, up to the Class T-M-1 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero;
eighth, to the Class T-M-2 Certificates, up to the Class T-M-2 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero;
ninth, to the Class T-M-3 Certificates, up to the Class T-M-3 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero;
tenth, to the Class T-M-4 Certificates, up to the Class T-M-4 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero;
eleventh, to the Class T-M-5 Certificates, up to the Class T-M-5 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero;
twelfth, to the Class T-B-1 Certificates, up to the Class T-B-1 Principal
Distribution Amount, until their Class Certificate Balance has been reduced to
zero; and
thirteenth, any remaining Principal Distribution Amount will be distributed
as described in Section 5.03(c) hereof.
Notwithstanding the foregoing, on or after the Distribution Date on which
the aggregate Class Certificate Balance of the Mezzanine Certificates and the
Class T-B-1 Certificates has been reduced to zero and there is no
Overcollateralization Amount, all principal distributions to the Senior
Overcollateralized Certificates shall be distributed concurrently on a pro rata
basis, based on the Class Certificate Balance of each such Class, until the
Class Certificate Balance of each such Class has been reduced to zero.
(c) Distribution of Monthly Excess Cashflow Amounts
(i) On each Distribution Date, any Monthly Excess Cashflow Amount
shall be distributed, to the extent available, in the following order of
priority on such Distribution Date:
first, concurrently, to the Classes of Senior Overcollateralized
Certificates, pro rata, any remaining Overcollateralized Accrued
Certificate Interest for each such Class for such Distribution Date;
second, concurrently, to the Classes of Senior Overcollateralized
Certificates, pro rata, any Interest Carryforward Amount for each such
Class for such Distribution Date;
-151-
third, sequentially to each class of Mezannine Certificates, in
numerical order, beginning with the Class T-M-1 Certificates, (i)
first to pay any remaining Overcollateralized Accrued Certificate
Interest for such Class for such Distribution Date and (ii) then to
pay any remaining Interest Carryforward Amount for such Class for such
Distribution Date;
fourth, to the Class T-B-1 Certificates, (i) first to pay any
remaining Overcollateralized Accrued Certificate Interest for such
Class for such Distribution Date and (ii) then to pay any remaining
Interest Carryforward Amount for such Class for such Distribution
Date;
fifth, from amounts otherwise distributable to the Class CE
Certificates, to the Cap Carryover Reserve Account to pay Cap
Carryover Amounts (i) first, concurrently, to the Classes of Senior
Overcollateralized Certificates, pro rata, based on Cap Carryover
Amounts for each such Class, and (ii) then sequentially, to the Class
T-M-1, Class T-M-2, Class T-M-3, Class T-M-4, Class T-M-5 and Class
T-B-1 Certificates, in that order, any Cap Carryover Amounts for such
Classes;
sixth, concurrently, to the Classes of Senior Overcollateralized
Certificates, any Realized Loss Amortization Amounts for such Classes
for such Distribution Date, pro rata, based upon Unpaid Realized Loss
Amounts for each such Class of Certificates;
seventh, sequentially to each class of Mezannine Certificates, in
numerical order, beginning with the Class T-M-1 Certificates, any
Realized Loss Amortization Amount for such Class for such Distribution
Date;
eighth, to the Class T-B-1 Certificates, any Realized Loss
Amortization Amount for such Class for such Distribution Date;
ninth, from amounts otherwise distributable to the Class CE
Certificates, to the Supplemental Interest Trust to fund any Defaulted
Swap Termination Payments;
tenth, to the Class CE Certificates, up to the Class CE
Distributable Amount; and
eleventh, on the Distribution Date in January 2012 (or the final
Distribution Date, if earlier), to the holders of the Class P
Certificates $100.00 in reduction of the Class Certificate Balance of
such Class.
(ii) On each Distribution Date, there shall be distributed to the
Holder of the Class 1-A-R Certificate (in respect of the Class II-UR
Interest), any amounts remaining in the Certificate Account in respect of
Loan Group T2 such date after the application pursuant to Sections 5.03(a),
5.03(b) and 5.03(c)(i).
-152-
(d) On each Distribution Date, after the Securities Administrator makes the
distributions of the Interest Remittance Amount, Principal Distribution Amount,
Monthly Excess Cashflow Amount and amounts on deposit in the Cap Carryover
Reserve Account as set forth above, the Supplemental Interest Trust Trustee
shall distribute the amount on deposit in the Swap Account, sequentially, as
follows:
first, to each Swap Provider, all Net Swap Payments owed to such Swap
Provider pursuant to the applicable Interest Rate Swap Agreements for such
Distribution Date;
second, to each Swap Provider, any Swap Termination Payment, other
than a Defaulted Swap Termination Payment, pursuant to the applicable
Interest Rate Swap Agreements;
third, concurrently, to the Senior Overcollateralized Certificates,
the related Interest Carryforward Amount remaining undistributed after the
application pursuant to Sections 5.03(a) and 5.03(c)(i), on a pro rata
basis based on such respective remaining Interest Carryforward Amounts;
fourth, sequentially, to the Class T-M-1, Class T-M-2, Class T-M-3,
Class T-M-4, Class T-M-5 and Class T-B-1 Certificates, in that order, the
related Accrued Certificate Interest and Interest Carryforward Amount, to
the extent remaining undistributed after the application pursuant to
Sections 5.03(a) and 5.03(c)(i);
fifth, to the holders of the Class or Classes of Overcollateralized
Certificates then entitled to receive distributions in respect of
principal, in an amount necessary to maintain the applicable Targeted
Overcollateralization Amount after taking into account the application
pursuant to Section 5.03(c)(i);
sixth, concurrently, to the Senior Overcollateralized Certificates,
the related Cap Carryover Amounts, to the extent remaining undistributed
after distributions are made from the Cap Carryover Reserve Account
pursuant to Section 5.03(c)(i) priority fifth, on a pro rata basis based on
such respective Cap Carryover Amounts remaining;
seventh, sequentially, to the Class T-M-1, Class T-M-2, Class T-M-3,
Class T-M-4, Class T-M-5 and Class T-B-1 Certificates, in that order, the
related Cap Carryover Amounts, to the extent remaining undistributed after
distributions are made from the Cap Carryover Reserve Account pursuant to
Section 5.03(c)(i) priority fifth;
eighth, to pay concurrently in proportion of their respective Unpaid
Realized Loss Amounts, to the Senior Overcollateralized Certificates, pro
rata, any remaining Unpaid Realized Loss Amounts, and then sequentially, to
the Class T-M-1, Class T-M-2, Class T-M-3, Class T-M-4, Class T-M-5 and
Class T-B-1 Certificates, in that order, to the extent of any remaining
related Unpaid Realized Loss Amounts for each such Class;
ninth, to each Swap Provider, any applicable Defaulted Swap
Termination Payment, to the extent not already paid; and
tenth, to the Class CE Certificates, any remaining amounts.
-153-
Amounts distributed in respect of priorities fifth and eighth above shall
not exceed the aggregate of current or prior Realized Losses on the Group T2
Mortgage Loans not previously reimbursed by Recoveries on the Group T2 Mortgage
Loans or the Monthly Excess Cashflow Amount.
(e) On each Distribution Date, after the distributions pursuant to Sections
5.03(a) through (d), the Supplemental Interest Trust Trustee shall distribute
the amount on deposit in the Class T-A-4 Interest Rate Cap Agreement Account as
follows:
(i) to the Class T-A-4 Certificates, the related Cap Carryover Amount,
to the extent remaining undistributed after distributions are made from the
Cap Carryover Reserve Account pursuant to Section 5.03(c)(i) priority
fifth, and after distributions are made pursuant to Section 5.03(d)
priority sixth; and
(ii) to the Class CE Certificates, any remaining amounts.
(f) On each Distribution Date, the Securities Administrator shall withdraw
any amounts then on deposit in the Certificate Account that represent Prepayment
Charges with respect to Group T2 Mortgage Loans in connection with a Principal
Prepayment of any Group T2 Mortgage Loan and shall distribute such amounts to
the Holders of the Class P Certificates. Such distributions shall not be applied
to reduce the Class Certificate Balance of the Class P Certificates.
(g) On each Distribution Date, Unpaid Realized Loss Amounts on the Offered
Overcollateralized Certificates and Class T-B-1 Certificates will be reduced by
the amount of any Recoveries relating to the Group T2 Mortgage Loans received
during the related Prepayment Period in the same order as Realized Loss
Amortization Amounts are paid to the Offered Overcollateralized Certificates and
Class T-B-1 Certificates pursuant to Section 5.03(c) above.
(h) Any amounts distributed to the Senior Overcollateralized Certificates,
Mezzanine Certificates and Class T-B-1 Certificates in respect of interest
pursuant to Section 5.03(c)(i) priority fifth which constitute Cap Carryover
Amounts shall first be deemed distributed by the Upper-Tier II REMIC as a
distribution with respect to the Class CE Upper-Tier II Regular Interest, and
then distributed to the Senior Overcollateralized Certificates, Mezzanine
Certificates and Class T-B-1 Certificates as payments on notional principal
contracts in the nature of cap contracts. Any remaining amount with respect to
the Class CE Certificates shall be treated as having been distributed to the
Holders of the Class CE Certificates. Any amounts distributed to the Senior
Overcollateralized Certificates, Mezzanine Certificates and Class T-B-1
Certificates pursuant to Section 5.03(d) priorities sixth and seventh which
constitute Cap Carryover Amounts shall be deemed to be payments on notional
principal contracts in the nature of cap contracts.
(i) Distributions on the Uncertificated Lower-Tier II Interests. On each
Distribution Date, the Securities Administrator shall be deemed to cause in the
following order of priority, the following amounts to be distributed to the
Middle-Tier II REMIC on account of the Uncertificated Lower-Tier II Regular
Interests (such amount, the "Lower-Tier II Distribution Amount") or withdrawn
-154-
from the Certificate Account and distributed to the Holder of the Class 1-A-R
Certificate (in respect of the Class II-LR Interest), as the case may be:
(i) to the extent of the Interest Remittance Amount (prior to
deduction of any Net Swap Payment and Swap Termination Payment), to Holders
of the Class LRII-I Interest and each of the Class LRIIA-17-A Interest
through Class LRIIA-28-B Interest, the Class LRIIA-37-A Interest through
Class LRIIA-62-B Interest, the Class LRIIB-28-A Interest through the Class
LRIIB-36-B Interest, the Class LRIIB-40-A Interest through the Class
LRIIB-47-B Interest, the Class LRIIC-1-A Interest through the Class
LRIIC-17-B Interest, the Class LRIIC-24-A Interest through the Class
LRIIC-28-B Interest, and the Class LRIIC-37-A Interest through the Class
LRIIC-50-B Interest, pro rata, in an amount equal to (A) Uncertificated
Accrued Interest for such Uncertificated Lower-Tier II Regular Interest for
such Distribution Date, plus (B) any amounts payable in respect thereof
remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Remittance Amount and the Princpal
Remittance Amount (in each case, prior to deduction of any Net Swap Payment
and Swap Termination Payment) and to the extent of amounts remaining after
the distributions made pursuant to clause (i) above, payments of principal
shall be allocated pro rata as follows: (a) to the Class LRII-I Interest,
then to the Class LRIIA-17-A Interest through Class LRIIA-28-B Interest and
the Class LRIIA-37-A Interest through Class LRIIA-62-B Interest (b) to the
Class LRIIB-28-A Interest through the Class LRIIB-36-B Interest and the
Class LRIIB-40-A Interest through the Class LRIIB-47-B Interest, and (c) to
the Class LRIIC-1-A Interest through the Class LRIIC-17-B Interest, the
Class LRIIC-24-A Interest through the Class LRIIC-28-B Interest, and the
Class LRIIC-37-A Interest through the Class LRIIC-50-B Interest, starting
with the lowest numerical denomination until the Uncertificated Balance of
each such Uncertificated Lower-Tier II Regular Interest is reduced to zero,
provided that, for Uncertificated Lower-Tier II Regular Interests with the
same numerical denomination, such payments of principal shall be allocated
pro rata between such Uncertificated Lower-Tier II Interests;
(iii) to Holders of the Class LRIIC-50-B Interest, all amounts
representing Prepayment Charges in respect of the Group T2 Mortgage Loans
received by the applicable Servicers during the related Prepayment Period;
and
(iv) any remaining amount to the Holder of the Class 1-A-R Certificate
(in respect of the Class II-LR Interest).
(j) Distributions on the Uncertificated Middle-Tier II Interests. On each
Distribution Date, the Securities Administrator shall be deemed to cause in the
following order of priority, the following amounts to be distributed to the
Upper-Tier II REMIC on account of the Uncertificated Middle-Tier II Regular
Interests (such amount, the "Middle-Tier II Distribution Amount") or withdrawn
from the Certificate Account and distributed to the Holder of the Class 1-A-R
Certificate (in respect of the Class II-MR Interest), as the case may be:
(i) first, to the extent of the Interest Remittance Amount (prior to
deduction of any Net Swap Payment and Swap Termination Payment), to the
Holders of the Class MRII-IOA, Class MRII-IOB, and Class MRII-IOC Interests
-155-
pro rata in an amount equal to (A) Uncertificated Accrued Interest for such
Uncertificated Middle-Tier II Interests for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous
Distribution Dates and second, to Holders of the Class MRII-AA Interest,
the Middle-Tier II Corresponding Marker Interests, the Class MRII-P
Interest and the Class MRII-ZZ Interest, pro rata, in an amount equal to
(A) the Uncertificated Accrued 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 the Class MRII-ZZ Interest shall be reduced and deferred when
the Middle-Tier II REMIC Overcollateralized Amount is less than the
Middle-Tier II REMIC Overcollateralization Target Amount, by the lesser of
(x) the amount of such difference and (y) the Maximum MRII-ZZ
Uncertificated Accrued Interest Deferral Amount and such amount will be
payable to the Holders of the Corresponding Middle-Tier II Marker
Interests, in the same proportion as the Overcollateralization Deficiency
is allocated to the Corresponding Classes and the Uncertificated Balance of
the Class MRII-ZZ Interest shall be increased by such amount;
(ii) to the Holders of the Uncertificated Middle-Tier II Interests, in
an amount equal to the remainder of the Interest Remittance Amounts and
Principal Remittance Amount (in each case, prior to deduction of any Net
Swap Payment and Swap Termination Payment) for such Distribution Date after
the distributions made pursuant to clause (i) above, allocated as follows:
(1) to the Class MRII-AA Interest and the Class MRII-P Interest,
98.00% of such remainder, until the Uncertificated Balance of such
Uncertificated Middle-Tier II Interest is reduced to zero; provided,
however, that the Class MRII-P Interest shall not be reduced until the
Distribution Date immediately following the expiration of the latest
Prepayment Charge or any Distribution Date thereafter, at which point such
amount shall be distributed to the Class MRII-P Interest, until $100 has
been distributed pursuant to this clause;
(2) to the Middle-Tier II Corresponding Marker Interests, 1.00%
of such remainder, in the same proportion as principal payments are
allocated to the Corresponding Classes, until the Uncertificated Balances
of such Uncertificated Middle-Tier II Interests are reduced to zero; then
to the Class MRII-ZZ Interest, 1.00% of such remainder, until the
Uncertificated Balance of such Uncertificated Middle-Tier II Interest is
reduced to zero;
(3) any remaining amount to the Holder of the Class 1-A-R
Certificate (in respect of the Class II-MR Interest);
provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that
are attributable to an Overcollateralization Release Amount shall be allocated
to (i) the Class MRII-AA Interest and the Class MRII-P Interest and (ii) the
Class MRII-ZZ Interest, respectively; provided that the Class MRII-P Interest
shall not be reduced until the Distribution Date immediately following the
expiration of the latest Prepayment Charge or any Distribution Date thereafter,
-156-
at which point such amount shall be distributed to the Class MRII-P Interest,
until $100 has been distributed pursuant to this clause.
(iii) On each Distribution Date, all amounts representing Prepayment
Charges in respect of the Group T2 Mortgage Loans received by the
applicable Servicers during the related Prepayment Period will be
distributed to Holders of the Class MRII-P Interest. Such amount shall not
reduce the Uncertificated Balance of the Class MRII-P Interest.
(k) Distributions on the Upper-Tier II Interests. On each Distribution
Date, 100% of the amounts deemed distributed on the Class MRII-IOA Interest
shall be deemed distributed by the Upper-Tier II REMIC in respect of the Class
Swap-IOA Interest, 100% of the amounts deemed distributed on the Class MRII-IOB
Interest shall be deemed distributed by the Upper-Tier II REMIC in respect of
the Class Swap-IOB Interest, and 100% of the amounts deemed distributed on the
Class MRII-IOC Interest shall be deemed distributed by the Upper-Tier II REMIC
in respect of the Class Swap-IOC Interest. Such amounts shall be deemed
distributed by the Upper-Tier II REMIC to the Supplement Interest Trust for
deposit into the Swap Account. On each Distribution Date, all amounts
representing Prepayment Charges deemed distributed on the Class MRII-P Interest
shall be deemed distributed by the Upper-Tier II REMIC in respect of the Class P
Upper-Tier II Interest. Such amount shall not reduce the Uncertificated Balance
of the Class P Upper-Tier II Interest. Other amounts deemed distributed by the
Middle-Tier II REMIC to the Upper-Tier II REMIC shall be deemed distributed with
respect to Upper-Tier II Interests (other than the Class Swap-IOA Interest, the
Class Swap-IOB Interest and the Class Swap-IOC Interest) so as to (i) pay the
Uncertificated Accrued Interest on such Upper-Tier II Interest plus any amounts
in respect thereof remaining unpaid from previous Distribution Dates and (ii)
reduce the Uncertificated Balance or Notional Amount of each such Upper-Tier II
Interest to the extent necessary so that it equals the Class Certificate Balance
or Notional Amount of the Corresponding Class of Certificates. Any remaining
amounts will be deemed distributed with respect to the II-UR Interest.
(l) Allocation of Losses on the Uncertificated Lower-Tier II Interests, the
Uncertificated Middle-Tier II Interests and the Upper-Tier II Interests.
(i) The Securities Administrator shall be deemed to cause the
following allocation of losses:
(a) For purposes of calculating the amount of Uncertificated
Accrued Interest for the Uncertificated Lower-Tier II Interests, the
aggregate amount of any Relief Act Reductions shall be allocated
first, to the Class LRII-I Interest and to the Uncertificated
Lower-Tier II 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 Lower-Tier II REMIC Pass-Through
Rates on the respective Uncertificated Balances of each such
Uncertificated Lower-Tier II Interest, and then, to Uncertificated
Lower-Tier II 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 Lower-Tier II REMIC Pass-Through
Rates on the respective Uncertificated Balances of each such
Uncertificated Lower-Tier II Interest.
-157-
(b) For purposes of calculating the amount of Uncertificated
Accrued Interest for the Uncertificated Middle-Tier II Interests, the
aggregate amount of any Relief Act Reductions incurred in respect of
the Group T2 Mortgage Loans for any Distribution Date shall be
allocated first, to Uncertificated Accrued Interest payable to (i) the
Class MRII-AA Interest and the Class MRII-P Interest and (ii) the
Class MRII-ZZ Interest up to an aggregate amount equal to the
Middle-Tier II REMIC Interest Loss Allocation Amount, 98% and 2%,
respectively, and thereafter among the Middle-Tier II Corresponding
Marker Interests and the Class MRII-ZZ Interest, pro rata based on,
and to the extent of, one month's interest at the then applicable
respective Uncertificated Middle-Tier II REMIC Pass-Through Rate on
the respective Uncertificated Balance of each such Uncertificated
Middle-Tier II Interest;
(c) The aggregate amount of any Relief Act Reductions incurred in
respect of the Group T2 Mortgage Loans for any Distribution Date shall
be allocated to the Upper-Tier II Interests (other than the Class
Swap-IOA Interest, the Class Swap-IOB Interest and the Class Swap-IOC
Interest) pro rata based on, and to the extent of, the Uncertificated
Accrued Interest for such Upper-Tier II Interest for such Distribution
Date.
(ii) (a) All Realized Losses on the Group T2 Mortgage Loans shall be
allocated on each Distribution Date first, to the Class LRII-I Interest
until the Uncertificated Balance of such Uncertificated Lower-Tier II
Interest has been reduced to zero and second, pro rata to the Class
LRIIA-17-A Interest through Class LRIIA-28-B Interest, the Class LRIIA-37-A
Interest through Class LRIIA-62-B Interest, the Class LRIIB-28-A Interest
through the Class LRIIB-36-B Interest, the Class LRIIB-40-A Interest
through the Class LRIIB-47-B Interest, the Class LRIIC-1-A Interest through
the Class LRIIC-17-B Interest, the Class LRIIC-24-A Interest through the
Class LRIIC-28-B Interest, and the Class LRIIC-37-A Interest through the
Class LRIIC-50-B Interest starting with the lowest numerical denomination
until the Uncertificated Balance of such Uncertificated Lower-Tier II
Interest has been reduced to zero, provided that, within each of the Class
LRIIA-17-A Interest through Class LRIIA-28-B Interest, the Class LRIIA-37-A
Interest through Class LRIIA-62-B Interest, the Class LRIIB-28-A Interest
through the Class LRIIB-36-B Interest, the Class LRIIB-40-A Interest
through the Class LRIIB-47-B Interest, the Class LRIIC-1-A Interest through
the Class LRIIC-17-B Interest, the Class LRIIC-24-A Interest through the
Class LRIIC-28-B Interest, and the Class LRIIC-37-A Interest through the
Class LRIIC-50-B Interest with the same numerical denomination, such
Realized Losses shall be allocated pro rata between such Uncertificated
Lower-Tier II Interests.
(b) All Realized Losses on the Group T2 Mortgage Loans shall be
allocated by the Securities Administrator on each Distribution Date to
the following Uncertificated Middle-Tier II Interests in the specified
percentages, as follows: first, to Uncertificated Accrued Interest
payable to (i) the Class MRII-AA Interest and the Class MRII-P
Interest and (ii) the Class MRII-ZZ Interest up to an aggregate amount
equal to the Middle-Tier II REMIC Interest Loss Allocation Amount, 98%
and 2%, respectively; second, to
-158-
the Uncertificated Balances of the Class MRII-AA Interest and the
Class MRII-ZZ Interest up to an aggregate amount equal to the
Middle-Tier II REMIC Principal Loss Allocation Amount, 98% and 2%,
respectively; third, to the Uncertificated Balances of the Class
MRII-AA Interest, the Class MRII-B1 Interest and the Class MRII-ZZ
Interest, 98%, 1% and 1%, respectively, until the Uncertificated
Balance of the Class MRII-B1 has been reduced to zero; fourth, to the
Uncertificated Balances of the Class MRII-AA Interest, the Class
MRII-M5 Interest and the Class MRII-ZZ Interest, 98%, 1% and 1%,
respectively, until the Uncertificated Balance of the Class MRII-M5
has been reduced to zero; fifth, to the Uncertificated Balances of the
Class MRII-AA Interest, the Class MRII-M4 Interest and the Class
MRII-ZZ Interest, 98%, 1% and 1%, respectively, until the
Uncertificated Balance of the Class MRII-M4 has been reduced to zero;
sixth, to the Uncertificated Balances of the Class MRII-AA Interest,
the Class MRII-M3 Interest and the Class MRII-ZZ Interest, 98%, 1% and
1%, respectively, until the Uncertificated Balance of the Class
MRII-M3 has been reduced to zero; seventh, to the Uncertificated
Balances of the Class MRII-AA Interest, the Class MRII-M2 Interest and
the Class MRII-ZZ Interest, 98%, 1% and 1%, respectively, until the
Uncertificated Balance of the Class MRII-M2 has been reduced to zero;
eighth, to the Uncertificated Balances of the Class MRII-AA Interest,
the Class MRII-M1 Interest and the Class MRII-ZZ Interest, 98%, 1% and
1%, respectively, until the Uncertificated Balance of the Class
MRII-M1 has been reduced to zero; and ninth, concurrently, (I) up to
the amount of any Senior Applied Realized Loss Amount for the Class
T-A-1A Certificates, to the Uncertificated Balances of the Class
MRII-AA Interest, the Class MRII-A1A Interest and the Class MRII-ZZ
Interest, 98%, 1% and 1%, respectively, until the MRII-A1A Interest is
reduced to zero; (II) up to the amount of any Senior Applied Realized
Loss Amount for the Class T-A-1B Certificates, to the Uncertificated
Balances of the Class MRII-AA Interest, the Class MRII-A1B Interest
and the Class MRII-ZZ Interest, 98%, 1% and 1%, respectively, until
the MRII-A1B Interest is reduced to zero; (III) up to the amount of
any Senior Applied Realized Loss Amount for the Class T-A-2
Certificates, to the Uncertificated Balances of the Class MRII-AA
Interest, the Class MRII-A2 Interest and the Class MRII-ZZ Interest,
98%, 1% and 1%, respectively, until the MRII-A2 Interest is reduced to
zero; (IV) up to the amount of any Senior Applied Realized Loss Amount
for the Class T-A-3 Certificates, to the Uncertificated Balances of
the Class MRII-AA Interest, the Class MRII-A3 Interest and the Class
MRII-ZZ Interest, 98%, 1% and 1%, respectively, until the MRII-A3
Interest is reduced to zero; provided, however, for so long as the
Class T-A-6 Certificates are outstanding, the Senior Applied Realized
Loss Amount for the Class T-A-3 Certificates, up to the Super Senior
Support Cap for the Class T-A-3 Certificates, will be allocated to the
Class MRII-A6 Interest in addition to the Senior Applied Realized Loss
Amount for the Class T-A-6 Certificates in the manner provided in
(VII) below; (V) up to the amount of any Senior Applied Realized Loss
Amount for the Class T-A-4 Certificates, to the Uncertificated
Balances of the Class MRII-AA Interest, the Class MRII-A4 Interest and
the Class MRII-ZZ Interest, 98%, 1% and 1%, respectively, until the
MRII-A4 Interest is reduced to zero; (VI) up to the amount of any
-159-
Senior Applied Realized Loss Amount for the Class T-A-5 Certificates,
to the Uncertificated Balances of the Class MRII-AA Interest, the
Class MRII-A5 Interest and the Class MRII-ZZ Interest, 98%, 1% and 1%,
respectively, until the MRII-A5 Interest is reduced to zero; provided,
however, for so long as the Class T-A-6 Certificates are outstanding,
the Senior Applied Realized Loss Amount for the Class T-A-5
Certificates, up to the Super Senior Support Cap for the Class T-A-5
Certificates, will be allocated to the Class MRII-A6 Interest in
addition to the Senior Applied Realized Loss Amount for the Class
T-A-6 Certificates in the manner provided in (VII) below; (VII) up to
the amount of any Senior Applied Realized Loss Amount for the Class
T-A-6 Certificates, to the Uncertificated Balances of the Class
MRII-AA Interest, the Class MRII-A6 Interest and the Class MRII-ZZ
Interest, 98%, 1% and 1%, respectively, until the MRII-A6 Interest is
reduced to zero;
(c) All Realized Losses on the Group T2 Mortgage Loans shall be
allocated by the Securities Administrator on each Distribution Date to
the Upper-Tier II Interests such that the Uncertificated Balance or
Notional Amount of each such Upper-Tier II Interest equals the Class
Certificate Balance or Notional Amount of the corresponding Class of
Certificates.
(m) Notwithstanding anything to the contrary contained herein, the above
distributions in Sections 5.03(h) through (l) (other than on the Certificates)
are deemed distributions, and distributions of funds from the Certificate
Account shall be made only in accordance with Sections 5.03(a) through (g)
hereof.
Section 5.04 Allocation of Losses.
(a) No later than five (5) Business Days prior to the related Distribution
Date, the Master Servicer shall inform the Securities Administrator in writing
with respect to each Mortgage Loan: (1) whether any Realized Loss is a Deficient
Valuation or a Debt Service Reduction, (2) of the amount of such loss or
Deficient Valuation, or of the terms of such Debt Service Reduction and (3) of
the total amount of Realized Losses on the Mortgage Loans in each Loan Group.
Based on such information, the Securities Administrator shall determine the
total amount of Realized Losses on the Mortgage Loans in each Loan Group with
respect to the related Distribution Date. Realized Losses shall be allocated to
the Certificates by a reduction in the Class Certificate Balances of the
designated Classes (i) in the case of the Shifting Interest Certificates,
pursuant to the operation of Section 5.04(b)(i) and (ii) in the case of the
Overcollateralized Certificates, pursuant to the operation of Section 5.04(c).
(b) Allocation of Losses on the Shifting Interest Certificates.
(i) On each Distribution Date, the Class Certificate Balance of the
Class 30-PO Certificates shall be reduced on each Distribution Date by the
amount, if any, by which the Class Certificate Balance of the Class 30-PO
Certificates (after giving effect to the amounts to be distributed as a
distribution of principal) exceeds the Adjusted Pool Amount (PO Portion)
for Loan Group 1 for such Distribution Date.
-160-
The Class Certificate Balance of the Class of Class M-1 and Class B
Certificates then outstanding with the lowest payment priority shall be
reduced or increased on each Distribution Date by the amount, if any,
necessary such that the aggregate of the Class Certificate Balances of all
outstanding Classes of Senior Non-PO Shifting Interest Certificates, Class
M-1 Certificates and Class B Certificates (after giving effect to the
amount to be distributed as distributions of principal and the allocation
of PO Deferred Amounts on such Distribution Date) equals the aggregate
Adjusted Pool Amount (Non-PO Portion) for both Shifting Interest Loan
Groups for such Distribution Date.
After the Senior Credit Support Depletion Date, the aggregate of the
Class Certificate Balances or, in the case of the Exchangeable REMIC
Certificates, the Calculation Balances, of all classes of Senior Non-PO
Shifting Interest Certificates (other than the Exchangeable Certificates)
of each Shifting Interest Group shall be reduced or increased on each
Distribution Date by the amount, if any, necessary such that the aggregate
of the Class Certificate Balances or, in the case of the Exchangeable REMIC
Certificates, the Calculation Balances, of all classes of Senior Non-PO
Shifting Interest Certificates (after giving effect to the amount to be
distributed as distributions of principal on such Distribution Date) in
such Shifting Interest Group equals the Adjusted Pool Amount (Non-PO
Portion) for the Related Loan Group for such Distribution Date.
Any such reduction or increase shall be allocated among the Senior
Non-PO Certificates (other than the Exchangeable Certificates) based on
their Class Certificate Balances or, in the case of the Exchangeable REMIC
Certificates, their Calculation Balances, immediately prior to such
Distribution Date, or in the case of the Class 1-A-20 and Class 1-A-21
Certificates, their respective Initial Class Certificate Balances, if
lower, until the Class Certificate Balances or, in the case of the
Exchangeable REMIC Certificates, the Calculation Balances, thereof have
been reduced to zero. In the event that all or a portion of a Class of
Exchangeable REMIC Certificates in any Exchangeable REMIC Combination is
exchanged for a proportionate portion of the Class of Exchangeable
Certificates in the related Combination, the Class of such Exchangeable
Certificates will be allocated a proportionate share of Realized Losses
allocated to the Classes of Exchangeable REMIC Certificates in the related
Combination. Realized Losses allocated to the Class 1-A-3 Certificates and
any Exchangeable Certificates for which Class 1-A-3 Certificates have been
exchanged will reduce the Class 1-A-4 Notional Amount to the extent
outstanding. Realized Losses allocated to the Class 1-A-5 Certificates and
any Exchangeable Certificates for which Class 1-A-5 Certificates have been
exchanged will reduce the Class 1-A-6 Notional Amount to the extent
outstanding. Realized Losses allocated to the Class 1-A-7 Certificates and
any Exchangeable Certificates for which Class 1-A-7 Certificates have been
exchanged will reduce the Class 1 A-8 Notional Amount to the extent
outstanding. Realized Losses allocated to the Class 1-A-9 Certificates and
any Exchangeable Certificates for which Class 1-A-9 Certificates have been
exchanged will reduce the Class 1-A-10 Notional Amount to the extent
outstanding. Realized Losses allocated to the Class 1-A-11 Certificates and
any Exchangeable Certificates for which Class 1-A-11 Certificates have been
exchanged will reduce the Class 1-A-12 Notional Amount to the extent
outstanding. Realized Losses allocated to the Class 1-A-13 Certificates and
any Exchangeable Certificates for which Class 1-A-13 Certificates have been
exchanged will reduce the Class 1-A-14 Notional Amount to the extent
-161-
outstanding. Realized Losses allocated to the Class 1-A-16 and Class 1-A-18
Certificates will reduce the Class 1-A-19 Notional Amount. Realized Losses
allocated to the Class 1-A-3 and Class 1-A-5 Certificates and any
Exchangeable Certificates for which Class 1-A-3 and Class 1-A-5
Certificates have been exchanged will reduce the Class 1-A-25 Notional
Amount to the extent outstanding. Realized Losses allocated to the Class
1-A-1 Certificates will reduce the Class 1-A-28 Notional Amount. Realized
Losses allocated to the Class 1-A-7 and Class 1-A-9 Certificates and any
Exchangeable Certificates for which Class 1-A-7 and Class 1-A-9
Certificates have been exchanged will reduce the Class 1-A-35 Notional
Amount to the extent outstanding. Realized Losses allocated to the Class
1-A-11 and Class 1-A-13 Certificates and any Exchangeable Certificates for
which Class 1-A-11 and Class 1-A-13 Certificates have been exchanged will
reduce the Class 1-A-38 Notional Amount to the extent outstanding. Realized
Losses allocated to the Class 1-A-7, Class 1-A-9, Class 1-A-11 and Class
1-A-13 Certificates and any Exchangeable Certificates for which Class
1-A-7, Class 1-A-9, Class 1-A-11 and Class 1-A-13 Certificates have been
exchanged will reduce the Class 1-A-41 Notional Amount to the extent
outstanding.
(ii) Any reduction or increase in the Class Certificate Balance of a
Class of Certificates pursuant to Section 5.04(b)(i) above shall be
allocated among the Certificates of such Class in proportion to their
respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to
the Class M-1 or Class B Certificates with respect to a Distribution Date
(the "Calculated Principal Distribution") shall be made prior to the
allocation of any Realized Losses with respect to the Shifting Interest
Mortgage Loans for such Distribution Date; provided, however, the actual
payment of principal to the Class M-1 or Class B Certificates shall be made
subsequent to the allocation of Realized Losses with respect to the
Shifting Interest Mortgage Loans for such Distribution Date. In the event
that after the allocation of Realized Losses with respect to the Shifting
Interest Mortgage Loans in a Loan Group for a Distribution Date, the
Calculated Principal Distribution for the Class M-1 or Class B Certificates
is greater than the Class Certificate Balance of such Class, the excess
shall be distributed (i) first, sequentially, to the Class M-1 and Class B
Certificates then outstanding (beginning with the Class M-1 Certificates
and then the Class of Class B Certificates then outstanding with the lowest
numerical designation) until the respective Class Certificate Balance of
each such Class is reduced to zero and (ii) then to the Senior Non-PO
Shifting Interest Certificates of the Related Group, pro rata, on the basis
of their respective Class Certificate Balances.
(iv) After the Senior Credit Support Depletion Date:
(A) On any Distribution Date on which the Class 1-A-5 Loss
Allocation Amount is greater than zero, the Class Certificate Balance
of the Class 1-A-5 Certificates will be reduced by the Class 1-A-5
Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the
Class Certificate Balance of the Class 1-A-3 Certificates will not be
-162-
reduced by the Class 1-A-5 Loss Allocation Amount. Notwithstanding the
foregoing, on any Distribution Date in which the Class 1-A-3 Loss
Amount exceeds the Class Certificate Balance of the Class 1-A-5
Certificates prior to any reduction for the Class 1-A-5 Loss
Allocation Amount, such excess will be distributed in reduction of the
Class Certificate Balance of the Class 1-A-3 Certificates. Any
increase in the Class Certificate Balance allocated to the Class 1-A-3
Certificates pursuant to Section 5.04(b)(i) will instead increase the
Class Certificate Balance of the Class 1-A-5 Certificates.
(B) On any Distribution Date on which the Class 1-A-15 Loss
Allocation Amount is greater than zero, the Class Certificate Balance
of the Class 1-A-15 Certificates will be reduced by the Class 1-A-15
Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the
Class Certificate Balances of the Class 1-A-7, Class 1-A-9, Class
1-A-11 and the Class 1-A-13 Certificates will not be reduced by the
Class 1-A-15 Loss Allocation Amount. Notwithstanding the foregoing, on
any Distribution Date in which the sum of the Class 1-A-7 Loss Amount,
the Class 1-A-9 Loss Amount, the Class 1-A-11 Loss Amount and the
Class 1-A-13 Loss Amount exceeds the Class Certificate Balance of the
Class 1-A-15 Certificates prior to any reduction for the Class 1-A-15
Loss Allocation Amount, such excess will be distributed, pro rata, in
reduction of the Class Certificate Balances of the Class 1-A-7, Class
1-A-9, Class 1-A-11 and Class 1-A-13 Certificates. Any increase in the
Class Certificate Balance allocated to the Class 1-A-7, Class 1-A-9,
Class 1-A-11 and Class 1-A-13 Certificates pursuant to Section
5.04(b)(i) will instead increase the Class Certificate Balance of the
Class 1-A-15 Certificates.
(C) On any Distribution Date on which the Class 1-A-17 Loss
Allocation Amount is greater than zero, the Class Certificate Balance
of the Class 1-A-17 Certificates will be reduced by the Class 1-A-17
Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the
Class Certificate Balances of the Class 1-A-16 and Class 1-A-18
Certificates will not be reduced by the Class 1-A-17 Loss Allocation
Amount. Notwithstanding the foregoing, on any Distribution Date in
which the sum of the Class 1-A-16 Loss Amount and the Class 1-A-18
Loss Amount exceeds the Class Certificate Balance of the Class 1-A-17
Certificates prior to any reduction for the Class 1-A-17 Loss
Allocation Amount, such excess will be distributed, pro rata, in
reduction of the Class Certificate Balances of the Class 1-A-16 and
Class 1-A-18 Certificates. Any increase in the Class Certificate
Balances allocated to the Class 1-A-16 and Class 1-A-18 Certificates
pursuant to Section 5.04(b)(i) will instead increase the Class
Certificate Balance of the Class 1-A-17 Certificates.
(v) With respect to any Distribution Date, Realized Losses allocated
pursuant to this Section 5.04(b) will be allocated to each Uncertificated
Shifting Interest Lower-Tier Interest as described in Section 5.02 and to
each Uncertificated Shifting Interest Middle-Tier Interest in an amount
equal to the Realized Losses allocated to such Uncertificated Shifting
Interest Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier
Class or Classes of Certificates.
(vi) Notwithstanding any other provision of this Section 5.04(b), no
Class Certificate Balance of a Class of Shifting Interest Certificates will
be increased on any Distribution Date such that the Class Certificate
-163-
Balance of such Class exceeds its Initial Class Certificate Balance or, in
the case of a Class of Exchangeable REMIC Certificates or Exchangeable
Certificates, its Aggregate Denomination (plus, in the case of the Class
1-A-20 and Class 1-A-21 Certificates, any Class 1-A-20 Accrual Distribution
Amounts and Class 1-A-21 Accrual Distribution Amounts, respectively,
previously added thereto) less all distributions of principal previously
distributed in respect of such Class on prior Distribution Dates (excluding
in the case of the Class M-1 Certificates or any Class of Class B
Certificates, any principal otherwise payable to the Class M-1 Certificates
or any Class of Class B Certificates but used to pay any PO Deferred
Amount).
(c) Allocation of Losses on the Overcollateralized Certificates. Any
Subordinated Applied Realized Loss Amount for a Distribution Date will be
allocated in reduction of the Class Certificate Balances of the Class T-B-1,
Class T-M-5, Class T-M-4, Class T-M-3, Class T-M-2 and Class T-M-1 Certificates,
in that order, until the respective Class Certificate Balances thereof are
reduced to zero.
After the Distribution Date on which the Class Certificate Balance of the
Class T-M-1 Certificates has been reduced to zero, each Senior Applied Realized
Loss Amount for a Distribution Date will be allocated in reduction of the Class
Certificate Balance of the related Class of Senior Overcollateralized
Certificates; provided, however, that (i) for so long as the Class T-A-6
Certificates are outstanding, the Senior Applied Realized Loss Amount for the
Class T-A-3 and Class T-A-5 Certificates, up to the respective Super Senior
Support Cap for each such Class, will be allocated to the Class T-A-6
Certificates in addition to the Senior Applied Realized Loss Amount for the
Class T-A-6 Certificates. Once the aggregate Senior Applied Realized Loss Amount
for a Class of Certificates exceeds the Super Senior Support Cap for such Class,
any further Senior Applied Realized Loss Amounts for such Class will be
allocated in reduction of the Class Certificate Balance of such Class, rather
than the Class Certificate Balance of the Class T-A-6 Certificates.
Notwithstanding any other provision of this Section 5.04(c), no Class
Certificate Balance of a Class of Overcollateralized Certificates will be
increased on any Distribution Date such that the Class Certificate Balance of
such Class exceeds its Initial Class Certificate Balance less all distributions
of principal previously distributed in respect of such Class on prior
Distribution Dates.
Section 5.05 Statements to Certificateholders.
(a) (i) Prior to the Distribution Date in each month, based upon the
information provided to the Securities Administrator on the Master Servicer's
Certificate delivered to the Securities Administrator pursuant to Section 4.01
and with respect to subsections (V) and (W) below, after consultation with the
Depositor, the Securities Administrator shall determine the following
information with respect to the Shifting Interest Certificates and such
Distribution Date:
(A) the actual Distribution Date, the related Record Date, the
LIBOR Determination Date for the Class 1-A-1, Class 1-A-16, Cass
1-A-18, Class 1-A-19 and Class 1-A-28 Certificates and the Interest
-164-
Accrual Period for each Class of Shifting Interest Certificates for
such Distribution Date;
(B) the Pool Distribution Amount for each Shifting Interest Loan
Group;
(C) the amount of the Pool Distribution Amount for each Shifting
Interest Loan Group allocable to principal, separately identifying the
aggregate amount of any Principal Prepayments, Liquidation Proceeds
and other components included therein;
(D) the amount of the Pool Distribution Amount for each Shifting
Interest Loan Group allocable to interest, the Class 1-A-20 Accrual
Distribution Amount, the Class 1-A-21 Accrual Distribution Amount, any
Class Unpaid Interest Shortfall included in such distribution and any
remaining Class Unpaid Interest Shortfall after giving effect to such
distribution;
(E) if the distribution to the Holders of such Class of Shifting
Interest Certificates is less than the full amount that would be
distributable to such Holders if there were sufficient funds available
therefor, the amount of the shortfall and the allocation thereof as
between principal and interest;
(F) the Class Certificate Balance of each Class of Shifting
Interest Certificates before and after giving effect to the
distribution of principal on such Distribution Date;
(G) the Stated Principal Balance of the Group 1 Mortgage Loans
and the Group 2 Mortgage Loans for the preceding Distribution Date and
the related Distribution Date;
(H) the Senior Percentage, the Total Senior Percentage, the
Senior Prepayment Percentage, the Subordinate Percentage and the
Subordinate Prepayment Percentage for each Shifting Interest Loan
Group for such Distribution Date;
(I) the amount of the Administrative Fees paid to or retained by
the Servicers with respect to Loan Group 1 and Loan Group 2 and such
Distribution Date;
(J) the Pass-Through Rate for each such Class of Shifting
Interest Certificates with respect to such Distribution Date;
(K) the amount of Periodic Advances with respect to the Shifting
Interest Mortgage Loans included in the distribution on such
Distribution Date and the aggregate amount of Periodic Advances
outstanding with respect to the Shifting Interest Mortgage Loans as of
the close of business on the Determination Date immediately preceding
such Distribution Date;
-165-
(L) the number and aggregate principal amounts of the Shifting
Interest Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in
foreclosure or bankruptcy) 31 to 60 days, 61 to 90 days and 91 or more
days, (B) in foreclosure, as of the close of business on the last day
of the calendar month preceding such Distribution Date and (C) in
bankruptcy, as of the close of business on the last day of the
calendar month preceding such Distribution Date;
(M) with respect to any Shifting Interest Mortgage Loans that
became REO Properties during the preceding calendar month, the
aggregate number of such Mortgage Loans and the aggregate Stated
Principal Balance of such Mortgage Loans as of the close of business
on the Determination Date preceding such Distribution Date and the
date of acquisition of the REO Properties;
(N) for each Shifting Interest Loan Group, the total number and
principal balance of any REO Properties (and market value, if
available) as of the close of business on the Determination Date
preceding such Distribution Date;
(O) the aggregate amount of Realized Losses with respect to the
Shifting Interest Mortgage Loans incurred during the preceding
calendar month or any PO Deferred Amounts for such Distribution Date;
(P) the Notional Amount for each Class of Interest Only
Certificates in Group 1;
(Q) for each Shifting Interest Loan Group, the Reimbursement
Amount;
(R) for each Shifting Interest Loan Group, the amount of
Recoveries, the PO Recovery and the Non-PO Recovery;
(S) any expenses or indemnification amounts paid by the Trust,
the specific purpose of each payment and the parties to whom such
payments were made;
(T) any material modifications, extensions or waivers to Shifting
Interest Mortgage Loan terms, fees, penalties or payments since the
previous Distribution Date;
(U) for the Shifting Interest Mortgage Loans in each Loan Group,
the number and aggregate Stated Principal Balance, the weighted
average Mortgage Interest Rate, the weighted average remaining term,
each as of the close of business on the last day of the calendar month
preceding such Distribution Date;
(V) unless such information is otherwise set forth in the Form
10-D relating to such Distribution Date and provided that the
Securities Administrator is reasonably able to include such
information in the statement, material breaches of Shifting Interest
Mortgage Loan representations and warranties of which the Securities
Administrator has knowledge or has received written notice;
-166-
(W) unless such information is otherwise set forth in the Form
10-D relating to such Distribution Date and provided that the
Securities Administrator is reasonably able to include such
information in the statement, material breaches of any covenants under
this Agreement of which the Securities Administrator has knowledge or
has received written notice;
(X) the Interest Rate Cap Agreement Payments paid to the Class
1-A-16 and Class 1-A-18 Certificates; and
(Y) whether any exchanges of Exchangeable or Exchangeable REMIC
Certificates have taken place since the preceding Distribution Date,
and, if applicable, the Class designations, Class Certificate
Balances, Notional Amounts, Pass-Through Rates, and any interest and
principal paid, including any shortfalls allocated, of any Classes of
Exchangeable REMIC Certificates or Exchangeable Certificates that were
received by the Certificateholder as a result of such exchange.
(ii) Prior to the Distribution Date in each month, based upon the
information provided to the Securities Administrator on the Master
Servicer's Certificate delivered to the Securities Administrator pursuant
to Section 4.01 and with respect to subsections (P) and (Q) below, after
consultation with the Depositor, the Securities Administrator shall
determine the following information with respect to the Overcollateralized
Certificates and such Distribution Date:
(A) the actual Distribution Date, the related Record Date, the
LIBOR Determination Date for the Class T-A-1A, Class T-A-2, Class
T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class T-M-4 and Class
T-M-5 Certificates and the Interest Accrual Period for each Class of
Overcollateralized Certificates for such Distribution Date;
(B) if the distribution to the Holders of such Class of
Overcollateralized Certificates is less than the full amount that
would be distributable to such Holders if there were sufficient funds
available therefor, the amount of the shortfall and the allocation
thereof as between principal and interest;
(C) the Class Certificate Balance of each Class of
Overcollateralized Certificates before and after giving effect to the
distribution of principal on such Distribution Date;
(D) the amount of the Administrative Fees paid to or retained by
the Servicers with respect to the Group T2 Mortgage Loans and such
Distribution Date;
(E) the Pass-Through Rate and Certificate Interest Rate for each
such Class of Overcollateralized Certificates with respect to such
Distribution Date;
-167-
(F) with respect to the Overcollateralized Certificates and the
Group T2 Mortgage Loans, the amount of Periodic Advances included in
the distribution on such Distribution Date and the aggregate amount of
Periodic Advances outstanding as of the close of business on the
Determination Date immediately preceding such Distribution Date;
(G) the number and aggregate principal amounts of Group T2
Mortgage Loans (A) delinquent (exclusive of Group T2 Mortgage Loans in
foreclosure or bankruptcy) 1 to 30 days, 31 to 60 days, 61 to 90 days
and 91 or more days, (B) in foreclosure, as of the close of business
on the last day of the calendar month preceding such Distribution Date
and (C) in bankruptcy, as of the close of business on the last day of
the calendar month preceding such Distribution Date;
(H) with respect to any Group T2 Mortgage Loans that became REO
Properties during the preceding calendar month, the aggregate number
of such Group T2 Mortgage Loans and the aggregated Stated Principal
Balance of such Group T2 Mortgage Loans as of the close of business on
the Determination Date preceding such Distribution Date and the date
of acquisition of the REO Properties;
(I) the total number and principal balance (and market value, if
available) of any REO Properties with respect to Group T2 Mortgage
Loans as of the close of business on the Determination Date preceding
such Distribution Date;
(J) the aggregate amount of Realized Losses with respect to the
Group T2 Mortgage Loans and Applied Realized Loss Amounts incurred
during the related Collection Period separately identifying any
reduction thereof due to the allocations of Applied Realized Loss
Amounts;
(K) for Loan Group T2, the Reimbursement Amount;
(L) for Loan Group T2, the amount of Recoveries;
(M) any expenses or indemnification amounts paid by the Trust,
the specific purpose of each payment and the parties to whom such
payments were made;
(N) any material modifications, extensions or waivers to Group T2
Mortgage Loan terms, fees, penalties or payments since the previous
Distribution Date;
(O) the number of Group T2 Mortgage Loans at the beginning and
end of the related Collection Period, the weighted average Mortgage
Interest Rate of the Mortgage Loans as of the last day of the related
Collection Period and the weighted average remaining term of such
Mortgage Loans;
-168-
(P) unless such information is otherwise set forth in the Form
10-D relating to such Distribution Date and provided that the
Securities Administrator is reasonably able to include such
information in the statement, material breaches of Group T2 Mortgage
Loan representations and warranties of which the Securities
Administrator has knowledge or has received written notice;
(Q) unless such information is otherwise set forth in the Form
10-D relating to such Distribution Date and provided that the
Securities Administrator is reasonably able to include such
information in the statement, material breaches of any covenants under
this Agreement of which the Securities Administrator has knowledge or
has received written notice;
(R) the Overcollateralized Accrued Certificate Interest in
respect of each Class of Overcollateralized Certificates for such
Distribution Date and any related Cap Carryover Amounts, and the
respective portions thereof, if any, remaining unpaid following the
distributions made in respect of such Certificates on such
Distribution Date;
(S) the Cap Carryover Amounts distributed on such Distribution
Date, the amounts remaining after giving effect to distributions
thereof on such Distribution Date, the amount of all Cap Carryover
Amounts covered by withdrawals from the Cap Carryover Reserve Account,
the Swap Account and the Class T-A-4 Interest Rate Cap Agreement
Account on such Distribution Date;
(T) whether a Trigger Event has occurred and is continuing, and
the cumulative Realized Losses as a percentage of the Cut-off Date
Pool Principal Balance for Loan Group T2;
(U) the Overcollateralization Amount, the Overcollateralization
Release Amount, the Overcollateralization Deficiency and the Targeted
Overcollateralization Amount as of such Distribution Date and the
Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for
such Distribution Date;
(V) the Principal Remittance Amount and the Interest Remittance
Amount;
(W) the Net Swap Payments for each Interest Rate Swap Agreement;
(X) the aggregate amount of Prepayment Charges collected or paid
with respect to the Group T2 Mortgage Loans during the related
Prepayment Period and the amounts thereof allocable to the Class P
Certificates; and
(Y) the amount received under the Class T-A-4 Interest Rate Cap
Agreement;
For all purposes of this Agreement, with respect to any Mortgage Loan,
delinquencies shall be determined and reported based on the so-called "MBA"
methodology for determining delinquencies on mortgage loans similar to the
-169-
Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with
respect to a Monthly Payment due on a Due Date if such Monthly Payment is not
made by the close of business on the Mortgage Loan's next succeeding Due Date,
and a Mortgage Loan would be more than 30-days delinquent with respect to such
Monthly Payment if such Monthly Payment were not made by the close of business
on the Mortgage Loan's second succeeding Due Date.
(b) No later than each Distribution Date, the Securities Administrator,
based upon information supplied to it on the Master Servicer's Certificate,
shall make available to each Holder of a Certificate, each Rating Agency and the
Master Servicer, a single statement setting forth the information set forth in
Sections 5.05(a)(i) and (ii) (a "Monthly Statement").
On each Distribution Date, the Securities Administrator shall prepare and
furnish to each Financial Market Service, in electronic or such other format and
media mutually agreed upon by the Securities Administrator, the Financial Market
Service and the Depositor, the information contained in the Master Servicer's
Certificate described in Section 4.01 for such Distribution Date.
The Securities Administrator will make the Monthly Statement to
Certificateholders (and, at its option, any additional files containing the same
or additional information in an alternative format) available each month to
Certificateholders, the NIMS Insurer and other parties to this Agreement via the
Securities Administrator's Internet website. The Securities Administrator's
Internet website shall initially be located at "xxx.xxxxxxx.xxx." Assistance in
using the website can be obtained by calling the Securities Administrator's
customer service desk at (000) 000-0000. Parties that are unable to use the
website are entitled to have a paper copy mailed to them via first class mail by
calling the customer service desk and indicating such. The Securities
Administrator shall have the right to change the way the Monthly Statements to
Certificateholders are distributed in order to make such distribution more
convenient and/or more accessible to the above parties and the Securities
Administrator shall provide timely and adequate notification to all above
parties regarding any such changes.
Within a reasonable period of time after the end of each calendar year, the
Securities Administrator shall furnish to the NIMS Insurer and each Person who
at any time during the calendar year was the Holder of a Certificate, if
requested in writing by such Person, a statement containing the information set
forth in clauses (C) and (D) of Section 5.05(a)(i) and clauses (C) and (R) of
Section 5.05(a)(ii), in each case aggregated for such calendar year or
applicable portion thereof during which such Person was a Certificateholder.
Such obligation of the Securities Administrator shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Securities Administrator pursuant to any requirements of the
Code as from time to time in force.
The Securities Administrator shall deliver to the Holders of Certificates
any reports or information the Securities Administrator is required by this
Agreement or the Code, Treasury Regulations or REMIC Provisions to deliver to
the Holders of Certificates, and the Securities Administrator shall prepare and
provide to the Certificateholders (by mail, telephone, or publication as may be
permitted by applicable Treasury Regulations) such other reasonable information
as the Securities Administrator deems necessary or appropriate or is required by
-170-
the Code, Treasury Regulations, and the REMIC Provisions including, but not
limited to, (i) information to be reported to the Holder of the Residual
Certificate for quarterly notices on Schedule Q (Form 1066) (which information
shall be forwarded to the Holder of the Residual Certificate by the Securities
Administrator), (ii) information to be provided to the Holders of Certificates
with respect to amounts which should be included as interest and original issue
discount in such Holders' gross income and (iii) information to be provided to
all Holders of Certificates setting forth the percentage of each REMIC's assets,
determined in accordance with Treasury Regulations using a convention, not
inconsistent with Treasury Regulations, selected by the Securities Administrator
in its absolute discretion, that constitute real estate assets under Section 856
of the Code, and assets described in Section 7701(a)(19)(C) of the Code;
provided, however, that in setting forth the percentage of such assets of each
REMIC created hereunder, nothing contained in this Agreement, including without
limitation Section 7.03 hereof, shall be interpreted to require the Securities
Administrator periodically to appraise the fair market values of the assets of
the Trust Estate or to indemnify the Trust Estate or any Certificateholders from
any adverse federal, state or local tax consequences associated with a change
subsequently required to be made in the Depositor's initial good faith
determinations of such fair market values (if subsequent determinations are
required pursuant to the REMIC Provisions) made from time to time.
Section 5.06 REMIC Tax Returns and Reports to Certificateholders.
(a) For federal income tax purposes, each REMIC created hereunder shall
have a taxable year ending on December 31st and shall maintain its books on the
accrual method of accounting.
(b) The Securities Administrator shall prepare or cause to be prepared,
shall execute or cause to be executed by such Person as is required by the Code,
Treasury Regulations or state or local tax laws, regulations or rules and shall
file or cause to be filed with the Internal Revenue Service and applicable state
or local tax authorities income tax and information returns for each taxable
year with respect to each REMIC created hereunder containing such information at
the times and in the manner as may be required by the Code, the Treasury
Regulations or state or local tax laws, regulations, or rules, and shall furnish
or cause to be furnished to each REMIC created hereunder and the
Certificateholders the schedules, statements or information at such times and in
such manner as may be required thereby. The Master Servicer shall provide on a
timely basis to the Securities Administrator or its designee such information
with respect to the assets of the Trust Estate as is in its possession and
reasonably required by the Securities Administrator to enable it to perform its
obligations under this Article V. Within 30 days of the Closing Date, the
Securities Administrator shall obtain for each REMIC created hereunder a
taxpayer identification number on Form SS-4 and any similarly required state or
local forms or as otherwise permitted by the Internal Revenue Service, and shall
furnish or cause to be furnished to the Internal Revenue Service, on Form 8811
and any similarly required state or local forms or as otherwise required by the
Code or the Treasury Regulations, the name, title, address and telephone number
of the person that Holders of the Certificates may contact for tax information
relating thereto, together with such additional information at the time or times
and in the manner required by the Code or the Treasury Regulations. Such
federal, state, or local income tax and information returns shall be signed by
-171-
the Trustee, or such other Person as may be required to sign such returns by the
Code, the Treasury Regulations or state or local tax laws, regulations, or
rules.
(c) In the first federal income tax return (and any similar required state
or local income tax returns) of each REMIC created hereunder for its short
taxable year ending December 31, 2007, REMIC status shall be elected for such
taxable year and all succeeding taxable years.
(d) The Securities Administrator will maintain or cause to be maintained
such records relating to each REMIC created hereunder, including but not limited
to records relating to the income, expenses, assets and liabilities of the Trust
Estate, and the initial fair market value and adjusted basis of the Trust Estate
property and assets determined at such intervals as may be required by the Code
or the Treasury Regulations, as may be necessary to prepare the foregoing
returns, schedules, statements or information.
Section 5.07 Tax Matters Person.
The Tax Matters Person shall have the same duties with respect to the
applicable REMIC as those of a "tax matters partner" under Subchapter C of
Chapter 63 of Subtitle F of the Code. The Holder of the Class 1-A-R Certificate
is hereby designated as the Tax Matters Person for the Shifting Interest
Upper-Tier REMIC, the Shifting Interest Middle-Tier REMIC, the Shifting Interest
Lower-Tier REMIC, the Upper-Tier II REMIC, the Middle-Tier II REMIC and the
Lower-Tier II REMIC. By its acceptance of the Class 1-A-R Certificate, such
Holder irrevocably appoints the Securities Administrator as its agent to perform
all of the duties of the Tax Matters Person for the Shifting Interest Upper-Tier
REMIC, the Shifting Interest Middle-Tier REMIC, the Shifting Interest Lower-Tier
REMIC, the Upper-Tier II REMIC, the Middle-Tier II REMIC and the Lower-Tier II
REMIC.
Section 5.08 Rights of the Tax Matters Person in Respect of the Securities
Administrator.
The Securities Administrator shall afford the Tax Matters Person, upon
reasonable notice during normal business hours, access to all records maintained
by the Securities Administrator in respect of its duties hereunder and access to
officers of the Securities Administrator responsible for performing such duties.
Upon request, the Securities Administrator shall furnish the Tax Matters Person
with its most recent report of condition published pursuant to law or to the
requirements of its supervisory or examining authority publicly available. The
Securities Administrator shall make available to the Tax Matters Person such
books, documents or records relating to the Securities Administrator's services
hereunder as the Tax Matters Person shall reasonably request. The Tax Matters
Person shall not have any responsibility or liability for any action or failure
to act by the Securities Administrator and is not obligated to supervise the
performance of the Securities Administrator under this Agreement or otherwise.
Section 5.09 REMIC and Grantor Trust Related Covenants.
For as long as any REMIC or Exchangeable Certificate created hereunder
shall exist, the Trustee, the Securities Administrator, the Depositor and the
Master Servicer shall act in accordance herewith to assure continuing treatment
-172-
of each REMIC created hereunder as a REMIC and each grantor trust created
hereunder as a "grantor trust" within the meaning of the Code and related
regulations and avoid the imposition of tax on any REMIC or grantor trust
created hereunder. In particular:
(a) Neither the Securities Administrator nor the Trustee shall create, or
permit the creation of, any "interests" in any REMIC created hereunder within
the meaning of Code Section 860D(a)(2) other than the interests represented by
the Residual Certificate, the Upper-Tier II Regular Interests, the
Uncertificated Middle-Tier II Interests, the Uncetificated Lower-Tier II Regular
Interest, the Shifting Interest Upper-Tier Regular Interest, the Uncertificated
Shifting Interest Middle-Tier Interests and the Uncertificated Shifting Interest
Lower-Tier Interests.
(b) Except as otherwise provided in the Code, (i) the Depositor and the
Master Servicer shall not contribute to the Trust Estate and the Trustee shall
not accept property unless substantially all of the property held in each REMIC
constitutes either "qualified mortgages" or "permitted investments" as defined
in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be
contributed, or deemed contributed, to any REMIC created hereunder after the
start-up day unless such contribution would not subject the Trust Estate to the
100% tax on contributions to a REMIC created hereunder after the start-up day of
such REMIC imposed by Code Section 860G(d).
(c) Neither the Securities Administrator, on behalf of the Trust Estate or
the Trustee, nor the Trustee shall accept on behalf of any REMIC created
hereunder any fee or other compensation for services and none of the Securities
Administrator, the Trustee or the Master Servicer shall knowingly accept, on
behalf of the Trust Estate any income from assets other than those permitted to
be held by a REMIC.
(d) Neither the Securities Administrator, on behalf of the Trust Estate or
the Trustee, nor the Trustee shall sell or permit the sale of all or any portion
of the Mortgage Loans (other than in accordance with Sections 2.02 or 2.04),
unless such sale is pursuant to a "qualified liquidation" of the applicable
REMIC as defined in Code Section 860F(a)(4)(A) and in accordance with Article X.
(e) The Securities Administrator shall maintain books with respect to the
Trust and each REMIC created hereunder on a calendar year taxable year basis and
on an accrual basis.
None of the Master Servicer, the Securities Administrator or the Trustee shall
engage in a "prohibited transaction" (as defined in Code Section 860F(a)(2)),
except that, with the prior written consent of the Master Servicer and the
Depositor, the Securities Administrator may engage in the activities otherwise
prohibited by the foregoing paragraphs (b), (c) and (d); provided that the
Master Servicer shall have delivered to the Securities Administrator an Opinion
of Counsel to the effect that such transaction will not result in the imposition
of a tax on any REMIC created hereunder or the Exchangeable Certificates Grantor
Trust and will not disqualify any such REMIC from treatment as a REMIC or
disqualify the Exchangeable Certificates Grantor Trust from treatment as a
grantor trust; and, provided further, that the Master Servicer shall have
demonstrated to the satisfaction of the Securities Administrator that such
-173-
action will not adversely affect the rights of the Holders of the Certificates
and the Securities Administrator and that such action will not adversely impact
the rating of the Certificates. None of the Master Servicer, the Securities
Administrator, the Trustee or any Servicer shall, unless the Mortgagor is in
default with respect to the Mortgage Loan or such default is, in the judgment of
the Servicer, reasonably foreseeable, permit any modification with respect to
any Mortgage Loan that would (i) change the Mortgage Rate, defer or forgive the
payment thereof of any principal or interest payments, reduce the Stated
Principal Balance (except for actual payments of principal) or extend the final
maturity date with respect to such Mortgage Loan, (ii) affect adversely the
status of any REMIC as a REMIC or (iii) cause any REMIC to be subject to a tax
on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions. Further, none of the Master Servicer, the Securities Administrator,
the Trustee or any Servicer shall permit any modification with respect to any
Mortgage Loan that would both (x) effect an exchange or reissuance of such
Mortgage Loan under Section 1.860G 2(b) of the Treasury regulations and (y)
cause any REMIC constituting part of the Trust Estate to fail to qualify as a
REMIC under the Code or the imposition of any tax on "prohibited transactions"
or "contributions" after the Start-up Day under the REMIC Provisions.
Section 5.10 Determination of One-Month LIBOR.
On each LIBOR Determination Date for a Class of LIBOR Certificates, the
Securities Administrator shall determine One-Month LIBOR for the applicable
Distribution Date on the basis of the British Bankers' Association ("BBA")
"Interest Settlement Rate" for one-month deposits in U.S. Dollars as found on
Telerate page 3750 as of 11:00 A.M. London time on such LIBOR Determination
Date. As used herein, "Telerate page 3750" means the display designated as page
3750 on the Reuters Telerate Service.
If on any LIBOR Determination Date for a Class of LIBOR Certificates, the
Securities Administrator is unable to determine One-Month LIBOR on the basis of
the method set forth in the preceding paragraph, One-Month LIBOR for the
applicable Distribution Date will be whichever is higher of (x) One-Month LIBOR
as determined on the previous LIBOR Determination Date for such Class of LIBOR
Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will
be the rate per annum which the Securities Administrator determines to be either
(A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to
the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates
that New York City banks selected by the Securities Administrator are quoting,
on the relevant LIBOR Determination Date, to the principal London offices of at
least two leading banks in the London interbank market or (B) in the event that
the Securities Administrator can determine no such arithmetic mean, the lowest
one-month U.S. Dollar lending rate that the New York City banks selected by the
Securities Administrator are quoting on such LIBOR Determination Date to leading
European banks.
If on any LIBOR Determination Date for a Class of LIBOR Certificates, the
Securities Administrator is required but is unable to determine the Reserve
Interest Rate in the manner provided in the preceding paragraph, One-Month LIBOR
for the applicable Distribution Date will be One-Month LIBOR as determined on
the previous LIBOR Determination Date for such Class of LIBOR Certificates, or,
in the case of the first LIBOR Determination Date for which the Securities
Administrator is required to determine One-Month LIBOR, 5.3200%.
-174-
The establishment of One-Month LIBOR by the Securities Administrator
and the Securities Administrator's subsequent calculation of the rates of
interest applicable to each of the LIBOR Certificates in the absence of manifest
error, will be final and binding. After a LIBOR Determination Date, the
Securities Administrator shall provide the Pass-Through Rates (in the case of
the Class 1-A-1, Class 1-A-16, Cass 1-A-18, Class 1-A-19 and Class 1-A-28
Certificates) or the Certificate Interest Rate (in the case of the Class T-A-1A,
Class T-A-2, Class T-A-3, Class T-A-4, Class T-M-2, Class T-M-3, Class T-M-4 and
Class T-M-5 Certificates) of the LIBOR Certificates for the related Distribution
Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone
call to the Securities Administrator at (000) 000-0000 and make a request
therefor.
Section 5.11 Master Servicer, Securities Administrator and Trustee
Indemnification.
(a) In the event that any REMIC created hereunder fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a
result of a prohibited transaction or prohibited contribution under the REMIC
Provisions due solely to (i) the negligent performance by the Trustee of its
duties and obligations set forth herein or (ii) any state, local or franchise
taxes imposed upon the Trust Estate as a result of the location of the Trustee
or any co-trustee, the Trustee shall indemnify the Trust Estate against any and
all losses, claims, damages, liabilities or expenses ("Losses") resulting from
such negligence, including, without limitation, any reasonable attorneys' fees
imposed on or incurred as a result of a breach of the Trustee's or any
co-trustee's covenants.
(b) In the event that any REMIC created hereunder fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a
result of a prohibited transaction or prohibited contribution under the REMIC
Provisions due solely to (i) the negligent performance by the Master Servicer of
its duties and obligations set forth herein or (ii) any state, local or
franchise taxes imposed upon the Trust Estate as a result of the location of the
Master Servicer, the Master Servicer shall indemnify the Trust Estate against
any and all Losses resulting from such negligence, including, without
limitation, any reasonable attorneys' fees imposed on or incurred as a result of
a breach of the Master Servicer's covenants.
(c) In the event that any REMIC created hereunder fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a
result of a prohibited transaction or prohibited contribution under the REMIC
Provisions due solely to (i) the negligent performance by the Securities
Administrator of its duties and obligations set forth herein or (ii) any state,
local or franchise taxes imposed upon the Trust Estate as a result of the
location of the Securities Administrator, the Securities Administrator shall
indemnify the Trust Estate against any and all Losses resulting from such
negligence, including, without limitation, any reasonable attorneys' fees
imposed on or incurred as a result of a breach of the Securities Administrator's
covenants.
Section 5.12 Grantor Trust Administration.
(a) The Trustee and the Securities Administrator shall (i) treat the
portions of the Trust Estate consisting of any interests in the Exchangeable
REMIC Certificates beneficially owned in the form of Exchangeable Certificates
and rights with respect thereto as assets of the Exchangeable Certificates
Grantor Trust and (ii) treat the portions of the Trust consisting of the Cap
-175-
Carryover Reseve Account and the Supplemental Interest Trust and rights and
obligations with respect thereto as the Class CE Grantor Trust, and provisions
of this Agreement shall be interpreted consistently with this treatment. Each
beneficial owner of Exchangeable REMIC Certificates that elects to hold its
interest in the Exchangeable REMIC Certificates in the form of Exchangeable
Certificates pursuant to Sections 6.05 and 6.06 of this Agreement shall be
deemed to have instructed the Securities Administrator to deposit the applicable
Exchangeable REMIC Certificates into the Exchangeable Certificates Grantor Trust
and all distributions in respect of such Exchangeable REMIC Certificates shall
be deposited into the Exchangeable Certificates Grantor Trust Account. Funds in
the Exchangeable Certificates Grantor Trust Account shall remain uninvested. The
Securities Administrator hereby designates the Exchangeable Certificates Grantor
Trust Account as a sub-account of the Certificate Account.
(b) On each Distribution Date, the Securities Administrator shall be deemed
(i) to deposit all distributions in respect of the Exchangeable REMIC
Certificates deemed received by it from the Shifting Interest Upper-Tier
Certificate Account pursuant to paragraph (a) of this Section 5.12 in the
Exchangeable Certificates Grantor Trust Account and shall immediately distribute
such amounts in respect of the related Exchangeable Certificates and (ii) to
deposit all distributions in respect of the Cap Carryover Reserve Account and
the Supplemental Interest Trust in the Class CE Grantor Trust, and shall
immediately distribute such amounts as provided in Section 5.03(c) and 5.03(d).
(c) Any beneficial owner of Exchangeable Certificates that exchanges such
Exchangeable Certificates for the related Exchangeable REMIC Certificates shall
be deemed to have instructed the Securities Administrator to remove such
Exchangeable REMIC Certificates from the Exchangeable Certificates Grantor
Trust, so that distributions on such Exchangeable REMIC Certificates are made
directly from the Shifting Interest Upper-Tier Certificate Account to such
beneficial owner.
(d) The Securities Administrator and the Trustee shall account for the
Exchangeable Certificates Grantor Trust and the Class CE Grantor Trust and the
assets and rights with respect thereto as, for federal income tax purposes,
grantor trusts as described in Subpart E of Part I of Subchapter J of the Code
and Treasury Regulation ss.301.7701-4(c)(2) and not as assets of any REMIC
created pursuant to this Agreement. The Securities Administrator shall apply for
taxpayer identification numbers on IRS Form SS-4 and any similarly required
state or local forms for the Exchangeable Certificates Grantor Trust and the
Class CE Grantor Trust. The Securities Administrator shall furnish or caused to
be furnished to the Holders of the related Exchangeable Certificates and the
Holders of the Class CE Certificates and shall file or cause to be filed such
forms as may be required by the Code and regulations promulgated thereunder and
any similar state or local laws with respect to the allocable shares of income
and expenses with respect to the assets of the grantor trusts at the time and in
the manner required by the Code and regulations promulgated thereunder and any
similar state or local laws. The Securities Administrator shall sign any forms
required above.
Section 5.13 Distributions on the Exchangeable Certificates.
-176-
On each Distribution Date, the Securities Administrator shall withdraw from
the Exchangeable Certificates Grantor Trust Account the Class Distribution
Amount for each Class with an Outstanding Exchangeable Certificate and shall
make the appropriate distributions to the Certificateholders of each such Class.
All distributions of such Class Distribution Amount that are made with respect
to a particular Class shall be made pro rata among all Certificates of such
Class in proportion to their respective Certificate Balances or notional
amounts, with no preference or priority of any kind.
Section 5.14 Supplemental Interest Trust.
(a) A separate trust is hereby established (the "Supplemental Interest
Trust"), into which the Depositor shall deposit the Interest Rate Swap
Agreements and the Class T-A-4 Interest Rate Cap Agreement. The Supplemental
Interest Trust shall be maintained by the Supplemental Interest Trust Trustee.
No later than the Closing Date, the Supplemental Interest Trust Trustee shall
establish and maintain a separate, segregated trust account to be held in the
Supplemental Interest Trust, titled, "Xxxxx Fargo Bank, N.A., as Supplemental
Interest Trust Trustee for U.S. Bank National Association, as Trustee, in trust
for registered holders of Banc of America Funding Corporation Mortgage
Pass-Through Certificates, Series 2007-2--Swap Account." Such 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, moneys of the Securities Administrator held pursuant to this
Agreement. Amounts therein shall be held uninvested.
(b) On each Distribution Date, prior to any distribution to any
Certificate, the Supplemental Interest Trust Trustee shall deposit into the Swap
Account the amount of any Net Swap Payments or Swap Termination Payment (other
than any Swap Termination Payment resulting from a Swap Provider Trigger Event
(as defined in each Interest Rate Swap Agreement)) owed to the Swap Providers
(after taking into account any upfront payment received from the counterparty to
a replacement interest rate swap agreement) from funds transferred from the
Trust that were collected and received with respect to the Mortgage Loans. For
federal income tax purposes, any amounts paid to the Swap Providers on each
Distribution Date shall first be deemed paid to the Supplemental Interest Trust
in respect of the Class Swap-IOA Interest, the Class Swap-IOB Interest and the
Class Swap-IOC Interest to the extent of the amount distributable on the Class
Swap-IOA Interest, the Class Swap-IOB Interest and the Class Swap-IOC Interest
on such Distribution Date, and any remaining amount shall be deemed paid to the
Supplemental Interest Trust for the benefit of the Swap Providers in respect of
a Class IO Distribution Amount (as defined below). Any Swap Termination Payment
triggered by a Swap Provider Trigger Event (as defined in an Interest Rate Swap
Agreement) owed to the Swap Providers pursuant to such Interest Rate Swap
Agreement will be subordinated to distributions to the Holders of the
Overcollateralized Certificates and shall be paid as set forth under Section
5.03(c)(i) priority ninth.
(c) No later than the Closing Date, the Supplemental Interest Trust Trustee
shall establish and maintain a separate, segregated trust account to be held in
the Supplemental Interest Trust, titled, "Xxxxx Fargo Bank, N.A., as
Supplemental Interest Trust Trustee for U.S. Bank National Association, as
Trustee, in trust for registered holders of Banc of America Funding Corporation
Mortgage Pass-Through Certificates, Series 2007-2--Class T-A-4 Interest Rate Cap
-177-
Agreement Account." Such 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 Securities Administrator held pursuant to this Agreement. Amounts therein
shall be held uninvested.
(d) For federal income tax purposes, the Supplemental Interest Trust shall
be owned by the Class CE Grantor Trust as provided in Section 5.12. The
Supplemental Interest Trust constitutes an "outside reserve fund" within the
meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of any REMIC
created hereunder.
(e) To the extent that the Supplemental Interest Trust is determined to be
a separate legal entity from the Supplemental Interest Trust Trustee, any
obligation of the Supplemental Interest Trust Trustee under the Interest Rate
Swap Agreements shall be deemed to be an obligation of the Supplemental Interest
Trust.
(f) The Securities Administrator and the Supplemental Interest Trust
Trustee shall treat the Holders of the Offered Overcollateralized Certificates
and Class T-B-1 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 Offered Overcollateralized
Certificates and Class T-B-1 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 Upper-Tier II 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 (a) the amount
of interest otherwise payable to such Certificates over (ii) the amount of
interest payable to such Certificates at a per annum rate equal to the
Upper-Tier II REMIC Net WAC Cap, and a Class IO Distribution Amount payable from
principal collections shall be allocated to the most subordinate Class of
Overcollateralized Certificates with an outstanding Class Certificate 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 Cap Carryover Amounts to the Holders of the Offered
Overcollateralized Certificates and Class T-B-1 Certificates in accordance with
the terms of this Agreement. Any payments to the Overcollateralized 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 Offered
Overcollateralized Certificates and Class T-B-1 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 the corresponding Upper-Tier II
Regular Interest and as having been paid by such Holders to the Supplemental
Interest Trust Trustee pursuant to the notional principal contract. Thus, each
Offered Overcollateralized Certificate and Class T-B-1 Certificate shall be
treated as representing not only ownership of an Upper-Tier II Regular Interest,
but also ownership of an interest in, and obligations with respect to, a
notional principal contract.
Section 5.15 Tax Treatment of Swap Payments and Swap Termination Payments.
-178-
(a) For federal income tax purposes, each Holder of an Overcollateralized
Certificate is deemed to own an undivided beneficial ownership interest in an
Upper-Tier II Regular Interest and the right to receive payments from either the
Cap Carryover Reserve Account or the Swap Account in respect of the Cap
Carryover Amount or the obligation to make payments to the Supplemental Interest
Trust for deposit to the Swap Account. For federal income tax purposes, the
Supplemental Interest Trust Trustee will account for payments to each
Certificate as follows: each Offered Overcollateralized Certificate and Class
T-B-1 Certificate will be treated as receiving its entire payment from the
corresponding Upper-Tier II Regular Interest (regardless of any Swap Termination
Payment or obligation under the Interest Rate Swap Agreements) and subsequently
paying their portion of any Swap Termination Payment in respect of each such
Class' obligation under the Interest Rate Swap Agreements. In the event that any
such Class is resecuritized in a REMIC, the obligation under the Interest Rate
Swap Agreements to pay any such Swap Termination Payment (or any shortfall in
the Net Swap Payments), will be made by one or more of the REMIC regular
interests issued by the resecuritization REMIC subsequent to such REMIC regular
interest receiving its full payment from any such Offered Overcollateralized
Certificate and Class T-B-1 Certificate. Resecuritization of any
Overcollateralized Certificate in a REMIC will be permissible only if the
Securities Administrator hereunder is the trustee in such resecuritization.
(b) The Upper-Tier II Regular Interest corresponding to a Certificate will
be entitled to receive interest and principal payments at the times and in the
amounts equal to those made on the Certificate to which it corresponds, except
that the maximum interest rate payable on that Upper-Tier Interest will equal
the Upper-Tier II REMIC Net WAC Cap. As a result of the foregoing, the amount of
distributions and taxable income on the Upper-Tier II Regular Interest
corresponding to a Certificate may exceed the actual amount of distributions on
the Offered Overcollateralized Certificates and Class T-B-1 Certificates.
ARTICLE VI
THE CERTIFICATES
Section 6.01 The Certificates.
The Classes of Certificates shall be substantially in the forms attached
hereto as Exhibits A-1AR through X-0X00, X-0X0, X-00XX, X-00XX, X-XX0X through
A-TA6, B-B1 through B-B6, B-TM1 through B-TM5, B-TB1, B-CE, B-P and C (reverse
of all Certificates) and shall, on original issue, be executed by the Securities
Administrator and shall be authenticated and delivered by the Securities
Administrator to or upon the order of the Depositor upon receipt by the Trustee
of the documents specified in Section 2.01. The Classes of Certificates shall be
available to investors in minimum denominations of initial Certificate Balance
(or initial notional amount) and integral multiples in excess thereof set forth
in the Preliminary Statement. The minimum denominations for the Class CE and
Class P Certificates shall be a 10% Percentage Interest in such Class. The
Offered Certificates (other than the Class 1-A-R Certificate) and the Class
T-B-1 Certificates shall initially be issued in book-entry form through the
Depository and delivered to the Depository or, pursuant to the Depository's
instructions on behalf of the Depository to, and deposited with, the Certificate
Custodian, and all other Classes of Certificates shall initially be issued in
definitive, fully-registered form.
-179-
The Certificates shall be executed by manual or facsimile signature on
behalf of the Securities Administrator by an authorized officer or signatory.
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 Securities Administrator shall bind the Securities Administrator,
notwithstanding that such individuals or any of them have ceased to be so
authorized prior to the execution and delivery of such Certificates or did not
hold such offices or positions at the date of such Certificate. No Certificate
shall be entitled to any benefit under this Agreement, or be valid for any
purpose, unless such Certificate shall have been manually authenticated by the
Securities Administrator substantially in the form provided for herein, and such
authentication upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
Section 6.02 Registration of Transfer and Exchange of Certificates.
(a) The Securities Administrator shall cause to be kept at an office or
agency in the city in which the Corporate Trust Office of the Securities
Administrator is located a Certificate Register in which, subject to such
reasonable regulations as it may prescribe, the Securities Administrator shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. The Securities Administrator shall initially
serve as Certificate Registrar for the purpose of registering Certificates and
transfers and exchanges of Certificates as herein provided.
(b) At the option of the Certificateholders, Certificates may be exchanged
for other Certificates of authorized denominations of a like Class, tenor and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange, the Securities Administrator shall execute and the
Securities Administrator shall authenticate and deliver the Certificates that
the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for transfer or exchange shall (if so
required by the Securities Administrator or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Securities Administrator and the Certificate Registrar duly
executed by, the Holder thereof or its attorney duly authorized in writing.
(c) (i) Except as provided in paragraph (c)(iii) below, the Book-Entry
Certificates shall at all times remain registered in the name of the Depository
or its nominee and at all times: (A) registration of the Book-Entry Certificates
may not be transferred by the Securities Administrator except to another
Depository; (B) the Depository shall maintain book-entry records with respect to
the Certificate Owners and with respect to ownership and transfers of such
Book-Entry Certificates; (C) ownership and transfers of registration of the
Book-Entry Certificates on the books of the Depository shall be governed by
applicable rules established by the Depository; (D) the Depository may collect
its usual and customary fees, charges and expenses from its Depository
Participants; (E) the Securities Administrator shall deal with the Depository as
the representative of the Certificate Owners of the Book-Entry Certificates for
purposes of exercising the rights of Holders under this Agreement, and requests
and directions for and votes of the Depository shall not be deemed to be
inconsistent if they are made with respect to different Certificate Owners; and
(F) the Securities Administrator may rely and shall be fully protected in
-180-
relying upon information furnished by the Depository with respect to its
Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners.
(ii) All transfers by Certificate Owners of Book-Entry Certificates
shall be made in accordance with the procedures established by the
Depository Participant or brokerage firm representing such Certificate
Owner. Each Depository Participant shall 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.
(iii) If the Depository advises the Securities Administrator in
writing that the Depository is no longer willing or able to properly
discharge its responsibilities as Depository and the Securities
Administrator or the Depositor is unable to locate a qualified successor,
the Securities Administrator shall notify all Certificate Owners through
the Depository of the occurrence of such event and of the availability of
definitive, fully-registered Certificates (the "Definitive ------------
Certificates") to such Certificate Owners requesting the same. Upon
surrender to the Securities Administrator of the related Class of
Certificates by the Depository (or by the Certificate Custodian, if it
holds such Class on behalf of the Depository), accompanied by the
instructions from the Depository for registration, the Securities
Administrator shall issue the Definitive Certificates. None of the Master
Servicer, the Depositor, the Securities Administrator or the Trustee shall
be liable for any delay in delivery of such instruction and may
conclusively rely on, and shall be protected in relying on, such
instructions. The Depositor shall provide the Securities Administrator with
an adequate inventory of certificates to facilitate the issuance and
transfer of Definitive Certificates. Upon the issuance of Definitive
Certificates, the Securities Administrator shall recognize the Holders of
the Definitive Certificates as Certificateholders hereunder.
(d) No transfer of a Private Certificate shall be made unless such transfer
is exempt from the registration requirements of the 1933 Act and any applicable
state securities laws or is made in accordance with the 1933 Act and such laws.
In the event of any such transfer (other than in connection with (i) the initial
transfer of any such Certificate by the Depositor to an Affiliate of the
Depositor or, in the case of the Class 1-A-R Certificate, the first transfer by
an Affiliate of the Depositor, (ii) the transfer of any such Class CE or Class P
Certificate to the issuer under an Indenture or the indenture trustee under an
Indenture or (iii) a transfer of any such Class CE or Class P Certificate from
the issuer under an Indenture or the indenture trustee under an Indenture to the
Depositor or an Affiliate of the Depositor), (i) unless such transfer is made in
reliance on Rule 144A under the 1933 Act, the Securities Administrator or the
Depositor may require a written Opinion of Counsel (which may be in-house
counsel) acceptable to and in form and substance reasonably satisfactory to the
Securities Administrator and the Depositor that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor, from the 1933 Act and such laws or is being made pursuant to the 1933
Act and such laws, which Opinion of Counsel shall not be an expense of the
Securities Administrator or the Depositor and (ii) the Securities Administrator
shall require a certificate from the Certificateholder desiring to effect such
transfer substantially in the form attached hereto as Exhibit G-1 and a
certificate from such Certificateholder's prospective transferee substantially
-181-
in the form attached hereto either as Exhibit G-2A or, in the case of the Class
B-4, Class B-5 and Class B-6 Certificates only, as Exhibit G-2B, which
certificates shall not be an expense of the Securities Administrator or the
Depositor; provided that the foregoing requirements under clauses (i) and (ii)
shall not apply to a transfer of a Private Certificate between or among the
Depositor, the Sponsor, their affiliates or both. The Depositor shall provide to
any Holder of a Private Certificate and any prospective transferees 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 1933 Act pursuant to the
registration exemption provided by Rule 144A. The Holder of a Private
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Securities Administrator and the Depositor 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. For purposes of clause (ii) of this Section
6.02(d) the representations required in any transferor certificate
(substantially in the form of Exhibit G-1 hereto) and any investment letter
(substantially in the form of Exhibit G-2A hereto) shall be deemed to have made
in connection with the transfer of any Private Certificate that is a Book-Entry
Certificate.
(e) No transfer of an ERISA Restricted Certificate (other than (i) a
transfer to the indenture trustee under an Indenture with respect to a related
NIM trust or (ii) a transfer from the indenture trustee under an Indenture with
respect to a related NIM trust to the Depositor or an Affiliate of the
Depositor) shall be made unless the transferee delivers to the Securities
Administrator either (i) a representation letter substantially in the form
attached hereto as Exhibit H from the transferee of such Certificate, which
representation letter shall not be an expense of the Depositor, the Trustee, the
Securities Administrator or the Master Servicer, or (ii) in the case of any
ERISA Restricted Certificate (other than the Class 1-A-R Certificate) presented
for registration in the name of an employee benefit plan or arrangement, subject
to Title I of ERISA or Section 4975 of the Code, or a Person acting on behalf of
or using assets of any such employee benefit plan or arrangement (collectively,
a "Plan") an Opinion of Counsel in form and substance satisfactory to the
Securities Administrator to the effect that the purchase or holding of such
ERISA Restricted Certificate will not constitute or result in a non-exempt
prohibited transaction within the meaning of ERISA or Section 4975 of the Code
and will not subject the Trustee, the Depositor, the Securities Administrator or
the Master Servicer to any obligation in addition to those undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Securities
Administrator, the Trustee or the Master Servicer. Any transferee of an ERISA
Restricted Certificate that does not comply with either clause (i) or (ii) of
the preceding sentence will be deemed to have made one of the representations
set forth in Exhibit H. For purposes of clause (i) of the second preceding
sentence, such representation shall be deemed to have been made to the
Certificate Registrar by the acceptance by a Certificate Owner of a Book-Entry
Certificate of the beneficial interest in any such Class of ERISA-Restricted
Certificates, unless the Certificate Registrar shall have received from the
transferee an alternative representation or Opinion of Counsel acceptable in
form and substance to the Depositor. Notwithstanding anything else to the
contrary herein, any purported transfer of an ERISA Restricted Certificate to a
Plan without the delivery to the Securities Administrator of an Opinion of
Counsel satisfactory to the Securities Administrator as described above shall be
void and of no effect.
-182-
Neither the Securities Administrator nor the Certificate Registrar shall
have any liability for transfers of Book-Entry Certificates made through the
book-entry facilities of the Depository or between or among any Depository
Participants or Certificate Owners, made in violation of applicable
restrictions. The Securities Administrator may rely and shall be fully protected
in relying upon information furnished by the Depository with respect to its
Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and Persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners.
To the extent permitted under applicable law (including, but not limited
to, ERISA), the Securities Administrator shall be under no 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 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 by the Securities Administrator in accordance with the foregoing
requirements.
For so long as the Supplemental Interest Trust is in existence, each
beneficial owner of an Offered Overcollateralized Certificate or any interest
therein, shall be deemed to have represented, by virtue of its acquisition or
holding of such Certificate, or interest therein, that either (i) it is not a
Plan or (ii) (A) it is an accredited investor within the meaning of the
Underwriter's Exemption and (B) the acquisition and holding of such Certificate
or any interest therein and the separate right to receive payments from the
Supplemental Interest Trust are eligible for the exemptive relief available
under Department of Labor Prohibited Transaction Class Exemption ("PTCE") 84-14
(for transactions by independent "qualified professional asset managers"), PTCE
91-38 (for transactions by bank collective investment funds), XXXX 00-0 (for
transactions by insurance company pooled separate accounts), PTCE 95-60 (for
transactions by insurance company general accounts) or PTCE 96-23 (for
transactions effected by "in-house asset managers") or the prohibited
transaction statutory exemption set forth under section 408(b)(17) of ERISA (for
transactions with certain service providers).
(f) 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 Securities Administrator of any change or impending change in
its status as a Permitted Transferee.
(ii) No Person shall acquire an Ownership Interest in a Residual
Certificate unless such Ownership Interest is a pro rata undivided
interest.
(iii) In connection with any proposed transfer of any Ownership
Interest in a Residual Certificate, the Securities Administrator shall
require delivery to it, in form and substance satisfactory to it, of an
affidavit substantially in the form attached hereto as Exhibit I from the
proposed transferee and a certificate substantially in the form attached
hereto as Exhibit Y.
-183-
(iv) Notwithstanding the delivery of an affidavit by a proposed
transferee under clause (iii) above, if a Responsible Officer of the
Securities Administrator has actual knowledge that the proposed transferee
is not a Permitted Transferee, no transfer of any Ownership Interest in a
Residual Certificate to such proposed transferee shall be effected.
(v) No Ownership Interest in a Residual Certificate may be purchased
by or transferred to any Person that is not a U.S. Person, unless (A) such
Person holds such Residual Certificate in connection with the conduct of a
trade or business within the United States and furnishes the transferor and
the Securities Administrator with an effective Internal Revenue Service
Form W-8ECI (or successor thereto) or (B) the transferee delivers to both
the transferor and the Securities Administrator an Opinion of Counsel from
a nationally-recognized tax counsel to the effect that such transfer is in
accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of a Residual Certificate
will not be disregarded for federal income tax purposes.
(vi) Any attempted or purported transfer of any Ownership Interest in
a Residual Certificate in violation of the provisions of this Section 6.02
shall be absolutely null and void and shall vest no rights in the purported
transferee. If any purported transferee shall, in violation of the
provisions of this Section 6.02, become a Holder of a Residual Certificate,
then the prior Holder of such Residual Certificate that is a Permitted
Transferee shall, upon discovery that the registration of transfer of such
Residual Certificate was not in fact permitted by this Section 6.02, be
restored to all rights as Holder thereof retroactive to the date of
registration of transfer of such Residual Certificate. The Securities
Administrator shall be under no liability to any Person for any
registration of transfer of a Residual Certificate that is in fact not
permitted by this Section 6.02 or for making any distributions due on such
Residual Certificate to the Holder thereof or taking any other action with
respect to such Holder under the provisions of the Agreement so long as the
transfer was registered in accordance with this Section 6.02. The
Securities Administrator shall be entitled to recover from any Holder of a
Residual Certificate that was in fact not a Permitted Transferee at the
time such distributions were made all distributions made on such Residual
Certificate. Any such distributions so recovered by the Securities
Administrator shall be distributed and delivered by the Securities
Administrator to the prior Holder of such Residual Certificate that is a
Permitted Transferee.
(vii) If any Person other than a Permitted Transferee acquires any
Ownership Interest in a Residual Certificate in violation of the
restrictions in this Section 6.02, then the Securities Administrator, based
on information provided to the Securities Administrator by the Master
Servicer, will provide to the Internal Revenue Service, and to the Persons
specified in Section 860E(e)(3) and (6) of the Code, information needed to
compute the tax imposed under Section 860E(e) of the Code on transfers of
residual interests to disqualified organizations. The expenses of the
Securities Administrator under this clause (vii) shall be reimbursable by
the Trust.
-184-
(viii) No Ownership Interest in a Residual Certificate shall be
acquired by a Plan.
(g) No service charge shall be imposed for any transfer or exchange of
Certificates of any Class, but the Securities Administrator may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed
in connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates.
If (a) any mutilated Certificate is surrendered to the Certificate
Registrar or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (b) there is delivered to
the Securities Administrator, the Trustee, the Depositor and the Certificate
Registrar such security or indemnity reasonably satisfactory to each, to save
each of them harmless, then, in the absence of actual notice to the Securities
Administrator or the Certificate Registrar that such Certificate has been
acquired by a bona fide purchaser, the Securities Administrator shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor, Class
and Percentage Interest but bearing a number not contemporaneously outstanding.
Upon the issuance of any new Certificate under this Section, the Securities
Administrator 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 Securities Administrator and
the Certificate Registrar) connected therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.
Section 6.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Depositor, the Master Servicer, the Trustee, the Securities Administrator,
the Certificate Registrar and any agent of the Depositor, the Master Servicer,
the Trustee, the Securities Administrator or the Certificate Registrar may treat
the Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 5.01
and for all other purposes whatsoever, and none of the Depositor, the Master
Servicer, the Trustee, the Securities Administrator, the Certificate Registrar,
the NIMS Insurer or any agent of the Depositor, the Master Servicer, the
Trustee, the Securities Administrator, the NIMS Insurer or the Certificate
Registrar shall be affected by notice to the contrary.
Section 6.05 Transfer of Exchangeable REMIC Certificates and Exchangeable
Certificates.
(a) Upon the presentation and surrender by any Certificateholder of its
Exchangeable REMIC Certificates or Exchangeable Certificates in the appropriate
-185-
Combination as set forth in Exhibit W hereto, such Certificateholder shall
thereby transfer, assign, set over and otherwise convey to the Securities
Administrator, all of such Certificateholder's right, title and interest in and
to such Exchangeable REMIC Certificates or Exchangeable Certificates, including
all payments of interest thereon received after the date of such presentation
and surrender and until such Certificateholder informs the Securities
Administrator that it wishes to again hold its interest in the form of
Exchangeable REMIC Certificates or Exchangeable Certificates, as applicable.
(b) The Securities Administrator acknowledges any transfer and assignment
of Exchangeable REMIC Certificates or Exchangeable Certificates pursuant to the
foregoing paragraph, and hereby declares that it will hold the same in trust for
the Certificateholders on the terms set forth in this Agreement, and shall treat
such Exchangeable REMIC Certificates and Exchangeable Certificates in accordance
with Section 5.12 of this Agreement.
Section 6.06 Exchanges of Exchangeable REMIC Certificates and Exchangeable
Certificates.
(a) Exchangeable Certificates shall be exchangeable on the books of DTC for
Exchangeable REMIC Certificates and Exchangeable REMIC Certificates shall be
exchangeable on the books of DTC for Exchangeable Certificates, on and after the
Closing Date, by notice to the Securities Administrator substantially in the
form of Exhibit X hereto or under the terms and conditions hereinafter set forth
and otherwise in accordance with the procedures specified in this Agreement.
(b) In the case of each Combination, Certificates of the Classes of
Exchangeable REMIC Certificates in such Combination shall be exchangeable for
Certificates of the Class of Exchangeable Certificates related to such
Combination in respective Denominations, determined based on the proportion that
the Maximum Initial Class Certificate Balances or Maximum Initial Notional
Amounts of such Exchangeable REMIC Certificates, bear to the Maximum Initial
Class Certificate Balances of the related Exchangeable Certificates, as set
forth in Exhibit W hereto. Except as provided in Section 5.12 of this Agreement,
upon any such exchange, the portions of the Exchangeable REMIC Certificates
designated for exchange shall be deemed cancelled and replaced by the
Exchangeable Certificates issued in exchange therefor. Correspondingly,
Exchangeable Certificates related to a Combination may be further designated for
exchange for Exchangeable REMIC Certificates in such Combination in respective
Denominations determined based on the proportion that the Maximum Initial Class
Certificate Balances or Maximum Initial Notional Amounts of such Exchangeable
REMIC Certificates bear to the Maximum Initial Class Certificate Balance of the
related Exchangeable Certificates, as set forth in Exhibit W hereto. There shall
be no limitation on the number of exchanges authorized pursuant to this Section
6.06 and, except as provided below, no fee or other charge shall be payable to
the Securities Administrator or DTC in connection therewith.
(c) In order to effect an exchange of Exchangeable REMIC Certificates or
Exchangeable Certificates, the Certificateholder shall notify the Securities
Administrator by e mail at xxxxxxxxxxxxxxx@xxxxxxxxxx.xxx no later than two
Business Days before the proposed exchange date. The exchange date may be any
Business Day other than the first or last Business Day of the month, subject to
the Securities Administrator's approval. In addition, the Certificateholder must
-186-
provide notice on the Certificateholder's letterhead, which notice must carry a
medallion stamp guarantee and set forth the following information: the CUSIP
number of each Exchangeable REMIC Certificate or Exchangeable Certificate to be
exchanged and Exchangeable REMIC Certificates or Exchangeable Certificate to be
received; the outstanding portion of the Class Certificate Balances and/or
Notional Amounts and the Maximum Initial Class Certificate Balances and/or
Notional Amounts of the Exchangeable REMIC Certificates or Exchangeable
Certificates to be exchanged; the Certificateholder's DTC participant number;
and the proposed exchange date. After receiving the notice, the Securities
Administrator shall e-mail the Certificateholder with wire payment instructions
relating to the exchange fee. The Certificateholder will utilize the "deposit
and withdrawal system" at DTC to exchange the Certificates. The Securities
Administrator shall verify the proposed proportions to ensure that the principal
and interest entitlements of the Certificates received equal the entitlements of
the Certificates surrendered. If there is an error, the exchange will not occur
until such error is corrected. Unless rejected for error, a notice becomes
irrevocable on the second Business Day before the proposed exchange date.
(d) Notwithstanding any other provision herein set forth, a fee of $5,000
shall be payable to the Securities Administrator in connection with each
exchange.
(e) The Securities Administrator shall make the first distribution on an
Exchangeable REMIC Certificate or Exchangeable Certificate received in an
exchange transaction on the Distribution Date in the month following the month
of the exchange to the Certificateholder of record as of the close of business
on the last day of the month of the exchange.
ARTICLE VII
THE DEPOSITOR AND THE MASTER SERVICER
Section 7.01 Respective Liabilities of the Depositor and the Master
Servicer.
The Depositor and the Master Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by the Depositor and the Master Servicer herein. By
way of illustration and not limitation, the Depositor is not liable for the
master servicing and administration of the Mortgage Loans, nor is it obligated
by Section 8.01 to assume any obligations of the Master Servicer or to appoint a
designee to assume such obligations, nor is it liable for any other obligation
hereunder that it may, but is not obligated to, assume unless it elects to
assume such obligation in accordance herewith.
Section 7.02 Merger or Consolidation of the Depositor or the Master
Servicer.
The Depositor and the Master Servicer will each keep in full effect its
existence, rights and franchises as a separate entity under the laws governing
its organization, and will each obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
-187-
Any Person into which the Depositor or the Master Servicer may be merged or
consolidated, or any corporation resulting from any merger or consolidation to
which the Depositor or the Master Servicer shall be a party, or any Person
succeeding to the business of the Depositor or the Master Servicer, shall be the
successor of the Depositor or the Master Servicer, as the case may be,
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
the Master Servicer shall be qualified to service mortgage loans on behalf of
Xxxxxx Xxx or Xxxxxxx Mac.
In connection with the succession to the Master Servicer under this
Agreement by any Person (i) into which the Master Servicer may be merged or
consolidated, or (ii) which may be appointed as a successor to the Master
Servicer, the Master Servicer shall notify the Depositor of such succession or
appointment and shall furnish to the Depositor and the Securities Administrator
in writing and in form and substance reasonably satisfactory to the Depositor
and the Securities Administrator, all information reasonably necessary for the
Securities Administrator to accurately and timely report, pursuant to Section
3.22(d), the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
such reports under the Exchange Act are required to be filed under the Exchange
Act).
Section 7.03 Limitation on Liability of the Depositor, the Master Servicer
and Others.
None of the Depositor, the Master Servicer or any of the directors,
officers, employees or agents of the Depositor or of the Master Servicer shall
be under any liability to the Trust Estate or the Certificateholders for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Depositor, the Master Servicer or any such
Person against any breach of warranties or representations made herein or any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Depositor, the Master
Servicer and any director, officer, employee or agent of the Depositor or the
Master Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Master Servicer and any director, officer,
employee or agent of the Depositor or the Master Servicer shall be indemnified
by the Trust Estate and held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates, other than any loss, liability or expense related to any specific
Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
shall be otherwise reimbursable pursuant to this Agreement) and any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder. Neither of the Depositor nor the
Master Servicer shall be under any obligation to appear in, prosecute or defend
any legal action which is not incidental to its respective duties under this
Agreement and which in its opinion may involve it in any expense or liability;
provided, however, that the Depositor or the Master Servicer may in its
discretion undertake any such action which it may deem necessary or desirable in
respect to this Agreement and the rights and duties of the parties hereto and
the interests of the Certificateholders hereunder. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust Estate (except any expenses, costs
-188-
or liabilities incurred as a result of any breach of representations or
warranties of the related party or by reason of willful misfeasance, bad faith
or gross negligence in the performance of duties of such party hereunder or by
reason of reckless disregard of obligations and duties of such party hereunder),
and the Depositor and the Master Servicer shall each be entitled to be
reimbursed therefor out of amounts attributable to the applicable Mortgage Loans
on deposit in the Master Servicer Custodial Account, as provided by Section
3.11.
Section 7.04 Depositor and Master Servicer Not to Resign.
Subject to the provisions of Section 7.02, neither the Depositor nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Depositor or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Securities Administrator. No
such resignation by the Master Servicer shall become effective until the
Securities Administrator or a successor Master Servicer shall have assumed such
Master Servicer's responsibilities and obligations in accordance with Section
8.05 hereof.
ARTICLE VIII
DEFAULT
Section 8.01 Events of Default.
If any one of the following events ("Events of Default") shall occur and be
continuing:
(a) any failure by the Master Servicer to remit amounts to the Securities
Administrator for deposit into the Certificate Account in the amount and manner
provided herein so as to enable the Securities Administrator to distribute to
Holders of Certificates any payment required to be made under the terms of such
Certificates and this Agreement which continues unremedied by 12:00 P.M. New
York time on the related Distribution Date; or
(b) failure on the part of the Master Servicer duly to observe or perform
in any material respect any other covenants or agreements of the Master Servicer
set forth in the Certificates or in this Agreement, which covenants and
agreements continue unremedied for a period of 30 days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Master Servicer by the Securities Administrator, the Trustee,
the NIMS Insurer or the Depositor, or to the Master Servicer, the Depositor, the
Securities Administrator, the NIMS Insurer and the Trustee by the Holders of
Certificates evidencing Voting Rights aggregating not less than 25% of all
Certificates affected thereby; or
(c) the entry of a decree or order by a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
conservator, receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings against the Master
Servicer, or for the winding up or liquidation of the Master Servicer's affairs,
and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days; or
-189-
(d) the consent by the Master Servicer to the appointment of a conservator
or receiver or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities or similar proceedings of or relating to the Master
Servicer or of or relating to substantially all of its property; or 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 any applicable insolvency or
reorganization statute, make an assignment for the benefit of its creditors, or
voluntarily suspend payment of its obligations; or
(e) failure by the Master Servicer to duly perform, within the required
time period, its obligations under Section 3.20, Section 3.21 or Section 3.22;
or
(f) failure by the Master Servicer to make a Periodic Advance required to
be made by it pursuant to Section 3.19 by 5:00 P.M. New York time on the
Business Day preceding the related Distribution Date.
then, (i) in the case of Event of Default described in clauses (a) through (e)
hereof, so long as such Event of Default is actually known by a Responsible
Officer of the Trustee or the Depositor and shall not have been remedied by the
Master Servicer, either the Trustee or the Depositor may, and at the direction
of the Holders of Certificates evidencing Voting Rights aggregating not less
than 51% of all Certificates affected thereby shall, by notice then given in
writing to the Master Servicer (and to the Trustee, if given by the Depositor,
and to the Depositor, if given by the Trustee), terminate all of the rights and
obligations of the Master Servicer under this Agreement and (ii) in the case of
an Event of Default described in clause (f) hereof, so long as such event is
known by a Responsible Officer of the Trustee, the Trustee shall be obligated to
make such Periodic Advance and then, so long as such Event of Default shall not
have been remedied by 5:00 P.M. New York time on the related Distribution Date
(including the reimbursement to the Trustee by the Master Servicer, with
interest thereon at the Prime Rate (as set forth in The Wall Street Journal),
for any Periodic Advance made), the Trustee may, by notice given in writing to
the Master Servicer and the Depositor, terminate all of the rights and
obligations of the Master Servicer under this Agreement. On or after the receipt
by the Master Servicer of such written notice and subject to Section 8.05, all
authority and power of the Master Servicer under this Agreement, whether with
respect to the Certificates or the Mortgage Loans or otherwise, shall pass to
and be vested in the Trustee pursuant to and under this Section 8.01 and Section
8.05, unless and until such time as the Trustee shall appoint a successor Master
Servicer pursuant to Section 8.05, and, without limitation, the Trustee is
hereby authorized and empowered to execute and deliver, on behalf of the Master
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the applicable Mortgage Loans and
related documents, or otherwise, including, without limitation, the recordation
of the assignments of the applicable Mortgage Loans to it. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the
responsibilities and rights of the Master Servicer hereunder, including, without
limitation, the transfer to the Trustee for the administration by it of all cash
amounts that have been deposited by the Master Servicer in the Master Servicer
Custodial Account or thereafter received by the Master Servicer with respect to
the Mortgage Loans. Upon obtaining notice or knowledge of the occurrence of any
-190-
Event of Default, the Person obtaining such notice or knowledge shall give
prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register and to each Rating Agency. All
costs and expenses (including attorneys' fees) incurred in connection with
transferring the master servicing data and information to the successor Master
Servicer and amending this Agreement to reflect such succession as Master
Servicer pursuant to this Section 8.01 shall be paid by the predecessor Master
Servicer (unless the predecessor Master Servicer is the Trustee, in which event
the previous Master Servicer shall be responsible for payment of such costs and
expenses so long as the transfer of servicing is not the result of an Event of
Default on the part of the Trustee in its capacity as the predecessor Master
Servicer). Notwithstanding the termination of the Master Servicer pursuant
hereto, the Master Servicer shall remain liable for any causes of action arising
out of any Event of Default occurring prior to such termination, subject to the
terms and conditions of this Agreement.
Section 8.02 Remedies of Trustee.
During the continuance of any Event of Default, so long as such Event of
Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 8.01, shall have the right, in its own name as trustee of
an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.
Section 8.03 Directions by Certificateholders and Duties of Trustee During
Event of Default.
During the continuance of any Event of Default, Holders of Certificates
evidencing Voting Rights aggregating not less than 25% (or such other percentage
as may be required herein) of each Class of Certificates affected thereby may
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee under this Agreement; provided, however, that the Trustee shall be under
no obligation to pursue any such remedy, or to exercise any of the trusts or
powers vested in it by this Agreement (including, without limitation, (a) the
conducting or defending of any administrative action or litigation hereunder or
in relation hereto, and (b) the terminating of the Master Servicer or any
successor Master Servicer from its rights and duties as master servicer
hereunder) at the request, order or direction of any of the Certificateholders,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby and, provided further,
that, subject to the provisions of Section 9.01, the Trustee shall have the
right to decline to follow any such direction if the Trustee, based upon an
Opinion of Counsel, determines that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith determines that the action or
proceeding so directed would subject the Trustee to a risk of personal liability
or be unjustly prejudicial to the non-assenting Certificateholders.
-191-
Section 8.04 Action upon Certain Failures of the Master Servicer and upon
Event of Default.
In the event that a Responsible Officer of the Trustee shall have actual
knowledge of any failure of the Master Servicer specified in Section 8.01(a) or
(b) which would become an Event of Default upon such Master Servicer's failure
to remedy the same after notice, the Trustee shall give notice thereof to the
Master Servicer. If a Responsible Officer of the Trustee shall have knowledge of
an Event of Default, the Trustee shall give prompt written notice thereof to the
Securities Administrator and the Securities Administrator shall give prompt
written notice thereof to the Certificateholders in accordance with Section
8.01.
Section 8.05 Trustee to Act; Appointment of Successor.
(a) Within 90 days of the time the Master Servicer (and the Trustee if such
notice of termination is delivered by the Depositor) receives a notice of
termination pursuant to Section 8.01, the Trustee (or other named successor)
shall, subject to Section 3.07, be the successor in all respects to the Master
Servicer in its capacity as master servicer under this Agreement and the
transactions set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and thereof, as applicable, or shall
appoint a successor pursuant to Section 3.07. Notwithstanding the foregoing, (i)
the parties hereto agree that the Trustee, in its capacity as successor Master
Servicer, immediately will assume all of the obligations of the Master Servicer
to make advances (including, without limitation, Advances pursuant to Section
3.19) under this Agreement, (ii) the Trustee, in its capacity as successor
Master Servicer, shall not be responsible for the lack of information and/or
documents that it cannot obtain through reasonable efforts and (iii) under no
circumstances shall any provision of this Agreement be construed to require the
Trustee (a) acting in its capacity as successor to the Master Servicer in its
obligation to make advances (including Advances pursuant to Section 3.19) to
advance, expend or risk its own funds or otherwise incur any financial liability
in the performance of its duties hereunder if it shall have reasonable grounds
for believing that such funds are non-recoverable, (b) to be liable for any
losses of the Master Servicer or any acts or omissions of the predecessor Master
Servicer hereunder, (c) to be obligated to make Advances if it is prohibited
from doing so by applicable law, (d) to be obligated to effectuate repurchases
or substitutions of the Mortgage Loans hereunder or (e) to be obligated to
perform any obligation of the Master Servicer under Section 3.20, Section 3.21
or Section 3.22 with respect to any period of time during which the Trustee was
not the Master Servicer. Subject to Section 8.05(b), as compensation therefor,
the Trustee shall be entitled to such compensation as the terminated Master
Servicer would have been entitled to hereunder if no such notice of termination
had been given, except for those amounts due to the Master Servicer as
reimbursement for Advances previously made or amounts previously expended and
are otherwise reimbursable hereunder. Notwithstanding the above, the Trustee
may, if it shall be unwilling so to act, or shall, if it is legally unable so to
act, appoint, or petition a court of competent jurisdiction to appoint, any
established housing and home finance institution having a net worth of not less
than $10,000,000 as the successor to the terminated Master Servicer hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the Master Servicer hereunder; provided, however, that any such institution
appointed as a successor Master Servicer shall not, as evidenced in writing by
each Rating Agency, adversely affect the then current rating of any Class of
-192-
Certificates immediately prior to the termination of the terminated Master
Servicer. The appointment of a successor Master Servicer shall not affect any
liability of the predecessor Master Servicer which may have arisen under this
Agreement prior to its termination as Master Servicer, nor shall any successor
Master Servicer be liable for any acts or omissions of the predecessor Master
Servicer or for any breach by the Master Servicer of any of its representations
or warranties contained herein or in any related document or agreement. Pending
appointment of a successor to a terminated Master Servicer hereunder, unless the
Trustee is prohibited by law from so acting, the Trustee shall act in such
capacity as provided above. The Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. All Master Servicing Transfer Costs shall be paid by the
predecessor Master Servicer (unless the predecessor Master Servicer is the
Trustee, in which event the previous Master Servicer shall be responsible for
payment of such costs and expenses so long as the transfer of servicing is not
the result of an Event of Default on the part of the Trustee in its capacity as
the predecessor Master Servicer) upon presentation of reasonable documentation
of such costs, and if such predecessor Master Servicer defaults in its
obligation to pay such costs, such costs shall be paid by the successor Master
Servicer or the Trustee (in which case the successor Master Servicer or the
Trustee shall be entitled to reimbursement therefor from the assets of the
Trust).
(b) In connection with the appointment of a successor Master Servicer or
the assumption of the duties of the Master Servicer, as specified in Section
8.05(a), the Trustee may make such arrangements for the compensation of such
successor as it and such successor shall agree; provided, however, that such
compensation shall not exceed the compensation of the Master Servicer being
replaced.
(c) Any successor, including the Trustee, to the Master Servicer as master
servicer shall during the term of its service as master servicer maintain in
force (i) a policy or policies of insurance covering errors and omissions in the
performance of its obligations as master servicer hereunder and (ii) a fidelity
bond in respect of its officers, employees and agents to the same extent as the
Master Servicer is so required pursuant to Section 3.03.
Section 8.06 Notification to Certificateholders.
Upon any termination or appointment of a successor to the Master Servicer
pursuant to this Article VIII, the Securities Administrator shall give prompt
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register and to each Rating Agency.
ARTICLE IX
THE TRUSTEE AND THE SECURITIES ADMINISTRATOR
Section 9.01 Duties of Trustee and Securities Administrator.
(a) (i) The Trustee and the Securities Administrator, prior to the
occurrence of an Event of Default and after the curing or waiver of all Events
of Default which may have occurred, each undertake to perform such duties and
only such duties as are specifically set forth in this Agreement as duties of
-193-
the Trustee and the Securities Administrator, respectively. In case an Event of
Default has occurred of which a Responsible Officer of the Trustee shall have
actual knowledge (which has not been cured or waived), the Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise as a reasonably prudent
investor would exercise or use under the circumstances in the conduct of such
investor's own affairs. In case an Event of Default has occurred of which a
Responsible Officer of the Securities Administrator shall have actual knowledge
(which has not been cured or waived), the Securities Administrator shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise as a reasonably prudent
investor would exercise or use under the circumstances in the conduct of such
investor's own affairs.
The Trustee and the Securities Administrator, upon receipt of all
resolutions, certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Trustee and the Securities Administrator
which are specifically required to be furnished pursuant to any provision of
this Agreement, shall examine them to determine whether they conform to the
requirements of this Agreement; provided, however, that neither the Trustee nor
the Securities Administrator shall be responsible for the accuracy of any
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Master Servicer or the Depositor hereunder.
(b) No provision of this Agreement shall be construed to relieve the
Trustee or the Securities Administrator from liability for its own grossly
negligent action, its own grossly negligent failure to act or its own willful
misfeasance; 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 and the Securities Administrator
shall be determined solely by the express provisions of this Agreement, the
Trustee and the Securities Administrator shall not be liable except for the
performance of such duties and obligations as are specifically set forth in
this Agreement, no implied covenants or obligations shall be read into this
Agreement against the Trustee and the Securities Administrator and, in the
absence of bad faith on the part of the Trustee and the Securities
Administrator, the Trustee and the Securities Administrator 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 the Securities Administrator by the Depositor or the
Master Servicer and which on their face, do not contradict the requirements
of this Agreement;
(ii) The Trustee shall not be personally liable for an error of
judgment made in good faith by a Responsible Officer or Responsible
Officers of the Trustee, unless it shall be proved that the Trustee was
grossly negligent in ascertaining the pertinent facts;
(iii) The Trustee and the Securities Administrator shall not be
personally liable with respect to any action taken, suffered or omitted to
be taken by it in good faith in accordance with the direction of
Certificateholders as provided in Section 8.03;
-194-
(iv) The Trustee shall not be charged with knowledge of any
default or an Event of Default under Section 8.01 unless a Responsible
Officer of the Trustee obtains actual knowledge of such default or
Event of Default or any Responsible Officer of the Trustee receives
written notice of such default or Event of Default at its Corporate
Trust Office from the Master Servicer, the Securities Administrator,
the Depositor or any Certificateholder. The Securities Administrator
shall not be charged with knowledge of any default or an Event of
Default under Section 8.01 unless a Responsible Officer of the
Securities Administrator obtains actual knowledge of such failure or
event or any Responsible Officer of the Securities Administrator
receives written notice of such default or Event of Default at its
Corporate Trust Office from the Master Servicer, the Trustee, the
Depositor or any Certificateholder; and
(v) No provision in this Agreement shall require the Trustee or
the Securities Administrator to expend or risk its own funds or
otherwise incur any personal financial liability in the performance of
any of its duties as Trustee or Securities Administrator hereunder, or
in the exercise of any of its rights or powers, if the Trustee or the
Securities Administrator shall have reasonable grounds for believing
that repayment of funds or adequate indemnity or security satisfactory
to it 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 Securities Administrator to perform, or be
responsible for the manner of performance of, any of the obligations
of the Master Servicer under this Agreement.
(c) Subject to the conditions set forth in this Section 9.01(c), the
Securities Administrator is permitted to utilize one or more Subcontractors to
perform certain of its obligations hereunder. The Securities Administrator shall
promptly upon request provide to the Depositor a written description (in form
and substance satisfactory to the Depositor) of the role and function of each
Subcontractor utilized by the Securities Administrator, specifying (i) the
identity of each such Subcontractor that is a Servicing Function Participant and
(ii) which elements of the Servicing Criteria will be addressed in Assessments
of Compliance provided by each Servicing Function Participant. As a condition to
the utilization by the Securities Administrator of any Servicing Function
Participant, the Securities Administrator shall cause any such Servicing
Function Participant for the benefit of the Depositor to comply with the
provisions of Section 3.20 of this Agreement to the same extent as if such
Servicing Function Participant were the Securities Administrator. The Securities
Administrator shall be responsible for obtaining from each such Servicing
Function Participant and delivering to the applicable Persons any Assessment of
Compliance and related Attestation Report required to be delivered by such
Servicing Function Participant under Section 3.20, in each case as and when
required to be delivered.
Notwithstanding the foregoing, if the Securities Administrator engages a
Subcontractor in connection with the performance of any of its duties under this
Agreement, the Securities Administrator shall be responsible for determining
whether such Subcontractor is an Additional Servicer.
The Securities Administrator shall indemnify the Depositor, the Sponsor,
the Trustee, the Custodian, the Master Servicer and any of their respective
directors, officers, employees or agents and hold them harmless against any and
-195-
all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other costs, fees and
expenses that any of them may sustain in any way related to a breach of the
Securities Administrator's obligation set forth in the preceding paragraph or
the failure of the Securities Administrator to perform any of its obligations
under Section 3.20, Section 3.21, Section 3.22 or this Section 9.01(c).
(d) The Securities Administrator is hereby directed, on behalf of the
Trust, to execute and deliver the Interest Rate Cap Agreements (including making
any representations on behalf of the Trust), to perform the obligations of the
Trust under each Interest Rate Cap Agreement on the Closing Date and to enforce
the obligations of the Cap Provider under each Interest Rate Cap Agreement
thereafter, including by exercising any right that the Securities Administrator
may have to designate an "early termination date" under an Interest Rate Cap
Agreement upon the occurrence of an "event of default" or a "termination event"
thereunder. Upon the occurrence of an "early termination date" under an Interest
Rate Cap Agreement, the Depositor shall use reasonable efforts to replace such
Interest Rate Cap Agreement with one that is furnished by a replacement for the
Cap Provider acceptable to each Rating Agency, and the Securities Administrator
shall hold in trust any amount that is paid to it by the Cap Provider in respect
of any such "early termination date" and apply such amount to the purchase of
the related replacement. If any portion of such amount cannot be so used (either
because a replacement for an Interest Rate Cap Agreement is not available or
such amount exceeds the amount necessary to purchase such replacement), the
Securities Administrator shall deposit such portion in the Class 1-A-16 Reserve
Fund or the Class 1-A-18 Reserve Fund, as applicable. If such amount is
insufficient to purchase a replacement for such Interest Rate Cap Agreement, the
Securities Administrator shall apply such amount to replace as much of such
Interest Rate Cap Agreement as it is possible to replace with such amount. If
the Cap Provider transfers its rights and obligations under an Interest Rate Cap
Agreement to another party in accordance therewith or the Depositor replaces an
Interest Rate Cap Agreement with one that is furnished by a replacement for the
Cap Provider acceptable to each Rating Agency in accordance with this Agreement,
then the Securities Administrator shall execute and deliver the related
replacement for, or novation of, such Interest Rate Cap Agreement.
The Depositor hereby represents to the Securities Administrator that any
representations made by the Securities Administrator under each Interest Rate
Cap Agreement on behalf of the Trust are true and accurate.
For so long as the Securities Administrator is required to file any report
with the Commission pursuant to Section 3.22 of this Agreement, upon its receipt
from BANA of each "significance estimate" for the Interest Rate Cap Agreements
pursuant to the Mortgage Loan Purchase Agreement, the Securities Administrator
shall, on the basis of such "significance estimates," calculate the aggregate
"significance percentage" for the Interest Rate Cap Agreements of the aggregate
Class Certificate Balance of the Class 1-A-16 and Class 1-A-18 Certificates as
of the date of such "significance estimates" in accordance with Item 1115 of
Regulation AB. For the avoidance of doubt, such aggregate "significance
percentage" shall be a fraction, expressed as a percentage, the numerator of
which is such aggregate "significance estimate" and the denominator of which is
the aggregate Class Certificate Balance of the Class 1-A-16 and Class 1-A-18
Certificates after distributions on the related Distribution Date. The
-196-
Securities Administrator also shall determine as of such date whether such
"significance percentage" would require disclosure of financial information with
respect to the Cap Provider in any report required to be filed with the
Commission pursuant to Section 3.22, and if it does, the Securities
Administrator shall make a written request of the Cap Provider for such
information in accordance with the related Interest Rate Cap Agreement not later
than the third Business Day after it receives the related "significance
estimates." Upon its receipt of such information, the Securities Administrator
shall furnish such information to the Depositor and, if such information is
approved by the Depositor, shall include such information in the related report
as provided in Section 3.22.
(e) Xxxxx Fargo Bank, N.A., in its capacity as Supplemental Interest Trust
Trustee, is hereby directed, on behalf of the Supplemental Interest Trust, to
execute and deliver the Interest Rate Swap Agreements and the Class T-A-4
Interest Rate Cap Agreement (including making any representations on behalf of
the Supplemental Interest Trust), to perform the obligations of the Supplemental
Interest Trust under each Interest Rate Swap Agreement and the Class T-A-4
Interest Rate Cap Agreement on the Closing Date and to enforce the obligations
of the Swap Providers and the Cap Provider under each Interest Rate Swap
Agreement and the Class T-A-4 Interest Rate Cap Agreement thereafter, including
by exercising any right that the Supplemental Interest Trust Trustee may have to
designate an "Early Termination Date" under an Interest Rate Swap Agreement or
the Class T-A-4 interest Rate Cap Agreement upon the occurrence of an "Event of
Default" or a "Termination Event" thereunder. Upon the occurrence of an "Early
Termination Date" under an Interest Rate Swap Agreement or the Class T-A-4
interest Rate Cap Agreement, the Depositor shall use reasonable efforts to
replace such Interest Rate Swap Agreement or the Class T-A-4 Interest Rate Cap
Agreement with one that is furnished by a replacement for the related Swap
Provider or Cap Provider, as the case may be, acceptable to each Rating Agency,
and the Supplemental Interest Trust Trustee shall hold in trust any amount that
is paid to it by the related Swap Provider or Cap Provider, in respect of any
such "Early Termination Date" and apply such amount to the purchase of the
related replacement. If any portion of such amount cannot be so used (either
because a replacement for such Interest Rate Swap Agreement or the Class T-A-4
Interest Rate Cap Agreement is not available or such amount exceeds the amount
necessary to purchase such replacement), the Supplemental Interest Trust Trustee
shall deposit such portion in the Swap Account (with respect to any Interest
Rate Swap Agreement) or the Class T-A-4 Interest Rate Cap Agreement Account
(with respect to the Class T-A-4 Interest Rate Cap Agreement). If such amount is
insufficient to purchase a replacement for the applicable Interest Rate Swap
Agreement or the Class T-A-4 Interest Rate Cap Agreement, the Supplemental
Interest Trust Trustee shall apply such amount to replace so much of such
Interest Rate Swap Agreement or the Class T-A-4 Interest Rate Cap Agreement as
it is possible to replace with such amount. If a Swap Provider or the Cap
Provider transfers its rights and obligations under the related Interest Rate
Swap Agreement or the Class T-A-4 Interest Rate Cap Agreement to another party
in accordance therewith or the Depositor replaces an Interest Rate Swap
Agreement or the Class T-A-4 interest Rate Cap Agreement with one that is
furnished by a replacement for the related Swap Provider or Cap Provider, as the
case may be, acceptable to each Rating Agency in accordance with this Agreement,
then the Supplemental Interest Trust Trustee shall execute and deliver the
related replacement for or novation of the related Interest Rate Swap Agreement
or the Class T-A-4 Interest Rate Cap Agreement.
-197-
The Depositor hereby represents to the Supplemental Interest Trust Trustee
that any representations made by the Supplemental Interest Trust Trustee under
the Interest Rate Swap Agreements and the Class T-A-4 Interest Rate Cap
Agreement on behalf of the Supplemental Interest Trust are true and accurate.
Upon its receipt from BANA of each "significance estimate" of Interest Rate
Swap Agreement B, Interest Rate Swap Agreement C and the Class T-A-4 Interest
Rate Cap Agreement pursuant to the Mortgage Loan Purchase Agreement, the
Securities Administrator shall, on the basis of such "significance estimates,"
calculate an aggregate "significance percentage" for Interest Rate Swap
Agreement B, Interest Rate Swap Agreement C and the Class T-A-4 Interest Rate
Cap Agreement, based on the aggregate Class Certificate Balance of the
Overcollateralized Certificates (in the case of Interest Rate Swap Agreement B
and Interest Rate Swap Agreement C) and based on the Class Certificate Balance
of the Class T-A-4 Certificates (in the case of the Class T-A-4 Interest Rate
Cap Agreement ) as of the date of each such "significance estimate" in
accordance with Item 1115 of Regulation AB. In addition, upon its receipt from
BANA of the "significance estimate" of Interest Rate Swap Agreement A pursuant
to the Mortgage Loan Purchase Agreement, the Securities Administrator shall, on
the basis of such "significance estimate," calculate the "significance
percentage" for Interest Rate Swap Agreement A, based on the aggregate Class
Certificate Balance of the Overcollateralized Certificates, as of the date of
such "significance estimate" in accordance with Item 1115 of Regulation AB. For
the avoidance of doubt, each "significance percentage" shall be (i) in the case
of Interest Rate Swap Agreement B, Interest Rate Swap Agreement C and the Class
T-A-4 Interest Rate Cap Agreement, the sum of each fraction, expressed as a
percentage, the numerator of which is equal to each "significance estimate" and
the denominator of which is the aggregate Class Certificate Balance of the
Overcollateralized Certificates (in the case of each of Interest Rate Swap
Agreement B and Interest Rate Swap Agreement C) or the Class Certificate Balance
of the Class T-A-4 Certificates (in the case of the Class T-A-4 Interest Rate
Cap Agreement) and (ii) in the case of Interest Rate Swap Agreement A, the
fraction, expressed as a percentage, the numerator of which is equal to the
"significance estimate" thereof and the denominator of which is the aggregate
Class Certificate Balance of the Overcollateralized Certificates. The Securities
Administrator also shall determine as of such date whether either "significance
percentage" would require disclosure of financial information with respect to a
Swap Provider and/or Cap Provider, in any report required to be filed with the
Commission pursuant to Section 3.22, and if it does, the Securities
Administrator shall make a written request of such Swap Provider or Cap
Provider, for such information in accordance with the schedule to each Interest
Rate Swap Agreement and Class T-A-4 Interest Rate Cap Agreements not later than
the third Business Day after it receives the related "significance estimate."
Upon its receipt of such information, the Securities Administrator shall furnish
such information to the Depositor and, if such information is approved by the
Depositor, shall include such information in the related report as provided in
Section 3.22.
(f) The Trustee is hereby directed, on or prior to the Closing Date, not in
its individual capacity but solely on behalf of the Trust, to execute and
deliver the BANA Servicing Agreement and each assignment and recognition
agreement constituting a portion of a Servicing Agreement in the forms presented
-198-
to it by the Depositor, for the benefit of the Holders of the Certificates. The
Trustee shall not be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trustee on behalf
of the Trust under any Servicing Agreement or any other related documents, as to
all of which recourse shall be had solely to the assets of the Trust in
accordance with the terms of this Agreement. Every provision of this Agreement
relating to the conduct or affecting the liability of or affording protection to
the Trustee shall apply to the Trustee's execution of any Servicing Agreement
and the performance of any obligations thereunder.
Section 9.02 Certain Matters Affecting the Trustee and the Securities
Administrator.
Except as otherwise provided in Section 9.01:
(i) The Trustee and the Securities Administrator may request and rely
upon and shall be protected in acting or refraining from acting upon any
resolution, Officer's Certificate, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or
parties and the manner of obtaining consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be
subject to the reasonable regulations as the Trustee and the Securities
Administrator, as applicable, may prescribe;
(ii) The Trustee and the Securities Administrator may consult with
counsel and any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with such Opinion of Counsel;
(iii) Neither the Trustee nor the Securities Administrator shall be
under any obligation to exercise any of the trusts or powers vested in it
by this Agreement or to institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any
of the Certificateholders, pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee or the
Securities Administrator, as the case may be, reasonable security or
indemnity satisfactory to it against the costs, expenses and liabilities
which may be incurred therein or thereby; however, subject to Section
9.01(b)(v), nothing contained herein shall relieve the Trustee or the
Securities Administrator of the obligation, upon the occurrence of an Event
of Default (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 investor would
exercise or use under the circumstances in the conduct of such investor's
own affairs;
(iv) Neither the Trustee nor the Securities Administrator shall be
personally liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after
the curing or waiving of all Events of Default which may have occurred,
neither the Trustee nor the Securities Administrator shall be bound to make
-199-
any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
consent, order, approval, bond or other paper or document, unless requested
in writing so to do by Holders of Certificates of any Class evidencing, as
to such Class, Percentage Interests, aggregating not less than 50%;
provided, however, that if the payment within a reasonable time to the
Trustee or the Securities Administrator 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 or the Securities Administrator, as the
case may be, not reasonably assured to the Trustee or the Securities
Administrator, as applicable, by the security afforded to it by the terms
of this Agreement, the Trustee or the Securities Administrator, as the case
may be, may require reasonable indemnity or security satisfactory to it
against such expense or liability or payment of such estimated expenses as
a condition to so proceeding;
(vi) The Trustee and the Securities Administrator may each execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, accountants, custodian or
independent contractor; and
(vii) The right of the Trustee or the Securities Administrator to
perform any discretionary act enumerated in this Agreement shall not be
construed as a duty, and neither the Trustee nor the Securities
Administrator shall be answerable for other than its gross negligence or
willful misconduct in the performance of any such act.
Section 9.03 Neither Trustee nor Securities Administrator Liable for
Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
execution of, and the authentication on the Certificates) shall be taken as the
statements of the Depositor or the Master Servicer, as applicable, and neither
the Trustee nor the Securities Administrator assumes responsibility for their
correctness. Neither the Trustee nor the Securities Administrator makes any
representations as to the validity or sufficiency of this Agreement or of the
Certificates or any Mortgage Loans save that the Trustee and the Securities
Administrator represent that, assuming due execution and delivery by the other
parties hereto, this Agreement has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms, subject, as to enforcement of remedies,
to applicable insolvency, receivership, moratorium and other laws affecting the
rights of creditors generally, and to general principles of equity and the
discretion of the court (regardless of whether enforcement of such remedies is
considered in a proceeding in equity or at law).
Neither the Trustee nor the Securities Administrator shall 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 or its ability to
generate the payments to be distributed to Certificateholders under this
Agreement, including, without limitation: the existence, condition and ownership
of any Mortgaged Property; the existence and enforceability of any hazard
insurance thereon (other than if the Trustee shall assume the duties of the
Master Servicer pursuant to Section 8.05 and thereupon only for the acts or
omissions of the Trustee as the successor to the Master Servicer); the validity
of the assignment of any Mortgage Loan to the Trustee or of any intervening
assignment; the completeness of any Mortgage Loan; the performance or
enforcement of any Mortgage Loan (other than if the Trustee shall assume the
duties of the Master Servicer pursuant to Section 8.05 and thereupon only for
the acts or omissions of the Trustee as successor to the Master Servicer); the
-200-
compliance by the Depositor or the Master Servicer with any warranty or
representation made under this Agreement or in any related document or the
accuracy of any such warranty or representation; any investment of monies by or
at the direction of the Master Servicer or any loss resulting therefrom, it
being understood that the Trustee and the Securities Administrator shall remain
responsible for any Trust property that it may hold in its individual capacity;
the acts or omissions of any of the Depositor, the Master Servicer (other than
if the Trustee shall assume the duties of the Master Servicer pursuant to
Section 8.05 and thereupon only for the acts or omissions of the Trustee as
successor to the Master Servicer), or any Mortgagor; any action of the Master
Servicer (other than if the Trustee shall assume the duties of the Master
Servicer pursuant to Section 8.05 and thereupon only for the acts or omissions
of the Trustee as successor to the Master Servicer) taken in the name of the
Trust or the Securities Administrator; the failure of the Master Servicer to act
or perform any duties required of it as agent of the Trust or the Securities
Administrator hereunder; or any action by the Trustee or the Securities
Administrator taken at the instruction of the Master Servicer (other than if the
Trustee shall assume the duties of the Master Servicer pursuant to Section 8.05
and thereupon only for the acts or omissions of the Trustee as successor to the
Master Servicer); provided, however, that the foregoing shall not relieve the
Trustee or the Securities Administrator of its obligation to perform its duties
under this Agreement, including, without limitation, the Trustee's review of the
Mortgage Files pursuant to Section 2.02. The Trustee shall file any continuation
statement with respect to any financing statement for which the Trustee is the
secured party in any public office at any time required to maintain the
perfection of any security interest or lien granted to it hereunder.
Section 9.04 Trustee and Securities Administrator May Own Certificates.
Each of the Trustee and the Securities Administrator in their individual or
any other capacities may become the owner or pledgee of Certificates with the
same rights it would have if it were not Trustee or the Securities Administrator
and may otherwise deal with the Master Servicer or any of its affiliates with
the same right it would have if it were not the Trustee or the Securities
Administrator.
Section 9.05 Eligibility Requirements for Trustee and the Securities
Administrator.
The Trustee and the Securities Administrator hereunder shall at all times
be (a) an institution the deposits of which are fully insured by the FDIC and
(b) a corporation or banking association organized and doing business under the
laws of the United States of America or of any State, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of not
less than $50,000,000.00 and subject to supervision or examination by Federal or
State authority and (c) with respect to every successor trustee or securities
administrator hereunder either an institution (i) the long-term unsecured debt
obligations of which are rated at xxxxx "X0" by Moody's and "A" by Fitch and S&P
or (ii) whose serving as Trustee or Securities Administrator hereunder would not
result in the lowering of the ratings originally assigned to any Class of
-201-
Certificates. The Trustee shall not be an affiliate of the Depositor, the Master
Servicer or any Servicer. If such corporation or banking association publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 9.05, the combined capital and surplus of such corporation or
banking association shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. The principal
office of the Trustee and the Securities Administrator (other than the initial
Trustee or Securities Administrator) shall be in a state with respect to which
an Opinion of Counsel has been delivered to such Trustee at the time such
Trustee or Securities Administrator is appointed Trustee or Securities
Administrator to the effect that the Trust will not be a taxable entity under
the laws of such state. In case at any time the Trustee or the Securities
Administrator shall cease to be eligible in accordance with the provision of
this Section 9.05, the Trustee or the Securities Administrator, as the case may
be, shall resign immediately in the manner and with the effect specified in
Section 9.06.
The Securities Administrator (i) may not be an originator, the Master
Servicer, Servicer, the Depositor or an affiliate of the Depositor unless the
Securities Administrator is in an institutional trust department, (ii) must be
authorized to exercise corporate trust powers under the laws of its jurisdiction
of organization, and (iii) must be either an institution (a) the long-term
unsecured debt obligations of which are rated at xxxxx "X0" by Moody's, at least
"A" by S&P and at least "A" by Fitch and or (b) whose serving as Securities
Administrator hereunder would not result in the lowering of the ratings
originally assigned to any Class of Certificates. If no successor Securities
Administrator shall have been appointed and shall have accepted appointment
within 60 days after the Securities Administrator ceases to be the Securities
Administrator pursuant to this Section 9.05, then the Trustee shall perform the
duties of the Securities Administrator pursuant to this Agreement.
Notwithstanding the above, the Trustee may, if it shall be unwilling so to act,
or shall, if it is legally unable so to act, appoint, or petition a court of
competent jurisdiction to appoint, an institution qualified under Section 9.05
hereof as the successor to the Securities Administrator hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
a Securities Administrator hereunder; provided, however, that any such
institution appointed as successor Securities Administrator shall not, as
evidenced in writing by each Rating Agency, adversely affect the then current
rating of any Class of Certificates immediately prior to the termination of the
Securities Administrator. The Trustee shall notify the Rating Agencies of any
change of the Securities Administrator.
Section 9.06 Resignation and Removal of Trustee and the Securities
Administrator.
The Trustee or the Securities Administrator may at any time resign and be
discharged from the trust hereby created by giving written notice thereof to the
Master Servicer, the NIMS Insurer and the Depositor and mailing a copy of such
notice to all Holders of record. The Trustee or the Securities Administrator, as
applicable, shall also mail a copy of such notice of resignation to each Rating
Agency. Upon receiving such notice of resignation, the Depositor shall use its
best efforts to promptly appoint a mutually acceptable successor Trustee or
Securities Administrator, as applicable, by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Trustee or
Securities Administrator, as applicable, and one copy to the successor Trustee
or Securities Administrator, as applicable. If no successor Trustee or
Securities Administrator, as the case may be, shall have been so appointed and
shall have accepted appointment within 30 days after the giving of such notice
-202-
of resignation, the resigning Trustee or Securities Administrator may petition
any court of competent jurisdiction for the appointment of a successor Trustee
or Securities Administrator.
If at any time the Trustee or Securities Administrator shall cease to be
eligible in accordance with the provisions of Section 9.05 and shall fail to
resign after written request therefor by the Master Servicer, or if at any time
the Trustee or the Securities Administrator shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
Securities Administrator or of their respective property shall be appointed, or
any public officer shall take charge or control of the Trustee or the Securities
Administrator or of their respective property or affairs for the purpose of
rehabilitation, conservation or liquidation, or if at any time the Securities
Administrator has failed to duly perform, within the required time period, its
obligations under Section 3.20, Section 3.21 or Section 3.22, then the Master
Servicer may remove the Trustee or the Securities Administrator, as the case may
be, and appoint a successor trustee or securities administrator by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Trustee or the Securities Administrator, as applicable, so removed and one copy
to the successor.
The Holders of Certificates evidencing not less than 50% of the Voting
Rights may at any time remove the Trustee or the Securities Administrator by
written instrument or instruments delivered to the Master Servicer and the
Trustee or the Securities Administrator, as applicable; the Master Servicer
shall thereupon use their best efforts to appoint a mutually acceptable
successor Trustee or Securities Administrator, as the case may be, in accordance
with this Section 9.06.
Any resignation or removal of the Trustee or the Securities Administrator
and appointment of a successor Trustee pursuant to any of the provisions of this
Section 9.06 shall become effective upon acceptance of appointment by the
successor Trustee or Securities Administrator, as the case may be, as provided
in Section 9.07.
Notwithstanding anything to the contrary contained herein, the Master
Servicer and the Securities Administrator shall at all times be the same Person.
Section 9.07 Successor Trustee or Securities Administrator.
Any successor Trustee or successor Securities Administrator appointed as
provided in Section 9.06 shall execute, acknowledge and deliver to the Master
Servicer and to its predecessor Trustee or Securities Administrator, as
applicable, an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Securities
Administrator shall become effective and such successor Trustee or Securities
Administrator, as the case may be, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its predecessor hereunder, with like effect as if originally named as Trustee or
Securities Administrator, as applicable, herein. The predecessor Trustee or
Securities Administrator shall duly assign, transfer, deliver and pay over to
the successor Trustee or Securities Administrator, as the case may be, the whole
of the Mortgage Files and related documents and statements held by it hereunder,
together with all instruments of transfer and assignment or other documents
properly executed as may be reasonably required to effect such transfer and such
of the records or copies thereof maintained by the predecessor Trustee or
-203-
Securities Administrator in the administration hereof as may be reasonably
requested by the successor Trustee or Securities Administrator, as the case may
be, and shall thereupon be discharged from all duties and responsibilities under
this Agreement; provided, however, that if the predecessor Trustee or Securities
Administrator has been removed pursuant to the third paragraph of Section 9.06,
all reasonable expenses of the predecessor Trustee or Securities Administrator
incurred in complying with this Section 9.07 shall be reimbursed by the Trust.
No successor Trustee or Securities Administrator shall accept appointment
as provided in this Section 9.07 unless at the time of such appointment such
successor Trustee or Securities Administrator, as the case may be, shall be
eligible under the provisions of Section 9.05.
Upon acceptance of appointment by a successor Trustee or Securities
Administrator, as applicable, as provided in this Section 9.07, the Master
Servicer shall cooperate to mail notice of the succession of such Trustee or
Securities Administrator, as the case may be, hereunder to the NIMS Insurer, all
Holders of Certificates at their addresses as shown in the Certificate Register
and to each Rating Agency. If the Master Servicer fails to mail such notice
within ten days after acceptance of appointment by the successor Trustee or
Securities Administrator, the successor Trustee or Securities Administrator, as
the case may be, shall cause such notice to be mailed at the expense of the
Master Servicer.
Section 9.08 Merger or Consolidation of Trustee or Securities
Administrator.
Any corporation or banking association into which either the Trustee or the
Securities Administrator may be merged or converted or with which it may be
consolidated, or any corporation or banking association resulting from any
merger, conversion or consolidation to which the Trustee or the Securities
Administrator shall be a party, or any corporation or banking association
succeeding to all or substantially all of the corporate trust business of the
Trustee or the Securities Administrator, shall be the successor of the Trustee
or the Securities Administrator, as applicable, hereunder, if such corporation
or banking association is eligible under the provisions of Section 9.05, 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. In
connection with the succession to the Trustee or the Securities Administrator
under this Agreement by any Person (i) into which the Trustee or the Securities
Administrator may be merged or consolidated, or (ii) which may be appointed as a
successor to the Trustee or the Securities Administrator, the Trustee or the
Securities Administrator, as the case may be, shall notify the Depositor of such
succession or appointment and shall furnish to the Depositor in writing and in
form and substance reasonably satisfactory to the Depositor, all information
reasonably necessary for the Securities Administrator to accurately and timely
report, pursuant to Section 3.22(d), the event under Item 6.02 of Form 8-K
pursuant to the Exchange Act (if such reports under the Exchange Act are
required to be filed under the Exchange Act).
Section 9.09 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any of the provisions hereof, at any time, for the purpose
of meeting any legal requirements of any jurisdiction in which any Mortgaged
Property may at the time be located or for any other reason, 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
-204-
as co-trustee or separate trustee of all or any part of the Trust Estate, and to
vest in such Person or Persons, in such capacity, such title to the Trust
Estate, or any part thereof, and, subject to the other provision of this Section
9.09, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If one or both of the
Master Servicer shall not have joined in such appointment within ten days after
the receipt by it of a request to do so, 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
9.05 and no notice to Holders of Certificates of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 9.07. The
Securities Administrator shall be responsible for the fees of any co-trustee or
separate trustee appointed hereunder.
In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 9.09, all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly, except
to the extent that under any law of any jurisdiction in which any particular act
or acts are to be performed (whether as Trustee hereunder or as successor to the
Master Servicer hereunder), the Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and
obligations (including the holding of title to the Trust Estate or any portion
thereof in any such jurisdiction) shall be exercised and performed by such
separate trustee or co-trustee at the direction of the Trustee. No trustee
hereunder shall be held personally liable by reason of any act or omission of
any other trustee hereunder; provided, however, that no appointment of a
co-trustee or separate trustee hereunder shall relieve the Trustee of its
obligations hereunder.
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.
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 become incapable of acting, resign or be removed, or shall be adjudged a
bankrupt or insolvent, or a receiver of its property shall be appointed, or any
public officer shall take charge or control of such trustee or co-trustee or of
its property or affairs for the purpose of rehabilitation, conservation or
liquidation, 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.
-205-
Section 9.10 Authenticating Agents.
The Securities Administrator may appoint one or more authenticating agents
("Authenticating Agents") that shall be authorized to act on behalf of the
Securities Administrator in authenticating or countersigning Certificates.
Initially, the Authenticating Agent shall be Xxxxx Fargo Bank, N.A. Wherever
reference is made in this Agreement to the authentication or countersigning of
Certificates by the Securities Administrator or the Securities Administrator's
certificate of authentication or countersigning, such reference shall be deemed
to include authentication or countersigning on behalf of the Securities
Administrator by an Authenticating Agent and a certificate of authentication or
countersignature executed on behalf of the Securities Administrator by an
Authenticating Agent. Each Authenticating Agent must be acceptable to the Master
Servicer and must be a corporation or banking association organized and doing
business under the laws of the United States of America or of any State, having
a place of business in New York, New York, having a combined capital and surplus
of at least $15,000,000, authorized under such laws to do a trust business and
subject to supervision or examination by Federal or State authorities.
Any corporation or banking association into which any Authenticating Agent
may be merged or converted or with which it may be consolidated, or any
corporation or banking association resulting from any merger, conversion or
consolidation to which any Authenticating Agent shall be a party, or any
corporation or banking association succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent
without the execution or filing of any paper or any further act on the part of
the Securities Administrator or the Authenticating Agent.
Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Securities Administrator and to the Master Servicer. The
Securities Administrator may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Master Servicer. Upon receiving a notice of
resignation or upon such a termination, or in case, at any time any
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 9.10, the Securities Administrator may appoint a
successor Authenticating Agent, shall give written notice of such appointment to
the Master Servicer and shall mail notice of such appointment to all
Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent.
Section 9.11 Securities Administrator's Fees and Expenses and Trustee's
Fees and Expenses.
The Trustee, as compensation for its services hereunder, shall be entitled
to a fee in an amount agreed upon between the Trustee and the Securities
Administrator, payable by the Securities Administrator out of its own funds and
not out of any funds of the Trust Estate. The Securities Administrator shall be
entitled to investment income from amounts on deposit in the Certificate Account
as compensation for its services hereunder. The Trustee and the Securities
Administrator, as the case may be, and any director, officer, employee or agent
of the Trustee or the Securities Administrator, as the case may be, shall be
indemnified and held harmless by the Trust against any claims, damage, loss,
-206-
liability or expense (including reasonable attorney's fees) (a) incurred in
connection with or arising from or relating to (i) this Agreement, (ii) the
Certificates, or (iii) the performance of any of the Trustee's or Securities
Administrator's, as the case may be, duties hereunder, other than any claims,
damage, loss, liability or expense incurred by reason of willful misfeasance,
bad faith or gross negligence in the performance of any of the Trustee's or
Securities Administrator's, as the case may be, duties hereunder, (b) resulting
from any tax or information return which was prepared by, or should have been
prepared by, the Master Servicer and (c) arising out of the transfer of any
ERISA-Restricted Certificate or the Residual Certificate not in compliance with
ERISA. Without limiting the foregoing, except as otherwise agreed upon in
writing by the Depositor and the Trustee or the Securities Administrator, and
except for any such expense, disbursement or advance as may arise from the
Trustee's or the Securities Administrator's gross negligence, bad faith or
willful misconduct, the Trust shall reimburse the Trustee and the Securities
Administrator for all reasonable expenses, disbursements and advances incurred
or made by the Trustee or the Securities Administrator in accordance with any of
the provisions of this Agreement to the extent permitted by Treasury Regulations
Section 1.860G-1(b)(3)(ii) and (iii). Except as otherwise provided herein,
neither the Trustee nor the Securities Administrator shall be entitled to
payment or reimbursement for any routine ongoing expenses incurred by the
Trustee or the Securities Administrator, as applicable, in the ordinary course
of its duties as Trustee or Securities Administrator, Certificate Registrar or
Paying Agent hereunder or for any other expenses. The provisions of this Section
9.11 shall survive the termination of this Agreement or the resignation or
removal of the Trustee or the Securities Administrator, as applicable,
hereunder.
Section 9.12 Appointment of Custodian.
The Trustee may at any time on or after the Closing Date, with the consent
of the Depositor and the Master Servicer, appoint one or more Custodians to hold
all or a portion of the Mortgage Files as agent for the Trustee, by entering
into a custodial agreement in a form acceptable to the Depositor and the Master
Servicer. Subject to this Article IX, the Trustee agrees to enforce the terms
and provisions thereof against the Custodian for the benefit of the
Certificateholders. Each Custodian shall be a depository institution subject to
supervision by federal or state authority, shall have a combined capital and
surplus of at least $10,000,000 and shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File.
Each Custodian shall indemnify the Depositor, the Sponsor, the Trustee, the
Master Servicer, the Securities Administrator and any of their respective
directors, officers, employees or agents and hold them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other reasonable
costs, fees and expenses that any of them may sustain in any way related to the
failure of a Custodian to perform any of its obligations under Section 3.21.
Notwithstanding the foregoing, in no event shall a Custodian be liable for any
consequential, indirect or punitive damages pursuant to this Section 9.12.
Section 9.13 Paying Agents.
The Securities Administrator may appoint one or more Paying Agents (each, a
"Paying Agent") which shall be authorized to act on behalf of the Securities
Administrator in making withdrawals from the Certificate Account and
-207-
distributions to Certificateholders as provided in Section 3.09 and Section
5.02. Wherever reference is made in this Agreement to the withdrawal from the
Certificate Account by the Securities Administrator, such reference shall be
deemed to include such a withdrawal on behalf of the Securities Administrator by
a Paying Agent. Initially, the Paying Agent shall be Xxxxx Fargo Bank, N.A.
Whenever reference is made in this Agreement to a distribution by the Securities
Administrator or the furnishing of a statement by the Securities Administrator,
such reference shall be deemed to include such a distribution or furnishing on
behalf of the Securities Administrator by a Paying Agent. Each Paying Agent
shall provide to the Securities Administrator such information concerning the
Certificate Account as the Securities Administrator shall request from time to
time. Each Paying Agent must be reasonably acceptable to the Master Servicer and
must be a corporation or banking association organized and doing business under
the laws of the United States of America or of any state, having (except in the
case of the Trustee or the Securities Administrator) a principal office and
place of business in New York, New York, having a combined capital and surplus
of at least $15,000,000, authorized under such laws to do a trust business and
subject to supervision or examination by federal or state authorities. Any fees
and expenses (but not including any indemnity payments) of a Paying Agent
appointed pursuant to this Agreement shall be payable by the Securities
Administrator out of its own funds and not out of any funds in the Trust Estate.
Any corporation into which any Paying Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which any Paying Agent shall be a party, or any
corporation succeeding to the corporate agency business of any Paying Agent,
shall continue to be the Paying Agent provided that such corporation after the
consummation of such merger, conversion, consolidation or succession meets the
eligibility requirements of this Section 9.13.
Any Paying Agent may at any time resign by giving written notice of
resignation to the Trustee, the Securities Administrator and to the Master
Servicer; provided that the Paying Agent has returned to the Certificate Account
or otherwise accounted, to the reasonable satisfaction of the Securities
Administrator, for all amounts it has withdrawn from the Certificate Account.
The Securities Administrator may, upon prior written approval of the Master
Servicer, at any time terminate the agency of any Paying Agent by giving written
notice of termination to such Paying Agent and to the Master Servicer. Upon
receiving a notice of resignation or upon such a termination, or in case at any
time any Paying Agent shall cease to be eligible in accordance with the
provisions of the first paragraph of this Section 9.13, the Securities
Administrator may appoint, upon prior written approval of the Master Servicer, a
successor Paying Agent, shall give written notice of such appointment to the
Master Servicer and shall mail notice of such appointment to all
Certificateholders. Any successor Paying Agent upon acceptance of its
appointment hereunder shall become vested with all rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally
named as Paying Agent. The Securities Administrator shall remain liable for any
duties and obligations assumed by its appointed Paying Agent.
Section 9.14 Limitation of Liability.
The Certificates are executed by the Securities Administrator, not in its
individual capacity but solely as Securities Administrator of the Trust, in the
exercise of the powers and authority conferred and vested in it by this
-208-
Agreement. Each of the undertakings and agreements made on the part of the
Securities Administrator in the Certificates is made and intended not as a
personal undertaking or agreement by the Securities Administrator but is made
and intended for the purpose of binding only the Trust.
Section 9.15 Trustee or Securities Administrator May Enforce Claims Without
Possession of Certificates.
All rights of action and claims under this Agreement or the Certificates
may be prosecuted and enforced by the Trustee or the Securities Administrator
without the possession of any of the Certificates or the production thereof in
any proceeding relating thereto, and such preceding instituted by the Trustee or
the Securities Administrator shall be brought in its own name or in its capacity
as Trustee or Securities Administrator. Any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursement
and advances of the Trustee, its agents and counsel, be for the ratable benefit
of the Certificateholders in respect of which such judgment has been recovered.
Section 9.16 Suits for Enforcement.
In case an Event of Default or other default by the Master Servicer or the
Depositor hereunder shall occur and be continuing, the Trustee, in its
discretion, may proceed to protect and enforce its rights and the rights of the
Holders of Certificates under this Agreement by a suit, action or proceeding in
equity or at law or otherwise, whether for the specific performance of any
covenant or agreement contained in this Agreement or in aid of the execution of
any power granted in this Agreement or for the enforcement of any other legal,
equitable or other remedy, as the Trustee, being advised by counsel, shall deem
most effectual to protect and enforce any of the rights of the Trustee and the
Certificateholders.
Section 9.17 Waiver of Bond Requirement.
The Trustee shall be relieved of, and each Certificateholder hereby waives,
any requirement of any jurisdiction in which the Trust, or any part thereof, may
be located that the Trustee post a bond or other surety with any court, agency
or body whatsoever.
Section 9.18 Waiver of Inventory, Accounting and Appraisal Requirement.
The Trustee shall be relieved of, and each Certificateholder hereby waives,
any requirement of any jurisdiction in which the Trust, or any part thereof, may
be located that the Trustee file any inventory, accounting or appraisal of the
Trust with any court, agency or body at any time or in any manner whatsoever.
-209-
ARTICLE X
TERMINATION
Section 10.01 Termination upon Purchase or Liquidation of All Mortgage
Loans.
Subject to Section 10.02, the respective obligations and responsibilities
of the Depositor, the Master Servicer, the Securities Administrator and the
Trustee created hereby (other than the obligation of the Securities
Administrator to make certain payments to Certificateholders after the Final
Distribution Date and to send certain notices as hereinafter set forth and the
obligations of the Securities Administrator pursuant to Sections 5.05(b) and
5.06(b)) shall terminate upon the last action required to be taken by the
Securities Administrator on the Final Distribution Date pursuant to this Article
X following the earlier of (a) the later of (I) the purchase by the Master
Servicer of all of the Shifting Interest Mortgage Loans and all related REO
Property remaining in the Trust Estate at a price equal to the sum of (x) 100%
of the unpaid principal balance of each Shifting Interest Mortgage Loan (other
than any Shifting Interest Mortgage Loan as to which REO Property has been
acquired and whose fair market value is included pursuant to clause (y) below),
(y) the fair market value of such REO Property plus one month's interest at the
related Mortgage Interest Rate on the unpaid principal balance of each Shifting
Interest Mortgage Loan (including any Shifting Interest Mortgage Loan as to
which REO Property has been acquired) and (z) any Reimbursement Amount owed to
the Trust pursuant to Section 2.02 related to a Shifting Interest Mortgage Loan
and (II) the purchase by the NIMS Insurer, if there is a NIMS Insurer, or if
there is no NIMS Insurer, the majority Holder of the Class CE Certificates (or
if (i) such Holder fails to purchase on the Group T2 Optional Termination Date
or (ii) such Holder is the Sponsor, or an affiliate of the Sponsor, the Master
Servicer of the Mortgage Loans) of all of the Group T2 Mortgage Loans and all
related REO Property remaining in the Trust Estate at a price equal to the sum
of (w) 100% of the unpaid principal balance of each Group T2 Mortgage Loan
(other than any Group T2 Mortgage Loan as to which REO Property has been
acquired and whose fair market value is included pursuant to clause (y) below),
(x) the fair market value of such REO Property plus one month's interest at the
related Mortgage Interest Rate on the unpaid principal balance of each Group T2
Mortgage Loan (including any Group T2 Mortgage Loan as to which REO Property has
been acquired), (y) any Reimbursement Amount owed to the Trust pursuant to
Section 2.02 related to a Group T2 Mortgage Loan and (z) any Swap Termination
Payments owed to the Swap Providers pursuant to the Interest Rate Swap
Agreements or (b) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Estate and the
disposition of all REO Property.
No party may exercise its purchase option for the Shifting Interest
Mortgage Loans or the Group T2 Mortgage Loans, as the case may be, until all
Reimbursement Amounts for such Mortgage Loans have been paid. The Securities
Administrator shall notify the Sponsor, upon notice of a party's intent to
exercise its purchase option of any related Reimbursement Amount outstanding.
Regardless of the foregoing, in no event shall the Trust created hereby
continue beyond 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.
-210-
The right of the Master Servicer to exercise its purchase option with
respect to the Shifting Interest Mortgage Loans is conditioned upon (A) the
aggregate Stated Principal Balance of all the Shifting Interest Mortgage Loans
being less than 1% of the aggregate unpaid principal balance of all the Shifting
Interest Mortgage Loans as of the Cut-off Date and (B) the purchase price
calculated pursuant to clause (a)(I) of the first paragraph of this Section
10.01 being less than or equal to the aggregate fair market value of the
Shifting Interest Mortgage Loans (other than any Shifting Interest Mortgage Loan
as to which REO Property has been acquired) and the related REO Properties;
provided, however, that this clause (B) shall not apply to any purchase by the
Master Servicer if, at the time of the purchase, the Master Servicer is no
longer subject to regulation by the Office of the Comptroller of the Currency,
the FDIC, the Federal Reserve or the OTS. Fair market value for purposes of this
paragraph and the first paragraph of this Section 10.01 will be determined by
the Master Servicer as of the close of business on the third Business Day next
preceding the date upon which notice of any such termination is furnished to
Certificateholders pursuant to this Article X. If such right is exercised, the
Trustee (or Custodian on the Trustee's behalf) shall, promptly following payment
of the purchase price, release to the Master Servicer or its designee the
Mortgage Files pertaining to the Shifting Interest Mortgage Loans being
purchased. The Master Servicer's right, title and interest in and to such
purchased Shifting Interest Mortgage Loans and the related Mortgage Files shall
be subject to the servicing rights of the Servicers pursuant to the related
Servicing Agreements.
The right of a party to exercise its purchase option with respect to the
Group T2 Mortgage Loans is conditioned upon (A) the aggregate Stated Principal
Balance of all of the Group T2 Mortgage Loans being less than 10% of the
aggregate unpaid principal balance of the Group T2 Mortgage Loans as of the
Cut-off Date and (B) the purchase price calculated pursuant to clause (a)(II) of
the first paragraph of this Section 10.01 being less than or equal to the
aggregate fair market value of the Group T2 Mortgage Loans (other than any Group
T2 Mortgage Loan as to which REO Property has been acquired) and the REO
Properties; provided, however, that this clause (B) shall not apply to any
purchase by a party if, at the time of the purchase, such party is not subject
to regulation by the Office of the Comptroller of the Currency, the FDIC, the
Federal Reserve or the OTS. Fair market value for purposes of this paragraph and
the first paragraph of this Section 10.01 will be determined by the Master
Servicer as of the close of business on the third Business Day next preceding
the date upon which notice of any such termination is furnished to
Certificateholders pursuant to this Article X. If such right is exercised, the
Trustee (or Custodian on the Trustee's behalf) shall, promptly following payment
of the purchase price, release to the party exercising its purchase option or
its designee the Mortgage Files pertaining to the Mortgage Loans being
purchased. The right, title and interest of the party exercising its purchase
option with respect to the Group T2 Mortgage Loans in and to such purchased
Group T2 Mortgage Loans and the related Mortgage Files shall be subject to the
servicing rights of the Servicers pursuant to the related Servicing Agreements.
Notice of the exercise of any purchase option pursuant to this Section
10.01 and notice of any termination of the Trust or any portion of the Trust,
specifying the Final Distribution Date or the applicable Distribution Date, upon
which the applicable Certificateholders may surrender their Certificates to the
Securities Administrator for payment of the final distribution and for
cancellation, shall be given promptly by the Securities Administrator by letter
to the Certificateholders mailed not earlier than the 10th day and not later
than the 15th day of the month next preceding the month of such final
distribution specifying (1) the Final Distribution Date or the applicable
-211-
Distribution Date, upon which final payment of the applicable Certificates will
be made upon presentation and surrender of such Certificates at the office or
agency of the Securities Administrator therein designated, (2) the amount of any
such final payment and (3) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the applicable Certificates at the office or agency of the
Securities Administrator therein specified.
Upon the exercise of its purchase option, the applicable party shall remit
to the Securities Administrator for deposit to the Certificate Account on or
before the Final Distribution Date or the applicable Distribution Date, in
immediately available funds an amount equal to the amount necessary to make the
amount, if any, on deposit in the Certificate Account on such Final Distribution
Date or Distribution Date, as applicable, equal to the purchase price for the
related assets of the Trust Estate or any portion of the Trust Estate computed
as above provided together with a statement as to the amount to be distributed
on each applicable Class of Certificates pursuant to the next succeeding
paragraph.
Upon presentation and surrender of the applicable Certificates, the
Securities Administrator shall cause to be distributed to Certificateholders of
each Class, in the order set forth in Section 5.02 or 5.03 hereof, as
applicable, on the Final Distribution Date or the applicable Distribution Date,
and in proportion to their respective Percentage Interests, with respect to
Certificateholders of the same Class, all cash on hand with respect to the
related REMICs (other than the amounts retained to meet claims). An amount shall
be distributed in respect of interest and principal to the Uncertificated
Lower-Tier II Interests, the Uncertificated Middle-Tier II Interests, the
Uncertificated Shifting Interest Lower-Tier Interests and the Uncertificated
Shifting Interest Middle-Tier Interests, as applicable, in the same manner as
principal and interest are distributed to such Uncertificated Lower-Tier II
Interests, Uncertificated Middle-Tier II Interests, Uncertificated Shifting
Interest Lower-Tier Interests and Uncertificated Shifting Interest Middle-Tier
Interests, respectively, as provided in Section 5.02 or 5.03, as applicable.
If the applicable Certificateholders do not surrender their Certificates
for final payment and cancellation on or before the Final Distribution Date, the
Securities Administrator shall on such date cause all related funds in the
Certificate Account not distributed in final distribution to such
Certificateholders of such Group to continue to be held by the Securities
Administrator in an Eligible Account for the benefit of such Certificateholders
and the Securities Administrator shall give a second written notice to the
remaining applicable Certificateholders to surrender their Certificates for
cancellation and receive a final distribution with respect thereto. If within
one (1) year after the second notice all the applicable Certificates shall not
have been surrendered for cancellation, the Securities Administrator may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining applicable Certificateholders concerning surrender of their
Certificates, and the cost thereof shall be paid out of the funds on deposit in
such Eligible Account.
Section 10.02 Additional Termination Requirements.
(a) (i) If a party exercises its purchase option as provided in Section
10.01, the related REMIC or REMICs shall be terminated in accordance with the
-212-
following additional requirements, unless the Securities Administrator and the
Trustee have received an Opinion of Counsel to the effect that the failure of
the Trust to comply with the requirements of this Section 10.02 will not (i)
result in the imposition of taxes on "prohibited transactions" or "prohibited
contributions" in respect of any REMIC created hereunder as defined in the REMIC
Provisions, or (ii) cause any REMIC created hereunder to fail to qualify as a
REMIC at any time that any related Certificates are outstanding:
(ii) within 90 days prior to the applicable Final Distribution Date
set forth in the notice given by the Securities Administrator under Section
10.01, the Securities Administrator shall sell the related Mortgage Loans
and the REO Properties to the Master Servicer, the majority Holder of the
Class CE Certificates or the NIMS Insurer, as the case may be, for cash;
(iii) the notice given by the Securities Administrator pursuant to
Section 10.01 shall provide that such notice constitutes adoption of a plan
of complete liquidation of the applicable REMIC or REMICs as of the date of
such notice (or, if earlier, the date on which such notice was mailed to
Certificateholders). The Securities Administrator shall also ensure that
such date is specified in the final tax return of the applicable REMIC or
REMICs; and
(iv) the Upper-Tier II REMIC and the Middle-Tier II REMIC will be
terminated on the same date that the Lower-Tier II REMIC is terminated, and
the Shifting Interest Middle-Tier REMIC and the Shifting Interest
Upper-Tier REMIC will be terminated on the same date that the Shifting
Interest Lower-Tier REMIC is terminated.
(b) By its acceptance of the Residual Certificate, the Holder thereof
hereby agree to take such other action in connection with such plan of complete
liquidation as may be reasonably requested by the Depositor, the Trustee, the
NIMS Insurer or the Securities Administrator and if such action is not
requested, is deemed to adopt such a plan of complete liquidation when the
related Mortgage Loans are purchased pursuant to Section 10.01.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.
This Agreement may be amended from time to time by the Depositor, the
Master Servicer, the Securities Administrator and the Trustee with the consent
of the NIMS Insurer (only to the extent such amendment relates to the
Overcollateralized Certificates), without the consent of any of the
Certificateholders, (i) to cure any ambiguity or mistake, (ii) to correct or
supplement any provisions herein or therein which may be inconsistent with any
other provisions of this Agreement, any amendment to this Agreement or the
related Prospectus Supplement, (iii) to modify, eliminate or add to any of its
provisions to such extent as shall be necessary to maintain the qualification of
any REMIC created hereunder as a REMIC or the Exchangeable Certificates Grantor
Trust as a grantor trust within the meaning of the Code and related regulations
at all times that any related Certificates are outstanding or to avoid or
minimize the risk of the imposition of any tax on any REMIC created hereunder or
on the Exchangeable Certificates Grantor Trust pursuant to the Code that would
be a claim against the Trust Estate, provided that (a) the Trustee and the
Securities Administrator have received an Opinion of Counsel to the effect that
such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action shall
-213-
not, as evidenced by such Opinion of Counsel, adversely affect in any material
respect the interests of any Certificateholder, (iv) to change the timing and/or
nature of deposits into the Certificate Account provided that (a) such change
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder and (b) such change
shall not adversely affect the then-current rating of the Certificates as
evidenced by a letter from each Rating Agency rating such Certificates to such
effect, (v) to provide for the rights of the NIMS Insurer and (vi) to make any
other provisions with respect to matters or questions arising under this
Agreement which shall not be materially inconsistent with the provisions of this
Agreement, provided that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder, provided that the amendment shall not be deemed to adversely
affect in any material respect the interests of the Certificateholders and no
Opinion of Counsel to that effect shall be required if the Person requesting the
amendment obtains a letter from each Rating Agency stating that the amendment
would not result in the downgrading or withdrawal of the respective ratings then
assigned to the Certificates. Notwithstanding any contrary provision of this
Agreement, the Trustee shall not consent to any amendment to this Agreement
pursuant to clause (i) through (vi) above unless it shall have first received an
Opinion of Counsel to the effect that such amendment shall not cause the
imposition of any United States federal income tax on any REMIC created
hereunder, the Exchangeable Certificates Grantor Trust or the Certificateholders
or cause any REMIC created hereunder to fail to qualify as a REMIC or cause the
Exchangeable Certificates Grantor Trust to fail to qualify as a grantor trust
within the meaning of the Code and related regulations at any time that any
Certificates are outstanding.
This Agreement may also be amended from time to time by the Depositor, the
Master Servicer, the Securities Administrator and the Trustee, with the consent
of the NIMS Insurer (if the NIMS Insurer is affected by such amendment) and the
Holders of Certificates of each Class of Certificates which is affected by such
amendment, evidencing, as to each such Class of Certificates, Percentage
Interests aggregating not less than 66-2/3%, 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 Holders of such
Certificates; provided, however, that no such amendment shall (A) reduce in any
manner the amount of, or delay the timing of, collections of payments on
Mortgage Loans or distributions which are required to be made on any Certificate
without the consent of the Holder of such Certificate or (B) reduce the
aforesaid percentage required to consent to any such amendment, without the
consent of the Holders of all Certificates then outstanding.
Prior to the solicitation of consent of Certificateholders in connection
with any such amendment, the party seeking such amendment shall furnish the
Trustee, the NIMS Insurer and the Securities Administrator with an Opinion of
Counsel stating that such amendment would not adversely affect the qualification
of any REMIC created hereunder as a REMIC or of the Exchangeable Certificates
Grantor Trust as a grantor trust within the meaning of the Code and related
regulations or result in the imposition of any tax on any REMIC or any
-214-
Exchangeable Certificates Grantor Trust created hereunder and notice of the
conclusion expressed in such Opinion of Counsel shall be included with any such
solicitation.
Promptly after the execution of any such amendment or consent the
Securities Administrator shall furnish written notification of the substance of
or a copy of such amendment to each Certificateholder, the NIMS Insurer and to
each Rating Agency.
It shall not be necessary for the consent of Certificateholders under this
Section 11.01 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Securities Administrator may prescribe.
Prior to the execution of any amendment to this Agreement, each of the
Trustee and the Securities Administrator shall receive and be entitled to
conclusively rely on any Opinion of Counsel (at the expense of the Person
seeking such amendment) stating that such amendment is authorized and permitted
by this Agreement. The Trustee and the Securities Administrator may, but shall
not be obligated to, enter into any such amendment which affects the Trustee's
or the Securities Administrator's own rights, duties or immunities under this
Agreement.
Notwithstanding the foregoing, any amendment to this Agreement shall
require the prior written consent of each Swap Provider if such amendment
materially and adversely affects the rights or interests of such Swap Provider.
Section 11.02 Recordation of Agreement; Counterparts.
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 Securities Administrator at its expense at the direction
of Holders of Certificates evidencing not less than 50% of all Voting Rights,
but only upon delivery to the Securities Administrator at the expense of the
requesting Certificateholders of an Opinion of Counsel to the effect that such
recordation materially and beneficially affects the interests of
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 11.03 Limitation on Rights of Certificateholders.
The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the Trust,
nor otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.
-215-
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, or the obligations of the parties hereto, nor shall anything herein set
forth, or contained in the terms of the Certificates, be construed so as to
constitute the Certificateholders from time to time as partners or members of an
association; nor shall any Certificateholder be under any liability to any third
person by reason of any action taken by the parties to this Agreement pursuant
to any provision hereof.
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 Securities Administrator a written
notice of default and of the continuance thereof, as provided herein, and unless
also the Holders of Certificates evidencing Percentage Interests aggregating not
less than 25% of each Class of Certificates affected thereby shall have made
written request upon the Securities Administrator to institute such action, suit
or proceeding in its own name as Securities Administrator hereunder and shall
have offered to the Securities Administrator such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or
thereby, and the Securities Administrator, 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 Securities Administrator, 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 equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
Section 11.03, each and every Certificateholder and the Securities Administrator
shall be entitled to such relief as can be given either at law or in equity.
Section 11.04 Governing Law.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT
REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW).
With respect to any claim arising out of this Agreement, each party
irrevocably submits to the exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of
Manhattan in The City of New York, and each party irrevocably waives any
objection which it may have at any time to the laying of venue of any suit,
action or proceeding arising out of or relating hereto brought in any such
courts, irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in any inconvenient forum and further
irrevocably waives the right to object, with respect to such claim, suit, action
or proceeding brought in any such court, that such court does not have
jurisdiction over such party, provided that service of process has been made by
any lawful means.
-216-
Section 11.05 Notices.
All demands, notices, instructions, directions, requests and communications
required or permitted to be delivered hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by certified
mail, return receipt requested, (provided, however, that notices to the
Securities Administrator may be delivered by facsimile and shall be deemed
effective upon receipt) to (a) in the case of the Depositor, Banc of America
Funding Corporation, 000 Xxxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000,
Attention: General Counsel and Chief Financial Officer, (b) in the case of the
Master Servicer, Xxxxx Fargo Bank, N.A., 0000 Xxx Xxxxxxxxx Xxxx, Xxxxxxxx,
Xxxxxxxx 00000, Attention: BAFC 2007-2, (c) in the case of the Securities
Administrator, Xxxxx Fargo Bank, N.A., X.X. Xxx 00, Xxxxxxxx, Xxxxxxxx 00000,
Attention: BAFC, Series 2007-2, and for overnight delivery purposes, Xxxxx Fargo
Bank, N.A., 0000 Xxx Xxxxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 00000-0000, Attention:
BAFC, Series 2007-2, with a copy to Xxxxx Fargo Bank, N.A., Sixth and Xxxxxxxxx
Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx, 00000, Attention: BAFC, Series 2007-2, (d) in
the case of the Trustee, U.S. Bank National Association, 000 Xxxxx XxXxxxx
Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxx 00000, Attention: Corporate Trust Services,
BAFC, Series 0000-0, Xxxxxxxxx: Structured Finance Services, BAFC 2007-2, (e) in
the case of Fitch, Fitch Ratings, Xxx Xxxxx Xxxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx
00000, Attention: Residential Mortgage Surveillance Group; (f) in the case of
S&P, Standard & Poor's, a division of The XxXxxx-Xxxx Companies, Inc., 00 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attn: Residential Mortgage Surveillance Group;
and (g) in the case of Moody's, Xxxxx'x Investors Service, Inc., 00 Xxxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attn: Residential Mortgage Surveillance Group
or, as to each party, at such other address as shall be designated by such party
in a written notice to each other party. Any notice required or permitted to be
mailed to a Certificateholder shall be given by first class mail, postage
prepaid, at the address of such Holder as shown in the Certificate Register. Any
notice to a Certificateholder 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 Certificates Nonassessable and Fully Paid.
It is the intention of the Securities Administrator that Certificateholders
shall not be personally liable for obligations of the Trust Estate, that the
beneficial ownership interests represented by the Certificates shall be
nonassessable for any losses or expenses of the Trust Estate or for any reason
whatsoever, and that Certificates upon execution, authentication and delivery
thereof by the Securities Administrator pursuant to Section 6.01 are and shall
be deemed fully paid.
-217-
Section 11.08 Access to List of Certificateholders.
The Certificate Registrar will furnish or cause to be furnished to the
Trustee and the Securities Administrator, within fifteen (15) days after the
receipt of a request by the Trustee and/or the Securities Administrator in
writing, a list, in such form as the Trustee and/or the Securities Administrator
may reasonably require, of the names and addresses of the Certificateholders as
of the most recent Record Date for payment of distributions to
Certificateholders.
If three or more Certificateholders apply in writing to the Securities
Administrator, and such application states that the applicants desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates and is accompanied by a copy of the
communication which such applicants propose to transmit, then the Securities
Administrator shall, within five (5) Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
most recent list of Certificateholders held by the Securities Administrator. If
such a list is as of a date more than 90 days prior to the date of receipt of
such applicants' request, the Securities Administrator shall promptly request
from the Certificate Registrar a current list as provided above, and shall
afford such applicants access to such list promptly upon receipt.
Every Certificateholder, by receiving and holding such list, agrees with
the Certificate Registrar and the Securities Administrator that neither the
Certificate Registrar nor the Securities Administrator shall be held accountable
by reason of the disclosure of any such information as to the names and
addresses of the Certificateholders hereunder, regardless of the source from
which such information was derived.
Section 11.09 Recharacterization.
The parties to this Agreement intend the conveyance by the Depositor to the
Trustee of all of its right, title and interest in and to the Mortgage Loans and
the related Mortgage Files, including all interest and principal received on or
with respect to the Mortgage Loans (other than payments of principal and
interest due and payable on the Mortgage Loans on or before the Cut-off Date)
and the Depositor's rights under the Mortgage Loan Purchase Agreement, including
the rights of the Depositor as assignee of the Sponsor with respect to the
Sponsor's rights under the Servicing Agreements pursuant to this Agreement to
constitute a purchase and sale and not a loan. Notwithstanding the foregoing, to
the extent that such conveyance is held not to constitute a sale under
applicable law, it is intended that this Agreement shall constitute a security
agreement under applicable law and that the Depositor shall be deemed to have
granted to the Trustee a first priority security interest in all of the
Depositor's right, title and interest in and to the Mortgage Loans.
Section 11.10 Regulation AB Compliance; Intent of the Parties;
Reasonableness.
The parties hereto acknowledge that interpretations of the requirements of
Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agree to
use its commercially reasonable efforts to comply with requests made by the
-218-
Depositor in good faith for delivery of information under these provisions on
the basis of evolving interpretations of Regulation AB. In connection with the
Trust, the Master Servicer, the Securities Administrator, the Trustee and the
Custodian shall cooperate fully with the Depositor to deliver to the Depositor
(including its assignees or designees), any and all statements, reports,
certifications, records and any other information available to such party and
reasonably necessary in the good faith determination of the Depositor to permit
the Depositor to comply with the provisions of Regulation AB, together with such
disclosures relating to the Master Servicer, the Securities Administrator, the
Trustee and the Custodian, as applicable, reasonably believed by the Depositor
to be necessary in order to effect such compliance.
Section 11.11 Third Party Beneficiary.
Nothing in this Agreement or in the Certificates, expressed or implied,
shall give to any Person, other than the Certificateholders, the parties hereto
and their successors hereunder, the NIMS Insurer and the Swap Providers, any
benefit or any legal or equitable right, remedy or claim under this Agreement.
The NIMS Insurer and the Swap Providers shall be deemed third-party
beneficiaries of this Agreement to the same extent as if they were a party
hereto, and shall have the right to enforce the provisions of this Agreement
directly against the parties to this Agreement.
-219-
IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities
Administrator and the Trustee have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized to be hereunto affixed, all
as of the day and year first above written.
BANC OF AMERICA FUNDING CORPORATION, as Depositor
By: /s/ Xxxxx Xxxxx
-------------------------------------------------
Name: Xxxxx Xxxxx
Title: Senior Vice President
XXXXX FARGO BANK, N.A., as Master Servicer
By: /s/ Xxxxxx Xxxxxx
-------------------------------------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Vice President
XXXXX FARGO BANK, N.A., as Securities Administrator
By: /s/ Xxxxxx Xxxxxx
------------------------------------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Vice President
U.S. BANK NATIONAL ASSOCIATION, as Trustee
By: /s/ Xxxxxxx X. Xxxxx
------------------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
[Signature Page to the Pooling and Servicing Agreement]
-220-
STATE OF NORTH CAROLINA )
) ss.:
COUNTY OF MECKLENBURG )
)
On the 26th day of February, 2007, before me, a notary public in and for
the State of North Carolina, personally appeared Xxxxx Xxxxx, known to me who,
being by me duly sworn, did depose and say that he is a Senior Vice President of
Banc of America Funding Corporation, a Delaware corporation, one of the parties
that executed the foregoing instrument; and that s/he signed her/his name
thereto by order of the Board of Directors of such corporation.
/s/ E. Xxxxx Xxxxxx
------------------------------------------------
Notary Public
[Notarial Seal]
My commission expires October 4, 2010.
[Notary Page to the Pooling and Servicing Agreement]
-221-
STATE OF MARYLAND )
) ss.:
COUNTY OF BALTIMORE )
)
On the 28th day of February, 2007, before me, a notary public in and for
the State of Maryland, personally appeared Xxxxxx Xxxxxx, known to me who, being
by me duly sworn, did depose and say that he is a Assistant Vice President of
Xxxxx Fargo Bank, N.A., a national banking association, one of the parties that
executed the foregoing instrument; and that he signed his name thereto by order
of the Board of Directors of such association.
/s/ Xxxxxx X. Xxxxxxx
------------------------------------------------
Notary Public
[Notarial Seal]
My commission expires January 7, 2009.
[Notary Page to the Pooling and Servicing Agreement]
-222-
STATE OF MARYLAND )
) ss.:
COUNTY OF BALTIMORE )
)
On the 28th day of February, 2007, before me, a notary public in and for
the State of Maryland, personally appeared Xxxxxx Xxxxxx, known to me who, being
by me duly sworn, did depose and say that he is a Assistant Vice President of
Xxxxx Fargo Bank, N.A., a national banking association, one of the parties that
executed the foregoing instrument; and that he signed his name thereto by order
of the Board of Directors of such association.
/s/ Xxxxxx X. Xxxxxxx
-------------------------------------------------
Notary Public
[Notarial Seal]
My commission expires January 7, 2009.
[Notary Page to the Pooling and Servicing Agreement]
-223-
STATE OF ILLINOIS )
) ss.:
COUNTY OF XXXX )
)
On the 28th day of February, 2007, before me, a notary public in and for
the State of Illinois, personally appeared Xxxxxxx X. Xxxxx, known to me who,
being by me duly sworn, did depose and say that she is a Vice President of U.S.
Bank National Association, a national banking association, one of the parties
that executed the foregoing instrument; and that she signed her name thereto by
order of the Board of Directors of such association.
/s/ Xxxxx Xxxxxxxx
------------------------------------------------
Notary Public
[Notarial Seal]
My commission expires November 11, 2010.
[Notary Page to the Pooling and Servicing Agreement]
-224-
EXHIBIT A-1AR
[FORM OF FACE OF CLASS 1-A-R CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-R
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN MULTIPLE "REAL ESTATE MORTGAGE INVESTMENT CONDUITS," AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE").
THIS CLASS 1-A-R CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PLAN
(AS DEFINED IN THE POOLING AND SERVICING AGREEMENT).
TRANSFER OF THIS CERTIFICATE IS SUBJECT TO CERTAIN TAX RELATED TRANSFER
RESTRICTIONS DESCRIBED HEREIN AND IN THE POOLING AND SERVICING AGREEMENT. ANY
ATTEMPTED OR PURPORTED TRANSFER OF THIS CLASS 1-A-R CERTIFICATE IN VIOLATION OF
SUCH RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN
THE PURPORTED TRANSFEREE.
A-1AR-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-R
evidencing a 100% Percentage Interest in the distributions allocable to the
Certificate of the above-referenced Class with respect to a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $100.00
Initial Class Certificate
Balance of this Class: $100.00
Pass-Through Rate: 6.1000%
CUSIP No.: 05951G AN 2
ISIN No.: US05951GAN25
THIS CERTIFIES THAT __________ is the registered owner of 100% Percentage
Interest evidenced by this Certificate in certain monthly distributions with
respect to a Trust consisting of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
A-1AR-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Any distribution of the proceeds of any remaining assets of the applicable
subaccounts of the Certificate Account will be made only upon presentment and
surrender of this Class 1-A-R Certificate at the Corporate Trust Office.
Each Person who has or who acquires this Class 1-A-R Certificate shall be
deemed by the acceptance or acquisition thereof to have agreed to be bound by
the following provisions and the rights of each Person acquiring this Class
1-A-R Certificate are expressly subject to the following provisions: (i) each
Person holding or acquiring this Class 1-A-R Certificate shall be a Permitted
Transferee and shall promptly notify the Securities Administrator of any change
or impending change in its status as a Permitted Transferee; (ii) no Person
shall acquire an ownership interest in this Class 1-A-R Certificate unless such
ownership interest is a pro rata undivided interest; (iii) in connection with
any proposed transfer of this Class 1-A-R Certificate, the Securities
Administrator shall require delivery to it, in form and substance satisfactory
to it, of an affidavit in the form of Exhibit I to the Pooling and Servicing
Agreement and a certificate substantially in the form set forth in Exhibit Y to
the Pooling and Servicing Agreement; (iv) notwithstanding the delivery of an
affidavit by a proposed transferee under clause (iii) above, if a Responsible
Officer of the Securities Administrator has actual knowledge that the proposed
transferee is not a Permitted Transferee, no transfer of any Ownership Interest
in this Class 1-A-R Certificate to such proposed transferee shall be effected;
(v) this Class 1-A-R Certificate may not be purchased by or transferred to any
Person that is not a U.S. Person, unless (A) such Person holds this Class 1-A-R
Certificate in connection with the conduct of a trade or business within the
United States and furnishes the transferor and the Securities Administrator with
an effective Internal Revenue Service Form W-8ECI (or any successor thereto) or
(B) the transferee delivers to both the transferor and the Securities
Administrator an Opinion of Counsel from a nationally-recognized tax counsel to
the effect that such transfer is in accordance with the requirements of the Code
and the regulations promulgated thereunder and that such transfer of this Class
1-A-R Certificate will not be disregarded for federal income tax purposes; (vi)
any attempted or purported transfer of this Class 1-A-R Certificate in violation
of the provisions of such restrictions shall be absolutely null and void and
shall vest no rights in the purported transferee; and (vii) if any Person other
than a Permitted Transferee acquires the Class 1-A-R Certificate in violation of
such restrictions, then the Securities Administrator, based on information
provided to the Securities Administrator by the Master Servicer, will provide to
the Internal Revenue Service, and to the Persons specified in Section 860E(e)(3)
and (6) of the Code, information needed to compute the tax imposed under Section
860E(e) of the Code on transfers of residual interests to disqualified
organizations.
This Class 1-A-R Certificate may not be purchased by or transferred to any
Plan (as defined in the Pooling and Servicing Agreement).
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
A-1AR-3
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1AR-4
EXHIBIT A-1A1
[FORM OF FACE OF CLASS 1-A-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $49,697,800.00
Pass-Through Rate: Floating
CUSIP No.: 05951G AP 7
ISIN No.: US05951GAP72
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
A-1A1-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A1-3
EXHIBIT A-1A2
[FORM OF FACE OF CLASS 1-A-2 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-2 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-2 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $111,791,000.00
Pass-Through Rate: 6.000%
CUSIP No.: 05951G AQ 5
ISIN No.: US05951GAQ55
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A2-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A2-3
EXHIBIT A-1A3
[FORM OF FACE OF CLASS 1-A-3 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-3 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLEY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-3 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $106,425,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G AR 3
ISIN No.: US05951GAR39
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A3-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A3-3
EXHIBIT A-1A4
[FORM OF FACE OF CLASS 1-A-4 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-4 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-4 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $4,434,375.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G AS 1
ISIN No.: US05951GAS12
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-4 Certificate is not entitled to any distributions with
respect to principal.
A-1A4-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A4-3
EXHIBIT A-1A5
[FORM OF FACE OF CLASS 1-A-5 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-5 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
AFTER THE SENIOR CREDIT SUPPORT DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO THE CLASS 1-A-3 CERTIFICATES WILL BE BORNE BY THE
CLASS 1-A-5 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-5 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $5,366,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G AT 9
ISIN No.: US05951GAT94
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A5-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A5-3
EXHIBIT A-1A6
[FORM OF FACE OF CLASS 1-A-6 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-6 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-6 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $223,583.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G AU 6
ISIN No.: US05951GAU67
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-6 Certificate is not entitled to any distributions with
respect to principal.
A-1A6-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer , the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A6-3
EXHIBIT A-1A7
[FORM OF FACE OF CLASS 1-A-7 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-7 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-7 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $68,234,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G AV 4
ISIN No.: US05951GAV41
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principle in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A7-2
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A7-3
EXHIBIT A-1A8
[FORM OF FACE OF CLASS 1-A-8 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-8 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
* * *
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-8 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed-rate mortgage loans (the "Mortgage Loans") secured by first liens on one-
to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $2,843,083.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G AW 2
ISIN No.: US05951GAW24
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-8 Certificate is not entitled to any distributions with
respect to principal.
A-1A8-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer , the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A8-3
EXHIBIT A-1A9
[FORM OF FACE OF CLASS 1-A-9 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-9 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-9 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $24,601,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G AX 0
ISIN No.: US05951GAX07
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A9-2
Principle in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A9-3
EXHIBIT A-1A10
[FORM OF FACE OF CLASS 1-A-10 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-10 Exchangeable REMIC Certificates
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-10 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $1,025,041.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G AY 8
ISIN No.: US05951GAY89
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-10 Certificate is not entitled to any distributions with
respect to principal.
A-1A10-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A10-3
EXHIBIT A-1A11
[FORM OF FACE OF CLASS 1-A-11 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-11 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-11 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $75,649,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G AZ 5
ISIN No.: US05951GAZ54
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A11-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A11-3
EXHIBIT A-1A12
[FORM OF FACE OF CLASS 1-A-12 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-12 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-12 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $3,152,041.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BA 9
ISIN No.: US05951GBA94
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-12 Certificate is not entitled to any distributions with
respect to principal.
A-1A12-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A12-3
EXHIBIT A-1A13
[FORM OF FACE OF CLASS 1-A-13 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-13 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-13 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $17,185,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G BB 7
ISIN No.: US05951GBB77
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A13-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A13-3
EXHIBIT A-1A14
[FORM OF FACE OF CLASS 1-A-14 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-14 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-14 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $716,041.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BC 5
ISIN No.: US05951GBC50
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-14 Certificate is not entitled to any distributions with
respect to principal.
A-1A14-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A14-3
EXHIBIT A-1A15
[FORM OF FACE OF CLASS 1-A-15 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-15
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
AFTER THE SENIOR CREDIT SUPPORT DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO THE CLASS 1-A-7, CLASS 1-A-9, CLASS 1-A-11 AND
CLASS 1-A-13 CERTIFICATES WILL BE BORNE BY THE CLASS 1-A-15 CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-15
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $9,362,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BD 3
ISIN No.: US05951GBD34
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A15-2
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A15-3
EXHIBIT A-1A16
[FORM OF FACE OF CLASS 1-A-16 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-16
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-16
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $110,560,000.00
Pass-Through Rate: Floating
CUSIP No.: 05951G BE 1
ISIN No.: US05951GBE17
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A16-2
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A16-3
EXHIBIT A-1A17
[FORM OF FACE OF CLASS 1-A-17 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-17 Exchangeable REMIC Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE IS AN EXCHANGEABLE REMIC CERTIFICATE AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE
EXCHANGEABLE CERTIFICATES IN THE RELATED COMBINATION GROUP.
AFTER THE SENIOR CREDIT SUPPORT DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO THE CLASS 1-A-16 AND CLASS 1-A-18 CERTIFICATES WILL
BE BORNE BY THE CLASS 1-A-17 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-17 Exchangeable REMIC Certificate
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $6,555,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BF 8
ISIN No.: US05951GBF81
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A17-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A17-3
EXHIBIT A-1A18
[FORM OF FACE OF CLASS 1-A-18 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-18
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-18
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $19,440,000.00
Pass-Through Rate: Floating
CUSIP No.: 05951G BG 6
ISIN No.: US05951GBG64
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A18-2
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A18-3
EXHIBIT A-1A19
[FORM OF FACE OF CLASS 1-A-19 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-19
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-19
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional Amount of this
Certificate
("Denomination"): $
Initial Notional Amount
of this Class: $130,000,000.00
Pass-Through Rate: Inverse Floating
CUSIP No.: 05951G BH 4
ISIN No.: US05951GBH48
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Notional Amount of the Class to which this
Certificate belongs) in certain monthly distributions with respect to a Trust
consisting primarily of the Mortgage Loans deposited by Banc of America Funding
Corporation (the "Depositor"). The Trust was created pursuant to a Pooling and
Servicing Agreement, dated February 27, 2007 (the "Pooling and Servicing
Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master servicer
(the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Class 1-A-19 Certificate is not entitled to any distributions with
respect to principal.
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
A-1A19-2
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A19-3
EXHIBIT A-1A20
[FORM OF FACE OF CLASS 1-A-20 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-20
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
UNTIL THE APPLICABLE ACCRETION TERMINATION DATE, THE INTEREST THAT ACCRUES ON
THE CERTIFICATE BALANCE OF THIS CERTIFICATE WILL NOT BE PAYABLE BECAUSE SUCH
UNPAID INTEREST IS ADDED TO THE CERTIFICATE BALANCE OF THIS CERTIFICATE AND
BECAUSE REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE
MONTHLY AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MORE OR LESS THAN
THE AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-20
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $10,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BJ 0
ISIN No.: US05951GBJ04
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
A-1A20-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A20-3
EXHIBIT A-1A21
[FORM OF FACE OF CLASS 1-A-21 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-21
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
UNTIL THE APPLICABLE ACCRETION TERMINATION DATE, THE INTEREST THAT ACCRUES ON
THE CERTIFICATE BALANCE OF THIS CERTIFICATE WILL NOT BE PAYABLE BECAUSE SUCH
UNPAID INTEREST IS ADDED TO THE CERTIFICATE BALANCE OF THIS CERTIFICATE AND
BECAUSE REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE
MONTHLY AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MORE OR LESS THAN
THE AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-21
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $10,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BK 7
ISIN No.: US05951GBK76
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principle in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
A-1A21-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A21-3
EXHIBIT A-1A22
[FORM OF FACE OF CLASS 1-A-22 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-22
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-22
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $3,783,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BL 5
ISIN No.: US05951GBL59
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A22-2
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A22-3
EXHIBIT A-1A23
[FORM OF FACE OF CLASS 1-A-23 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-23
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-23
evidencing an interest in the a Trust consisting primarily of three loan groups
of fixed interest rate mortgage loans (the "Mortgage Loans") secured by first
liens on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $100,200.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BM 3
ISIN No.: US05951GBM33
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
A-1A23-2
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A23-3
EXHIBIT A-1A24
[FORM OF FACE OF CLASS 1-A-24 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-24 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-24 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate Balance
of this Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $111,791,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G BN 1
ISIN No.: US05951GBN16
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A24-2
Principle in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A24-3
EXHIBIT A-1A25
[FORM OF FACE OF CLASS 1-A-25 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-25 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-25 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $4,657,958.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BP 6
ISIN No.: US05951GBP63
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-25 Certificate is not entitled to any distributions with
respect to principal.
A-1A25-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A25-3
EXHIBIT A-1A26
[FORM OF FACE OF CLASS 1-A-26 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-26 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-26 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $106,425,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BQ 4
ISIN No.: US05951GBQ47
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A26-2
Principle in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A26-3
EXHIBIT A-1A27
[FORM OF FACE OF CLASS 1-A-27 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-27 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
AFTER THE SENIOR CREDIT SUPPORT DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO CERTAIN OTHER CERTIFICATES WILL BE BORNE BY THE
CLASS 1-A-27 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-27 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $5,366,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BR 2
ISIN No.: US05951GBR20
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A27-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A27-3
EXHIBIT A-1A28
[FORM OF FACE OF CLASS 1-A-28 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-28
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-28
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Initial Notional
Amount of this Class: $49,697,800.00
Pass-Through Rate: Inverse Floating
CUSIP No.: 05951G BS 0
ISIN No.: US05951GBS03
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Notional Amount of the Class to which this
Certificate belongs) in certain monthly distributions with respect to a Trust
consisting primarily of the Mortgage Loans deposited by Banc of America Funding
Corporation (the "Depositor"). The Trust was created pursuant to a Pooling and
Servicing Agreement, dated February 27, 2007 (the "Pooling and Servicing
Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master servicer
(the "Master Servicer"), and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Class 1-A-28 Certificate is not entitled to any distributions with
respect to principal.
A-1A28-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A28-3
EXHIBIT A-1A29
[FORM OF FACE OF CLASS 1-A-29 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-29 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
AFTER THE SENIOR CREDIT SUPPORT DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO CERTAIN OTHER CERTIFICATES WILL BE BORNE BY THE
CLASS 1-A-29 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-29 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $11,921,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BT 8
ISIN No.: US05951GBT85
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A29-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A29-3
EXHIBIT A-1A30
[FORM OF FACE OF CLASS 1-A-30 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-30 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-30 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $68,234,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BU 5
ISIN No.: US05951GBU58
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A30-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A30-3
EXHIBIT A-1A31
[FORM OF FACE OF CLASS 1-A-31 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-31 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-31 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $24,601,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BV 3
ISIN No.: US05951GBV32
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A31-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A31-3
EXHIBIT A-1A32
[FORM OF FACE OF CLASS 1-A-32 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-32 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-32 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $75,649,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BW 1
ISIN No.: US05951GBW15
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A32-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A32-3
EXHIBIT A-1A33
[FORM OF FACE OF CLASS 1-A-33 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-33 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-33 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $17,185,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BX 9
ISIN No.: US05951GBX97
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A33-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A33-3
EXHIBIT A-1A34
[FORM OF FACE OF CLASS 1-A-34 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-34 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-34 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $92,835,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G BY 7
ISIN No.: US05951GBY70
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A34-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A34-3
EXHIBIT A-1A35
[FORM OF FACE OF CLASS 1-A-35 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-35 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-35 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $3,868,124.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G BZ 4
ISIN No.: US05951GBZ46
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-35 Certificate is not entitled to any distributions with
respect to principal.
A-1A35-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A35-3
EXHIBIT A-1A36
[FORM OF FACE OF CLASS 1-A-36 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-36 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-36 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $92,835,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CA 8
ISIN No.: US05951GCA85
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A36-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A36-3
EXHIBIT A-1A37
[FORM OF FACE OF CLASS 1-A-37 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-37 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-37 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $92,834,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G CB 6
ISIN No.: US05951GCB68
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A37-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A37-3
EXHIBIT A-1A38
[FORM OF FACE OF CLASS 1-A-38 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-38 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-38 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $3,868,082.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CC 4
ISIN No.: US05951GCC42
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-38 Certificate is not entitled to any distributions with
respect to principal.
A-1A38-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A38-3
EXHIBIT A-1A39
[FORM OF FACE OF CLASS 1-A-39 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-39 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-39 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $92,834,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CD 2
ISIN No.: US05951GCD25
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A39-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A39-3
EXHIBIT A-1A40
[FORM OF FACE OF CLASS 1-A-40 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-40 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-40 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $185,669,000.00
Pass-Through Rate: 5.7500%
CUSIP No.: 05951G CE 0
ISIN No.: US05951GCE08
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A40-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A40-3
EXHIBIT A-1A41
[FORM OF FACE OF CLASS 1-A-41 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-41 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-41 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Maximum Initial Notional
Amount of this Class: $7,736,206.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CF 7
ISIN No.: US05951GCF72
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
This Class 1-A-41 Certificate is not entitled to any distributions with
respect to principal.
A-1A41-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer and Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A41-3
EXHIBIT A-1A42
[FORM OF FACE OF CLASS 1-A-42 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-42 Exchangeable Certificate
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
UNDIVIDED BENEFICIAL INTEREST IN THE ASSETS OF AN ARRANGEMENT THAT IS CLASSIFIED
AS A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE CODE.
THIS CERTIFICATE IS AN EXCHANGEABLE CERTIFICATE AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN AND MAY BE EXCHANGED FOR THE EXCHANGEABLE
REMIC CERTIFICATES IN THE RELATED COMBINATION GROUP.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X00-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 1-A-42 Exchangeable Certificate
evidencing an interest in the Exchangeable Certificate Grantor Trust Account and
the Related Exchangeable REMIC Certificates issued by a Trust consisting
primarily of three loan groups of fixed interest rate mortgage loans (the
"Mortgage Loans") secured by first liens on one- to four-family residential
properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Maximum Initial Class Certificate
Balance of this Class: $185,669,000.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CG 5
ISIN No.: US05951GCG55
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained on any date of determination by
dividing the Denomination of this Certificate by the Aggregate Denomination on
such date of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust consisting primarily of the Mortgage Loans
deposited by Banc of America Funding Corporation (the "Depositor"). The Trust
was created pursuant to a Pooling and Servicing Agreement, dated February 27,
2007 (the "Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as master servicer (the "Master Servicer"), and securities
administrator (the "Securities Administrator"), and U.S. Bank National
Association, as trustee (the "Trustee"). To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Pooling and
Servicing Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement, to
which Pooling and Servicing Agreement the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.
A-1A42-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-1A42-3
EXHIBIT A-2A1
[FORM OF FACE OF CLASS 2-A-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 2-A-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
X-0X0-0
XXXX XX XXXXXXX FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 2-A-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $41,198,000.000
Pass-Through Rate: Floating
CUSIP No.: 05951G CH 3
ISIN No.: US05951GCH39
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
A-2A1-2
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-2A1-3
EXHIBIT A-30-IO
[FORM OF FACE OF CLASS 30-IO CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 30-IO
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN THE AMOUNT
SET FORTH BELOW.
A-30IO-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 30-IO
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Notional
Amount of this
Certificate
("Denomination"): $
Initial Notional
Amount of this Class: $21,847,716.00
Pass-Through Rate: 6.0000%
CUSIP No.: 05951G CJ 9
ISIN No.: US05951GCJ94
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Notional Amount of the Class to which this
Certificate belongs) in certain monthly distributions with respect to a Trust
consisting primarily of the Mortgage Loans deposited by Banc of America Funding
Corporation (the "Depositor"). The Trust was created pursuant to a Pooling and
Servicing Agreement, dated February 27, 2007 (the "Pooling and Servicing
Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master servicer
(the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Class 30-IO Certificate is not entitled to any distributions with
respect to principal.
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
A-30IO-2
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
X-00XX-0
XXXXXXX X-00XX
[FORM OF FACE OF CLASS 30-PO CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 30-PO
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
A-30PO-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class 30-PO
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-Off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate*
Balance of this Class: $3,755,105.00
CUSIP No.: 05951G CK 6
ISIN No.: US05951GCK67
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
This Class 30-PO Certificate is not entitled to any distributions with
respect to interest.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein.
A-30PO-2
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
X-00XX-0
XXXXXXX X-XX0X
[FORM OF FACE OF CLASS T-A-1A CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-1A
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA1-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-1A
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $80,000,000.00
CUSIP No.: 05951G AA 0
ISIN No.: US05951GAA04
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
A-TA1-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA1-3
EXHIBIT A-TA1B
[FORM OF FACE OF CLASS T-A-1B CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-1B
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA1B-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-1B
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $96,143,000.00
CUSIP No.: 05951G AB 8
ISIN No.: US05951GAB86
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
A-TA1B-2
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA1B-3
EXHIBIT A-TA2
[FORM OF FACE OF CLASS T-A-2 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-2
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA2-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-2
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $59,830,000.00
CUSIP No.: 05951G AC 6
ISIN No.: US05951GAC69
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
A-TA2-2
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA2-3
EXHIBIT A-TA3
[FORM OF FACE OF CLASS T-A-3 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-3
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA3-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-3
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $32,676,000.00
CUSIP No.: 05951G AD 43
ISIN No.: US05951GAD43
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
A-TA3-2
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA3-3
EXHIBIT A-TA4
[FORM OF FACE OF CLASS T-A-4 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-4
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA4-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-4
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $54,514,000.00
CUSIP No.: 05951G AE 2
ISIN No.: US05951GAE26
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
A-TA4-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA4-3
EXHIBIT A-TA5
[FORM OF FACE OF CLASS T-A-5 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-5
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA5-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-5
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $66,581,000.00
CUSIP No.: 05951G AF 9
ISIN No.: US05951GAF90
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
A-TA5-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA5-3
EXHIBIT A-TA6
[FORM OF FACE OF CLASS T-A-6 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-6
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
AFTER THE AGGREGATE CLASS CERTIFICATE BALANCE OF THE MEZZANINE CERTIFICATES AND
THE CLASS T-B-1 CERTIFICATES HAS BEEN REDUCED ZERO AND THE OVERCOLLATERALIZATION
AMOUNT IS ZERO, THE PRINCIPAL PORTION OF REALIZED LOSSES ALLOCATED TO THE CLASS
T-A-3 CERTIFICATES AND THE CLASS T-A-5 CERTIFICATES WILL BE BORNE BY THE CLASS
T-A-6 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
A-TA6-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-A-6
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $9,934,000
CUSIP No.: 05951G AG 7
ISIN No.: US05951GAG73
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
A-TA6-2
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
A-TA6-3
EXHIBIT B-M1
[FORM OF FACE OF CLASS M-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class M-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-M1-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class M-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $9,679,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CL 4
ISIN No.: US05951GCL41
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-M1-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-M1-3
EXHIBIT B-B1
[FORM OF FACE OF CLASS B-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES AND THE CLASS M-1 CERTIFICATES AS DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B1-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $4,839,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CM 2
ISIN No.: US05951GCM24
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B1-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B1-3
EXHIBIT B-B2
[FORM OF FACE OF CLASS B-2 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-2
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE CLASS B-1 CERTIFICATES
AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B2-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-2
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $4,269,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CN 0
ISIN No.: US05951GCN07
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B2-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B2-3
EXHIBIT B-B3
[FORM OF FACE OF CLASS B-3 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-3
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS B-1 CERTIFICATES
AND THE CLASS B-2 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B3-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-3
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $3,131,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CP 5
ISIN No.: US05951GCP54
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B3-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer and
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B3-3
EXHIBIT B-B4
[FORM OF FACE OF CLASS B-4 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-4
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS B-1 CERTIFICATES,
THE CLASS B-2 CERTIFICATES AND THE CLASS B-3 CERTIFICATES AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT.
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A TRANSACTION
EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE
WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND
SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B4-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-4
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $2,277,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CQ 3
ISIN No.: US05951GCQ38
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B4-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
No transfer of a Certificate of this Class shall be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities laws or
is made in accordance with the 1933 Act and such laws. In the event of any such
transfer, (i) unless the transfer is made in reliance on Rule 144A under the
1933 Act, the Securities Administrator or the Depositor may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Securities Administrator and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the 1933 Act and such laws
or is being made pursuant to the 1933 Act and such laws, which Opinion of
Counsel shall not be an expense of the Securities Administrator or the Depositor
and (ii) the Securities Administrator shall require a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1 and a certificate
from such Certificateholder's prospective transferee substantially in the form
attached to the Pooling and Servicing Agreement either as Exhibit G-2A or as
Exhibit G-2B, which certificates shall not be an expense of the Securities
Administrator or the Depositor; provided that the foregoing requirements under
clauses (i) and (ii) shall not apply to a transfer of a Private Certificate
between or among the Depositor, the Sponsor, their affiliates or both. The
Holder of a Private Certificate desiring to effect such transfer shall, and does
hereby agree to, indemnify the Securities Administrator and the Depositor
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.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B4-3
EXHIBIT B-B5
[FORM OF FACE OF CLASS B-5 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-5
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS B-1 CERTIFICATES,
THE CLASS B-2 CERTIFICATES, THE CLASS B-3 CERTIFICATES AND THE CLASS B-4
CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A TRANSACTION
EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE
WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND
SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B5-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-5
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $1,708,000.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CR 1
ISIN No.: US05951GCR11
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B5-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
No transfer of a Certificate of this Class shall be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities laws or
is made in accordance with the 1933 Act and such laws. In the event of any such
transfer, (i) unless the transfer is made in reliance on Rule 144A under the
1933 Act, the Securities Administrator or the Depositor may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Securities Administrator and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the 1933 Act and such laws
or is being made pursuant to the 1933 Act and such laws, which Opinion of
Counsel shall not be an expense of the Securities Administrator or the Depositor
and (ii) the Securities Administrator shall require a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1 and a certificate
from such Certificateholder's prospective transferee substantially in the form
attached to the Pooling and Servicing Agreement either as Exhibit G-2A or as
Exhibit G-2B, which certificates shall not be an expense of the Securities
Administrator or the Depositor; provided that the foregoing requirements under
clauses (i) and (ii) shall not apply to a transfer of a Private Certificate
between or among the Depositor, the Sponsor, their affiliates or both. The
Holder of a Private Certificate desiring to effect such transfer shall, and does
hereby agree to, indemnify the Securities Administrator and the Depositor
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.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B5-3
EXHIBIT B-B6
[FORM OF FACE OF CLASS B-6 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-6
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR SHIFTING
INTEREST CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS B-1 CERTIFICATES,
THE CLASS B-2 CERTIFICATES, THE CLASS B-3 CERTIFICATES, THE CLASS B-4
CERTIFICATES AND THE CLASS B-5 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND
SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-B6-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class B-6
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $1,423,326.00
Pass-Through Rate: Variable
CUSIP No.: 05951G CS 9
ISIN No.: US05951GCS93
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
B-B6-2
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
No transfer of a Certificate of this Class shall be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities laws or
is made in accordance with the 1933 Act and such laws. In the event of any such
transfer, (i) unless the transfer is made in reliance on Rule 144A under the
1933 Act, the Securities Administrator or the Depositor may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Securities Administrator and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the 1933 Act and such laws
or is being made pursuant to the 1933 Act and such laws, which Opinion of
Counsel shall not be an expense of the Securities Administrator or the Depositor
and (ii) the Securities Administrator shall require a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1 and a certificate
from such Certificateholder's prospective transferee substantially in the form
attached to the Pooling and Servicing Agreement either as Exhibit G-2A or as
Exhibit G-2B, which certificates shall not be an expense of the Securities
Administrator or the Depositor; provided that the foregoing requirements under
clauses (i) and (ii) shall not apply to a transfer of a Private Certificate
between or among the Depositor, the Sponsor, their affiliates or both. The
Holder of a Private Certificate desiring to effect such transfer shall, and does
hereby agree to, indemnify the Securities Administrator and the Depositor
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.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-B6-3
EXHIBIT B-TM1
[FORM OF FACE OF CLASS T-M-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
B-TM1-1
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-TM1-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $10,462,000.00
CUSIP No.: 05951G AH 5
ISIN No.: US05951GAH56
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TM1-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TM1-4
EXHIBIT B-TM2
[FORM OF FACE OF CLASS T-M-2 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-2
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES AND THE CLASS T-M-1 CERTIFICATES AS DESCRIBED IN
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
B-TM2-1
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-TM2-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-2
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $5,551,000.00
CUSIP No.: 05951G AJ 1
ISIN No.: US05951GAJ13
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TM2-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TM2-4
EXHIBIT B-TM3
[FORM OF FACE OF CLASS T-M-3 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-3
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES, THE CLASS T-M-1 CERTIFICATES AND THE CLASS
T-M-2 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
B-TM3-1
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-TM3-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-3
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $2,135,000.00
CUSIP No.: 05951G AK 8
ISIN No.: US05951GAK85
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TM3-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TM3-4
EXHIBIT B-TM4
[FORM OF FACE OF CLASS T-M-4 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-4
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES, THE CLASS T-M-1 CERTIFICATES, THE CLASS T-M-2
CERTIFICATES AND THE CLASS T-M-3 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
B-TM4-1
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-TM4-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-4
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $2,135,000.00
CUSIP No.: 05951G AL 6
ISIN No.: US05951GAL68
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TM4-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TM4-4
EXHIBIT B-TM5
[FORM OF FACE OF CLASS T-M-5 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-5
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES, THE CLASS T-M-1 CERTIFICATES, THE CLASS T-M-2
CERTIFICATES, THE CLASS T-M-3 CERTIFICATES AND THE CLASS T-M-4 CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
FOR SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND SERVICING AGREEMENT),
SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE POOLING AND
SERVICING AGREEMENT REFERENCED HEREIN.
IN THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB- OR ITS
EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING
B-TM5-1
AND SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF
THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-TM5-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-M-5
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $2,135,000.00
CUSIP No.: 05951G AM 4
ISIN No.: US05951GAM42
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TM5-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TM5-4
EXHIBIT B-TB1
[FORM OF FACE OF CLASS T-B-1 CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-B-1
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), 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 IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
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, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
REDUCTIONS OF THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THE
AMOUNT SET FORTH BELOW.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES AND THE MEZZANINE CERTIFICATES AS DESCRIBED IN
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A TRANSACTION
EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE
WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
UNDER CURRENT LAW THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF
OF ANY EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
B-TB1-1
ACCOUNT, SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"), THE CODE OR ANY FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW")
WHICH IS SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR THE CODE
OR THE FIDUCIARY PROVISIONS OF ERISA (COLLECTIVELY, A "PLAN"), MAY RESULT IN
"PROHIBITED TRANSACTIONS" WITHIN THE MEANING OF ERISA OR THE CODE OR A VIOLATION
OF SIMILAR LAW. TRANSFER OF THIS CERTIFICATE WILL NOT BE MADE UNLESS THE
TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (I) A REPRESENTATION
LETTER, IN FORM AND SUBSTANCE SATISFACTORY TO THE SECURITIES ADMINISTRATOR,
STATING THAT (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, ANY SUCH PLAN OR
USING THE ASSETS OF ANY SUCH PLAN TO EFFECT SUCH PURCHASE OR (B) IF IT IS AN
INSURANCE COMPANY, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS
AN "INSURANCE COMPANY GENERAL ACCOUNT" (AS SUCH TERM IS DEFINED IN SECTION V(E)
OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 ("PTE 95-60"), 60 FED. REG.
35925 (JULY 12, 1995)), THERE IS NO PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE
CODE WITH RESPECT TO WHICH THE AMOUNT OF SUCH GENERAL ACCOUNT'S RESERVES AND
LIABILITIES FOR THE CONTRACT(S) HELD BY OR ON BEHALF OF SUCH PLAN AND ALL OTHER
SUCH PLANS MAINTAINED BY THE SAME EMPLOYER (OR AFFILIATE THEREOF AS DEFINED IN
SECTION V(A)(1) OF PTE 95-60) OR BY THE SAME EMPLOYEE ORGANIZATION EXCEEDS 10%
OF THE TOTAL OF ALL RESERVES AND LIABILITIES OF SUCH GENERAL ACCOUNT (AS SUCH
AMOUNTS ARE DETERMINED UNDER SECTION I(A) OF PTE 95-60) AT THE DATE OF
ACQUISITION AND ALL SUCH PLANS THAT HAVE AN INTEREST IN SUCH GENERAL ACCOUNT ARE
PLANS TO WHICH PTE 95-60 APPLIES, OR (II) AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE SATISFACTORY TO THE SECURITIES ADMINISTRATOR, TO THE EFFECT THAT THE
PURCHASE OR HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF SUCH PLAN WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING
OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW AND WILL NOT SUBJECT THE DEPOSITOR, THE MASTER SERVICER, THE SECURITIES
ADMINISTRATOR OR THE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN
IN THE POOLING AND SERVICING AGREEMENT. EACH PERSON WHO ACQUIRES THIS
CERTIFICATE OR ANY INTEREST THEREIN SHALL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS REQUIRED BY THE REPRESENTATION LETTER REFERRED TO IN THE
PRECEDING SENTENCE, UNLESS SUCH PERSON SHALL HAVE PROVIDED SUCH REPRESENTATION
LETTER OR THE OPINION OF COUNSEL REFERRED TO IN THE PRECEDING SENTENCE TO THE
SECURITIES ADMINISTRATOR. THE POOLING AND SERVICING AGREEMENT PROVIDES THAT ANY
ATTEMPTED OR PURPORTED TRANSFER IN VIOLATION OF THESE TRANSFER RESTRICTIONS WILL
BE NULL AND VOID AND WILL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.
B-TB1-2
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class T-B-1
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $2,990,000.00
CUSIP No.: 05951G CT 7
ISIN No.: US05951GCT76
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Principal in respect of this Certificate is distributable monthly as set
forth in the Pooling and Servicing Agreement. Accordingly, the Certificate
Balance of this Certificate at any time may be less than the Certificate Balance
as set forth herein. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Master Servicer, the
B-TB1-3
Securities Administrator or the Trustee or any of their respective affiliates.
Neither this Certificate nor the Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality.
Interest will accrue on this Certificate at a per annum rate as provided in
the Pooling and Servicing Agreement.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-TB1-4
EXHIBIT B-CE
[FORM OF FACE OF CLASS CE CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class CE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.
THE CLASS CE CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
OVERCOLLATERALIZED CERTIFICATES, THE MEZZANINE CERTIFICATES AND THE CLASS T-B-1
CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A TRANSACTION
EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE
WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND
SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-CE-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class CE
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.: 1
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Percentage Interest: 100%
CUSIP No.: 05951G CU 4
ISIN No.: US05951GCU40
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate in certain monthly distributions with
respect to a Trust consisting primarily of the Mortgage Loans deposited by Banc
of America Funding Corporation (the "Depositor"). The Trust was created pursuant
to a Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
The Class CE Certificates are limited in right of payment to certain
collections and recoveries respecting the Group T2 Mortgage Loans, all as more
specifically set forth herein and in the Pooling and Servicing Agreement.
Further, no transfer of a Class CE Certificate shall be made to a Plan (as
defined in the Pooling and Servicing Agreement), except as provided in Section
6.02 of the Pooling and Servicing Agreement.
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
B-CE-2
No transfer of a Certificate of this Class shall be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities laws or
is made in accordance with the 1933 Act and such laws. In the event of any such
transfer, (i) unless the transfer is made in reliance on Rule 144A under the
1933 Act, the Securities Administrator or the Depositor may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Securities Administrator and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the 1933 Act and such laws
or is being made pursuant to the 1933 Act and such laws, which Opinion of
Counsel shall not be an expense of the Securities Administrator or the Depositor
and (ii) the Securities Administrator shall require a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1 and a certificate
from such Certificateholder's prospective transferee substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-2A, which
certificates shall not be an expense of the Securities Administrator or the
Depositor; provided that the foregoing requirements under clauses (i) and (ii)
shall not apply to a transfer of a Private Certificate between or among the
Depositor, the Sponsor, their affiliates or both. The Holder of a Private
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Securities Administrator and the Depositor 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.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-CE-3
EXHIBIT B-P
[FORM OF FACE OF CLASS P CERTIFICATE]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class P
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A TRANSACTION
EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE
WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE POOLING AND
SERVICING AGREEMENT) SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02 OF THE
POOLING AND SERVICING AGREEMENT REFERENCED HEREIN.
B-P-1
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2007-2
Class P
evidencing an interest in a Trust consisting primarily of three loan groups of
fixed interest rate mortgage loans (the "Mortgage Loans") secured by first liens
on one- to four-family residential properties deposited by
Banc of America Funding Corporation, as Depositor
Certificate No.:
Cut-off Date: February 1, 2007
First Distribution Date: March 26, 2007
Initial Certificate
Balance of this
Certificate
("Denomination"): $
Initial Class Certificate
Balance of this Class: $100.00
CUSIP No.: 05951G CV 2
ISIN No.: US05951GCV23
THIS CERTIFIES THAT __________ is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Denomination of
this Certificate by the Initial Class Certificate Balance of the Class to which
this Certificate belongs) in certain monthly distributions with respect to a
Trust consisting primarily of the Mortgage Loans deposited by Banc of America
Funding Corporation (the "Depositor"). The Trust was created pursuant to a
Pooling and Servicing Agreement, dated February 27, 2007 (the "Pooling and
Servicing Agreement"), among the Depositor, Xxxxx Fargo Bank, N.A., as master
servicer (the "Master Servicer") and securities administrator (the "Securities
Administrator"), and U.S. Bank National Association, as trustee (the "Trustee").
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling and Servicing Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
The Class P Certificates are limited in right of payment to Prepayment
Charges received on the Group T2 Mortgage Loans and their Class Certificate
Balance, as more specifically set forth in the Pooling and Servicing Agreement.
B-P-2
Further, no transfer of a Class P Certificate shall be made to a Plan (as
defined in the Pooling and Servicing Agreement), except as provided in Section
6.02 of the Pooling and Servicing Agreement.
This Certificate does not evidence an obligation of, or an interest in, and
is not guaranteed by the Depositor, the Master Servicer, the Securities
Administrator or the Trustee or any of their respective affiliates. Neither this
Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality.
No transfer of a Certificate of this Class shall be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and any applicable state securities laws or
is made in accordance with the 1933 Act and such laws. In the event of any such
transfer, (i) unless the transfer is made in reliance on Rule 144A under the
1933 Act, the Securities Administrator or the Depositor may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Securities Administrator and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the 1933 Act and such laws
or is being made pursuant to the 1933 Act and such laws, which Opinion of
Counsel shall not be an expense of the Securities Administrator or the Depositor
and (ii) the Securities Administrator shall require a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1 and a certificate
from such Certificateholder's prospective transferee substantially in the form
attached to the Pooling and Servicing Agreement as Exhibit G-2A, which
certificates shall not be an expense of the Securities Administrator or the
Depositor; provided that the foregoing requirements under clauses (i) and (ii)
shall not apply to a transfer of a Private Certificate between or among the
Depositor, the Sponsor, their affiliates or both. The Holder of a Private
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Securities Administrator and the Depositor 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.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
This Certificate shall not be entitled to any benefit under the Pooling and
Servicing Agreement or be valid for any purpose unless manually authenticated by
an authorized signatory of the Securities Administrator.
* * *
B-P-3
EXHIBIT C
[FORM OF REVERSE OF ALL CERTIFICATES]
BANC OF AMERICA FUNDING CORPORATION
Mortgage Pass-Through Certificates
This Certificate is one of a duly authorized issue of Certificates
designated as Banc of America Funding Corporation Mortgage Pass-Through
Certificates, of the Series specified on the face hereof (collectively, the
"Certificates"), and representing a beneficial ownership interest in the Trust
created by the Pooling and Servicing Agreement.
The Certificateholder, by its acceptance of this Certificate, agrees that
it will look solely to the funds on deposit in the Certificate Account for
payment hereunder and that the Securities Administrator is not liable to the
Certificateholders for any amount payable under this Certificate or the Pooling
and Servicing Agreement or, except as expressly provided in the Pooling and
Servicing Agreement, subject to any liability under the Pooling and Servicing
Agreement.
This Certificate does not purport to summarize the Pooling and Servicing
Agreement and reference is made to the Pooling and Servicing Agreement for the
interests, rights and limitations of rights, benefits, obligations and duties
evidenced thereby, and the rights, duties and immunities of the Securities
Administrator.
Pursuant to the terms of the Pooling and Servicing Agreement, a
distribution will be made on the 25th day of each calendar month (or, if such
day is not a Business Day, the next Business Day) (each, a "Distribution Date"),
commencing on the first Distribution Date specified on the face hereof, to the
Person in whose name this Certificate is registered at the close of business on
the applicable Record Date in an amount required pursuant to the Pooling and
Servicing Agreement.
On each Distribution Date, the Securities Administrator shall distribute
out of the Certificate Account to each Certificateholder of record on the
related Record Date (other than respecting the final distribution) (a) by check
mailed to such Certificateholder entitled to receive a distribution on such
Distribution Date at the address appearing in the Certificate Register, or (b)
upon written request by the Holder of a Certificate (other than a Residual
Certificate), by wire transfer or by such other means of payment as such
Certificateholder and the Securities Administrator shall agree upon, such
Certificateholder's Percentage Interest in the amount to which the related Class
of Certificates is entitled in accordance with the priorities set forth in
Article V of the Pooling and Servicing Agreement. The final distribution on each
Certificate will be made in like manner, but only upon presentation and
surrender of such Certificate to the Securities Administrator as contemplated by
Section 10.01 of the Pooling and Servicing Agreement.
The Pooling and Servicing Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Securities Administrator and the rights of the
Certificateholders under the Pooling and Servicing Agreement at any time by the
C-1
Depositor, the Master Servicer, the Securities Administrator and the Trustee
with the consent of the Holders of Certificates affected by such amendment
evidencing the requisite Percentage Interest, as provided in the Pooling and
Servicing Agreement. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange therefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Pooling and Servicing 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 Pooling and Servicing Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register of the Securities Administrator upon surrender of
this Certificate for registration of transfer at the Corporate Trust Office of
the Securities Administrator accompanied by a written instrument of transfer in
form satisfactory to the Securities Administrator and the Certificate Registrar
duly executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations and evidencing the same aggregate Percentage Interest
in the Trust will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in denominations specified in the Pooling and Servicing Agreement. As
provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations and evidencing the
same aggregate Percentage Interest, as requested by the Holder surrendering the
same.
The Exchange REMIC Certificates and Exchangeable Certificates are also
exchangeable as provided in the Pooling and Servicing Agreement.
No service charge will be made for any such registration of transfer or
exchange (other than for an exchange of Exchangeable REMIC or Exchangeable
Certificates), but the Securities Administrator 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 Certificate Registrar, the
Securities Administrator and the Trustee and any agent of the Depositor, the
Master Servicer, the Certificate Registrar, the Securities Administrator or the
Trustee 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 Certificate Registrar, the Trustee, the Securities Administrator or any such
agent shall be affected by any notice to the contrary.
On any Distribution Date on which the aggregate Stated Principal Balance of
the Shifting Interest Mortgage Loans is less than 1% of the aggregate unpaid
principal balance of the Shifting Interest Mortgage Loans as of the Cut-off
Date, the Master Servicer has the option to purchase the Shifting Interest
Mortgage Loans and related REO Properties under the conditions set forth in
Section 10.01 of the Pooling and Servicing Agreement. On any Distribution Date
on which the aggregate Stated Principal Balance of the Group T2 Mortgage Loans
C-2
is less than 10% of the aggregate unpaid principal balance of the Group T2
Mortgage Loans as of the Cut-off Date, certain parties specified in the Pooling
and Servicing Agreement have the option to purchase the Group T2 Mortgage Loans
and related REO Properties under the conditions set forth in Section 10.01 of
the Pooling and Servicing Agreement. In the event that no such terminations
occur, the obligations and responsibilities created by the Pooling and Servicing
Agreement will terminate upon the later of the maturity or other liquidation (or
any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust or the disposition of all property in respect thereof and the distribution
to Certificateholders of all amounts required to be distributed pursuant to the
Pooling and Servicing Agreement. In no event shall the Trust created by the
Pooling and Servicing Agreement continue beyond 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
thereof.
Any term used herein that is defined in the Pooling and Servicing Agreement
shall have the meaning assigned in the Pooling and Servicing Agreement, and
nothing herein shall be deemed inconsistent with that meaning.
C-3
IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.
Dated:
XXXXX FARGO BANK, N.A.,
as Securities Administrator
By
--------------------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the Pooling and Servicing
Agreement referenced herein.
XXXXX FARGO BANK, N.A.,
as Securities Administrator
By
--------------------------------------------------
Authorized Signatory
C-4
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)
the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to assignee
on the Certificate Register of the Trust.
I (We) further direct the Securities Administrator to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
-----------------------------------------
Signature by or on behalf of assignor
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ____________________________________________________ for the
account of ___________________, account number _________________________, or, if
mailed by check, to Applicable statements should be mailed to
This information is provided by , the assignee named above, or, as its
agent.
X-0
XXXXXXX X-0
LOAN GROUP 1 MORTGAGE LOAN SCHEDULE
[Please see the Free Writing Prospectus filed and accepted by the
Securities and Exchange Commission on March 1, 2007, with a filing
date of March 1, 2007, and accession number 0001379434-07-000048.]
X-0-0
XXXXXXX X-0
LOAN GROUP 2 MORTGAGE LOAN SCHEDULE
[Please see the Free Writing Prospectus filed and accepted by the
Securities and Exchange Commission on March 1, 2007, with a filing
date of March 1, 2007, and accession number 0001379434-07-000048.]
D-2-1
EXHIBIT D-T2
LOAN GROUP T2 MORTGAGE LOAN SCHEDULE
[Please see the Free Writing Prospectus filed and accepted by the
Securities and Exchange Commission on March 1, 2007, with a filing
date of March 1, 2007, and accession number 0001379434-07-000048.]
D-T2-1
EXHIBIT E
REQUEST FOR RELEASE OF DOCUMENTS
[Date]
To: U.S. Bank National Association
0000 Xxxxxxxxxxxx Xx., Xxxxx X
Xxxxxxxxx, XX 00000
Attention: Xxxx Xxxxxx
Re: The Pooling and Servicing Agreement dated February 27, 2007, among Banc of
America Funding Corporation, as Depositor, Xxxxx Fargo Bank, N.A., as
Securities Administrator and Master Servicer, and U.S. Bank National
Association, as Trustee.
In connection with the administration of the Mortgage Loans held by you, as
Custodian, 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.
Mortgage Loan Number:
Mortgagor Name, Address & Zip Code:
Reason for Requesting Documents (check one)
____ 1. Mortgage Paid in Full
____ 2. Foreclosure
____ 3. Substitution
____ 4. Other Liquidation
____ 5. Nonliquidation Reason: ___________________
By:
----------------------------------------------
(authorized signer of Servicer)
Issuer:
------------------------------------------
Address:
-----------------------------------------
Date:
--------------------------------------------
E-1
Custodian
U.S. Bank National Association
Please acknowledge the execution of the above request by your signature and date
below:
---------------------------------- ---------------
Signature Date
Documents returned to Custodian:
----------------------------------- ----------------
Custodian Date
E-2
EXHIBIT F
FORM OF CERTIFICATION OF ESTABLISHMENT OF ACCOUNT
February 27, 2007
[_______________] hereby certifies that it has established a [__________]
Account pursuant to Section [________] of the Pooling and Servicing Agreement,
dated February 27, 2007, among Banc of America Funding Corporation, as
Depositor, Xxxxx Fargo Bank, N.A., as Securities Administrator and Master
Servicer, and U.S. Bank National Association, as Trustee.
[---------------],
By:
---------------------------------------------------
Name:
-------------------------------------------------
Title:
------------------------------------------------
F-1
EXHIBIT G-1
FORM OF TRANSFEROR'S CERTIFICATE
FOR TRANSFERS OF PRIVATE CERTIFICATES
[Date]
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attention: Corporate Trust Services - BAFC 2007-2
Re: Banc of America Funding Corporation, Mortgage Pass-Through Certificates,
Series 2007-2, Class ___, having an initial aggregate Certificate Balance
as of February 27, 2007 of $___________
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
[______________] (the "Transferor") to [______________] (the "Transferee") of
the captioned Certificates (the "Transferred Certificates"), pursuant to Section
6.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated February 27, 2007, among Banc of America Funding Corporation,
as Depositor, Xxxxx Fargo Bank, N.A., as Securities Administrator and Master
Servicer, and U.S. Bank National Association, as Trustee. All capitalized terms
used herein and not otherwise defined shall have the respective meanings set
forth in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Securities Administrator, that:
1. The Transferor is the lawful owner of the Transferred
Certificates with the full right to transfer such Certificates free
from any and all claims and encumbrances whatsoever.
2. Neither the Transferor nor anyone acting on its behalf has (a)
offered, transferred, pledged, sold or otherwise disposed of any
Transferred Certificate, any interest in a Transferred Certificate or
any other similar security to any person in any manner, (b) solicited
any offer to buy or accept a transfer, pledge or other disposition of
any Transferred Certificate, any interest in a Transferred Certificate
or any other similar security from any person in any manner, (c)
otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any other
similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest
in a Transferred Certificate or any other similar security by means of
general advertising or in any other manner, or (e) taken any other
action with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security, which (in the
case of any of the acts described in clauses (a) through (e) hereof)
would constitute a distribution of the Transferred Certificates under
the Securities Act of 1933, as amended (the "1933 Act"), would render
the disposition of the Transferred Certificates a violation of Section
G-1-1
5 of the 1933 Act or any state securities laws, or would require
registration or qualification of the Transferred Certificates pursuant
to the 1933 Act or any state securities laws.
Very truly yours,
-------------------------------------------------
(Transferor)
By:
---------------------------------------------
Name:
-------------------------------------------
Title:
-------------------------------------------
G-1-2
EXHIBIT G-2A
FORM 1 OF TRANSFEREE'S CERTIFICATE
FOR TRANSFERS OF PRIVATE CERTIFICATES
[Date]
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attention: Corporate Trust Services - BAFC 2007-2
Re: Banc of America Funding Corporation, Mortgage Pass-Through
Certificates, Series 2007-2, Class ___, having an initial aggregate
Certificate Balance as of February 27, 2007 of $_________]
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
[_______________] (the "Transferor") to [_________________________________] (the
"Transferee") of the captioned Certificates (the "Transferred Certificates"),
pursuant to Section 6.02 of the Pooling and Servicing Agreement (the "Pooling
and Servicing Agreement"), dated February 27, 2007, among Banc of America
Funding Corporation, as Depositor, Xxxxx Fargo Bank, N.A., as Securities
Administrator and Master Servicer, and U.S. Bank National Association, as
Trustee. All capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Pooling and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to you, as Securities
Administrator, that:
1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A")
under the Securities Act of 1933, as amended (the "1933 Act"), and has
completed one of the forms of certification to that effect attached hereto
as Annex 1 and Annex 2. The Transferee is aware that the sale to it is
being made in reliance on Rule 144A. The Transferee is acquiring the
Transferred Certificates for its own account or for the account of another
Qualified Institutional Buyer, and understands that such Transferred
Certificates may be resold, pledged or transferred only (a) to a person
reasonably believed to be a Qualified Institutional Buyer that purchases
for its own account or for the account of another Qualified Institutional
Buyer to whom notice is given that the resale, pledge or transfer is being
made in reliance on Rule 144A, or (b) pursuant to another exemption from
registration under the 1933 Act.
2. The Transferee has been furnished with all information regarding
(a) the Depositor, (b) the Transferred Certificates and distributions
thereon, (c) the nature, performance and servicing of the Mortgage Loans,
(d) the Pooling and Servicing Agreement and the Trust created pursuant
G-2A-1
thereto, (e) any credit enhancement mechanism associated with the
Transferred Certificate, and (f) all related matters, that it has
requested.
3. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.
Very truly yours,
----------------------------------------------
(Transferor)
By:
------------------------------------------
Name:
----------------------------------------
Title:
---------------------------------------
G-2A-2
Nominee Acknowledgment
The undersigned hereby acknowledges and agrees that as to the Transferred
Certificates being registered in its name, the sole beneficial owner thereof is
and shall be the Transferee identified above, for whom the undersigned is acting
as nominee.
(Nominee)
By:
----------------------------------------------
Name:
--------------------------------------------
Title:
-------------------------------------------
G-2A-3
ANNEX 1 TO EXHIBIT G-2A
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Transferees Other Than Registered Investment Companies]
The undersigned hereby certifies as follows to [__________________] (the
"Transferor") Xxxxx Fargo Bank, N.A., as Securities Administrator with respect
to the mortgage pass-through certificates (the "Transferred Certificates")
described in the Transferee certificate to which this certification relates and
to which this certification is an Annex:
1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee").
2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as amended,
because (i) the Transferee owned and/or invested on a discretionary basis
$______________________((1)) in securities (other than the excluded securities
referred to below) as of the end of the Transferee's most recent fiscal year
(such amount being calculated in accordance with Rule 144A) and (ii) the
Transferee satisfies the criteria in the category marked below.
___ Corporation, etc. The Transferee is a corporation (other than a
bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or any
organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986.
___ Bank. The Transferee (a) is a national bank or a banking
institution organized under the laws of any state, U.S. territory
or the District of Columbia, the business of which is
substantially confined to banking and is supervised by the state
or territorial banking commission or similar official or is a
foreign bank or equivalent institution, and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto,
as of a date not more than 16 months preceding the date of sale
of the Transferred Certificates in the case of a U.S. bank, and
not more than 18 months preceding such date of sale in the case
of a foreign bank or equivalent institution.
___ Savings and Loan. The Transferee (a) is a savings and loan
association, building and loan association, cooperative bank,
homestead association or similar institution, which is supervised
and examined by a state or federal authority having supervision
_____________________
(1) Transferee must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Transferee is a dealer, and, in that case,
Transferee must own and/or invest on a discretionary basis at least $10,000,000
in securities.
G-2A-4
over any such institutions, or is a foreign savings and loan
association or equivalent institute and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto,
as of a date not more than 16 months preceding the date of sale
of the Transferred Certificates in the case of a U.S. savings and
loan association, and not more than 18 months preceding such date
of sale in the case of a foreign savings and loan association or
equivalent institution.
___ Broker-dealer. The Transferee is a dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934, -------------
as amended.
___ Insurance Company. The Transferee is an insurance company whose
primary and predominant business activity is the writing of
insurance or the reinsuring of risks underwritten by insurance
companies and which is subject to supervision by the insurance
commissioner or a similar official or agency of a state, U.S.
territory or the District of Columbia.
___ State or Local Plan. The Transferee is a plan established and
maintained by a state, its political subdivisions, or any agency
or instrumentality of the state or its political subdivisions,
for the benefit of its employees.
___ ERISA Plan. The Transferee is an employee benefit plan within the
meaning of Title I of the Employee Retirement Income Security Act
of 1974.
___ Investment Advisor. The Transferee is an investment advisor
registered under the Investment Advisers Act of 1940.
------------------
___ Other. (Please supply a brief description of the entity and a
cross-reference to the paragraph and subparagraph under
subsection (a)(1) of Rule 144A pursuant to which it qualifies.
Note that registered investment companies should complete Annex 2
rather than this Annex 1.)
3. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Transferee, (ii) securities that are part
of an unsold allotment to or subscription by the Transferee, if the Transferee
is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Transferee, the Transferee did not
include any of the securities referred to in this paragraph.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Transferee, the Transferee used
the cost of such securities to the Transferee, unless the Transferee reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
G-2A-5
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of the Transferee, but only if such
subsidiaries are consolidated with the Transferee in its financial statements
prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Transferee's direction.
However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the Transferee
is not itself a reporting company under the Securities Exchange Act of 1934, as
amended.
5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee may be in reliance on Rule 144A.
____ ____ Will the Transferee be purchasing the Transferred
Yes No Certificates only for the Transferee's own account?
6. If the answer to the foregoing question is "no," then in each case where
the Transferee is purchasing for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been established by the Transferee through one or more of the
appropriate methods contemplated by Rule 144A.
7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's purchase of the Transferred
Certificates will constitute a reaffirmation of this certification as of the
date of such purchase. In addition, if the Transferee is a bank or savings and
loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or
before the date of such purchase, promptly after they become available.
Print Name of Transferee
By:
------------------------------------------------
Name:
----------------------------------------------
Title:
---------------------------------------------
Date:
----------------------------------------------
G-2A-6
ANNEX 2 TO EXHIBIT G-2A
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Transferees That Are Registered Investment Companies]
The undersigned hereby certifies as follows to [_________________] (the
"Transferor") Xxxxx Fargo Bank, N.A., as Securities Administrator, with respect
to the mortgage pass-through certificates (the "Transferred Certificates")
described in the Transferee certificate to which this certification relates and
to which this certification is an Annex:
1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee") or, if the
Transferee is a "qualified institutional buyer" as that term is defined in Rule
144A ("Rule 144A") under the Securities Act of 1933, as amended, because the
Transferee is part of a Family of Investment Companies (as defined below), is an
executive officer of the investment adviser (the "Adviser").
2. The Transferee is a "qualified institutional buyer" as defined in Rule
144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, and (ii) as marked below, the Transferee alone
owned and/or invested on a discretionary basis, or the Transferee's Family of
Investment Companies owned, at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Transferee's most
recent fiscal year. For purposes of determining the amount of securities owned
by the Transferee or the Transferee's Family of Investment Companies, the cost
of such securities was used, unless the Transferee or any member of the
Transferee's Family of Investment Companies, as the case may be, reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities of such entity were valued at
market.
____ The Transferee owned and/or invested on a discretionary basis
$__________ in securities (other than the excluded securities
referred to below) as of the end of the Transferee's most recent
fiscal year (such amount being calculated in accordance with Rule
144A).
____ The Transferee is part of a Family of Investment Companies which
owned in the aggregate $__________________ in securities (other
than the excluded securities referred to below) as of the end of
the Transferee's most recent fiscal year (such amount being
calculated in accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
G-2A-7
4. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Transferee or are part of the Transferee's
Family of Investment Companies, (ii) bank deposit notes and certificates of
deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities
owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee's Family of Investment Companies, the securities referred to in
this paragraph were excluded.
5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee will be in reliance on Rule 144A.
____ ____ Will the Transferee be purchasing the Transferred
Yes No Certificates only for the Transferee's own account?
6. If the answer to the foregoing question is "no," then in each case where
the Transferee is purchasing for an account other than its own, such account
belongs to a third party that is itself a "qualified institutional buyer" within
the meaning of Rule 144A, and the "qualified institutional buyer" status of such
third party has been established by the Transferee through one or more of the
appropriate methods contemplated by Rule 144A.
7. The undersigned will notify the parties to which this certification is
made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Transferred Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.
___________________________________________________________
Print Name of Transferee or Adviser
By:
-------------------------------------------------------
Name:
-----------------------------------------------------
Title:
----------------------------------------------------
IF AN ADVISER:
___________________________________________________________
Print Name of Transferee
By:
-------------------------------------------------------
Date:
-----------------------------------------------------
G-2A-8
EXHIBIT G-2B
FORM 2 OF TRANSFEREE'S CERTIFICATE
FOR TRANSFERS OF PRIVATE CERTIFICATES
[Date]
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attention: Corporate Trust Services - BAFC 2007-2
Re: Banc of America Funding Corporation, Mortgage Pass-Through
Certificates, Series 2007-2, Class ___, having an initial aggregate
Certificate Balance as of February 27, 2007 of $_________
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
[_______________________] (the "Transferor") to
[_________________________________] (the "Transferee") of the captioned
Certificates (the "Transferred Certificates"), pursuant to Section 6.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
February 27, 2007, among Banc of America Funding Corporation, as Depositor,
Xxxxx Fargo Bank, N.A., as Securities Administrator and Master Servicer, and
U.S. Bank National Association, as Trustee. All capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the
Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Securities Administrator, that:
1. Transferee is acquiring the Transferred Certificates for its own account
for investment and not with a view to or for sale or transfer in connection with
any distribution thereof, in whole or in part, in any manner which would violate
the Securities Act of 1933, as amended (the "1933 Act"), or any applicable state
securities laws.
2. Transferee understands that (a) the Transferred Certificates have not
been and will not be registered under the 1933 Act or registered or qualified
under any applicable state securities laws, (b) neither the Depositor nor the
Securities Administrator is obligated so to register or qualify the Transferred
Certificates and (c) neither the Transferred Certificates nor any security
issued in exchange therefor or in lieu thereof may be resold or transferred
unless such resale or transfer is exempt from the registration requirements of
the 1933 Act and any applicable state securities laws or is made in accordance
with the 1933 Act and laws, in which case (i) unless the transfer is made in
reliance on Rule 144A under the 1933 Act, the Securities Administrator or the
Depositor may require a written Opinion of Counsel (which may be in-house
counsel) acceptable to and in form and substance reasonably satisfactory to the
Securities Administrator and the Depositor that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor, from the 1933 Act and such laws or is being made pursuant to the 1933
Act and such laws, which Opinion of Counsel shall not be an expense of the
G-2B-1
Securities Administrator or the Depositor and (ii) the Securities Administrator
shall require a certificate from the Certificateholder desiring to effect such
transfer substantially in the form attached to the Pooling and Servicing
Agreement as Exhibit G-1 and a certificate from such Certificateholder's
prospective transferee substantially in the form attached to the Pooling and
Servicing Agreement either as Exhibit G-2A or, in the case of the Class B-4,
Class B-5 and Class B-6 Certificates only, as Exhibit G-2B, which certificates
shall not be an expense of the Securities Administrator or the Depositor;
provided that the foregoing requirements under clauses (i) and (ii) shall not
apply to a transfer of a Private Certificate between or among the Depositor, the
Seller, their affiliates or both.
3. The Transferee understands that it may not sell or otherwise transfer
the Transferred Certificates, any security issued in exchange therefor or in
lieu thereof or any interest in the foregoing except in compliance with the
provisions of Section 6.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that the Transferred Certificates will
bear legends substantially to the following effect:
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "1933 ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE
WITHOUT REGISTRATION THEREOF UNDER THE 1933 ACT MAY ONLY BE MADE IN A
TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND
IN ACCORDANCE WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT
REFERENCED HEREIN.
UNDER CURRENT LAW THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON
BEHALF OF ANY EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT, SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), OR ANY FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW")
WHICH IS SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR THE
CODE OR THE FIDUCIARY PROVISIONS OF ERISA (COLLECTIVELY, A "PLAN"), MAY
RESULT IN "PROHIBITED TRANSACTIONS" WITHIN THE MEANING OF ERISA OR THE CODE
OR A VIOLATION OF SIMILAR LAW. TRANSFER OF THIS CERTIFICATE WILL NOT BE
MADE UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER
(I) A REPRESENTATION LETTER, IN FORM AND SUBSTANCE SATISFACTORY TO THE
SECURITIES ADMINISTRATOR, STATING THAT (A) IT IS NOT, AND IS NOT ACTING ON
BEHALF OF, ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN TO EFFECT
SUCH PURCHASE OR (B) IN THE CASE OF ANY PRIVATE CERTIFICATE (OTHER THAN A
CLASS CE OR CLASS P CERTIFICATE), IF IT IS AN INSURANCE COMPANY, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT" (AS SUCH TERM IS DEFINED IN SECTION V(E) OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 ("PTE 95-60"), 60 FED. REG. 35925 (JULY
G-2B-2
12, 1995)), THERE IS NO PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE CODE
WITH RESPECT TO WHICH THE AMOUNT OF SUCH GENERAL ACCOUNT'S RESERVES AND
LIABILITIES FOR THE CONTRACT(S) HELD BY OR ON BEHALF OF SUCH PLAN AND ALL
OTHER SUCH PLANS MAINTAINED BY THE SAME EMPLOYER (OR AFFILIATE THEREOF AS
DEFINED IN SECTION V(A)(1) OF PTE 95-60) OR BY THE SAME EMPLOYEE
ORGANIZATION EXCEEDS 10% OF THE TOTAL OF ALL RESERVES AND LIABILITIES OF
SUCH GENERAL ACCOUNT (AS SUCH AMOUNTS ARE DETERMINED UNDER SECTION I(A) OF
PTE 95-60) AT THE DATE OF ACQUISITION AND ALL SUCH PLANS THAT HAVE AN
INTEREST IN SUCH GENERAL ACCOUNT ARE PLANS TO WHICH PTE 95-60 APPLIES, OR
(II) AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE SATISFACTORY TO THE
SECURITIES ADMINISTRATOR, TO THE EFFECT THAT THE PURCHASE OR HOLDING OF
THIS CERTIFICATE BY OR ON BEHALF OF SUCH PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA OR
SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT
THE DEPOSITOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR OR THE
TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING
AND SERVICING AGREEMENT. EACH PERSON WHO ACQUIRES THIS CERTIFICATE OR ANY
INTEREST THEREIN SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS REQUIRED
BY THE REPRESENTATION LETTER REFERRED TO IN THE PRECEDING SENTENCE UNLESS
SUCH PERSON SHALL HAVE PROVIDED SUCH REPRESENTATION LETTER OR THE OPINION
OF COUNSEL REFERRED TO IN THE PRECEDING SENTENCE TO THE SECURITIES
ADMINISTRATOR. THE POOLING AND SERVICING AGREEMENT PROVIDES THAT ANY
ATTEMPTED OR PURPORTED TRANSFER IN VIOLATION OF THESE TRANSFER RESTRICTIONS
WILL BE NULL AND VOID AND WILL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.
4. Neither the Transferee nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Transferred Certificate,
any interest in a Transferred Certificate or any other similar security to any
person in any manner, (b) solicited any offer to buy or accept a transfer,
pledge or other disposition of any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security with any person in any manner, (d) made any general solicitation by
means of general advertising or in any other manner, or (e) taken any other
action, that (in the case of any of the acts described in clauses (a) through
(d) above) would constitute a distribution of the Transferred Certificates under
the 1933 Act, would render the disposition of the Transferred Certificates a
violation of Section 5 of the 1933 Act or any state securities law or would
require registration or qualification of the Transferred Certificates pursuant
thereto. The Transferee will not act, nor has it authorized nor will it
authorize any person to act, in any manner set forth in the foregoing sentence
with respect to the Transferred Certificates, any interest in the Transferred
Certificates or any other similar security.
G-2B-3
5. The Transferee has been furnished with all information regarding (a) the
Depositor, (b) the Transferred Certificates and distributions thereon, (c)
nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.
6. The Transferee is an "accredited investor" within the meaning of
paragraph (1), (2), (3) or (7) of Rule 501 (a) under the 1933 Act or an entity
in which all the equity owners come within such paragraphs and has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Transferred
Certificates; the Transferee has sought such accounting, legal and tax advice as
it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such an investment and can
afford a complete loss of such investment.
7. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgment below.
Very truly yours,
(Transferee)
By:
-------------------------------------------------------
Name:
-----------------------------------------------------
Title:
----------------------------------------------------
Date:
-----------------------------------------------------
G-2B-4
Nominee Acknowledgment
The undersigned hereby acknowledges and agrees that as to the Transferred
Certificates being registered in its name, the sole beneficial owner thereof is
and shall be the Transferee identified above, for whom the undersigned is acting
as nominee.
--------------------------------------------------------------
(Nominee)
By:
----------------------------------------------------------
Name:
--------------------------------------------------------
Title:
-------------------------------------------------------
G-2B-5
EXHIBIT H
FORM OF TRANSFEREE REPRESENTATION LETTER
FOR ERISA RESTRICTED CERTIFICATES
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attention: Corporate Trust Services - BAFC 2007-2
Re: Banc of America Funding Corporation, Mortgage Pass-Through
Certificates, Series 2007-2, Class ___, having an initial aggregate
Certificate Balance as of February 27, 2007 of $_________
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
[_______________________] (the "Transferor") to
[________________________________] (the "Transferee") of the captioned
Certificates (the "Transferred Certificates"), pursuant to Section 6.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
February 27, 2007, among Banc of America Funding Corporation, as Depositor,
Xxxxx Fargo Bank, N.A., as Securities Administrator and Master Servicer, and
U.S. Bank National Association, as Trustee. All capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the
Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as
Securities Administrator, either that:
(a) it is not an employee benefit plan or arrangement, subject to Title I
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or a
Person acting on behalf of or using the assets of any such employee benefit plan
or arrangement (collectively, a "Plan") to effect the purchase of the
Transferred Certificates; or
(b) with respect to any ERISA Restricted Certificate other than a Class CE,
Class P or Class 1-A-R Certificate, it is an insurance company using funds from
an "insurance company general account" (as defined in Section V(e) of Prohibited
Transaction Class Exemption 95-60 ("PTCE 95-60"), 60 Fed. Reg. 35925 (July 12,
1995)), to purchase the Transferred Certificates and the purchase and holding of
the Transferred Certificates are covered by Section I and Section III of PTCE
95-60.
H-1
Capitalized terms used in and not otherwise defined herein shall have the
meaning assigned to them in the Pooling and Servicing Agreement.
Very truly yours,
----------------------------------------------------------
(Transferee)
By:
------------------------------------------------------
Name:
----------------------------------------------------
Title:
---------------------------------------------------
Date:
----------------------------------------------------
H-2
EXHIBIT I
FORM OF AFFIDAVIT REGARDING TRANSFER OF
RESIDUAL CERTIFICATE
Banc of America Funding Corporation
Mortgage Pass-Through Certificates,
Series 2007-2
STATE OF )
) ss:
COUNTY OF )
The undersigned, being first duly sworn, deposes and says as follows:
1. The undersigned is an officer of _______________________________, the
proposed transferee (the "Transferee") of the Class 1-A-R Certificate (the
"Residual Certificate") issued pursuant to the Pooling and Servicing Agreement,
dated February 27, 2007, among Banc of America Funding Corporation, as
Depositor, Xxxxx Fargo Bank, N.A., as Securities Administrator and Master
Servicer, and U.S. Bank National Association, as Trustee. Capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the
Agreement. The Transferee has authorized the undersigned to make this affidavit
on behalf of the Transferee.
2. The Transferee is, as of the date hereof, and will be, as of the date of
the transfer, a Permitted Transferee. The Transferee is acquiring the Residual
Certificate either (i) for its own account or (ii) as nominee, trustee or agent
for another Person who is a Permitted Transferee and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit. The
Transferee has no knowledge that any such affidavit is false.
3. The Transferee has been advised of, and understands that (i) a tax will
be imposed on transfers of the Residual Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if
such transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is a Permitted Transferee and, at the time of
transfer, such Person does not have actual knowledge that the affidavit is
false.
4. The Transferee has been advised of, and understands that a tax will be
imposed on a "pass-through entity" holding the Certificate if at any time during
the taxable year of the pass-through entity a Person that is not a Permitted
Transferee is the record Holder of an interest in such entity. The Transferee
understands that, other than in the case of an "electing large partnership"
under Section 775 of the Code, such tax will not be imposed for any period with
respect to which the record Holder furnishes to the pass-through entity an
affidavit that such record Holder is a Permitted Transferee and the pass-through
I-1
entity does not have actual knowledge that such affidavit is false. (For this
purpose, a "pass-through entity" includes a regulated investment company, a real
estate investment trust or common trust fund, a partnership, trust or estate,
and certain cooperatives and, except as may be provided in Treasury Regulations,
persons holding interests in pass-through entities as a nominee for another
Person.)
5. The Transferee has reviewed the provisions of Section 6.02 of the
Agreement and understands the legal consequences of the acquisition of the
Residual Certificate including, without limitation, the restrictions on
subsequent transfers and the provisions regarding voiding the transfer and
mandatory sales. The Transferee expressly agrees to be bound by and to abide by
the provisions of Section 6.02 of the Agreement and the restrictions noted on
the face of the Certificate. The Transferee understands and agrees that any
breach of any of the representations included herein shall render the transfer
to the Transferee contemplated hereby null and void.
6. The Transferee agrees to require a transfer affidavit in the form of
this Affidavit from any Person to whom the Transferee attempts to transfer the
Residual Certificate, and in connection with any transfer by a Person for whom
the Transferee is acting as nominee, trustee or agent, and the Transferee will
not transfer the Residual Certificate or cause the Residual Certificate to be
transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such transfer by the Transferee, the
Transferee agrees to deliver to the Securities Administrator a certificate
substantially in the form set forth in Exhibit Y to this Agreement (a
"Transferor Certificate") to the effect that such Transferee has no actual
knowledge that the Person to which the transfer is to be made is not a Permitted
Transferee and no reason to believe that the statements in such Person's
transfer affidavit are false.
7. The Transferee historically has paid its debts as they have become due,
and it intends to do so in the future.
8. The Transferee does not have the intention to impede the assessment or
collection of any tax legally required to be paid with respect to the Residual
Certificate.
9. The taxpayer identification number of the Transferee (or the
Transferee's nominee, if applicable) is ___________.
10. The Transferee is a (i) U.S. Person as defined in Code Section
7701(a)(30) or (ii) (A) the Transferee holds the Residual Certificate in
connection with the conduct of a trade or business within the United States and
has furnished the transferor and the Securities Administrator with an effective
Internal Revenue Service Form W-8ECI (or successor thereto) or (B) the
Transferee has delivered to both the transferor and the Securities Administrator
an Opinion of Counsel from a nationally-recognized tax counsel to the effect
that such transfer is in accordance with the requirements of the Code and the
regulations promulgated thereunder and that such transfer of the Residual
Certificate will not be disregarded for federal income tax purposes.
11. The Transferee is aware that the Residual Certificate may be a
"noneconomic residual interest" within the meaning of Treasury Regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
I-2
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.
12. The Transferee will not cause income from the Residual Certificate to
be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the Transferee or any other U.S.
Person.
13. If the Transferee is purchasing the Residual Certificate in a transfer
intended to meet the safe harbor provisions of Treasury Regulations Sections
1.860E-1(c), the Transferee has executed and attached Attachment A hereto.
14. The Transferee is not an employee benefit plan or arrangement, subject
to Title I of ERISA, or Section 4975 of the Code and the Transferee is not
acting on behalf of, or using assets of, such an employee benefit plan or
arrangement.
15. The Transferee understands that it may incur tax liabilities with
respect to the Residual Certificate in excess of cash flows generated thereby.
16. The Transferee intends to pay taxes associated with holding the
Residual Certificate as such taxes become due.
* * *
I-3
IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer this _____ day of ________________, ____.
____________________________________________________
Print Name of Transferee
By:
--------------------------------------------------
Name:
Title:
Personally appeared before me the above-named ____________
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the _______________________ of the Transferee,
and acknowledged that he executed the same as his free act and deed and the free
act and deed of the Transferee.
Subscribed and sworn before me this _____ day of _______________________,
____
__________________________________________________
NOTARY PUBLIC
My Commission expires the ____ day of ___________,
____
I-4
ATTACHMENT A
to
AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED, AND FOR NON-ERISA INVESTORS
Check the appropriate box:
\ \ The consideration paid to the Transferee to acquire the Residual
Certificate equals or exceeds the excess of (a) the present value of the
anticipated tax liabilities over (b) the present value of the anticipated
savings associated with holding such Residual Certificate, in each case
calculated in accordance with U.S. Treasury Regulations Sections
1.860E-1(c)(7) and (8), computing present values using a discount rate
equal to the short-term Federal rate prescribed by Section 1274(d) of the
Code and the compounding period used by the Transferee.
OR
\ \ The transfer of the Residual Certificate complies with U.S. Treasury
Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:
(i) the Transferee is an "eligible corporation," as defined in U.S.
Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
from Residual Certificate will only be taxed in the United States;
(ii) at the time of the transfer, and at the close of the Transferee's two
fiscal years preceding the year of the transfer, the Transferee had
gross assets for financial reporting purposes (excluding any
obligation of a person related to the Transferee within the meaning of
U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of
$100 million and net assets in excess of $10 million;
(iii) the Transferee will transfer the Residual Certificate only to another
"eligible corporation," as defined in U.S. Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the
requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section
1.860E-1(c)(5) of the U.S. Treasury Regulations;
(iv) the Transferee has determined the consideration paid to it to acquire
the Residual Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates,
prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Transferee) that it has
determined in good faith; and
I-5
(v) in the event of any transfer of the Residual Certificate by the
Transferee, the Transferee will require its transferee to complete a
representation in the form of this Attachment A as a condition of such
transferee's purchase of the Residual Certificate.
I-6
EXHIBIT J
LIST OF RECORDATION STATES
Florida
Maryland
J-1
EXHIBIT K
FORM OF INITIAL CERTIFICATION
February 27, 0000
Xxxx xx Xxxxxxx Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Corporate Trust Services - BAFC 2007-2
[Insert NIMS Insurer information, if applicable]
Re: The Pooling and Servicing Agreement, dated February 27, 2007 (the
"Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as securities administrator and master servicer, and U.S.
Bank National Association, as trustee.
Ladies and Gentlemen:
In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement, the undersigned, as [Trustee] [Custodian],
hereby certifies that, except as specified in any list of exceptions attached
hereto, it has received the original Mortgage Note relating to each of the
Mortgage Loans listed on the Mortgage Loan Schedule.
The [Trustee] [Custodian] has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement in connection with this Initial
Certification. The [Trustee] [Custodian] makes no representations as to: (i) the
validity, legality, sufficiency, enforceability, recordability or genuineness of
any of the documents contained in each Mortgage File or any of the Mortgage
Loans identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.
K-1
Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.
[U.S. BANK NATIONAL
ASSOCIATION, as Trustee]
[----------------------,
as Custodian]
By:
----------------------------------------------------------
Name:
--------------------------------------------------------
Title:
-------------------------------------------------------
K-2
EXHIBIT L
FORM OF FINAL CERTIFICATION
[---------- --, ----]
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Corporate Trust Services - BAFC 2007-2
[Insert NIMS Insurer information, if applicable]
Re: The Pooling and Servicing Agreement, dated February 27, 2007 (the
"Pooling and Servicing Agreement"), among the Depositor, Xxxxx Fargo
Bank, N.A., as securities administrator and master servicer, and U.S.
Bank National Association, as trustee.
Ladies and Gentlemen:
In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement, the undersigned, as [Trustee] [Custodian],
hereby certifies that, as to each Mortgage Loan listed in the Mortgage Loan
Schedule, except as may be specified in any list of exceptions attached hereto,
such Mortgage File contains all of the items required to be delivered pursuant
to Section 2.01(b) of the Pooling and Servicing Agreement.
The [Trustee] [Custodian] has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement in connection with this Final
Certification. The [Trustee] [Custodian] makes no representations as to: (i) the
validity, legality, sufficiency, enforceability, recordability or genuineness of
any of the documents contained in each Mortgage File or any of the Mortgage
Loans identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.
L-1
Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.
[U.S. BANK NATIONAL
ASSOCIATION, as Trustee]
[--------------------------,
as Custodian]
By:
------------------------------------------------------
Name:
----------------------------------------------------
Title:
---------------------------------------------------
L-2
EXHIBIT M
Form of Xxxxxxxx-Xxxxx Certification
Banc of America Funding Corporation
Mortgage Pass-Through Certificates,
Series 2007-2
I, [________], a [_____________] of Xxxxx Fargo Bank, N.A. (the "Master
Servicer"), certify that:
1. I have reviewed this report on Form 10-K and all reports on Form 10-D
required to be filed in respect of the period covered by this report on
Form 10-K of the Banc of America Funding 2007-2 Trust (the "Exchange Act
Periodic Reports");
2. Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole,
do not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, all of the distribution, servicing and other
information required to be provided under Form 10-D for the period covered
by this report is included in the Exchange Act Periodic Reports;
4. I am responsible for reviewing the activities performed by the master
servicer and the servicers and based on my knowledge and the compliance
reviews conducted in preparing the master servicer and servicer compliance
statements required in this report under Item 1123 of Regulation AB, and
except as disclosed in the Exchange Act Periodic Reports, the master
servicer has fulfilled its obligations under the pooling and servicing
agreement and the servicers have fulfilled their obligations under the
servicing agreements; and
5. All of the reports on assessment of compliance with the servicing criteria
for asset-backed securities and their related attestation reports on
assessment of compliance with servicing criteria for asset-backed
securities required to be included in this report in accordance with Item
1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in
this report. Any material instances of noncompliance described in such
reports have been disclosed in this report on Form 10-K.
In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Bank of America, National
Association, National City Mortgage Co., SunTrust Mortgage, Inc. and Washington
Mutual Bank.
[_________], 20[__]
M-1
EXHIBIT N
Relevant Servicing Criteria
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Parties Responsible
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
----------------------------------------------------------------------------------------------------------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor any Master Servicer, Securities
performance or other triggers and events of default in Administrator and each Servicer
accordance with the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to Master Servicer, Securities
third parties, policies and procedures are instituted to Administrator and each Servicer
monitor the third party's performance and compliance
with such servicing activities.
----------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to Not applicable
maintain a back-up servicer for the mortgage loans
are maintained.
----------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in Each Servicer
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.
----------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the Master Servicer, Securities
appropriate custodial bank accounts and related bank Administrator and each Servicer
clearing accounts no more than two business days
following receipt, or such other number of days
specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an Master Servicer, Securities
obligor or to an investor are made only by authorized Administrator and each Servicer
personnel.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, Master Servicer, Securities
cash flows or distributions, and any interest or other Administrator and each Servicer
fees charged for such advances, are made, reviewed
and approved as specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash Master Servicer, Securities
reserve accounts or accounts established as a form of Administrator and each Servicer
overcollateralization, are separately maintained (e.g.,
with respect to commingling of cash) as set forth in the
transaction agreements.
----------------------------------------------------------------------------------------------------------------------
N-1
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Parties Responsible
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a federally Master Servicer, Securities
insured depository institution as set forth in the Administrator and each Servicer
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.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent Master Servicer, Securities
unauthorized access. Administrator and each Servicer
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all Master Servicer, Securities
asset-backed securities related bank accounts, including Administrator and each Servicer
custodial accounts and related bank clearing accounts.
These reconciliations are (A) mathematically accurate;
(B) prepared within 30 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.
----------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
----------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be filed with Master Servicer, Securities
the Commission, are maintained in accordance with the Administrator and each Servicer
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 mortgage loans serviced by the
Servicer.
----------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted in Master Servicer, Securities
accordance with timeframes, distribution priority and Administrator and each Servicer
other terms set forth in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
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.
N-2
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Parties Responsible
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor reports Master Servicer, Securities
agree with cancelled checks, or other form of payment, or Administrator and each Servicer
custodial bank statements.
----------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i) Collateral or security on mortgage loans is maintained as Custodian and each Servicer
required by the transaction agreements or related mortgage
loan documents.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as Custodian and each Servicer
required by the transaction agreements
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the asset Each Servicer
pool are made, reviewed and approved in accordance with
any conditions or requirements in the transaction
agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made Each Servicer
in accordance with the related mortgage loan 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 mortgage loan documents.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree Each Servicer
with the Servicer's records with respect to an obligor's
unpaid principal balance.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(vi) Changes with respect to the terms or status of an Each Servicer
obligor's mortgage loans (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.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance Each Servicer
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.
----------------------------------------------------------------------------------------------------------------------
N-3
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Parties Responsible
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(viii) Records documenting collection efforts are maintained Each Servicer
during the period a mortgage loan 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 mortgage loans including, for example, phone
calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness
or unemployment).
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(ix) Adjustments to interest rates or rates of return for Each Servicer
mortgage loans with variable rates are computed based on
the related mortgage loan documents.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(x) Regarding any funds held in trust for an obligor (such Each Servicer
as escrow accounts): (A) such funds are analyzed, in
accordance with the obligor's mortgage loan 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 mortgage loan documents and
state laws; and (C) such funds are returned to the
obligor within 30 calendar days of full repayment of the
related mortgage loans, or such other number of days
specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xi) Payments made on behalf of an obligor (such as tax or Each Servicer
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.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xii) Any late payment penalties in connection with any payment Each Servicer
to Each Servicer 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.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted Each Servicer
within two business days to the obligor's records
maintained by the servicer, or such other number of
days specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts Master Servicer, Securities
are Master Servicer, Securities recognized and recorded Administrator and each Servicer
in accordance with the transaction Administrator and
each Servicer agreements.
N-4
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Parties Responsible
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xv) Any external enhancement or other support, identified in Master Servicer, Securities
Item Master Servicer and Securities 1114(a)(1) through Administrator and each Servicer
(3) or Item 1115 of Regulation AB, is Administrator
maintained as set forth in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
N-5
EXHIBIT O
Additional Form 10-D Disclosure
-------------------------------------------------------------------------------------------------------------------
ADDITIONAL FORM 10-D DISCLOSURE
---------------------------------------------------------- --------------------------------------------------------
Item on Form 10-D Party Responsible
---------------------------------------------------------- --------------------------------------------------------
Item 1: Distribution and Pool Performance Information Master Servicer
Securities Administrator
Any information required by 1121 which is NOT included Depositor
on the Monthly Statement
---------------------------------------------------------- --------------------------------------------------------
Item 2: Legal Proceedings
Any legal proceeding pending against the following
entities or their respective property, that is material
to Certificateholders, including any proceedings known to
be contemplated by governmental authorities:
---------------------------------------------------------- --------------------------------------------------------
* Issuing Entity (Trust Fund) Trustee, Master Servicer, Securities Administrator and
Depositor
---------------------------------------------------------- --------------------------------------------------------
* Sponsor (Seller) Seller (if a party to the Pooling and Servicing
Agreement) or Depositor
---------------------------------------------------------- --------------------------------------------------------
* Depositor Depositor
---------------------------------------------------------- --------------------------------------------------------
* Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
* Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
* Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
* Custodian Custodian
---------------------------------------------------------- --------------------------------------------------------
* 1110(b) Originator Depositor
---------------------------------------------------------- --------------------------------------------------------
* Any 1108(a)(2) Servicer (other than the Master Master Servicer
Servicer or Securities Administrator)
---------------------------------------------------------- --------------------------------------------------------
* Any other party contemplated by 1100(d)(1) Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 3: Sale of Securities and Use of Proceeds Depositor
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.
---------------------------------------------------------- --------------------------------------------------------
Item 4: Defaults Upon Senior Securities Securities Administrator
Information from Item 3 of Part II of Form 10-Q:
O-1
-------------------------------------------------------------------------------------------------------------------
ADDITIONAL FORM 10-D DISCLOSURE
---------------------------------------------------------- --------------------------------------------------------
Item on Form 10-D Party Responsible
---------------------------------------------------------- --------------------------------------------------------
Report the occurrence of any Event of Default (after
expiration of any grace period and provision of any
required notice)
---------------------------------------------------------- --------------------------------------------------------
Item 5: Submission of Matters to a Vote of Security Securities Administrator
Holders
Information from Item 4 of Part II of Form 10-Q
---------------------------------------------------------- --------------------------------------------------------
Item 6: Significant Obligors of Pool Assets Depositor
Item 1112(b) - Significant Obligor Financial Information*
---------------------------------------------------------- --------------------------------------------------------
*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.
---------------------------------------------------------- --------------------------------------------------------
Item 7: Significant Enhancement Provider Information
Item 1114(b)(2) - Credit Enhancement Provider Financial
Information*
---------------------------------------------------------- --------------------------------------------------------
o Determining applicable disclosure threshold Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Requesting required financial information or effecting Securities Administrator
incorporation by reference
---------------------------------------------------------- --------------------------------------------------------
Item 1115(b) - Derivative Counterparty Financial
Information*
---------------------------------------------------------- --------------------------------------------------------
o Determining current maximum probable exposure Depositor
---------------------------------------------------------- --------------------------------------------------------
o Determining current significance percentage Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Requesting required financial information or effecting Securities Administrator
incorporation by reference
---------------------------------------------------------- --------------------------------------------------------
*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.
---------------------------------------------------------- --------------------------------------------------------
Item 8: Other Information Any party responsible for the applicable Form 8-K
Disclosure item
Disclose any information required to be reported on Form
8-K during the period covered by the Form 10-D but not
reported
---------------------------------------------------------- --------------------------------------------------------
Item 9: Exhibits
---------------------------------------------------------- --------------------------------------------------------
Monthly Statement to Certificateholders Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
Exhibits required by Item 601 of Regulation S-K, such as Depositor
material agreements
---------------------------------------------------------- --------------------------------------------------------
O-2
EXHIBIT P
Additional Form 10-K Disclosure
-------------------------------------------------------------------------------------------------------------------
ADDITIONAL FORM 10-K DISCLOSURE
---------------------------------------------------------- --------------------------------------------------------
Item on Form 10-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
Item 1B: Unresolved Staff Comments Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 9B: Other Information Any party responsible for disclosure
items on Form 8-K
Disclose any information required to be reported on Form 8-K
during the fourth quarter covered by the Form 10-K but not reported
---------------------------------------------------------- --------------------------------------------------------
Item 15: Exhibits, Financial Statement Schedules Securities Administrator
Depositor
---------------------------------------------------------- --------------------------------------------------------
Reg AB Item 1112(b): Significant Obligors of Pool Assets
---------------------------------------------------------- --------------------------------------------------------
Significant Obligor Financial Information* Depositor
---------------------------------------------------------- --------------------------------------------------------
*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.
---------------------------------------------------------- --------------------------------------------------------
Reg AB Item 1114(b)(2): Credit Enhancement Provider
Financial Information
---------------------------------------------------------- --------------------------------------------------------
o Determining applicable disclosure threshold Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Requesting required financial information or effecting Securities Administrator
incorporation by reference
---------------------------------------------------------- --------------------------------------------------------
*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.
---------------------------------------------------------- --------------------------------------------------------
Reg AB Item 1115(b): Derivative Counterparty Financial
Information
---------------------------------------------------------- --------------------------------------------------------
o Determining current maximum probable exposure Depositor
---------------------------------------------------------- --------------------------------------------------------
o Determining current significance percentage Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Requesting required financial information or effecting Securities Administrator
incorporation by reference
--------------------------------------------------------- --------------------------------------------------------
*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.
---------------------------------------------------------- --------------------------------------------------------
Reg AB Item 1117: Legal Proceedings
Any legal proceeding pending against the following entities or their respective
property, that is material to Certificateholders, including any proceeding
sknown to be contemplated by governmental authorities:
P-1
-------------------------------------------------------------------------------------------------------------------
ADDITIONAL FORM 10-K DISCLOSURE
---------------------------------------------------------- --------------------------------------------------------
Item on Form 10-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
o Issuing Entity (Trust Fund) Trustee, Master Servicer, Securities Administrator and
Depositor
---------------------------------------------------------- --------------------------------------------------------
o Sponsor (Seller) Seller (if a party to the Pooling and Servicing
Agreement) or Depositor
---------------------------------------------------------- --------------------------------------------------------
o Depositor Depositor
---------------------------------------------------------- --------------------------------------------------------
o Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
o Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Custodian Custodian
---------------------------------------------------------- --------------------------------------------------------
o 1110(b) Originator Depositor
---------------------------------------------------------- --------------------------------------------------------
o Any 1108(a)(2) Servicer (other than the Master Master Servicer
Servicer or Securities Administrator)
---------------------------------------------------------- --------------------------------------------------------
o Any other party contemplated by 1100(d)(1) Depositor
---------------------------------------------------------- --------------------------------------------------------
Reg AB Item 1119: Affiliations and Relationships
---------------------------------------------------------- --------------------------------------------------------
Whether (a) the Sponsor (Seller), Depositor or Issuing Depositor as to (a)
Entity is an affiliate of the following parties, and (b) Sponsor/Seller as to (a)
to the extent known and material, any of the following parties are
affiliated with one another:
---------------------------------------------------------- --------------------------------------------------------
o Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
o Any other 1108(a)(3) servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Any 1110 Originator Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1112(b) Significant Obligor Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1114 Credit Enhancement Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1115 Derivate Counterparty Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any other 1101(d)(1) material party Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
Whether there are any "outside the ordinary course Depositor as to (a)
business arrangements" other than would be obtained in Sponsor/Seller as to (a)
an arm's length transaction between (a) the Sponsor
(Seller), Depositor or Issuing Entity on the one hand,
and (b) any of the following parties (or their
affiliates) on the other hand, that exist currently or
within the past two years and that are material to a
Certificateholder's understanding of the Certificates:
---------------------------------------------------------- --------------------------------------------------------
o Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
o Any other 1108(a)(3) servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Any 1110 Originator Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
P-2
-------------------------------------------------------------------------------------------------------------------
ADDITIONAL FORM 10-K DISCLOSURE
---------------------------------------------------------- --------------------------------------------------------
Item on Form 10-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
o Any 1112(b) Significant Obligor Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1114 Credit Enhancement Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1115 Derivate Counterparty Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any other 1101(d)(1) material party Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
Whether there are any specific relationships involving Depositor as to (a) the
transaction or the pool assets between (a) the Sponsor/Seller as to (a) Sponsor
(Seller), Depositor or Issuing Entity on the one hand, and (b) any of the
following parties (or their affiliates) on the other hand, that exist currently
or within the past two years and that are material:
---------------------------------------------------------- --------------------------------------------------------
o Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
o Any other 1108(a)(3) servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Any 1110 Originator Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1112(b) Significant Obligor Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1114 Credit Enhancement Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any 1115 Derivate Counterparty Provider Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
o Any other 1101(d)(1) material party Depositor/Sponsor
---------------------------------------------------------- --------------------------------------------------------
P-3
EXHIBIT Q
Form 8-K Disclosure Information
------------------------------------------------------------------------------------------------------------------
FORM 8-K DISCLOSURE INFORMATION
---------------------------------------------------------- --------------------------------------------------------
Item on Form 8-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
Item 1.01- Entry into a Material Definitive Agreement All parties, but only to the extent they are a party
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
---------------------------------------------------------- --------------------------------------------------------
Item 1.02- Termination of a Material Definitive Agreement All parties, but only
to the extent they are a party
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.
---------------------------------------------------------- --------------------------------------------------------
Item 1.03- Bankruptcy or Receivership Depositor
Disclosure is required regarding the bankruptcy or receivership, with respect to
any of the following:
---------------------------------------------------------- --------------------------------------------------------
o Sponsor (Seller) Depositor/Sponsor (Seller)
---------------------------------------------------------- --------------------------------------------------------
o Depositor Depositor
---------------------------------------------------------- --------------------------------------------------------
o Master Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Affiliated Servicer Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Other Servicer servicing 20% or more of the pool Master Servicer
assets at the time of the report
---------------------------------------------------------- --------------------------------------------------------
o Other material servicers Master Servicer
---------------------------------------------------------- --------------------------------------------------------
o Trustee Trustee
---------------------------------------------------------- --------------------------------------------------------
o Securities Administrator Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
o Significant Obligor Depositor
---------------------------------------------------------- --------------------------------------------------------
o Credit Enhancer (10% or more) Depositor
---------------------------------------------------------- --------------------------------------------------------
o Derivative Counterparty Xxxxxxxxx
X-0
-------------------------------------------------------------------------------------------------------------------
FORM 8-K DISCLOSURE INFORMATION
---------------------------------------------------------- --------------------------------------------------------
Item on Form 8-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
o Custodian Custodian
---------------------------------------------------------- --------------------------------------------------------
Item 2.04- Triggering Events that Accelerate or Increase Depositor
a Direct Financial Obligation or an Obligation under an Master Servicer
Off-Balance Sheet Arrangement Securities Administrator
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 the certificateholders.
---------------------------------------------------------- --------------------------------------------------------
Item 3.03- Material Modification to Rights of Security Securities Administrator
Holders Trustee
Depositor
Disclosure is required of any material modification to (with respect to each,
only to the extent they are a documents defining the rights of
Certificateholders, party) including the Pooling and Servicing Agreement.
---------------------------------------------------------- --------------------------------------------------------
Item 5.03- Amendments of Articles of Incorporation or Depositor
Bylaws; Change of Fiscal Year
Disclosure is required of any amendment "to the governing documents of the
issuing entity".
---------------------------------------------------------- --------------------------------------------------------
Item 6.01- ABS Informational and Computational Material Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 6.02- Change of Servicer or Securities Administrator Master Servicer/Securities Administrator/Depositor
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.
---------------------------------------------------------- --------------------------------------------------------
Reg AB disclosure about any new master servicer is also Master Servicer
required.
---------------------------------------------------------- --------------------------------------------------------
Reg AB disclosure about any new Trustee is also required. Trustee
---------------------------------------------------------- --------------------------------------------------------
Item 6.03- Change in Credit Enhancement or External Depositor/Securities Administrator
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.
Q-2
-------------------------------------------------------------------------------------------------------------------
FORM 8-K DISCLOSURE INFORMATION
---------------------------------------------------------- --------------------------------------------------------
Item on Form 8-K Party Responsible
---------------------------------------------------------- --------------------------------------------------------
Reg AB disclosure about any new enhancement provider is Depositor also required.
---------------------------------------------------------- --------------------------------------------------------
Item 6.04- Failure to Make a Required Distribution Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
Item 6.05- Securities Act Updating Disclosure Depositor
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.
---------------------------------------------------------- --------------------------------------------------------
If there are any new servicers or originators required Depositor to be disclosed
under Regulation AB as a result of the foregoing, provide the information called
for in Items 1108 and 1110 respectively.
---------------------------------------------------------- --------------------------------------------------------
Item 7.01- Reg FD Disclosure Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 8.01- Other Events Depositor
Any event, with respect to which information is not otherwise called for in
Form 8-K, that the registrant
deems of importance to certificateholders.
---------------------------------------------------------- --------------------------------------------------------
Item 9.01- Financial Statements and Exhibits Responsible party for reporting/disclosing the
financial statement or exhibit
---------------------------------------------------------- --------------------------------------------------------
Q-3
EXHIBIT R
Form of Back-up Certification
Banc of America Funding Corporation
Mortgage Pass-Through Certificates,
Series 2007-2
The Securities Administrator hereby certifies to the Master Servicer, and
its officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:
1. I have reviewed the annual report on Form 10-K for the fiscal year
[____] (the "Annual Report"), and all reports on Form 10-D required to be filed
in respect of period covered by the Annual Report (collectively with the Annual
Report, the "Reports"), of the Trust;
2. To my knowledge, (a) the Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by the
Annual Report, and (b) the Securities Administrator's assessment of compliance
and related attestation report referred to below, taken as a whole, do not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
such assessment of compliance and attestation report;
3. To my knowledge, the distribution information required to be provided by
the Securities Administrator under the Pooling and Servicing Agreement for
inclusion in the Reports is included in the Reports;
4. I am responsible for reviewing the activities performed by the
Securities Administrator under the Pooling and Servicing Agreement, and based on
my knowledge and the compliance review conducted in preparing the compliance
statement of the Securities Administrator required by the Pooling and Servicing
Agreement, and except as disclosed in the Reports, the Securities Administrator
has fulfilled its obligations under the Pooling and Servicing Agreement in all
material respects; and
5. The report on assessment of compliance with servicing criteria
applicable to the Securities Administrator for asset-backed securities of the
Securities Administrator and each Subcontractor utilized by the Securities
Administrator and related attestation report on assessment of compliance with
servicing criteria applicable to it required to be included in the Annual Report
in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18 has been included as an exhibit to the Annual Report. Any material
instances of non-compliance are described in such report and have been disclosed
in the Annual Report.
In giving the certifications above, the Securities Administrator has
reasonably relied on information provided to it by the following unaffiliated
parties: [names of servicer(s), master servicer, subservicer, depositor,
trustee, custodian(s)]
R-1
Date: ______________________________
XXXXX FARGO BANK, N.A.
as Securities Administrator
By:
--------------------------------
Name:
Title:
R-2
EXHIBIT S
Form of Additional Disclosure Notification
**SEND VIA FAX TO 000-000-0000 AND VIA EMAIL TO
xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx AND VIA OVERNIGHT MAIL TO THE ADDRESSES
IMMEDIATELY BELOW**
Xxxxx Fargo Bank, N.A., as Securities Administrator
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attn: Corporate Trust Services- BAFC 2007-2--SEC REPORT PROCESSING
with a copy to:
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attn: General Counsel and Chief Financial Officer
RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required
Ladies and Gentlemen:
In accordance with Section [ ] of the Pooling and Servicing Agreement, , dated
as of [ ][ ], 2006, among [ ], as [ ], [ ], as [ ], [ ], as [ ] and [ ], as [ ].
the undersigned, as [ ], hereby notifies you that certain events have come to
our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].
Description of Additional Form [10-D][10-K][8-K] Disclosure:
S-1
List of any Attachments hereto to be included in the Additional Form
[10-D][10-K][8-K] Disclosure:
Any inquiries related to this notification should be directed to [ ], phone
number: [ ]; email address: [ ].
[NAME OF PARTY],
as [role]
By: ______________________________
Name:
Title:
S-1
EXHIBIT T-1
Class 1-A-16 Interest Rate Cap Agreement
[Included as Exhibit 10.6(A) to the Current Report on Form 8-K pursuant to which
this Pooling and Servicing Agreement is filed]
T-1-1
EXHIBIT T-2
Class 1-A-18 Interest Rate Cap Agreement
[Included as Exhibit 10.6(B) to the Current Report on Form 8-K pursuant to
which this Pooling and Servicing Agreement is filed]
T-2-1
EXHIBIT T-3
Class T-A-4 Interest Rate Cap Agreement
[Included as Exhibit 10.7 to the Current Report on Form 8-K pursuant to which
this Pooling and Servicing Agreement is filed]
T-3-1
EXHIBIT U-1
Interest Rate Swap Agreement A
[Included as Exhibit 10.8 to the Current Report on Form 8-K pursuant to which
this Pooling and Servicing Agreement is filed]
U-1-1
EXHIBIT U-2
Interest Rate Swap Agreement B
[Included as Exhibit 10.9 to the Current Report on Form 8-K pursuant to which
this Pooling and Servicing Agreement is filed]
U-2-1
EXHIBIT U-3
Interest Rate Swap Agreement C
[Included as Exhibit 10.9 to the Current Report on Form 8-K pursuant to which
this Pooling and Servicing Agreement is filed]
U-3-1
EXHIBIT V
Principal Balance Schedule
Distribution Date TAC Certificates
------------------------ ----------------------
Initial Balance $130,010,000.00
March 25, 2007 130,008,950.00
April 25, 2007 130,007,899.75
May 25, 2007 130,006,849.25
June 25, 2007 130,005,798.49
July 25, 2007 129,958,974.15
August 25, 2007 129,642,883.50
September 25, 2007 129,060,328.76
October 25, 2007 128,214,602.56
November 25, 2007 127,109,484.03
December 25, 2007 125,749,233.52
January 25, 2008 124,138,585.78
February 25, 2008 122,282,741.61
March 25, 2008 120,187,358.13
April 25, 2008 117,858,537.52
May 25, 2008 115,302,814.39
June 25, 2008 112,527,141.66
July 25, 2008 109,538,875.14
August 25, 2008 106,345,756.74
September 25, 2008 102,955,896.44
October 25, 2008 99,377,752.94
November 25, 2008 95,620,113.22
December 25, 2008 91,692,071.00
January 25, 2009 87,603,734.61
February 25, 2009 83,365,152.47
March 25, 2009 78,986,948.74
April 25, 2009 74,505,578.85
May 25, 2009 69,935,056.59
June 25, 2009 65,384,396.66
July 25, 2009 60,950,477.40
August 25, 2009 56,652,177.88
September 25, 2009 52,486,813.51
October 25, 2009 8,451,752.64
November 25, 2009 44,544,415.48
December 25, 2009 40,762,273.11
January 25, 2010 37,102,846.50
February 25, 2010 33,563,705.46
March 25, 2010 30,142,467.77
April 25, 2010 26,836,798.17
May 25, 2010 23,644,407.46
June 25, 2010 20,563,051.60
July 25, 2010 17,590,530.83
August 25, 2010 14,724,688.78
September 25, 2010 11,963,411.62
October 25, 2010 9,304,627.25
November 25, 2010 6,746,304.45
December 25, 2010 4,286,452.08
January 25, 2011 1,923,118.32
V-1
EXHIBIT W
AVAILABLE COMBINATIONS
------------------------------------------------------- ------------------------------------------------------
Exchangeable REMIC Certificates Exchangeable Certificates
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
Maximum Initial Maximum Initial
Exchangeable Class Balance or CUSIP Exchangeable Class Balance or CUSIP
REMIC Class Notional Amount(1) Number Class Notional Amount(1) Number
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 1 Combination 1
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-3 $106,425,000 00000XXX0 1-A-24 $111,791,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-5 $5,336,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 2 Combination 2
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-5 $5,336,000 00000XXX0 1-A-29 $11,921,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-6 $223,583 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-17 $6,555,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 3 Combination 3
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-3 $106,425,000 00000XXX0 1-A-26 $106,425,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-4 $4,434,375 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 4 Combination 4
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-5 $5,336,000 00000XXX0 1-A-27 $5,366,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-6 $223,583 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 5 Combination 5
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-3 $106,425,000 00000XXX0 1-A-2 $111,791,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-4 $4,434,375 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-5 $5,366,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-6 $223,583 00000XXX0
REMIC Exchangeable
Combination 6 Combination 6
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-7 $68,234,000 00000XXX0 1-A-34 $92,835,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-9 $24,601,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 7 Combination 7
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-7 $68,234,000 00000XXX0 1-A-36 $92,835,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-8 $2,843,083 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-9 $24,601,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-10 $1,025,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 8 Combination 8
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-8 $2,843,083 00000XXX0 1-A-35 $3,868,124 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-10 $1,025,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 9 Combination 9
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-11 $75,649,000 00000XXX0 1-A-37 $92,834,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-13 $17,185,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
W-1
------------------------------------------------------- ------------------------------------------------------
Exchangeable REMIC Certificates Exchangeable Certificates
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
Maximum Initial Maximum Initial
Exchangeable Class Balance or CUSIP Exchangeable Class Balance or CUSIP
REMIC Class Notional Amount(1) Number Class Notional Amount(1) Number
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 10 Combination 10
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-11 $75,649,000 00000XXX0 1-A-39 $92,834,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-12 $3,152,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-13 $17,185,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-14 $716,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 11 Combination 11
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-12 $3,152,041 00000XXX0 1-A-38 $3,868,082 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-14 $716,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 12 Combination 12
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-7 $68,234,000 00000XXX0 1-A-40 $185,669,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-9 $24,601,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-11 $75,649,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-13 $17,185,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 13 Combination 13
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-8 $2,843,083 00000XXX0 1-A-41 $7,736,206 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-10 $1,025,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-12 $3,152,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-14 $716,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 14 Combination 14
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-7 $68,234,000 00000XXX0 1-A-30 $68,234,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-8 $2,843,083 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 15 Combination 15
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-9 $24,601,000 00000XXX0 1-A-31 $24,601,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-10 $1,025,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 16 Combination 16
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-11 $75,649,000 00000XXX0 1-A-32 $75,649,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-12 $3,125,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 17 Combination 17
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-13 $17,185,000 00000XXX0 1-A-33 $17,185,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-14 $716,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 18 Combination 18
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-4 $4,434,375 00000XXX0 1-A-25 $4,657,958 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-6 $223,583 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
W-2
------------------------------------------------------- ------------------------------------------------------
Exchangeable REMIC Certificates Exchangeable Certificates
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
Maximum Initial Maximum Initial
Exchangeable Class Balance or CUSIP Exchangeable Class Balance or CUSIP
REMIC Class Notional Amount(1) Number Class Notional Amount(1) Number
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
REMIC Exchangeable
Combination 19 Combination 19
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-7 $68,234,000 00000XXX0 1-A-42 $185,669,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-8 $2,843,083 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-9 $24,601,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-10 $1,025,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-11 $75,649,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-12 $3,152,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-13 $17,185,000 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
1-A-14 $716,041 00000XXX0
------------------ ------------------- ---------------- ------------------ ------------------ ----------------
--------
(1) Exchangeable REMIC Certificates and Exchangeable Certificates in any
Combination may be exchanged only in the proportion that the Maximum
Initial Class Balances or Maximum Initial Notional Amounts of such
Certificates bear to one another as shown above.
W-3
EXHIBIT X
Form of Request for Exchange of Exchangeable
REMIC Certificates or Exchangeable Certificates
___, 20__
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attention: Corporate Trust Services - BAFC 2007-2
Re: Banc of America Funding Corporation,
Mortgage Pass-Through Certificates, Series 2007-2
Ladies and Gentlemen:
Pursuant to the terms of that certain Pooling and Servicing Agreement, dated
February 27, 2007, by and among Banc of America Funding Corporation, as
depositor, U.S. Bank National Association, as trustee, Xxxxx Fargo Bank, N.A.,
as securities administrator (in such capacity, the "Securities Administrator")
and as master servicer, we hereby present and surrender the [Exchangeable REMIC
Certificates] [Exchangeable Certificates] specified on Schedule I attached
hereto (the ["Exchangeable REMIC Certificates"] ["Exchangeable Certificates"])
and transfer, assign, set over and otherwise convey to the Securities
Administrator, all of our right, title and interest in and to the [Exchangeable
REMIC Certificates] [Exchangeable Certificates], including all payments of
interest thereon received after [______], 20[__], in exchange for the
[Exchangeable Certificates] [Exchangeable REMIC Certificates] specified on
Schedule I attached hereto (the ["Exchangeable Certificates"] ["Exchangeable
REMIC Certificates"]).
We agree that upon such exchange the portions of the [Exchangeable REMIC
Certificates] [Exchangeable Certificates] designated for exchange shall be
deemed cancelled and replaced by the [Exchangeable Certificates] [Exchangeable
REMIC Certificates] issued in exchange therefor. We confirm that we have paid a
fee of $5,000 to the Securities Administrator in connection with such exchange.
Sincerely,
By: ____________________________
Name:
Title:
X-1
Acknowledged by:
XXXXX FARGO BANK, N.A.,
as Securities Administrator
By: ____________________________
Name:
Title:
X-2
EXHIBIT Y
Form of Transferor Certificate Regarding Transfer of Residual Certificate
Xxxxx Fargo Bank, N.A.
Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Attn: Corporate Trust Services - BAFC 0000-0
Xxxx xx Xxxxxxx Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Re: BAFC Mortgage Pass-Through Certificates, Series 2007-2
Ladies and Gentlemen:
In connection with our disposition of the BAFC Mortgage Pass-Through
Certificates, Series 2007-2, Class 1-A-R Certificate (the "Residual
Certificate"), we certify that we have no knowledge that the transferee is not a
Permitted Transferee and we have no reason to believe that the statements made
in the transferee's Affidavit Regarding Transfer of Residual Certificate are
false.
Very truly yours,
[---------------------]
--------
((1)) Transferee must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Transferee is a dealer, and, in that case,
Transferee must own and/or invest on a discretionary basis at least $10,000,000
in securities.
Y-1
