RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
JPMORGAN CHASE BANK,
Trustee
SERIES SUPPLEMENT,
DATED AS OF JUNE 1, 2004,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 2004
Mortgage Pass-Through Certificates
Series 2004-SA1
TABLE OF CONTENTS
PAGE
ARTICLE I
DEFINITIONS
Definitions................................................................................-4-
Section 1.02 Use of Words and Phrases...................................................-18-
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans. (See Section 2.01 of the Standard Terms)
..........................................................................-19-
Section 2.02 Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
..........................................................................-19-
Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the Company
..........................................................................-19-
Section 2.04 Representations and Warranties of Sellers..................................-22-
Section 2.05 Execution and Authentication of Certificates...............................-24-
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)
..........................................................................-26-
Section 4.02 Distributions..............................................................-26-
Section 4.03 Statements to Certificateholders; Statements to Rating Agencies; Exchange Act
Reporting. (See Section 4.03 of the Standard Terms).......................-33-
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by the Master
Servicer. (See Section 4.04 of the Standard Terms)
..........................................................................-33-
Section 4.05 Allocation of Realized Losses..............................................-34-
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property. (See Section 4.06
of the Standard Terms).
..........................................................................-35-
Section 4.08 Surety Bond. (See Section 4.08 of the Standard Terms).....................-35-
ARTICLE V
THE CERTIFICATES
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
ARTICLE VII
DEFAULT
ARTICLE VIII
CONCERNING THE TRUSTEE
ARTICLE IX
TERMINATION
Section 9.01 Optional Purchase by the Master Servicer of All Certificates; Termination Upon
Purchase by the Master Servicer or Liquidation of All Mortgage Loans....... .............-40-
Section 9.02 Additional Termination Requirements. (See Section 9.02 of the Standard Terms)
..........................................................................-41-
Section 9.03 Termination of Multiple REMICs. (See Section 9.03 of the Standard Terms)
..........................................................................-41-
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)...........-42-
Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification. (See Section
10.02 of the Standard Terms)..............................................-42-
Section 10.03 Designation of REMIC(s)....................................................-42-
Section 10.04 Distributions on the Uncertificated REMIC I Regular Interests...............-42-
Section 10.04 Compliance with Withholding Requirements...................................-43-
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)
..........................................................................-44-
Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the Standard
Terms)
..........................................................................-44-
Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of the Standard
Terms)
..........................................................................-44-
Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)
..........................................................................-44-
Section 11.05 Notices....................................................................-44-
Section 11.06 Required Notices to Rating Agency and Subservicer.
..........................................................................-45-
Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
..........................................................................-45-
Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08 of the Standard
Terms)
..........................................................................-46-
Section 11.09 Allocation of Voting Rights................................................-46-
EXHIBITS
Exhibit One: Mortgage Loan Schedule for Loan Group I
Exhibit Two: Mortgage Loan Schedule for Loan Group II
Exhibit Three: Mortgage Loan Schedule for Loan Group III
Exhibit Four: Information to be Included in
Monthly Distribution Date Statement
Exhibit Five: Standard Terms of Pooling and Servicing
Agreement dated as of June 1, 2004
This is a Series Supplement, dated as of June 1, 2004 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of June 1, 2004 and attached as Exhibit Five hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), among RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the
company (together with its permitted successors and assigns, the "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors and assigns, the "Master Servicer"), and JPMORGAN CHASE BANK, as
Trustee (together with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT
The Company intends to sell Mortgage Pass-Through Certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund. As provided herein, the REMIC Administrator will make an
election to treat the entire segregated pool of assets described in the
definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I." The
Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I
and the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions (as defined herein). A segregated
pool of assets consisting of the Uncertificated REMIC I Regular Interests will
be designated as "REMIC II" and the REMIC Administrator will make a separate
REMIC election with respect thereto. The Class A-I Certificates, Class A-II
Certificates, Class A-III Certificates, Class M-1 Certificates, Class M-2
Certificates, Class M-3 Certificates, Class B-1 Certificates, Class B-2
Certificates and Class B-3 Certificates, will be "regular interests" in REMIC II
and the Class R-II Certificates will be the sole class of "residual interests"
therein for purposes of the REMIC Provisions.
The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. Any cross-reference to a section of the Pooling and
Servicing Agreement, to the extent the terms of the Standard Terms and Series
Supplement conflict with respect to that section, shall be a cross-reference to
the related section of the Series Supplement. All capitalized terms not
otherwise defined herein shall have the meanings set forth in the Standard
Terms. The Pooling and Servicing Agreement shall be dated as of the date of the
Series Supplement.
The following table irrevocably sets forth the designation, the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated Principal
Balance, and solely for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the
Uncertificated REMIC I Regular Interests. None of the Uncertificated REMIC I
Regular Interests will be certificated.
-1-
Uncertificated Initial Uncertificated Latest
REMIC-I-Pass Principal-Balance Possible-Maturity(1)
Designation Through Rate
REMIC I Regular Interest
I-A Variable(2) $157.49 July 25, 2034
REMIC I Regular Interest
I-B Variable(2) $4,999.49 July 25, 2034
REMIC I Regular Interest
II-A Variable(2) $504.02 July 25, 2034
REMIC I Regular Interest
II-B Variable(2) $16,000.47 July 25, 2034
REMIC I Regular Interest
III-A Variable(2) $126.17 July 25, 2034
REMIC I Regular Interest
III-B Variable(2) $4,005.31 July 25, 2034
REMIC I Regular Interest Variable(2) $250,026,865.04 July 25, 2034
ZZZ
-------------------
(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 Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC I
Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC I
Pass-Through Rate" herein.
The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, Maturity Date, initial ratings
and certain features for each Class of Certificates comprising the interests in
the Trust Fund created hereunder.
AGGREGATE
INITIAL
CERTIFICATE
PASS-THROUGH PRINCIPAL MATURITY XXXXX'X/ MINIMUM
DESIGNATION RATE BALANCE FEATURES1 DATE S&P DENOMINATIONS2
Class A-I Variable Rate(3) $ 48,420,000.00 Senior July 25, 2034 Aaa/AAA $25,000
Class A-II Variable Rate(3) $154,964,300.00 Senior July 25, 2034 Aaa/AAA $25,000
Class A-III Variable Rate(3) $ 38,791,400.00 Senior July 25, 2034 Aaa/AAA $25,000
Class R-I Variable Rate $ 100.00 Senior/Residual July 25, 2034 Aaa/AAA 20%
Class R-II Variable Rate $ 100.00 Senior/Residual July 25, 2034 Aaa/AAA 20%
Class M-1 Variable Rate(4) $ 3,000,600.00 Mezzanine July 25, 2034 Aa2/AA+ $25,000
Class M-2 Variable Rate(4) $ 2,125,300.00 Mezzanine July 25, 2034 A2/A+ $250,000
Class M-3 Variable Rate(4) $ 1,125,300.00 Mezzanine July 25, 2034 Baa2/BBB $250,000
Class B-1 Variable Rate(4) $ 750,100.00 Subordinate July 25, 2034 NA/BB $250,000
Class B-2 Variable Rate(4) $ 500,100.00 Subordinate July 25, 2034 NA/B $250,000
Class B-3 Variable Rate(4) $ 375,357.59 Subordinate July 25, 2034 NA/NA $250,000
--------
1 The Class A-I, Class A-II , Class A-III and Class M Certificates shall be
Book-Entry Certificates. The Class R and Class B Certificates shall be
delivered to the holders thereof in physical form.
2 The Certificates shall be issuable in minimum dollar denominations as
indicated above (by Certificate Principal Balance) and integral multiples
of $1 (or $1,000 in the case of the Class B-1, Class B-2 and Class B-3
Certificates) in excess thereof, except that one Certificate of any of the
Class B Certificates that contains an uneven multiple of $1,000 shall be
issued in a denomination equal to the sum of the related minimum
denomination set forth above and such uneven multiple for such Class or the
sum of such denomination and an integral multiple of $1,000. The Class R
Certificates shall be issuable in minimum denominations of not less than a
20% Percentage Interest; provided, however, that one Class R Certificate
will be issuable to Residential Funding as "tax matters person" pursuant to
Section 10.01(c) and (e) in a minimum denomination representing a
Percentage Interest of not less than 0.01%.
3 Varies according to the weighted average of the Net Mortgage Rates on the
related Mortgage Loans.
4 For any Distribution Date, the interest rate will be equal to (i) the sum
of (a) the weighted average of the Net Mortgage Rates of the Group I Loans
multiplied by the Group I Subordinate Amount on such Distribution Date, (b)
the weighted average of the Net Mortgage Rates of the Group II Loans
multiplied by the Group II Subordinate Amount on such Distribution Date and
(c) the weighted average of the Net Mortgage Rates of the Group III Loans
multiplied by the Group III Subordinate Amount on such Distribution Date,
divided by (ii) the sum of (x) the Group I Subordinate Amount, (y) the
Group II Subordinate Amount and (z) the Group III Subordinate Amount for
such Distribution Date.
The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $250,052,757.59.
In consideration of the mutual agreements herein contained, the Company, the
Master Servicer and the Trustee agree as follows:
-3-
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.
-----------
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Adjustment Date: As to each Mortgage Loan, each date set forth in the
related Mortgage Note on which an adjustment to the interest rate on such
Mortgage Loan becomes effective.
Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$150,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary (other than Additional Collateral
Loans, if any) having a Loan-to-Value Ratio at origination which
exceeds 75% and (ii) $150,000; and
(B) the greater of (i) the product of (x) an amount equal
to the largest difference in the related Monthly Payment for any
Non-Primary Residence Loan remaining in the Mortgage Pool (other
than Additional Collateral Loans, if any) which had an original
Loan-to-Value Ratio of 80% or greater that would result if the
Net Mortgage Rate thereof was equal to the weighted average
(based on the principal balance of the Mortgage Loans as of the
Relevant Anniversary) of the Net Mortgage Rates of all Mortgage
Loans as of the Relevant Anniversary less 1.25% per annum, (y) a
number equal to the weighted average remaining term to maturity,
in months, of all Non-Primary Residence Loans remaining in the
Mortgage Pool as of the Relevant Anniversary, and (z) one plus
the quotient of the number of all Non-Primary Residence Loans
remaining in the Mortgage Pool divided by the total number of
Outstanding Mortgage Loans in the Mortgage Pool as of the
Relevant Anniversary,
-4-
and (ii) $50,000, over (2) the aggregate amount of Bankruptcy
Losses allocated solely to one or more specific Classes of
Certificates in accordance with Section 4.05 since the Relevant
Anniversary.
The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Certificate: Any Class A, Class M, Class B or Class R Certificate.
-----------
Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "JPMorgan Chase Bank, as trustee, in trust for the registered holders
of Residential Funding Mortgage Securities I, Inc., Mortgage Pass- Through
Certificates, Series 2004-SA1" and which must be an Eligible Account.
Class A Certificate: Any one of the Group I Certificates (other than the
Class R Certificates), the Group II Certificates or the Group III Certificates,
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed to the Standard Terms as Exhibit A.
Class R Certificate: Any one of the Class R-I Certificates and Class
R-II Certificates executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.
Closing Date: June 29, 2004.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
Agreement is located at JPMorgan Chase Bank, 000 Xxxx Xxxxxx Xxxxxx, 00xx Xxxxx,
Xxxxxxx, Xxxxxxxx 00000, Attention: Residential Funding Corporation Series 2004-
SA1.
Cut-off Date: June 1, 2004.
Determination Date: With respect to any Distribution Date, the second
Business Day prior to such Distribution Date.
Due Period: With respect to each Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.
-5-
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off
Date, an amount equal to 2.0% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination, (Y) from the first to the second anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most recent anniversary of the Cut-off Date and (b) 1.0% of the
aggregate outstanding principal balance of all of the Mortgage Loans as of the
most recent anniversary of the Cut-off Date minus (2) the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the most recent
anniversary of the Cut-off Date up to such date of determination and (Z) from
the second to the fifth anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) 0.50% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the aggregate amount of Fraud Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05 of this Series
Supplement since the most recent anniversary of the Cut-off Date up to such date
of determination. On and after the fifth anniversary of the Cut-off Date, the
Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Group I Certificate: The Class A-I Certificates executed by the Trustee
and authenticated by the Certificate Registrar substantially in the form annexed
to the Standard Terms as Exhibit A, each such Certificate evidencing an interest
designated as a "regular interest" in REMIC II for purposes of the REMIC
Provisions and representing an undivided interest in Loan Group I.
Group I Loans: The Mortgage Loans designated in Exhibit One.
-------------
Group I Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group I Certificates immediately
prior to such Distribution Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group I immediately prior to such Distribution Date.
Group I Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group I remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section
-6-
4.02(a)(i)(X) of this Series Supplement, and (b) the sum of the amounts required
to be distributed therefrom to the Group I Certificateholders on such
Distribution Date pursuant to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group I Subordinate Amount: On any date of determination, the excess of
the aggregate Stated Principal Balance of the Group I Loans as of such date over
the aggregate Certificate Principal Balance of the Group I Certificates then
outstanding.
Group II Certificate: The Class A-II, Class R-I and Class R-II
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, each such Certificate (other than the Class R-I Certificates and
Class R-II Certificates) representing an interest designated as a "regular
interest" in REMIC II for purposes of the REMIC Provisions, and representing an
undivided interest in Loan Group II.
Group II Loans: The Mortgage Loans designated in Exhibit Two.
--------------
Group II Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group II Certificates immediately
prior to such Distribution Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group II immediately prior to such Distribution Date.
Group II Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group II remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i)(Y) of this
Series Supplement, and (b) the sum of the amounts required to be distributed
therefrom to the Group II Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group II Subordinate Amount: On any date of determination, the excess of
the aggregate Stated Principal Balance of the Group II Loans as of such date
over the aggregate Certificate Principal Balance of the Group II Certificates
then outstanding.
Group III Certificate: The Class A-III Certificates, executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A, each such Certificate representing
an interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions, and representing an undivided interest in Loan Group III.
Group III Loans: The Mortgage Loans designated in Exhibit Three.
---------------
Group III Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group III Certificates
immediately prior to such Distribution Date and the denominator of which
-7-
is the aggregate Stated Principal Balance of all of the Mortgage Loans (or
related REO Properties) in Loan Group III immediately prior to such Distribution
Date.
Group III Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group III remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i)(Z) of this
Series Supplement, and (b) the sum of the amounts required to be distributed
therefrom to the Group III Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group III Subordinate Amount: On any date of determination, the excess
of the aggregate Stated Principal Balance of the Group III Loans as of such date
over the aggregate Certificate Principal Balance of the Group III Certificates
then outstanding.
Index: With respect to any Mortgage Loan and as to any Adjustment Date
therefor, the related index as stated in the related Mortgage Note.
Indirect Depository Participant: An institution that is not a Depository
Participant but clears through or maintains a custodial relationship with
Participants and has access to the Depository's clearing system.
Initial Monthly Payment Fund: $268,622 representing scheduled principal
amortization and interest at the Net Mortgage Rate during the month of June
2004, for those Mortgage Loans for which the Trustee will not be entitled to
receive such payment in accordance with the definition of "Trust Fund". The
Initial Monthly Payment Fund will not be part of any REMIC.
Initial Rate Cap: With respect to each Mortgage Loan and the initial
Adjustment Date, the rate cap that limits the increase or the decrease of the
related Mortgage Rate on the initial Adjustment Date pursuant to the terms of
the related Mortgage Note.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:
Class M-1: 1.20% Class B-1: 0.30%
Class M-2: 0.85% Class B-2: 0.20%
Class M-3: 0.45% Class B-3: 0.15%
Interest Accrual Period: With respect to any Certificates and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Loan Group: Loan Group I, Loan Group II or Loan Group III.
-8-
Loan Group I: The group of Mortgage Loans comprised of the Group I Loans.
Loan Group II: The group of Mortgage Loans comprised of the Group II Loans.
Loan Group III: The group of Mortgage Loans comprised of the Group III
Loans.
Maturity Date: With respect to each Class of Certificates, July 25,
2034, the Distribution Date immediately following the latest scheduled maturity
date of any Mortgage Loan.
Maximum Mortgage Rate: As to any Mortgage Loan, the rate indicated in
Exhibit One hereto as the "NOTE CEILING," which rate is the maximum interest
rate that may be applicable to such Mortgage Loan at any time during the life of
such Mortgage Loan.
Maximum Net Mortgage Rate: As to any Mortgage Loan and any date of
determination, the Maximum Mortgage Rate for such Mortgage Loan minus the per
annum rate at which the Servicing Fee is calculated.
Minimum Mortgage Rate: As to any Mortgage Loan, the greater of (i) the
Note Margin for such Mortgage Loan and (ii) the rate indicated in Exhibit One
hereto as the "NOTE FLOOR" for such Mortgage Loan, which rate may be applicable
to such Mortgage Loan at any time during the life of such Mortgage Loan.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (with respect to the Group I Loans), Exhibit Two (with
respect to the Group II Loans) and Exhibit Three (with respect to the Group III
Loans) (as amended from time to time to reflect the addition of Qualified
Substitute Mortgage Loans), which list or lists shall set forth the following
information as to each Mortgage Loan in the related Loan Group:
(a) the Mortgage Loan identifying number ("RFC LOAN #"); (b) the
maturity of the Mortgage Note ("MATURITY DATE"); (c) the Mortgage
Rate ("ORIG RATE"); (d) the Subservicer pass-through rate ("CURR
NET"); (e) the Net Mortgage Rate ("NET MTG RT"); (f) [RESERVED];
(g) the initial scheduled monthly payment of principal, if any, and
interest ("ORIGINAL P & I");
(h) the Cut-off Date Principal Balance ("PRINCIPAL BAL"); (i) the
Loan-to-Value Ratio at origination ("LTV");
(j) the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
and at which the Servicing Fee accrues ("MSTR SERV FEE");
(k) a code "T," "BT" or "CT" under the column "LN FEATURE,"
indicating that the Mortgage Loan is secured by a second or
vacation residence;
(l) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence;
-9-
(m) whether such Mortgage Loan constitutes a Group I Loan, Group II Loan
or Group III Loan;
(n) the Maximum Mortgage Rate ("NOTE CEILING"); (o) the maximum Adjusted
Mortgage Rate ("NET CEILING"); (p) the Note Margin for the ("NOTE
MARGIN");
(q) the first Adjustment Date after the Cut-off Date ("NXT INT CHG DT");
and (r) the Periodic Cap ("PERIODIC DECR" or "PERIODIC INCR").
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification. The Mortgage Rate on the Mortgage Loans will adjust on each
Adjustment Date to equal the sum (rounded to the nearest multiple of one-eighth
of one percent (0.125%) or up to the nearest one-eighth of one percent, which
are indicated by a "U" on Exhibit One hereto, except in the case of the Mortgage
Loans indicated by an "X" on Exhibit One hereto under the heading "NOTE
METHOD"), of the related Index plus the Note Margin, in each case subject to the
applicable Initial Rate Cap, Periodic Cap, Maximum Mortgage Rate and Minimum
Mortgage Rate.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated; provided that, (i) the Net Mortgage Rate
becoming effective on any Adjustment Date shall not be greater or less than the
Net Mortgage Rate immediately prior to such Adjustment Date plus or minus the
Initial Rate Cap or Periodic Cap applicable to such Mortgage Loan and (ii) the
Net Mortgage Rate for any Mortgage Loan shall not exceed a rate equal to the
Maximum Net Mortgage Rate for such Mortgage Loan.
Net WAC Rate: With respect to any Distribution Date and each Loan Group,
a per annum rate equal to the weighted average of the Net Mortgage Rates of the
related Mortgage Loans weighted on the basis of the respective Stated Principal
Balance of each such Mortgage Loan as of the beginning of the Due Period
immediately preceding the related Distribution Date, using the Net Mortgage
Rates in effect for the scheduled payments due on those Mortgage Loans during
such Due Period.
Note Margin: As to each Mortgage Loan, the fixed percentage set forth in
the related Mortgage Note and indicated in Exhibit One hereto as the "NOTE
MARGIN," which percentage is added to the related Index on each Adjustment Date
to determine (subject to rounding in accordance with the related Mortgage Note,
the Initial Rate Cap, the Periodic Cap, the Maximum Mortgage Rate and the
Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until
the next Adjustment Date.
Pass-Through Rate: With respect to the Class A-I Certificates, the Net
WAC Rate of the Group I Loans. For federal income tax purposes, however, the
Class A-I Certificates will bear
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interest at a rate equivalent to the foregoing, expressed as the weighted
average of the Pass-Through Rate on REMIC I Regular Interest I-B, weighted on
the basis of the Uncertificated Principal balance of such REMIC I Regular
Interest immediately preceding the related Distribution Date. The Pass-Through
Rate on the Class A-I Certificates with respect to the first Interest Accrual
Period is expected to be approximately 3.9578% per annum. With respect to the
Class A-II Certificates and the Class R Certificates, the Net WAC Rate of the
Group II Loans. For federal income tax purposes, however, the Class A-II
Certificates and the Class R Certificates will bear interest at a rate
equivalent to the foregoing, expressed as the weighted average of the
Pass-Through Rate on REMIC I Regular Interest II-B, weighted on the basis of the
Uncertificated Principal balance of such REMIC I Regular Interest immediately
preceding the related Distribution Date. The Pass-Through Rate on the Class A-II
Certificates and Class R Certificates with respect to the first Interest Accrual
Period is expected to be approximately 4.3800% per annum. With respect to the
Class A-III Certificates, the Net WAC Rate of the Group III Loans. For federal
income tax purposes, however, the Class A-III Certificates will bear interest at
a rate equivalent to the foregoing, expressed as the weighted average of the
Pass-Through Rate on REMIC I Regular Interest III-B, weighted on the basis of
the Uncertificated Principal balance of such REMIC I Regular Interest
immediately preceding the related Distribution Date. The Pass-Through Rate on
the Class A-III Certificates with respect to the first Interest Accrual Period
is expected to be approximately 4.7550% per annum. With respect to the Class M
Certificates and Class B Certificates, the weighted average of the Net WAC Rates
for the Group I Loans, Group II Loans and Group III Loans, weighted on the basis
of the Group I Subordinate Amount, Group II Subordinate Amount and Group III
Subordinate Amount, respectively. This determination will be made as of the
related Distribution Date prior to giving effect to any distributions on the
Certificates on that date. The Pass-Through Rate on the Class M Certificates and
Class B Certificates with respect to the first Interest Accrual period is
expected to be approximately 4.3556% per annum. For federal income tax purposes,
however, the Class M Certificates and Class B Certificates will bear interest at
a rate equivalent to the foregoing, expressed as the weighted average of the
Uncertificated REMIC I Pass-Through Rates on REMIC I Regular Interests I-A,
II-A, and III-A, weighted on the basis of the Uncertificated Principal Balance
of each such REMIC I Regular Interest immediately preceding the related
Distribution Date, provided that, for purposes of such weighted average, the
Uncertificated REMIC I Pass-Through Rate of each such REMIC I Regular Interest
shall be subject to a cap and a floor equal to the Uncertificated REMIC I
Pass-Through Rate of the REMIC I Regular Interest from the related Loan Group
ending with the designation "B".
Periodic Cap: With respect to each Mortgage Loan, the periodic rate cap
that limits the increase or the decrease of the related Mortgage Rate on any
Adjustment Date (other than the initial Adjustment Date) pursuant to the terms
of the related Mortgage Note.
Prepayment Assumption: With respect to the Mortgage Loans, a prepayment
assumption of 25% CPR, used for determining the accrual of original issue
discount and market discount and premium on the Certificates for federal income
tax purposes.
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Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates for each Loan Group, under the
applicable circumstances set forth below, the respective percentages set forth
below:
(i) For any Distribution Date prior to the Distribution Date in
July 2009 (unless the Certificate Principal Balances of the related
Senior Certificates have been reduced to zero), 0%.
(ii) For any Distribution Date for which clause (i) above does
not apply, and on which any Class of Subordinate Certificates is
outstanding with a Certificate Principal Balance greater than zero:
(a) in the case of the Class of Subordinate Certificates
then outstanding with the Highest Priority and each other Class
of Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
(b) in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers have
not been satisfied, 0%; and
(iii) Notwithstanding the foregoing, if the application of the
foregoing percentages on any Distribution Date as provided in Section
4.02 of this Series Supplement (determined without regard to the proviso
to the definition of "Subordinate Principal Distribution Amount") would
result in a distribution in respect of principal of any Class or Classes
of Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing
Class"), then: (a) the Prepayment Distribution Percentage of each
Maturing Class shall be reduced to a level that, when applied as
described above, would exactly reduce the Certificate Principal Balance
of such Class to zero; (b) the Prepayment Distribution Percentage of
each other Class of Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with the
provisions in paragraph (ii) above, as if the Certificate Principal
Balance of each Maturing Class had been reduced to zero (such percentage
as recalculated, the "Recalculated Percentage"); (c) the total amount of
the reductions in the Prepayment Distribution Percentages of the
Maturing Class or Classes pursuant to clause (a) of this sentence,
expressed as an aggregate percentage, shall be allocated among the
Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes
of such Distribution Date, the Prepayment Distribution Percentage of
each Non-Maturing Class shall be equal to the sum of (1) the Prepayment
Distribution Percentage thereof, calculated in accordance with the
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provisions in paragraph (ii) above as if the Certificate Principal
Balance of each Maturing Class had not been reduced to zero, plus (2)
the related Adjustment Percentage.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, with a copy to the Custodian,
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) have a Mortgage Rate that adjusts with the same frequency and
based upon the same Index as that of the Deleted Mortgage Loan;
(vi) have a Note Margin not less than that of the Deleted Mortgage
Loan;
(vii) have a Periodic Rate Cap that is equal to that of the Deleted
Mortgage Loan;
(viii) have an Initial Rate Cap that is not less than that of the
Deleted Mortgage Loan;
(ix) have a next Adjustment Date no later than that of the Deleted
Mortgage Loan;
(x) have a Maximum Rate no less than that of the Deleted Mortgage
Loan;
(xi) have a Minimum Rate no less than that of the Deleted Mortgage
Loan; and
(xii) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
Agreement.
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Record Date: With respect to each Distribution Date and each Class of
Certificates, the close of business on the last business day of the month next
preceding the month in which the related Distribution Date occurs.
REMIC I: The segregated pool of assets related to this Series, with
respect to which a REMIC election is to be made (except as provided below)
pursuant to this Agreement, consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral
securing such Mortgage Loans,
(ii) all payments on and collections in respect of the Mortgage Loans
due after the Cut-off Date (other than Monthly Payments due in
the month of the Cut-off Date) as shall be on deposit in the
Custodial Account or in the Certificate Account and identified as
belonging to the Trust Fund, but not including amounts on deposit
in the Initial Monthly Payment Fund,
(iii) property that secured a Mortgage Loan and that has been acquired
for the benefit of the Certificateholders by foreclosure or deed
in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, and
(v) all proceeds of clauses (i) through (iv) above.
Notwithstanding the foregoing, the REMIC election with respect to REMIC
I specifically excludes the Initial Monthly Payment Fund.
REMIC I Certificates: The Class R-I Certificates.
REMIC I Subordinate Balance Ratio: The ratio among the principal
balances of each of the REMIC I Regular Interests ending with the designation
"A," equal to the ratio among: (1) the Group I Subordinate Amount, (2) the Group
II Subordinate Amount, and (3) the Group III Subordinate Amount.
REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular Interests conveyed in trust to the Trustee for the benefit of
the holders of the Class A-I, Class A-II, Class A-III, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates pursuant
to Section 10.04, with respect to which a separate REMIC election is to be made.
The REMIC election with respect to REMIC II specifically excludes the Initial
Monthly Payment Fund.
REMIC II Certificates: Any of the Class A-I, Class A-II, Class A-III,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates.
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Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 84th Distribution Date and, with
respect to any Loan Group, 100%. With respect to any Distribution Date
thereafter and any such Loan Group, as follows:
(i) for any Distribution Date after the 84th Distribution Date but on
or prior to the 96th Distribution Date, the related Senior
Percentage for such Distribution Date plus 70% of the related
Subordinate Percentage for such Distribution Date;
(ii) for any Distribution Date after the 96th Distribution Date but on
or prior to the 108th Distribution Date, the related Senior
Percentage for such Distribution Date plus 60% of the related
Subordinate Percentage for such Distribution Date;
(iii) for any Distribution Date after the 108th Distribution Date but
on or prior to the 120th Distribution Date, the related Senior
Percentage for such Distribution Date plus 40% of the related
Subordinate Percentage for such Distribution Date;
(iv) for any Distribution Date after the 120th Distribution Date but
on or prior to the 132nd Distribution Date, the related Senior
Percentage for such Distribution Date plus 20% of the related
Subordinate Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for
such Distribution Date.
Any scheduled reduction, as described in the preceding paragraph, shall
not be made as of any Distribution Date unless:
(a) the outstanding principal balance of the Mortgage Loans in
all three Loan Groups delinquent 60 days or more averaged over the last
six months, as a percentage of the aggregate outstanding Certificate
Principal Balance of the Subordinate Certificates, is less than 50% and
(b) Realized Losses on the Mortgage Loans in all three Loan
Groups to date for such Distribution Date, if occurring during the
eighth, ninth, tenth, eleventh or twelfth year, or any year thereafter,
after the Closing Date, are less than 30%, 35%, 40%, 45% or 50%,
respectively, of the sum of the Initial Certificate Principal Balances
of the Subordinate Certificates.
Notwithstanding the foregoing, if (a) the weighted average of the
Subordinate Percentages for all three Loan Groups is equal to or in excess of
twice the initial weighted average of the Subordinate Percentages for all three
Loan Groups, (b) the outstanding principal balance of the Mortgage Loans in all
three Loan Groups delinquent 60 days or more averaged over the last six months,
as a percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, does not exceed 50% and (c)(i) prior to the
Distribution Date in July 2007, cumulative Realized Losses on the Mortgage Loans
in all three Loan Groups do not exceed 20% of the sum of the initial Certificate
Principal Balances of the Subordinate Certificates, and (ii) thereafter,
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cumulative Realized Losses on the Mortgage Loans in all three Loan Groups do not
exceed 30% of the sum of the initial Certificate Principal Balances of the
Subordinate Certificates, then (A) on any Distribution Date prior to the
Distribution Date in July 2007, each Senior Accelerated Distribution Percentage
for such Distribution Date will equal the related Senior Percentage for that
Distribution Date plus 50% of the related Subordinate Percentage for such
Distribution Date, and (B) on any Distribution Date on or after the Distribution
Date in July 2007, each Senior Accelerated Distribution Percentage for that
Distribution Date will equal the related Senior Percentage for that Distribution
Date.
Notwithstanding the foregoing, on any Distribution Date on which the
weighted average of the initial Group I Senior Percentage, Group II Senior
Percentage and Group III Senior Percentage, weighted on the basis of the Stated
Principal Balances of the Mortgage Loans in the related Loan Group, exceeds the
weighted average of the initial Group I Senior Percentage, Group II Senior
Percentage and Group III Senior Percentage (calculated on such basis), each of
the Senior Accelerated Distribution Percentages for such Distribution Date will
equal 100%.
Notwithstanding the foregoing, upon reduction of the Certificate
Principal Balances of the related Senior Certificates to zero, the related
Senior Accelerated Distribution Percentage will equal 0%.
Senior Certificate: Any one of the Class A Certificates or Class R
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.
Senior Percentage: The Group I Senior Percentage with respect to Loan
Group I, the Group II Senior Percentage with respect to Loan Group II or the
Group III Senior Percentage with respect to Loan Group III.
Senior Principal Distribution Amount: The Group I Senior Principal
Distribution Amount, Group II Senior Principal Distribution Amount or Group III
Senior Principal Distribution Amount.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$2,500,528 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greatest of (i) twice the outstanding principal balance
of the Mortgage Loan in the Trust Fund which has the largest outstanding
principal balance on the Distribution Date immediately preceding such
anniversary, (ii) the product of 1.00% multiplied by the outstanding principal
balance of all Mortgage Loans on the Distribution Date immediately preceding
such anniversary and (iii) the aggregate outstanding principal balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate
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principal balance as of such anniversary and (B) the greater of (i) the product
of 0.50% multiplied by the outstanding principal balance of all Mortgage Loans
on the Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the
Mortgage Loans secured by Mortgaged Properties located in the State of
California divided by the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a percentage, and the denominator of which is equal to 49.8% (which
percentage is equal to the percentage of Mortgage Loans initially secured by
Mortgaged Properties located in the State of California) and (ii) the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of the largest Mortgage Loan secured by a Mortgaged Property (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) located in the
State of California.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Subordinate Amount: The Group I Subordinate Amount, the Group II
Subordinate Amount or the Group III Subordinate Amount, as applicable.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of (i) the product of (x) the Class's pro rata share, based on the
Certificate Principal Balance of each such Class then outstanding, and (y) the
aggregate of the amounts calculated for such Distribution Date under clauses
(1), (2) and (3) of Section 4.02(a)(ii)(A) of this Series Supplement (without
giving effect to the related Senior Percentage) to the extent not payable to the
related Senior Certificates; (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the principal collections described in Section 4.02(a)(ii)(B)(b)
of this Series Supplement (without giving effect to the related Senior
Accelerated Distribution Percentage) to the extent such collections are not
otherwise distributed to the related Senior Certificates; (iii) the product of
(x) the related Prepayment Distribution Percentage and (y) the aggregate of all
Principal Prepayments in Full received in the related Prepayment Period and
Curtailments received in the preceding calendar month to the extent not payable
to the Senior Certificates; and (iv) any amounts described in clauses (i), (ii)
and (iii) as determined for any previous Distribution Date, that remain
undistributed to the extent that such amounts are not attributable to Realized
Losses which have been allocated to a Class of Subordinate Certificates; minus
(b) the related Capitalization Reimbursement Amount for such Distribution Date,
multiplied by a fraction, the numerator of which is the Subordinate Principal
Distribution Amount for such Class of Subordinate Certificates, without giving
effect to this clause (b)(ii), and the denominator of which is the sum of the
principal distribution amounts for all related Classes of Class A Certificates
and the related Subordinate Amount, without giving effect to any reductions for
the Capitalization Reimbursement Amount.
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Trust Fund: REMIC I, REMIC II and the Initial Monthly Payment Fund.
----------
Uncertificated Accrued Interest: With respect to each Uncertificated
REMIC I Regular Interest on each Distribution Date, an amount equal to one
month's interest at the related Uncertificated REMIC I Pass-Through Rate, on the
Uncertificated Principal Balance of such Uncertificated REMIC I Regular
Interest. Uncertificated Accrued Interest on the Uncertificated REMIC I Regular
Interests will be reduced by any Prepayment Interest Shortfalls and Relief Act
Interest Shortfalls, allocated among such REMIC I Regular Interests pro rata.
Uncertificated Principal Balance: The principal amount of any
Uncertificated REMIC I Regular Interest outstanding as of any date of
determination. The Uncertificated Principal Balance of each Uncertificated REMIC
I Regular Interest shall be reduced by all distributions of principal made on,
and allocation of Realized Losses to, such Uncertificated REMIC I Regular
Interest on such Distribution Date. The Uncertificated Principal Balance of each
Uncertificated REMIC I Regular Interest shall never be less than zero.
Uncertificated REMIC I Regular Interests: The Uncertificated partial
undivided beneficial ownership interests in REMIC I, designated as REMIC I
Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B, III-ZZZ and R-II, each
having an Uncertificated Principal Balance as specified herein and bearing
interest at a rate equal to the related Uncertificated REMIC I Pass-Through
Rate.
Uncertificated REMIC I Pass-Through Rate: With respect to each of the
REMIC I Regular Xxxxxxxxx X-X, XX-X, XXX-X and ZZZ, the weighted average of the
Net Mortgage Rates of the Mortgage Loans, weighted on the basis of the
respective Stated Principal Balances of each such Mortgage Loan as of the
beginning of the Due Period immediately preceding the related Distribution Date.
With respect to REMIC I Regular Interests II-B and R-II, the Net WAC Rate of the
Group II Loans. With respect to REMIC I Regular Interest III-B, the Net WAC Rate
of the Group III Loans.
Uncertificated REMIC I Regular Interest Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interests for such
Distribution Date pursuant to Section 10.04(a).
Underwriter: Bear, Xxxxxxx & Co. Inc.
Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)
Section 2.02 Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) For representations, warranties and covenants of the Master
Servicer, see Section 2.03(a) of the Standard Terms.
(b) The Company hereby represents and warrants to the Trustee for
the benefit of Certificateholders that as of the Closing Date (or, if
otherwise specified below, as of the date so specified):
(i) No Mortgage Loan is 30 or more days Delinquent in
payment of principal and interest as of the Cut-off Date and no
Mortgage Loan has been so Delinquent more than once in the
12-month period prior to the Cut-off Date;
(ii) The information set forth in Exhibits One, Two and
Three hereto with respect to each Mortgage Loan or the Mortgage
Loans, as the case may be, in Loan Group I, Loan Group II and
Loan Group III, respectively, is true and correct in all material
respects at the date or dates respecting which such information
is furnished;
(iii) The Mortgage Loans are fully-amortizing (subject to
interest only periods, if applicable), hybrid adjustable-rate
mortgage loans with level Monthly Payments due, with respect to a
majority of the Mortgage Loans, on the first day of each month
and terms to maturity at origination or modification of not more
than 30 years;
(iv) To the best of the Company's knowledge, if a Mortgage
Loan is secured by a Mortgaged Property with a Loan-to-Value
Ratio at origination in excess of 80%, such Mortgage Loan is the
subject of a Primary Insurance Policy that insures that (a) at
least 30% of the Stated Principal Balance of the Mortgage Loan at
origination if the Loan-to-Value Ratio is between 95.00% and
90.01%, (b) at least 25% of such balance if the Loan-to-Value
Ratio is between 90.00% and 85.01%, and (c) at least 12% of such
balance if the Loan-to-Value Ratio is between 85.00% and 80.01%.
To the best of the Company's knowledge, each such Primary
Insurance Policy is in full force and effect and the Trustee is
entitled to the benefits thereunder;
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(v) The issuers of the Primary Insurance Policies are
insurance companies whose claims-paying abilities are currently
acceptable to each Rating Agency;
(vi) No more than 3.3% of the Group I Loans by aggregate
Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area in
California, no more than 1.6% of the Group II Loans by aggregate
Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area in Arizona
and no more than 2.9% of the Group III Loans, by aggregate Stated
Principal Balance as of the Cut-off Date are secured by Mortgaged
Properties located in any one zip code area in the District of
Columbia, and no more than 2.1% of the Group I Loans are secured
by Mortgaged Properties located in any one zip code area outside
California, no more than 1.4% of the Group II Loans are secured
by Mortgaged Properties located in any one zip code area outside
Arizona and no more than 2.5% of the Group III Loans, by
aggregate Stated Principal Balance as of the Cut-off Date are
secured by Mortgaged Properties located in any one zip code area
outside the District of Columbia;
(vii) The improvements upon the Mortgaged Properties are
insured against loss by fire and other hazards as required by the
Program Guide, including flood insurance if required under the
National Flood Insurance Act of 1968, as amended. The Mortgage
requires the Mortgagor to maintain such casualty insurance at the
Mortgagor's expense, and on the Mortgagor's failure to do so,
authorizes the holder of the Mortgage to obtain and maintain such
insurance at the Mortgagor's expense and to seek reimbursement
therefor from the Mortgagor;
(viii) Immediately prior to the assignment of the Mortgage
Loans to the Trustee, the Company had good title to, and was the
sole owner of, each Mortgage Loan free and clear of any pledge,
lien, encumbrance or security interest (other than rights to
servicing and related compensation) and such assignment validly
transfers ownership of the Mortgage Loans to the Trustee free and
clear of any pledge, lien, encumbrance or security interest;
(ix) No more than 24.9% of the Group I Loans, no more than
23.0% of the Group II Loans and no more than 23.8% of the Group
III Loans, by aggregate Stated Principal Balance as of the
Cut-off Date, were underwritten under a reduced loan
documentation program;
(x) Each Mortgagor represented in its loan application
with respect to the related Mortgage Loan that the Mortgaged
Property would be owner-occupied and therefore would not be an
investor property as of the date of origination of such Mortgage
Loan. No Mortgagor is a corporation or a partnership;
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(xi) None of the Group I Loans, the Group II Loans or the
Group III Loans as of the Cut-off Date are Buydown Mortgage
Loans;
(xii) Each Mortgage Loan constitutes a qualified mortgage
under Section 860G(a)(3)(A) of the Code and Treasury Regulations
Section 1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as of the
closing of each Mortgage Loan and is valid and binding and
remains in full force and effect, unless the Mortgaged Properties
are located in the State of Iowa and an attorney's certificate
has been provided as described in the Program Guide;
(xiv) One Mortgage Loan, representing approximately 0.3%
of the Group II Loans, is a Cooperative Loan;
(xv) With respect to each Mortgage Loan originated under a
"streamlined" Mortgage Loan program (through which no new or
updated appraisals of Mortgaged Properties are obtained in
connection with the refinancing thereof), the related Seller has
represented that either (a) the value of the related Mortgaged
Property as of the date the Mortgage Loan was originated was not
less than the appraised value of such property at the time of
origination of the refinanced Mortgage Loan or (b) the Loan-
to-Value Ratio of the Mortgage Loan as of the date of origination
of the Mortgage Loan generally meets the Company's underwriting
guidelines;
(xvi) Interest on each Mortgage Loan is calculated on the
basis of a 360-day year consisting of twelve 30-day months;
(xvii) None of the Mortgage Loans contains in the related
Mortgage File a Destroyed Mortgage Note; and
(xviii)None of the Mortgage Loans are Pledged Asset Loans
or Additional Collateral Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth
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in Section 2.02; provided that the Company shall have the option to substitute a
Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan if such
substitution occurs within two years following the Closing Date; provided that
if the omission or defect would cause the Mortgage Loan to be other than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure
or repurchase must occur within 90 days from the date such breach was
discovered. Any such substitution shall be effected by the Company under the
same terms and conditions as provided in Section 2.04 for substitutions by
Residential Funding. It is understood and agreed that the obligation of the
Company to cure such breach or to so purchase or substitute for any Mortgage
Loan as to which such a breach has occurred and is continuing shall constitute
the sole remedy respecting such breach available to the Certificateholders or
the Trustee on behalf of the Certificateholders. Notwithstanding the foregoing,
the Company shall not be required to cure breaches or purchase or substitute for
Mortgage Loans as provided in this Section 2.03(b) if the substance of the
breach of a representation set forth above also constitutes fraud in the
origination of the Mortgage Loan.
Section 2.04 Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement (to the extent assigned to the Company pursuant to the
Assignment Agreement) applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's rights under such Seller's Agreement relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies provided thereunder for any
breach of such representations and warranties, such right, title and interest
may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders. Upon the discovery by the Company, the Master Servicer, the
Trustee or any Custodian of a breach of any of the representations and
warranties made in a Seller's Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the representations and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase obligation under
the Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party discovering such breach shall give prompt written notice to the other
parties (any Custodian being so obligated under a Custodial Agreement). The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request that such Seller or Residential
Funding, as the case may be, either (i) cure such breach in all material
respects within 90 days from the date the Master Servicer was notified of such
breach or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that in the case of
a breach under the Assignment Agreement Residential Funding shall have the
option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. If the breach of representation and warranty that gave
rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment Agreement was the representation and warranty set
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forth in clause (xxxii) of Section 4 thereof, then the Master Servicer shall
request that Residential Funding pay to the Trust Fund, concurrently with and in
addition to the remedies provided in the preceding sentence, an amount equal to
any liability, penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
In the event that Residential Funding elects to substitute a Qualified
Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this
Section 2.04, Residential Funding shall deliver to the Trustee for the benefit
of the Certificateholders with respect to such Qualified Substitute Mortgage
Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders will include the Monthly Payment due on a Deleted
Mortgage Loan for such month and thereafter Residential Funding shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this Agreement and the related Subservicing
Agreement in all respects, the related Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential Funding's rights in respect of such representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing
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to the Trustee of such event, which notice shall be accompanied by an Officers'
Certificate as to the calculation of such shortfall and (subject to Section
10.01(f)) by an Opinion of Counsel to the effect that such substitution will not
cause (a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) any portion of any REMIC to fail to
qualify as such at any time that any Certificate is outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing and to make any additional
payments required under the Assignment Agreement in connection with a breach of
the representation and warranty in clause (xxxii) of Section 4 thereof shall
constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential Funding, then the Trustee shall also have the right to
give the notification and require the purchase or substitution provided for in
the second preceding paragraph in the event of such a breach of a representation
or warranty made by Residential Funding in the Assignment Agreement. In
connection with the purchase of or substitution for any such Mortgage Loan by
Residential Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.
Section 2.05 Execution and Authentication of Certificates.
--------------------------------------------
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
(SEE ARTICLE III OF THE STANDARD TERMS)
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)
Section 4.02 Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf
of the Trustee or (y) the Paying Agent appointed by the Trustee, shall
distribute, to the Master Servicer, in the case of a distribution
pursuant to Section 4.02(a)(iii) below, the amount required to be
distributed to the Master Servicer or a Sub-Servicer pursuant to Section
4.02(a)(iii) below, and to each Certificateholder of record on the next
preceding Record Date (other than as provided in Section 9.01 respecting
the final distribution), either (1) in immediately available funds (by
wire transfer or otherwise) to the account of such Certificateholder at
a bank or other entity having appropriate facilities therefor, if such
Certificateholder has so notified the Master Servicer or the Paying
Agent, as the case may be, or (2) if such Certificateholder has not so
notified the Master Servicer or the Paying Agent by the Record Date, by
check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register, such Certificateholder's share
(which share shall be based on the aggregate of the Percentage Interests
represented by Certificates of the applicable Class held by such Holder)
of the following amounts, in the following order of priority (subject to
the provisions of Section 4.02(b) below), in each case to the extent of
the related Available Distribution Amount:
(i) (X) from the Available Distribution Amount related to
the Group I Loans, to the Group I Certificates, on a pro rata
basis based on the Accrued Certificate Interest payable on such
Classes of Certificates for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a) (the "Group I Senior Interest
Distribution Amount");
(Y) from the Available Distribution Amount related
to the Group II Loans, to the Group II Certificates, on a pro
rata basis based on Accrued Certificate Interest payable on such
Classes of Certificates for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a) (the "Group II Senior Interest
Distribution Amount"); and
(Z) from the Available Distribution Amount related
to the Group III Loans, to the Group III Certificates, on a pro
rata basis based on Accrued Certificate Interest payable on such
Classes of Certificates for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a) (the "Group II Senior Interest
Distribution Amount"); and
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(ii) (X) to the related Senior Certificates, in the
priorities and amounts set forth in Section 4.02(b)(ii) through
Section 4.02(d), the sum of the following (applied to reduce the
Certificate Principal Balances of such Senior Certificates, as
applicable):
(A) the related Senior Percentage for such
Distribution Date times the sum of the following:
(1) the principal portion of each Monthly
Payment due during the related Due Period on each
Outstanding Mortgage Loan in the related Loan
Group, whether or not received on or prior to the
related Determination Date, minus the principal
portion of any related Debt Service Reduction which
together with other Bankruptcy Losses exceeds the
Bankruptcy Amount;
(2) the Stated Principal Balance of any
Mortgage Loan in the related Loan Group repurchased
during the preceding calendar month (or deemed to
have been so repurchased in accordance with Section
3.07(b) of the Standard Terms) pursuant to Sections
2.02, 2.04 or 4.07 of the Standard Terms and
Section 2.03 of the Standard Terms and this Series
Supplement, and the amount of any shortfall
deposited in the Custodial Account in connection
with the substitution of a Deleted Mortgage Loan
from the related Loan Group pursuant to Section
2.04 of the Standard Terms or Section 2.03 of the
Standard Terms and this Series Supplement, during
the preceding calendar month; and
(3) the principal portion of all other
unscheduled collections with respect to the related
Loan Group (other than Principal Prepayments in
Full and Curtailments and amounts received in
connection with a Cash Liquidation or REO
Disposition of a Mortgage Loan in such Loan Group
described in Section 4.02(a)(ii)(Y)(B) of this
Series Supplement, including without limitation any
related Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) received during the preceding
calendar month (or deemed to have been so received
in accordance with Section 3.07(b) of the Standard
Terms) to the extent applied by the Master Servicer
as recoveries of principal of the related Mortgage
Loan pursuant to Section 3.14 of the Standard
Terms;
(B) with respect to each Mortgage Loan in the
related Loan Group for which a Cash Liquidation or a REO
Disposition occurred during the preceding calendar month
(or was deemed to have occurred during such
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period in accordance with Section 3.07(b) of the Standard
Terms) and did not result in any Excess Special Hazard
Losses, Excess Fraud Losses, Excess Bankruptcy Losses or
Extraordinary Losses, an amount equal to the lesser of (a)
the related Senior Percentage for such Distribution Date
times the Stated Principal Balance of such Mortgage Loan
and (b) the related Senior Accelerated Distribution
Percentage for such Distribution Date times the related
unscheduled collections (including without limitation
Insurance Proceeds, Liquidation Proceeds and REO Proceeds)
to the extent applied by the Master Servicer as recoveries
of principal of the related Mortgage Loan pursuant to
Section 3.14 of the Standard Terms;
(C) the related Senior Accelerated Distribution
Percentage for such Distribution Date times the aggregate
of all Principal Prepayments in Full received in the
related Prepayment Period and Curtailments with respect to
the related Loan Group received in the preceding calendar
month;
(D) any amounts described in subsection (ii),
clauses (A), (B) and (C) of this Section 4.02(a), as
determined for any previous Distribution Date, which
remain unpaid after application of amounts previously
distributed pursuant to this clause (D) to the extent that
such amounts are not attributable to Realized Losses which
have been allocated to the Subordinate Certificates;
(E) to the Holders of the Group I Certificates,
Group II Certificates or the Group III Certificates, as
applicable, amounts required to be distributed pursuant to
Section 4.02(c); minus
(F) the related Capitalization Reimbursement Amount
for such Distribution Date, other than the related
Discount Fraction of any portion of that amount related to
each Discount Mortgage Loan in the related Loan Group,
multiplied by a fraction, the numerator of which is the
related Senior Principal Distribution Amount, without
giving effect to this clause (F), and the denominator of
which is the sum of the principal distribution amounts for
all related Classes of Class A Certificates and the
related Subordinate Amount without giving effect to any
reductions for the related Capitalization Reimbursement
Amount;
(iii) if the Certificate Principal Balances of the
Subordinate Certificates have not been reduced to zero, to the
Master Servicer or a Sub-Servicer, by remitting for deposit to
the Custodial Account, to the extent of and in reimbursement for
any Advances or Sub-Servicer Advances previously made with
respect to any Mortgage Loan or REO Property which remain
unreimbursed in whole or in part following the Cash Liquidation
or REO Disposition of such Mortgage Loan or REO Property, minus
any such Advances that were made with respect to delinquencies
that
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ultimately constituted Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses or Extraordinary Losses;
(iv) to the Holders of the Class M-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class B-1 Certificates;
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(xii) to the Holders of the Class B-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date,
plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an
amount equal to the Accrued Certificate Interest thereon for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date, except as
provided below;
(xv) to the Holders of the Class B-3 Certificates, an
amount equal to the Subordinate Principal Distribution Amount
derived from each Loan Group for such Class of Certificates for
such Distribution Date, applied in reduction of the Certificate
Principal Balance of the Class B-3 Certificates;
(xvi) to the Senior Certificates, in the priority set
forth in Section 4.02(b) of this Series Supplement, the portion,
if any, of the Available Distribution Amount for the related Loan
Group remaining after the foregoing distributions, applied to
reduce the Certificate Principal Balances of such Senior
Certificates, but in no event more than the aggregate of the
outstanding Certificate Principal Balances of each such Class of
Senior Certificates, and thereafter, to each Class of Subordinate
Certificates then outstanding beginning with such Class with the
Highest Priority, any portion of the Available Distribution
Amount for each Loan Group remaining after the Senior
Certificates have been retired, applied to reduce the Certificate
Principal Balance of each such Class of Subordinate Certificates,
but in no event more than the outstanding Certificate Principal
Balance of each such Class of Subordinate Certificates; and
(xvii) to the Class R-II Certificates, the balance, if
any, of the Available Distribution Amount for each Loan Group.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that (1) a shortfall in the amounts available to pay Accrued
Certificate Interest on any Class of Certificates results from an interest rate
reduction in connection with a Servicing Modification, or (2) such unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the failure of the Master Servicer to make any required Advance, or the
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determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition or the related Liquidation Proceeds, Insurance Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.
(b) Distributions of principal on the Senior Certificates on each
Distribution Date occurring prior to the Credit Support Depletion Date
will be made as follows:
(i) the Group I Senior Principal Distribution Amount shall
be distributed to the Class A-I Certificates, until the Certificate
Principal Balance thereof has been reduced to zero;
(ii) the Group II Senior Principal Distribution Amount
shall be distributed, concurrently on a pro rata basis, to the Class R-I
Certificates and Class R-II Certificates, until the Certificate
Principal Balances thereof have been reduced to zero;
(iii) the balance of the Group II Senior Principal
Distribution Amount remaining after the distribution, if any, described
in clause (ii) above shall be distributed to the Class A-II
Certificates, until the Certificate Principal Balance thereof has been
reduced to zero; and
(iv) the Group III Senior Principal Distribution Amount
shall be distributed to the Class A-III Certificates, until the
Certificate Principal Balance thereof has been reduced to zero;
(c) Prior to the occurrence of the Credit Support Depletion Date
but after the reduction of the Certificate Principal Balances of any of
the Group I, Group II or Group III Certificates to zero, the remaining
Group I, Group II or Group III Certificates, as applicable, will be
entitled to receive, on a pro rata basis, based on the Certificate
Principal Balances of the related Certificates, in addition to any
Principal Prepayments in Full and Curtailments related to such
Certificates' respective Loan Group, 100% of the Principal Prepayments
in Full and Curtailments on the Mortgage Loans in the Loan Group related
to the Certificates that have been reduced to zero, and in accordance
with the priorities set forth in clause 4.02(b) above, and in reduction
of the Certificate Principal Balances thereof, on any Distribution Date
unless (i) the weighted average of the initial Subordinate Percentages
for each Loan Group, weighted on the basis of the Stated Principal
Balances of the Mortgage Loans in the related Loan Group, is at least
two times the weighted average of the initial Subordinate Percentages
for each Loan Group (calculated on such basis) and (ii) the outstanding
principal balance of the Mortgage Loans in each Loan Group delinquent 60
days or more averaged over the last six months, as a percentage of the
aggregate outstanding Certificate Principal Balance of the Class M
Certificates and Class B Certificates, is less than 50%. In addition, on
any Distribution Date prior to the Credit Support Depletion Date on
which the aggregate Certificate Principal Balance of any of the Group I,
Group II or Group III Certificates, as applicable, is greater than the
aggregate Stated Principal Balance of the
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Mortgage Loans in the related Loan Group in each case after giving
effect to distributions to be made on such Distribution Date, (1) 100%
of the Principal Prepayments in Full and Curtailments allocable on a pro
rata basis to the Class M Certificates and Class B Certificates on the
Mortgage Loans in the other Loan Groups will be distributed to such
Class or Classes of Group I, Group II or Group III Certificates, as
applicable, and in accordance with the priorities set forth in clause
4.02(b) above, and in reduction of the Certificate Principal Balances
thereof, until the aggregate Certificate Principal Balance of such Class
or Classes of Certificates equals the aggregate Stated Principal Balance
of the Mortgage Loans in the related Loan Group, and (2) an amount equal
to one month's interest at the applicable Pass- Through Rate for such
Class or Classes of Certificates on the amount of such difference will
be distributed from the Available Distribution Amount for the other Loan
Groups allocable on a pro rata basis to the Class M Certificates and
Class B Certificates first to pay any unpaid interest on such Class or
Classes of Certificates and then to pay principal on such Classes in the
manner described in (1) above.
(d) After the reduction of the Certificate Principal Balances of
the Senior Certificates in a certificate group to zero but prior to the
Credit Support Depletion Date, the related Senior Certificates will be
entitled to no further distributions of principal thereon and the
related Available Distribution Amount will be paid solely to the holders
of the Subordinate Certificates, in each case as described herein.
(e) On or after the occurrence of the Credit Support Depletion
Date, all priorities relating to distributions as described in clauses
Section 4.02(b) above in respect of principal among the various classes
of Senior Certificates will be disregarded, and (i) the applicable
Senior Principal Distribution Amount will be distributed to the
remaining Classes of related Senior Certificates pro rata in accordance
with their respective outstanding Certificate Principal Balances, and
(ii) the amount set forth in Section 4.02(a)(i) will be distributed as
set forth therein.
(f) In addition to the foregoing distributions, with respect to
any Subsequent Recoveries, the Master Servicer shall deposit such funds
into the Custodial Account pursuant to Section 3.07(b)(iii). If, after
taking into account such Subsequent Recoveries, the amount of a Realized
Loss is reduced, the amount of such Subsequent Recoveries will be
applied to increase the Certificate Principal Balance of the Class of
Subordinate Certificates with the Highest Priority to which Realized
Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess
Special Hazard Losses and Extraordinary Losses, have been allocated, but
not by more than the amount of Realized Losses previously allocated to
that Class of Certificates pursuant to Section 4.05. The amount of any
remaining Subsequent Recoveries will be applied to increase the
Certificate Principal Balance of the Class of Certificates with the next
Lower Priority, up to the amount of such Realized Losses previously
allocated to that Class of Certificates pursuant to Section 4.05. Any
remaining Subsequent Recoveries will in turn be applied to increase the
Certificate Principal Balance of the Class of Certificates with the next
Lower Priority up to the amount of such Realized Losses previously
allocated to that Class of Certificates pursuant to Section 4.05, and so
on. Holders
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of such Certificates will not be entitled to any payment in respect of
Accrued Certificate Interest on the amount of such increases for any
Interest Accrual Period preceding the Distribution Date on which such
increase occurs. Any such increases shall be applied to the Certificate
Principal Balance of each Certificate of such Class in accordance with
its respective Percentage Interest.
(g) Each distribution with respect to a Book-Entry Certificate
shall be paid to the Depository, as Holder thereof, and the Depository
shall be solely responsible for crediting the amount of such
distribution to the accounts of its Depository Participants in
accordance with its normal procedures. Each Depository Participant shall
be responsible for disbursing such distribution to the Certificate
Owners that it represents and to each indirect participating brokerage
firm (a "brokerage firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners
that it represents. None of the Trustee, the Certificate Registrar, the
Company or the Master Servicer shall have any responsibility therefor.
(h) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class
of Certificates will be made on the next Distribution Date, the Master
Servicer shall, no later than the Determination Date in the month of
such final distribution, notify the Trustee and the Trustee shall, no
later than two (2) Business Days after such Determination Date, mail on
such date to each Holder of such Class of Certificates a notice to the
effect that: (i) the Trustee anticipates that the final distribution
with respect to such Class of Certificates will be made on such
Distribution Date but only upon presentation and surrender of such
Certificates at the office of the Trustee or as otherwise specified
therein, and (ii) no interest shall accrue on such Certificates from and
after the end of the related Interest Accrual Period. In the event that
Certificateholders required to surrender their Certificates pursuant to
Section 9.01(c) do not surrender their Certificates for final
cancellation, the Trustee shall cause funds distributable with respect
to such Certificates to be withdrawn from the Certificate Account and
credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
Section 4.03 Statements to Certificateholders; Statements to Rating Agencies;
Exchange Act Reporting. (See Section 4.03 of the Standard Terms)
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by
the Master Servicer. (See Section 4.04 of the Standard Terms)
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Section 4.05 Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced by an Officers' Certificate. All Realized
Losses, other than Excess Special Hazard Losses, Extraordinary Losses, Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows: first,
to the Class B-3 Certificates until the Certificate Principal Balance thereof
has been reduced to zero; second, to the Class B-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; third, to the
Class B-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; fourth, to the Class M-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; fifth, to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; sixth, to the Class M-1 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and, thereafter, such Realized Losses
(A) in the case of a Group I Loan, to the Group I Certificates in the case of
the principal portion of such loss and in the case of the interest portion of
such loss, (B) in the case of a Group II Loan, among the Group II Certificates
in the case of the principal portion of such loss on a pro rata basis, and among
the Group II Certificates in the case of the interest portion of such loss on a
pro rata basis, and (C) in the case of a Group III Loan, to the Group III
Certificates in the case of the principal portion of such loss and in the case
of the interest portion of such loss (subject to Section 4.02(c)), as described
below. The Group I Senior Percentage, Group II Senior Percentage or Group III
Senior Percentage (as applicable) of any Excess Special Hazard Losses, Excess
Bankruptcy Losses, Excess Fraud Losses or Extraordinary Losses on the Mortgage
Loans will be allocated (A) in the case of a Group I Loan, to the Group I
Certificates in the case of the principal portion of such loss and in the case
of the interest portion of such loss, (B) in the case of a Group II Loan, among
the Group II Certificates in the case of the principal portion of such loss on a
pro rata basis, and among the Group II Certificates in the case of the interest
portion of such loss, on a pro rata basis, and (C) in the case of a Group III
Loan, to the Group III Certificates in the case of the principal portion of such
loss and in the case of the interest portion of such loss; and the remainder of
such Realized Losses will be allocated among the Class M Certificates and Class
B Certificates, on a pro rata basis. The portion allocated to the Class M
Certificates and Class B Certificates will be based on each Certificates'
interest in the related Loan Group.
On any Distribution Date, Realized Losses will be allocated as set forth
herein after distributions of principal on the Certificates as set forth herein.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon
-34-
payable on such Distribution Date (without regard to any Compensating Interest
for such Distribution Date) in the case of an interest portion of a Realized
Loss. Except as provided in the following sentence, any allocation of the
principal portion of Realized Losses (other than Debt Service Reductions) to a
Class of Certificates shall be made by reducing the Certificate Principal
Balance thereof by the amount so allocated, which allocation shall be deemed to
have occurred on such Distribution Date; provided that no such reduction shall
reduce the aggregate Certificate Principal Balance of the Certificates below the
aggregate Stated Principal Balance of the Mortgage Loans. Any allocation of the
principal portion of Realized Losses (other than Debt Service Reductions) to the
Subordinate Certificates then outstanding with the Lowest Priority shall be made
by operation of the definition of "Certificate Principal Balance" and by
operation of the provisions of Section 4.02(a). Allocations of the interest
portions of Realized Losses (other than any interest rate reduction resulting
from a Servicing Modification) shall be made in proportion to the amount of
Accrued Certificate Interest and by operation of the definition of "Accrued
Certificate Interest" and by operation of the provisions of Section 4.02(a).
Allocations of the interest portion of a Realized Loss resulting from an
interest rate reduction in connection with a Servicing Modification shall be
made by operation of the provisions of Section 4.02(a). Allocations of the
principal portion of Debt Service Reductions shall be made by operation of the
provisions of Section 4.02(a). All Realized Losses and all other losses
allocated to a Class of Certificates hereunder will be allocated among the
Certificates of such Class in proportion to the Percentage Interests evidenced
thereby.
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property. (See
Section 4.06 of the Standard Terms).
Section 4.07 Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07 of
the Standard Terms).
Section 4.08 Surety Bond. (See Section 4.08 of the Standard Terms).
-35-
ARTICLE V
THE CERTIFICATES
(SEE ARTICLE V OF THE STANDARD TERMS)
-36-
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
(SEE ARTICLE VI OF THE STANDARD TERMS)
-37-
ARTICLE VII
DEFAULT
(SEE ARTICLE VII OF THE STANDARD TERMS)
-38-
ARTICLE VIII
CONCERNING THE TRUSTEE
(SEE ARTICLE VIII OF THE STANDARD TERMS)
-39-
ARTICLE IX
TERMINATION
Section 9.01 Optional Purchase by the Master Servicer of All
Certificates; Termination Upon Purchase by the Master
Servicer or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee
created hereby in respect of the Certificates (other than the obligation
of the Trustee to make certain payments after the Final Distribution
Date to Certificateholders and the obligation of the Company to send
certain notices as hereinafter set forth) shall terminate upon the last
action required to be taken by the Trustee on the Final Distribution
Date pursuant to this Article IX following the earlier of:
(i) the later of the final payment or other liquidation
(or any Advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, or
(ii) the purchase by the Master Servicer of all Mortgage
Loans and all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund at a price equal to 100% of the
unpaid principal balance of each Mortgage Loan or, if less than
such unpaid principal balance, the fair market value of the
related underlying property of such Mortgage Loan with respect to
Mortgage Loans as to which title has been acquired if such fair
market value is less than such unpaid principal balance (net of
any unreimbursed Advances attributable to principal) on the day
of repurchase plus accrued interest thereon at the Net Mortgage
Rate (or Modified Net Mortgage Rate in the case of any Modified
Mortgage Loan) to, but not including, the first day of the month
in which such repurchase price is distributed, provided, however,
that in no event shall the trust created hereby continue beyond
the expiration of 21 years from the death of the last survivor of
the descendants of Xxxxxx X. Xxxxxxx, the late ambassador of the
United States to the Court of St. Xxxxx, living on the date
hereof and provided further that the purchase price set forth
above shall be increased as is necessary, as determined by the
Master Servicer, to avoid disqualification of any portion of any
REMIC formed under the Series Supplement as a REMIC. The purchase
price paid by the Master Servicer shall also include any amounts
owed by Residential Funding pursuant to Section 4 of the
Assignment Agreement in respect of any liability, penalty or
expense that resulted from a breach of the representation and
warranty set forth in clause (xxxii) of such Section that remain
unpaid on the date of such purchase.
The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance as of the Final Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date, being less than ten
-40-
percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master Servicer shall be deemed
to have been reimbursed for the full amount of any unreimbursed Advances
theretofore made by it with respect to the Mortgage Loans. In addition, the
Master Servicer shall provide to the Trustee the certification required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the purchase price, release to the Master Servicer the Mortgage Files
pertaining to the Mortgage Loans being purchased.
In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance, prior to giving effect to distributions to be made on
such Distribution Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans, Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of such Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest. If the Master
Servicer exercises this right to purchase the outstanding Certificates, the
Master Servicer will promptly terminate the respective obligations and
responsibilities created hereby in respect of the Certificates pursuant to this
Article IX.
(b) - (e) (See Section 9.01(b) - (e) of the Standard Terms)
Section 9.02 Additional Termination Requirements. (See Section 9.02 of the
Standard Terms)
Section 9.03 Termination of Multiple REMICs. (See Section 9.03 of the Standard
Terms)
-41-
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)
Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.
(See Section 10.02 of the Standard Terms)
Section 10.03 Designation of REMIC(s).
The REMIC Administrator will make an election to treat the segregated
pool of assets described in the definition of REMIC I (as defined herein), and
subject to this Agreement (including the Mortgage Loans but excluding the
Initial Monthly Payment Fund), as a REMIC for federal income tax purposes. The
REMIC Administrator will make an election to treat the segregated pool of assets
consisting of the REMIC I Regular Interests, and subject to this Agreement
(excluding the Initial Monthly Payment Fund), as a REMIC for federal income tax
purposes.
The REMIC I Regular Interests will be "regular interests" in REMIC I and
the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions (as defined herein).
The Class A-I, Class A-II, Class A-III, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates will be "regular interests" in
REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests" therein for purposes of the REMIC Provisions (as defined in the
Standard Terms) under federal income tax law.
Section 10.04 Distributions on the Uncertificated REMIC I Regular
Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated REMIC I Regular Interests,
Uncertificated Accrued Interest on the Uncertificated REMIC I Regular Interests,
pro rata, for such Distribution Date, plus any Uncertificated Accrued Interest
thereon remaining unpaid from any previous Distribution Date.
(b) Distributions shall be deemed to be made to the Uncertificated REMIC
I Regular Interests first, so as to keep the Uncertificated Principal Balance of
each Uncertificated REMIC I Regular Interest ending with the designation "B"
equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans
in the related Loan Group; second, so as to keep the principal balance of each
Uncertificated REMIC I Regular Interest ending with the designation "A" equal to
0.01% of the Group I Subordinate Amount, the Group II Subordinate Amount or the
Group III Subordinate Amount, as the case may be (except that if on any
Distribution Date the Subordinate Amount for any Loan Group is greater than the
Subordinate Amount for such Loan Group on the preceding Distribution Date, the
least amount of principal shall be distributed to REMIC I Regular Interests I-A,
II-A and III-A such that the REMIC I Subordinate Balance Ratio is maintained);
and
-42-
third, any remaining principal shall be distributed to REMIC I Regular Interest
ZZZ. Realized Losses on the Mortgage Loans shall be applied after all
distributions have been made on each Distribution Date first, so as to keep the
Uncertificated Principal Balance of each Uncertificated REMIC I Regular Interest
ending with the designation "B" equal to 0.01% of the aggregate Stated Principal
Balance of the Mortgage Loans in the related Loan Group; second, Realized Losses
shall be applied after all distributions have been made on each Distribution
Date, so as to keep the principal balance of each Uncertificated REMIC I Regular
Interest ending with the designation "A" equal to 0.01% of the Group I
Subordinate Amount, the Group II Subordinate Amount or the Group III Subordinate
Amount, as the case may be (except that if on any Distribution Date the
Subordinate Amount for any Group of Loans is greater than the Subordinate Amount
for such Group of Loans on the preceding Distribution Date, the least amount of
Realized Losses shall be applied to REMIC I Regular Interests I-A, II-A and
III-A such that the REMIC I Subordinate Balance Ratio is maintained); and third,
the remaining Realized Losses shall be allocated to REMIC I Regular Interest
ZZZ.
(c) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
Section 10.05 Compliance with Withholding Requirements.
Notwithstanding any other provision of this Agreement, the Trustee or
any Paying Agent, as applicable, shall comply with all federal withholding
requirements respecting payments to Certificateholders, including interest or
original interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable, reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying Agent, as applicable, does withhold any
amount from interest or original issue discount payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements, the Trustee
or any Paying Agent, as applicable, shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.
-43-
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)
Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the
Standard Terms)
Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of
the Standard Terms)
Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)
Section 11.05 Notices. All demands and notices hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered at or
mailed by registered mail, postage prepaid (except for notices to the
Trustee which shall be deemed to have been duly given only when received),
to the appropriate address for each recipient listed in the table below or,
in each case, such other address as may hereafter be furnished in writing
to the Master Servicer, the Trustee and the Company, as applicable:
Recipient Address
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxxx 00000,
Company Attention: President
0000 X. Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxxx 00000-0000,
Master Servicer Attention: Managing Director/Master Servicing
Trustee Corporate Trust Office
The Trustee designates its offices located at
0000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Attn: Institutional Trust Services Transfer
Dept. - 2004-SA1,
for the purposes of registration of transfer
or exchange of the Certificates
00 Xxxxx Xxxxxx
Standard & Poor's Xxx Xxxx, Xxx Xxxx 00000
Xxxxx'x 00 Xxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so
-44-
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 Required Notices to Rating Agency and Subservicer.
The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency and the Subservicer at such time as it is otherwise
required pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as otherwise required to be
delivered pursuant to this Agreement of any of the statements described in
clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Master Servicer
or Trustee or a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket
fidelity bond and the errors and omissions insurance policy required by
Section 3.12 or the cancellation or modification of coverage under any
such instrument,
(e) the statement required to be delivered to the Holders of each
Class of Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections
3.18 and 3.19,
(g) a change in the location of the Custodial Account or the
Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the
Holders of any Class of Certificates resulting from the failure by the
Master Servicer to make an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer of any such
event known to the Master Servicer.
Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard
Terms)
-45-
Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08
of the Standard Terms)
Section 11.09 Allocation of Voting Rights.
99% of all Voting Rights shall be allocated among Holders of
Certificates, other than the Residual Certificates, in proportion to the
outstanding Certificate Principal Balances of their respective Certificates, and
0.5% and 0.5% of all Voting Rights will be allocated among the Holders of the
Class R-I Certificates and Class R-II Certificates, respectively, in accordance
with their respective Percentage Interests.
-46-
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
[Seal] RESIDENTIAL FUNDING
MORTGAGE SECURITIES I,
INC.
Attest:/s/ Xxxxxx Xxxxxx By: /s/ Xxx Xxxxxx
Name: Xxxxxx Xxxxxx Name: Xxx Xxxxxx
Title: Vice President Title: Vice President
[Seal]
RESIDENTIAL FUNDING CORPORATION
Attest:/s/ Xxx Xxxxxx By:/s/ Xxxxxx Xxxxxx
Name: Xxx Xxxxxx Name: Xxxxxx Xxxxxx
Title: Associate Title: Associate
[Seal] JPMORGAN CHASE
BANK as
Trustee
Attest:/s/ Xxxxx Xxxxxxxxxx By: /s/ Xxxxxxx Xxxxxx
Name: Xxxxx Xxxxxxxxxx Name: Xxxxxxx Xxxxxx
Title: Attorney in Fact Title: Authorized Officer
-47-
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of June, 2004 before me, a notary public in and
for said State, personally appeared Xxx Xxxxxx, known to me to be a Vice
President of Residential Funding Mortgage Securities I, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
-----------------
[Notarial Seal]
-00-
XXXXX XX XXXXXXXXX )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of June, 2004 before me, a notary public in and
for said State, personally appeared Xxxxxx Xxxxxx, known to me to be an
Associate of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
------------------
[Notarial Seal]
-00-
XXXXX XX XXXXXXXX )
) ss.:
COUNTY OF XXXX )
On the 29th day of June, 2004 before me, a notary public in and
for said State, personally appeared Xxxxxxx Xxxxxx, known to me to be an
Authorized Officer of JPMorgan Chase Bank, the entity that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said banking entity and acknowledged to me that such banking entity executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
-------------------
[Notarial Seal]
-50-
EXHIBIT ONE
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP I
(Available Upon Request)
Non Fixed Rate Loan
Loan Number Orig Rate Original Bal Max Neg Amort
Curr Rate Principal Bal Loan Feature
Net Curr Original PI # of Units
Note Ceiling Current PI LTV
City State Zip Net Ceiling Note Date
Servicer Loan # Note Floor First Pay Date MI Co Code
Seller Loan # Net Floor Maturity Date MI Coverage
Investor Loan # Gross Margin 1st IntChgDate Nxt IntChgDate
S/S Code Net Margin 1st PmtChgDate Nxt PmtChgDate
Int Chg Prior Day 1st Yr Floor Pmt Cap Incr Pmt Cap Decr
Payment Type 1st Yr Ceil Int Chg Freq Mos Pmt Chg Freq Mos
Orig Term Adj Index Period Incr Period Decr
Note Life Incr Note Round Type Note Round Mth Note Round Fctr
Net Life Incr Net Round Type Net Round Mth Net Round Fctr
Note Life Decr Loan Purp Convert Code Convert Prd From
Net Life Decr Prop Type Convert Index Convert Prd To
Occup Code Convert Margin
8944895 3.6250 268000.0000 100.0000
3.6250 268,000.00 ZZ
3.3750 809.58 1
9.6250 809.58 80
XXXX XX 00000 9.3750 04/16/04
0420348237 0.0000 06/01/04 00
0420348237 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
E22/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 5.6250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8948335 4.2500 229500.0000 100.0000
4.2500 229,183.81 ZZ
4.0000 1129.00 1
10.2500 1129.00 80
XXXXXXX XX 00000 10.0000 04/14/04
0420252652 0.0000 06/01/04 00
0420252652 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
E22/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 6.2500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8960281 4.5000 93622.0000 100.0000
4.5000 93,622.00 ZZ
4.2500 351.08 1
10.5000 351.08 95
XXXXXXXX XX 00000 10.2500 04/22/04
0420546756 0.0000 06/01/04 10
0420546756 0.0000 05/01/34 30.0000
0 2.2500 05/01/07 05/01/07
E22/G01 2.0000 06/01/07 06/01/07
45 2.5000 0.0000 0.0000
A 6.5000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8961059 4.0000 483000.0000 100.0000
4.0000 482,304.08 ZZ
3.7500 2305.92 1
10.0000 2305.92 66
XXX XXXX XX 00000 9.7500 04/02/04
0437821085 0.0000 06/01/04 00
714030211 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
956/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 6.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8961067 3.8750 600000.0000 100.0000
3.8750 599,116.08 ZZ
3.6250 2821.42 1
9.8750 2821.42 53
XXXXXXX XX 00000 9.6250 03/31/04
0437821119 0.0000 06/01/04 00
714030240 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
956/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 5.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
8961073 3.5000 451300.0000 100.0000
3.5000 446,895.30 ZZ
3.2500 2026.54 1
9.5000 2026.54 55
XXXXXXXXX XX 00000 9.2500 03/31/04
0437821143 0.0000 05/01/04 00
714030285 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
956/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 5.5000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8961149 4.7500 385000.0000 100.0000
4.7500 384,515.62 ZZ
4.5000 2008.34 1
10.7500 2008.34 73
XXX XXXX XX 00000 10.5000 04/09/04
0437821259 0.0000 06/01/04 00
714040001 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
956/G01 2.0000 06/01/07 06/01/07
45 2.7500 0.0000 0.0000
A 6.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8961163 3.8750 580000.0000 100.0000
3.8750 578,288.32 ZZ
3.6250 2727.38 1
9.8750 2727.38 58
XXXXXXXXX XX 00000 9.6250 03/27/04
0437821309 0.0000 05/01/04 00
1514030131 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
956/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 5.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8961205 4.3750 367000.0000 100.0000
4.3750 366,009.48 ZZ
4.1250 1832.38 1
10.3750 1832.38 60
XXXXXXXXXX XX 00000 10.1250 03/19/04
0437821432 0.0000 05/01/04 00
4314020230 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
956/G01 2.0000 05/01/07 05/01/07
45 2.3750 0.0000 0.0000
A 6.3750 12 12
360 1 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8961251 3.6250 365000.0000 100.0000
3.6250 364,438.01 ZZ
3.3750 1664.59 1
9.6250 1664.59 51
XXXXXXXXXX XX 00000 9.3750 04/05/04
0437821499 0.0000 06/01/04 00
6914040003 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
956/G01 2.0000 06/01/07 06/01/07
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XXXXXX XX 00000 10.2500 02/25/04
0419822622 0.0000 04/01/04 04
0419822622 0.0000 03/01/34 25.0000
0 2.2500 03/01/07 03/01/07
E22/G01 2.0000 04/01/07 04/01/07
45 2.2500 0.0000 0.0000
A 6.5000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9192916 4.1250 396000.0000 100.0000
4.1250 394,882.16 ZZ
3.8750 1919.21 1
10.1250 1919.21 55
XXXXX XXXXX XX 00000 9.8750 03/04/04
0420110975 0.0000 05/01/04 00
0420110975 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9199560 3.7500 202000.0000 100.0000
3.7500 201,390.57 ZZ
3.5000 935.49 1
9.7500 935.49 45
XXXXXX XX 00000 9.5000 03/09/04
0420191124 0.0000 05/01/04 00
0420191124 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 5.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9204962 4.0000 440000.0000 100.0000
4.0000 438,729.96 ZZ
3.7500 2100.63 1
10.0000 2100.63 45
XXXXXXXXXX XX 00000 9.7500 03/09/04
0420164212 0.0000 05/01/04 00
0420164212 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9207768 3.6750 392000.0000 100.0000
3.6750 390,801.63 ZZ
3.4250 1798.77 1
9.6750 1798.77 80
XXX XXXXXXX XX 00000 9.4250 02/25/04
0437645245 0.0000 05/01/04 00
51107811 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
Y40/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 5.6750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9209960 4.0000 633000.0000 100.0000
4.0000 630,254.75 ZZ
3.7500 3022.04 1
10.0000 3022.04 44
XXXXXX XX 00000 9.7500 02/20/04
0437641582 0.0000 04/01/04 00
226310040 0.0000 03/01/34 0.0000
0 2.2500 03/01/07 03/01/07
W57/G01 2.0000 04/01/07 04/01/07
45 2.2500 0.0000 0.0000
A 6.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9210422 4.0000 50000.0000 100.0000
4.0000 49,844.35 ZZ
3.7500 238.71 1
10.0000 238.71 35
XXXXXXX XX 00000 9.7500 03/19/04
0420130775 0.0000 05/01/04 00
0420130775 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9221140 4.1250 346000.0000 100.0000
4.1250 345,023.30 ZZ
3.8750 1676.89 1
10.1250 1676.89 44
XXX XXXX XX 00000 9.8750 03/12/04
0420214918 0.0000 05/01/04 00
0420214918 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9242470 4.1250 484800.0000 100.0000
4.1250 484,800.00 ZZ
3.8750 1666.50 1
10.1250 1666.50 80
XXXXXXXXX XXXXX XX 00000 9.8750 03/22/04
0420305120 0.0000 05/01/04 00
0420305120 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9245198 4.2500 328000.0000 100.0000
4.2500 327,094.62 ZZ
4.0000 1613.56 1
10.2500 1613.56 80
XXXXXXXX XXXX XX 00000 10.0000 03/12/04
0420115859 0.0000 05/01/04 00
0420115859 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.2500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9245446 4.1250 185000.0000 100.0000
4.1250 184,432.80 ZZ
3.8750 896.60 1
10.1250 896.60 61
XXXXXXXX XX 00000 9.8750 03/15/04
0420258998 0.0000 05/01/04 00
0420258998 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9247686 4.2500 67108.0700 100.0000
4.2500 66,922.83 ZZ
4.0000 330.13 1
10.2500 330.13 68
XXXX XX 00000 10.0000 03/18/04
0437650021 2.2500 05/01/04 00
014905519398 2.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
K15/G01 2.0000 05/01/07 05/01/07
25 2.2500 0.0000 0.0000
A 6.2500 6 6
360 E 1.0000 1.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
2.0000 2 0
0.0000 05 00
O 0.0000
9247688 3.7500 67500.0000 100.0000
3.7500 67,097.38 ZZ
3.5000 312.60 1
9.7500 312.60 32
XXXXXXXXXX XX 00000 9.5000 03/09/04
0437649437 2.2500 05/01/04 00
033805528994 2.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
K15/G01 2.0000 05/01/07 05/01/07
25 2.2500 0.0000 0.0000
A 5.7500 6 6
360 E 1.0000 1.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
1.5000 2 0
0.0000 05 00
O 0.0000
9257418 3.7500 399950.0000 100.0000
3.7500 397,591.98 ZZ
3.5000 1852.23 1
9.7500 1852.23 19
XXXXXXXX XX 00000 9.5000 03/22/04
0420330367 0.0000 05/01/04 00
0420330367 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
E22/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 5.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9274606 3.8750 336000.0000 100.0000
3.8750 335,505.00 ZZ
3.6250 1580.00 1
9.8750 1580.00 80
XXXXXXXXXX XXXX XX 00000 9.6250 04/05/04
0437716632 0.0000 06/01/04 00
2037390 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
X89/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 5.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9275326 3.8750 283200.0000 100.0000
3.8750 282,782.78 ZZ
3.6250 1331.72 1
9.8750 1331.72 17
XX XXXXX XX 00000 9.6250 04/07/04
0437700289 0.0000 06/01/04 00
HS909662 0.0000 05/01/34 0.0000
0 2.2500 05/01/07 05/01/07
Q31/G01 2.0000 06/01/07 06/01/07
45 2.2500 0.0000 0.0000
A 5.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9283598 4.1250 274500.0000 100.0000
4.1250 274,500.00 ZZ
3.8750 943.59 1
10.1250 943.59 80
XXX XXXXXX XX 00000 9.8750 03/01/04
0437705015 0.0000 05/01/04 00
10017524 0.0000 04/01/34 0.0000
0 2.2500 04/01/07 04/01/07
L49/G01 2.0000 05/01/07 05/01/07
45 2.2500 0.0000 0.0000
A 6.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9442512 4.3750 289000.0000 100.0000
4.3750 288,610.72 ZZ
4.1250 1442.93 1
10.3750 1442.93 63
XXX XXXXX XX 00000 10.1250 05/08/04
0437890304 2.2500 06/12/04 00
297760715 2.0000 05/12/34 0.0000
0 2.2500 05/12/07 05/12/07
N16/G01 2.0000 06/12/07 06/12/07
45 2.3750 0.0000 0.0000
A 6.3750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
2.1250 2 0
0.0000 03 00
O 0.0000
9444114 4.6250 357000.0000 100.0000
4.6250 357,000.00 ZZ
4.3750 1375.94 1
10.6250 1375.94 67
XXX XXXXX XX 00000 10.3750 05/11/04
0437917289 0.0000 06/22/04 00
586300625 0.0000 05/22/34 0.0000
0 2.2500 05/22/07 05/22/07
N16/G01 2.0000 06/22/07 06/22/07
45 2.6250 0.0000 0.0000
A 6.6250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
Total Number of Loans: 146
Total Original Balance: 50,031,042.07
Total Principal Balance: 49,994,922.52
Total Original P+I: 209,855.87
Total Current P+I: 209,855.87
EXHIBIT TWO
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP II
(Available Upon Request)
-2-
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
8944895 0.2500 9.3750
268000.00 0.0500 9.3250
3.6250 0.0000 9.3250
3.3750 0.0000 1.9500
3.3250 0.0000 1.9500
3.3250 0.0000
8948335 0.2500 10.0000
229183.81 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8960281 0.2500 10.2500
93622.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8961059 0.2500 9.7500
482304.08 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
8961067 0.2500 9.6250
599116.08 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
8961073 0.2500 9.2500
446895.30 0.0500 9.2000
3.5000 0.0000 9.2000
3.2500 0.0000 1.9500
3.2000 0.0000 1.9500
3.2000 0.0000
8961149 0.2500 10.5000
384515.62 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8961163 0.2500 9.6250
578288.32 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
8961205 0.2500 10.1250
366009.48 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8961251 0.2500 9.3750
364438.01 0.0500 9.3250
3.6250 0.0000 9.3250
3.3750 0.0000 1.9500
3.3250 0.0000 1.9500
3.3250 0.0000
8962555 0.2500 10.0000
205880.65 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8962583 0.2500 9.7500
395928.72 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
8962713 0.2500 9.6250
274594.87 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
8962779 0.2500 10.2500
180000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8963497 0.2500 10.1250
155000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8963857 0.2500 9.8750
97562.34 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8974483 0.2500 10.2500
237000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8977987 0.2500 10.0000
349517.79 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8978383 0.2500 10.1250
291900.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8978537 0.2500 10.3750
505000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8978691 0.2500 10.0000
347270.89 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8981121 0.2500 10.3750
352000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8981587 0.2500 9.5000
252119.69 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
8981643 0.2500 10.2500
269244.98 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8981985 0.2500 9.8750
262449.68 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8982059 0.2500 10.2500
151500.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8982599 0.2500 10.0000
92572.28 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8983603 0.2500 9.7500
496000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
8984029 0.2500 10.0000
208778.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8984491 0.2500 9.7500
199918.66 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
8984633 0.2500 9.8750
450000.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8984711 0.2500 9.8750
136500.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8988121 0.2500 10.2500
125000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8988183 0.2500 10.3750
174000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8988523 0.2500 9.3750
115000.00 0.0500 9.3250
3.6250 0.0000 9.3250
3.3750 0.0000 1.9500
3.3250 0.0000 1.9500
3.3250 0.0000
8988555 0.2500 9.7500
645000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
8988779 0.2500 10.2500
260000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8988815 0.2500 10.1250
473000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8994047 0.2500 8.8750
351920.00 0.0500 8.8250
3.1250 0.0000 8.8250
2.8750 0.0000 1.9500
2.8250 0.0000 1.9500
2.8250 0.0000
8994217 0.2500 9.6250
261600.00 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
8994449 0.2500 10.1250
499594.40 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8994873 0.2500 9.6250
573953.69 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
8994913 0.2500 10.3750
636679.39 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8995441 0.2500 10.2500
346500.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8995989 0.2500 9.8750
344713.62 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8996401 0.2500 9.8750
234600.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8996467 0.2500 9.3750
205682.82 0.0500 9.3250
3.6250 0.0000 9.3250
3.3750 0.0000 1.9500
3.3250 0.0000 1.9500
3.3250 0.0000
8996481 0.2500 10.1250
480000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8996525 0.2500 10.2500
531798.78 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8998945 0.2500 10.0000
250100.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8999059 0.2500 10.3750
380000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8999077 0.2500 10.3750
479850.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8999269 0.2500 9.0000
247000.00 0.0500 8.9500
3.2500 0.0000 8.9500
3.0000 0.0000 1.9500
2.9500 0.0000 1.9500
2.9500 0.0000
8999891 0.2500 9.5000
600000.00 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
9008137 0.2500 9.7500
359481.30 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9008241 0.2500 10.1250
193000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9012001 0.2500 10.2500
280800.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9012351 0.2500 9.6250
185000.00 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
9012369 0.2500 9.7500
687600.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9017361 0.2500 10.2500
248600.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9017815 0.2500 10.3750
650000.00 0.0500 10.3250
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4.3750 0.0000 1.9500
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4.3250 0.0000
9022959 0.2500 10.0000
670000.00 0.0500 9.9500
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4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9027101 0.2500 10.2500
154320.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9027323 0.2500 10.1250
640000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9027607 0.2500 10.2500
500000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9028665 0.2500 10.0000
383470.95 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9028973 0.2500 10.0000
545000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9029083 0.2500 10.3750
163400.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9029649 0.2500 10.1250
95000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9029857 0.2500 10.2500
375000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9029877 0.2500 9.7500
210000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9030153 0.2500 9.7500
100000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9031041 0.2500 9.3250
357748.32 0.0500 9.2750
3.6250 0.0000 9.2750
3.3750 0.0000 1.9500
3.3250 0.0000 1.9500
3.3250 0.0000
9031853 0.2500 9.8250
310811.44 0.0500 9.7750
4.1250 0.0000 9.7750
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9031885 0.2500 9.8250
499894.65 0.0500 9.7750
4.1250 0.0000 9.7750
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9032875 0.2500 10.7500
220000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9033229 0.2500 10.3750
980000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9033419 0.2500 10.2500
268000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9033653 0.2500 10.3750
412000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9035681 0.2500 10.0000
443000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9035971 0.2500 10.0000
292000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9036087 0.2500 10.2500
167350.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9036343 0.2500 10.0000
325000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9039439 0.2500 10.2500
488000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9039525 0.2500 10.0000
300000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9039561 0.2500 10.1250
175000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9039625 0.2500 9.8750
399950.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9039699 0.2500 10.2500
650000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9039721 0.2500 10.5000
495000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9040415 0.2500 10.0000
343120.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9041917 0.2500 10.1250
560000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9043251 0.2500 9.7500
137800.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9046375 0.2500 10.1250
185500.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9046383 0.2500 9.7500
255964.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9046565 0.2500 10.2500
414000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9046627 0.2500 10.2500
1000000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9046881 0.2500 10.0000
336000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9052212 0.2500 10.2500
133696.60 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9052557 0.2500 10.0000
240000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9058677 0.2500 10.0000
299000.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9058865 0.2500 10.2500
250000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9058955 0.2500 10.5000
287200.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9059001 0.2500 10.6250
343200.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9059017 0.2500 10.2500
332000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9059019 0.2500 10.2500
492000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9059129 0.2500 10.3750
580000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9059393 0.2500 10.3750
145200.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9060019 0.2500 9.7500
500000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9061789 0.2500 9.8750
342000.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9063449 0.2500 9.5000
650000.00 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
9063495 0.2500 10.3750
232000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9064231 0.2500 10.1250
108000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9065519 0.2500 10.5000
500000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9068537 0.2500 10.2500
395000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9068569 0.2500 10.3750
345000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9068575 0.2500 10.1250
269000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9068743 0.2500 9.7500
185000.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9068959 0.2500 10.5000
500000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9069785 0.2500 9.8750
411000.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9074249 0.2500 10.3750
166000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9075617 0.2500 9.6250
432640.00 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
9076645 0.2500 9.7500
304500.00 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9077105 0.2500 10.3750
323000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9077447 0.2500 10.2500
333000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9090506 0.2500 10.2500
49730.05 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9091049 0.2500 10.1250
576000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9132072 0.2500 10.2500
193230.71 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9160110 0.2500 10.2500
164345.72 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9192916 0.2500 9.8750
394882.16 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9199560 0.2500 9.5000
201390.57 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
9204962 0.2500 9.7500
438729.96 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9207768 0.2500 9.4250
390801.63 0.0500 9.3750
3.6750 0.0000 9.3750
3.4250 0.0000 1.9500
3.3750 0.0000 1.9500
3.3750 0.0000
9209960 0.2500 9.7500
630254.75 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9210422 0.2500 9.7500
49844.35 0.0500 9.7000
4.0000 0.0000 9.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9221140 0.2500 9.8750
345023.30 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9242470 0.2500 9.8750
484800.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9245198 0.2500 10.0000
327094.62 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9245446 0.2500 9.8750
184432.80 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9247686 0.2500 10.0000
66922.83 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9247688 0.2500 9.5000
67097.38 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
9257418 0.2500 9.5000
397591.98 0.0500 9.4500
3.7500 0.0000 9.4500
3.5000 0.0000 1.9500
3.4500 0.0000 1.9500
3.4500 0.0000
9274606 0.2500 9.6250
335505.00 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
9275326 0.2500 9.6250
282782.78 0.0500 9.5750
3.8750 0.0000 9.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
9283598 0.2500 9.8750
274500.00 0.0500 9.8250
4.1250 0.0000 9.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9442512 0.2500 10.1250
288610.72 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9444114 0.2500 10.3750
357000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
Total Number of Loans: 146
Total Original Balance: 50,031,042.07
Total Principal Balance: 49,994,922.52
Total Original P+I: 209,855.87
Total Current P+I: 209,855.87
Non Fixed Rate Loan
Loan Number Orig Rate Original Bal Max Neg Amort
Curr Rate Principal Bal Loan Feature
Net Curr Original PI # of Units
Note Ceiling Current PI LTV
City State Zip Net Ceiling Note Date
Servicer Loan # Note Floor First Pay Date MI Co Code
Seller Loan # Net Floor Maturity Date MI Coverage
Investor Loan # Gross Margin 1st IntChgDate Nxt IntChgDate
S/S Code Net Margin 1st PmtChgDate Nxt PmtChgDate
Int Chg Prior Day 1st Yr Floor Pmt Cap Incr Pmt Cap Decr
Payment Type 1st Yr Ceil Int Chg Freq Mos Pmt Chg Freq Mos
Orig Term Adj Index Period Incr Period Decr
Note Life Incr Note Round Type Note Round Mth Note Round Fctr
Net Life Incr Net Round Type Net Round Mth Net Round Fctr
Note Life Decr Loan Purp Convert Code Convert Prd From
Net Life Decr Prop Type Convert Index Convert Prd To
Occup Code Convert Margin
7019559 6.0000 397000.0000 100.0000
6.0000 383,205.77 ZZ
5.7500 2380.22 1
11.0000 2380.22 68
XXXXXXXXXX XXX XX 00000 10.7500 11/21/01
11981920 0.0000 01/01/02 00
1981920 0.0000 12/01/31 0.0000
0 2.7500 12/01/06 12/01/06
998/998 2.5000 01/01/07 01/01/07
45 2.7500 0.0000 0.0000
A 11.0000 12 12
360 1 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
7848537 6.1250 412000.0000 100.0000
6.1250 398,800.85 ZZ
5.8750 2503.36 1
11.1250 2503.36 75
XXXXXXXXX XX 00000 10.8750 07/02/02
0434296083 0.0000 09/01/02 00
021922 0.0000 08/01/32 0.0000
0 2.2500 08/01/07 08/01/07
W39/G01 2.0000 09/01/07 09/01/07
45 2.2500 0.0000 0.0000
A 11.1250 12 12
360 1 2.0000 2.0000
5.0000 S N 0.1250
5.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8791266 5.0000 380000.0000 100.0000
5.0000 376,763.66 TX
4.7500 2039.92 1
10.0000 2039.92 75
XXXXXXXX XX 00000 9.7500 10/16/03
0436854764 0.0000 12/01/03 00
161447 0.0000 11/01/33 0.0000
0 2.7500 11/01/08 11/01/08
758/G01 2.5000 12/01/08 12/01/08
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 1 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
8871850 5.0000 485000.0000 100.0000
5.0000 479,403.94 ZZ
4.7500 2603.58 1
10.0000 2603.58 68
XXXXXXXX XXXXX XX 00000 9.7500 08/13/03
0437029697 0.0000 10/01/03 00
BB7030344MB 0.0000 09/01/33 0.0000
0 2.7500 09/01/08 09/01/08
B98/G01 2.5000 10/01/08 10/01/08
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 1 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 E 09/01/08
0.0000 05 01 09/01/10
O 0.6250
8881070 5.2500 698750.0000 100.0000
5.2500 693,888.15 TX
5.0000 3858.52 1
10.2500 3858.52 65
XXXXXXX XX 00000 10.0000 11/04/03
0437046378 0.0000 01/01/04 00
303701 0.0000 12/01/33 0.0000
0 2.7500 12/01/08 12/01/08
758/G01 2.5000 01/01/09 01/01/09
45 2.7500 0.0000 0.0000
A 10.2500 12 12
360 1 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
8931781 4.5000 343500.0000 100.0000
4.5000 343,399.94 ZZ
4.2500 1288.13 1
9.5000 1288.13 67
XXX XXXXX XX 00000 9.2500 04/02/04
0420342859 0.0000 06/01/04 00
0420342859 0.0000 05/01/34 0.0000
0 2.2500 05/01/09 05/01/09
E22/G01 2.0000 06/01/09 06/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
8931959 4.2500 399950.0000 100.0000
4.2500 399,950.00 ZZ
4.0000 1416.49 1
10.2500 1416.49 55
XXXXXXXX XX 00000 10.0000 04/05/04
0420453797 0.0000 06/01/04 00
0420453797 0.0000 05/01/34 0.0000
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A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9245512 4.3750 155000.0000 100.0000
4.3750 154,534.30 ZZ
4.1250 565.10 1
10.3750 565.10 49
XXXXXXX XX 00000 10.1250 03/24/04
0420183170 0.0000 05/01/04 00
0420183170 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9250352 4.6250 399900.0000 100.0000
4.6250 398,868.50 ZZ
4.3750 2056.04 1
9.6250 2056.04 55
XXXXXXXX XX 00000 9.3750 03/23/04
0420216996 0.0000 05/01/04 00
0420216996 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9252806 4.3750 499910.0000 100.0000
4.3750 498,502.71 ZZ
4.1250 2495.98 1
9.3750 2495.98 69
XXXXXXXXX XX 00000 9.1250 03/24/04
0420318552 0.0000 05/01/04 00
0420318552 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9252904 4.5000 193000.0000 100.0000
4.5000 192,490.75 ZZ
4.2500 977.90 1
9.5000 977.90 75
XXXX XXXXXX XX 00000 9.2500 03/18/04
0437658206 4.5000 05/01/04 00
95851 4.2500 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
W58/G01 2.0000 05/01/09 05/01/09
25 4.5000 0.0000 0.0000
A 9.5000 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 01 00
O 0.0000
9252992 4.3750 158750.0000 100.0000
4.3750 158,321.54 ZZ
4.1250 792.62 1
9.3750 792.62 56
XXXXXXXXX XX 00000 9.1250 03/12/04
0420254336 0.0000 05/01/04 00
0420254336 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9257300 4.5000 72000.0000 100.0000
4.5000 71,809.83 ZZ
4.2500 364.81 1
9.5000 364.81 30
XXXXXXX XX 00000 9.2500 03/25/04
0420357964 0.0000 05/01/04 00
0420357964 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9257410 3.8750 342280.0000 100.0000
3.8750 341,269.87 ZZ
3.6250 1609.53 1
8.8750 1609.53 80
XXXXXX XX 00000 8.6250 03/23/04
0420290306 0.0000 05/01/04 00
0420290306 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 8.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9261154 4.2500 333700.0000 100.0000
4.2500 333,700.00 ZZ
4.0000 1181.85 1
9.2500 1181.85 71
XXXXXXXX XX 00000 9.0000 03/19/04
0437678535 0.0000 05/01/04 00
204195357 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9261156 4.3750 800000.0000 100.0000
4.3750 797,000.00 ZZ
4.1250 2916.67 1
9.3750 2916.67 75
XXXXXXX XX 00000 9.1250 03/16/04
0437679871 0.0000 05/01/04 00
204118018 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9261160 5.3750 326000.0000 100.0000
5.3750 325,959.03 ZZ
5.1250 1460.21 1
10.3750 1460.21 76
XXXXXXXX XX 00000 10.1250 03/09/04
0437681455 0.0000 05/01/04 00
204093538 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9261162 4.2500 156500.0000 100.0000
4.2500 156,500.00 ZZ
4.0000 554.27 1
9.2500 554.27 72
XXXXXXXX XXXXXX XX 00000 9.0000 03/19/04
0437681562 0.0000 05/01/04 00
204179416 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9261172 4.6250 450000.0000 100.0000
4.6250 448,839.26 ZZ
4.3750 2313.63 1
9.6250 2313.63 40
XXXXXX XXXXX XX 00000 9.3750 03/01/04
0437677503 0.0000 05/01/04 00
204105056 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9261190 4.2500 750000.0000 100.0000
4.2500 747,929.74 ZZ
4.0000 3689.55 1
9.2500 3689.55 58
XXXXXX XXXXXX XX 00000 9.0000 03/17/04
0437672397 0.0000 05/01/04 00
204122635 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9261260 4.6250 269000.0000 100.0000
4.6250 269,000.00 ZZ
4.3750 1036.77 1
9.6250 1036.77 89
XXXXXX XX 00000 9.3750 03/15/04
0437689508 0.0000 05/01/04 01
204118191 0.0000 04/01/34 25.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9261306 4.6250 222000.0000 100.0000
4.6250 222,000.00 ZZ
4.3750 855.63 1
9.6250 855.63 43
XXXXXX XXXX XX 00000 9.3750 03/12/04
0437681208 0.0000 05/01/04 00
204104947 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9261308 4.3750 427200.0000 100.0000
4.3750 427,200.00 ZZ
4.1250 1557.50 1
9.3750 1557.50 65
XXXXXXX XX 00000 9.1250 03/19/04
0437677420 0.0000 05/01/04 00
204119898 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
Y21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9262254 4.2500 130000.0000 100.0000
4.2500 129,820.90 ZZ
4.0000 639.52 1
9.2500 639.52 24
XXXX XXXXX XX 00000 9.0000 03/29/04
0420316754 0.0000 06/01/04 00
0420316754 0.0000 05/01/34 0.0000
0 2.2500 05/01/09 05/01/09
E22/G01 2.0000 06/01/09 06/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9262394 4.2500 372071.0000 100.0000
4.2500 371,043.95 ZZ
4.0000 1830.37 1
9.2500 1830.37 00
XXX XXXXXX XX 00000 9.0000 03/29/04
0420299539 0.0000 05/01/04 00
0420299539 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9269308 4.3750 367000.0000 100.0000
4.3750 365,640.52 ZZ
4.1250 1832.38 1
9.3750 1832.38 44
XXX XXXXX(XX) XX 00000 9.1250 03/30/04
0420219669 0.0000 05/01/04 00
0420219669 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9271654 4.3750 257600.0000 100.0000
4.3750 256,790.50 TX
4.1250 1286.16 1
9.3750 1286.16 69
XXXXXXX XX 00000 9.1250 03/19/04
0437692692 0.0000 05/01/04 00
1330000095 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
758/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9275104 4.5000 796250.0000 100.0000
4.5000 796,250.00 ZZ
4.2500 2985.94 1
9.5000 2985.94 65
XXX XXXXXXX XX 00000 9.2500 04/08/04
0420364820 0.0000 06/01/04 00
0420364820 0.0000 05/01/34 0.0000
0 2.2500 05/01/09 05/01/09
E22/G01 2.0000 06/01/09 06/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9278962 4.1250 113000.0000 100.0000
4.1250 112,988.40 ZZ
3.8750 388.44 1
9.1250 388.44 75
XXXXXX XXXXXXX XX 00000 8.8750 03/24/04
0437688070 2.2500 05/01/04 00
26500511 2.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
L21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
1.8750 2 0
0.0000 03 00
O 0.0000
9278984 4.1250 330000.0000 100.0000
4.1250 330,000.00 ZZ
3.8750 1134.38 1
9.1250 1134.38 59
XXXXXXX XX 00000 8.8750 03/25/04
0437688179 2.2500 05/01/04 00
26500627 2.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
L21/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
1.8750 5 0
0.0000 05 00
O 0.0000
9279276 4.2500 238000.0000 100.0000
4.2500 238,000.00 ZZ
4.0000 842.92 1
9.2500 842.92 80
XXXXXXXX XXXXXX XX 00000 9.0000 04/09/04
0420428880 0.0000 06/01/04 00
0420428880 0.0000 05/01/34 0.0000
0 2.2500 05/01/09 05/01/09
E22/G01 2.0000 06/01/09 06/01/09
45 2.2500 0.0000 0.0000
A 9.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9279784 4.6250 322700.0000 100.0000
4.6250 322,298.46 ZZ
4.3750 1243.74 1
10.6250 1243.74 55
XXXXX XXX XX 00000 10.3750 03/23/04
0420263279 0.0000 05/01/04 00
0420263279 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
E22/G01 2.0000 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9442358 4.6250 375000.0000 100.0000
4.6250 374,517.29 ZZ
4.3750 1928.02 1
9.6250 1928.02 62
XXXXXXX XX 00000 9.3750 05/08/04
0437857329 2.2500 06/12/04 00
559579059 2.0000 05/12/34 0.0000
0 2.2500 05/12/09 05/12/09
N16/G01 2.0000 06/12/09 06/12/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
2.3750 2 0
0.0000 09 00
O 0.0000
Total Number of Loans: 426
Total Original Balance: 160,131,582.00
Total Principal Balance: 160,004,690.95
Total Original P+I: 686,822.00
Total Current P+I: 686,822.00
EXHIBIT THREE
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP III
(Available Upon Request)
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
7019559 0.2500 10.7500
383205.77 0.0500 10.7000
6.0000 0.0000 10.7000
5.7500 0.0000 2.4500
5.7000 0.0000 2.4500
5.7000 0.0000
7848537 0.2500 10.8750
398800.85 0.0500 10.8250
6.1250 0.0000 10.8250
5.8750 0.0000 1.9500
5.8250 0.0000 1.9500
5.8250 0.0000
8791266 0.2500 9.7500
376763.66 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
8871850 0.2500 9.7500
479403.94 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
8881070 0.2500 10.0000
693888.15 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
8931781 0.2500 9.2500
343399.94 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8931959 0.2500 10.0000
399950.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8933129 0.2500 9.1250
1000000.00 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8933933 0.2500 8.8750
189732.30 0.0500 8.8250
4.1250 0.0000 8.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8934845 0.2500 9.2500
183750.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8934869 0.2500 9.2500
340000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8939515 0.2500 9.2500
396000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8942189 0.2500 10.1250
207950.47 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8943849 0.2500 9.2500
628000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8943855 0.2500 9.3750
367000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8943857 0.2500 9.2500
251000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8943859 0.2500 9.6250
334817.09 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8944877 0.2500 9.0000
998622.27 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8945475 0.2500 8.8750
525000.00 0.0500 8.8250
4.1250 0.0000 8.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
8945489 0.2500 9.3750
348000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8945491 0.2500 9.5000
240000.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8945509 0.2500 9.3750
388452.88 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8947477 0.2500 9.8750
288000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
8947675 0.2500 9.0000
156774.54 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8947863 0.2500 9.2500
352535.15 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8948017 0.2500 9.2500
358000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8948293 0.2500 9.2500
164750.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8951477 0.2500 9.2500
461391.61 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8951871 0.2500 9.2500
46938.11 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8955659 0.2500 9.5000
107550.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8955703 0.2500 9.3750
172500.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8955927 0.2500 9.3750
272000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8956271 0.2500 9.2500
232000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8956279 0.2500 9.2500
399473.26 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8957719 0.2500 9.2500
402000.00 0.0500 9.2000
4.5000 0.0000 9.2000
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9067587 0.2500 9.6250
373200.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9067607 0.2500 10.1250
415000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9068675 0.2500 9.6250
233100.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9069739 0.2500 9.5000
412000.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9069749 0.2500 8.8750
462000.00 0.0500 8.8250
4.1250 0.0000 8.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9069789 0.2500 9.7500
293500.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9070185 0.2500 9.8750
400000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9072023 0.2500 10.0000
449900.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9074227 0.2500 9.7500
399000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9074463 0.2500 9.8750
409500.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9074507 0.2500 10.5000
524000.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9076633 0.2500 10.2500
333700.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9076963 0.2500 10.0000
273000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9076995 0.2500 10.6250
108800.00 0.0500 10.5750
5.8750 0.0000 10.5750
5.6250 0.0000 1.9500
5.5750 0.0000 1.9500
5.5750 0.0000
9081863 0.2500 9.8750
365000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9083819 0.2500 9.5000
850000.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9089409 0.2500 10.3750
443950.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9089693 0.2500 10.5000
400000.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9097117 0.2500 10.3750
231000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9114620 0.2500 9.5000
370713.70 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 2.4500
4.4500 0.0000 2.4500
4.4500 0.0000
9141286 0.2500 9.6250
368629.62 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9153528 0.2500 9.6250
398518.51 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9187658 0.2500 8.7500
149604.34 0.0500 8.7000
4.0000 0.0000 8.7000
3.7500 0.0000 1.9500
3.7000 0.0000 1.9500
3.7000 0.0000
9209894 0.2500 9.1250
448174.88 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9209952 0.2500 9.6250
328522.71 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9209978 0.2500 10.8750
337168.66 0.0500 10.8250
6.1250 0.0000 10.8250
5.8750 0.0000 2.4500
5.8250 0.0000 2.4500
5.8250 0.0000
9223070 0.2500 9.2500
454796.77 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9245512 0.2500 10.1250
154534.30 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9250352 0.2500 9.3750
398868.50 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9252806 0.2500 9.1250
498502.71 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9252904 0.2500 9.2500
192490.75 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9252992 0.2500 9.1250
158321.54 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9257300 0.2500 9.2500
71809.83 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9257410 0.2500 8.6250
341269.87 0.0500 8.5750
3.8750 0.0000 8.5750
3.6250 0.0000 1.9500
3.5750 0.0000 1.9500
3.5750 0.0000
9261154 0.2500 9.0000
333700.00 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9261156 0.2500 9.1250
797000.00 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9261160 0.2500 10.1250
325959.03 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9261162 0.2500 9.0000
156500.00 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9261172 0.2500 9.3750
448839.26 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9261190 0.2500 9.0000
747929.74 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9261260 0.2500 9.3750
269000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9261306 0.2500 9.3750
222000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9261308 0.2500 9.1250
427200.00 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9262254 0.2500 9.0000
129820.90 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9262394 0.2500 9.0000
371043.95 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9269308 0.2500 9.1250
365640.52 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9271654 0.2500 9.1250
256790.50 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9275104 0.2500 9.2500
796250.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9278962 0.2500 8.8750
112988.40 0.0500 8.8250
4.1250 0.0000 8.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9278984 0.2500 8.8750
330000.00 0.0500 8.8250
4.1250 0.0000 8.8250
3.8750 0.0000 1.9500
3.8250 0.0000 1.9500
3.8250 0.0000
9279276 0.2500 9.0000
238000.00 0.0500 8.9500
4.2500 0.0000 8.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9279784 0.2500 10.3750
322298.46 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9442358 0.2500 9.3750
374517.29 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
Total Number of Loans: 426
Total Original Balance: 160,131,582.00
Total Principal Balance: 160,004,690.95
Total Original P+I: 686,822.00
Total Current P+I: 686,822.00
Non Fixed Rate Loan
Loan Number Orig Rate Original Bal Max Neg Amort
Curr Rate Principal Bal Loan Feature
Net Curr Original PI # of Units
Note Ceiling Current PI LTV
City State Zip Net Ceiling Note Date
Servicer Loan # Note Floor First Pay Date MI Co Code
Seller Loan # Net Floor Maturity Date MI Coverage
Investor Loan # Gross Margin 1st IntChgDate Nxt IntChgDate
S/S Code Net Margin 1st PmtChgDate Nxt PmtChgDate
Int Chg Prior Day 1st Yr Floor Pmt Cap Incr Pmt Cap Decr
Payment Type 1st Yr Ceil Int Chg Freq Mos Pmt Chg Freq Mos
Orig Term Adj Index Period Incr Period Decr
Note Life Incr Note Round Type Note Round Mth Note Round Fctr
Net Life Incr Net Round Type Net Round Mth Net Round Fctr
Note Life Decr Loan Purp Convert Code Convert Prd From
Net Life Decr Prop Type Convert Index Convert Prd To
Occup Code Convert Margin
8615492 5.1250 763700.0000 100.0000
5.1250 755,199.70 TX
4.8750 4158.25 1
11.1250 4158.25 51
XXXXX XX 00000 10.8750 08/13/03
0436490528 0.0000 10/01/03 00
31306022 0.0000 09/01/33 0.0000
0 2.7500 09/01/10 09/01/10
A68/G01 2.5000 10/01/10 10/01/10
45 2.7500 0.0000 0.0000
A 11.1250 12 12
360 1 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
8731543 5.5000 304000.0000 100.0000
5.5000 299,904.84 ZZ
5.2500 1726.08 1
11.5000 1726.08 80
XXXXXX XXXXXX XX 00000 11.2500 05/19/03
0416864197 0.0000 07/01/03 00
0416864197 0.0000 06/01/33 0.0000
0 2.2500 06/01/10 06/01/10
E22/G01 2.0000 07/01/10 07/01/10
45 2.2500 0.0000 0.0000
A 11.5000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
8807972 5.2500 156100.0000 100.0000
5.2500 154,645.46 ZZ
5.0000 861.99 1
11.2500 861.99 68
XXXXXX XX 00000 11.0000 10/01/03
0436840979 0.0000 11/01/03 00
1101046933 0.0000 10/01/33 0.0000
0 2.2500 10/01/10 10/01/10
E84/G01 2.0000 11/01/10 11/01/10
45 3.2500 0.0000 0.0000
A 11.2500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8848286 5.1250 371000.0000 100.0000
5.1250 368,358.51 ZZ
4.8750 2020.05 1
11.1250 2020.05 48
XXXXXXXX XXXXXX XX 00000 10.8750 11/05/03
0436923775 2.2500 01/01/04 00
13685767 2.0000 12/01/33 0.0000
0 2.2500 12/01/10 12/01/10
L01/G01 2.0000 01/01/11 01/01/11
45 2.2500 0.0000 0.0000
A 11.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
2.8750 1 0
0.0000 05 00
O 0.0000
8934011 4.7500 546000.0000 100.0000
4.7500 545,661.25 ZZ
4.5000 2161.25 1
10.7500 2161.25 74
XXXXXX XX 00000 10.5000 04/07/04
0420340473 0.0000 06/01/04 00
0420340473 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8939435 4.5000 321600.0000 100.0000
4.5000 321,600.00 ZZ
4.2500 1206.00 1
10.5000 1206.00 80
XXXXXXXXX XX 00000 10.2500 04/09/04
0420555377 0.0000 06/01/04 00
0420555377 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8939639 4.7500 445000.0000 100.0000
4.7500 444,440.13 ZZ
4.5000 2321.33 1
10.7500 2321.33 69
XXXXXXX XX 00000 10.5000 04/06/04
0420335150 0.0000 06/01/04 00
0420335150 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8939659 4.7500 360000.0000 100.0000
4.7500 359,547.07 ZZ
4.5000 1877.93 1
10.7500 1877.93 80
XXXXXXX XX 00000 10.5000 04/02/04
0420350431 0.0000 06/01/04 00
0420350431 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
8943851 5.3750 370000.0000 100.0000
5.3750 370,000.00 ZZ
5.1250 1657.29 1
10.3750 1657.29 71
XXXXXX XX 00000 10.1250 03/26/04
0437727043 0.0000 05/01/04 00
11403103 0.0000 04/01/34 0.0000
0 2.2500 04/01/11 04/01/11
X05/G01 2.0000 05/01/11 05/01/11
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
8943889 5.1250 297000.0000 100.0000
5.1250 297,000.00 ZZ
4.8750 1268.44 1
10.1250 1268.44 79
XXXXXX XX 00000 9.8750 03/24/04
0437727258 0.0000 05/01/04 00
0240224000 0.0000 04/01/34 0.0000
0 2.2500 04/01/11 04/01/11
X05/G01 2.0000 05/01/11 05/01/11
45 2.2250 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 01 00
O 0.0000
8944001 5.0000 64000.0000 100.0000
5.0000 64,000.00 ZZ
4.7500 266.67 1
11.0000 266.67 77
XXXXXXX XXXXX XX 00000 10.7500 04/16/04
0420582801 0.0000 06/01/04 00
0420582801 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 11.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
8947667 4.8750 333700.0000 100.0000
4.8750 333,700.00 ZZ
4.6250 1355.66 1
10.8750 1355.66 80
XXXXXXX XX 00000 10.6250 04/08/04
0420411290 0.0000 06/01/04 00
0420411290 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8951161 4.6250 980000.0000 100.0000
4.6250 980,000.00 ZZ
4.3750 3777.08 1
9.6250 3777.08 70
XXXXX XXXXX XX 00000 9.3750 04/02/04
0437744279 0.0000 05/01/04 00
25004066 0.0000 04/01/34 0.0000
0 2.2500 04/01/11 04/01/11
696/G01 2.0000 05/01/11 05/01/11
25 2.2500 0.0000 0.0000
A 9.6250 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
8963187 4.8750 525000.0000 100.0000
4.8750 525,000.00 ZZ
4.6250 2132.81 1
10.8750 2132.81 57
XXX XXXXXXX XX 00000 10.6250 04/15/04
0420271207 0.0000 06/01/04 00
0420271207 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8964679 4.2500 287250.0000 100.0000
4.2500 286,457.08 ZZ
4.0000 1413.10 1
10.2500 1413.10 66
XXXXXXXXX XX 00000 10.0000 04/01/04
0437777006 0.0000 05/11/04 00
559712478 0.0000 04/11/34 0.0000
0 2.2500 04/11/11 04/11/11
N16/G01 2.0000 05/11/11 05/11/11
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
8966119 4.6250 950000.0000 100.0000
4.6250 948,777.13 ZZ
4.3750 4884.33 1
10.6250 4884.33 65
XXXXXX XXXXX XX 00000 10.3750 04/21/04
0420452294 0.0000 06/01/04 00
0420452294 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8966567 4.8750 167000.0000 100.0000
4.8750 166,794.66 ZZ
4.6250 883.78 1
10.8750 883.78 61
XXXXXXXX XX 00000 10.6250 04/19/04
0420410169 0.0000 06/01/04 00
0420410169 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
8966589 4.8750 450000.0000 100.0000
4.8750 450,000.00 ZZ
4.6250 1828.13 1
10.8750 1828.13 59
XXXXX XX 00000 10.6250 04/20/04
0420418410 0.0000 06/01/04 00
0420418410 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
E22/G01 2.0000 06/01/11 06/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
8972151 4.3750 284340.0000 100.0000
4.3750 283,956.99 ZZ
4.1250 1419.67 1
9.3750 1419.67 80
XXXXXXX XX 00000 9.1250 04/26/04
0437779226 0.0000 06/01/04 00
23304121 0.0000 05/01/34 0.0000
0 2.2500 05/01/11 05/01/11
696/G01 2.0000 06/01/11 06/01/11
25 2.2500 0.0000 0.0000
A 9.3750 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
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5.3750 190,000.00 ZZ
5.1250 1063.95 1
11.3750 1063.95 59
XXXXXXXXXX XX 00000 11.1250 05/21/04
0420631707 0.0000 07/01/04 00
0420631707 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
E22/G01 2.0000 07/01/11 07/01/11
45 2.2500 0.0000 0.0000
A 11.3750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9067563 4.6250 650000.0000 100.0000
4.6250 650,000.00 ZZ
4.3750 2505.21 1
9.6250 2505.21 57
XXXXXXXX XX 00000 9.3750 05/27/04
0437925431 0.0000 07/01/04 00
31804037 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
696/G01 2.0000 07/01/11 07/01/11
25 2.2500 0.0000 0.0000
A 9.6250 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9067601 5.1250 350000.0000 100.0000
5.1250 350,000.00 ZZ
4.8750 1494.79 1
10.1250 1494.79 70
XXXXXXXXXX XX 00000 9.8750 05/27/04
0437926181 0.0000 07/01/04 00
25104089 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
696/G01 2.0000 07/01/11 07/01/11
25 2.2500 0.0000 0.0000
A 10.1250 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9068763 5.1250 399900.0000 100.0000
5.1250 399,900.00 ZZ
4.8750 1707.91 1
11.1250 1707.91 42
XXXXXXX XX 00000 10.8750 05/24/04
0420652978 0.0000 07/01/04 00
0420652976 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
E22/G01 2.0000 07/01/11 07/01/11
45 2.2500 0.0000 0.0000
A 11.1250 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9069769 4.3750 420000.0000 100.0000
4.3750 420,000.00 ZZ
4.1250 1531.25 1
9.3750 1531.25 00
XXXXXXX XXXXXXX XX 00000 9.1250 05/28/04
0437929334 0.0000 07/01/04 00
23104028 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
696/G01 2.0000 07/01/11 07/01/11
25 2.2500 0.0000 0.0000
A 9.3750 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9077115 5.0000 352500.0000 100.0000
5.0000 352,500.00 ZZ
4.7500 1468.75 1
11.0000 1468.75 75
XXXXXXXXX XXXXX XX 00000 10.7500 05/28/04
0420734972 0.0000 07/01/04 00
0420734972 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
E22/G01 2.0000 07/01/11 07/01/11
45 2.2500 0.0000 0.0000
A 11.0000 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9079705 5.2500 236000.0000 100.0000
5.2500 236,000.00 ZZ
5.0000 1032.50 1
11.2500 1032.50 59
XXXXXX XX 00000 11.0000 05/27/04
0421014556 0.0000 07/01/04 00
0421014556 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
E22/G01 2.0000 07/01/11 07/01/11
45 2.2500 0.0000 0.0000
A 11.2500 12 12
360 E12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9096089 4.8750 450000.0000 100.0000
4.8750 450,000.00 ZZ
4.6250 1828.13 1
9.8750 1828.13 70
XXXXXXX XX 00000 9.6250 06/01/04
0437954464 0.0000 07/01/04 00
32904107 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
696/G01 2.0000 07/01/11 07/01/11
25 2.2500 0.0000 0.0000
A 9.8750 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9100399 4.8750 343200.0000 100.0000
4.8750 343,200.00 ZZ
4.6250 1394.25 1
9.8750 1394.25 80
XXXXXXXX XX 00000 9.6250 05/28/04
0437956667 0.0000 07/01/04 00
24004028 0.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
696/G01 2.0000 07/01/11 07/01/11
25 2.2500 0.0000 0.0000
A 9.8750 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9169270 4.7500 193200.0000 100.0000
4.7500 192,467.90 ZZ
4.5000 1007.82 1
10.7500 1007.82 70
XXXXXX XX 00000 10.5000 02/26/04
0419871702 0.0000 04/01/04 00
0419871702 0.0000 03/01/34 0.0000
0 2.2500 03/01/11 03/01/11
E22/G01 2.0000 04/01/11 04/01/11
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9209966 5.1250 441650.0000 100.0000
5.1250 440,011.47 ZZ
4.8750 2404.73 1
10.1250 2404.73 80
XXXXXXXXXXX XX 00000 9.8750 02/10/04
0437640675 0.0000 04/01/04 00
101716853 0.0000 03/01/34 0.0000
0 2.2500 03/01/11 03/01/11
W57/G01 2.0000 04/01/11 04/01/11
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9262720 4.8750 153350.0000 100.0000
4.8750 152,771.31 ZZ
4.6250 811.54 1
10.8750 811.54 79
XXXXXXXX XX 00000 10.6250 03/29/04
0420110728 0.0000 05/01/04 00
0420110728 0.0000 04/01/34 0.0000
0 2.2500 04/01/11 04/01/11
E22/G01 2.0000 05/01/11 05/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9265184 4.8750 580000.0000 100.0000
4.8750 579,899.59 ZZ
4.6250 2356.25 1
10.8750 2356.25 73
XXXXXXX XXXXX XX 00000 10.6250 03/23/04
0420215410 0.0000 05/01/04 00
0420215410 0.0000 04/01/34 0.0000
0 2.2500 04/01/11 04/01/11
E22/G01 2.0000 05/01/11 05/01/11
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 29 00
O 0.0000
9285174 4.8750 180401.0000 100.0000
4.8750 180,179.18 ZZ
4.6250 954.70 1
10.8750 954.70 90
XXXXXX XXXX XX 00000 10.6250 04/09/04
0437729320 0.0000 06/01/04 10
131831101 0.0000 05/01/34 25.0000
0 2.2500 05/01/11 05/01/11
N34/G01 2.0000 06/01/11 06/01/11
45 2.8750 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9442268 5.2500 556000.0000 100.0000
5.2500 556,000.00 ZZ
5.0000 3070.25 1
11.2500 3070.25 70
XXXXX XX 00000 11.0000 05/05/04
0437847544 2.2500 07/01/04 00
4041255 2.0000 06/01/34 0.0000
0 2.2500 06/01/11 06/01/11
B44/G01 2.0000 07/01/11 07/01/11
45 2.2500 0.0000 0.0000
A 11.2500 12 12
360 L12 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
3.0000 2 0
0.0000 03 00
O 0.0000
Total Number of Loans: 112
Total Original Balance: 40,093,040.00
Total Principal Balance: 40,053,144.12
Total Original P+I: 188,665.72
Total Current P+I: 188,665.72
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
8615492 0.2500 10.8750
755199.70 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
8731543 0.2500 11.2500
299904.84 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
8807972 0.2500 11.0000
154645.46 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
8848286 0.2500 10.8750
368358.51 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
8934011 0.2500 10.5000
545661.25 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8939435 0.2500 10.2500
321600.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8939639 0.2500 10.5000
444440.13 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8939659 0.2500 10.5000
359547.07 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8943851 0.2500 10.1250
370000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
8943889 0.2500 9.8750
297000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
8944001 0.2500 10.7500
64000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8947667 0.2500 10.6250
333700.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8951161 0.2500 9.3750
980000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8963187 0.2500 10.6250
525000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8964679 0.2500 10.0000
286457.08 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
8966119 0.2500 10.3750
948777.13 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8966567 0.2500 10.6250
166794.66 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8966589 0.2500 10.6250
450000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8972151 0.2500 9.1250
283956.99 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
8972221 0.2500 9.2500
301951.15 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.5750
4.2000 0.0000 1.5750
4.2000 0.0000
8972231 0.2500 9.2500
650000.00 0.0500 9.2000
4.5000 0.0000 9.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8973706 0.2500 9.6250
329525.61 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8974513 0.2500 10.2500
152598.78 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8976765 0.2500 10.8750
534371.89 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
8978207 0.2500 10.7500
207500.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8978225 0.2500 10.7500
252000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8978749 0.2500 10.7500
75096.28 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8978785 0.2500 10.3750
384504.41 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8978797 0.2500 10.6250
627900.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8981599 0.2500 10.6250
223724.57 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8981727 0.2500 10.6250
468423.32 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 2.4500
4.5750 0.0000 2.4500
4.5750 0.0000
8982055 0.2500 11.3750
174400.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
8982079 0.2500 10.7500
327950.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8983083 0.2500 10.1250
444800.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
8983627 0.2500 9.3750
128000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8983895 0.2500 11.1250
162900.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
8984693 0.2500 10.5000
388050.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8985893 0.2500 10.6250
281653.26 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8986023 0.2500 11.0000
464100.26 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
8986573 0.2500 10.3750
383092.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8988005 0.2500 10.5000
449433.84 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8988065 0.2500 10.2500
156293.92 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
8988069 0.2500 10.6250
227719.66 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8988503 0.2500 10.6250
101000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8988519 0.2500 10.5000
874897.87 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8988835 0.2500 10.7500
68917.09 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
8993389 0.2500 10.6250
99377.66 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8993803 0.2500 10.8750
343096.71 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
8995415 0.2500 9.6250
300000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
8995437 0.2500 10.5000
579669.78 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
8995979 0.2500 10.3750
333700.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
8996351 0.2500 11.3750
450000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
8996447 0.2500 10.6250
374538.91 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9003369 0.2500 11.0000
330000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9003975 0.2500 11.0000
226500.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9004147 0.2500 11.1250
160000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9008003 0.2500 10.6250
224000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9008703 0.2500 11.0000
481000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9011965 0.2500 10.6250
319900.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9012129 0.2500 11.3750
320000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9017239 0.2500 11.3750
252000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9017431 0.2500 10.8750
380000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9017561 0.2500 10.8750
191500.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9023007 0.2500 10.6250
260000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9026445 0.2500 11.5000
574000.00 0.0500 11.4500
5.7500 0.0000 11.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9027739 0.2500 10.2500
172000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9027775 0.2500 11.1250
85000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9029657 0.2500 10.5000
251500.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9029683 0.2500 11.1250
393000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9029885 0.2500 11.2500
182000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9029887 0.2500 11.1250
573000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9031173 0.2500 9.8250
419506.90 0.0500 9.7750
5.1250 0.0000 9.7750
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9031851 0.2500 9.7000
359367.68 0.0500 9.6500
5.0000 0.0000 9.6500
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9032045 0.2500 10.2500
650000.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9032049 0.2500 9.6250
566000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9033715 0.2500 10.5000
145000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9035366 0.2500 11.2500
104411.30 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9035433 0.2500 10.1250
500000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9035479 0.2500 9.8750
78000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9035969 0.2500 11.5000
364000.00 0.0500 11.4500
5.7500 0.0000 11.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9036001 0.2500 11.1250
275000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9036041 0.2500 11.0000
337000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9036561 0.2500 10.8750
332500.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9039093 0.2500 10.2500
325150.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9042545 0.2500 10.3750
519000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9043365 0.2500 11.0000
399999.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9051167 0.2500 9.6250
365500.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9052369 0.2500 11.3750
385000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9052831 0.2500 11.1250
285000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9058627 0.2500 11.3750
399950.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9058713 0.2500 11.3750
206250.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9058795 0.2500 11.1250
348750.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9059075 0.2500 11.3750
714000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9059179 0.2500 11.1250
202000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9059383 0.2500 11.6250
575200.00 0.0500 11.5750
5.8750 0.0000 11.5750
5.6250 0.0000 1.9500
5.5750 0.0000 1.9500
5.5750 0.0000
9060127 0.2500 9.6250
420000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9060129 0.2500 10.1250
632000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9064617 0.2500 11.1250
190000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9067563 0.2500 9.3750
650000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9067601 0.2500 9.8750
350000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9068763 0.2500 10.8750
399900.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9069769 0.2500 9.1250
420000.00 0.0500 9.0750
4.3750 0.0000 9.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9077115 0.2500 10.7500
352500.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9079705 0.2500 11.0000
236000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9096089 0.2500 9.6250
450000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9100399 0.2500 9.6250
343200.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9169270 0.2500 10.5000
192467.90 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9209966 0.2500 9.8750
440011.47 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9262720 0.2500 10.6250
152771.31 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9265184 0.2500 10.6250
579899.59 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9285174 0.2500 10.6250
180179.18 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9442268 0.2500 11.0000
556000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
Total Number of Loans: 112
Total Original Balance: 40,093,040.00
Total Principal Balance: 40,053,144.12
Total Original P+I: 188,665.72
Total Current P+I: 188,665.72
EXHIBIT FOUR
INFORMATION TO BE INCLUDED IN
MONTHLY DISTRIBUTION DATE STATEMENT
(i) (a) the amount of such distribution to the Certificateholders
of such Class applied to reduce the Certificate Principal Balance
thereof, and (b) the aggregate amount included therein representing
Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of
Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable to
such Holders if there were sufficient funds available therefor, the
amount of the shortfall;
(iv) the amount of any Advance by the Master Servicer pursuant to
Section 4.04;
(v) the number and aggregate Stated Principal Balance of the
Mortgage Loans and of the Group I Loans, Group II Loans and Group III
Loans determined separately after giving effect to the distribution of
principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of
Certificates, after giving effect to the amounts distributed on such
Distribution Date, separately identifying any reduction thereof due to
Realized Losses other than pursuant to an actual distribution of
principal;
(vii) the related Subordinate Principal Distribution Amount and
Prepayment Distribution Percentage, if applicable;
(viii) on the basis of the most recent reports furnished to it by
Sub-Servicers, (a) the number and aggregate principal balances of
Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and
(3) 90 or more days and the number and aggregate principal balance of
Mortgage Loans that are in foreclosure, (b) the number and aggregate
principal balances of Reportable Modified Mortgage Loans that are
Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and
the number and aggregate principal balance of Reportable Modified
Mortgage Loans that are in foreclosure and are REO Property, indicating
in each case capitalized Mortgage Loans, other Servicing Modifications
and totals, and (c) for all Reportable Modified Mortgage Loans, the
number and aggregate Stated Principal Balance of Reportable Modified
Mortgage Loans that have been liquidated, the subject of pay-offs and
that have been repurchased by the Master Servicer or Seller;
-2-
(ix) the number, aggregate principal balance and book value of
any REO Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid,
if any, for each Class of Certificates, after giving effect to the
distribution made on such Distribution Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy
Amount as of the close of business on such Distribution Date and a
description of any change in the calculation of such amounts;
(xii) [RESERVED];
(xiii) the occurrence of the Credit Support Depletion Date;
(xiv) the related Senior Accelerated Distribution Percentage
applicable to such distribution;
(xv) the related Senior Percentage for such Distribution Date;
(xvi) the aggregate amount of Realized Losses for such
Distribution Date;
(xvii) the aggregate amount of any recoveries on previously
foreclosed loans from Sellers due to a breach of representation or
warranty assigned to the Trustee pursuant to Section 2.04;
(xiii) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date; and
(xix) the weighted average Mortgage Rates of the Mortgage Loans
after giving effect to the amounts distributed on such Distribution
Date.
In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination.
The Trustee's internet website will initially be located at
xxxx://xxx.xxxxxxxx.xxx/xxx. To receive this statement via first class mail,
telephone the Trustee at (000) 000-0000.
-3-
EXHIBIT FIVE
STANDARD TERMS OF POOLING AND SERVICING
AGREEMENT DATED AS OF June 1, 2004
EXECUTION COPY
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
Dated as of June 1, 2004
Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Through Certificates
TABLE OF CONTENTS
PAGE
ARTICLE I
DEFINITIONS
Section 1.01 Definitions............................................................1
Section 1.02 Use of Words and Phrases..............................................31
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans..........................................31
Section 2.02 Acceptance by Trustee.................................................37
Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the
Company...............................................................39
Section 2.04 Representations and Warranties of Sellers.............................40
Section 2.05 Execution and Authentication of Certificates/Issuance of Certificates
Evidencing Interests in REMIC I.......................................42
Section 2.06 Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
Acceptance by the Trustee.............................................42
Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.............43
Section 2.08 Purposes and Powers of the Trust......................................43
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer....................................43
Section 3.02 Subservicing Agreements Between Master Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations.................45
Section 3.03 Successor Subservicers................................................46
Section 3.04 Liability of the Master Servicer......................................46
Section 3.05 No Contractual Relationship Between Subservicer and Trustee or
Certificateholders....................................................46
Section 3.06 Assumption or Termination of Subservicing Agreements by Trustee.......47
Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to Custodial
Account...............................................................47
Section 3.08 Subservicing Accounts; Servicing Accounts.............................50
Section 3.09 Access to Certain Documentation and Information Regarding the Mortgage
Loans.................................................................52
Section 3.10 Permitted Withdrawals from the Custodial Account......................52
Section 3.11 Maintenance of the Primary Insurance Policies; Collections Thereunder
.....................................................................54
i
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....55
Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments.......................................56
Section 3.14 Realization Upon Defaulted Mortgage Loans.............................58
Section 3.15 Trustee to Cooperate; Release of Mortgage Files.......................62
Section 3.16 Servicing and Other Compensation; Compensating Interest...............63
Section 3.17 Reports to the Trustee and the Company................................64
Section 3.18 Annual Statement as to Compliance.....................................64
Section 3.19 Annual Independent Public Accountants' Servicing Report...............65
Section 3.20 Rights of the Company in Respect of the Master Servicer...............65
Section 3.21 Administration of Buydown Funds.......................................65
Section 3.22 Advance Facility......................................................66
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account...................................................70
Section 4.02 Distributions.........................................................71
Section 4.03 Statements to Certificateholders......................................71
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by the
Master Servicer.......................................................73
Section 4.05 Allocation of Realized Losses.........................................74
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.........74
Section 4.07 Optional Purchase of Defaulted Mortgage Loans.........................74
Section 4.08 Surety Bond...........................................................75
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates......................................................75
Section 5.02 Registration of Transfer and Exchange of Certificates.................78
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.....................83
Section 5.04 Persons Deemed Owners.................................................84
Section 5.05 Appointment of Paying Agent...........................................84
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company and the Master Servicer.........85
Section 6.02 Merger or Consolidation of the Company or the Master Servicer; Assignment
of Rights and Delegation of Duties by Master Servicer.................85
Section 6.03 Limitation on Liability of the Company, the Master Servicer and Others
.....................................................................86
Section 6.04 Company and Master Servicer Not to Resign.............................87
ARTICLE VII
ii
DEFAULT
Section 7.01 Events of Default.....................................................87
Section 7.02 Trustee or Company to Act; Appointment of Successor...................89
Section 7.03 Notification to Certificateholders....................................90
Section 7.04 Waiver of Events of Default...........................................90
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.....................................................91
Section 8.02 Certain Matters Affecting the Trustee.................................92
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.................94
Section 8.04 Trustee May Own Certificates..........................................94
Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...94
Section 8.06 Eligibility Requirements for Trustee..................................95
Section 8.07 Resignation and Removal of the Trustee................................96
Section 8.08 Successor Trustee.....................................................97
Section 8.09 Merger or Consolidation of Trustee....................................97
Section 8.10 Appointment of Co-Trustee or Separate Trustee.........................97
Section 8.11 Appointment of Custodians.............................................98
Section 8.12 Appointment of Office or Agency.......................................99
ARTICLE IX
TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
Section 9.01 Optional Purchase by the Master Servicer of All Certificates; Termination
Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
.....................................................................99
Section 9.02 Additional Termination Requirements..................................103
Section 9.03 Termination of Multiple REMICs.......................................103
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.................................................103
Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification
....................................................................107
Section 10.03 Designation of REMIC(s)..............................................108
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment............................................................108
Section 11.02 Recordation of Agreement; Counterparts...............................110
Section 11.03 Limitation on Rights of Certificateholders...........................111
iii
Section 11.04 Governing Law........................................................111
Section 11.05 Notices..............................................................112
Section 11.06 Required Notices to Rating Agency and Subservicer....................112
Section 11.07 Severability of Provisions...........................................113
Section 11.08 Supplemental Provisions for Resecuritization.........................113
Section 11.09 Allocation of Voting Rights..........................................113
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Seller/Servicer Contract
Exhibit F: Forms of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H: Form of Investor Representation Letter
Exhibit I: Form of Transferor Representation Letter
Exhibit J: Form of Rule 144A Investment Representation Letter
Exhibit K: Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
11.01(e) for a Limited Guaranty
Exhibit L: Form of Limited Guaranty
Exhibit M: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N: Request for Exchange Form
Exhibit O: Form of Form 10-K Certification
Exhibit P: Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q: Information to be Provided by the Master Servicer to the Rating Agencies Relating
to Reportable Modified Mortgage Loans
iv
This is the Standard Terms of Pooling and Servicing Agreement, dated as
of February 1, 2004 (the "Standard Terms", and as incorporated by reference into
a Series Supplement dated as of the Cut-off Date, the "Pooling and Servicing
Agreement" or "Agreement"), among RESIDENTIAL FUNDING MORTGAGE SECURITIES I,
INC., as the company (together with its permitted successors and assigns, the
"Company"), RESIDENTIAL FUNDING CORPORATION, as master servicer (together with
its permitted successors and assigns, the "Master Servicer"), and the trustee
named in the applicable Series Supplement (together with its permitted
successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell certain mortgage pass-through certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes, which in the aggregate will evidence the entire beneficial ownership
interest in the Mortgage Loans.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Accretion Termination Date: As defined in the Series Supplement.
Accrual Certificates: As defined in the Series Supplement.
Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day months. In each case Accrued Certificate Interest on any Class or
Subclass of Certificates will be reduced by the amount of:
(i) Prepayment Interest Shortfalls on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (to the extent not
offset by the Master Servicer with a payment of Compensating
Interest as provided in Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (including Excess
Special Hazard
1
Losses, Excess Fraud Losses, Excess Bankruptcy Losses and
Extraordinary Losses) not allocated solely to one or more
specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on all Mortgage
Loans or, if the Mortgage Pool is comprised of two or more Loan
Groups, on the Mortgage Loans in the related Loan Group, which
remained unreimbursed following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property or (B) made
with respect to delinquencies that were ultimately determined to
be Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, and
(iv) any other interest shortfalls not covered by the subordination
provided by the Class M Certificates and Class B Certificates,
including interest that is not collectible from the Mortgagor
pursuant to the Relief Act,
with all such reductions allocated (A) among all of the Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised of two or more Loan Groups, the related Senior Percentage of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued Certificate Interest payable from the related Loan Group on such
Distribution Date absent such reductions, with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in proportion to their respective amounts of Accrued Certificate Interest
payable on such Distribution Date absent such reductions. In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any Class of Class B Certificates or any Class of Class M Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.
Addendum and Assignment Agreement: The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.
Additional Collateral: Any of the following held, in addition to the
related Mortgaged Property, as security for a Mortgage Loan: (i) all money,
securities, security entitlements, accounts, general intangibles, payment
rights, instruments, documents, deposit accounts, certificates of deposit,
commodities contracts and other investment property and other property of
whatever kind or description now existing or hereafter acquired which is pledged
as security for the repayment of such Mortgage Loan, (ii) third-party
guarantees, and (A) all money, securities, security entitlements, accounts,
general intangibles, payment rights, instruments, documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other property of whatever kind or description now existing or hereafter
acquired which is pledged as collateral for such guarantee or (B) any mortgaged
property securing the performance of such guarantee, or (iii) such other
collateral as may be set forth in the Series Supplement.
Additional Collateral Loan: Each Mortgage Loan that is supported by
Additional Collateral.
2
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.
Advance: As to any Mortgage Loan, any advance made by the Master
Servicer, pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
-----
Corporation).
Amount Held for Future Distribution: As to any Distribution Date and,
with respect to any Mortgage Pool that is comprised of two or more Loan Groups,
each Loan Group, the total of the amounts held in the Custodial Account at the
close of business on the preceding Determination Date on account of (i)
Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds, Curtailments,
Mortgage Loan purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and
Mortgage Loan substitutions made pursuant to Section 2.03 or 2.04 received or
made in the month of such Distribution Date (other than such Liquidation
Proceeds, Insurance Proceeds and purchases of Mortgage Loans that the Master
Servicer has deemed to have been received in the preceding month in accordance
with Section 3.07(b)), and Principal Prepayments in Full made after the related
Prepayment Period, and (ii) payments which represent early receipt of scheduled
payments of principal and interest due on a date or dates subsequent to the
related Due Date.
Appraised Value: As to any Mortgaged Property, the lesser of (i) the
appraised value of such Mortgaged Property based upon the appraisal made at the
time of the origination of the related Mortgage Loan, and (ii) the sales price
of the Mortgaged Property at such time of origination, except in the case of a
Mortgaged Property securing a refinanced or modified Mortgage Loan as to which
it is either the appraised value determined above or the appraised value
determined in an appraisal at the time of refinancing or modification, as the
case may be.
Assigned Contracts: With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement, among GMAC Mortgage
Corporation, National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related Pledged Assets; or such other contracts as may be set forth in the
Series Supplement.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form
3
of one or more blanket assignments covering Mortgages secured by Mortgaged
Properties located in the same county, if permitted by law and accompanied by an
Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing Date, between Residential Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the Custodial Account as of the close of business on the
immediately preceding Determination Date, including any Subsequent Recoveries,
and amounts deposited in the Custodial Account in connection with the
substitution of Qualified Substitute Mortgage Loans, (ii) the amount of any
Advance made on the immediately preceding Certificate Account Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section 3.12(a), (iv)
any amount deposited in the Certificate Account pursuant to Section 4.07, (v)
any amount that the Master Servicer is not permitted to withdraw from the
Custodial Account or the Certificate Account pursuant to Section 3.16(e), (vi)
any amount received by the Trustee pursuant to the Surety Bond in respect of
such Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master Servicer, reduced by (b) the sum as of the close of business on the
immediately preceding Determination Date of (x) the Amount Held for Future
Distribution, and (y) amounts permitted to be withdrawn by the Master Servicer
from the Custodial Account in respect of the Mortgage Loans pursuant to clauses
(ii)-(x), inclusive, of Section 3.10(a). Such amount shall be determined
separately for each Loan Group. Additionally, with respect to any Mortgage Pool
that is comprised of two or more Loan Groups, if on any Distribution Date
Compensating Interest provided pursuant to Section 3.16(e) is less than
Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with
Principal Prepayments in Full received during the related Prepayment Period and
Curtailments made in the prior calendar month, such Compensating Interest shall
be allocated on such Distribution Date to the Available Distribution Amount for
each Loan Group on a pro rata basis in accordance with the respective amounts of
such Prepayment Interest Shortfalls incurred on the Mortgage Loans in such Loan
Group in respect of such Distribution Date.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such
4
Mortgage Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee, and designated as such in the Preliminary Statement
to the Series Supplement.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Certificate Account.
Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related Buydown Funds in accordance with a related
buydown agreement.
Capitalization Reimbursement Amount: As to any Distribution Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the related Mortgage Loans during the prior calendar month and
reimbursed to the Master Servicer or Subservicer on or prior to such
Distribution Date pursuant to Section 3.10(a)(vii), plus the Capitalization
Reimbursement Shortfall Amount remaining unreimbursed from any prior
Distribution Date and reimbursed to the Master Servicer or Subservicer on or
prior to such Distribution Date.
Capitalization Reimbursement Shortfall Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding calendar month exceeds the amount of principal payments on the
Mortgage Loans included in the Available Distribution Amount for that
Distribution Date.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate Account Deposit Date: As to any Distribution Date, the
Business Day prior thereto.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, and, in respect of any Insured
Certificates, the Certificate Insurer to the extent of Cumulative Insurance
Payments, except that neither a Disqualified Organization nor a Non-United
States Person shall be a holder of a Class R Certificate for purposes hereof
and, solely for the purpose of giving any consent or direction pursuant to this
Agreement, any Certificate, other than
5
a Class R Certificate, registered in the name of the Company, the Master
Servicer or any Subservicer or any Affiliate thereof shall be deemed not to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken into account in determining whether the requisite amount of
Percentage Interests or Voting Rights necessary to effect any such consent or
direction has been obtained. All references herein to "Holders" or
"Certificateholders" shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof, except as otherwise specified herein; provided, however, that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the Person in whose name a Certificate is registered in the Certificate
Register.
Certificate Insurer: As defined in the Series Supplement.
-------------------
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Certificate (other
than any Interest Only Certificate), on any date of determination, an amount
equal to:
(i) the Initial Certificate Principal Balance of such Certificate as
specified on the face thereof, plus
(ii) any Subsequent Recoveries added to the Certificate Principal
Balance of such Certificate pursuant to Section 4.02, plus
(iii) in the case of each Accrual Certificate, an amount equal to the
aggregate Accrued Certificate Interest added to the Certificate
Principal Balance thereof prior to such date of determination,
minus
(iv) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor
Certificate) and applied to reduce the Certificate Principal
Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses which were previously
allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05;
provided, that the Certificate Principal Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the Percentage Interest evidenced by such Certificate
multiplied by the excess, if any, of (A) the then aggregate Certificate
Principal Balance of all Classes of Certificates then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.
Certificate Register and Certificate Registrar: The register maintained
and the registrar appointed pursuant to Section 5.02.
6
Class: Collectively, all of the Certificates bearing the same
designation. The initial Class A-V Certificates and any Subclass thereof issued
pursuant to Section 5.01(c) shall be a single Class for purposes of this
Agreement.
Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.
Class A-P Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class A-P Principal Distribution Amount: As defined in Section 4.02.
Class A-V Certificate: Any one of the Certificates designated as a Class
A-V Certificate, including any Subclass thereof.
Class B Certificate: Any one of the Certificates designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.
Class M Certificate: Any one of the Certificates designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.
Closing Date: As defined in the Series Supplement.
Code: The Internal Revenue Code of 1986.
Combined Collateral LLC: Combined Collateral LLC, a Delaware limited
liability company.
Commission: The Securities and Exchange Commission.
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period and Curtailments during the prior
calendar month and included in the Available Distribution Amount for such
Distribution Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal Balance of the Mortgage Loans immediately preceding such
Distribution Date and (b) the sum of the Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders with respect to such Distribution Date; provided that
for purposes of this definition the amount of the Servicing Fee will not be
reduced pursuant to Section 7.02(a) except as may be required pursuant to the
last sentence of such paragraph.
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.
7
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Credit Repository: Equifax, Transunion and Experian, or their successors in
interest.
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
Credit Support Pledge Agreement: The Credit Support Pledge Agreement,
dated as of November 24, 1998, among the Master Servicer, GMAC Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.
Cumulative Insurance Payments: As defined in the Series Supplement.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
8
Custodial Agreement: An agreement that may be entered into among the
Company, the Master Servicer, the Trustee and a Custodian pursuant to which the
Custodian will hold certain documents relating to the Mortgage Loans on behalf
of the Trustee.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
---------
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto (or due during the month of
the Cut-Off Date), whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any Certificate other than a Book-Entry
Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly scheduled due date; "60 to 89
days" or "60 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the second following monthly scheduled due date; and so on.
The determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last business day of each month. For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of business on July 31 would then be considered to be 30 to 59 days
delinquent. Delinquency information as of the Cut-off Date is determined and
prepared as of the close of business on the last business day immediately prior
to the Cut-off Date.
Depository: The Depository Trust Company, or any successor Depository
hereafter named. The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede &
Co. The Depository shall at all times be a "clearing corporation" as defined in
Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
9
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: As defined in the Series Supplement.
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the
Discount Net Mortgage Rate. The Discount Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per
annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Rate: As defined in the Series Supplement.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, and if not otherwise
included, any of the following: (i) the United States, any State or political
subdivision thereof, any possession of the United States, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
a corporation if all of its activities are subject to tax and, except for
Xxxxxxx Mac, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, any international organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv)
rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the holding of an Ownership Interest in a Class R
Certificate by such Person may cause the Trust Fund or any Person having an
Ownership Interest in any Class of Certificates (other than such Person) to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class R
Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
10
Due Date: With respect to any Distribution Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.
Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of JPMorgan Chase Bank, or
(iv) in the case of the Certificate Account, a trust account or accounts
maintained in the corporate trust division of the Trustee, or (v) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Event of Default: As defined in Section 7.01.
Excess Bankruptcy Loss: Any Bankruptcy Loss, or portion thereof, which
exceeds the then applicable Bankruptcy Amount.
Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the
then applicable Fraud Loss Amount.
Excess Special Hazard Loss: Any Special Hazard Loss, or portion thereof,
that exceeds the then applicable Special Hazard Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or
more Loan Groups, the Excess Subordinate Principal Amount will be allocated
between
11
each Loan Group on a pro rata basis in accordance with the amount of Realized
Losses attributable to each Loan Group and allocated to the Certificates on such
Distribution Date.
Exchange Act: The Securities and Exchange Act of 1934, as amended.
Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity
bond and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.12(b) but are in excess of the coverage maintained
thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination,
all whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by, contributed
to or aggravated by a peril covered by the definition of the term "Special
Hazard Loss";
(c) hostile or warlike action in time of peace or war, including action
in hindering, combating or defending against an actual, impending or expected
attack:
1. by any government or sovereign power, de jure or de facto,
or by any authority maintaining or using military, naval
or air forces; or
2. by military, naval or air forces; or
3. by an agent of any such government, power, authority or
forces;
(d) any weapon of war employing atomic fission or radioactive force
whether in time of peace or war; or
(e) insurrection, rebellion, revolution, civil war, usurped power or
action taken by governmental authority in hindering, combating or defending
against such an occurrence, seizure or destruction under quarantine or customs
regulations, confiscation by order of any government or public authority; or
risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
Xxxxxx Xxx: Federal National Mortgage Association, a federally chartered
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
12
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
Fitch: Fitch, Inc. or its successor in interest.
Form 10-K Certification: As defined in Section 4.03(e).
Foreclosure Profits: As to any Distribution Date or related
Determination Date and any Mortgage Loan, the excess, if any, of Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable
therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash Liquidation or REO Disposition occurred in the
related Prepayment Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage
Rate on such unpaid principal balance from the Due Date to which interest was
last paid by the Mortgagor to the first day of the month following the month in
which such Cash Liquidation or REO Disposition occurred.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in
the origination of such Mortgage Loan.
Xxxxxxx Mac: Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Highest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with a Certificate Principal Balance
greater than zero, with the earliest priority for payments pursuant to Section
4.02(a), in the following order: Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.
Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company, the Master Servicer and
the Trustee, or any Affiliate thereof, (ii) does not have any direct financial
interest or any material indirect financial interest in the Company, the Master
Servicer or the Trustee or in an Affiliate thereof, and (iii) is not connected
with the Company, the Master Servicer or the Trustee as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.
Initial Certificate Principal Balance: With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.
Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period commencing subsequent
13
to the Cut-off Date for those Mortgage Loans for which the Trustee will not be
entitled to receive such payment, and as more specifically defined in the Series
Supplement.
Initial Notional Amount: With respect to any Class or Subclass of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically defined in
the Series Supplement.
Initial Subordinate Class Percentage: As defined in the Series Supplement.
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan (excluding any Certificate Policy (as defined in the
Series Supplement)), to the extent such proceeds are payable to the mortgagee
under the Mortgage, any Subservicer, the Master Servicer or the Trustee and are
not applied to the restoration of the related Mortgaged Property (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance with the procedures that the Master Servicer would
follow in servicing mortgage loans held for its own account.
Insurer: Any named insurer under any Primary Insurance Policy or any
successor thereto or the named insurer in any replacement policy.
Interest Accrual Period: As defined in the Series Supplement.
Interest Only Certificates: A Class or Subclass of Certificates not
entitled to payments of principal, and designated as such in the Series
Supplement. The Interest Only Certificates will have no Certificate Principal
Balance.
Interim Certification: As defined in Section 2.02.
Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.
Junior Class of Certificates: The Class of Subordinate Certificates
outstanding as of the date of the repurchase of a Mortgage Loan pursuant to
Section 4.07 herein that has the Lowest Priority.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Mortgage Loan through trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.
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Loan Group: Any group of Mortgage Loans designated as a separate loan
group in the Series Supplement. The Certificates relating to each Loan Group
will be designated in the Series Supplement.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a Certificate Principal Balance greater than zero, with later
priority for payments pursuant to Section 4.02(a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
Maturity Date: The latest possible maturity date, solely for purposes of
Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.
MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.
MERS(R) System: The system of recording transfers of Mortgages
electronically maintained by MERS.
MIN: The Mortgage Identification Number for Mortgage Loans registered
with MERS on the MERS(R) System.
MLCC: Xxxxxxx Xxxxx Credit Corporation, or its successor in interest.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
MOM Loan: With respect to any Mortgage Loan, MERS acting as the
mortgagee of such Mortgage Loan, solely as nominee for the originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization
15
schedule at the time applicable thereto (after adjustment, if any, for
Curtailments and for Deficient Valuations occurring prior to such Due Date but
before any adjustment to such amortization schedule by reason of any bankruptcy,
other than a Deficient Valuation, or similar proceeding or any moratorium or
similar waiver or grace period and before any Servicing Modification that
constitutes a reduction of the interest rate on such Mortgage Loan).
Moody's: Xxxxx'x Investors Service, Inc., or its successor in interest.
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Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Loan Schedule: As defined in the Series Supplement.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification.
Mortgaged Property: The underlying real property securing a Mortgage
Loan or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount
Mortgage Loan.
16
Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United States Person.
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted Mortgage Loan) which, in the good faith judgment of the Master
Servicer, will not, or, in the case of a proposed Advance, would not, be
ultimately recoverable by the Master Servicer from related Late Collections,
Insurance Proceeds, Liquidation Proceeds, REO Proceeds or amounts reimbursable
to the Master Servicer pursuant to Section 4.02(a) hereof. To the extent that
any Mortgagor is not obligated under the related Mortgage documents to pay or
reimburse any portion of any Servicing Advances that are outstanding with
respect to the related Mortgage Loan as a result of a modification of such
Mortgage Loan by the Master Servicer, which forgives amounts which the Master
Servicer or Subservicer had previously advanced, and the Master Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing Advances shall be deemed to be Nonrecoverable
Advances. The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and any Certificate Insurer.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: With respect to any Class or Subclass of Interest Only
Certificates, an amount used as the principal basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of any REMIC formed under the Series Supplement or compliance with the REMIC
Provisions must, unless otherwise specified, be an opinion of Independent
counsel.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
17
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: As defined in the Series Supplement.
Paying Agent: The Trustee or any successor Paying Agent appointed by the
Trustee.
Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such Certificate, which percentage ownership interest shall be
equal to the Initial Certificate Principal Balance thereof or Initial Notional
Amount (in the case of any Interest Only Certificate) thereof divided by the
aggregate Initial Certificate Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate, the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by
the United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United
States;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof,
provided that the unsecured obligations of the party agreeing to
repurchase such obligations are at the time rated by each Rating Agency
in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits,
time deposits and bankers' acceptances (which shall each have an
original maturity of not more than 90 days and, in the case of bankers'
acceptances, shall in no event have an original maturity of more than
365 days or a remaining maturity of more than 30 days) denominated in
United States dollars of any U.S. depository institution or trust
company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution or
trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard
& Poor's, in the case of the principal depository institution in a
depository institution holding company, debt obligations of the
depository institution holding company) at the date of acquisition
thereof have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating Agency
is Standard & Poor's and if the depository or trust company is a
principal subsidiary of a bank holding company and the debt obligations
of such subsidiary are not separately rated, the applicable rating shall
be that of the bank holding company; and, provided further that, if the
original maturity of such short-term obligations of a domestic branch of
a foreign depository institution or trust company shall exceed 30 days,
the short-term rating of such institution shall be A-1+ in the case of
Standard & Poor's if Standard & Poor's is the Rating Agency;
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(iv) commercial paper and demand notes (having original
maturities of not more than 365 days) of any corporation incorporated
under the laws of the United States or any state thereof which on the
date of acquisition has been rated by each Rating Agency in its highest
short-term rating available; provided that such commercial paper shall
have a remaining maturity of not more than 30 days;
(v) a money market fund or a qualified investment fund rated by
each Rating Agency in its highest long-term rating available; and
(vi) other obligations or securities that are acceptable to each
Rating Agency as a Permitted Investment hereunder and will not reduce
the rating assigned to any Class of Certificates by such Rating Agency
below the lower of the then-current rating or the rating assigned to
such Certificates as of the Closing Date by such Rating Agency, as
evidenced in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.
Permitted Transferee: Any Transferee of a Class R Certificate, other
than a Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Pledged Amount: With respect to any Pledged Asset Loan, the amount of
money remitted to Combined Collateral LLC, at the direction of or for the
benefit of the related Mortgagor.
Pledged Asset Loan: Any Mortgage Loan supported by Pledged Assets or
such other collateral, other than the related Mortgaged Property, set forth in
the Series Supplement.
Pledged Assets: With respect to any Mortgage Loan, all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description pledged by Combined
Collateral LLC as security in respect of any Realized Losses in connection with
such Mortgage Loan up to the Pledged Amount for such Mortgage Loan, and any
related collateral, or such other collateral as may be set forth in the Series
Supplement.
19
Pledged Asset Mortgage Servicing Agreement: The Pledged Asset Mortgage
Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master
Servicer.
Pooling and Servicing Agreement or Agreement: With respect to any
Series, this Standard Terms together with the related Series Supplement.
Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances of each Mortgage Loan.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.
Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date is greater than or equal to the sum
of the related Initial Subordinate Class Percentages of such Classes of
Subordinate Certificates.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the portion of the
related Prepayment Period that falls during the prior calendar month, an amount
equal to the excess of one month's interest at the Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the
Stated Principal Balance of such Mortgage Loan over the amount of interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month, an amount equal to one month's interest at the Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the
amount of such Curtailment.
Prepayment Period: As to any Distribution Date and Principal Prepayment
in Full, the period commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance or any replacement policy therefor referred to in Section 2.03(b)(iv)
and (v).
Principal Only Certificates: A Class of Certificates not entitled to
payments of interest, and more specifically designated as such in the Series
Supplement.
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is
20
received in advance of its scheduled Due Date and is not accompanied by an
amount as to interest representing scheduled interest on such payment due on any
date or dates in any month or months subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.
Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential Funding's mortgage loan purchase and conduit servicing program and
all supplements and amendments thereto published by Residential Funding from
time to time.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal Balance
thereof to the Due Date in the Due Period related to the Distribution Date
occurring in the month following the month of purchase from the Due Date to
which interest was last paid by the Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, with a copy to the Custodian,
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
Agreement; and
21
(vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.
Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan
(i) the Pool Strip Rate of such Qualified Substitute Mortgage Loan
shall be equal to the Pool Strip Rate of the related Deleted
Mortgage Loan for purposes of calculating the Pass-Through Rate
on the Class A-V Certificates and
(ii) the excess of the Pool Strip Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Pool
Strip Rate" over the Pool Strip Rate on the related Deleted
Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
Rating Agency: Each of the statistical credit rating agencies specified
in the Preliminary Statement of the Series Supplement. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company,
notice of which designation shall be given to the Trustee and the Master
Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property):
(a) as to which a Cash Liquidation or REO Disposition has occurred, an
amount (not less than zero) equal to (i) the Stated Principal Balance
of the Mortgage Loan (or REO Property) as of the date of Cash
Liquidation or REO Disposition, plus (ii) interest (and REO Imputed
Interest, if any) at the Net Mortgage Rate from the Due Date as to
which interest was last paid or advanced to Certificateholders up to
the Due Date in the Due Period related to the Distribution Date on
which such Realized Loss will be allocated pursuant to Section 4.05 on
the Stated Principal Balance of such Mortgage Loan (or REO Property)
outstanding during each Due Period that such interest was not paid or
advanced, minus (iii) the proceeds, if any, received during the month
in which such Cash Liquidation (or REO Disposition) occurred, to the
extent applied as recoveries of interest at the Net Mortgage Rate and
to principal of the Mortgage Loan, net of the portion thereof
reimbursable to the Master Servicer or any Subservicer with respect to
related Advances, Servicing Advances or other expenses as to which the
Master Servicer or Subservicer is entitled to reimbursement thereunder
but which have not been previously reimbursed,
(b) which is the subject of a Servicing Modification, (i) (1) the amount
by which the interest portion of a Monthly Payment or the principal
balance of such Mortgage Loan was reduced or (2) the sum of any other
amounts owing under the Mortgage Loan that were forgiven and that
constitute Servicing Advances that are reimbursable to the Master
Servicer or a Subservicer, and (ii) any such amount with respect to a
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Monthly Payment that was or would have been due in the month
immediately following the month in which a Principal Prepayment
or the Purchase Price of such Mortgage Loan is received or is
deemed to have been received,
(c) which has become the subject of a Deficient Valuation, the
difference between the principal balance of the Mortgage Loan
outstanding immediately prior to such Deficient Valuation and the
principal balance of the Mortgage Loan as reduced by the
Deficient Valuation, or
(d) which has become the object of a Debt Service Reduction, the
amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee in writing that the Master Servicer is
diligently pursuing any remedies that may exist in connection with the
representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent such recoveries are applied to reduce the
Certificate Principal Balance of any Class of Certificates on any Distribution
Date.
Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Certificate: Any of the Certificates other than a Class R
Certificate.
Relief Act: The Servicemembers Civil Relief Act or similar legislation or
regulations as in effect from time to time.
Relief Act Shortfalls: Shortfalls in interest payable by a Mortgagor that
are not collectible from the Mortgagor pursuant to the Relief Act.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
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REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
Reportable Modified Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a Mortgage Loan modified in accordance with clause (i) above for a
temporary period shall not be a Reportable Modified Mortgage Loan if such
Mortgage Loan has not been delinquent in payments of principal and interest for
six months since the date of such modification if that interest rate reduction
is not made permanent thereafter.
Request for Release: A request for release, the forms of which are
attached as Exhibit F hereto, or an electronic request in a form acceptable to
the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Required Surety Payment: With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if
any, of (a) the amount of Additional Collateral required
24
at origination with respect to such Mortgage Loan over (b) the net proceeds
realized by the Subservicer from the related Additional Collateral.
Residential Funding: Residential Funding Corporation, a Delaware
corporation, in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer with particular
responsibility for this transaction, or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.
Retail Certificates: A Senior Certificate, if any, offered in smaller
minimum denominations than other Senior Certificates, and designated as such in
the Series Supplement.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, a Person, including any Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans consistent in all material
respects with those set forth in the Program Guide.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan
Group, 100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on
or prior to the 72nd Distribution Date, the related Senior
Percentage for such Distribution Date plus 70% of the related
Subordinate Percentage for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on
or prior to the 84th Distribution Date, the related Senior
Percentage for such Distribution Date plus 60% of the related
Subordinate Percentage for such Distribution Date;
25
(iii) for any Distribution Date after the 84th Distribution Date but on
or prior to the 96th Distribution Date, the related Senior
Percentage for such Distribution Date plus 40% of the related
Subordinate Percentage for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on
or prior to the 108th Distribution Date, the related Senior
Percentage for such Distribution Date plus 20% of the related
Subordinate Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for
such Distribution Date;
provided, however,
-------- -------
(i) that any scheduled reduction to the Senior Accelerated
Distribution Percentage described above shall not occur as of any
Distribution Date unless either
(a)(1)(X) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged
over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last six
months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the
Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of
the sum of the Initial Certificate Principal Balances of the Subordinate
Certificates or
(b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding principal balance of all
Mortgage Loans averaged over the last six months, does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution
Date, if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate Certificates, and
(ii) that for any Distribution Date on which the Senior Percentage is
greater than the Percentage as of the Closing Date, the Senior
Accelerated Distribution Percentage for such Distribution Date
shall be 100%, or, if the Mortgage Pool is comprised of two or
more Loan Groups, for any Distribution Date on which the weighted
average of the Senior Percentages for each Loan Group, weighted
on the basis of the Stated Principal Balances of the Mortgage
Loans in the related Loan Group, exceeds the weighted average of
the initial Senior Percentages (calculated on such basis) for
each Loan Group, each of the Senior Accelerated Distribution
Percentages for such Distribution Date will equal 100%.
26
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class A-P
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: As defined in the Series Supplement.
Senior Percentage: As defined in the Series Supplement.
Senior Support Certificate: A Senior Certificate that provides
additional credit enhancement to certain other classes of Senior Certificates
and designated as such in the Preliminary Statement of the Series Supplement.
Series: All of the Certificates issued pursuant to a Pooling and
Servicing Agreement and bearing the same series designation.
Series Supplement: The agreement into which this Standard Terms is
incorporated and pursuant to which, together with this Standard Terms, a Series
of Certificates is issued.
Servicing Accounts: The account or accounts created and maintained
pursuant to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer or a Subservicer in the
performance of its servicing obligations, including, but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment, (ii)
any enforcement or judicial proceedings, including foreclosures, including any
expenses incurred in relation to any such proceedings that result from the
Mortgage Loan being registered on the MERS System, (iii) the management and
liquidation of any REO Property, (iv) any mitigation procedures implemented in
accordance with Section 3.07, and (v) compliance with the obligations under
Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the Master Servicer or any
Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan, any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding principal
balance of a Mortgage Loan by adding to the Stated Principal Balance unpaid
principal and interest and other amounts owing under the Mortgage Loan, in each
case pursuant to a modification of a Mortgage Loan that is in default, or for
which, in the judgment of the Master Servicer, default is reasonably
foreseeable, in accordance with Section 3.07(a).
27
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement of a Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) suffered by such Mortgaged
Property (or Cooperative Apartment) on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's, a division of The XxXxxx-Xxxx
Companies, Inc., or its successor in interest.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage Loan plus (b) any amount by which the Stated Principal
Balance of the Mortgage Loan is increased pursuant to a Servicing Modification,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such Mortgage Loan or REO Property during each Due Period ending
prior to the most recent Distribution Date which were received or with respect
to which an Advance was made, and (b) all Principal Prepayments with respect to
such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation
Proceeds and REO Proceeds, to the extent applied by the Master Servicer as
recoveries of principal in accordance with Section 3.14 with respect to such
Mortgage Loan or REO Property, in each case which were distributed pursuant to
Section 4.02 on any previous Distribution Date, and (c) any Realized Loss
allocated to Certificateholders with respect thereto for any previous
Distribution Date.
Subclass: With respect to the Class A-V Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate Certificates immediately prior to such date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
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Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.
Subsequent Recoveries: As of any Distribution Date, amounts received by
the Master Servicer (net of any related expenses permitted to be reimbursed
pursuant to Section 3.10) or surplus amounts held by the Master Servicer to
cover estimated expenses (including, but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable Seller's Agreement and assigned to the Trustee pursuant to Section
2.04) specifically related to a Mortgage Loan that was the subject of a Cash
Liquidation or an REO Disposition prior to the related Prepayment Period that
resulted in a Realized Loss.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in
accordance with Section 3.08.
Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company. With respect to
Additional Collateral Loans subserviced by MLCC, the Subservicing Agreement
shall also include the Addendum and Assignment Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
Surety: Ambac, or its successors in interest, or such other surety as
may be identified in the Series Supplement.
29
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the
Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage
Loans originated by Novus Financial Corporation, in each case issued by Ambac
for the benefit of certain beneficiaries, including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any Additional Collateral Loans, or such other Surety Bond as may be
identified in the Series Supplement.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC formed under the Series Supplement and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation
or other form of assignment of any Ownership Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
Trust Fund: The segregated pool of assets consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral
securing such Mortgage Loans,
(ii) all payments on and collections in respect of the Mortgage Loans
due after the Cut-off Date (other than Monthly Payments due in
the month of the Cut-Off Date) as shall be on deposit in the
Custodial Account or in the Certificate Account and identified as
belonging to the Trust Fund, including the proceeds from the
liquidation of Additional Collateral for any Additional
Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
not including amounts on deposit in the Initial Monthly Payment
Fund,
(iii) property that secured a Mortgage Loan and that has been acquired
for the benefit of the Certificateholders by foreclosure or deed
in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, the Pledged Assets with respect to each Pledged Asset Loan,
and the interest in the Surety Bond transferred to the Trustee
pursuant to Section 2.01,
(v) the Initial Monthly Payment Fund, and
30
(vi) all proceeds of clauses (i) through (v) above.
Underwriter: As defined in the Series Supplement.
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States, provided that, for purposes solely of the
restrictions on the transfer of residual interests, no partnership or other
entity treated as a partnership for United States federal income tax purposes
shall be treated as a United States Person unless all persons that own an
interest in such partnership either directly or through any entity that is not a
corporation for United States federal income tax purposes are required by the
applicable operating agreement to be United States Persons, any state thereof,
or the District of Columbia (except in the case of a partnership, to the extent
provided in Treasury regulations) or any political subdivision thereof, or an
estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate, and more specifically
designated in Article XI of the Series Supplement.
Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definition set forth herein include both the singular and the
plural.
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof,
does hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date). In connection with such transfer and assignment,
the Company does hereby deliver to the Trustee the Certificate Policy (as
defined in the Series
31
Supplement), if any. The Company, the Master Servicer and the Trustee agree that
it is not intended that any mortgage loan be included in the Trust that is
either (i) a "High-Cost Home Loan" as defined in the New Jersey Home Ownership
Act effective November 27, 2003 or (ii) a "High-Cost Home Loan" as defined in
the New Mexico Home Loan Protection Act effective January 1, 2004.
(b) In connection with such assignment, except as set forth in Section
2.01(c) and subject to Section 2.01(d) below, the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly appointed agent or agents of the Trustee for such purpose, the following
documents or instruments (or copies thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse
to the order of the Trustee and showing an unbroken chain of
endorsements from the originator thereof to the Person endorsing
it to the Trustee, or with respect to any Destroyed Mortgage
Note, an original lost note affidavit from the related Seller or
Residential Funding stating that the original Mortgage Note was
lost, misplaced or destroyed, together with a copy of the related
Mortgage Note;
(ii) The original Mortgage, noting the presence of the MIN
of the Mortgage Loan and language indicating that the Mortgage
Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with
evidence of recording indicated thereon or a copy of the Mortgage
with evidence of recording indicated thereon;
(iii) Unless the Mortgage Loan is registered on the
MERS(R) System, an original Assignment of the Mortgage to the
Trustee with evidence of recording indicated thereon or a copy of
such assignment with evidence of recording indicated thereon;
(iv) The original recorded assignment or assignments of
the Mortgage showing an unbroken chain of title from the
originator thereof to the Person assigning it to the Trustee (or
to MERS, if the Mortgage Loan is registered on the MERS(R) System
and noting the presence of a MIN) with evidence of recordation
noted thereon or attached thereto, or a copy of such assignment
or assignments of the Mortgage with evidence of recording
indicated thereon; and
(v) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Mortgage Loan or a copy of each modification, assumption
agreement or preferred loan agreement.
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse
to the order of the Trustee and showing an unbroken chain of
endorsements from the originator thereof to the Person endorsing
it to the Trustee, or with respect to any Destroyed Mortgage
Note, an original lost note affidavit from the related Seller or
Residential
32
Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related
Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the
Assignment of Proprietary Lease to the originator of the
Cooperative Loan with intervening assignments showing an unbroken
chain of title from such originator to the Trustee;
(iii) The related Cooperative Stock Certificate,
representing the related Cooperative Stock pledged with respect
to such Cooperative Loan, together with an undated stock power
(or other similar instrument) executed in blank;
(iv) The original recognition agreement by the Cooperative
of the interests of the mortgagee with respect to the related
Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and
any continuation statements, filed by the originator of such
Cooperative Loan as secured party, each with evidence of
recording thereof, evidencing the interest of the originator
under the Security Agreement and the Assignment of Proprietary
Lease;
(vii) Copies of the filed UCC-3 assignments of the
security interest referenced in clause (vi) above showing an
unbroken chain of title from the originator to the Trustee, each
with evidence of recording thereof, evidencing the interest of
the originator under the Security Agreement and the Assignment of
Proprietary Lease;
(viii) An executed assignment of the interest of the
originator in the Security Agreement, Assignment of Proprietary
Lease and the recognition agreement referenced in clause (iv)
above, showing an unbroken chain of title from the originator to
the Trustee;
(ix) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and
(x) A duly completed UCC-1 financing statement showing the
Master Servicer as debtor, the Company as secured party and the
Trustee as assignee and a duly completed UCC-1 financing
statement showing the Company as debtor and the Trustee as
secured party, each in a form sufficient for filing, evidencing
the interest of such debtors in the Cooperative Loans.
(c) The Company may, in lieu of delivering the original of the documents
set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by
Section 2.01(b)) to the Trustee or the Custodian or Custodians, deliver such
documents to the Master Servicer, and the Master Servicer shall hold such
documents in trust for the use and benefit of all present and future
Certificateholders until such time as is set forth in the next sentence. Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of
33
the documents or instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv)
and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as
permitted by such Section) for any Mortgage Loan and (ii) a written request by
the Trustee to deliver those documents with respect to any or all of the
Mortgage Loans then being held by the Master Servicer, the Master Servicer shall
deliver a complete set of such documents to the Trustee or the Custodian or
Custodians that are the duly appointed agent or agents of the Trustee.
(d) Notwithstanding the provisions of Section 2.01(c), in connection
with any Mortgage Loan, if the Company cannot deliver the original of the
Mortgage, any assignment, modification, assumption agreement or preferred loan
agreement (or copy thereof as permitted by Section 2.01(b)) with evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because of (i) a delay caused by the public recording office where such
Mortgage, assignment, modification, assumption agreement or preferred loan
agreement as the case may be, has been delivered for recordation, or (ii) a
delay in the receipt of certain information necessary to prepare the related
assignments, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage, assignment, modification,
assumption agreement or preferred loan agreement.
The Company shall promptly cause to be recorded in the appropriate
public office for real property records the Assignment referred to in clause
(I)(iii) of Section 2.01(b), except (a) in states where, in the opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the Trustee's interests in the Mortgage Loan against the
claim of any subsequent transferee or any successor to or creditor of the
Company or the originator of such Mortgage Loan or (b) if MERS is identified on
the Mortgage or on a properly recorded assignment of the Mortgage as the
mortgagee of record solely as nominee for the Seller and its successors and
assigns, and shall promptly cause to be filed the Form UCC-3 assignment and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment, Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company shall prepare a substitute Assignment, Form UCC-3 or Form UCC-1, as
applicable, or cure such defect, as the case may be, and cause such Assignment
to be recorded in accordance with this paragraph. The Company shall promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or Assignment or Form UCC-3 or Form UCC-1, as applicable, (or copy
thereof as permitted by Section 2.01(b)) with evidence of recording indicated
thereon at the time specified in Section 2.01(c). In connection with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation statements with regard to each financing statement and
assignment relating to Cooperative Loans as to which the related Cooperative
Apartment is located outside of the State of New York.
If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim Certification issued
by the Custodian, as contemplated by Section 2.02.
Any of the items set forth in Sections 2.01(b)(I)(ii), (iii), (iv) and
(v) and (II)(vi) and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.
34
In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System, the Company further agrees that it will cause, at the Company's
own expense, within 30 Business Days after the Closing Date, the MERS(R) System
to indicate that such Mortgage Loans have been assigned by the Company to the
Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans. The Company further agrees that it will
not, and will not permit the Master Servicer to, and the Master Servicer agrees
that it will not, alter the codes referenced in this paragraph with respect to
any Mortgage Loan during the term of this Agreement unless and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.
(e) Residential Funding hereby assigns to the Trustee its security
interest in and to any Additional Collateral or Pledged Assets, its right to
receive amounts due or to become due in respect of any Additional Collateral or
Pledged Assets pursuant to the related Subservicing Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With respect to any Additional Collateral Loan or Pledged Asset Loan,
Residential Funding shall cause to be filed in the appropriate recording office
a UCC-3 statement giving notice of the assignment of the related security
interest to the Trust Fund and shall thereafter cause the timely filing of all
necessary continuation statements with regard to such financing statements.
(f) It is intended that the conveyance by the Company to the Trustee of
the Mortgage Loans as provided for in this Section 2.01 be and the
Uncertificated REMIC Regular Interests, if any (as provided for in Section
2.06), be construed as a sale by the Company to the Trustee of the Mortgage
Loans and any Uncertificated REMIC Regular Interests for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans and any Uncertificated REMIC Regular
Interests by the Company to the Trustee to secure a debt or other obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential Funding, or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended that (a) this Agreement shall be a security agreement within the
meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided for in Section 2.01 shall be deemed to be, and hereby is, (1) a grant
by the Company to the Trustee of a security interest in all of the Company's
right (including the power to convey title thereto), title and interest, whether
now owned or hereafter acquired, in and to any and all general intangibles,
payment intangibles, accounts, chattel paper, instruments, documents, money,
deposit accounts, certificates of deposit, goods, letters of credit, advices of
credit and investment property and other property of whatever kind or
description now existing or hereafter acquired consisting of, arising from or
relating to any of the following: (A) the Mortgage Loans, including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary Lease, Cooperative Stock Certificate and Cooperative
Lease, (ii) with respect to each Mortgage Loan other than a Cooperative Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related Mortgage File, (B) all amounts payable pursuant
to the Mortgage Loans in accordance with the terms thereof, (C) any
35
Uncertificated REMIC Regular Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B), (C) and (D) granted by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession by the Trustee, the Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
payment intangibles, negotiable documents, goods, deposit accounts, letters of
credit, advices of credit, investment property, certificated securities or
chattel paper shall be deemed to be "possession by the secured party," or
possession by a purchaser or a person designated by such secured party, for
purposes of perfecting the security interest pursuant to the Minnesota Uniform
Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction as in effect (including, without limitation, Sections 8-106, 9-313
and 9-106 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, securities intermediaries, bailees or agents of, or persons holding for
(as applicable) the Trustee for the purpose of perfecting such security interest
under applicable law.
The Company and, at the Company's direction, Residential Funding and the
Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
determined to create a security interest in the Mortgage Loans, any
Uncertificated REMIC Regular Interests and the other property described above,
such security interest would be determined to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. Without limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing, or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect the Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated REMIC
Regular Interests, as evidenced by an Officers' Certificate of the Company,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee, if occasioned by a change in the Trustee's name), (2)
any change of location of the place of business or the chief executive office of
Residential Funding or the Company, (3) any transfer of any interest of
Residential Funding or the Company in any Mortgage Loan or (4) any transfer of
any interest of Residential Funding or the Company in any Uncertificated REMIC
Regular Interest.
(g) The Master Servicer hereby acknowledges the receipt by it of the
Initial Monthly Payment Fund. The Master Servicer shall hold such Initial
Monthly Payment Fund in the Custodial Account and shall include such Initial
Monthly Payment Fund in the Available Distribution Amount for the initial
Distribution Date. Notwithstanding anything herein to the contrary, the Initial
Monthly Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly Payment
36
Fund constitutes a reserve fund for federal income tax purposes, (1) it shall be
an outside reserve fund and not an asset of any REMIC, (2) it shall be owned by
the Seller and (3) amounts transferred by any REMIC to the Initial Monthly
Payment Fund shall be treated as transferred to the Seller or any successor, all
within the meaning of Section 1.860G-2(h) of the Treasury Regulations.
(h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this Agreement will also constitute the assignment, sale, setting-over,
transfer and conveyance to the Trustee, without recourse (but subject to the
Company's covenants, representations and warranties specifically provided
herein), of all of the Company's obligations and all of the Company's right,
title and interest in, to and under, whether now existing or hereafter acquired
as owner of the Mortgage Loan with respect to all money, securities, security
entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts, and other investment property
and other property of whatever kind or description consisting of, arising from
or related to (i) the Assigned Contracts, (ii) all rights, powers and remedies
of the Company as owner of such Mortgage Loan under or in connection with the
Assigned Contracts, whether arising under the terms of such Assigned Contracts,
by statute, at law or in equity, or otherwise arising out of any default by the
Mortgagor under or in connection with the Assigned Contracts, including all
rights to exercise any election or option or to make any decision or
determination or to give or receive any notice, consent, approval or waiver
thereunder, (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged Amounts and all money, securities, security
entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts, and other investment property
and other property of whatever kind or description and all cash and non-cash
proceeds of the sale, exchange, or redemption of, and all stock or conversion
rights, rights to subscribe, liquidation dividends or preferences, stock
dividends, rights to interest, dividends, earnings, income, rents, issues,
profits, interest payments or other distributions of cash or other property that
is credited to the Custodial Account, (iv) all documents, books and records
concerning the foregoing (including all computer programs, tapes, disks and
related items containing any such information) and (v) all insurance proceeds
(including proceeds from the Federal Deposit Insurance Corporation or the
Securities Investor Protection Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion, voluntary or involuntary, of any thereof. The
foregoing transfer, sale, assignment and conveyance does not constitute and is
not intended to result in the creation, or an assumption by the Trustee, of any
obligation of the Company, or any other person in connection with the Pledged
Assets or under any agreement or instrument relating thereto, including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.
Section 2.02 Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i) and Section 2.01(b)(II)(i), (iii), (v), (vi) and (viii) above
(except that for purposes of such acknowledgment only, a Mortgage Note may be
endorsed in blank) and declares that it, or a Custodian as its agent, holds and
will hold such documents and the other documents constituting a part of the
Mortgage Files delivered to it, or a Custodian as its agent, and the rights of
Residential Funding with respect to any Pledged Assets, Additional Collateral
and the Surety
37
Bond assigned to the Trustee pursuant to Section 2.01, in trust for the use and
benefit of all present and future Certificateholders. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees, for the
benefit of Certificateholders, to review each Mortgage File delivered to it
pursuant to Section 2.01(b) within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule, as supplemented, that have been
conveyed to it, and to deliver to the Trustee a certificate (the "Interim
Certification") to the effect that all documents required to be delivered
pursuant to Section 2.01(b) above have been executed and received and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
except for any exceptions listed on Schedule A attached to such Interim
Certification. Upon delivery of the Mortgage Files by the Company or the Master
Servicer, the Trustee shall acknowledge receipt (or, with respect to Mortgage
Loans subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(c) above.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master Servicer and the Company. Pursuant
to Section 2.3 of the Custodial Agreement, the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage File held by it in respect of the items reviewed by
it pursuant to the Custodial Agreement. If such omission or defect materially
and adversely affects the interests of the Certificateholders, the Master
Servicer shall promptly notify the related Subservicer or Seller of such
omission or defect and request that such Subservicer or Seller correct or cure
such omission or defect within 60 days from the date the Master Servicer was
notified of such omission or defect and, if such Subservicer or Seller does not
correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing, if the Subservicer or
Seller that repurchases the Mortgage Loan is not a member of MERS and the
Mortgage is registered on the MERS(R) System, the Master Servicer, at its own
expense and without any right of reimbursement, shall cause MERS to execute and
deliver an assignment of the Mortgage in recordable form to transfer the
Mortgage from MERS to such Subservicer or Seller and shall cause such Mortgage
to be removed from registration on the MERS(R) System in accordance with MERS'
rules and regulations. It is understood and agreed that the obligation of the
Seller or the Subservicer, as the case may be, to so cure or purchase any
Mortgage
38
Loan as to which a material and adverse defect in or omission of a constituent
document exists shall constitute the sole remedy respecting such defect or
omission available to Certificateholders or the Trustee on behalf of the
Certificateholders.
Section 2.03 Representations, Warranties and Covenants of the Master
Servicer and the Company.
(a) The Master Servicer hereby represents and warrants to the Trustee
for the benefit of the Certificateholders that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing
its creation and existence and is or will be in compliance with
the laws of each state in which any Mortgaged Property is located
to the extent necessary to ensure the enforceability of each
Mortgage Loan in accordance with the terms of this Agreement;
(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms
of this Agreement will not violate the Master Servicer's
Certificate of Incorporation or Bylaws or constitute a material
default (or an event which, with notice or lapse of time, or
both, would constitute a material default) under, or result in
the material breach of, any material contract, agreement or other
instrument to which the Master Servicer is a party or which may
be applicable to the Master Servicer or any of its assets;
(iii) This Agreement, assuming due authorization,
execution and delivery by the Trustee and the Company,
constitutes a valid, legal and binding obligation of the Master
Servicer, enforceable against it in accordance with the terms
hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general
principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law;
(iv) The Master Servicer is not in default with respect to
any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or governmental agency,
which default might have consequences that would materially and
adversely affect the condition (financial or other) or operations
of the Master Servicer or its properties or might have
consequences that would materially adversely affect its
performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer
which would prohibit its entering into this Agreement or
performing its obligations under this Agreement;
(vi) The Master Servicer will comply in all material
respects in the performance of this Agreement with all reasonable
rules and requirements of each insurer under each Required
Insurance Policy;
39
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any
Affiliate of the Company or the Trustee by the Master Servicer
will, to the knowledge of the Master Servicer, contain any untrue
statement of a material fact or omit a material fact necessary to
make the information, certificate, statement or report not
misleading;
(viii) The Master Servicer has examined each existing, and
will examine each new, Subservicing Agreement and is or will be
familiar with the terms thereof. The terms of each existing
Subservicing Agreement and each designated Subservicer are
acceptable to the Master Servicer and any new Subservicing
Agreements will comply with the provisions of Section 3.02; and
(ix) The Master Servicer is a member of MERS in good
standing, and will comply in all material respects with the rules
and procedures of MERS in connection with the servicing of the
Mortgage Loans that are registered with MERS.
It is understood and agreed that the representations and
warranties set forth in this Section 2.03(a) shall survive
delivery of the respective Mortgage Files to the Trustee or any
Custodian.
Upon discovery by either the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section 2.03(a) which materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material respects or (ii) to the extent that such breach is with
respect to a Mortgage Loan or a related document, purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02; provided that if the omission or defect would cause the Mortgage Loan to
be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the
Code, any such cure or repurchase must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders or the Trustee on behalf of the
Certificateholders.
(b) Representations and warranties relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.
Section 2.04 Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement (to the extent assigned to the Company pursuant to the
Assignment Agreement) applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's rights under such Seller's Agreement relate to the
representations and
40
warranties made by Residential Funding or the related Seller in respect of such
Mortgage Loan and any remedies provided thereunder for any breach of such
representations and warranties, such right, title and interest may be enforced
by the Master Servicer on behalf of the Trustee and the Certificateholders. Upon
the discovery by the Company, the Master Servicer, the Trustee or any Custodian
of a breach of any of the representations and warranties made in a Seller's
Agreement that have been assigned to the Trustee pursuant to this Section 2.04
or of a breach of any of the representations and warranties made in the
Assignment Agreement (which, for purposes hereof, will be deemed to include any
other cause giving rise to a repurchase obligation under the Assignment
Agreement) in respect of any Mortgage Loan which materially and adversely
affects the interests of the Certificateholders in such Mortgage Loan, the party
discovering such breach shall give prompt written notice to the other parties
(any Custodian being so obligated under a Custodial Agreement). The Master
Servicer shall promptly notify the related Seller or Residential Funding, as the
case may be, of such breach and request that such Seller or Residential Funding,
as the case may be, either (i) cure such breach in all material respects within
90 days from the date the Master Servicer was notified of such breach or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in Section 2.02; provided that in the case of a breach under
the Assignment Agreement Residential Funding shall have the option to substitute
a Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan if such
substitution occurs within two years following the Closing Date; provided that
if the breach would cause the Mortgage Loan to be other than a "qualified
mortgage" as defined in Section 860G(a)(3) of the Code, any such cure,
repurchase or substitution must occur within 90 days from the date the breach
was discovered. If the breach of representation and warranty that gave rise to
the obligation to repurchase or substitute a Mortgage Loan pursuant to Section 4
of the Assignment Agreement was the representation and warranty set forth in
clause (xxxi) of Section 4 thereof, then the Master Servicer shall request that
Residential Funding pay to the Trust Fund, concurrently with and in addition to
the remedies provided in the preceding sentence, an amount equal to any
liability, penalty or expense that was actually incurred and paid out of or on
behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
In the event that Residential Funding elects to substitute a Qualified
Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this
Section 2.04, Residential Funding shall deliver to the Trustee for the benefit
of the Certificateholders with respect to such Qualified Substitute Mortgage
Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders will include the Monthly Payment due on a Deleted
Mortgage Loan for such month and thereafter Residential Funding shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount
41
Fractions, to the Trustee. Upon such substitution, the Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement and the
related Subservicing Agreement in all respects, the related Seller shall be
deemed to have made the representations and warranties with respect to the
Qualified Substitute Mortgage Loan contained in the related Seller's Agreement
as of the date of substitution, insofar as Residential Funding's rights in
respect of such representations and warranties are assigned to the Company
pursuant to the Assignment Agreement, and the Company and the Master Servicer
shall be deemed to have made with respect to any Qualified Substitute Mortgage
Loan or Loans, as of the date of substitution, the covenants, representations
and warranties set forth in this Section 2.04, in Section 2.03 hereof and in
Section 4 of the Assignment Agreement, and the Master Servicer shall be
obligated to repurchase or substitute for any Qualified Substitute Mortgage Loan
as to which a Repurchase Event (as defined in the Assignment Agreement) has
occurred pursuant to Section 4 of the Assignment Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC to fail to qualify as such at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing and to make any additional
payments required under the Assignment Agreement in connection with a breach of
the representation and warranty in clause (xxxi) of Section 4 thereof shall
constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential Funding, then the Trustee shall also have the right to
give the notification and require the purchase or substitution provided for in
the second preceding paragraph in the event of such a breach of a representation
or warranty made by Residential Funding in the Assignment Agreement. In
connection with the purchase of or substitution for any such Mortgage Loan by
Residential Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.
Section 2.05 Execution and Authentication of Certificates/Issuance
of Certificates Evidencing Interests in REMIC I.
As provided in Section 2.05 of the Series Supplement.
42
Section 2.06 Conveyance of Uncertificated REMIC I and REMIC II
Regular Interests; Acceptance by the Trustee.
As provided in Section 2.06 of the Series Supplement.
Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.
As provided in Section 2.07 of the Series Supplement.
Section 2.08 Purposes and Powers of the Trust.
The purpose of the trust, as created hereunder, is to engage in the
following activities:
(a) to sell the Certificates to the Company in exchange for the Mortgage
Loans;
(b) to enter into and perform its obligations under this Agreement;
(c) to engage in those activities that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and
(d) subject to compliance with this Agreement, to engage in such other
activities as may be required in connection with conservation of the Trust Fund
and the making of distributions to the Certificateholders.
The trust is hereby authorized to engage in the foregoing activities.
Notwithstanding the provisions of Section 11.01, the trust shall not engage in
any activity other than in connection with the foregoing or other than as
required or authorized by the terms of this Agreement while any Certificate is
outstanding, and this Section 2.08 may not be amended, without the consent of
the Certificateholders evidencing a majority of the aggregate Voting Rights of
the Certificates.
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration. Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer is hereby authorized and empowered by the Trustee
when the Master Servicer or the Subservicer, as the case may be, believes it
appropriate in its best judgment, to execute and
43
deliver, on behalf of the Certificateholders and the Trustee or any of them, any
and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, or of consent to assumption or modification in connection
with a proposed conveyance, or of assignment of any Mortgage and Mortgage Note
in connection with the repurchase of a Mortgage Loan and all other comparable
instruments, or with respect to the modification or re-recording of a Mortgage
for the purpose of correcting the Mortgage, the subordination of the lien of the
Mortgage in favor of a public utility company or government agency or unit with
powers of eminent domain, the taking of a deed in lieu of foreclosure, the
commencement, prosecution or completion of judicial or non-judicial foreclosure,
the conveyance of a Mortgaged Property to the related Insurer, the acquisition
of any property acquired by foreclosure or deed in lieu of foreclosure, or the
management, marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure with respect to the Mortgage Loans and with respect
to the Mortgaged Properties. The Master Servicer further is authorized and
empowered by the Trustee, on behalf of the Certificateholders and the Trustee,
in its own name or in the name of the Subservicer, when the Master Servicer or
the Subservicer, as the case may be, believes it is appropriate in its best
judgment to register any Mortgage Loan on the MERS(R) System, or cause the
removal from the registration of any Mortgage Loan on the MERS(R) System, to
execute and deliver, on behalf of the Trustee and the Certificateholders or any
of them, any and all instruments of assignment and other comparable instruments
with respect to such assignment or re- recording of a Mortgage in the name of
MERS, solely as nominee for the Trustee and its successors and assigns. Any
expenses incurred in connection with the actions described in the preceding
sentence shall be borne by the Master Servicer in accordance with Section
3.16(c), with no right of reimbursement; provided, that if, as a result of MERS
discontinuing or becoming unable to continue operations in connection with the
MERS System, it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the Trustee, then any related expenses shall be reimbursable to the Master
Servicer. Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer shall not permit any modification with respect to any Mortgage Loan
that would both constitute a sale or exchange of such Mortgage Loan within the
meaning of Section 1001 of the Code and any proposed, temporary or final
regulations promulgated thereunder (other than in connection with a proposed
conveyance or assumption of such Mortgage Loan that is treated as a Principal
Prepayment in Full pursuant to Section 3.13(d) hereof) and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee shall furnish the Master Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Master Servicer to
service and administer the Mortgage Loans. The Trustee shall not be liable for
any action taken by the Master Servicer or any Subservicer pursuant to such
powers of attorney. In servicing and administering any Nonsubserviced Mortgage
Loan, the Master Servicer shall, to the extent not inconsistent with this
Agreement, comply with the Program Guide as if it were the originator of such
Mortgage Loan and had retained the servicing rights and obligations in respect
thereof. In connection with servicing and administering the Mortgage Loans, the
Master Servicer and any Affiliate of the Master Servicer (i) may perform
services such as appraisals and brokerage services that are not customarily
provided by servicers of mortgage loans, and shall be entitled to reasonable
compensation therefor in accordance with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee, obtain credit information in the form
of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the
44
purpose of calculating monthly distributions to the Certificateholders, be added
to the amount owing under the related Mortgage Loans, notwithstanding that the
terms of such Mortgage Loan so permit, and such costs shall be recoverable to
the extent permitted by Section 3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in
connection with the offering of pass-through certificates evidencing interests
in one or more of the Certificates providing for the payment by the Master
Servicer of amounts received by the Master Servicer as servicing compensation
hereunder and required to cover certain Prepayment Interest Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.
Section 3.02 Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and Sellers'
Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders. The
Program Guide and any other Subservicing Agreement entered into between the
Master Servicer and any Subservicer shall require the Subservicer to accurately
and fully report its borrower credit files to each of the Credit Repositories in
a timely manner.
(b) As part of its servicing activities hereunder, the Master Servicer,
for the benefit of the Trustee and the Certificateholders, shall use its best
reasonable efforts to enforce the obligations of each Subservicer under the
related Subservicing Agreement and of each Seller under the related Seller's
Agreement insofar as the Company's rights with respect to such obligation has
been assigned to the Trustee hereunder, to the extent that the non-performance
of any such Seller's
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obligation would have a material and adverse effect on a Mortgage Loan,
including, without limitation, the obligation to purchase a Mortgage Loan on
account of defective documentation, as described in Section 2.02, or on account
of a breach of a representation or warranty, as described in Section 2.04. Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Subservicing Agreements or Seller's Agreements, as appropriate,
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master Servicer would employ in
its good faith business judgment and which are normal and usual in its general
mortgage servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed. For purposes of clarification
only, the parties agree that the foregoing is not intended to, and does not,
limit the ability of the Master Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's obligations (insofar
as the Company's rights with respect to such Seller's obligations have been
assigned to the Trustee hereunder) and are reimbursable pursuant to Section
3.10(a)(viii).
Section 3.03 Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
Section 3.04 Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Mortgage
Loans in accordance with the provisions of Section 3.01 without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the Mortgage Loans. The Master
Servicer shall be entitled to enter into any agreement with a Subservicer or
Seller for
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indemnification of the Master Servicer and nothing contained in this Agreement
shall be deemed to limit or modify such indemnification.
Section 3.05 No Contractual Relationship Between Subservicer and
Trustee or Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
Section 3.06 Assumption or Termination of Subservicing Agreements by
Trustee.
(a) If the Master Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master Servicer under each Subservicing Agreement that may have been entered
into. The Trustee, its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master Servicer's interest therein and to
have replaced the Master Servicer as a party to the Subservicing Agreement to
the same extent as if the Subservicing Agreement had been assigned to the
assuming party except that the Master Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the
expense of the Master Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement and the Mortgage Loans then
being serviced and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Subservicing Agreement to the assuming party.
Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account.
(a) The Master Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans, and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary Insurance Policy, follow such
collection procedures as it would employ in its good faith business judgment and
which are normal and usual in its general mortgage servicing activities.
Consistent with the foregoing, the Master Servicer may in its discretion (i)
waive any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the Due Date
for payments due on a Mortgage Loan in accordance with the Program Guide;
provided, however, that the Master Servicer shall first determine that any such
waiver or extension will not impair the coverage of any related Primary
Insurance Policy or materially adversely affect the lien of the related
Mortgage. Notwithstanding anything in this Section to the
47
contrary, the Master Servicer or any Subservicer shall not enforce any
prepayment charge to the extent that such enforcement would violate any
applicable law. In the event of any such arrangement, the Master Servicer shall
make timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements unless otherwise agreed to
by the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any such advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders (taking into account any estimated
Realized Loss that might result absent such action); provided, however, that the
Master Servicer may not modify materially or permit any Subservicer to modify
any Mortgage Loan, including without limitation any modification that would
change the Mortgage Rate, forgive the payment of any principal or interest
(unless in connection with the liquidation of the related Mortgage Loan or
except in connection with prepayments to the extent that such reamortization is
not inconsistent with the terms of the Mortgage Loan), capitalize any amounts
owing on the Mortgage Loan by adding such amount to the outstanding principal
balance of the Mortgage Loan, or extend the final maturity date of such Mortgage
Loan, unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; provided, further, that (1) no
such modification shall reduce the interest rate on a Mortgage Loan below
one-half of the Mortgage Rate as in effect on the Cut-Off Date, but not less
than the sum of the rates at which the Servicing Fee and the Subservicing Fee
with respect to such Mortgage Loan accrues plus the rate at which the premium
paid to the Certificate Insurer, if any, accrues, (2) the final maturity date
for any Mortgage Loan shall not be extended beyond the Maturity Date, (3) the
Stated Principal Balance of all Reportable Modified Mortgage Loans subject to
Servicing Modifications (measured at the time of the Servicing Modification and
after giving effect to any Servicing Modification) can be no more than five
percent of the aggregate principal balance of the Mortgage Loans as of the
Cut-off Date, unless such limit is increased from time to time with the consent
of the Rating Agencies and the Certificate Insurer, if any. In addition, any
amounts owing on a Mortgage Loan added to the outstanding principal balance of
such Mortgage Loan must be fully amortized over the remaining term of such
Mortgage Loan, and such amounts may be added to the outstanding principal
balance of a Mortgage Loan only once during the life of such Mortgage Loan.
Also, the addition of such amounts described in the preceding sentence shall be
implemented in accordance with the Program Guide and may be implemented only by
Subservicers that have been approved by the Master Servicer for such purpose. In
connection with any Curtailment of a Mortgage Loan, the Master Servicer, to the
extent not inconsistent with the terms of the Mortgage Note and local law and
practice, may permit the Mortgage Loan to be reamortized such that the Monthly
Payment is recalculated as an amount that will fully amortize the remaining
Stated Principal Balance thereof by the original Maturity Date based on the
original Mortgage Rate; provided, that such re-amortization shall not be
permitted if it would constitute a reissuance of the Mortgage Loan for federal
income tax purposes, except if such reissuance is described in Treasury
Regulation Section 1.860G-2(b)(3).
(b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master Servicer shall deposit or cause to be deposited on a daily
basis, except as otherwise
48
specifically provided herein, the following payments and collections remitted by
Subservicers or received by it in respect of the Mortgage Loans subsequent to
the Cut-off Date (other than in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date):
(i) All payments on account of principal, including
Principal Prepayments made by Mortgagors on the Mortgage Loans
and the principal component of any Subservicer Advance or of any
REO Proceeds received in connection with an REO Property for
which an REO Disposition has occurred;
(ii) All payments on account of interest at the Adjusted
Mortgage Rate on the Mortgage Loans, including Buydown Funds, if
any, and the interest component of any Subservicer Advance or of
any REO Proceeds received in connection with an REO Property for
which an REO Disposition has occurred;
(iii) Insurance Proceeds, Subsequent Recoveries and
Liquidation Proceeds (net of any related expenses of the
Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant
to Section 2.02, 2.03, 2.04 or 4.07 and all amounts required to
be deposited in connection with the substitution of a Qualified
Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;
(v) Any amounts required to be deposited pursuant to
Section 3.07(c) or 3.21;
(vi) All amounts transferred from the Certificate Account
to the Custodial Account in accordance with Section 4.02(a);
(vii) Any amounts realized by the Subservicer and received
by the Master Servicer in respect of any Additional Collateral;
and
(viii) Any amounts received by the Master Servicer in
respect of Pledged Assets.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
49
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the
institution maintaining the Custodial Account to invest the funds in the
Custodial Account attributable to the Mortgage Loans in Permitted Investments
which shall mature not later than the Certificate Account Deposit Date next
following the date of such investment (with the exception of the Amount Held for
Future Distribution) and which shall not be sold or disposed of prior to their
maturities. All income and gain realized from any such investment shall be for
the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments attributable to the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial Account by the Master Servicer out of its own funds immediately as
realized without any right of reimbursement.
(d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof.
Section 3.08 Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan
pursuant to a Subservicing Agreement, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account, shall generally satisfy the requirements of
the Program Guide and be otherwise acceptable to the Master Servicer and each
Rating Agency. The Subservicer will be required thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the Subservicer, less its Subservicing Fees and unreimbursed advances and
expenses, to the extent permitted by the Subservicing Agreement. If the
Subservicing Account is not an Eligible Account, the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer shall not be required to deposit in the Subservicing Account
payments or collections in the nature of prepayment charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and
50
interest less its Subservicing Fees on any Mortgage Loans for which payment was
not received by the Subservicer. This obligation to advance with respect to each
Mortgage Loan will continue up to and including the first of the month following
the date on which the related Mortgaged Property is sold at a foreclosure sale
or is acquired by the Trust Fund by deed in lieu of foreclosure or otherwise.
All such advances received by the Master Servicer shall be deposited promptly by
it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
51
Section 3.09 Access to Certain Documentation and Information Regarding
the Mortgage Loans.
If compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10 Permitted Withdrawals from the Custodial Account.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.07 that are attributable to the Mortgage Loans for the following
purposes:
(i) to make deposits into the Certificate Account in the
amounts and in the manner provided for in Section 4.01;
(ii) to reimburse itself or the related Subservicer for
previously unreimbursed Advances, Servicing Advances or other
expenses made pursuant to Sections 3.01, 3.07(a), 3.08, 3.11,
3.12(a), 3.14 and 4.04 or otherwise reimbursable pursuant to the
terms of this Agreement, such withdrawal right being limited to
amounts received on the related Mortgage Loans (including, for
this purpose, REO Proceeds, Insurance Proceeds, Liquidation
Proceeds and proceeds from the purchase of a Mortgage Loan
pursuant to Section 2.02, 2.03, 2.04 or 4.07) which represent (A)
Late Collections of Monthly Payments for which any such advance
was made in the case of Subservicer Advances or Advances pursuant
to Section 4.04 and (B) recoveries of amounts in respect of which
such advances were made in the case of Servicing Advances;
(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment
received by the Master Servicer on account of interest on a
Mortgage Loan as contemplated by Sections 3.14 and 3.16, an
amount equal to that remaining portion of any such payment as to
interest (but not in excess of the Servicing Fee and the
Subservicing Fee, if not previously retained) which, when
deducted, will result in the remaining amount of such interest
being interest at the Net Mortgage Rate (or Modified Net Mortgage
Rate in the case of a Modified Mortgage Loan) on the amount
specified in the amortization schedule of the related Mortgage
Loan as the principal balance thereof at the beginning of the
period respecting which such interest was paid after giving
effect to any previous Curtailments;
52
(iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds and other
property deposited in or credited to the Custodial Account that
it is entitled to withdraw pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation
any Foreclosure Profits, any amounts remitted by Subservicers as
interest in respect of Curtailments pursuant to Section 3.08(b),
and any amounts paid by a Mortgagor in connection with a
Principal Prepayment in Full in respect of interest for any
period during the calendar month in which such Principal
Prepayment in Full is to be distributed to the
Certificateholders;
(vi) to pay to itself, a Subservicer, a Seller,
Residential Funding, the Company or any other appropriate Person,
as the case may be, with respect to each Mortgage Loan or
property acquired in respect thereof that has been purchased or
otherwise transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
or 9.01, all amounts received thereon and not required to be
distributed to the Certificateholders as of the date on which the
related Stated Principal Balance or Purchase Price is determined;
(vii) to reimburse itself or the related Subservicer for
any Nonrecoverable Advance or Advances in the manner and to the
extent provided in subsection (c) below, and any Advance or
Servicing Advance made in connection with a modified Mortgage
Loan that is in default or, in the judgment of the Master
Servicer, default is reasonably foreseeable pursuant to Section
3.07(a), to the extent the amount of the Advance or Servicing
Advance was added to the Stated Principal Balance of the Mortgage
Loan in a prior calendar month, or any Advance reimbursable to
the Master Servicer pursuant to Section 4.02(a);
(viii) to reimburse itself or the Company for expenses
incurred by and reimbursable to it or the Company pursuant to
Sections 3.01(a), 3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
or in connection with enforcing, in accordance with this
Agreement, any repurchase, substitution or indemnification
obligation of any Seller (other than an Affiliate of the Company)
pursuant to the related Seller's Agreement;
(ix) to reimburse itself for Servicing Advances expended
by it (a) pursuant to Section 3.14 in good faith in connection
with the restoration of property damaged by an Uninsured Cause,
and (b) in connection with the liquidation of a Mortgage Loan or
disposition of an REO Property to the extent not otherwise
reimbursed pursuant to clause (ii) or (viii) above; and
(x) to withdraw any amount deposited in the Custodial
Account that was not required to be deposited therein pursuant to
Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii),
(iii), (v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage
53
Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from
the Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance relating to an Advance pursuant to Section 4.04 on any such Certificate
Account Deposit Date shall be limited to an amount not exceeding the portion of
such advance previously paid to Certificateholders (and not theretofore
reimbursed to the Master Servicer or the related Subservicer).
Section 3.11 Maintenance of the Primary Insurance Policies;
Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a policy is obtainable at a reasonable price. The Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy
applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage Loan subserviced by it, that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose claims-paying ability is acceptable
to each Rating Agency for mortgage pass-through certificates having a rating
equal to or better than the lower of the then-current rating or the rating
assigned to the Certificates as of the Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to present or to cause the
related Subservicer to present, on behalf of the Master Servicer, the
Subservicer, if any, the Trustee and Certificateholders, claims to the related
54
Insurer under any Primary Insurance Policies, in a timely manner in accordance
with such policies, and, in this regard, to take or cause to be taken such
reasonable action as shall be necessary to permit recovery under any Primary
Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
3.07, any Insurance Proceeds collected by or remitted to the Master Servicer
under any Primary Insurance Policies shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10.
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity
Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
If the Master Servicer shall obtain and maintain a blanket fire
insurance policy with extended coverage insuring against hazard losses on all of
the Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer shall, in the event that there shall not have been
maintained on the related
55
Mortgaged Property a policy complying with the first sentence of this Section
3.12(a) and there shall have been a loss which would have been covered by such
policy, deposit in the Certificate Account the amount not otherwise payable
under the blanket policy because of such deductible clause. Any such deposit by
the Master Servicer shall be made on the Certificate Account Deposit Date next
preceding the Distribution Date which occurs in the month following the month in
which payments under any such policy would have been deposited in the Custodial
Account. In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the
Trustee and the Certificateholders, claims under any such blanket policy.
(b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect throughout the term of this Agreement a blanket
fidelity bond and an errors and omissions insurance policy covering the Master
Servicer's officers and employees and other persons acting on behalf of the
Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the
Master Servicer if the Master Servicer were servicing and administering the
Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or
policy ceases to be in effect, the Master Servicer shall obtain a comparable
replacement bond or policy from an issuer or insurer, as the case may be,
meeting the requirements, if any, of the Program Guide and acceptable to the
Company. Coverage of the Master Servicer under a policy or bond obtained by an
Affiliate of the Master Servicer and providing the coverage required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).
Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or Subservicer, to the extent it has knowledge of such conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental regulations, but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in
default under this Section 3.13(a) by reason of any transfer or
assumption which the Master Servicer is restricted by law from
preventing; and
(ii) if the Master Servicer determines that it is
reasonably likely that any Mortgagor will bring, or if any
Mortgagor does bring, legal action to declare invalid or
otherwise avoid enforcement of a due-on-sale clause contained in
any Mortgage Note or Mortgage, the Master Servicer shall not be
required to enforce the due-on-sale clause or to contest such
action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the
56
Mortgage Loan, the Master Servicer is authorized, subject to the requirements of
the sentence next following, to execute and deliver, on behalf of the Trustee,
the assumption agreement with the Person to whom the Mortgaged Property is to be
conveyed and such modification agreement or supplement to the Mortgage Note or
Mortgage or other instruments as are reasonable or necessary to carry out the
terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged Property
to such Person; provided, however, none of such terms and requirements shall
either (i) both (A) constitute a "significant modification" effecting an
exchange or reissuance of such Mortgage Loan under the REMIC Provisions and (B)
cause any portion of any REMIC formed under the Series Supplement to fail to
qualify as a REMIC under the Code or (subject to Section 10.01(f)), result in
the imposition of any tax on "prohibited transactions" or (ii) constitute
"contributions" after the start-up date under the REMIC Provisions. The Master
Servicer shall execute and deliver such documents only if it reasonably
determines that (i) its execution and delivery thereof will not conflict with or
violate any terms of this Agreement or cause the unpaid balance and interest on
the Mortgage Loan to be uncollectible in whole or in part, (ii) any required
consents of insurers under any Required Insurance Policies have been obtained
and (iii) subsequent to the closing of the transaction involving the assumption
or transfer (A) the Mortgage Loan will continue to be secured by a first
mortgage lien pursuant to the terms of the Mortgage, (B) such transaction will
not adversely affect the coverage under any Required Insurance Policies, (C) the
Mortgage Loan will fully amortize over the remaining term thereof, (D) no
material term of the Mortgage Loan (including the interest rate on the Mortgage
Loan) will be altered nor will the term of the Mortgage Loan be changed and (E)
if the seller/transferor of the Mortgaged Property is to be released from
liability on the Mortgage Loan, such release will not (based on the Master
Servicer's or Subservicer's good faith determination) adversely affect the
collectability of the Mortgage Loan. Upon receipt of appropriate instructions
from the Master Servicer in accordance with the foregoing, the Trustee shall
execute any necessary instruments for such assumption or substitution of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct copies of the assumption agreement, the release
(if any), or the modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the Custodian and deposited with the Mortgage
File for such Mortgage Loan. Any fee collected by the Master Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
(or, with respect to a Cooperative Loan, the related Cooperative Apartment)
without any right of reimbursement or other similar matters if it has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related Mortgage Loan, that the security for,
and the timely and full collectability of, such Mortgage Loan would not be
adversely affected thereby and that any portion of any REMIC formed under the
Series Supplement would not fail to continue to qualify as a REMIC under the
Code as a result thereof and (subject to Section 10.01(f)) that no tax on
"prohibited transactions" or "contributions" after the startup day would be
imposed on any such REMIC as a result thereof. Any
57
fee collected by the Master Servicer or the related Subservicer for processing
such a request will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(d) Subject to any other applicable terms and conditions of this
Agreement, the Trustee and Master Servicer shall be entitled to approve an
assignment in lieu of satisfaction with respect to any Mortgage Loan, provided
the obligee with respect to such Mortgage Loan following such proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for Assignment of Mortgage Loan" in the form attached hereto as Exhibit M, in
form and substance satisfactory to the Trustee and Master Servicer, providing
the following: (i) that the substance of the assignment is, and is intended to
be, a refinancing of such Mortgage; (ii) that the Mortgage Loan following the
proposed assignment will have a rate of interest at least 0.25 percent below or
above the rate of interest on such Mortgage Loan prior to such proposed
assignment; and (iii) that such assignment is at the request of the borrower
under the related Mortgage Loan. Upon approval of an assignment in lieu of
satisfaction with respect to any Mortgage Loan, the Master Servicer shall
receive cash in an amount equal to the unpaid principal balance of and accrued
interest on such Mortgage Loan and the Master Servicer shall treat such amount
as a Principal Prepayment in Full with respect to such Mortgage Loan for all
purposes hereof.
Section 3.14 Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably
convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07. Alternatively, the Master Servicer may take
other actions in respect of a defaulted Mortgage Loan, which may include (i)
accepting a short sale (a payoff of the Mortgage Loan for an amount less than
the total amount contractually owed in order to facilitate a sale of the
Mortgaged Property by the Mortgagor) or permitting a short refinancing (a payoff
of the Mortgage Loan for an amount less than the total amount contractually owed
in order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the Mortgaged Property), (ii) arranging for a repayment plan or (iii)
agreeing to a modification in accordance with Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable, as shall be normal and usual in its general mortgage servicing
activities and as shall be required or permitted by the Program Guide; provided
that the Master Servicer shall not be liable in any respect hereunder if the
Master Servicer is acting in connection with any such foreclosure or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer, however, shall not be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to Holders of
Certificates of one or more Classes after reimbursement to itself for such
expenses or charges and (ii) that such expenses or charges will be recoverable
to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Custodial Account pursuant to Section 3.10, whether or not such expenses and
charges are actually recoverable from related Liquidation Proceeds, Insurance
Proceeds or REO Proceeds). In the event of such a determination by the Master
Servicer pursuant to this Section
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3.14(a), the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.
In addition to the foregoing, the Master Servicer shall use its best
reasonable efforts to realize upon any Additional Collateral for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition thereof or otherwise; and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner that would impair the ability to recover against the related
Mortgaged Property, and (ii) the Master Servicer shall proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional Collateral against amounts owed under the defaulted Mortgage Loan.
Any proceeds realized from such Additional Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the Master Servicer would follow in servicing loans held for its own
account, subject to the terms and conditions of the related Mortgage and
Mortgage Note and to the terms and conditions of any security agreement,
guarantee agreement, mortgage or other agreement governing the disposition of
the proceeds of such Additional Collateral) shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10. Any other payment
received by the Master Servicer in respect of such Additional Collateral shall
be deposited in the Custodial Account subject to withdrawal pursuant to Section
3.10.
For so long as the Master Servicer is the Master Servicer under the
Credit Support Pledge Agreement, the Master Servicer shall perform its
obligations under the Credit Support Pledge Agreement in accordance with such
Agreement and in a manner that is in the best interests of the
Certificateholders. Further, the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged Assets for such of the Pledged Asset Loans
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments pursuant to
Section 3.07; provided that the Master Servicer shall not, on behalf of the
Trustee, obtain title to any such Pledged Assets as a result of or in lieu of
the disposition thereof or otherwise; and provided further that (i) the Master
Servicer shall not proceed with respect to such Pledged Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master Servicer shall proceed with any REO Acquisition in a manner
that preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted Mortgage Loan. Any proceeds realized from such
Pledged Assets (other than amounts to be released to the Mortgagor or the
related guarantor in accordance with procedures that the Master Servicer would
follow in servicing loans held for its own account, subject to the terms and
conditions of the related Mortgage and Mortgage Note and to the terms and
conditions of any security agreement, guarantee agreement, mortgage or other
agreement governing the disposition of the proceeds of such Pledged Assets)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any other payment received by the Master Servicer in respect of
such Pledged Assets shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10.
Concurrently with the foregoing, the Master Servicer may pursue any
remedies that may be available in connection with a breach of a representation
and warranty with respect to any such Mortgage Loan in accordance with Sections
2.03 and 2.04. However, the Master Servicer is not
59
required to continue to pursue both foreclosure (or similar remedies) with
respect to the Mortgage Loans and remedies in connection with a breach of a
representation and warranty if the Master Servicer determines in its reasonable
discretion that one such remedy is more likely to result in a greater recovery
as to the Mortgage Loan. Upon the occurrence of a Cash Liquidation or REO
Disposition, following the deposit in the Custodial Account of all Insurance
Proceeds, Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO Disposition," as applicable, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee or any Custodian, as the case may be, shall
release to the Master Servicer the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master Servicer or its designee, as the case may be, the related Mortgage
Loan, and thereafter such Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding the foregoing or any other provision of this Agreement, in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO Disposition may be deemed to have occurred if substantially all amounts
expected by the Master Servicer to be received in connection with the related
defaulted Mortgage Loan or REO Property have been received, and (ii) for
purposes of determining the amount of any Liquidation Proceeds, Insurance
Proceeds, REO Proceeds or any other unscheduled collections or the amount of any
Realized Loss, the Master Servicer may take into account minimal amounts of
additional receipts expected to be received or any estimated additional
liquidation expenses expected to be incurred in connection with the related
defaulted Mortgage Loan or REO Property.
(b) If title to any Mortgaged Property is acquired by the Trust Fund as
an REO Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.
(c) If the Trust Fund acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of the Trust Fund shall dispose of such REO
Property as soon as practicable, giving due consideration to the interests of
the Certificateholders, but in all cases within three full years after the
taxable year of its acquisition by the Trust Fund for purposes of Section
860G(a)(8) of the Code (or such shorter period as may be necessary under
applicable state (including any state in which such property is located) law to
maintain the status of any portion of any REMIC formed under the Series
Supplement as a REMIC under applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund, request, more than 60 days before the day on
which such grace period would otherwise expire, an extension of such
60
grace period unless the Master Servicer (subject to Section 10.01(f)) obtains
for the Trustee an Opinion of Counsel, addressed to the Trustee and the Master
Servicer, to the effect that the holding by the Trust Fund of such REO Property
subsequent to such period will not result in the imposition of taxes on
"prohibited transactions" as defined in Section 860F of the Code or cause any
REMIC formed under the Series Supplement to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates are outstanding, in which case the Trust Fund may continue to
hold such REO Property (subject to any conditions contained in such Opinion of
Counsel). The Master Servicer shall be entitled to be reimbursed from the
Custodial Account for any costs incurred in obtaining such Opinion of Counsel,
as provided in Section 3.10. Notwithstanding any other provision of this
Agreement, no REO Property acquired by the Trust Fund shall be rented (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or pursuant to any terms that would (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any federal income taxes on the income earned from such REO Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master Servicer has agreed to indemnify and hold harmless the Trust Fund with
respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds, Insurance
Proceeds or REO Proceeds, will be applied in the following order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section 3.10(a)(ii); second, to the Certificateholders to the extent of
accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed
Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property); fourth, to all
Servicing Fees and Subservicing Fees payable therefrom (and the Master Servicer
and the Subservicer shall have no claims for any deficiencies with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.
(e) In the event of a default on a Mortgage Loan one or more of whose
obligors is not a United States Person, in connection with any foreclosure or
acquisition of a deed in lieu of foreclosure (together, "foreclosure") in
respect of such Mortgage Loan, the Master Servicer will cause compliance with
the provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor
thereto) necessary to assure that no withholding tax obligation arises with
respect to the proceeds of such foreclosure except to the extent, if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.
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Section 3.15 Trustee to Cooperate; Release of Mortgage Files.
-----------------------------------------------
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master Servicer of a notification that payment in full
will be escrowed in a manner customary for such purposes, the Master Servicer
will immediately notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a certification of a Servicing Officer (which certification
shall include a statement to the effect that all amounts received or to be
received in connection with such payment which are required to be deposited in
the Custodial Account pursuant to Section 3.07 have been or will be so
deposited), substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian, an electronic request in a form acceptable to the
Custodian, requesting delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause the Custodian to release, the related Mortgage File to the Master
Servicer. The Master Servicer is authorized to execute and deliver to the
Mortgagor the request for reconveyance, deed of reconveyance or release or
satisfaction of mortgage or such instrument releasing the lien of the Mortgage,
together with the Mortgage Note with, as appropriate, written evidence of
cancellation thereon and to cause the removal from the registration on the
MERS(R) System of such Mortgage and to execute and deliver, on behalf of the
Trustee and the Certificateholders or any of them, any and all instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance shall
be chargeable to the Custodial Account or the Certificate Account.
(b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee, a certificate of a Servicing Officer substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian, an
electronic request in a form acceptable to the Custodian, requesting that
possession of all, or any document constituting part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not invalidate any insurance coverage provided in
respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt
of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage File or any document therein to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Trustee, or the Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage
Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such document has been delivered directly or through a Subservicer to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Master Servicer has delivered directly or through a Subservicer to the
Trustee a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any
62
legal action brought to obtain judgment against any Mortgagor on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other
remedies or rights provided by the Mortgage Note or Mortgage or otherwise
available at law or in equity. Together with such documents or pleadings (if
signed by the Trustee), the Master Servicer shall deliver to the Trustee a
certificate of a Servicing Officer requesting that such pleadings or documents
be executed by the Trustee and certifying as to the reason such documents or
pleadings are required and that the execution and delivery thereof by the
Trustee will not invalidate any insurance coverage under any Required Insurance
Policy or invalidate or otherwise affect the lien of the Mortgage, except for
the termination of such a lien upon completion of the foreclosure or trustee's
sale.
Section 3.16 Servicing and Other Compensation; Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid,
all expenses incurred by it in connection with its servicing activities
hereunder (including payment of premiums for the Primary Insurance Policies, if
any, to the extent such premiums are not required to be paid by the related
Mortgagors, and the fees and expenses of the Trustee and any Custodian) and
shall not be entitled to reimbursement therefor except as specifically provided
in Sections 3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii) and second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is
63
entitled pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such
reduction, the Master Servicer (i) will not withdraw from the Custodial Account
any such amount representing all or a portion of the Servicing Fee to which it
is entitled pursuant to Section 3.10(a)(iii) and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).
Section 3.17 Reports to the Trustee and the Company.
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
Section 3.18 Annual Statement as to Compliance.
The Master Servicer will deliver to the Company, the Trustee and any
Certificate Insurer on or before the earlier of (a) March 31 of each year,
beginning with the first March 31 that occurs at least six months after the
Cut-off Date or (b) with respect to any calendar year during which the Company's
annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations of the Commission, the date on which
the annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations of the Commission, an Officers'
Certificate stating, as to each signer thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year related to
its servicing of mortgage loans and its performance under pooling and servicing
agreements, including this Agreement, has been made under such officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations relating to
this Agreement in all material respects throughout such year, or, if there has
been material noncompliance with such servicing standards or a default in the
fulfillment in all material respects of any such obligation relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof and (iii) to the best of such officers' knowledge,
each Subservicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing Agreement in all material respects throughout such year, or, if
there has been material noncompliance with such servicing standards or a
material default in the fulfillment of such obligations relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof.
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Section 3.19 Annual Independent Public Accountants' Servicing Report.
-------------------------------------------------------
On or before the earlier of (a) March 31 of each year, beginning with
the first March 31 that occurs at least six months after the Cut-off Date or (b)
with respect to any calendar year during which the Company's annual report on
Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, the date on which the annual report on
Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, the Master Servicer at its expense
shall cause a firm of independent public accountants, which shall be members of
the American Institute of Certified Public Accountants, to furnish a report to
the Company and the Trustee stating its opinion that, on the basis of an
examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
Section 3.20 Rights of the Company in Respect of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company 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 or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21 Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Subservicer has
deposited Buydown Funds in an account that satisfies the requirements for a
Subservicing Account (the "Buydown Account"). The Master Servicer shall cause
the Subservicing Agreement to require that upon receipt from the Mortgagor of
the amount due on a Due Date for each Buydown Mortgage
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Loan, the Subservicer will withdraw from the Buydown Account the predetermined
amount that, when added to the amount due on such date from the Mortgagor,
equals the full Monthly Payment and transmit that amount in accordance with the
terms of the Subservicing Agreement to the Master Servicer together with the
related payment made by the Mortgagor or advanced by the Subservicer.
(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety during the period (the "Buydown Period") when Buydown Funds are
required to be applied to such Buydown Mortgage Loan, the Subservicer shall be
required to withdraw from the Buydown Account and remit any Buydown Funds
remaining in the Buydown Account in accordance with the related buydown
agreement. The amount of Buydown Funds which may be remitted in accordance with
the related buydown agreement may reduce the amount required to be paid by the
Mortgagor to fully prepay the related Mortgage Loan. If the Mortgagor on a
Buydown Mortgage Loan defaults on such Mortgage Loan during the Buydown Period
and the property securing such Buydown Mortgage Loan is sold in the liquidation
thereof (either by the Master Servicer or the insurer under any related Primary
Insurance Policy), the Subservicer shall be required to withdraw from the
Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if instructed by the Master Servicer, pay to the insurer under any related
Primary Insurance Policy if the Mortgaged Property is transferred to such
insurer and such insurer pays all of the loss incurred in respect of such
default. Any amount so remitted pursuant to the preceding sentence will be
deemed to reduce the amount owed on the Mortgage Loan.
Section 3.22 Advance Facility.
(a) The Master Servicer is hereby authorized to enter into a financing
or other facility (any such arrangement, an "Advance Facility") under which (1)
the Master Servicer sells, assigns or pledges to another Person (an "Advancing
Person") the Master Servicer's rights under this Agreement to be reimbursed for
any Advances or Servicing Advances and/or (2) an Advancing Person agrees to fund
some or all Advances and/or Servicing Advances required to be made by the Master
Servicer pursuant to this Agreement. No consent of the Depositor, the Trustee,
the Certificateholders or any other party shall be required before the Master
Servicer may enter into an Advance Facility. Notwithstanding the existence of
any Advance Facility under which an Advancing Person agrees to fund Advances
and/or Servicing Advances on the Master Servicer's behalf, the Master Servicer
shall remain obligated pursuant to this Agreement to make Advances and Servicing
Advances pursuant to and as required by this Agreement. If the Master Servicer
enters into an Advance Facility, and for so long as an Advancing Person remains
entitled to receive reimbursement for any Advances including Nonrecoverable
Advances ("Advance Reimbursement Amounts") and/or Servicing Advances including
Nonrecoverable Advances ("Servicing Advance Reimbursement Amounts" and together
with Advance Reimbursement Amounts, "Reimbursement Amounts") (in each case to
the extent such type of Reimbursement Amount is included in the Advance
Facility), as applicable, pursuant to this Agreement, then the Master Servicer
shall identify such Reimbursement Amounts consistent with the reimbursement
rights set forth in Section 3.10(a)(ii) and (vii) and remit such Reimbursement
Amounts in accordance with this Section 3.22 or otherwise in accordance with the
documentation establishing the Advance Facility to such Advancing Person or to a
trustee, agent or custodian (an "Advance Facility Trustee") designated by such
Advancing Person in an Advance Facility Notice described below in Section
3.22(b). Notwithstanding the
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foregoing, if so required pursuant to the terms of the Advance Facility, the
Master Servicer may direct, and if so directed in writing the Trustee is hereby
authorized to and shall pay to the Advance Facility Trustee the Reimbursement
Amounts identified pursuant to the preceding sentence. An Advancing Person whose
obligations hereunder are limited to the funding of Advances and/or Servicing
Advances shall not be required to meet the qualifications of a Master Servicer
or a Subservicer pursuant to Section 3.02(a) or 6.02(c) hereof and shall not be
deemed to be a Subservicer under this Agreement. Notwithstanding anything to the
contrary herein, in no event shall Advance Reimbursement Amounts or Servicing
Advance Reimbursement Amounts be included in the Available Distribution Amount
or distributed to Certificateholders.
(b) If the Master Servicer enters into an Advance Facility and makes the
election set forth in Section 3.22(a), the Master Servicer and the related
Advancing Person shall deliver to the Trustee a written notice and payment
instruction (an "Advance Facility Notice"), providing the Trustee with written
payment instructions as to where to remit Advance Reimbursement Amounts and/or
Servicing Advance Reimbursement Amounts (each to the extent such type of
Reimbursement Amount is included within the Advance Facility) on subsequent
Distribution Dates. The payment instruction shall require the applicable
Reimbursement Amounts to be distributed to the Advancing Person or to an Advance
Facility Trustee designated in the Advance Facility Notice. An Advance Facility
Notice may only be terminated by the joint written direction of the Master
Servicer and the related Advancing Person (and any related Advance Facility
Trustee).
(c) Reimbursement Amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage Loans for
which the Master Servicer would be permitted to reimburse itself in accordance
with Section 3.10(a)(ii) and (vii) hereof, assuming the Master Servicer or the
Advancing Person had made the related Advance(s) and/or Servicing Advance(s).
Notwithstanding the foregoing, except with respect to reimbursement of
Nonrecoverable Advances as set forth in Section 3.10(c) of this Agreement, no
Person shall be entitled to reimbursement from funds held in the Collection
Account for future distribution to Certificateholders pursuant to this
Agreement. Neither the Depositor nor the Trustee shall have any duty or
liability with respect to the calculation of any Reimbursement Amount, nor shall
the Depositor or the Trustee have any responsibility to track or monitor the
administration of the Advance Facility and the Depositor shall not have any
responsibility to track, monitor or verify the payment of Reimbursement Amounts
to the related Advancing Person or Advance Facility Trustee. The Master Servicer
shall maintain and provide to any Successor Master Servicer a detailed
accounting on a loan-by-loan basis as to amounts advanced by, sold, pledged or
assigned to, and reimbursed to any Advancing Person. The Successor Master
Servicer shall be entitled to rely on any such information provided by the
Master Servicer and the Successor Master Servicer shall not be liable for any
errors in such information.
(d) Upon the direction of and at the expense of the Master Servicer, the
Trustee agrees to execute such acknowledgments, certificates, and other
documents provided by the Master Servicer and reasonably satisfactory to the
Trustee recognizing the interests of any Advancing Person or Advance Facility
Trustee in such Reimbursement Amounts as the Master Servicer may cause to be
made subject to Advance Facilities pursuant to this Section 3.22, and such other
documents in connection with such Advance Facility as may be reasonably
requested from time to time by any Advancing Person or Advance Facility Trustee
and reasonably satisfactory to the Trustee.
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(e) Reimbursement Amounts collected with respect to each Mortgage Loan
shall be allocated to outstanding unreimbursed Advances or Servicing Advances
(as the case may be) made with respect to that Mortgage Loan on a "first-in,
first out" ("FIFO") basis, subject to the qualifications set forth below:
(i) Any successor Master Servicer to Residential Funding
(a "Successor Master Servicer") and the Advancing Person or
Advance Facility Trustee shall be required to apply all amounts
available in accordance with this Section 3.22(e) to the
reimbursement of Advances and Servicing Advances in the manner
provided for herein; provided, however, that after the succession
of a Successor Master Servicer, (A) to the extent that any
Advances or Servicing Advances with respect to any particular
Mortgage Loan are reimbursed from payments or recoveries, if any,
from the related Mortgagor, and Liquidation Proceeds or Insurance
Proceeds, if any, with respect to that Mortgage Loan,
reimbursement shall be made, first, to the Advancing Person or
Advance Facility Trustee in respect of Advances and/or Servicing
Advances related to that Mortgage Loan to the extent of the
interest of the Advancing Person or Advance Facility Trustee in
such Advances and/or Servicing Advances, second to the Master
Servicer in respect of Advances and/or Servicing Advances related
to that Mortgage Loan in excess of those in which the Advancing
Person or Advance Facility Trustee Person has an interest, and
third, to the Successor Master Servicer in respect of any other
Advances and/or Servicing Advances related to that Mortgage Loan,
from such sources as and when collected, and (B) reimbursements
of Advances and Servicing Advances that are Nonrecoverable
Advances shall be made pro rata to the Advancing Person or
Advance Facility Trustee, on the one hand, and any such Successor
Master Servicer, on the other hand, on the basis of the
respective aggregate outstanding unreimbursed Advances and
Servicing Advances that are Nonrecoverable Advances owed to the
Advancing Person, Advance Facility Trustee or Master Servicer
pursuant to this Agreement, on the one hand, and any such
Successor Master Servicer, on the other hand, and without regard
to the date on which any such Advances or Servicing Advances
shall have been made. In the event that, as a result of the FIFO
allocation made pursuant to this Section 3.22(e), some or all of
a Reimbursement Amount paid to the Advancing Person or Advance
Facility Trustee relates to Advances or Servicing Advances that
were made by a Person other than Residential Funding or the
Advancing Person or Advance Facility Trustee, then the Advancing
Person or Advance Facility Trustee shall be required to remit any
portion of such Reimbursement Amount to the Person entitled to
such portion of such Reimbursement Amount. Without limiting the
generality of the foregoing, Residential Funding shall remain
entitled to be reimbursed by the Advancing Person or Advance
Facility Trustee for all Advances and Servicing Advances funded
by Residential Funding to the extent the related Reimbursement
Amount(s) have not been assigned or pledged to an Advancing
Person or Advance Facility Trustee. The documentation
establishing any Advance Facility shall require Residential
Funding to provide to the related Advancing Person or Advance
Facility Trustee loan by loan information with respect to each
Reimbursement Amount distributed to such Advancing Person or
Advance Facility Trustee on each date of remittance thereof to
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such Advancing Person or Advance Facility Trustee, to enable the
Advancing Person or Advance Facility Trustee to make the FIFO
allocation of each Reimbursement Amount with respect to each
Mortgage Loan.
(ii) By way of illustration, and not by way of limiting
the generality of the foregoing, if the Master Servicer resigns
or is terminated at a time when the Master Servicer is a party to
an Advance Facility, and is replaced by a Successor Master
Servicer, and the Successor Master Servicer directly funds
Advances or Servicing Advances with respect to a Mortgage Loan
and does not assign or pledge the related Reimbursement Amounts
to the related Advancing Person or Advance Facility Trustee, then
all payments and recoveries received from the related Mortgagor
or received in the form of Liquidation Proceeds with respect to
such Mortgage Loan (including Insurance Proceeds collected in
connection with a liquidation of such Mortgage Loan) will be
allocated first to the Advancing Person or Advance Facility
Trustee until the related Reimbursement Amounts attributable to
such Mortgage Loan that are owed to the Master Servicer and the
Advancing Person, which were made prior to any Advances or
Servicing Advances made by the Successor Master Servicer, have
been reimbursed in full, at which point the Successor Master
Servicer shall be entitled to retain all related Reimbursement
Amounts subsequently collected with respect to that Mortgage Loan
pursuant to Section 3.10 of this Agreement. To the extent that
the Advances or Servicing Advances are Nonrecoverable Advances to
be reimbursed on an aggregate basis pursuant to Section 3.10 of
this Agreement, the reimbursement paid in this manner will be
made pro rata to the Advancing Person or Advance Facility
Trustee, on the one hand, and the Successor Master Servicer, on
the other hand, as described in clause (i)(B) above.
(f) The Master Servicer shall remain entitled to be reimbursed for all
Advances and Servicing Advances funded by the Master Servicer to the extent the
related rights to be reimbursed therefor have not been sold, assigned or pledged
to an Advancing Person.
(g) Any amendment to this Section 3.22 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 3.22, including amendments to
add provisions relating to a successor master servicer, may be entered into by
the Trustee, the Depositor and the Master Servicer without the consent of any
Certificateholder, with written confirmation from each Rating Agency that the
amendment will not result in the reduction of the ratings on any class of the
Certificates below the lesser of the then current or original ratings on such
Certificates, and an opinion of counsel as required by Section 11.01(c)
notwithstanding anything to the contrary in Section 11.01 of or elsewhere in
this Agreement.
(h) Any rights of set-off that the Trust Fund, the Trustee, the
Depositor, any Successor Master Servicer or any other Person might otherwise
have against the Master Servicer under this Agreement shall not attach to any
rights to be reimbursed for Advances or Servicing Advances that have been sold,
transferred, pledged, conveyed or assigned to any Advancing Person.
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(i) At any time when an Advancing Person shall have ceased funding
Advances and/or Servicing Advances (as the case may be) and the Advancing Person
or related Advance Facility Trustee shall have received Reimbursement Amounts
sufficient in the aggregate to reimburse all Advances and/or Servicing Advances
(as the case may be) the right to reimbursement for which were assigned to the
Advancing Person, then upon the delivery of a written notice signed by the
Advancing Person and the Master Servicer or its successor or assign) to the
Trustee terminating the Advance Facility Notice (the "Notice of Facility
Termination"), the Master Servicer or its Successor Master Servicer shall again
be entitled to withdraw and retain the related Reimbursement Amounts from the
Custodial Account pursuant to Section 3.10.
(j) After delivery of any Advance Facility Notice, and until any such
Advance Facility Notice has been terminated by a Notice of Facility Termination,
this Section 3.22 may not be amended or otherwise modified without the prior
written consent of the related Advancing Person.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account.
(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section 9.01 and (v) all other amounts
constituting the Available Distribution Amount for the immediately succeeding
Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders, which shall
mature or be payable on demand not later than the Business Day next preceding
the Distribution Date next following the date of such investment (except that
(i) any investment in the institution with which the Certificate Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other investment may mature or be payable on demand on such Distribution
Date if the Trustee shall advance funds on such Distribution Date to the
Certificate Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds immediately as realized without any
right of reimbursement.
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Section 4.02 Distributions.
As provided in Section 4.02 of the Series Supplement.
Section 4.03 Statements to Certificateholders; Statements to Rating
Agencies; Exchange Act Reporting.
(a) Concurrently with each distribution charged to the Certificate
Account and with respect to each Distribution Date the Master Servicer shall
forward to the Trustee and the Trustee shall either forward by mail or make
available to each Holder and the Company, via the Trustee's internet website, a
statement (and at its option, any additional files containing the same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups, each Loan Group, to the extent applicable. This statement
will include the information set forth in an exhibit to the Series Supplement.
Such exhibit shall set forth the Trustee's internet website address together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail. The Trustee may modify the
distribution procedures set forth in this Section provided that such procedures
are no less convenient for the Certificateholders. The Trustee shall provide
prior notification to the Company, the Master Servicer and the
Certificateholders regarding any such modification. In addition, the Master
Servicer shall provide to any manager of a trust fund consisting of some or all
of the Certificates, upon reasonable request, such additional information as is
reasonably obtainable by the Master Servicer at no additional expense to the
Master Servicer. Also, at the request of a Rating Agency, the Master Servicer
shall provide the information relating to the Reportable Modified Mortgage Loans
substantially in the form attached hereto as Exhibit Q to such Rating Agency
within a reasonable period of time; provided, however, that the Master Servicer
shall not be required to provide such information more than four times in a
calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement referred to in subsection (a) above aggregated
for such calendar year or applicable portion thereof during which such Person
was a Certificateholder. Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially comparable information
shall be provided by the Master Servicer pursuant to any requirements of the
Code.
(c) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Class R Certificate, a statement containing
the applicable distribution information provided pursuant to this Section 4.03
aggregated for such calendar year or applicable portion thereof during which
such Person was the Holder of a Class R Certificate. Such obligation of the
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
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(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
(e) The Trustee will make the reports referred to in Section 4.03(a)
(and, at its option, any additional files containing the same information in an
alternative format) available each month to Certificateholders, any Certificate
Insurer and other parties to the Agreement via the Trustee's website, which can
be obtained by calling (000) 000-0000. Persons that are unable to use the above
website are entitled to have a paper copy mailed to them via first class mail by
calling the Trustee at (000) 000-0000. The Trustee shall have the right to
change the way the reports referred to in Section 4.03(a) are distributed in
order to make such distribution more convenient and/or more accessible to the
above parties, to the Certificateholders and to any Certificate Insurer. The
Trustee shall provide timely and adequate notification to all the parties
mentioned above and to the Certificateholders regarding any such change.
(f) The Master Servicer shall, on behalf of the Company and in respect
of the Trust Fund, sign and cause to be filed with the Commission any periodic
reports required to be filed under the provisions of the Exchange Act, and the
rules and regulations of the Commission thereunder. In connection with the
preparation and filing of such periodic reports, the Trustee shall timely
provide to the Master Servicer (I) a list of Certificateholders as shown on the
Certificate Register as of the end of each calendar year, (II) copies of all
pleadings, other legal process and any other documents relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder, or the Trust
Fund that are received by the Trustee, (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the Certificateholders, other than those matters that have been
submitted to a vote of the Certificateholders at the request of the Company or
the Master Servicer, and (IV) notice of any failure of the Trustee to make any
distribution to the Certificateholders as required pursuant to this Agreement.
Neither the Master Servicer nor the Trustee shall have any liability with
respect to the Master Servicer's failure to properly prepare or file such
periodic reports resulting from or relating to the Master Servicer's inability
or failure to obtain any information not resulting from the Master Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection with this clause (f) shall include a certification, signed by the
senior officer in charge of the servicing functions of the Master Servicer, in
the form attached as Exhibit O hereto or such other form as may be required or
permitted by the Commission (the "Form 10-K Certification"), in compliance with
Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of
the Commission. In connection with the Form 10-K Certification, the Trustee
shall provide the Master Servicer with a back-up certification substantially in
the form attached hereto as Exhibit P.
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Section 4.04 Distribution of Reports to the Trustee and the
Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Determination Date, the Master
Servicer shall furnish a written statement to the Trustee, any Certificate
Insurer, any Paying Agent and the Company (the information in such statement to
be made available to Certificateholders by the Master Servicer on request)
setting forth (i) the Available Distribution Amount and (ii) the amounts
required to be withdrawn from the Custodial Account and deposited into the
Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01(a). The determination by the
Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Servicing
Modifications, Debt Service Reductions or reductions in the amount of interest
collectable from the Mortgagor pursuant to the Relief Act, on the Outstanding
Mortgage Loans as of the related Due Date, which Monthly Payments were not
received as of the close of business as of the related Determination Date;
provided that no Advance shall be made if it would be a Nonrecoverable Advance,
(ii) withdraw from amounts on deposit in the Custodial Account and deposit in
the Certificate Account all or a portion of the Amount Held for Future
Distribution in discharge of any such Advance, or (iii) make advances in the
form of any combination of (i) and (ii) aggregating the amount of such Advance.
Any portion of the Amount Held for Future Distribution so used shall be replaced
by the Master Servicer by deposit in the Certificate Account on or before 11:00
A.M. New York time on any future Certificate Account Deposit Date to the extent
that funds attributable to the Mortgage Loans that are available in the
Custodial Account for deposit in the Certificate Account on such Certificate
Account Deposit Date shall be less than payments to Certificateholders required
to be made on the following Distribution Date. The Master Servicer shall be
entitled to use any Advance made by a Subservicer as described in Section
3.07(b) that has been deposited in the Custodial Account on or before such
Distribution Date as part of the Advance made by the Master Servicer pursuant to
this Section 4.04. The amount of any reimbursement pursuant to Section 4.02(a)
in respect of outstanding Advances on any Distribution Date shall be allocated
to specific Monthly Payments due but delinquent for previous Due Periods, which
allocation shall be made, to the extent practicable, to Monthly Payments which
have been delinquent for the longest period of time. Such allocations shall be
conclusive for purposes of reimbursement to the Master Servicer from recoveries
on related Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the
Master Servicer delivered to the Company and the Trustee.
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If the Master Servicer determines as of the Business Day preceding any
Certificate Account Deposit Date that it will be unable to deposit in the
Certificate Account an amount equal to the Advance required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than
3:00 P.M., New York time, on such Business Day, specifying the portion of such
amount that it will be unable to deposit. Not later than 3:00 P.M., New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by telecopy) that the Master Servicer shall have directly or indirectly
deposited in the Certificate Account such portion of the amount of the Advance
as to which the Master Servicer shall have given notice pursuant to the
preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights
and obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and obligations of the Master Servicer
hereunder, including the obligation to deposit in the Certificate Account an
amount equal to the Advance for the immediately succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.
Section 4.05 Allocation of Realized Losses.
As provided in Section 4.05 of the Series Supplement.
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged
Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.07 Optional Purchase of Defaulted Mortgage Loans.
---------------------------------------------
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.
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If, however the Master Servicer shall have exercised its right to
repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred such Mortgage Loan to the Junior Certificateholder, the Master
Servicer shall so notify the Trustee in writing.
Section 4.08 Surety Bond.
(a) If a Required Surety Payment is payable pursuant to the Surety Bond
with respect to any Additional Collateral Loan, the Master Servicer shall so
notify the Trustee as soon as reasonably practicable and the Trustee shall
promptly complete the notice in the form of Attachment 1 to the Surety Bond and
shall promptly submit such notice to the Surety as a claim for a Required
Surety. The Master Servicer shall upon request assist the Trustee in completing
such notice and shall provide any information requested by the Trustee in
connection therewith.
(b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of Certificates, the Trustee shall deposit such Required Surety
Payment in the Certificate Account and shall distribute such Required Surety
Payment, or the proceeds thereof, in accordance with the provisions of Section
4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.
(a) The Senior, Class M, Class B and Class R Certificates shall be
substantially in the forms set forth in Exhibits A, B, C and D, respectively,
and shall, on original issue, be executed and delivered by the Trustee to the
Certificate Registrar for authentication and delivery to or upon the order of
the Company upon receipt by the Trustee or one or more Custodians of the
documents specified in Section 2.01. The Certificates shall be issuable in the
minimum denominations designated in the Preliminary Statement to the Series
Supplement.
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such
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Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) Except as provided below, registration of Book-Entry Certificates
may not be transferred by the Trustee except to another Depository that agrees
to hold such Certificates for the respective Certificate Owners with Ownership
Interests therein. The Holders of the Book-Entry Certificates shall hold their
respective Ownership Interests in and to each of such Certificates through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive Certificates in respect of such Ownership Interests.
All transfers by Certificate Owners of their respective Ownership Interests in
the Book-Entry Certificates shall be made in accordance with the procedures
established by the Depository Participant or brokerage firm representing such
Certificate Owner. Each Depository Participant shall transfer the Ownership
Interests only in the Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
The Trustee, the Master Servicer and the Company may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
directions from, and votes of, the Depository as Holder of any Class of
Book-Entry Certificates with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Certificate
Owners. The Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give
notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the Company, with the consent of a majority of the Certificateholders, advises
the Trustee in writing that it elects to terminate the book-entry system through
the Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates.
In addition, if an Event of Default has occurred and is continuing, each
Certificate Owner materially adversely affected thereby may at its option
request a Definitive Certificate evidencing such Certificate Owner's Percentage
Interest in the related Class of Certificates. In order to make such request,
such Certificate Owner shall, subject to the rules and procedures of the
Depository, provide the Depository or the related Depository Participant with
directions for the Trustee to exchange or cause the exchange of the Certificate
Owner's interest in such Class of Certificates for an equivalent Percentage
Interest in fully registered definitive form. Upon receipt by the Trustee of
instruction from the Depository directing the Trustee to effect such exchange
(such instructions to
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contain information regarding the Class of Certificates and the Certificate
Balance being exchanged, the Depository Participant account to be debited with
the decrease, the registered holder of and delivery instructions for the
Definitive Certificates and any other information reasonably required by the
Trustee), (i) the Trustee shall instruct the Depository to reduce the related
Depository Participant's account by the aggregate Certificate Principal Balance
of the Definitive Certificates, (ii) the Trustee shall execute, authenticate and
deliver, in accordance with the registration and delivery instructions provided
by the Depository, a Definitive Certificate evidencing such Certificate Owner's
Percentage Interest in such Class of Certificates and (iii) the Trustee shall
execute and authenticate a new Book-Entry Certificate reflecting the reduction
in the aggregate Certificate Principal Balance of such Class of Certificates by
the amount of the Definitive Certificates.
None of the Company, the Master Servicer or the Trustee shall be liable
for any actions taken by the Depository or its nominee, including, without
limitation, any delay in delivery of any instruction required under this section
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Depository in connection
with the issuance of the Definitive Certificates pursuant to this Section 5.01
shall be deemed to be imposed upon and performed by the Trustee, and the Trustee
and the Master Servicer shall recognize the Holders of the Definitive
Certificates as Certificateholders hereunder.
(c) From time to time Residential Funding, as the initial Holder of the
Class A-V Certificates, may exchange such Holder's Class A-V Certificates for
Subclasses of Class A-V Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated Class A-V REMIC Regular Interests
corresponding to the Class A-V Certificates so surrendered for exchange. Any
Subclass so issued shall bear a numerical designation commencing with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated Class A-V REMIC Regular Interest or Interests specified in
writing by such initial Holder to the Trustee. The Trustee may conclusively,
without any independent verification, rely on, and shall be protected in relying
on, Residential Funding's determinations of the Uncertificated Class A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial Pass-Through Rate on a Subclass as set forth in such Request for
Exchange and the Trustee shall have no duty to determine if any Uncertificated
Class A-V REMIC Regular Interest designated on a Request for Exchange
corresponds to a Subclass which has previously been issued. Each Subclass so
issued shall be substantially in the form set forth in Exhibit A and shall, on
original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery in accordance with Section 5.01(a).
Every Certificate presented or surrendered for exchange by the initial Holder
shall (if so required by the Trustee or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer attached to
such Certificate and shall be completed to the satisfaction of the Trustee and
the Certificate Registrar duly executed by, the initial Holder thereof or his
attorney duly authorized in writing. The Certificates of any Subclass of Class
A-V Certificates may be transferred in whole, but not in part, in accordance
with the provisions of Section 5.02.
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Section 5.02 Registration of Transfer and Exchange of Certificates.
-----------------------------------------------------
(a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Trustee shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided. The Trustee
is initially appointed Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest, upon surrender of the Certificates
to be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Certificates of such Class which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B
Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that a transfer of a Class B
Certificate is to be made either (i)(A) the Trustee shall require a written
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable exemption and the basis therefor, from said Act and
laws or is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer
(except that, if such transfer is made by the Company or the Master Servicer or
any Affiliate thereof, the Company or the Master Servicer shall provide such
Opinion of Counsel at their own expense); provided that such Opinion of Counsel
will not be required in connection with the initial transfer of any such
Certificate by the Company or any Affiliate thereof to the Company or an
Affiliate of the Company and (B) the Trustee shall require the transferee to
execute a representation letter, substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially in the form of Exhibit I hereto, each acceptable to and in form
and substance satisfactory to the Company and the Trustee certifying to the
Company and the Trustee the facts surrounding such transfer, which
representation letters shall not be an expense of the Trustee, the Company or
the Master Servicer;
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provided, however, that such representation letters will not be required in
connection with any transfer of any such Certificate by the Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively rely upon a representation (which, upon the
request of the Trustee, shall be a written representation) from the Company, of
the status of such transferee as an Affiliate of the Company or (ii) the
prospective transferee of such a Certificate shall be required to provide the
Trustee, the Company and the Master Servicer with an investment letter
substantially in the form of Exhibit J attached hereto (or such other form as
the Company in its sole discretion deems acceptable), which investment letter
shall not be an expense of the Trustee, the Company or the Master Servicer, and
which investment letter states that, among other things, such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the accounts of other "qualified institutional buyers" as defined
under Rule 144A, and (B) is aware that the proposed transferor intends to rely
on the exemption from registration requirements under the Securities Act of
1933, as amended, provided by Rule 144A. The Holder of any such Certificate
desiring to effect any such transfer, sale, pledge or other disposition shall,
and does hereby agree to, indemnify the Trustee, the Company, the Master
Servicer and the Certificate Registrar against any liability that may result if
the transfer, sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.
(e) (i) In the case of any Class B or Class R Certificate presented for
registration in the name of any Person, either (A) the Trustee shall require an
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee, the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible under applicable
law, will not constitute or result in any non-exempt prohibited transaction
under Section 406 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Code (or comparable provisions of any
subsequent enactments), and will not subject the Trustee, the Company or the
Master Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trustee, the Company or the Master Servicer or (B) the prospective
Transferee shall be required to provide the Trustee, the Company and the Master
Servicer with a certification to the effect set forth in paragraph six of
Exhibit H (with respect to any Class B Certificate) or paragraph fifteen of
Exhibit G-1 (with respect to any Class R Certificate), which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem desirable or necessary in order to establish that such
Transferee or the Person in whose name such registration is requested either (a)
is not an employee benefit plan or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code, or any Person
(including an investment manager, a named fiduciary or a trustee of any such
plan) who is using "plan assets" of any such plan to effect such acquisition
(each, a "Plan Investor") or (b) in the case of any Class B Certificate, the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such Certificate (or interest
therein) is an "insurance company general account" (as defined in U.S.
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60, and
(iii) the conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied (each entity that satisfies this clause (b), a "Complying Insurance
Company").
(ii) Any Transferee of a Class M Certificate will be
deemed to have represented by virtue of its purchase or holding
of such Certificate (or interest
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therein) that either (a) such Transferee is not a Plan Investor,
(b) it has acquired and is holding such Certificate in reliance
on Prohibited Transaction Exemption ("PTE") 94-29, 59 Fed. Reg.
14674 (March 29, 1994), as amended by PTE 97-34, 62 Fed. Reg.
39021 (July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765 (November
13, 2000), and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002)
(the "RFC Exemption"), and that it understands that there are
certain conditions to the availability of the RFC Exemption
including that such Certificate must be rated, at the time of
purchase, not lower than "BBB-" (or its equivalent) by Standard &
Poor's, Fitch or Xxxxx'x or (c) such Transferee is a Complying
Insurance Company.
(iii) (A) If any Class M Certificate (or any interest
therein) is acquired or held by any Person that does not satisfy
the conditions described in paragraph (ii) above, then the last
preceding Transferee that either (i) is not a Plan Investor, (ii)
acquired such Certificate in compliance with the RFC Exemption,
or (iii) is a Complying Insurance Company shall be restored, to
the extent permitted by law, to all rights and obligations as
Certificate Owner thereof retroactive to the date of such
Transfer of such Class M Certificate. The Trustee shall be under
no liability to any Person for making any payments due on such
Certificate to such preceding Transferee.
(B) Any purported Certificate Owner whose
acquisition or holding of any Class M Certificate (or
interest therein) was effected in violation of the
restrictions in this Section 5.02(e) shall indemnify and
hold harmless the Company, the Trustee, the Master
Servicer, any Subservicer, each Underwriter and the Trust
Fund from and against any and all liabilities, claims,
costs or expenses incurred by such parties as a result of
such acquisition or holding.
(f) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably authorized the Trustee or its designee under clause (iii)(A)
below to deliver payments to a Person other than such Person and to negotiate
the terms of any mandatory sale under clause (iii)(B) below and to execute all
instruments of transfer and to do all other things necessary in connection with
any such sale. The rights of each Person acquiring any Ownership Interest in a
Class R Certificate are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Permitted
Transferee and shall promptly notify the Trustee of any
change or impending change in its status as a Permitted
Transferee.
(B) In connection with any proposed Transfer of any
Ownership Interest in a Class R Certificate, the Trustee
shall require delivery to it, and shall not register the
Transfer of any Class R Certificate until its receipt of,
(I) an affidavit and agreement (a "Transfer Affidavit and
Agreement," in the
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form attached hereto as Exhibit G-1) from the proposed
Transferee, in form and substance satisfactory to the
Master Servicer, representing and warranting, among other
things, that it is a Permitted Transferee, that it is not
acquiring its Ownership Interest in the Class R
Certificate that is the subject of the proposed Transfer
as a nominee, trustee or agent for any Person who is not a
Permitted Transferee, that for so long as it retains its
Ownership Interest in a Class R Certificate, it will
endeavor to remain a Permitted Transferee, and that it has
reviewed the provisions of this Section 5.02(f) and agrees
to be bound by them, and (II) a certificate, in the form
attached hereto as Exhibit G-2, from the Holder wishing to
transfer the Class R Certificate, in form and substance
satisfactory to the Master Servicer, representing and
warranting, among other things, that no purpose of the
proposed Transfer is to impede the assessment or
collection of tax.
(C) Notwithstanding the delivery of a Transfer
Affidavit and Agreement by a proposed Transferee under
clause (B) above, if a Responsible Officer of the Trustee
who is assigned to this Agreement has actual knowledge
that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a
Class R Certificate to such proposed Transferee shall be
effected.
(D) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall agree (x) to
require a Transfer Affidavit and Agreement from any other
Person to whom such Person attempts to transfer its
Ownership Interest in a Class R Certificate and (y) not to
transfer its Ownership Interest unless it provides a
certificate to the Trustee in the form attached hereto as
Exhibit G-2.
(E) Each Person holding or acquiring an Ownership
Interest in a Class R Certificate, by purchasing an
Ownership Interest in such Certificate, agrees to give the
Trustee written notice that it is a "pass-through interest
holder" within the meaning of Temporary Treasury
Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
acquiring an Ownership Interest in a Class R Certificate,
if it is, or is holding an Ownership Interest in a Class R
Certificate on behalf of, a "pass-through interest
holder."
(ii) The Trustee will register the Transfer of any Class R
Certificate only if it shall have received the Transfer Affidavit
and Agreement, a certificate of the Holder requesting such
transfer in the form attached hereto as Exhibit G-2 and all of
such other documents as shall have been reasonably required by
the Trustee as a condition to such registration. Transfers of the
Class R Certificates to Non-United States Persons and
Disqualified Organizations (as defined in Section 860E(e)(5) of
the Code) are prohibited.
(iii) (A) If any Disqualified Organization shall become a
holder of a Class R Certificate, then the last preceding
Permitted Transferee shall be restored, to
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the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. If a Non-United States
Person shall become a holder of a Class R Certificate, then the
last preceding United States Person shall be restored, to the
extent permitted by law, to all rights and obligations as Holder
thereof retroactive to the date of registration of such Transfer
of such Class R Certificate. If a transfer of a Class R
Certificate is disregarded pursuant to the provisions of Treasury
Regulations Section 1.860E-1 or Section 1.860G-3, then the last
preceding Permitted Transferee shall be restored, to the extent
permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such
Class R Certificate. The Trustee shall be under no liability to
any Person for any registration of Transfer of a Class R
Certificate that is in fact not permitted by this Section 5.02(f)
or for making any payments due on such Certificate to the holder
thereof or for taking any other action with respect to such
holder under the provisions of this Agreement.
(B) If any purported Transferee shall become a
Holder of a Class R Certificate in violation of the
restrictions in this Section 5.02(f) and to the extent
that the retroactive restoration of the rights of the
Holder of such Class R Certificate as described in clause
(iii)(A) above shall be invalid, illegal or unenforceable,
then the Master Servicer shall have the right, without
notice to the holder or any prior holder of such Class R
Certificate, to sell such Class R Certificate to a
purchaser selected by the Master Servicer on such terms as
the Master Servicer may choose. Such purported Transferee
shall promptly endorse and deliver each Class R
Certificate in accordance with the instructions of the
Master Servicer. Such purchaser may be the Master Servicer
itself or any Affiliate of the Master Servicer. The
proceeds of such sale, net of the commissions (which may
include commissions payable to the Master Servicer or its
Affiliates), expenses and taxes due, if any, will be
remitted by the Master Servicer to such purported
Transferee. The terms and conditions of any sale under
this clause (iii)(B) shall be determined in the sole
discretion of the Master Servicer, and the Master Servicer
shall not be liable to any Person having an Ownership
Interest in a Class R Certificate as a result of its
exercise of such discretion.
(iv) The Master Servicer, on behalf of the Trustee, shall
make available, upon written request from the Trustee, all
information necessary to compute any tax imposed (A) as a result
of the Transfer of an Ownership Interest in a Class R Certificate
to any Person who is a Disqualified Organization, including the
information regarding "excess inclusions" of such Class R
Certificates required to be provided to the Internal Revenue
Service and certain Persons as described in Treasury Regulations
Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result
of any regulated investment company, real estate investment
trust, common trust fund, partnership, trust, estate or
organization described in Section 1381 of the Code that holds an
Ownership Interest in a Class R Certificate having as among its
record holders at any time any Person who is a Disqualified
Organization. Reasonable
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compensation for providing such information may be required by
the Master Servicer from such Person.
(v) The provisions of this Section 5.02(f) set forth prior
to this clause (v) may be modified, added to or eliminated,
provided that there shall have been delivered to the Trustee the
following:
(A) written notification from each Rating Agency to
the effect that the modification, addition to or
elimination of such provisions will not cause such Rating
Agency to downgrade its then-current ratings, if any, of
any Class of the Senior, Class M or Class B Certificates
below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date by
such Rating Agency; and
(B) subject to Section 10.01(f), an Officers'
Certificate of the Master Servicer stating that the Master
Servicer has received an Opinion of Counsel, in form and
substance satisfactory to the Master Servicer, to the
effect that such modification, addition to or absence of
such provisions will not cause any portion of any REMIC
formed under the Series Supplement to cease to qualify as
a REMIC and will not cause (x) any portion of any REMIC
formed under the Series Supplement to be subject to an
entity-level tax caused by the Transfer of any Class R
Certificate to a Person that is a Disqualified
Organization or (y) a Certificateholder or another Person
to be subject to a REMIC-related tax caused by the
Transfer of a Class R Certificate to a Person that is not
a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.
-------------------------------------------------
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the
83
Certificate Registrar) connected therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust Fund, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.
Section 5.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Company, the Master Servicer, the Trustee, any Certificate Insurer, the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee, any Certificate Insurer or the Certificate Registrar may treat the
Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 4.02
and for all other purposes whatsoever, except as and to the extent provided in
the definition of "Certificateholder," and neither the Company, the Master
Servicer, the Trustee, any Certificate Insurer, the Certificate Registrar nor
any agent of the Company, the Master Servicer, the Trustee, any Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).
Section 5.05 Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company and the Master
Servicer.
The Company 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 Company and the Master Servicer herein. By
way of illustration and not limitation, the Company is not liable for the
servicing and administration of the Mortgage Loans, nor is it obligated by
Section 7.01 or Section 10.01 to assume any obligations of the Master Servicer
or to appoint a designee to assume such obligations, nor is it liable for any
other obligation hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.
Section 6.02 Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties by
Master Servicer.
(a) The Company and the Master Servicer will each keep in full effect
its existence, rights and franchises as a corporation under the laws of the
state of its incorporation, and will each obtain and preserve its qualification
to do business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Master Servicer may be
merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Company or the Master Servicer shall be a party, or
any Person succeeding to the business of the Company or the Master Servicer,
shall be the successor of the Company 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 Mae or Xxxxxxx Mac; and provided further that each Rating Agency's
ratings, if any, of the Senior, Class M or Class B Certificates in effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result thereof (as evidenced by a letter to such effect from
each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04
to the contrary, the Master Servicer may assign its rights and delegate its
duties and obligations under this Agreement; provided that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of Xxxxxx Mae or Xxxxxxx Mac, is reasonably
satisfactory to the Trustee and the Company, is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement, in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an assumption by such Person of the due and punctual performance and
observance of each covenant and condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
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rating of the Classes of Certificates that have been rated in effect immediately
prior to such assignment and delegation will not be qualified, reduced or
withdrawn as a result of such assignment and delegation (as evidenced by a
letter to such effect from each Rating Agency). In the case of any such
assignment and delegation, the Master Servicer shall be released from its
obligations under this Agreement, except that the Master Servicer shall remain
liable for all liabilities and obligations incurred by it as Master Servicer
hereunder prior to the satisfaction of the conditions to such assignment and
delegation set forth in the next preceding sentence.
Section 6.03 Limitation on Liability of the Company, the Master Servicer
and Others.
Neither the Company, the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Company, 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 Company, the Master Servicer and any
director, officer, employee or agent of the Company 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 Company,
the Master Servicer and any director, officer, employee or agent of the Company
or the Master Servicer shall be indemnified by the Trust Fund and held harmless
against any loss, liability or expense incurred in connection with any legal
action relating to this Agreement or the Certificates, other than any loss,
liability or expense related to any specific Mortgage Loan or Mortgage Loans
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) and any loss, liability or expense incurred by
reason of willful misfeasance, bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
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Section 6.04 Company and Master Servicer Not to Resign.
-----------------------------------------
Subject to the provisions of Section 6.02, neither the Company 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 Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause
to be distributed to the Holders of Certificates of any Class any
distribution required to be made under the terms of the
Certificates of such Class and this Agreement and, in either
case, such failure shall continue unremedied for a period of 5
days after the date upon which written notice of such failure,
requiring such failure to be remedied, shall have been given to
the Master Servicer by the Trustee or the Company or to the
Master Servicer, the Company and the Trustee by the Holders of
Certificates of such Class evidencing Percentage Interests
aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform
in any material respect any other of the covenants or agreements
on the part of the Master Servicer contained in the Certificates
of any Class or in this Agreement and such failure shall continue
unremedied for a period of 30 days (except that such number of
days shall be 15 in the case of a failure to pay the premium for
any Required Insurance Policy) after the date on which written
notice of such failure, requiring the same to be remedied, shall
have been given to the Master Servicer by the Trustee or the
Company, or to the Master Servicer, the Company and the Trustee
by the Holders of Certificates of any Class evidencing, in the
case of any such Class, Percentage Interests aggregating not less
than 25%; or
(iii) a decree or order of a court or agency or
supervisory authority having jurisdiction in the premises in an
involuntary case under any present or future federal or state
bankruptcy, insolvency or similar law or appointing a conservator
or receiver or liquidator in any insolvency, readjustment of
debt, marshalling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs,
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shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged or
unstayed for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment
of a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities, or
similar proceedings of, or relating to, the Master Servicer or
of, or relating to, all or substantially all of the property of
the Master Servicer; or
(v) the Master Servicer shall admit in writing its
inability to pay its debts generally as they become due, file a
petition to take advantage of, or commence a voluntary case
under, any applicable insolvency or reorganization statute, make
an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant
to Section 4.04(b) that it is unable to deposit in the
Certificate Account an amount equal to the Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the direction of Holders of Certificates entitled to at least 51% of the
Voting Rights, the Trustee shall, by notice in writing to the Master Servicer
(and to the Company if given by the Trustee or to the Trustee if given by the
Company), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master Servicer and the Company, immediately terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
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Notwithstanding any termination of the activities of Residential Funding
in its capacity as Master Servicer hereunder, Residential Funding shall be
entitled to receive, out of any late collection of a Monthly Payment on a
Mortgage Loan which was due prior to the notice terminating Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice, that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof, and any other amounts payable to Residential Funding hereunder
the entitlement to which arose prior to the termination of its activities
hereunder. Upon the termination of Residential Funding as Master Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.
Section 7.02 Trustee or Company to Act; Appointment of Successor.
---------------------------------------------------
(a) On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be unreasonably withheld) a designee (which meets the standards set
forth below) of the Trustee, shall be the successor in all respects to the
Master Servicer in its capacity as servicer under this Agreement and the
transactions set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer (except for the responsibilities, duties and liabilities contained in
Sections 2.02 and 2.03(a), excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds in the Custodial Account or the Certificate Account pursuant to
Sections 3.07(c) and 4.01(b) by the terms and provisions hereof); provided,
however, that any failure to perform such duties or responsibilities caused by
the preceding Master Servicer's failure to provide information required by
Section 4.04 shall not be considered a default by the Trustee hereunder. As
compensation therefor, the Trustee shall be entitled to all funds relating to
the Mortgage Loans which the Master Servicer would have been entitled to charge
to the Custodial Account or the Certificate Account if the Master Servicer had
continued to act hereunder and, in addition, shall be entitled to the income
from any Permitted Investments made with amounts attributable to the Mortgage
Loans held in the Custodial Account or the Certificate Account. If the Trustee
has become the successor to the Master Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent jurisdiction to appoint, any established housing and home
finance institution, which is also a Xxxxxx Xxx- or Xxxxxxx Mac-approved
mortgage servicing institution, having a net worth of not less than $10,000,000
as the successor to the Master Servicer hereunder in the assumption of all or
any part of the responsibilities, duties or liabilities of the Master Servicer
hereunder. Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become successor to the Master Servicer and shall act in such
capacity as hereinabove provided. In connection with such appointment and
assumption, the Trustee may make such arrangements for the compensation of such
successor out of payments on Mortgage Loans as it and such successor shall
agree; provided, however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder. The Company, the Trustee, the
Custodian and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. The
Servicing Fee for any successor Master Servicer appointed pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the
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successor Master Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.
(b) In connection with the termination or resignation of the Master
Servicer hereunder, either (i) the successor Master Servicer, including the
Trustee if the Trustee is acting as successor Master Servicer, shall represent
and warrant that it is a member of MERS in good standing and shall agree to
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS, in which case the predecessor Master Servicer shall cooperate with the
successor Master Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor Master Servicer as necessary under MERS'
rules and regulations, or (ii) the predecessor Master Servicer shall cooperate
with the successor Master Servicer in causing MERS to execute and deliver an
assignment of Mortgage in recordable form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other notices, documents and other
instruments as may be necessary or desirable to effect a transfer of such
Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the
successor Master Servicer. The predecessor Master Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
predecessor Master Servicer shall bear any and all fees of MERS, costs of
preparing any assignments of Mortgage, and fees and costs of filing any
assignments of Mortgage that may be required under this subsection (b). The
successor Master Servicer shall cause such assignment to be delivered to the
Trustee or the Custodian promptly upon receipt of the original with evidence of
recording thereon or a copy certified by the public recording office in which
such assignment was recorded.
Section 7.03 Notification to Certificateholders.
----------------------------------
(a) Upon any such termination or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04 Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by a
default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights
affected by such default or Event of Default, such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon except to the extent
expressly so waived.
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ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Agreement, and use the same degree of care and skill in
their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Certificateholders of any such documents which do not materially conform to the
requirements of this Agreement in the event that the Trustee, after so
requesting, does not receive satisfactorily corrected documents.
The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master Servicer such information as the Master Servicer
may reasonably request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement. The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income, prohibited transaction, contribution or
other tax on the Trust Fund to the extent that maintaining such status and
avoiding such taxes are reasonably within the control of the Trustee and are
reasonably within the scope of its duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and
after the curing or waiver of all such Events of Default which
may have occurred, the duties and obligations of the Trustee
shall be determined solely by the express provisions of this
Agreement, the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations
shall be read into this Agreement against the Trustee and, in the
absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee by the Company
or the
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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 negligent in ascertaining the pertinent
facts;
(iii) The Trustee shall not be personally liable with
respect to any action taken, suffered or omitted to be taken by
it in good faith in accordance with the direction of
Certificateholders of any Class holding Certificates which
evidence, as to such Class, Percentage Interests aggregating not
less than 25% as to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be charged with knowledge of
any default (other than a default in payment to the Trustee)
specified in clauses (i) and (ii) of Section 7.01 or an Event of
Default under clauses (iii), (iv) and (v) of Section 7.01 unless
a Responsible Officer of the Trustee assigned to and working in
the Corporate Trust Office obtains actual knowledge of such
failure or event or the Trustee receives written notice of such
failure or event at its Corporate Trust Office from the Master
Servicer, the Company or any Certificateholder; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend
or risk its own funds (including, without limitation, the making
of any Advance) or otherwise incur any personal financial
liability in the performance of any of its duties as Trustee
hereunder, or in the exercise of any of its rights or powers, if
the Trustee shall have reasonable grounds for believing that
repayment of funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
(d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal, state and local taxes imposed on the Trust Fund or its assets
or transactions including, without limitation, (A) "prohibited transaction"
penalty taxes as defined in Section 860F of the Code, if, when and as the same
shall be due and payable, (B) any tax on contributions to a REMIC after the
Closing Date imposed by Section 860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such taxes arise out of a breach by the Trustee of its obligations
hereunder, which breach constitutes negligence or willful misconduct of the
Trustee.
Section 8.02 Certain Matters Affecting the Trustee.
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(a) Except as otherwise provided in Section 8.01:
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(i) The Trustee may rely and shall be protected in acting
or refraining from acting upon any resolution, Officers'
Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent,
order, appraisal, bond or other paper or document believed by it
to be genuine and to have been signed or presented by the proper
party or parties;
(ii) The Trustee may consult with counsel and any Opinion
of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with such Opinion
of Counsel;
(iii) The Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it by this Agreement or to
institute, conduct or defend any litigation hereunder or in
relation hereto at the request, order or direction of any of the
Certificateholders, pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default (which has
not been cured 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) The Trustee shall not be personally liable for any
action taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Agreement;
(v) Prior to the occurrence of an Event of Default
hereunder and after the curing or waiver of all Events of Default
which may have occurred, the Trustee shall not be bound to make
any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing so to do by Holders of
Certificates of any Class evidencing, as to such Class,
Percentage Interests, aggregating not less than 50%; provided,
however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Agreement, the
Trustee may require reasonable indemnity against such expense or
liability as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Master Servicer,
if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by
or through agents or attorneys; and
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(vii) To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R
Certificate hereby irrevocably appoints and authorizes the
Trustee to be its attorney-in-fact for purposes of signing any
Tax Returns required to be filed on behalf of the Trust Fund. The
Trustee shall sign on behalf of the Trust Fund and deliver to the
Master Servicer in a timely manner any Tax Returns prepared by or
on behalf of the Master Servicer that the Trustee is required to
sign as determined by the Master Servicer pursuant to applicable
federal, state or local tax laws, provided that the Master
Servicer shall indemnify the Trustee for signing any such Tax
Returns that contain errors or omissions.
(b) Following the issuance of the Certificates, the Trustee shall not
accept any contribution of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such contribution will not (i) cause any portion of any REMIC
formed under the Series Supplement to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited transactions" imposed under Section 860F(a) of
the Code).
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.
-----------------------------------------------------
The recitals contained herein and in the Certificates (other than the
execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document, or of MERS
or the MERS(R) System. Except as otherwise provided herein, the Trustee shall
not be accountable for the use or application by the Company or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates, or
for the use or application of any funds paid to the Company or the Master
Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the
Custodial Account or the Certificate Account by the Company or the Master
Servicer.
Section 8.04 Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the owner
or pledgee of Certificates with the same rights it would have if it were not
Trustee.
Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification.
(a) The Master Servicer covenants and agrees to pay to the Trustee and
any co-trustee from time to time, and the Trustee and any co-trustee shall be
entitled to, reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee and
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any co-trustee, and the Master Servicer will pay or reimburse the Trustee and
any co-trustee upon request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee or any co-trustee in accordance with
any of the provisions of this Agreement (including the reasonable compensation
and the expenses and disbursements of its counsel and of all persons not
regularly in its employ, and the expenses incurred by the Trustee or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.
(b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless against, any loss, liability or expense incurred without
negligence or willful misconduct on its part, arising out of, or in connection
with, the acceptance and administration of the Trust Fund, including the costs
and expenses (including reasonable legal fees and expenses) of defending itself
against any claim in connection with the exercise or performance of any of its
powers or duties under this Agreement, and the Custodial Agreement and the
Master Servicer further agrees to indemnify the Trustee for, and to hold the
Trustee harmless against, any loss, liability or expense arising out of, or in
connection with, the provisions set forth in Section 2.01(a) hereof, including,
without limitation, all costs, liabilities and expenses (including reasonable
legal fees and expenses) of investigating and defending itself against any
claim, action or proceeding, pending or threatened, relating to the provisions
of such paragraph, provided that:
(i) with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after
the Trustee shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the
Trustee shall cooperate and consult fully with the Master
Servicer in preparing such defense; and
(iii) notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for settlement
of any claim by the Trustee entered into without the prior
consent of the Master Servicer which consent shall not be
unreasonably withheld.
No termination of this Agreement shall affect the obligations created by
this Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06 Eligibility Requirements for Trustee.
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The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws
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to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or state
authority. If such corporation or national banking association publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 8.07.
Section 8.07 Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Company. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Company, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee. In addition, in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Company) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written notice of such failure, requiring that
the same be remedied, shall have been given to the Trustee by the Company, then
the Company may remove the Trustee and appoint a successor trustee by written
instrument delivered as provided in the preceding sentence. In connection with
the appointment of a successor trustee pursuant to the preceding sentence, the
Company shall, on or before the date on which any such appointment becomes
effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Company, one complete set to the Trustee so removed
and one complete set to the successor so appointed.
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(d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.
Section 8.08 Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein. The predecessor
trustee shall deliver to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at
the time held by a Custodian, which shall become the agent of any successor
trustee hereunder), and the Company, the Master Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided in
this Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.
Section 8.09 Merger or Consolidation of Trustee.
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Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10 Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing
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the same may at the time be located, the Master Servicer and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Trustee to act as co-trustee or
co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
of all or any part of the Trust Fund, and to vest in such Person or Persons, in
such capacity, such title to the Trust Fund, or any part thereof, and, subject
to the other provisions of this Section 8.10, such powers, duties, obligations,
rights and trusts as the Master Servicer and the Trustee may consider necessary
or desirable. If the Master Servicer shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, or in case an
Event of Default shall have occurred and be continuing, the Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 hereunder and no notice to Holders of Certificates of
the appointment of co-trustee(s) or separate trustee(s) shall be required under
Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11 Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Company, appoint one or more Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
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Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12 Appointment of Office or Agency.
The Trustee will maintain an office or agency at the address designated
in Section 11.05 of the Series Supplement where Certificates may be surrendered
for registration of transfer or exchange. The Trustee will maintain an office at
the address stated in Section 11.05 of the Series Supplement where notices and
demands to or upon the Trustee in respect of this Agreement may be served.
ARTICLE IX
TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
Section 9.01 Optional Purchase by the Master Servicer of All
Certificates; Termination Upon Purchase by the Master
Servicer or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation
(or any Advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, or
(ii) the purchase by the Master Servicer of all Mortgage
Loans and all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund at a price equal to 100% of the
unpaid principal balance of each Mortgage Loan or, if less than
such unpaid principal balance, the fair market value of the
related underlying property of such Mortgage Loan with respect to
Mortgage Loans as to which title has been acquired if such fair
market value is less than such unpaid principal balance (net of
any unreimbursed Advances attributable to principal) on the day
of repurchase plus accrued interest thereon at the Net Mortgage
Rate (or Modified Net Mortgage Rate in the case of any Modified
Mortgage Loan) to, but not including, the first day of the month
in which such repurchase price is distributed, provided, however,
that in no event shall the trust created hereby continue beyond
the expiration of 21 years from the death of the last survivor of
the descendants of Xxxxxx X. Xxxxxxx, the late
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xxxxxxxxxx xx xxx Xxxxxx Xxxxxx to the Court of St. Xxxxx, living
on the date hereof and provided further that the purchase price
set forth above shall be increased as is necessary, as determined
by the Master Servicer, to avoid disqualification of any portion
of any REMIC formed under the Series Supplement as a REMIC. The
purchase price paid by the Master Servicer shall also include any
amounts owed by Residential Funding pursuant to Section 4 of the
Assignment Agreement in respect of any liability, penalty or
expense that resulted from a breach of the representation and
warranty set forth in clause (xxxi) of such Section that remain
unpaid on the date of such purchase.
The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance as of the Final Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans. If such right is
exercised by the Master Servicer, the Master Servicer shall be deemed to have
been reimbursed for the full amount of any unreimbursed Advances theretofore
made by it with respect to the Mortgage Loans. In addition, the Master Servicer
shall provide to the Trustee the certification required by Section 3.15 and the
Trustee and any Custodian shall, promptly following payment of the purchase
price, release to the Master Servicer the Mortgage Files pertaining to the
Mortgage Loans being purchased.
In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance, prior to giving effect to distributions to be made on
such Distribution Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans, Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of such Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest. If the Master
Servicer exercises this right to purchase the outstanding Certificates, the
Master Servicer will promptly terminate the respective obligations and
responsibilities created hereby in respect of the Certificates pursuant to this
Article IX.
(b) The Master Servicer shall give the Trustee not less than 60 days'
prior notice of the Distribution Date on which the Master Servicer anticipates
that the final distribution will be made to Certificateholders (whether as a
result of the exercise by the Master Servicer of its right to purchase the
assets of the Trust Fund or otherwise) or on which the Master Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates). Notice of any
termination, specifying the anticipated Final Distribution Date (which shall be
a date that would otherwise be a Distribution Date) upon which the
Certificateholders may surrender their Certificates to the Trustee (if so
required by the terms hereof) for payment of the final distribution and
cancellation or notice of any purchase of the outstanding Certificates,
specifying the Distribution Date upon which the Holders may surrender their
Certificates to the Trustee for payment, shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the outstanding Certificates), or by the Trustee (in any other
case) by letter to the Certificateholders mailed not earlier than the 15th day
and not later than the 25th day of the month next preceding the month of such
final distribution specifying:
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(i) the anticipated Final Distribution Date upon which
final payment of the Certificates is anticipated to be made upon
presentation and surrender of Certificates at the office or
agency of the Trustee therein designated where required pursuant
to this Agreement or, in the case of the purchase by the Master
Servicer of the outstanding Certificates, the Distribution Date
on which such purchase is to be made,
(ii) the amount of any such final payment, or in the case
of the purchase of the outstanding Certificates, the purchase
price, in either case, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, or in the case of the Senior
Certificates, or in the case of all of the Certificates in
connection with the exercise by the Master Servicer of its right
to purchase the Certificates, that payment will be made only upon
presentation and surrender of the Certificates at the office or
agency of the Trustee therein specified.
If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such notice is given to Certificateholders and, if the Master Servicer is
exercising its rights to purchase the outstanding Certificates, it shall give
such notice to each Rating Agency at the time such notice is given to
Certificateholders. As a result of the exercise by the Master Servicer of its
right to purchase the assets of the Trust Fund, the Master Servicer shall
deposit in the Certificate Account before the Final Distribution Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund, computed as provided above. As a result of the exercise by
the Master Servicer of its right to purchase the outstanding Certificates, the
Master Servicer shall deposit in an Eligible Account, established by the Master
Servicer on behalf of the Trustee and separate from the Certificate Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the Distribution Date on which such purchase is to occur in immediately
available funds an amount equal to the purchase price for the Certificates,
computed as above provided, and provide notice of such deposit to the Trustee.
The Trustee will withdraw from such account the amount specified in subsection
(c) below.
(c) In the case of the Senior Certificates, upon presentation and
surrender of the Certificates by the Certificateholders thereof, and in the case
of the Class M and Class B Certificates, upon presentation and surrender of the
Certificates by the Certificateholders thereof in connection with the exercise
by the Master Servicer of its right to purchase the Certificates and otherwise,
in accordance with Section 4.01(a), the Trustee shall distribute to the
Certificateholders (i) the amount otherwise distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase the
assets of the Trust Fund or the outstanding Certificates, or (ii) if the Master
Servicer elected to so repurchase the assets of the Trust Fund or the
outstanding Certificates, an amount determined as follows: (A) with respect to
each Certificate the outstanding Certificate Principal Balance thereof, plus
Accrued Certificate Interest for the related Interest Accrual Period thereon and
any previously unpaid Accrued Certificate Interest, subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates, any
excess of the amounts available for distribution (including the repurchase price
specified in clause (ii) of subsection (a) of this Section) over the total
amount distributed under the immediately preceding clause (A). Nothwithstanding
the reduction of the Certificate Principal Balance of any Class of Subordinate
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Certificates to zero, such Class will be outstanding hereunder until the
termination of the respective obligations and responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.
(d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final Distribution Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the Certificate Account not distributed in final distribution to
Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase the assets of the Trust Fund), or the Trustee (in any other
case) shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with respect thereto. If within six months after the second notice any
Certificate shall not have been surrendered for cancellation, the Trustee shall
take appropriate steps as directed by the Master Servicer to contact the
remaining Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining the escrow account and of contacting
Certificateholders shall be paid out of the assets which remain in the escrow
account. If within nine months after the second notice any Certificates shall
not have been surrendered for cancellation, the Trustee shall pay to the Master
Servicer all amounts distributable to the holders thereof and the Master
Servicer shall thereafter hold such amounts until distributed to such Holders.
No interest shall accrue or be payable to any Certificateholder on any amount
held in the escrow account or by the Master Servicer as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.
(e) If any Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be withdrawn therefrom and deposited in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer shall give a second
written notice to such Certificateholders to surrender their Certificates for
payment of the purchase price therefor. If within six months after the second
notice any Certificate shall not have been surrendered for cancellation, the
Trustee shall take appropriate steps as directed by the Master Servicer to
contact the Holders of such Certificates concerning surrender of their
Certificates. The costs and expenses of maintaining the escrow account and of
contacting Certificateholders shall be paid out of the assets which remain in
the escrow account. If within nine months after the second notice any
Certificates shall not have been surrendered for cancellation in accordance with
this Section 9.01, the Trustee shall pay to the Master Servicer all amounts
distributable to the Holders thereof and the Master Servicer shall thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any Certificateholder on any amount held in the escrow account or
by the Master Servicer as a result of such Certificateholder's failure to
surrender its Certificate(s) for payment in accordance with this Section 9.01.
Any Certificate that is not surrendered on the Distribution Date on which a
purchase pursuant to this Section 9.01 occurs as provided above will be deemed
to have been purchased and the Holder as of such date will have no rights with
respect thereto except to receive the purchase price therefor minus any costs
and expenses associated with such escrow account and notices allocated thereto.
Any Certificates so purchased or deemed to have been purchased on such
Distribution Date shall remain outstanding hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of
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the Certificates pursuant to this Article IX. The Master Servicer shall be for
all purposes the Holder thereof as of such date.
Section 9.02 Additional Termination Requirements.
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(a) Each REMIC that comprises the Trust Fund shall be terminated in
accordance with the following additional requirements, unless (subject to
Section 10.01(f)) the Trustee and the Master Servicer have received an Opinion
of Counsel (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited transactions," as described in Section 860F of the Code, or (ii)
cause any such REMIC to fail to qualify as a REMIC at any time that any
Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day
liquidation period for each such REMIC and specify the first day
of such period in a statement attached to the Trust Fund's final
Tax Return pursuant to Treasury regulations Section 1.860F-1. The
Master Servicer also shall satisfy all of the requirements of a
qualified liquidation for a REMIC under Section 860F of the Code
and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior
to the time of making of the final payment on the Certificates,
the Trustee shall sell or otherwise dispose of all of the
remaining assets of the Trust Fund in accordance with the terms
hereof; and
(iii) If the Master Servicer or the Company is exercising
its right to purchase the assets of the Trust Fund, the Master
Servicer shall, during the 90-day liquidation period and at or
prior to the Final Distribution Date, purchase all of the assets
of the Trust Fund for cash.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.
Section 9.03 Termination of Multiple REMICs.
If the REMIC Administrator makes two or more separate REMIC elections,
the applicable REMIC shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.
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ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.
(a) The REMIC Administrator shall make an election to treat the Trust
Fund as one or more REMICs under the Code and, if necessary, under applicable
state law. The assets of each such REMIC will be set forth in the Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information return (including Form 8811) or any appropriate state return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of each REMIC election in respect of
the Trust Fund, Certificates and interests to be designated as the "regular
interests" and the sole class of "residual interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any REMIC elected in respect of the Trust Fund
other than the "regular interests" and "residual interests" so designated.
(b) The Closing Date is hereby designated as the "startup day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate
representing a 0.01% Percentage Interest each Class of the Class R Certificates
and shall be designated as "the tax matters person" with respect to each REMIC
in the manner provided under Treasury regulations section 1.860F-4(d) and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax
matters person, shall (i) act on behalf of each REMIC in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and the REMIC Administrator shall be entitled to reimbursement
therefor out of amounts attributable to the Mortgage Loans on deposit in the
Custodial Account as provided by Section 3.10 unless such legal expenses and
costs are incurred by reason of the REMIC Administrator's willful misfeasance,
bad faith or gross negligence. If the REMIC Administrator is no longer the
Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not
to exceed $3,000 per year by any successor Master Servicer hereunder for so
acting as the REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns that it determines are required with respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the Trustee shall sign and file such Tax Returns in a timely manner. The
expenses of preparing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The REMIC Administrator agrees to
indemnify and hold harmless the Trustee with respect to any tax or liability
arising from the Trustee's signing of Tax Returns that contain errors or
omissions. The Trustee and Master Servicer shall promptly provide the REMIC
Administrator with such information as the REMIC
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Administrator may from time to time request for the purpose of enabling the
REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a
Class R Certificate such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of each REMIC.
(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or desirable to maintain the status of each REMIC as a REMIC under the REMIC
Provisions (and the Trustee shall assist the Master Servicer and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC Administrator to do so). The Master Servicer and the REMIC Administrator
shall not knowingly or intentionally take any action, cause the Trust Fund to
take any action or fail to take (or fail to cause to be taken) any action
reasonably within their respective control that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) endanger the status of any
portion of any REMIC formed under the Series Supplement as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited transactions as defined in Section 860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code) (either such event, in the absence of an Opinion of Counsel or the
indemnification referred to in this sentence, an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator, as applicable, has received an
Opinion of Counsel (at the expense of the party seeking to take such action or,
if such party fails to pay such expense, and the Master Servicer or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Master Servicer, the REMIC
Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to each REMIC created hereunder, endanger such status or,
unless the Master Servicer, the REMIC Administrator or both, as applicable,
determine in its or their sole discretion to indemnify the Trust Fund against
the imposition of such a tax, result in the imposition of such a tax. Wherever
in this Agreement a contemplated action may not be taken because the timing of
such action might result in the imposition of a tax on the Trust Fund, or may
only be taken pursuant to an Opinion of Counsel that such action would not
impose a tax on the Trust Fund, such action may nonetheless be taken provided
that the indemnity given in the preceding sentence with respect to any taxes
that might be imposed on the Trust Fund has been given and that all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that it has received an Opinion of Counsel to the effect
that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to any REMIC created hereunder
or any related assets thereof, or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this
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Agreement, the Trustee will consult with the Master Servicer or the REMIC
Administrator, as applicable, or its designee, in writing, with respect to
whether such action could cause an Adverse REMIC Event to occur with respect to
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such action as to which the Master Servicer or the REMIC
Administrator, as applicable, has advised it in writing that an Adverse REMIC
Event could occur. The Master Servicer or the REMIC Administrator, as
applicable, may consult with counsel to make such written advice, and the cost
of same shall be borne by the party seeking to take the action not expressly
permitted by this Agreement, but in no event at the expense of the Master
Servicer or the REMIC Administrator. At all times as may be required by the
Code, the Master Servicer will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the
assets of each REMIC created hereunder as "qualified mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on
"net income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article X, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.10 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal income tax
purposes, maintain books and records with respect to each REMIC created
hereunder on a calendar year and on an accrual basis or as otherwise may be
required by the REMIC Provisions.
(i) Following the Startup Day, neither the Master Servicer nor the
Trustee shall accept any contributions of assets to any REMIC created hereunder
unless (subject to Section 10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not cause the REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which any REMIC created
hereunder will receive a fee or other compensation for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted investments" as defined
in Section 860G(a)(5) of the Code.
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(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates) representing a regular interest in the applicable
REMIC and the Uncertificated Principal Balance of each Uncertificated REMIC
Regular Interest (other than each Uncertificated REMIC Regular Interest
represented by a Class A-V Certificate, if any) and the rights to the Interest
Only Certificates and Uncertificated REMIC Regular Interest represented by any
Class A-V Certificate would be reduced to zero is the Maturity Date for each
such Certificate and Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.
(m) Neither the Trustee nor the Master Servicer shall sell, dispose of
or substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of any REMIC created hereunder, (iii)
the termination of any such REMIC pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain nor
accept any contributions to any such REMIC after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b) unless the Master Servicer has determined in its sole discretion to
indemnify the Trust Fund against such tax, cause such REMIC to be subject to a
tax on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions.
Section 10.02 Master Servicer, REMIC Administrator and Trustee
Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the
REMIC Administrator and the Master Servicer for any taxes and costs including,
without limitation, any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master Servicer, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the REMIC Administrator that contain errors or omissions; provided, however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
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(c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC Administrator and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with respect to compliance with the REMIC Provisions, including
without limitation, any penalties arising from the Trustee's execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.
Section 10.03 Designation of REMIC(s).
As provided in Section 10.03 of the Series Supplement.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or
therein, which may be inconsistent with any other provisions
herein or therein or to correct any error,
(iii) to modify, eliminate or add to any of its provisions
to such extent as shall be necessary or desirable to maintain the
qualification of the Trust Fund as a REMIC at all times that any
Certificate is outstanding or to avoid or minimize the risk of
the imposition of any tax on the Trust Fund pursuant to the Code
that would be a claim against the Trust Fund, provided that the
Trustee has received an Opinion of Counsel to the effect that (A)
such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition
of any such tax and (B) such action will not adversely affect in
any material respect the interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into
the Custodial Account or the Certificate Account or to change the
name in which the Custodial Account is maintained, provided that
(A) the Certificate Account Deposit Date shall in no event be
later than the related Distribution Date, (B) such change shall
not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Certificateholder and
(C) such change shall not result in a reduction of the rating
assigned to any Class of Certificates below the lower of the
then-current
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rating or the rating assigned to such Certificates as of the
Closing Date, as evidenced by a letter from each Rating Agency to
such effect,
(v) to modify, eliminate or add to the provisions of
Section 5.02(f) or any other provision hereof restricting
transfer of the Class R Certificates, by virtue of their being
the "residual interests" in a REMIC, provided that (A) such
change shall not result in reduction of the rating assigned to
any such Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates
as of the Closing Date, as evidenced by a letter from each Rating
Agency to such effect, and (B) such change shall not (subject to
Section 10.01(f)), as evidenced by an Opinion of Counsel (at the
expense of the party seeking so to modify, eliminate or add such
provisions), cause any REMIC created hereunder or any of the
Certificateholders (other than the transferor) to be subject to a
federal tax caused by a transfer to a Person that is not a
Permitted Transferee,
(vi) to make any other provisions with respect to matters
or questions arising under this Agreement or such Custodial
Agreement which shall not be materially inconsistent with the
provisions of this Agreement, provided that such action shall
not, as evidenced by an Opinion of Counsel, adversely affect in
any material respect the interests of any Certificateholder, or
(vii) to amend any provision herein or therein that is not
material to any of the Certificateholders.
(b) This Agreement or any Custodial Agreement may also be amended from
time to time by the Company, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates with a Certificate
Principal Balance greater than zero affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or such Custodial Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided, however, that no
such amendment shall:
(i) reduce in any manner the amount of, or delay the
timing of, payments which are required to be distributed on any
Certificate without the consent of the Holder of such
Certificate,
(ii) reduce the aforesaid percentage of Certificates of
any Class the Holders of which are required to consent to any
such amendment, in any such case without the consent of the
Holders of all Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment is permitted hereunder
and will not
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result in the imposition of a federal tax on the Trust Fund or cause any REMIC
created under the Series Supplement to fail to qualify as a REMIC at any time
that any Certificate is outstanding.
(d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to obtain
and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such reserve
fund shall be owned by the Company, and (iii) amounts transferred by the Trust
Fund to any such reserve fund shall be treated as amounts distributed by the
Trust Fund to the Company or any successor, all within the meaning of Treasury
Regulations Section 1.860G-2(h) as it reads as of the Cut-off Date. In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified, added to, deleted or otherwise amended in
any manner that is related or incidental to such instrument or fund or the
establishment or administration thereof, such amendment to be made by written
instrument executed or consented to by the Company but without the consent of
any Certificateholder and without the consent of the Master Servicer or the
Trustee being required unless any such amendment would impose any additional
obligation on, or otherwise adversely affect the interests of the Senior
Certificateholders, the Class M Certificateholders, the Master Servicer or the
Trustee, as applicable; provided that the Company obtains (subject to Section
10.01(f)) an Opinion of Counsel (which need not be an opinion of Independent
counsel) to the effect that any such amendment will not cause (a) any federal
tax to be imposed on the Trust Fund, including without limitation, any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions after the startup date" under Section 860G(d)(1) of the Code
and (b) any REMIC created hereunder to fail to qualify as a REMIC at any time
that any Certificate is outstanding. In the event that the Company elects to
provide such coverage in the form of a limited guaranty provided by General
Motors Acceptance Corporation, the Company may elect that the text of such
amendment to this Agreement shall be substantially in the form attached hereto
as Exhibit K (in which case Residential Funding's Subordinate Certificate Loss
Obligation as described in such exhibit shall be established by Residential
Funding's consent to such amendment) and that the limited guaranty shall be
executed in the form attached hereto as Exhibit K, with such changes as the
Company shall deem to be appropriate; it being understood that the Trustee has
reviewed and approved the content of such forms and that the Trustee's consent
or approval to the use thereof is not required.
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Section 11.02 Recordation of Agreement; Counterparts.
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(a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all appropriate public offices for real property records in
all the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee (pursuant to the
request of Holders of Certificates entitled to at least 25% of the Voting
Rights), but only upon direction accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 11.03 Limitation on Rights of Certificateholders.
------------------------------------------
(a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision
of this Agreement to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Agreement, unless such Holder
previously shall have given to the Trustee a written notice of default and of
the continuance thereof, as hereinbefore provided, and unless also the Holders
of Certificates of any Class evidencing in the aggregate not less than 25% of
the related Percentage Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding it being understood and intended,
and being expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of
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Certificateholders of such Class or all Classes, as the case may be. For the
protection and enforcement of the provisions of this Section 11.03, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.
Section 11.04 Governing Law.
This agreement and the Certificates shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 11.05 Notices.
As provided in Section 11.05 of the Series Supplement.
Section 11.06 Required Notices to Rating Agency and Subservicer.
The Company, the Master Servicer or the Trustee, as applicable, (i)
shall notify each Rating Agency at such time as it is otherwise required
pursuant to this Agreement to give notice of the occurrence of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below, (ii)
shall notify the Subservicer at such time as it is otherwise required pursuant
to this Agreement to give notice of the occurrence of, any of the events
described in clause (a), (b), (c)(1), (g)(1), or (i) below, or (iii) provide a
copy to each Rating Agency at such time as otherwise required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) (1) the termination or appointment of a successor Master Servicer or
(2) the termination or appointment of a successor Trustee or a change in the
majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions insurance policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,
(e) the statement required to be delivered to the Holders of each Class
of Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections 3.18
and 3.19,
(g) (1) a change in the location of the Custodial Account or (2) a
change in the location of the Certificate Account,
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(h) the occurrence of any monthly cash flow shortfall to the Holders of
any Class of Certificates resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer, if applicable,
of any such event known to the Master Servicer.
Section 11.07 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 11.08 Supplemental Provisions for Resecuritization.
--------------------------------------------
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on
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prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax
on contributions to a REMIC as set forth in Section 860G(d) of the Code).
Section 11.09 Allocation of Voting Rights.
As provided in Section 11.09 of the Series Supplement.
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