EXHIBIT 4.1
================================================================================
GS MORTGAGE SECURITIES CORP.,
Depositor,
[_________________________],
Servicer,
[_________________________],
Custodian,
and
[_________________________],
Trustee
--------------------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of [ ]
1, 200[ ]
--------------------------------------------
[Deal Name]
[Series]
================================================================================
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<CAPTION>
<S>
<C>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01
Definitions
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES
Section 2.01
Conveyance of Mortgage Loans
Section 2.02
Acceptance by the Trustee of the Mortgage Loans
Section 2.03
Representations, Warranties and Covenants of the Servicer and each
Custodian
Section 2.04
Execution and Delivery of Certificates
Section 2.05
REMIC Matters
Section 2.06
Representations and Warranties of the Depositor
Section 2.07
Enforcement of Obligations for Breach of Mortgage Loan
Representations
ARTICLE III
ADMINISTRATION AND SERVICING
OF
MORTGAGE LOANS
Section 3.01
Servicer to Service Mortgage Loans
Section 3.02
Subservicing Agreements between the Servicer and Subservicers
Section 3.03
Successor Subservicers
Section 3.04
Liability of the Servicer
Section 3.05
No Contractual Relationship between Subservicers and the
Trustee
Section 3.06
Assumption or Termination of Subservicing Agreements by Trustee
Section 3.07
Collection of Certain Mortgage Loan Payments
Section 3.08
Subservicing Accounts
Section 3.09
Collection of Taxes, Assessments and Similar Items; Escrow
Accounts
Section 3.10
Collection Account
Section 3.11
Withdrawals from the Collection Account
Section 3.12
Investment of Funds in the Collection Account and the Distribution
Account
Section 3.13
Maintenance of Hazard Insurance, Errors and Omissions and Fidelity
Coverage
Section 3.14
Enforcement of Due-on-Sale Clauses; Assumption Agreements
Section 3.15
Realization upon Defaulted Mortgage Loans
Section 3.16
Release of Mortgage Files
Section 3.17
Title, Conservation and Disposition of REO Property
Section 3.18
Notification of Adjustments
Section 3.19
Access to Certain Documentation and Information Regarding the
Mortgage Loans
Section 3.20
Documents, Records and Funds in Possession of the Servicer to Be
Held for the Trustee
Section 3.21
Servicing Compensation
Section 3.22
Annual Statement as to Compliance
Section 3.23
Annual Reports on Assessment of Compliance with Servicing Criteria;
Annual
Independent Public Accountants' Attestation Report
Section 3.24
Trustee to Act as Servicer
Section 3.25
Compensating Interest
Section 3.26
Credit Reporting; Gramm-Leach-Bliley Act
Section 3.27
Excess Reserve Fund Account; Distribution Account
Section 3.28
Optional Purchase of Delinquent Mortgage Loans
ARTICLE IV
DISTRIBUTIONS AND
ADVANCES BY THE SERVICER
Section 4.01
Advances
Section 4.02
Priorities of Distribution
Section 4.03
Monthly Statements to Certificateholders
Section 4.04
Certain Matters Relating to the Determination of LIBOR
Section 4.05
Allocation of Applied Realized Loss Amounts
Section 4.06
Supplemental Interest Trust
ARTICLE V
THE CERTIFICATES
Section 5.01
The Certificates
Section 5.02
Certificate Register; Registration of Transfer and Exchange of
Certificates
Section 5.03
Mutilated, Destroyed, Lost or Stolen Certificates
Section 5.04
Persons Deemed Owners
Section 5.05
Access to List of Certificateholders' Names and Addresses
Section 5.06
Maintenance of Office or Agency
ARTICLE VI
THE DEPOSITOR AND THE
SERVICER
Section 6.01
Respective Liabilities of the Depositor and the Servicer
Section 6.02
Merger or Consolidation of the Depositor or the Servicer
Section 6.03
Limitation on Liability of the Depositor, the Servicer and
Others
Section 6.04
Limitation on Resignation of the Servicer
Section 6.05
Additional Indemnification by the Servicer; Third Party Claims
Section 6.06
Servicing Rights Pledge
ARTICLE VII
DEFAULT
Section 7.01
Events of Default
Section 7.02
Trustee to Act; Appointment of Successor
Section 7.03
Notification to Certificateholders
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01
Duties of the Trustee
Section 8.02
Certain Matters Affecting each Custodian and the Trustee
Section 8.03
Trustee Not Liable for Certificates or Mortgage Loans
Section 8.04
Trustee May Own Certificates
Section 8.05
Trustee's Fees and Expenses
Section 8.06
Eligibility Requirements for the Trustee
Section 8.07
Resignation and Removal of the Trustee
Section 8.08
Successor Trustee
Section 8.09
Merger or Consolidation of the Trustee
Section 8.10
Appointment of Co-Trustee or Separate Trustee
Section 8.11
Tax Matters
Section 8.12
Periodic Filings
Section 8.13
Tax Treatment of Upper-Tier Carry Forward Amounts, Basis Risk Carry
Forward
Amounts, the Supplemental Interest Trust and the Interest Rate Swap
Agreement
Section 8.14
Custodial Responsibilities
Section 8.15
Limitations on Custodial Responsibilities
ARTICLE IX
TERMINATION
Section 9.01
Termination upon Liquidation or Purchase of the Mortgage Loans
Section 9.02
Final Distribution on the Certificates
Section 9.03
Additional Termination Requirements
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01
Amendment
Section 10.02
Recordation of Agreement; Counterparts
Section 10.03
Governing Law
Section 10.04
Intention of Parties
Section 10.05
Notices
Section 10.06
Severability of Provisions
Section 10.07
Assignment; Sales; Advance Facilities
Section 10.08
Limitation on Rights of Certificateholders
Section 10.09
Inspection and Audit Rights
Section 10.10
Certificates Nonassessable and Fully Paid
Section 10.11
Waiver of Jury Trial
Section 10.12
Limitation of Damages
Section 10.13
Rights of the Swap Provider
Section 10.14
No Solicitation
Section 10.15
Regulation AB Compliance; Intent of the Parties; Reasonableness
SCHEDULES
Schedule I
Mortgage Loan Schedule
Schedule II
Representations and Warranties of [Servicer], as Servicer
Schedule III
Representations and Warranties of [Custodian], as Custodian
EXHIBITS
Exhibit A-1 Form
of Class A, Class M and Class B Certificates
Exhibit B
Form of Class P Certificate
Exhibit C
[Reserved]
Exhibit D-1 Form
of Class R Certificate
Exhibit D-2 Form
of Class RC Certificate
Exhibit D-3 Form
of Class RX Certificate
Exhibit E
Form of Class X Certificate
Exhibit F
Form of Initial Certification of the Trustee and of the
Custodian
Exhibit G
Form of Document Certification and Exception Report of the Trustee
and of the
Custodian
Exhibit H
Form of Residual Transfer Affidavit
Exhibit I
Form of Transferor Certificate
Exhibit J
Form of Rule 144A Letter
Exhibit K
Form of Investment Letter (Non-Rule 144A)
Exhibit L
Form of Request for Release
Exhibit M
Contents of Each Mortgage File
Exhibit N
[Reserved]
Exhibit O
Form of Certification to be provided with Form 10-K
Exhibit P
Form of Trustee Certification to be provided to Depositor
Exhibit Q
Form of Servicer Certification to be provided to Depositor
Exhibit R
Form of Power of Attorney
Exhibit S
Representations and Warranties Agreement
Exhibit T
Servicing Criteria
Exhibit U
Additional Form 10-D Disclosure
Exhibit V
Additional Form 10-K Disclosure
Exhibit W
Form 8-K Disclosure Information
Exhibit X
Interest Rate Swap Agreement
</TABLE>
<PAGE>
THIS POOLING AND SERVICING AGREEMENT, dated as of January 1,
2006,
among GS MORTGAGE SECURITIES CORP., a Delaware corporation (the
"Depositor"),
[______________________], a Delaware limited partnership (the
"Servicer"),
[______________________], a national banking association (the
"Custodian"), and
[______________________], a national banking association, as
trustee (the
"Trustee").
W I T N E S S E T H:
In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:
PRELIMINARY STATEMENT
The Trustee shall elect that eight segregated asset pools within
the
Trust Fund (exclusive of (i) the Prepayment Premiums, (ii) the
Interest Rate
Swap Agreement, (iii) the Supplemental Interest Trust, (iv) the
Excess Reserve
Fund Account and (v) the right of the LIBOR Certificates to receive
Upper-Tier
Carry Forward Amounts and, without duplication, Basis Risk Carry
Forward Amounts
and the obligation to pay Class IO Shortfalls) be treated for
federal income tax
purposes as comprising eight REMICs (each, a "Trust REMIC" or, in
the
alternative, Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the
Lower-Tier REMIC,
the Upper-Tier REMIC, the Class B-1 REMIC, the Class B-2 REMIC, the
Class B-3
REMIC and the Class X REMIC, respectively). The Class X Interest,
Class IO
Interest and each Class of LIBOR Certificates (other than the right
of each
Class of LIBOR Certificates to receive (i) Upper-Tier Carry Forward
Amounts and,
without duplication, Basis Risk Carry Forward Amounts and (ii) the
obligation to
pay Class IO Shortfalls) represents ownership of a regular interest
in a REMIC
for purposes of the REMIC Provisions.
The Class R Certificates represent ownership of the sole class
of
residual interest in each of Pooling-Tier REMIC-2, the Lower-Tier
REMIC and the
Upper-Tier REMIC for purposes of the REMIC Provisions. The Class RC
Certificates
represent ownership of the sole class of residual interest in the
Pooling-Tier
REMIC-1 for purposes of the REMIC Provisions. The Class RX
Certificates
represent ownership of the sole class of residual interest in the
Class B-1
REMIC, the Class B-2 REMIC, the Class B-3 REMIC and the Class X
REMIC for
purposes of the REMIC Provisions. The Start-up Day for each REMIC
described
herein is the Closing Date. The latest possible maturity date for
each regular
interest is the latest date referenced in Section 2.05.
The Class X REMIC shall hold as assets the Class UT-X Interest,
the
Class UT-IO Interest and the Class UT-3 Interest as set out below.
The
Upper-Tier REMIC shall hold as assets the several classes of
uncertificated
Lower-Tier Regular Interests, set out below. The Lower-Tier REMIC
shall hold as
assets the several classes of uncertificated Pooling-Tier REMIC-2
Regular
Interests. Pooling-Tier REMIC-2 shall hold as assets the several
classes of
uncertificated Pooling-Tier REMIC-1 Regular Interests. Pooling-Tier
REMIC-1
shall hold as assets the assets of the Trust Fund (exclusive of (i)
the
Prepayment Premiums, (ii) the Interest Rate Swap Agreement, (iii)
the
Supplemental Interest Trust, (iv) the Excess Reserve Fund Account
and (v) the
right of the LIBOR Certificates to receive Upper-Tier Carry Forward
Amounts and,
without duplication, Basis Risk Carry Forward Amounts and the
obligation to pay
Class IO Shortfalls). Each such Lower Tier Regular Interest is
hereby designated
as a regular interest in the Lower Tier REMIC. The Class LT-A-1,
Class LT-A-2A,
Class LT-A-2B, Class LT-A-2C, Class LT-A-2D, Class LT-M-1, Class
LT-M-2, Class
LT-M-3, Class LT-M-4, Class LT-M-5, Class LT-M-6, Class LT-M-7,
Class LT-M-8,
Class LT-B-1, Class LT-B-2 and Class LT-B-3 Interests are hereby
designated the
LT-Accretion Directed Classes (the "LT-Accretion Directed
Classes").
The Class B-1 REMIC shall hold as an asset the Class B-1
Interest
issued by the Upper-Tier REMIC, the Class B-1 Certificates shall
represent
ownership of the regular interest issued by the Class B-1 REMIC and
the Class
B1-R Interest shall represent the sole class residual interest in
the Class B-1
REMIC.
The Class B-2 REMIC shall hold as an asset the Class B-2
Interest
issued by the Upper-Tier REMIC, the Class B-2 Certificates shall
represent
ownership of the regular interest issued by the Class B-2 REMIC and
the Class
B2-R Interest shall represent the sole class residual interest in
the Class B-2
REMIC.
The Class B-3 REMIC shall hold as an asset the Class B-3
Interest
issued by the Upper-Tier REMIC, the Class B-3 Certificates shall
represent
ownership of the regular interest issued by the Class B-3 REMIC and
the Class
B3-R Interest shall represent the sole class residual interest in
the Class B-3
REMIC.
The Class X REMIC shall hold as an asset the Class UT-X
Interest,
the Class UT-IO Interest and the Class UT-3 Interest issued by the
Upper-Tier
REMIC, the Class X Interest shall represent the regular interest
issued by the
Class X REMIC and the Class X-R Interest shall represent the sole
class residual
interest in the Class X REMIC. The Class X Certificates represent
beneficial
ownership of the Class X Interest, the Supplemental Interest Trust
and the
Excess Reserve Fund Account.
For federal income tax purposes, each Class of LIBOR
Certificates
represents a beneficial ownership of a regular interest in the
Upper-Tier REMIC,
the right to receive Upper-Tier Carry Forward Amounts (and, without
duplication,
Basis Risk Carry Forward Amounts), the obligation to pay Class IO
Shortfalls,
the Class X Certificates represent beneficial ownership of the
Class X Interest,
the Class IO Interest, the Interest Rate Swap Agreement, the
Supplemental
Interest Trust, the Excess Reserve Fund Account, the right to
receive Class IO
Shortfalls, and the Class P Certificates represent beneficial
ownership of the
Prepayment Premiums, which portions of the Trust Fund shall be
treated as a
grantor trust.
Pooling-Tier REMIC-1
Pooling-Tier REMIC-1 shall issue the following interests in
Pooling-Tier REMIC-1, and each such interest is hereby designated
as a regular
interest in the Pooling-Tier REMIC-1. Pooling-Tier REMIC-1
Interests with an "I"
in their designation shall relate to Loan Group I and Pooling Tier
REMIC-1
Interests with a "II" in their designation shall relate to Loan
Group II.
Pooling-Tier REMIC-1 shall also issue the Class RC Certificates.
The Class RC
Certificates are hereby designated as the sole class of residual
interest in
Pooling-Tier REMIC-1. The Class RC Certificates shall have a $[ ]
Class
Certificate Balance and shall have no interest rate.
Pooling-Tier Initial
Pooling-Tier
Pooling-Tier
REMIC-1
REMIC-1
REMIC-1 Interest
Interest Rate
Principal Amount
---------------------------
-----------------
-----------------------
Class PT1-I-1
(1)
$
[_________]
Class PT1-I-2A
(2)
$
[_________]
Class PT1-I-2B
(3)
$
[_________]
Class PT1-I-3A
(2)
$
[_________]
Class PT1-I-3B
(3)
$
[_________]
Class PT1-I-4A
(2)
$
[_________]
Class PT1-I-4B
(3)
$
[_________]
Class PT1-I-5A
(2)
$ [_________]
Class PT1-I-5B
(3)
$
[_________]
Class PT1-I-6A
(2)
$
[_________]
Class PT1-I-6B
(3)
$
[_________]
Class PT1-I-7A
(2)
$
[_________]
Class PT1-I-7B
(3)
$
[_________]
Class PT1-I-8A
(2)
$
[_________]
Class PT1-I-8B
(3)
$
[_________]
Class PT1-I-9A
(2)
$
[_________]
Class PT1-I-9B
(3)
$
[_________]
Class PT1-I-10A
(2)
$
[_________]
Class PT1-I-10B
(3)
$
[_________]
Class PT1-I-11A
(2)
$
[_________]
Class PT1-I-11B
(3)
$
[_________]
Class PT1-I-12A
(2)
$
[_________]
Class PT1-I-12B
(3)
$
[_________]
Class PT1-I-13A
(2)
$
[_________]
Class PT1-I-13B
(3)
$
[_________]
Class PT1-I-14A
(2)
$
[_________]
Class PT1-I-14B
(3)
$
[_________]
Class PT1-I-15A
(2)
$
[_________]
Class PT1-I-15B
(3)
$
[_________]
Class PT1-I-16A
(2)
$
[_________]
Class PT1-I-16B
(3)
$
[_________]
Class PT1-I-17A
(2)
$
[_________]
Class PT1-I-17B
(3)
$
[_________]
Class PT1-I-18A
(2)
$
[_________]
Class PT1-I-18B
(3)
$
[_________]
Class PT1-I-19A
(2)
$
[_________]
Class PT1-I-19B
(3)
$
[_________]
Class PT1-I-20A
(2)
$
[_________]
Class PT1-I-20B
(3)
$
[_________]
Class PT1-I-21A
(2)
$
[_________]
Class PT1-I-21B
(3)
$
[_________]
Class PT1-I-22A
(2)
$
[_________]
Class PT1-I-22B
(3)
$
[_________]
Class PT1-I-23A
(2)
$
[_________]
Class PT1-I-23B
(3)
$
[_________]
Class PT1-I-24A
(2)
$
[_________]
Class PT1-I-24B
(3)
$
[_________]
Class PT1-I-25A
(2)
$
[_________]
Class PT1-I-25B
(3)
$
[_________]
Class PT1-I-26A
(2)
$
[_________]
Class PT1-I-26B
(3)
$
[_________]
Class PT1-I-27A
(2)
$
[_________]
Class PT1-I-27B
(3)
$
[_________]
Class PT1-I-28A
(2)
$
[_________]
Class PT1-I-28B
(3)
$
[_________]
Class PT1-I-29A
(2)
$
[_________]
Class PT1-I-29B
(3)
$
[_________]
Class PT1-I-30A
(2)
$
[_________]
Class PT1-I-30B
(3)
$
[_________]
Class PT1-I-31A
(2)
$
[_________]
Class PT1-I-31B
(3)
$
[_________]
Class PT1-I-32A
(2)
$
[_________]
Class PT1-I-32B
(3)
$
[_________]
Class PT1-I-33A
(2)
$
[_________]
Class PT1-I-33B
(3)
$
[_________]
Class PT1-I-34A
(2)
$
[_________]
Class PT1-I-34B
(3)
$
[_________]
Class PT1-I-35A
(2)
$
[_________]
Class PT1-I-35B
(3)
$
[_________]
Class PT1-I-36A
(2)
$
[_________]
Class PT1-I-36B
(3)
$
[_________]
Class PT1-I-37A
(2)
$
[_________]
Class PT1-I-37B
(3)
$
[_________]
Class PT1-I-38A
(2)
$
[_________]
Class PT1-I-38B
(3)
$
[_________]
Class PT1-I-39A
(2)
$
[_________]
Class PT1-I-39B
(3)
$
[_________]
Class PT1-I-40A
(2)
$
[_________]
Class PT1-I-40B
(3)
$
[_________]
Class PT1-I-41A
(2)
$
[_________]
Class PT1-I-41B
(3)
$
[_________]
Class PT1-I-42A
(2)
$
[_________]
Class PT1-I-42B
(3)
$
[_________]
Class PT1-I-43A
(2)
$
[_________]
Class PT1-I-43B
(3)
$
[_________]
Class PT1-I-44A
(2)
$
[_________]
Class PT1-I-44B
(3)
$
[_________]
Class PT1-I-45A
(2)
$
[_________]
Class PT1-I-45B
(3)
$
[_________]
Class PT1-I-46A
(2)
$
[_________]
Class PT1-I-46B
(3)
$ [_________]
Class PT1-I-47A
(2)
$
[_________]
Class PT1-I-47B
(3)
$
[_________]
Class PT1-I-48A
(2)
$
[_________]
Class PT1-I-48B
(3)
$
[_________]
Class PT1-I-49A
(2)
$
[_________]
Class PT1-I-49B
(3)
$
[_________]
Class PT1-I-50A
(2)
$
[_________]
Class PT1-I-50B
(3)
$
[_________]
Class PT1-I-51A
(2)
$
[_________]
Class PT1-I-51B
(3)
$
[_________]
Class PT1-I-52A
(2)
$
[_________]
Class PT1-I-52B
(3)
$
[_________]
Class PT1-I-53A
(2)
$
[_________]
Class PT1-I-53B
(3)
$
[_________]
Class PT1-I-54A
(2)
$
[_________]
Class PT1-I-54B
(3)
$
[_________]
Class PT1-I-55A
(2)
$
[_________]
Class PT1-I-55B
(3)
$
[_________]
Class PT1-I-56A
(2)
$
[_________]
Class PT1-I-56B
(3)
$
[_________]
Class PT1-I-57A
(2)
$
[_________]
Class PT1-I-57B
(3)
$
[_________]
Class PT1-I-58A
(2)
$
[_________]
Class PT1-I-58B
(3)
$
[_________]
Class PT1-I-59A
(2)
$
[_________]
Class PT1-I-59B
(3)
$
[_________]
Class PT1-I-60A
(2)
$
[_________]
Class PT1-I-60B
(3)
$
[_________]
Class PT1-I-61A
(2)
$
[_________]
Class PT1-I-61B
(3)
$
[_________]
Class PT1-II-1
(4)
$
[_________]
Class PT1-II-2A
(5)
$
[_________]
Class PT1-II-2B
(6)
$
[_________]
Class PT1-II-3A
(5)
$
[_________]
Class PT1-II-3B
(6)
$
[_________]
Class PT1-II-4A
(5)
$
[_________]
Class PT1-II-4B
(6)
$
[_________]
Class PT1-II-5A
(5)
$
[_________]
Class PT1-II-5B
(6)
$
[_________]
Class PT1-II-6A
(5)
$
[_________]
Class PT1-II-6B
(6)
$
[_________]
Class PT1-II-7A
(5)
$
[_________]
Class PT1-II-7B
(6)
$
[_________]
Class PT1-II-8A
(5)
$
[_________]
Class PT1-II-8B
(6)
$
[_________]
Class PT1-II-9A
(5)
$
[_________]
Class PT1-II-9B
(6)
$
[_________]
Class PT1-II-10A
(5)
$
[_________]
Class PT1-II-10B
(6)
$
[_________]
Class PT1-II-11A
(5)
$
[_________]
Class PT1-II-11B
(6)
$
[_________]
Class PT1-II-12A
(5)
$
[_________]
Class PT1-II-12B
(6)
$
[_________]
Class PT1-II-13A
(5)
$ [_________]
Class PT1-II-13B
(6)
$
[_________]
Class PT1-II-14A
(5)
$
[_________]
Class PT1-II-14B
(6)
$
[_________]
Class PT1-II-15A
(5)
$
[_________]
Class PT1-II-15B
(6)
$
[_________]
Class PT1-II-16A
(5)
$
[_________]
Class PT1-II-16B
(6)
$
[_________]
Class PT1-II-17A
(5)
$
[_________]
Class PT1-II-17B
(6)
$
[_________]
Class PT1-II-18A
(5)
$
[_________]
Class PT1-II-18B
(6)
$
[_________]
Class PT1-II-19A
(5)
$
[_________]
Class PT1-II-19B
(6)
$
[_________]
Class PT1-II-20A
(5)
$
[_________]
Class PT1-II-20B
(6)
$
[_________]
Class PT1-II-21A
(5)
$
[_________]
Class PT1-II-21B
(6)
$
[_________]
Class PT1-II-22A
(5)
$
[_________]
Class PT1-II-22B
(6)
$
[_________]
Class PT1-II-23A
(5)
$
[_________]
Class PT1-II-23B
(6)
$
[_________]
Class PT1-II-24A
(5)
$
[_________]
Class PT1-II-24B
(6)
$
[_________]
Class PT1-II-25A
(5)
$
[_________]
Class PT1-II-25B
(6)
$
[_________]
Class PT1-II-26A
(5)
$
[_________]
Class PT1-II-26B
(6)
$
[_________]
Class PT1-II-27A
(5)
$
[_________]
Class PT1-II-27B
(6)
$
[_________]
Class PT1-II-28A
(5)
$
[_________]
Class PT1-II-28B
(6)
$
[_________]
Class PT1-II-29A
(5)
$
[_________]
Class PT1-II-29B
(6)
$
[_________]
Class PT1-II-30A
(5)
$
[_________]
Class PT1-II-30B
(6)
$
[_________]
Class PT1-II-31A
(5)
$
[_________]
Class PT1-II-31B
(6)
$
[_________]
Class PT1-II-32A
(5)
$
[_________]
Class PT1-II-32B
(6)
$
[_________]
Class PT1-II-33A
(5)
$
[_________]
Class PT1-II-33B
(6)
$
[_________]
Class PT1-II-34A
(5)
$
[_________]
Class PT1-II-34B
(6)
$
[_________]
Class PT1-II-35A
(5)
$
[_________]
Class PT1-II-35B
(6)
$
[_________]
Class PT1-II-36A
(5)
$
[_________]
Class PT1-II-36B
(6)
$
[_________]
Class PT1-II-37A
(5)
$
[_________]
Class PT1-II-37B
(6)
$
[_________]
Class PT1-II-38A
(5)
$
[_________]
Class PT1-II-38B
(6)
$
[_________]
Class PT1-II-39A
(5)
$
[_________]
Class PT1-II-39B
(6)
$
[_________]
Class PT1-II-40A
(5)
$
[_________]
Class PT1-II-40B
(6)
$
[_________]
Class PT1-II-41A
(5)
$
[_________]
Class PT1-II-41B
(6)
$
[_________]
Class PT1-II-42A
(5)
$
[_________]
Class PT1-II-42B
(6)
$
[_________]
Class PT1-II-43A
(5)
$
[_________]
Class PT1-II-43B
(6)
$
[_________]
Class PT1-II-44A
(5)
$
[_________]
Class PT1-II-44B
(6)
$
[_________]
Class PT1-II-45A
(5)
$
[_________]
Class PT1-II-45B
(6)
$
[_________]
Class PT1-II-46A
(5)
$
[_________]
Class PT1-II-46B
(6)
$
[_________]
Class PT1-II-47A
(5)
$
[_________]
Class PT1-II-47B
(6)
$
[_________]
Class PT1-II-48A
(5)
$
[_________]
Class PT1-II-48B
(6)
$
[_________]
Class PT1-II-49A
(5)
$
[_________]
Class PT1-II-49B
(6)
$
[_________]
Class PT1-II-50A
(5)
$
[_________]
Class PT1-II-50B
(6)
$
[_________]
Class PT1-II-51A
(5)
$
[_________]
Class PT1-II-51B
(6)
$
[_________]
Class PT1-II-52A
(5)
$
[_________]
Class PT1-II-52B
(6)
$
[_________]
Class PT1-II-53A
(5)
$
[_________]
Class PT1-II-53B
(6)
$
[_________]
Class PT1-II-54A
(5)
$
[_________]
Class PT1-II-54B
(6)
$ [_________]
Class PT1-II-55A
(5)
$
[_________]
Class PT1-II-55B
(6)
$
[_________]
Class PT1-II-56A
(5)
$
[_________]
Class PT1-II-56B
(6)
$
[_________]
Class PT1-II-57A
(5)
$
[_________]
Class PT1-II-57B
(6)
$
[_________]
Class PT1-II-58A
(5)
$
[_________]
Class PT1-II-58B
(6)
$
[_________]
Class PT1-II-59A
(5)
$
[_________]
Class PT1-II-59B
(6)
$
[_________]
Class PT1-II-60A
(5)
$
[_________]
Class PT1-II-60B
(6)
$
[_________]
Class PT1-II-61A
(5)
$
[_________]
Class PT1-II-61B
(6)
$
[_________]
Class PT1-R
(7)
$
[_________]
--------------------
(1) For any
Distribution Date (and the related Interest Accrual Period),
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the Pooling-Tier
REMIC-1
Loan Group I WAC Rate.
(2) For any
Distribution Date (and the related Interest Accrual Period)
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the product of
(i) 2 and
(ii) the Pooling-Tier REMIC-1 Loan Group I WAC Rate, subject to
a maximum
rate of [______]%.
(3) For any
Distribution Date (and the related Interest Accrual Period)
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the excess, if
any, of
(A) the product of (i) 2 and (ii) the Pooling-Tier REMIC-1 Loan
Group I
WAC Rate over B) [______]%.
(4) For any
Distribution Date (and the related Interest Accrual Period),
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the Pooling-Tier
REMIC-1
Loan Group II WAC Rate.
(5) For any
Distribution Date (and the related Interest Accrual Period)
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the product of
(i) 2 and
(ii) the Pooling-Tier REMIC-1 Loan Group II WAC Rate, subject
to
a maximum
rate of [______]%.
(6) For any
Distribution Date (and the related Interest Accrual Period)
this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the excess, if
any, of
(A) the product of (i) 2 and (ii) the Pooling-Tier REMIC-1 Loan
Group II
WAC Rate over (B) [______]%.
(7) The Class
PT1-R Interest shall not bear interest.
On each Distribution Date, the Trustee shall first pay from the
Trust Fund and charge as an expense of Pooling-Tier REMIC-1 all
expenses of the
Trust for such Distribution Date. Such expense, other than
Servicing Fees, the
Custodian Fees and Trustee Fees, shall be allocated in the same
manner as
Realized Losses.
On each Distribution Date, the interest distributable in respect
of
the Mortgage Loans from the related Loan Group for such
Distribution Date shall
be deemed to be distributed to the Pooling-Tier REMIC-1 Regular
Interests at the
rates shown above.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the Group I Mortgage Loans
shall be
allocated to the Class RC Certificates pursuant to Section
4.02(a)(iii) until
its Class Certificate Balance is reduced to zero, then to the
outstanding
Pooling-Tier REMIC-1 Regular Interest relating to Loan Group I with
the lowest
numerical denomination (other than the Class PT1-I-1 Interest)
until the
Pooling-Tier REMIC-1 Principal Amount of such interest is reduced
to zero,
provided that, with respect to Pooling-Tier REMIC-1 Regular
Interests relating
to Loan Group I with the same numerical denomination, such Realized
Losses and
payments of principal shall be allocated pro rata between such
Pooling-Tier
REMIC-1 Regular Interests, and then to the Class PT1-I-1 Interest
until the
Pooling-Tier REMIC-1 Principal Amount of such interest is reduced
to zero.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the Group II Mortgage Loans
shall be
allocated to the outstanding Pooling-Tier REMIC-1 Regular Interest
relating to
Loan Group II with the lowest numerical denomination (other than
the Class
PT1-II-1 Interest) until the Pooling-Tier REMIC-1 Principal Amount
of such
interest is reduced to zero, provided that, with respect to
Pooling-Tier REMIC-1
Regular Interests relating to Loan Group II with the same
numerical
denomination, such Realized Losses and payments of principal shall
be allocated
pro rata between such Pooling-Tier REMIC-1 Regular Interests, and
then to the
Class PT1-II-1 Interest until the Pooling-Tier REMIC-1 Principal
Amount of such
interest is reduced to zero.
Pooling-Tier REMIC-2
Pooling-Tier REMIC-2 shall issue the following interests in
Pooling-Tier REMIC-2, and each such interest, other than the Class
PT2-R
Interest, is hereby designated as a regular interest in
Pooling-Tier REMIC-2.
Pooling-Tier REMIC-2 Interests with an "I" in their designation
shall relate to
Loan Group I and Pooling Tier REMIC-2 Interests with a "II" in
their designation
shall relate to Loan Group II. The Class PT2-R Interest is hereby
designated as
the sole class of residual interest in Pooling-Tier REMIC-2 and
shall be
represented by the Class R Certificates.
<TABLE>
<CAPTION>
Pooling-Tier Pooling-Tier REMIC-2
Corresponding
Corresponding
Corresponding
Pooling-Tier REMIC-2
REMIC-2
Initial Principal Pooling-Tier
REMIC-2
Pooling-Tier REMIC-1 Scheduled
Crossover
Interest
Interest Rate
Amount
IO
Regular Interest
Distribution Date
------------------------ ---------------- ----------------------
---------------------- ----------------------
---------------------
<S>
<C>
<C>
<C>
<C>
<C>
Class PT2-I-1
(1)
$
[_________]
N/A
N/A
N/A
Class PT2-I-2A
(2)
$
[_________] Class PT2-I-IO-2
N/A
N/A
Class PT2-I-2B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-3A
(2)
$
[_________] Class PT2-I-IO-3
N/A
N/A
Class PT2-I-3B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-4A
(2)
$
[_________] Class PT2-I-IO-4
N/A
N/A
Class PT2-I-4B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-5A
(2)
$
[_________]
Class PT2-I-IO-5
N/A
N/A
Class PT2-I-5B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-6A
(2)
$
[_________] Class PT2-I-IO-6
N/A
N/A
Class PT2-I-6B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-7A
(2)
$
[_________] Class PT2-I-IO-7
N/A
N/A
Class PT2-I-7B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-8A
(2)
$
[_________] Class PT2-I-IO-8
N/A
N/A
Class PT2-I-8B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-9A
(2)
$
[_________] Class PT2-I-IO-9
N/A
N/A
Class PT2-I-9B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-10A
(2)
$
[_________] Class PT2-I-IO-10
N/A
N/A
Class PT2-I-10B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-11A
(2)
$
[_________] Class PT2-I-IO-11
N/A
N/A
Class PT2-I-11B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-12A
(2)
$
[_________] Class PT2-I-IO-12
N/A
N/A
Class PT2-I-12B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-13A
(2)
$
[_________] Class PT2-I-IO-13
N/A
N/A
Class PT2-I-13B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-14A
(2)
$
[_________] Class PT2-I-IO-14
N/A
N/A
Class PT2-I-14B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-15A
(2)
$
[_________] Class PT2-I-IO-15
N/A
N/A
Class PT2-I-15B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-16A
(2)
$
[_________] Class PT2-I-IO-16
N/A
N/A
Class PT2-I-16B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-17A
(2)
$
[_________] Class PT2-I-IO-17
N/A
N/A
Class PT2-I-17B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-18A
(2)
$
[_________] Class PT2-I-IO-18
N/A
N/A
Class PT2-I-18B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-19A
(2)
$
[_________] Class PT2-I-IO-19
N/A
N/A
Class PT2-I-19B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-20A
(2)
$
[_________] Class PT2-I-IO-20
N/A
N/A
Class PT2-I-20B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-21A
(2)
$
[_________] Class PT2-I-IO-21
N/A
N/A
Class PT2-I-21B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-22A
(2)
$
[_________] Class PT2-I-IO-22
N/A
N/A
Class PT2-I-22B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-23A
(2)
$
[_________] Class PT2-I-IO-23
N/A
N/A
Class PT2-I-23B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-24A
(2)
$
[_________] Class PT2-I-IO-24
N/A
N/A
Class PT2-I-24B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-25A
(2)
$
[_________] Class PT2-I-IO-25
N/A
N/A
Class PT2-I-25B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-26A
(2)
$
[_________] Class PT2-I-IO-26
N/A
N/A
Class PT2-I-26B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-27A
(2)
$
[_________] Class PT2-I-IO-27
N/A
N/A
Class PT2-I-27B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-28A
(2)
$
[_________] Class PT2-I-IO-28
N/A
N/A
Class PT2-I-28B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-29A
(2)
$
[_________] Class PT2-I-IO-29
N/A
N/A
Class PT2-I-29B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-30A
(2)
$
[_________] Class PT2-I-IO-30
N/A
N/A
Class PT2-I-30B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-31A
(2)
$
[_________] Class PT2-I-IO-31
N/A
N/A
Class PT2-I-31B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-32A
(2)
$
[_________] Class PT2-I-IO-32
N/A
N/A
Class PT2-I-32B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-33A
(2)
$
[_________] Class PT2-I-IO-33
N/A
N/A
Class PT2-I-33B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-34A
(2)
$
[_________] Class PT2-I-IO-34
N/A
N/A
Class PT2-I-34B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-35A
(2)
$
[_________] Class PT2-I-IO-35
N/A
N/A
Class PT2-I-35B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-36A
(2)
$
[_________] Class PT2-I-IO-36
N/A
N/A
Class PT2-I-36B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-37A
(2)
$
[_________] Class PT2-I-IO-37
N/A
N/A
Class PT2-I-37B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-38A
(2)
$
[_________] Class PT2-I-IO-38
N/A
N/A
Class PT2-I-38B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-39A
(2)
$
[_________] Class PT2-I-IO-39
N/A
N/A
Class PT2-I-39B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-40A
(2)
$
[_________] Class PT2-I-IO-40
N/A
N/A
Class PT2-I-40B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-41A
(2)
$
[_________] Class PT2-I-IO-41
N/A
N/A
Class PT2-I-41B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-42A
(2)
$
[_________] Class PT2-I-IO-42
N/A
N/A
Class PT2-I-42B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-43A
(2)
$
[_________] Class PT2-I-IO-43
N/A
N/A
Class PT2-I-43B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-44A
(2)
$
[_________] Class PT2-I-IO-44
N/A
N/A
Class PT2-I-44B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-45A
(2)
$ [_________] Class PT2-I-IO-45
N/A
N/A
Class PT2-I-45B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-46A
(2)
$
[_________] Class PT2-I-IO-46
N/A
N/A
Class PT2-I-46B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-47A
(2)
$
[_________] Class PT2-I-IO-47
N/A
N/A
Class PT2-I-47B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-48A
(2)
$
[_________] Class PT2-I-IO-48
N/A
N/A
Class PT2-I-48B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-49A
(2)
$
[_________] Class PT2-I-IO-49
N/A
N/A
Class PT2-I-49B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-50A
(2)
$
[_________] Class PT2-I-IO-50
N/A
N/A
Class PT2-I-50B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-51A
(2)
$
[_________] Class PT2-I-IO-51
N/A
N/A
Class PT2-I-51B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-52A
(2)
$
[_________] Class PT2-I-IO-52
N/A
N/A
Class PT2-I-52B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-53A
(2)
$
[_________] Class PT2-I-IO-53
N/A
N/A
Class PT2-I-53B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-54A
(2)
$
[_________] Class PT2-I-IO-54
N/A
N/A
Class PT2-I-54B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-55A
(2)
$
[_________] Class PT2-I-IO-55
N/A
N/A
Class PT2-I-55B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-56A
(2)
$
[_________] Class PT2-I-IO-56
N/A
N/A
Class PT2-I-56B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-57A
(2)
$
[_________] Class PT2-I-IO-57
N/A
N/A
Class PT2-I-57B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-58A
(2)
$
[_________] Class PT2-I-IO-58
N/A
N/A
Class PT2-I-58B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-59A
(2)
$
[_________] Class PT2-I-IO-59
N/A
N/A
Class PT2-I-59B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-60A
(2)
$
[_________] Class PT2-I-IO-60
N/A
N/A
Class PT2-I-60B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-61A
(2)
$
[_________] Class PT2-I-IO-61
N/A
N/A
Class PT2-I-61B
(3)
$
[_________]
N/A
N/A
N/A
Class PT2-I-IO-2
(4)
(4)
N/A
Class PT1-I-2A [
]
Class PT2-I-IO-3
(4)
(4)
N/A
Class PT1-I-3A [
]
Class PT2-I-IO-4
(4)
(4)
N/A
Class PT1-I-4A [
]
Class PT2-I-IO-5
(4)
(4)
N/A
Class PT1-I-5A [
]
Class PT2-I-IO-6
(4)
(4)
N/A
Class PT1-I-6A [
]
Class PT2-I-IO-7
(4)
(4)
N/A
Class PT1-I-7A [
]
Class PT2-I-IO-8
(4)
(4)
N/A
Class PT1-I-8A [
]
Class PT2-I-IO-9
(4)
(4)
N/A
Class PT1-I-9A [
]
Class PT2-I-IO-10
(4)
(4)
N/A
Class PT1-I-10A [
]
Class PT2-I-IO-11
(4)
(4)
N/A
Class PT1-I-11A [
]
Class PT2-I-IO-12
(4)
(4)
N/A
Class PT1-I-12A [
]
Class PT2-I-IO-13
(4)
(4)
N/A
Class PT1-I-13A [
]
Class PT2-I-IO-14
(4)
(4)
N/A
Class PT1-I-14A
[
]
Class PT2-I-IO-15
(4)
(4)
N/A
Class PT1-I-15A [
]
Class PT2-I-IO-16
(4)
(4)
N/A
Class PT1-I-16A [
]
Class PT2-I-IO-17
(4)
(4)
N/A
Class PT1-I-17A [
]
Class PT2-I-IO-18
(4)
(4)
N/A
Class PT1-I-18A [
]
Class PT2-I-IO-19
(4)
(4)
N/A
Class PT1-I-19A [
]
Class PT2-I-IO-20
(4)
(4)
N/A
Class PT1-I-20A [
]
Class PT2-I-IO-21
(4)
(4)
N/A
Class PT1-I-21A [
]
Class PT2-I-IO-22
(4)
(4)
N/A
Class PT1-I-22A [
]
Class PT2-I-IO-23
(4)
(4)
N/A
Class PT1-I-23A [
]
Class PT2-I-IO-24
(4)
(4)
N/A
Class PT1-I-24A [
]
Class PT2-I-IO-25
(4)
(4)
N/A
Class PT1-I-25A [
]
Class PT2-I-IO-26
(4)
(4)
N/A
Class PT1-I-26A [
]
Class PT2-I-IO-27
(4)
(4)
N/A
Class PT1-I-27A [
]
Class PT2-I-IO-28
(4)
(4)
N/A
Class PT1-I-28A [
]
Class PT2-I-IO-29
(4)
(4)
N/A
Class PT1-I-29A [
]
Class PT2-I-IO-30
(4)
(4)
N/A
Class PT1-I-30A [
]
Class PT2-I-IO-31
(4)
(4)
N/A
Class PT1-I-31A [
]
Class PT2-I-IO-32
(4)
(4)
N/A
Class PT1-I-32A [
]
Class PT2-I-IO-33
(4)
(4)
N/A
Class PT1-I-33A [
]
Class PT2-I-IO-34
(4)
(4)
N/A
Class PT1-I-34A [
]
Class PT2-I-IO-35
(4)
(4)
N/A
Class PT1-I-35A [
]
Class PT2-I-IO-36
(4)
(4)
N/A
Class PT1-I-36A [
]
Class PT2-I-IO-37
(4)
(4)
N/A
Class PT1-I-37A [
]
Class PT2-I-IO-38
(4)
(4)
N/A
Class PT1-I-38A [
]
Class PT2-I-IO-39
(4)
(4)
N/A
Class PT1-I-39A [
]
Class PT2-I-IO-40
(4)
(4)
N/A
Class PT1-I-40A [
]
Class PT2-I-IO-41
(4)
(4)
N/A
Class PT1-I-41A [
]
Class PT2-I-IO-42
(4)
(4)
N/A
Class PT1-I-42A [
]
Class PT2-I-IO-43
(4)
(4)
N/A
Class PT1-I-43A [
]
Class PT2-I-IO-44
(4)
(4)
N/A
Class PT1-I-44A [
]
Class PT2-I-IO-45
(4)
(4)
N/A
Class PT1-I-45A [
]
Class PT2-I-IO-46
(4)
(4)
N/A
Class PT1-I-46A [
]
Class PT2-I-IO-47
(4)
(4)
N/A
Class PT1-I-47A [
]
Class PT2-I-IO-48
(4)
(4)
N/A
Class PT1-I-48A [
]
Class PT2-I-IO-49
(4)
(4)
N/A
Class PT1-I-49A [
]
Class PT2-I-IO-50
(4)
(4)
N/A
Class PT1-I-50A [
]
Class PT2-I-IO-51
(4)
(4)
N/A
Class PT1-I-51A [
]
Class PT2-I-IO-52
(4)
(4)
N/A
Class PT1-I-52A [
]
Class PT2-I-IO-53
(4)
(4)
N/A
Class PT1-I-53A [
]
Class PT2-I-IO-54
(4)
(4)
N/A
Class PT1-I-54A [
]
Class PT2-I-IO-55
(4)
(4)
N/A
Class PT1-I-55A [
]
Class PT2-I-IO-56
(4)
(4)
N/A
Class PT1-I-56A [
]
Class PT2-I-IO-57
(4)
(4)
N/A
Class PT1-I-57A [
]
Class PT2-I-IO-58
(4)
(4)
N/A
Class PT1-I-58A [
]
Class PT2-I-IO-59
(4)
(4)
N/A
Class PT1-I-59A [
]
Class PT2-I-IO-60
(4)
(4)
N/A
Class PT1-I-60A [
]
Class PT2-I-IO-61
(4)
(4)
N/A
Class PT1-I-61A [
]
Class PT2-II-1
(5)
$
[_________]
N/A
N/A
N/A
Class PT2-II-2A
(6)
$
[_________] Class PT2-II-IO-2
N/A
N/A
Class PT2-II-2B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-3A
(6)
$
[_________] Class PT2-II-IO-3
N/A
N/A
Class PT2-II-3B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-4A
(6)
$
[_________] Class PT2-II-IO-4
N/A
N/A
Class PT2-II-4B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-5A
(6)
$
[_________] Class PT2-II-IO-5
N/A
N/A
Class PT2-II-5B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-6A
(6)
$
[_________] Class PT2-II-IO-6
N/A
N/A
Class PT2-II-6B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-7A
(6)
$
[_________] Class PT2-II-IO-7
N/A
N/A
Class PT2-II-7B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-8A
(6)
$
[_________] Class PT2-II-IO-8
N/A
N/A
Class PT2-II-8B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-9A
(6)
$
[_________] Class PT2-II-IO-9
N/A
N/A
Class PT2-II-9B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-10A
(6)
$
[_________] Class PT2-II-IO-10
N/A
N/A
Class PT2-II-10B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-11A
(6)
$
[_________] Class PT2-II-IO-11
N/A
N/A
Class PT2-II-11B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-12A
(6)
$
[_________] Class PT2-II-IO-12
N/A
N/A
Class PT2-II-12B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-13A
(6)
$
[_________] Class PT2-II-IO-13
N/A
N/A
Class PT2-II-13B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-14A
(6)
$
[_________] Class PT2-II-IO-14
N/A
N/A
Class PT2-II-14B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-15A
(6)
$
[_________] Class PT2-II-IO-15
N/A
N/A
Class PT2-II-15B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-16A
(6)
$
[_________] Class PT2-II-IO-16
N/A
N/A
Class PT2-II-16B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-17A
(6)
$
[_________] Class PT2-II-IO-17
N/A
N/A
Class PT2-II-17B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-18A
(6)
$
[_________] Class PT2-II-IO-18
N/A
N/A
Class PT2-II-18B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-19A
(6)
$
[_________] Class PT2-II-IO-19
N/A
N/A
Class PT2-II-19B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-20A
(6)
$
[_________] Class PT2-II-IO-20
N/A
N/A
Class PT2-II-20B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-21A
(6)
$
[_________] Class PT2-II-IO-21
N/A
N/A
Class PT2-II-21B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-22A
(6)
$
[_________] Class PT2-II-IO-22
N/A
N/A
Class PT2-II-22B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-23A
(6)
$
[_________] Class PT2-II-IO-23
N/A
N/A
Class PT2-II-23B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-24A
(6)
$
[_________] Class PT2-II-IO-24
N/A
N/A
Class PT2-II-24B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-25A
(6)
$
[_________] Class PT2-II-IO-25
N/A
N/A
Class PT2-II-25B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-26A
(6)
$
[_________] Class PT2-II-IO-26
N/A
N/A
Class PT2-II-26B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-27A
(6)
$
[_________] Class PT2-II-IO-27
N/A
N/A
Class PT2-II-27B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-28A
(6)
$
[_________] Class PT2-II-IO-28
N/A
N/A
Class PT2-II-28B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-29A
(6)
$
[_________] Class PT2-II-IO-29
N/A
N/A
Class PT2-II-29B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-30A
(6)
$
[_________] Class PT2-II-IO-30
N/A
N/A
Class PT2-II-30B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-31A
(6)
$
[_________] Class PT2-II-IO-31
N/A
N/A
Class PT2-II-31B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-32A
(6)
$
[_________] Class PT2-II-IO-32
N/A
N/A
Class PT2-II-32B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-33A
(6)
$
[_________] Class PT2-II-IO-33
N/A
N/A
Class PT2-II-33B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-34A
(6)
$
[_________] Class PT2-II-IO-34
N/A
N/A
Class PT2-II-34B
(7)
$ [_________]
N/A
N/A
N/A
Class PT2-II-35A
(6)
$
[_________] Class PT2-II-IO-35
N/A
N/A
Class PT2-II-35B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-36A
(6)
$
[_________] Class PT2-II-IO-36
N/A
N/A
Class PT2-II-36B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-37A
(6)
$
[_________] Class PT2-II-IO-37
N/A
N/A
Class PT2-II-37B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-38A
(6)
$
[_________] Class PT2-II-IO-38
N/A
N/A
Class PT2-II-38B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-39A
(6)
$
[_________] Class PT2-II-IO-39
N/A
N/A
Class PT2-II-39B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-40A
(6)
$
[_________] Class PT2-II-IO-40
N/A
N/A
Class PT2-II-40B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-41A
(6)
$
[_________] Class PT2-II-IO-41
N/A
N/A
Class PT2-II-41B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-42A
(6)
$
[_________] Class PT2-II-IO-42
N/A
N/A
Class PT2-II-42B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-43A
(6)
$
[_________] Class PT2-II-IO-43
N/A
N/A
Class PT2-II-43B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-44A
(6)
$
[_________] Class PT2-II-IO-44
N/A
N/A
Class PT2-II-44B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-45A
(6)
$
[_________] Class PT2-II-IO-45
N/A
N/A
Class PT2-II-45B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-46A
(6)
$
[_________] Class PT2-II-IO-46
N/A
N/A
Class PT2-II-46B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-47A
(6)
$
[_________] Class PT2-II-IO-47
N/A
N/A
Class PT2-II-47B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-48A
(6)
$
[_________] Class PT2-II-IO-48
N/A
N/A
Class PT2-II-48B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-49A
(6)
$
[_________] Class PT2-II-IO-49
N/A
N/A
Class PT2-II-49B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-50A
(6)
$
[_________] Class PT2-II-IO-50
N/A
N/A
Class PT2-II-50B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-51A
(6)
$
[_________] Class PT2-II-IO-51
N/A
N/A
Class PT2-II-51B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-52A
(6)
$
[_________] Class PT2-II-IO-52
N/A
N/A
Class PT2-II-52B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-53A
(6)
$
[_________] Class PT2-II-IO-53
N/A
N/A
Class PT2-II-53B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-54A
(6)
$
[_________] Class PT2-II-IO-54
N/A
N/A
Class PT2-II-54B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-55A
(6)
$ [_________]
Class
PT2-II-IO-55
N/A
N/A
Class PT2-II-55B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-56A
(6)
$ [_________] Class PT2-II-IO-56
N/A
N/A
Class PT2-II-56B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-57A
(6)
$
[_________] Class PT2-II-IO-57
N/A
N/A
Class PT2-II-57B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-58A
(6)
$
[_________] Class PT2-II-IO-58
N/A
N/A
Class PT2-II-58B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-59A
(6)
$
[_________] Class PT2-II-IO-59
N/A
N/A
Class PT2-II-59B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-60A
(6)
$
[_________] Class PT2-II-IO-60
N/A
N/A
Class PT2-II-60B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-61A
(6)
$
[_________] Class PT2-II-IO-61
N/A
N/A
Class PT2-II-61B
(7)
$
[_________]
N/A
N/A
N/A
Class PT2-II-IO-2
(4)
(4)
N/A
Class PT1-II-2A [
]
Class PT2-II-IO-3
(4)
(4)
N/A
Class PT1-II-3A [
]
Class PT2-II-IO-4
(4)
(4)
N/A
Class PT1-II-4A [
]
Class PT2-II-IO-5
(4)
(4)
N/A
Class PT1-II-5A [
]
Class PT2-II-IO-6
(4)
(4)
N/A
Class PT1-II-6A [
]
Class PT2-II-IO-7
(4)
(4)
N/A
Class PT1-II-7A [
]
Class PT2-II-IO-8
(4)
(4)
N/A
Class PT1-II-8A [
]
Class PT2-II-IO-9
(4)
(4)
N/A
Class PT1-II-9A [
]
Class PT2-II-IO-10
(4)
(4)
N/A
Class PT1-II-10A [
]
Class PT2-II-IO-11
(4)
(4)
N/A
Class PT1-II-11A [
]
Class PT2-II-IO-12
(4)
(4)
N/A
Class PT1-II-12A [
]
Class PT2-II-IO-13
(4)
(4)
N/A
Class PT1-II-13A [
]
Class PT2-II-IO-14
(4)
(4)
N/A
Class PT1-II-14A [
]
Class PT2-II-IO-15
(4)
(4)
N/A
Class PT1-II-15A [
]
Class PT2-II-IO-16
(4)
(4)
N/A
Class PT1-II-16A [
]
Class PT2-II-IO-17
(4)
(4)
N/A
Class PT1-II-17A [
]
Class PT2-II-IO-18
(4)
(4)
N/A
Class PT1-II-18A [
]
Class PT2-II-IO-19
(4)
(4)
N/A
Class PT1-II-19A [
]
Class PT2-II-IO-20
(4)
(4)
N/A
Class PT1-II-20A [
]
Class PT2-II-IO-21
(4)
(4)
N/A
Class PT1-II-21A [
]
Class PT2-II-IO-22
(4)
(4)
N/A
Class PT1-II-22A [
]
Class PT2-II-IO-23
(4)
(4)
N/A
Class PT1-II-23A
[
]
Class PT2-II-IO-24
(4)
(4)
N/A
Class PT1-II-24A [
]
Class PT2-II-IO-25
(4)
(4)
N/A
Class PT1-II-25A [
]
Class PT2-II-IO-26
(4)
(4)
N/A
Class PT1-II-26A [
]
Class PT2-II-IO-27
(4)
(4)
N/A
Class PT1-II-27A
[
]
Class PT2-II-IO-28
(4)
(4)
N/A
Class PT1-II-28A [
]
Class PT2-II-IO-29
(4)
(4)
N/A
Class PT1-II-29A [
]
Class PT2-II-IO-30
(4)
(4)
N/A
Class PT1-II-30A [
]
Class PT2-II-IO-31
(4)
(4)
N/A
Class PT1-II-31A [
]
Class PT2-II-IO-32
(4)
(4)
N/A
Class PT1-II-32A [
]
Class PT2-II-IO-33
(4)
(4)
N/A
Class PT1-II-33A [
]
Class PT2-II-IO-34
(4)
(4)
N/A
Class PT1-II-34A [
]
Class PT2-II-IO-35
(4)
(4)
N/A
Class PT1-II-35A [
]
Class PT2-II-IO-36
(4)
(4)
N/A
Class PT1-II-36A [
]
Class PT2-II-IO-37
(4)
(4)
N/A
Class PT1-II-37A [
]
Class PT2-II-IO-38
(4)
(4)
N/A
Class PT1-II-38A [
]
Class PT2-II-IO-39
(4)
(4)
N/A
Class PT1-II-39A [
]
Class PT2-II-IO-40
(4)
(4)
N/A
Class PT1-II-40A [
]
Class PT2-II-IO-41
(4)
(4)
N/A
Class PT1-II-41A [
]
Class PT2-II-IO-42
(4)
(4)
N/A
Class PT1-II-42A [
]
Class PT2-II-IO-43
(4)
(4)
N/A
Class PT1-II-43A [
]
Class PT2-II-IO-44
(4)
(4)
N/A
Class PT1-II-44A [
]
Class PT2-II-IO-45
(4)
(4)
N/A
Class PT1-II-45A [
]
Class PT2-II-IO-46
(4)
(4)
N/A
Class PT1-II-46A [
]
Class PT2-II-IO-47
(4)
(4)
N/A
Class PT1-II-47A [
]
Class PT2-II-IO-48
(4)
(4)
N/A
Class PT1-II-48A [
]
Class PT2-II-IO-49
(4)
(4)
N/A
Class PT1-II-49A [
]
Class PT2-II-IO-50
(4)
(4)
N/A
Class PT1-II-50A [
]
Class PT2-II-IO-51
(4)
(4)
N/A
Class PT1-II-51A [
]
Class PT2-II-IO-52
(4)
(4)
N/A
Class PT1-II-52A [
]
Class PT2-II-IO-53
(4)
(4)
N/A
Class PT1-II-53A [
]
Class PT2-II-IO-54
(4)
(4)
N/A
Class PT1-II-54A [
]
Class PT2-II-IO-55
(4)
(4)
N/A
Class PT1-II-55A [
]
Class PT2-II-IO-56
(4)
(4)
N/A
Class PT1-II-56A [
]
Class PT2-II-IO-57
(4)
(4)
N/A
Class PT1-II-57A [
]
Class PT2-II-IO-58
(4)
(4)
N/A
Class PT1-II-58A [
]
Class PT2-II-IO-59
(4)
(4)
N/A
Class PT1-II-59A [
]
Class PT2-II-IO-60
(4)
(4)
N/A
Class PT1-II-60A [
]
Class PT2-II-IO-61
(4)
(4)
N/A
Class PT1-II-61A [
]
Class PT2-R
(8)
$50.00
N/A
N/A
N/A
</TABLE>
------------------
(1) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
Pooling-Tier REMIC-1 Loan Group I WAC Rate.
(2) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
weighted average of the Pooling-Tier REMIC-1 Interest Rates on
the
Pooling-Tier REMIC-1 Regular Interests relating to Loan Group I
and
having an "A" in their class designation, provided that, on
each
Distribution Date on which interest is distributable on the
Corresponding Pooling-Tier REMIC-2 IO Interest, this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum rate
equal
to Swap LIBOR subject to a maximum rate equal to the weighted
average
of the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1
Regular Interests relating to Loan Group I and having an "A" in
their
class designation.
(3) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
weighted average of the Pooling-Tier REMIC-1 Interest Rates on
the
Pooling-Tier REMIC-1 Regular Interests relating to Loan Group I
and
having a "B" in their class designation.
(4) Each
Pooling-Tier REMIC-2 IO is an interest-only interest and does
not
have a principal balance but has a notional balance
("Pooling-Tier
REMIC-2 IO Notional Balance") equal to the Pooling-Tier REMIC-2
Principal Amount of the Corresponding Pooling-Tier REMIC-1
Regular
Interest. From the Closing Date through and including the
Corresponding
Actual Crossover Distribution Date, each Pooling-Tier REMIC-2
IO
Interest shall be entitled to receive interest that accrues on
the
Corresponding Pooling-Tier REMIC-1 Regular Interest at a rate equal
to
the excess, if any, of (i) the Pooling-Tier REMIC-1 Interest Rate
for
the Corresponding Pooling-Tier REMIC-1 Regular Interest over (ii)
Swap
LIBOR. After the Corresponding Actual Crossover Distribution Date,
the
Pooling-Tier REMIC-2 IO Interest shall not accrue interest.
(5) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
Pooling-Tier REMIC-1 Loan Group II WAC Rate.
(6) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
weighted average of the Pooling-Tier REMIC-1 Interest Rates on
the
Pooling-Tier REMIC-1
Regular Interests relating to Loan Group II and
having an "A" in their class designation, provided that, on
each
Distribution Date on which interest is distributable on the
Corresponding Pooling-Tier REMIC-2 IO Interest, this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum rate
equal
to Swap LIBOR subject to a maximum rate equal to the weighted
average
of the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1
Regular Interests relating to Loan Group II and having an "A" in
their
class designation.
(7) For any
Distribution Date (and the related Interest Accrual Period),
this Pooling-Tier REMIC-2 Regular Interest shall bear interest at a
per
annum rate (its "Pooling-Tier REMIC-2 Interest Rate") equal to
the
weighted average of the Pooling-Tier REMIC-1 Interest Rates on
the
Pooling-Tier REMIC-1 Regular Interests relating to Loan Group II
and
having a "B" in their class designation.
(8) The Class
PT2-R Interest shall not bear interest.
On each Distribution Date, the interest distributable in respect
of
the Mortgage Loans for such Distribution Date shall be distributed
to the
Pooling-Tier REMIC-2 Regular Interests at the Pooling-Tier REMIC-2
Interest
Rates shown above.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the Group I Mortgage Loans
shall be
allocated to the Class R Certificates in respect of the Class PT2-R
Interest
pursuant to Section 4.02(a)(ii) until its Class Certificate Balance
is reduced
to zero, then to the outstanding Pooling-Tier REMIC-2 Regular
Interests (other
than the Pooling-Tier REMIC-2 IO Interests) relating to Loan Group
I with the
lowest numerical denomination (other than the Class PT2-I-1
Interest) until the
Pooling-Tier REMIC-2 Principal Amount of such interest is reduced
to zero,
provided that, for Pooling-Tier REMIC-2 Regular Interests relating
to Loan Group
I with the same numerical denomination, such Realized Losses and
payments of
principal shall be allocated pro rata between such Pooling-Tier
REMIC-2 Regular
Interests, and then to the Class PT2-I-1 Interest until the
Pooling-Tier REMIC-2
Principal Amount of such interest is reduced to zero.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the Group II Mortgage Loans
shall be
allocated to the outstanding Pooling-Tier REMIC-2 Regular Interests
(other than
the Pooling-Tier REMIC-2 IO Interests) relating to Loan Group II
with the lowest
numerical denomination (other than the Class PT2-II-1 Interest)
until the
Pooling-Tier REMIC-2 Principal Amount of such interest is reduced
to zero,
provided that, for Pooling-Tier REMIC-2 Regular Interests relating
to Loan Group
II with the same numerical denomination, such Realized Losses and
payments of
principal shall be allocated pro rata between such Pooling-Tier
REMIC-2 Regular
Interests, and then to the Class PT2-II-1 Interest until the
Pooling-Tier
REMIC-2 Principal Amount of such interest is reduced to zero.
Lower-Tier REMIC
The Lower-Tier REMIC shall issue the following interests, and
each
such interest, other than the Class LT-R Interest, is hereby
designated as a
regular interest in the Lower-Tier REMIC. The Class LT-R Interest
is hereby
designated as the sole class of residual interest in the Lower-Tier
REMIC and
shall be represented by the Class R Certificates.
<TABLE>
<CAPTION>
Corresponding
Lower-Tier
Upper-Tier REMIC
Lower-Tier Regular
Interest Interest
Rate
Initial Lower-Tier Principal Amount
Regular Interest
------------------------------- -----------------
-------------------------------------------
------------------------
<S>
<C>
<C>
<C>
Class LT-A-1
(1)
1/2 initial Class Certificate Balance of
A-1
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-A-2A
(1)
1/2 initial Class Certificate Balance of
A-2A
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-A-2B
(1)
1/2 initial Class Certificate Balance of
A-2B
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-A-2C
(1)
1/2 initial Class Certificate Balance of
A-2C
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-A-2D
(1)
1/2 initial Class Certificate Balance of
A-2D
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-1
(1)
1/2 initial Class Certificate Balance of
M-1
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-2
(1)
1/2 initial Class Certificate Balance of
M-2
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-3
(1)
1/2 initial Class Certificate Balance of
M-3
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-4
(1)
1/2 initial Class Certificate Balance of
M-4
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-5
(1)
1/2 initial Class Certificate Balance of
M-5
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-6
(1)
1/2 initial Class Certificate Balance of
M-6
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-7
(1)
1/2 initial Class Certificate Balance of
M-7
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-M-8
(1)
1/2 initial Class Certificate Balance of
M-8
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-B-1
(1)
1/2 initial Class Certificate Balance of
B-1
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-B-2
(1)
1/2 initial Class Certificate Balance of
B-2
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-B-3
(1)
1/2 initial Class Certificate Balance of
B-2
Corresponding Upper-Tier REMIC Regular
Interest
Class LT-Accrual
(1)
1/2 Pool Principal Balance plus 1/2
N/A
Overcollateralized Amount, less the
Initial Lower-Tier Principal Amounts of
the Class LT-Group I, Class LT-Group II
and Class LT-3 Interests, less $150
Class LT-Group I
(2)
0.001% aggregate Stated Principal Balance
N/A
of Group I Mortgage Loans(4)
Class LT-Group II
(3)
0.001% aggregate Stated Principal Balance
N/A
of Group II Mortgage Loans(4)
Class LT-IO
(5)
(5)
N/A
Class LT-3
(6)
$50.00
Class LT-R
(7)
(7)
N/A
</TABLE>
-----------------------------
(1) The interest
rate with respect to any Distribution Date for these
interests
is a per annum variable rate equal to the weighted average of
the
Pooling-Tier REMIC-2 Interest Rates of the Pooling-Tier REMIC-2
Regular
Interests (other than the Pooling-Tier REMIC-2 IO Interests).
(2) The interest
rate with respect to any Distribution Date for the Class
LT-Group I
Interest is a per annum variable rate (expressed as a
percentage
rounded to eight decimal places) equal to the weighted average
of the
Pooling-Tier REMIC-2 Interest Rates of the Pooling-Tier REMIC-2
Regular
Interests (other than the Pooling Tier REMIC-2 IO Interests)
relating
to Loan Group I.
(3) The interest
rate with respect to any Distribution Date for the Class
LT-Group
II Interest is a per annum variable rate (expressed as a
percentage
rounded to eight decimal places) equal to the weighted average
of the
Pooling-Tier REMIC-2 Interest Rates of the Pooling-Tier REMIC-2
Regular
Interests (other than the Pooling Tier REMIC-2 IO Interests)
relating
to Loan Group II.
(4) For all
Distribution Dates, the Lower-Tier Principal Amount of these
Lower-Tier
Regular Interests shall be rounded to eight decimal places.
(5) This
Lower-Tier Regular Interest is an interest-only interest and does
not
have a
Lower-Tier Principal Amount. On each Distribution Date, this
Lower-Tier
Regular Interest shall be entitled to receive all interest
distributable on the Pooling-Tier REMIC-2 IO Interests.
(6) This
Lower-Tier Regular Interest shall not be entitled to interest
and
shall have
a Lower-Tier Principal Amount at all times equal to the Class
Certificate Balance of the Class RX Certificates.
(7) The Class
LT-R Interest does not have a principal amount or an interest
rate.
Each Lower-Tier Regular Interest is hereby designated as a
regular
interest in the Lower-Tier REMIC. The Class LT-A-1, Class LT-A-2A,
Class
LT-A-2B, Class LT-A-2C, Class LT-A-2D, Class LT-M-1, Class LT-M-2,
Class LT-M-3,
Class LT-M-4, Class LT-M-5, Class LT-M-6, Class LT-M-7, Class
LT-M-8, Class
LT-B-1, Class LT-B-2 and Class LT-B-3 Interests are hereby
designated the
LT-Accretion Directed Classes (the "LT-Accretion Directed
Classes").
On each Distribution Date, 50% of the increase in the
Overcollateralized Amount shall be payable as a reduction of the
Lower-Tier
Principal Amount of the LT-Accretion Directed Classes (each such
Class will be
reduced by an amount equal to 50% of any increase in the
Overcollateralized
Amount that is attributable to a reduction in the Class Certificate
Balance of
its Corresponding Class) and shall be accrued and added to the
Lower-Tier
Principal Amount of the Class LT-Accrual Interest. On each
Distribution Date,
the increase in the Lower-Tier Principal Amount of the Class
LT-Accrual Interest
shall not exceed interest accruals for such Distribution Date for
the Class
LT-Accrual Interest. In the event that: (i) 50% of the increase in
the
Overcollateralized Amount exceeds (ii) interest accruals on the
Class LT-Accrual
Interest for such Distribution Date, the excess for such
Distribution Date
(accumulated with all such excesses for all prior Distribution
Dates) will be
added to any increase in the Overcollateralized Amount for purposes
of
determining the amount of interest accrual on the Class LT-Accrual
Interest
payable as principal on the LT-Accretion Directed Classes on the
next
Distribution Date pursuant to the first sentence of this paragraph.
All payments
of scheduled principal and prepayments of principal generated by
the Mortgage
Loans and all Subsequent Recoveries allocable to principal shall be
allocated
(i) 50% to the Class LT-Accrual Interest, the Class LT-Group I
Interest and
Class LT-Group II Interest (and further allocated among these
Lower-Tier Regular
Interests in the manner described below) and (ii) 50% to the
LT-Accretion
Directed Classes (such principal payments and Subsequent Recoveries
shall be
allocated among such LT-Accretion Directed Classes in an amount
equal to 50% of
the principal amounts and Subsequent Recoveries allocated to their
respective
Corresponding Classes), until paid in full. Notwithstanding the
above, principal
payments allocated to the Class X Interest that result in the
reduction in the
Overcollateralized Amount shall be allocated to the Class
LT-Accrual Interest
(until paid in full). Realized Losses shall be applied so that
after all
distributions have been made on each Distribution Date (i) the
Lower-Tier
Principal Amount of each of the LT-Accretion Directed Classes is
equal to 50% of
the Class Certificate Balance of their Corresponding Class, and
(ii) the Class
LT-Accrual Interest, the Class LT-Group I and the Class LT-Group II
Interest
(and further allocated between these Lower-Tier Regular Interests
in the manner
described below) is equal to 50% of the aggregate Stated Principal
Balance of
the Mortgage Loans plus 50% of the Overcollateralized Amount. Any
increase in
the Class Certificate Balance of a Class of LIBOR Certificates as a
result of a
Subsequent Recovery shall increase the Lower-Tier Principal Amount
of the
Corresponding Lower-Tier Regular Interest by 50% of such increase,
and the
remaining 50% of such increase shall increase the Lower-Tier
Principal Amount of
the Class LT-Accrual Interest. As among the Class LT-Accrual
Interest, the Class
LT-Group I Interest and the Class LT-Group II Interest, all
payments of
scheduled principal and prepayments of principal generated by the
Mortgage
Loans, all Subsequent Recoveries and all Realized Losses, allocable
to such
Lower-Tier Regular Interests shall be allocated (i) to the Class
LT-Group I
Interest and the Class LT-Group II Interest, each from the related
Loan Group so
that their respective Lower-Tier Principal Amounts (computed to at
least eight
decimal places) are equal to 0.001% of the aggregate Stated
Principal Balance of
the Mortgage Loans in the related Loan Group and (ii) the remainder
to the Class
LT-Accrual Interest.
Upper-Tier REMIC
The Upper-Tier REMIC shall issue the following interests, and
each
such interest, other than the Class UT-R Interest, is hereby
designated as a
regular interest in the Upper-Tier REMIC. The Class UT-R Interest
is hereby
designated as the sole class of residual interests in the
Upper-Tier REMIC and
shall be represented by the Class R Certificates.
<TABLE>
<CAPTION>
Upper-Tier
Upper-Tier REMIC Interest Interest
Rate Initial
Principal Upper-Tier Amount Corresponding
Class of Certificates
-------------------------------- ---------------
-----------------------------------
-----------------------------------
<S>
<C>
<C>
<C>
Class A-1
(1)
$ [
]
Class A-1
Class A-2A
(2)
$ [
]
Class A-2A
Class A-2B
(2)
$ [
]
Class A-2B
Class A-2C
(2)
$ [
]
Class A-2C
Class A-2D
(2)
$ [
]
Class A-2D
Class M-1
(3)
$ [
]
Class M-1
Class M-2
(3)
$ [
]
Class M-2
Class M-3
(3)
$
[
]
Class M-3
Class M-4
(3)
$ [
]
Class M-4
Class M-5
(3)
$ [
]
Class M-5
Class M-6
(3)
$ [
]
Class M-6
Class M-7
(3)
$ [
]
Class M-7
Class M-8
(3)
$ [
]
Class M-8
Class B-1
(3)
$ [
]
Class B-1
Class B-2
(3)
$ [
]
Class B-2
Class B-3
(3)
$ [
]
Class B-3
Class UT-IO
(4)
(4)
N/A
Class UT-X
(5)
(5)
N/A
Class UT-3
(6)
$ [ ]
N/A
Class UT-R
(7)
(7)
Class R
</TABLE>
-----------------
(1) For any
Distribution Date (and the related Interest Accrual Period),
this
interest
shall bear interest at the least of (i) the Pass-Through Rate
(determined without regard to the Loan Group I Cap or WAC Cap) for
the
Corresponding Class of Certificates, (ii) the Lower-Tier Interest
Rate for
the Class
LT-Group I Interest (the "Upper-Tier REMIC Loan Group I Rate")
and (ii)
the Upper-Tier REMIC WAC Rate.
(2) For any
Distribution Date (and the related Interest Accrual Period),
this
interest
shall bear interest at the least of (i) the Pass-Through Rate
(determined without regard to the Loan Group II Cap or WAC Cap) for
the
Corresponding Class of Certificates, (ii) the Lower-Tier Interest
Rate for
the Class
LT-Group II Interest (the "Upper-Tier REMIC Loan Group II
Rate")
and (ii)
the Upper-Tier REMIC WAC Rate.
(3) For any
Distribution Date (and the related Interest Accrual Period),
this
interest
shall bear interest at the lesser of (i) the Pass-Through Rate
(determined without regard to the applicable WAC Cap) for the
Corresponding Class of Certificates and (ii) the Upper-Tier REMIC
WAC
Rate.
(4) This
interest is an interest-only interest and does not have a
principal
balance.
On each Distribution Date, the Class UT-IO Interest shall be
entitled
to receive all interest distributable on the Class LT-IO
Interest.
(5) The Class
UT-X Interest has an initial principal balance of $[________]
but will
not accrue interest on such balance but will accrue interest on
a
notional
principal balance. As of any Distribution Date, the Class UT-X
Interest
shall have a notional principal balance equal to the aggregate
of
the
Lower-Tier Principal Amounts of the Lower-Tier Regular
Interests
(other than the Class
LT-IO and Class LT-3 Interests) as of the first day
of the
related Interest Accrual Period. With respect to any Interest
Accrual
Period, the Class UT-X Interest shall bear interest at a rate
equal to
the excess, if any, of the Upper-Tier REMIC WAC Rate over the
product of
(i) 2 and (ii) the weighted average of the Lower-Tier Interest
Rates of
the Lower-Tier REMIC Interests (other than the Class LT-IO and
Class LT-3
Interests), where the Lower-Tier Interest Rate on each of the
Class
LT-Accrual Interest, Class LT-Group I Interest and Class LT-Group
II
Interest
is subject to a cap equal to zero and each LT Accretion
Directed
Class is
subject to a cap equal to the Upper-Tier Interest Rate on its
Corresponding Class of Upper-Tier Regular Interest. With respect to
any
Distribution Date, interest that so accrues on the notional
principal
balance of
the Class UT-X Interest shall be deferred in an amount equal to
any
increase in the Overcollateralized Amount on such Distribution
Date.
Such
deferred interest shall not itself bear interest.
(6) This
Upper-Tier Regular Interest shall not be entitled to interest
and
shall have
a principal balance equal to the Class Certificate Balance of
the Class
RX Certificates.
(7) The Class
UT-R Interest does not have an interest rate or a principal
balance.
On each Distribution Date, interest distributable in respect of
the
Lower-Tier Interests for such Distribution Date shall be deemed to
be
distributed on the interests in the Upper-Tier REMIC at the rates
shown above,
provided that the Class UT-IO Interest shall be entitled to receive
interest
before any other interest in the Upper-Tier REMIC.
On each Distribution Date, all Realized Losses, Subsequent
Recoveries and all payments of principal shall be allocated to the
Upper-Tier
Interests until the outstanding principal balance of each such
interest equals
the outstanding Class Certificate Balance of the Corresponding
Class of
Certificates as of such Distribution Date.
Class B-1 REMIC
The Class B-1 REMIC shall issue the following classes of
interests.
The Class B-1 Certificates shall represent the regular interest in
the Class B-1
REMIC and the Class B1-R Interest shall represent the sole class of
residual
interest in the Class B-1 REMIC.
Class B-1 REMIC
Class B-1 REMIC
Designation
Interest Rate
Principal Amount
------------------- ------------- ----------------
Class B-1 REMIC
(1)
(1)
Regular Interest
Class B1-R
(2)
(2)
------------------
(1) The Class
B-1 REMIC shall issue one regular interest which shall be
represented by the Class B-1 Certificates and shall be entitled to
100% of
all
amounts payable on the Class B-1 Interest issued by the
Upper-Tier
REMIC.
(2) The Class
B1-R Interest is the sole class of residual interest in the
Class B-1
REMIC and shall be represented by the Class RX Certificate. The
Class B1-R
Interest does not have an interest rate or a principal balance.
Class B-2 REMIC
The Class B-2 REMIC shall issue the following classes of
interests.
The Class B-2 Certificates shall represent the regular interest in
the Class B-2
REMIC and the Class B2-R Interest shall represent the sole class of
residual
interest in the Class B-2 REMIC.
Class B-2 REMIC
Class B-2 REMIC
Designation
Interest Rate
Principal Amount
------------------- ------------- ----------------
Class B-2 REMIC
(1)
(1)
Regular Interest
Class B2-R
(2)
(2)
------------------
(1) The Class
B-2 REMIC shall issue one regular interest which shall be
represented by the Class B-2 Certificates and shall be entitled to
100% of
all
amounts payable on the Class B-2 Interest issued by the
Upper-Tier
REMIC.
(2) The Class
B2-R Interest is the sole class of residual interest in the
Class B-2
REMIC and shall be represented by the Class RX Certificate. The
Class B2-R
Interest does not have an interest rate or a principal balance.
Class B-3 REMIC
The Class B-3 REMIC shall issue the following classes of
interests.
The Class B-3 Certificates shall represent the regular interest in
the Class B-3
REMIC and the Class B3-R Interest shall represent the sole class of
residual
interest in the Class B-3 REMIC.
Class B-2 REMIC
Class B-2 REMIC
Designation
Interest Rate
Principal Amount
------------------- ------------- ----------------
Class B-3 REMIC
(1)
(1)
Regular Interest
Class B3-R
(2)
(2)
------------------
(1) The Class
B-3 REMIC shall issue one regular interest which shall be
represented by the Class B-3 Certificates and shall be entitled to
100% of
all
amounts payable on the Class B-3 Interest issued by the
Upper-Tier
REMIC.
(2) The Class
B3-R Interest is the sole class of residual interest in the
Class B-3
REMIC and shall be represented by the Class RX Certificate. The
Class B3-R
Interest does not have an interest rate or a principal balance.
Class X REMIC
The Class X REMIC shall issue the following classes of
interests.
The Class X Interest and the Class IO Interest shall each represent
a regular
interest in the Class X REMIC and the Class RX Certificates shall
represent the
Class X-R Interest, the sole class of residual interest in the
Class X REMIC.
Class X REMIC
Class X REMIC Designation Interest Rate
Principal
Amount
--------------------------- -------------
----------------
Class X Interest
(1)
(1)
Class IO Interest
(2)
(2)
Class RX Certificates
(3)
