GS MORTGAGE SECURITIES CORP.,
Depositor,
LITTON LOAN SERVICING LP,
Servicer,
AVELO MORTGAGE, L.L.C.,
Servicer,
U.S. BANK NATIONAL ASSOCIATION,
Custodian,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Custodian,
LASALLE BANK NATIONAL ASSOCIATION,
Trustee,
and
WELLS FARGO BANK, N.A.,
Master Servicer and Securities Administrator
-------------------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of January 1, 2007
------------------------------------------
GSAMP TRUST 2007-H1
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2007-H1
<PAGE>
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 Servicers
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 II
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Servicers
to Service Mortgage Loans...........................
Section 3.02
Subservicing Agreements between a Servicer and Subservicers...
Section 3.03 Successor
Subservicers........................................
Section 3.04 Liability
of the Servicer.....................................
Section 3.05 No
Contractual Relationship between Subservicers, the
Trustee and the Master Servicer...........................
Section 3.06 Assumption
or Termination of Subservicing Agreements by Master
Servicer..................................................
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 Servicers
to Be Held for the Securities Administrator for the
Benefit of 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 Master
Servicer 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................
Section 3.29 Transfer
of Servicing for Certain 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 SERVICERS
Section 6.01 Respective
Liabilities of the Depositor and the Servicers.....
Section 6.02 Merger or
Consolidation of the Depositor or a Servicer........
Section 6.03 Limitation
on Liability of the Depositor, the Servicers
and Others.............................................
Section 6.04 Limitation
on Resignation of a Servicer.......................
Section 6.05 Additional
Indemnification by the Servicers; Third Party
Claims.................................................
Section 6.06 Servicing
Rights Pledge.......................................
ARTICLE VII
DEFAULT
Section 7.01 Events of
Default.............................................
Section 7.02 Master
Servicer to Act; Appointment of Successor Servicer.....
Section 7.03
Notification to Certificateholders............................
ARTICLE VIII
CONCERNING THE TRUSTEE AND THE CUSTODIANS
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 and Indemnification...............
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, the Interest Rate Swap Agreement and the Interest
Rate Cap Agreement........................................
Section 8.14 Custodial
Responsibilities....................................
Section 8.15
Limitations on Custodial Responsibilities.....................
ARTICLE IX
ADMINISTRATION OF THE MORTGAGE LOANS BY THE MASTER SERVICER
Section 9.01 Duties of
the Master Servicer; Enforcement of Servicer's
Obligations..............................................
Section 9.02
Maintenance of Fidelity Bond and Errors and Omissions
Insurance................................................
Section 9.03
Representations and Warranties of the Master Servicer.........
Section 9.04 Master
Servicer Events of Default.............................
Section 9.05 Waiver of
Default.............................................
Section 9.06 Successor
to the Master Servicer..............................
Section 9.07
Compensation of the Master Servicer...........................
Section 9.08 Merger or
Consolidation.......................................
Section 9.09
Resignation of the Master Servicer............................
Section 9.10 Assignment
or Delegation of Duties by the Master Servicer.....
Section 9.11 Limitation
on Liability of the Master Servicer................
Section 9.12
Indemnification; Third Party Claims...........................
ARTICLE X
CONCERNING THE SECURITIES ADMINISTRATOR
Section 10.01 Duties of
Securities Administrator............................
Section 10.02 Certain Matters
Affecting the Securities Administrator........
Section 10.03 Securities
Administrator Not Liable for Certificates or
Mortgage Loans............................................
Section 10.04 Securities
Administrator May Own Certificates.................
Section 10.05 Securities
Administrator's Fees and Expenses..................
Section 10.06 Eligibility
Requirements for Securities Administrator.........
Section 10.07 Resignation and
Removal of Securities Administrator...........
Section 10.08 Successor
Securities Administrator............................
Section 10.09 Merger or
Consolidation of Securities Administrator...........
Section 10.10 Assignment or
Delegation of Duties by the Securities
Administrator.............................................
ARTICLE XI
TERMINATION
Section 11.01 Termination upon
Liquidation or Purchase of the Mortgage Loans
Section 11.02 Final
Distribution on the Certificates........................
Section 11.03 Additional
Termination Requirements...........................
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01
Amendment.....................................................
Section 12.02 Recordation of
Agreement; Counterparts........................
Section 12.03 Governing
Law.................................................
Section 12.04 Intention of
Parties..........................................
Section 12.05
Notices.......................................................
Section 12.06 Severability of
Provisions....................................
Section 12.07 Assignment;
Sales; Advance Facilities.........................
Section 12.08 Limitation on
Rights of Certificateholders....................
Section 12.09 Inspection and
Audit Rights...................................
Section 12.10 Certificates
Nonassessable and Fully Paid.....................
Section 12.11 Waiver of Jury
Trial..........................................
Section 12.12 Limitation of
Damages.........................................
Section 12.13 Rights of Third
Parties.......................................
Section 12.14 No
Solicitation...............................................
Section 12.15 Regulation AB
Compliance; Intent of the Parties;
Reasonableness.............................................
SCHEDULES
Schedule I Mortgage Loan
Schedule
Schedule II Representations and
Warranties of Litton Loan Servicing LP,
as Servicer
Schedule III
Representations and Warranties of Avelo Mortgage, L.L.C.,
as Servicer
Schedule IV Representations and
Warranties of U.S. Bank National Association,
as Custodian
Schedule V Representations
and Warranties of Deutsche Bank National Trust
Company, as Custodian
EXHIBITS
Exhibit A Form of
Class A and Class M 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 Custodians
Exhibit G Form of
Document Certification and Exception Report of the
Custodians
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
Securities Administrator Certification to be Provided to
Depositor
Exhibit Q-1 Form of Servicer
Certification to be Provided to Depositor
Exhibit Q-2 Form of Subservicer
Certification to be Provided to Depositor
Exhibit Q-3 Form of Master
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 and Interest Rate Cap Agreement
Exhibit Y
[Reserved]
Exhibit Z Decision
One Agreements
Exhibit AA First Horizon
Agreements
Exhibit BB NovaStar
Agreements
Exhibit CC Form of Servicer
Remittance Report
Exhibit DD Form of Monthly
Defaulted Loan Report
Exhibit EE Form of Realized
Loss Report
<PAGE>
THIS
POOLING AND SERVICING AGREEMENT, dated as of January 1,
2007, among GS MORTGAGE SECURITIES CORP., a Delaware corporation
(the
"Depositor"), LITTON LOAN SERVICING LP, a Delaware limited
partnership, as a
servicer ("Litton"), AVELO MORTGAGE, L.L.C., a Delaware limited
liability
company, as a servicer ("Avelo", and together with Litton, the
"Servicers"),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
a custodian
("U.S. Bank"), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national
banking
association, as a custodian ("Deutsche Bank," and together with
U.S. Bank, the
"Custodians"), LASALLE BANK NATIONAL ASSOCIATION, as trustee (the
"Trustee"),
and WELLS FARGO BANK, N.A., as securities administrator (in such
capacity, the
"Securities Administrator") and as master servicer (in such
capacity, the
"Master Servicer").
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 Securities Administrator shall elect that five segregated
asset pools within the Trust Fund (exclusive of (i) the Prepayment
Premiums,
(ii) the Interest Rate Swap Agreement and the Interest Rate Cap
Agreement, (iii)
the Supplemental Interest Trust, (iv) the Excess Reserve Fund
Account and (v)
the right of the LIBOR Certificates to receive Basis Risk Carry
Forward Amounts
and, without duplication, Upper-Tier Carry Forward Amounts and the
obligation to
pay Class IO Shortfalls) be treated for federal income tax purposes
as
comprising five 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 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) Basis Risk Carry Forward
Amounts and,
without duplication, Upper-Tier 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 RX Certificates represent ownership of the sole class
of residual interest in the Class X REMIC for purposes of the REMIC
Provisions.
The Class RC Certificates represent ownership of the sole class of
residual
interest in Pooling-Tier REMIC-1 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 Start-up Day for each Trust
REMIC 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 and the
Interest Rate
Cap Agreement, (iii) the Supplemental Interest Trust, (iv) the
Excess Reserve
Fund Account and (v) the right of the LIBOR Certificates to receive
Basis Risk
Carry Forward Amounts and, without duplication, Upper-Tier 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-1A, Class LT-A-1B, Class LT-A-1C, Class LT-A-2A1, Class
LT-A-2A2S,
Class LT-A-2A2M, Class LT-A-2B, Class LT-A-2C, 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 and
Class LT-M-9 Interests are hereby designated the LT-Accretion
Directed Classes
(the "LT-Accretion Directed Classes").
The Class X REMIC shall hold as assets 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 and the Class IO Interest shall
represent the
regular interests issued by the Class X REMIC and the Class RX
Interest shall
represent the sole class residual interest in the Class X REMIC.
The Class X
Interest and the Class IO Interest shall be represented by the
Class X
Certificates.
For federal income tax purposes, each Class of LIBOR
Certificates, the Class X Certificates, and the Class P
Certificates represent
beneficial ownership of portions of the Trust Fund, which shall be
treated as a
grantor trust as more fully described in Section 8.11.
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 the Group I Mortgage Loans and
Pooling Tier
REMIC-1 Interests with a "II" in their designation shall relate to
the Group II
Mortgage Loans. 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 $100
Class Certificate Balance and shall have no interest rate.
Initial Pooling-Tier
Pooling-Tier
Pooling-Tier REMIC-1
REMIC-1 Principal
REMIC-1 Interest
Interest Rate
Amount
----------------
--------------------
--------------------
Class PT1-I-1
(1)
$ 5,593,387.90
Class PT1-I-2A
(2)
$ 953,882.21
Class PT1-I-2B
(3)
$ 953,882.21
Class PT1-I-3A
(2)
$ 1,098,771.28
Class PT1-I-3B
(3)
$ 1,098,771.28
Class PT1-I-4A
(2)
$ 1,239,806.40
Class PT1-I-4B
(3)
$ 1,239,806.40
Class PT1-I-5A
(2)
$ 1,375,670.43
Class PT1-I-5B
(3)
$ 1,375,670.43
Class PT1-I-6A
(2)
$ 1,505,039.64
Class PT1-I-6B
(3)
$ 1,505,039.64
Class PT1-I-7A
(2)
$ 1,626,308.80
Class PT1-I-7B
(3)
$ 1,626,308.80
Class PT1-I-8A
(2)
$ 1,736,475.70
Class PT1-I-8B
(3)
$ 1,736,475.70
Class PT1-I-9A
(2)
$ 1,763,998.71
Class PT1-I-9B
(3)
$ 1,763,998.71
Class PT1-I-10A
(2)
$ 1,749,340.51
Class PT1-I-10B
(3)
$ 1,749,340.51
Class PT1-I-11A
(2)
$ 1,682,203.77
Class PT1-I-11B
(3)
$ 1,682,203.77
Class PT1-I-12A
(2)
$ 1,606,668.16
Class PT1-I-12B
(3)
$ 1,606,668.16
Class PT1-I-13A
(2)
$ 1,532,469.15
Class PT1-I-13B
(3)
$ 1,532,469.15
Class PT1-I-14A
(2)
$ 1,461,732.92
Class PT1-I-14B
(3)
$ 1,461,732.92
Class PT1-I-15A
(2)
$
1,394,296.54
Class PT1-I-15B
(3)
$ 1,394,296.54
Class PT1-I-16A
(2)
$ 1,330,004.50
Class PT1-I-16B
(3)
$ 1,330,004.50
Class PT1-I-17A
(2)
$ 1,268,708.72
Class PT1-I-17B
(3)
$ 1,268,708.72
Class PT1-I-18A
(2)
$ 1,210,268.68
Class PT1-I-18B
(3)
$ 1,210,268.68
Class PT1-I-19A
(2)
$ 1,157,662.51
Class PT1-I-19B
(3)
$ 1,157,662.51
Class PT1-I-20A
(2)
$ 1,122,150.76
Class PT1-I-20B
(3)
$ 1,122,150.76
Class PT1-I-21A
(2)
$ 1,586,809.52
Class PT1-I-21B
(3)
$ 1,586,809.52
Class PT1-I-22A
(2)
$ 1,748,919.16
Class PT1-I-22B
(3)
$ 1,748,919.16
Class PT1-I-23A
(2)
$ 2,045,075.53
Class PT1-I-23B
(3)
$ 2,045,075.53
Class PT1-I-24A
(2)
$ 1,596,580.11
Class PT1-I-24B
(3)
$ 1,596,580.11
Class PT1-I-25A
(2)
$ 1,253,872.90
Class PT1-I-25B
(3)
$ 1,253,872.90
Class PT1-I-26A
(2)
$ 846,400.04
Class PT1-I-26B
(3)
$ 846,400.04
Class PT1-I-27A
(2)
$ 732,370.11
Class PT1-I-27B
(3)
$ 732,370.11
Class PT1-I-28A
(2)
$ 581,197.30
Class PT1-I-28B
(3)
$ 581,197.30
Class PT1-I-29A
(2)
$ 341,063.22
Class PT1-I-29B
(3)
$ 341,063.22
Class PT1-I-30A
(2)
$ 484,702.44
Class PT1-I-30B
(3)
$ 484,702.44
Class PT1-I-31A
(2)
$ 458,626.02
Class PT1-I-31B
(3)
$ 458,626.02
Class PT1-I-32A
(2)
$ 434,264.17
Class PT1-I-32B
(3)
$ 434,264.17
Class PT1-I-33A
(2)
$ 411,337.87
Class PT1-I-33B
(3)
$ 411,337.87
Class PT1-I-34A
(2)
$ 389,688.63
Class PT1-I-34B
(3)
$ 389,688.63
Class PT1-I-35A
(2)
$ 369,223.77
Class PT1-I-35B
(3)
$ 369,223.77
Class PT1-I-36A
(2)
$ 349,884.76
Class PT1-I-36B
(3)
$ 349,884.76
Class PT1-I-37A
(2)
$ 331,553.51
Class PT1-I-37B
(3)
$ 331,553.51
Class PT1-I-38A
(2)
$ 314,261.03
Class PT1-I-38B
(3)
$ 314,261.03
Class PT1-I-39A
(2)
$ 297,922.23
Class PT1-I-39B
(3)
$ 297,922.23
Class PT1-I-40A
(2)
$ 282,473.61
Class PT1-I-40B
(3)
$ 282,473.61
Class PT1-I-41A
(2)
$ 267,862.41
Class PT1-I-41B
(3)
$ 267,862.41
Class PT1-I-42A
(2)
$ 254,042.11
Class PT1-I-42B
(3)
$ 254,042.11
Class PT1-I-43A
(2)
$ 240,968.36
Class PT1-I-43B
(3)
$ 240,968.36
Class PT1-I-44A
(2)
$ 228,598.78
Class PT1-I-44B
(3)
$ 228,598.78
Class PT1-I-45A
(2)
$ 216,894.78
Class PT1-I-45B
(3)
$ 216,894.78
Class PT1-I-46A
(2)
$ 205,818.92
Class PT1-I-46B
(3)
$ 205,818.92
Class PT1-I-47A
(2)
$ 195,336.08
Class PT1-I-47B
(3)
$
195,336.08
Class PT1-I-48A
(2)
$ 185,413.27
Class PT1-I-48B
(3)
$ 185,413.27
Class PT1-I-49A
(2)
$ 176,019.82
Class PT1-I-49B
(3)
$ 176,019.82
Class PT1-I-50A
(2)
$ 167,125.72
Class PT1-I-50B
(3)
$ 167,125.72
Class PT1-I-51A
(2)
$ 158,703.76
Class PT1-I-51B
(3)
$ 158,703.76
Class PT1-I-52A
(2)
$ 150,727.71
Class PT1-I-52B
(3)
$ 150,727.71
Class PT1-I-53A
(2)
$ 143,173.35
Class PT1-I-53B
(3)
$ 143,173.35
Class PT1-I-54A
(2)
$ 136,020.20
Class PT1-I-54B
(3)
$ 136,020.20
Class PT1-I-55A
(2)
$ 129,276.37
Class PT1-I-55B
(3)
$ 129,276.37
Class PT1-I-56A
(2)
$ 122,866.64
Class PT1-I-56B
(3)
$ 122,866.64
Class PT1-I-57A
(2)
$ 116,799.26
Class PT1-I-57B
(3)
$ 116,799.26
Class PT1-I-58A
(2)
$ 111,023.45
Class PT1-I-58B
(3)
$ 111,023.45
Class PT1-I-59A
(2)
$ 2,266,757.49
Class PT1-I-59B
(3)
$ 2,266,757.49
Class PT1-II-1
(4)
$11,401,410.57
Class PT1-II-2A
(5)
$ 1,944,332.93
Class PT1-II-2B
(6)
$ 1,944,332.93
Class PT1-II-3A
(5)
$ 2,239,665.61
Class PT1-II-3B
(6)
$ 2,239,665.61
Class PT1-II-4A
(5)
$ 2,527,142.64
Class PT1-II-4B
(6)
$ 2,527,142.64
Class PT1-II-5A
(5)
$ 2,804,079.26
Class PT1-II-5B
(6)
$ 2,804,079.26
Class PT1-II-6A
(5)
$ 3,067,777.24
Class PT1-II-6B
(6)
$ 3,067,777.24
Class PT1-II-7A
(5)
$ 3,314,964.59
Class PT1-II-7B
(6)
$ 3,314,964.59
Class PT1-II-8A
(5)
$ 3,539,521.82
Class PT1-II-8B
(6)
$ 3,539,521.82
Class PT1-II-9A
(5)
$ 3,595,622.97
Class PT1-II-9B
(6)
$ 3,595,622.97
Class PT1-II-10A
(5)
$
3,565,744.62
Class PT1-II-10B
(6)
$ 3,565,744.62
Class PT1-II-11A
(5)
$ 3,428,897.36
Class PT1-II-11B
(6)
$ 3,428,897.36
Class PT1-II-12A
(5)
$ 3,274,930.37
Class PT1-II-12B
(6)
$ 3,274,930.37
Class PT1-II-13A
(5)
$ 3,123,687.81
Class PT1-II-13B
(6)
$ 3,123,687.81
Class PT1-II-14A
(5)
$ 2,979,503.56
Class PT1-II-14B
(6)
$ 2,979,503.56
Class PT1-II-15A
(5)
$ 2,842,045.53
Class PT1-II-15B
(6)
$ 2,842,045.53
Class PT1-II-16A
(5)
$ 2,710,996.73
Class PT1-II-16B
(6)
$ 2,710,996.73
Class PT1-II-17A
(5)
$ 2,586,055.29
Class PT1-II-17B
(6)
$ 2,586,055.29
Class PT1-II-18A
(5)
$ 2,466,934.83
Class PT1-II-18B
(6)
$ 2,466,934.83
Class PT1-II-19A
(5)
$ 2,359,705.75
Class PT1-II-19B
(6)
$ 2,359,705.75
Class PT1-II-20A
(5)
$ 2,287,320.85
Class PT1-II-20B
(6)
$ 2,287,320.85
Class PT1-II-21A
(5)
$ 3,234,451.76
Class PT1-II-21B
(6)
$ 3,234,451.76
Class PT1-II-22A
(5)
$ 3,564,885.78
Class PT1-II-22B
(6)
$ 3,564,885.78
Class PT1-II-23A
(5)
$ 4,168,552.12
Class PT1-II-23B
(6)
$ 4,168,552.12
Class PT1-II-24A
(5)
$ 3,254,367.53
Class PT1-II-24B
(6)
$ 3,254,367.53
Class PT1-II-25A
(5)
$ 2,555,814.91
Class PT1-II-25B
(6)
$ 2,555,814.91
Class PT1-II-26A
(5)
$ 1,725,248.09
Class PT1-II-26B
(6)
$ 1,725,248.09
Class PT1-II-27A
(5)
$ 1,492,816.73
Class PT1-II-27B
(6)
$ 1,492,816.73
Class PT1-II-28A
(5)
$ 1,184,675.68
Class PT1-II-28B
(6)
$ 1,184,675.68
Class PT1-II-29A
(5)
$ 695,201.61
Class PT1-II-29B
(6)
$ 695,201.61
Class PT1-II-30A
(5)
$ 987,986.67
Class PT1-II-30B
(6)
$ 987,986.67
Class PT1-II-31A
(5)
$ 934,834.15
Class PT1-II-31B
(6)
$ 934,834.15
Class PT1-II-32A
(5)
$ 885,176.51
Class PT1-II-32B
(6)
$ 885,176.51
Class PT1-II-33A
(5)
$ 838,444.99
Class PT1-II-33B
(6)
$ 838,444.99
Class PT1-II-34A
(5)
$ 794,316.55
Class PT1-II-34B
(6)
$ 794,316.55
Class PT1-II-35A
(5)
$ 752,602.29
Class PT1-II-35B
(6)
$ 752,602.29
Class PT1-II-36A
(5)
$ 713,182.87
Class PT1-II-36B
(6)
$ 713,182.87
Class PT1-II-37A
(5)
$ 675,817.62
Class PT1-II-37B
(6)
$ 675,817.62
Class PT1-II-38A
(5)
$ 640,569.73
Class PT1-II-38B
(6)
$ 640,569.73
Class PT1-II-39A
(5)
$ 607,265.75
Class PT1-II-39B
(6)
$ 607,265.75
Class PT1-II-40A
(5)
$ 575,776.27
Class PT1-II-40B
(6)
$ 575,776.27
Class PT1-II-41A
(5)
$ 545,993.72
Class PT1-II-41B
(6)
$ 545,993.72
Class PT1-II-42A
(5)
$ 517,823.31
Class PT1-II-42B
(6)
$
517,823.31
Class PT1-II-43A
(5)
$ 491,174.61
Class PT1-II-43B
(6)
$ 491,174.61
Class PT1-II-44A
(5)
$ 465,961.24
Class PT1-II-44B
(6)
$ 465,961.24
Class PT1-II-45A
(5)
$ 442,104.55
Class PT1-II-45B
(6)
$ 442,104.55
Class PT1-II-46A
(5)
$ 419,528.22
Class PT1-II-46B
(6)
$ 419,528.22
Class PT1-II-47A
(5)
$ 398,160.65
Class PT1-II-47B
(6)
$ 398,160.65
Class PT1-II-48A
(5)
$ 377,934.63
Class PT1-II-48B
(6)
$ 377,934.63
Class PT1-II-49A
(5)
$ 358,787.62
Class PT1-II-49B
(6)
$ 358,787.62
Class PT1-II-50A
(5)
$ 340,658.46
Class PT1-II-50B
(6)
$ 340,658.46
Class PT1-II-51A
(5)
$ 323,491.66
Class PT1-II-51B
(6)
$ 323,491.66
Class PT1-II-52A
(5)
$ 307,233.80
Class PT1-II-52B
(6)
$ 307,233.80
Class PT1-II-53A
(5)
$ 291,835.46
Class PT1-II-53B
(6)
$ 291,835.46
Class PT1-II-54A
(5)
$ 277,254.94
Class PT1-II-54B
(6)
$ 277,254.94
Class PT1-II-55A
(5)
$ 263,508.74
Class PT1-II-55B
(6)
$ 263,508.74
Class PT1-II-56A
(5)
$ 250,443.56
Class PT1-II-56B
(6)
$ 250,443.56
Class PT1-II-57A
(5)
$ 238,076.20
Class PT1-II-57B
(6)
$ 238,076.20
Class PT1-II-58A
(5)
$ 226,303.15
Class PT1-II-58B
(6)
$ 226,303.15
Class PT1-II-59A
(5)
$ 4,620,414.54
Class PT1-II-59B
(6)
$ 4,620,414.54
Class PT1-R
(7)
$
100
--------------------
(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 equal to 10.20%.
(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) 10.20%.
(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 equal to 10.20%.
(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) 10.20%.
(7)
The Class PT1-R Interest shall not bear interest.
On each Distribution Date, the Securities Administrator 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 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 (in respect of the Class
PT1-R Interest)
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 the Group I Mortgage Loans with the lowest numerical
denomination 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 the Group I Mortgage Loans 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, 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
the Group II Mortgage Loans with the lowest numerical denomination
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 the Group II Mortgage Loans 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, 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
the Group I Mortgage Loans and Pooling Tier REMIC-2 Interests with
a "II" in
their designation shall relate to the Group II Mortgage Loans. 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
Corresponding
Corresponding
Corresponding
REMIC-2
Pooling-Tier
Pooling-Tier
Pooling-Tier
Scheduled
Pooling-Tier
Interest REMIC-2 Initial
REMIC-2 IO
REMIC-1 Regular
Crossover
REMIC-2 Interest
Rate
Principal Amount
Interest
Interest
Distribution Date
----------------
----------- ----------------
----------------
---------------
-----------------
<S>
<C>
<C>
<C>
<C>
<C>
Class PT2-I-1
(1)
$ 5,593,337.90
N/A
N/A
N/A
Class PT2-I-2A
(2)
$
953,882.21
Class PT2-I-IO-2
N/A
N/A
Class PT2-I-2B
(3)
$
953,882.21
N/A
N/A
N/A
Class PT2-I-3A
(2)
$ 1,098,771.28
Class
PT2-I-IO-3
N/A
N/A
Class PT2-I-3B
(3)
$ 1,098,771.28
N/A
N/A
N/A
Class PT2-I-4A
(2)
$ 1,239,806.40
Class
PT2-I-IO-4
N/A
N/A
Class PT2-I-4B
(3)
$ 1,239,806.40
N/A
N/A
N/A
Class PT2-I-5A
(2)
$ 1,375,670.43
Class
PT2-I-IO-5
N/A
N/A
Class PT2-I-5B
(3)
$ 1,375,670.43
N/A
N/A
N/A
Class PT2-I-6A
(2)
$ 1,505,039.64
Class
PT2-I-IO-6
N/A
N/A
Class PT2-I-6B
(3)
$ 1,505,039.64
N/A
N/A
N/A
Class PT2-I-7A
(2)
$ 1,626,308.80
Class
PT2-I-IO-7
N/A
N/A
Class PT2-I-7B
(3)
$ 1,626,308.80
N/A
N/A
N/A
Class PT2-I-8A
(2)
$ 1,736,475.70
Class
PT2-I-IO-8
N/A
N/A
Class PT2-I-8B
(3)
$ 1,736,475.70
N/A
N/A
N/A
Class PT2-I-9A
(2)
$ 1,763,998.71
Class
PT2-I-IO-9
N/A
N/A
Class PT2-I-9B
(3)
$ 1,763,998.71
N/A
N/A
N/A
Class PT2-I-10A
(2)
$ 1,749,340.51
Class
PT2-I-IO-10
N/A
N/A
Class PT2-I-10B
(3)
$ 1,749,340.51
N/A
N/A
N/A
Class PT2-I-11A
(2)
$ 1,682,203.77
Class
PT2-I-IO-11
N/A
N/A
Class PT2-I-11B
(3)
$ 1,682,203.77
N/A
N/A
N/A
Class PT2-I-12A
(2)
$ 1,606,668.16
Class
PT2-I-IO-12
N/A
N/A
Class PT2-I-12B
(3)
$ 1,606,668.16
N/A
N/A
N/A
Class PT2-I-13A
(2)
$ 1,532,469.15
Class
PT2-I-IO-13
N/A
N/A
Class PT2-I-13B
(3)
$ 1,532,469.15
N/A
N/A
N/A
Class PT2-I-14A
(2)
$ 1,461,732.92
Class
PT2-I-IO-14
N/A
N/A
Class PT2-I-14B
(3)
$ 1,461,732.92
N/A
N/A
N/A
Class PT2-I-15A
(2)
$ 1,394,296.54
Class
PT2-I-IO-15
N/A
N/A
Class PT2-I-15B
(3)
$ 1,394,296.54
N/A
N/A
N/A
Class PT2-I-16A
(2)
$ 1,330,004.50
Class
PT2-I-IO-16
N/A
N/A
Class PT2-I-16B
(3)
$ 1,330,004.50
N/A
N/A
N/A
Class PT2-I-17A
(2)
$ 1,268,708.72
Class
PT2-I-IO-17
N/A
N/A
Class PT2-I-17B
(3)
$ 1,268,708.72
N/A
N/A
N/A
Class PT2-I-18A
(2)
$ 1,210,268.68
Class
PT2-I-IO-18
N/A
N/A
Class PT2-I-18B
(3)
$ 1,210,268.68
N/A
N/A
N/A
Class PT2-I-19A
(2)
$ 1,157,662.51 Class PT2-I-IO-19
N/A
N/A
Class PT2-I-19B
(3)
$ 1,157,662.51
N/A
N/A
N/A
Class PT2-I-20A
(2)
$ 1,122,150.76
Class
PT2-I-IO-20
N/A
N/A
Class PT2-I-20B
(3)
$ 1,122,150.76
N/A
N/A
N/A
Class PT2-I-21A
(2)
$ 1,586,809.52
Class
PT2-I-IO-21
N/A
N/A
Class PT2-I-21B
(3)
$ 1,586,809.52
N/A
N/A
N/A
Class PT2-I-22A
(2)
$ 1,748,919.16
Class
PT2-I-IO-22
N/A
N/A
Class PT2-I-22B
(3)
$ 1,748,919.16
N/A
N/A
N/A
Class PT2-I-23A
(2)
$ 2,045,075.53
Class
PT2-I-IO-23
N/A
N/A
Class PT2-I-23B
(3)
$ 2,045,075.53
N/A
N/A
N/A
Class PT2-I-24A
(2)
$ 1,596,580.11
Class
PT2-I-IO-24
N/A
N/A
Class PT2-I-24B
(3)
$ 1,596,580.11
N/A
N/A
N/A
Class PT2-I-25A
(2)
$ 1,253,872.90
Class
PT2-I-IO-25
N/A
N/A
Class PT2-I-25B
(3)
$ 1,253,872.90
N/A
N/A
N/A
Class PT2-I-26A
(2)
$
846,400.04
Class PT2-I-IO-26
N/A
N/A
Class PT2-I-26B
(3)
$
846,400.04
N/A
N/A
N/A
Class PT2-I-27A
(2)
$
732,370.11
Class PT2-I-IO-27
N/A
N/A
Class PT2-I-27B
(3)
$
732,370.11
N/A
N/A
N/A
Class PT2-I-28A
(2)
$
581,197.30
Class PT2-I-IO-28
N/A
N/A
Class PT2-I-28B
(3)
$
581,197.30
N/A
N/A
N/A
Class PT2-I-29A
(2)
$
341,063.22
Class PT2-I-IO-29
N/A
N/A
Class PT2-I-29B
(3)
$
341,063.22
N/A
N/A
N/A
Class PT2-I-30A
(2)
$
484,702.44
Class PT2-I-IO-30
N/A
N/A
Class PT2-I-30B
(3)
$
484,702.44
N/A
N/A
N/A
Class PT2-I-31A
(2)
$
458,626.02
Class PT2-I-IO-31 N/A
N/A
Class PT2-I-31B
(3)
$
458,626.02
N/A
N/A
N/A
Class PT2-I-32A
(2)
$
434,264.17
Class PT2-I-IO-32
N/A
N/A
Class PT2-I-32B
(3)
$
434,264.17
N/A
N/A
N/A
Class PT2-I-33A
(2)
$
411,337.87
Class PT2-I-IO-33
N/A
N/A
Class PT2-I-33B
(3)
$
411,337.87
N/A
N/A
N/A
Class PT2-I-34A
(2)
$
389,688.63
Class PT2-I-IO-34
N/A
N/A
Class PT2-I-34B
(3)
$
389,688.63
N/A
N/A
N/A
Class PT2-I-35A
(2)
$
369,223.77
Class PT2-I-IO-35
N/A
N/A
Class PT2-I-35B
(3)
$
369,223.77
N/A
N/A
N/A
Class PT2-I-36A
(2)
$
349,884.76
Class PT2-I-IO-36
N/A
N/A
Class PT2-I-36B
(3)
$
349,884.76
N/A
N/A
N/A
Class PT2-I-37A
(2)
$
331,553.51
Class PT2-I-IO-37
N/A
N/A
Class PT2-I-37B
(3)
$
331,553.51
N/A
N/A
N/A
Class PT2-I-38A
(2)
$
314,261.03
Class PT2-I-IO-38
N/A
N/A
Class PT2-I-38B
(3)
$
314,261.03
N/A
N/A
N/A
Class PT2-I-39A
(2)
$
297,922.23
Class PT2-I-IO-39
N/A
N/A
Class PT2-I-39B
(3)
$
297,922.23
N/A
N/A
N/A
Class PT2-I-40A
(2)
$
282,473.61
Class PT2-I-IO-40
N/A
N/A
Class PT2-I-40B
(3)
$
282,473.61
N/A
N/A
N/A
Class PT2-I-41A
(2)
$
267,862.41
Class PT2-I-IO-41
N/A
N/A
Class PT2-I-41B
(3)
$
267,862.41
N/A
N/A
N/A
Class PT2-I-42A
(2)
$
254,042.11
Class PT2-I-IO-42
N/A
N/A
Class PT2-I-42B
(3)
$
254,042.11
N/A
N/A
N/A
Class PT2-I-43A
(2)
$
240,968.36
Class PT2-I-IO-43
N/A
N/A
Class PT2-I-43B
(3)
$
240,968.36
N/A
N/A
N/A
Class PT2-I-44A
(2)
$
228,598.78
Class PT2-I-IO-44
N/A
N/A
Class PT2-I-44B
(3)
$
228,598.78 N/A
N/A
N/A
Class PT2-I-45A
(2)
$
216,894.78
Class PT2-I-IO-45
N/A
N/A
Class PT2-I-45B
(3)
$
216,894.78
N/A
N/A
N/A
Class PT2-I-46A
(2)
$
205,818.92
Class PT2-I-IO-46
N/A
N/A
Class PT2-I-46B
(3)
$
205,818.92
N/A
N/A
N/A
Class PT2-I-47A
(2)
$
195,336.08
Class PT2-I-IO-47
N/A
N/A
Class PT2-I-47B
(3)
$
195,336.08
N/A
N/A
N/A
Class PT2-I-48A
(2)
$
185,413.27
Class PT2-I-IO-48
N/A
N/A
Class PT2-I-48B
(3)
$
185,413.27
N/A
N/A
N/A
Class PT2-I-49A
(2)
$
176,019.82
Class PT2-I-IO-49
N/A
N/A
Class PT2-I-49B
(3) $
176,019.82
N/A
N/A
N/A
Class PT2-I-50A
(2)
$
167,125.72
Class PT2-I-IO-50
N/A
N/A
Class PT2-I-50B
(3)
$
167,125.72
N/A
N/A
N/A
Class PT2-I-51A
(2)
$
158,703.76
Class PT2-I-IO-51
N/A
N/A
Class PT2-I-51B
(3)
$
158,703.76
N/A
N/A
N/A
Class PT2-I-52A
(2)
$
150,727.71
Class PT2-I-IO-52
N/A
N/A
Class PT2-I-52B
(3)
$
150,727.71
N/A
N/A
N/A
Class PT2-I-53A
(2)
$
143,173.35
Class PT2-I-IO-53
N/A
N/A
Class PT2-I-53B
(3)
$
143,173.35
N/A
N/A
N/A
Class PT2-I-54A
(2)
$
136,020.20
Class PT2-I-IO-54
N/A
N/A
Class PT2-I-54B
(3)
$
136,020.20
N/A
N/A
N/A
Class PT2-I-55A
(2)
$
129,276.37
Class PT2-I-IO-55
N/A
N/A
Class PT2-I-55B
(3)
$
129,276.37
N/A
N/A
N/A
Class PT2-I-56A
(2)
$
122,866.64
Class PT2-I-IO-56
N/A
N/A
Class PT2-I-56B
(3)
$
122,866.64
N/A
N/A
N/A
Class PT2-I-57A
(2)
$
116,799.26
Class PT2-I-IO-57
N/A
N/A
Class PT2-I-57B
(3)
$
116,799.26
N/A
N/A
N/A
Class PT2-I-58A
(2)
$
111,023.45
Class PT2-I-IO-58
N/A
N/A
Class PT2-I-58B
(3)
$
111,023.45
N/A
N/A
N/A
Class PT2-I-59A
(2)
$ 2,266,757.49
Class
PT2-I-IO-59
N/A
N/A
Class PT2-I-59B
(3)
$ 2,266,757.49
N/A
N/A
N/A
Class PT2-I-IO-2
(4)
(4)
N/A
Class PT1-I-2A February 2007
Class PT2-I-IO-3
(4)
(4)
N/A
Class PT1-I-3A March 2007
Class PT2-I-IO-4
(4)
(4)
N/A
Class PT1-I-4A April 2007
Class PT2-I-IO-5
(4)
(4)
N/A
Class PT1-I-5A May 2007
Class PT2-I-IO-6
(4)
(4)
N/A
Class PT1-I-6A June 2007
Class PT2-I-IO-7
(4)
(4)
N/A
Class PT1-I-7A July 2007
Class PT2-I-IO-8
(4)
(4)
N/A
Class PT1-I-8A August 2007
Class PT2-I-IO-9
(4)
(4)
N/A
Class PT1-I-9A September 2007
Class PT2-I-IO-10
(4)
(4)
N/A
Class PT1-I-10A
October 2007
Class PT2-I-IO-11
(4)
(4)
N/A
Class PT1-I-11A
November 2007
Class PT2-I-IO-12
(4)
(4)
N/A
Class PT1-I-12A
December 2007
Class PT2-I-IO-13
(4)
(4)
N/A
Class PT1-I-13A
January 2008
Class PT2-I-IO-14
(4)
(4)
N/A
Class PT1-I-14A
February 2008
Class PT2-I-IO-15
(4)
(4)
N/A
Class PT1-I-15A
March 2008
Class PT2-I-IO-16
(4)
(4)
N/A
Class PT1-I-16A
April 2008
Class PT2-I-IO-17
(4)
(4)
N/A
Class PT1-I-17A
May 2008
Class PT2-I-IO-18
(4)
(4)
N/A
Class PT1-I-18A
June 2008
Class PT2-I-IO-19
(4)
(4)
N/A
Class PT1-I-19A
July 2008
Class PT2-I-IO-20
(4)
(4)
N/A
Class PT1-I-20A
August 2008
Class PT2-I-IO-21
(4)
(4)
N/A
Class PT1-I-21A
September 2008
Class PT2-I-IO-22
(4)
(4)
N/A
Class PT1-I-22A
October 2008
Class PT2-I-IO-23
(4)
(4)
N/A
Class PT1-I-23A
November 2008
Class PT2-I-IO-24
(4)
(4)
N/A
Class PT1-I-24A
December 2008
Class PT2-I-IO-25
(4)
(4)
N/A
Class PT1-I-25A
January 2009
Class PT2-I-IO-26
(4)
(4)
N/A
Class PT1-I-26A
February 2009
Class PT2-I-IO-27
(4)
(4)
N/A
Class PT1-I-27A
March 2009
Class PT2-I-IO-28
(4)
(4)
N/A
Class PT1-I-28A
April 2009
Class PT2-I-IO-29
(4)
(4)
N/A
Class PT1-I-29A
July 2009
Class PT2-I-IO-30
(4)
(4)
N/A
Class PT1-I-30A
August 2009
Class PT2-I-IO-31
(4)
(4)
N/A
Class PT1-I-31A
September 2009
Class PT2-I-IO-32
(4)
(4)
N/A
Class PT1-I-32A
October 2009
Class PT2-I-IO-33
(4)
(4)
N/A
Class PT1-I-33A
November 2009
Class PT2-I-IO-34
(4)
(4)
N/A
Class PT1-I-34A
December 2009
Class PT2-I-IO-35
(4)
(4)
N/A
Class PT1-I-35A
January 2010
Class PT2-I-IO-36
(4)
(4)
N/A
Class PT1-I-36A
February 2010
Class PT2-I-IO-37
(4)
(4)
N/A
Class PT1-I-37A
March 2010
Class PT2-I-IO-38
(4)
(4)
N/A
Class PT1-I-38A
April 2010
Class PT2-I-IO-39
(4)
(4)
N/A
Class PT1-I-39A
May 2010
Class PT2-I-IO-40
(4)
(4)
N/A
Class PT1-I-40A
June 2010
Class PT2-I-IO-41
(4)
(4)
N/A
Class PT1-I-41A
July 2010
Class PT2-I-IO-42
(4)
(4)
N/A
Class PT1-I-42A
August 2010
Class PT2-I-IO-43
(4)
(4)
N/A
Class PT1-I-43A
September 2010
Class PT2-I-IO-44
(4)
(4)
N/A
Class PT1-I-44A
October 2010
Class PT2-I-IO-45
(4)
(4)
N/A
Class PT1-I-45A
November 2010
Class PT2-I-IO-46
(4)
(4)
N/A
Class PT1-I-46A
December 2010
Class PT2-I-IO-47
(4)
(4)
N/A
Class PT1-I-47A
January 2011
Class PT2-I-IO-48
(4)
(4)
N/A
Class PT1-I-48A
February 2011
Class PT2-I-IO-49
(4)
(4)
N/A
Class PT1-I-49A
March 2011
Class PT2-I-IO-50
(4)
(4)
N/A
Class PT1-I-50A
April 2011
Class PT2-I-IO-51
(4)
(4)
N/A
Class PT1-I-51A
May 2011
Class PT2-I-IO-52
(4)
(4)
N/A
Class PT1-I-52A
June 2011
Class PT2-I-IO-53
(4)
(4)
N/A
Class PT1-I-53A
July 2011
Class PT2-I-IO-54
(4)
(4)
N/A
Class PT1-I-54A
August 2011
Class PT2-I-IO-55
(4)
(4)
N/A
Class PT1-I-55A
September 2011
Class PT2-I-IO-56
(4)
(4)
N/A
Class PT1-I-56A
October 2011
Class PT2-I-IO-57
(4)
(4)
N/A
Class PT1-I-57A
November 2011
Class PT2-I-IO-58
(4)
(4)
N/A
Class PT1-I-58A
December 2011
Class PT2-I-IO-59
(4)
(4)
N/A
Class PT1-I-59A
January 2012
Class PT2-II-1
(5)
$ 11,401,410.57
N/A
N/A
N/A
Class PT2-II-2A
(6)
$ 1,944,332.93
Class
PT2-II-IO-2
N/A
N/A
Class PT2-II-2B
(7)
$ 1,944,332.93
N/A
N/A
N/A
Class PT2-II-3A
(6)
$ 2,239,665.61
Class
PT2-II-IO-3
N/A
N/A
Class PT2-II-3B
(7)
$ 2,239,665.61
N/A
N/A
N/A
Class PT2-II-4A
(6)
$ 2,527,142.64
Class
PT2-II-IO-4
N/A
N/A
Class PT2-II-4B
(7)
$ 2,527,142.64
N/A
N/A
N/A
Class PT2-II-5A
(6)
$ 2,804,079.26
Class
PT2-II-IO-5
N/A
N/A
Class PT2-II-5B
(7)
$ 2,804,079.26
N/A
N/A
N/A
Class PT2-II-6A
(6)
$ 3,067,777.24
Class
PT2-II-IO-6
N/A
N/A
Class PT2-II-6B
(7)
$ 3,067,777.24
N/A
N/A
N/A
Class PT2-II-7A
(6)
$ 3,314,964.59
Class
PT2-II-IO-7
N/A
N/A
Class PT2-II-7B
(7)
$ 3,314,964.59
N/A
N/A
N/A
Class PT2-II-8A
(6)
$ 3,539,521.82
Class
PT2-II-IO-8
N/A
N/A
Class PT2-II-8B
(7)
$ 3,539,521.82
N/A
N/A
N/A
Class PT2-II-9A
(6)
$ 3,595,622.97
Class
PT2-II-IO-9
N/A
N/A
Class PT2-II-9B
(7)
$ 3,595,622.97
N/A
N/A
N/A
$ 3,565,744.62
Class
Class PT2-II-10A
(6)
PT2-II-IO-10
N/A
N/A
Class PT2-II-10B
(7)
$ 3,565,744.62
N/A
N/A
N/A
$ 3,428,897.36
Class
Class PT2-II-11A
(6)
PT2-II-IO-11
N/A
N/A
Class PT2-II-11B
(7)
$ 3,428,897.36
N/A
N/A
N/A
$ 3,274,930.37
Class
Class PT2-II-12A
(6)
PT2-II-IO-12
N/A
N/A
Class PT2-II-12B
(7)
$ 3,274,930.37
N/A
N/A
N/A
$ 3,123,687.81
Class
Class PT2-II-13A
(6)
PT2-II-IO-13
N/A
N/A
Class PT2-II-13B
(7)
$ 3,123,687.81
N/A
N/A
N/A
$ 2,979,503.56
Class
Class PT2-II-14A
(6)
PT2-II-IO-14
N/A
N/A
Class PT2-II-14B
(7)
$ 2,979,503.56
N/A
N/A
N/A
$ 2,842,045.53
Class
Class PT2-II-15A
(6)
PT2-II-IO-15
N/A
N/A
Class PT2-II-15B
(7)
$ 2,842,045.53
N/A
N/A
N/A
$ 2,710,996.73
Class
Class PT2-II-16A
(6)
PT2-II-IO-16
N/A
N/A
Class PT2-II-16B
(7)
$ 2,710,996.73
N/A
N/A
N/A
$ 2,586,055.29
Class
Class PT2-II-17A
(6)
PT2-II-IO-17
N/A
N/A
Class PT2-II-17B
(7)
$ 2,586,055.29
N/A
N/A
N/A
$ 2,466,934.83
Class
Class PT2-II-18A
(6)
PT2-II-IO-18
N/A
N/A
Class PT2-II-18B
(7)
$ 2,466,934.83
N/A
N/A
N/A
$ 2,359,705.75
Class
Class PT2-II-19A
(6)
PT2-II-IO-19
N/A
N/A
Class PT2-II-19B
(7)
$ 2,359,705.75
N/A
N/A
N/A
$ 2,287,320.85
Class
Class PT2-II-20A
(6)
PT2-II-IO-20
N/A
N/A
Class PT2-II-20B
(7)
$ 2,287,320.85
N/A
N/A
N/A
$ 3,234,451.76
Class
Class PT2-II-21A
(6)
PT2-II-IO-21
N/A
N/A
Class PT2-II-21B
(7) $
3,234,451.76
N/A
N/A
N/A
$ 3,564,885.78
Class
Class PT2-II-22A
(6)
PT2-II-IO-22
N/A
N/A
Class PT2-II-22B
(7)
$ 3,564,885.78
N/A
N/A
N/A
$ 4,168,552.12
Class
Class PT2-II-23A
(6)
PT2-II-IO-23
N/A
N/A
Class PT2-II-23B
(7)
$ 4,168,552.12
N/A
N/A
N/A
$ 3,254,367.53
Class
Class PT2-II-24A
(6)
PT2-II-IO-24
N/A
N/A
Class PT2-II-24B
(7)
$ 3,254,367.53
N/A
N/A
N/A
$ 2,555,814.91
Class
Class PT2-II-25A
(6)
PT2-II-IO-25
N/A
N/A
Class PT2-II-25B
(7)
$ 2,555,814.91
N/A
N/A
N/A
$ 1,725,248.09
Class
Class PT2-II-26A
(6)
PT2-II-IO-26
N/A
N/A
Class PT2-II-26B
(7)
$ 1,725,248.09
N/A
N/A
N/A
$ 1,492,816.73
Class
Class PT2-II-27A
(6)
PT2-II-IO-27
N/A
N/A
Class PT2-II-27B
(7)
$ 1,492,816.73
N/A
N/A
N/A
$ 1,184,675.68
Class
Class PT2-II-28A
(6)
PT2-II-IO-28
N/A
N/A
Class PT2-II-28B
(7)
$ 1,184,675.68
N/A
N/A
N/A
$
695,201.61
Class
Class PT2-II-29A
(6)
PT2-II-IO-29
N/A
N/A
Class PT2-II-29B
(7)
$
695,201.61
N/A
N/A
N/A
$
987,986.67
Class
Class PT2-II-30A
(6)
PT2-II-IO-30
N/A
N/A
Class PT2-II-30B
(7)
$
987,986.67
N/A
N/A
N/A
$
934,834.15
Class
Class PT2-II-31A
(6)
PT2-II-IO-31
N/A
N/A
Class PT2-II-31B
(7)
$
934,834.15
N/A
N/A
N/A
$
885,176.51
Class
Class PT2-II-32A
(6)
PT2-II-IO-32
N/A
N/A
Class PT2-II-32B
(7)
$
885,176.51
N/A
N/A
N/A
$
838,444.99
Class
Class PT2-II-33A
(6)
PT2-II-IO-33
N/A
N/A
Class PT2-II-33B
(7)
$
838,444.99
N/A
N/A
N/A
$
794,316.55
Class
Class PT2-II-34A
(6)
PT2-II-IO-34
N/A
N/A
Class PT2-II-34B
(7)
$
794,316.55
N/A
N/A
N/A
$
752,602.29
Class
Class PT2-II-35A
(6)
PT2-II-IO-35
N/A
N/A
Class PT2-II-35B
(7)
$
752,602.29
N/A
N/A
N/A
$
713,182.87
Class
Class PT2-II-36A
(6)
PT2-II-IO-36
N/A
N/A
Class PT2-II-36B
(7)
$
713,182.87
N/A
N/A
N/A
$
675,817.62
Class
Class PT2-II-37A
(6)
PT2-II-IO-37
N/A
N/A
Class PT2-II-37B
(7) $
675,817.62
N/A
N/A
N/A
$
640,569.73
Class
Class PT2-II-38A
(6)
PT2-II-IO-38
N/A
N/A
Class PT2-II-38B
(7)
$
640,569.73
N/A
N/A
N/A
$
607,265.75
Class
Class PT2-II-39A
(6)
PT2-II-IO-39
N/A
N/A
Class PT2-II-39B
(7)
$
607,265.75
N/A
N/A
N/A
$
575,776.27
Class
Class PT2-II-40A
(6)
PT2-II-IO-40
N/A
N/A
Class PT2-II-40B
(7)
$
575,776.27
N/A
N/A
N/A
$
545,993.72
Class
Class PT2-II-41A
(6)
PT2-II-IO-41
N/A
N/A
Class PT2-II-41B
(7)
$
545,993.72
N/A
N/A
N/A
$
517,823.31
Class
Class PT2-II-42A
(6)
PT2-II-IO-42
N/A
N/A
Class PT2-II-42B
(7)
$
517,823.31
N/A
N/A
N/A
$
491,174.61
Class
Class PT2-II-43A
(6)
PT2-II-IO-43
N/A
N/A
Class PT2-II-43B
(7)
$
491,174.61
N/A
N/A
N/A
$
465,961.24
Class
Class PT2-II-44A
(6)
PT2-II-IO-44
N/A
N/A
Class PT2-II-44B
(7)
$
465,961.24
N/A
N/A
N/A
$
442,104.55
Class
Class PT2-II-45A
(6)
PT2-II-IO-45
N/A
N/A
Class PT2-II-45B
(7)
$
442,104.55
N/A
N/A
N/A
$
419,528.22
Class
Class PT2-II-46A
(6)
PT2-II-IO-46
N/A
N/A
Class PT2-II-46B
(7)
$
419,528.22
N/A
N/A
N/A
$
398,160.65
Class
Class PT2-II-47A
(6)
PT2-II-IO-47
N/A
N/A
Class PT2-II-47B
(7)
$
398,160.65
N/A
N/A
N/A
$
377,934.63
Class
Class PT2-II-48A
(6)
PT2-II-IO-48
N/A
N/A
Class PT2-II-48B
(7)
$
377,934.63
N/A
N/A
N/A
$
358,787.62
Class
Class PT2-II-49A
(6)
PT2-II-IO-49
N/A
N/A
Class PT2-II-49B
(7)
$
358,787.62
N/A
N/A
N/A
$
340,658.46
Class
Class PT2-II-50A
(6)
PT2-II-IO-50
N/A
N/A
Class PT2-II-50B
(7)
$
340,658.46
N/A
N/A
N/A
$
323,491.66
Class
Class PT2-II-51A
(6)
PT2-II-IO-51
N/A
N/A
Class PT2-II-51B
(7)
$
323,491.66
N/A
N/A
N/A
$
307,233.80
Class
Class PT2-II-52A
(6)
PT2-II-IO-52
N/A
N/A
Class PT2-II-52B
(7)
$
307,233.80
N/A
N/A
N/A
$
291,835.46
Class
Class PT2-II-53A
(6)
PT2-II-IO-53
N/A
N/A
Class PT2-II-53B
(7) $
291,835.46
N/A
N/A
N/A
$
277,254.94
Class
Class PT2-II-54A
(6)
PT2-II-IO-54
N/A
N/A
Class PT2-II-54B
(7)
$
277,254.94
N/A
N/A
N/A
$
263,508.74
Class
Class PT2-II-55A
(6)
PT2-II-IO-55
N/A
N/A
Class PT2-II-55B
(7)
$
263,508.74
N/A
N/A
N/A
$
250,443.56
Class
Class PT2-II-56A
(6)
PT2-II-IO-56
N/A
N/A
Class PT2-II-56B
(7)
$
250,443.56
N/A
N/A
N/A
$
238,076.20
Class
Class PT2-II-57A
(6)
PT2-II-IO-57
N/A
N/A
Class PT2-II-57B
(7)
$
238,076.20
N/A
N/A
N/A
$
226,303.15
Class
Class PT2-II-58A
(6)
PT2-II-IO-58
N/A
N/A
Class PT2-II-58B
(7)
$
226,303.15
N/A
N/A
N/A
$ 4,620,414.54
Class
Class PT2-II-59A
(6)
PT2-II-IO-59
N/A
N/A
Class PT2-II-59B
(7)
$ 4,620,414.54
N/A
N/A
N/A
Class PT2-II-IO-2
(4)
(4)
N/A
Class PT1-II-2A
February 2007
Class PT2-II-IO-3
(4)
(4)
N/A
Class PT1-II-3A
March 2007
Class PT2-II-IO-4
(4)
(4)
N/A
Class PT1-II-4A
April 2007
Class PT2-II-IO-5
(4)
(4)
N/A
Class PT1-II-5A
May 2007
Class PT2-II-IO-6
(4)
(4)
N/A
Class PT1-II-6A
June 2007
Class PT2-II-IO-7
(4)
(4)
N/A
Class
PT1-II-7A July
2007
Class PT2-II-IO-8
(4)
(4)
N/A
Class PT1-II-8A
August 2007
Class PT2-II-IO-9
(4)
(4)
N/A
Class PT1-II-9A
September 2007
Class PT2-II-IO-10
(4)
(4)
N/A
Class PT1-II-10A
October 2007
Class PT2-II-IO-11
(4)
(4)
N/A
Class PT1-II-11A
November 2007
Class PT2-II-IO-12
(4)
(4)
N/A
Class PT1-II-12A
December 2007
Class PT2-II-IO-13
(4)
(4)
N/A
Class PT1-II-13A
January 2008
Class PT2-II-IO-14
(4)
(4)
N/A
Class PT1-II-14A
February 2008
Class PT2-II-IO-15
(4)
(4)
N/A
Class PT1-II-15A
March 2008
Class PT2-II-IO-16
(4)
(4)
N/A
Class PT1-II-16A
April 2008
Class PT2-II-IO-17
(4)
(4)
N/A
Class PT1-II-17A
May 2008
Class PT2-II-IO-18
(4)
(4)
N/A
Class PT1-II-18A
June 2008
Class PT2-II-IO-19
(4)
(4)
N/A
Class PT1-II-19A
July 2008
Class PT2-II-IO-20
(4)
(4)
N/A
Class PT1-II-20A
August 2008
Class PT2-II-IO-21
(4)
(4)
N/A
Class PT1-II-21A
September 2008
Class PT2-II-IO-22
(4)
(4)
N/A
Class PT1-II-22A
October 2008
Class PT2-II-IO-23
(4)
(4)
N/A
Class PT1-II-23A
November 2008
Class PT2-II-IO-24
(4)
(4)
N/A
Class PT1-II-24A
December 2008
Class PT2-II-IO-25
(4)
(4)
N/A
Class PT1-II-25A
January 2009
Class PT2-II-IO-26
(4)
(4)
N/A
Class PT1-II-26A
February 2009
Class PT2-II-IO-27
(4)
(4)
N/A
Class PT1-II-27A
March 2009
Class PT2-II-IO-28
(4)
(4)
N/A
Class PT1-II-28A
April 2009
Class PT2-II-IO-29
(4)
(4)
N/A
Class PT1-II-29A
July 2009
Class PT2-II-IO-30
(4)
(4)
N/A
Class PT1-II-30A
August 2009
Class PT2-II-IO-31
(4)
(4)
N/A
Class PT1-II-31A
September 2009
Class PT2-II-IO-32
(4)
(4)
N/A
Class PT1-II-32A
October 2009
Class PT2-II-IO-33
(4)
(4)
N/A
Class PT1-II-33A
November 2009
Class PT2-II-IO-34
(4)
(4)
N/A
Class PT1-II-34A
December 2009
Class PT2-II-IO-35
(4)
(4)
N/A
Class PT1-II-35A
January 2010
Class PT2-II-IO-36
(4)
(4)
N/A
Class PT1-II-36A
February 2010
Class PT2-II-IO-37
(4)
(4)
N/A
Class PT1-II-37A
March 2010
Class PT2-II-IO-38
(4)
(4)
N/A
Class PT1-II-38A
April 2010
Class PT2-II-IO-39
(4)
(4)
N/A
Class PT1-II-39A
May 2010
Class PT2-II-IO-40
(4)
(4)
N/A
Class PT1-II-40A
June 2010
Class PT2-II-IO-41
(4)
(4)
N/A
Class PT1-II-41A
July 2010
Class PT2-II-IO-42
(4)
(4)
N/A
Class PT1-II-42A
August 2010
Class PT2-II-IO-43
(4)
(4)
N/A
Class PT1-II-43A
September 2010
Class PT2-II-IO-44
(4)
(4)
N/A
Class PT1-II-44A
October 2010
Class PT2-II-IO-45
(4)
(4)
N/A
Class PT1-II-45A
November 2010
Class PT2-II-IO-46
(4)
(4)
N/A
Class PT1-II-46A
December 2010
Class PT2-II-IO-47
(4)
(4)
N/A
Class PT1-II-47A
January 2011
Class PT2-II-IO-48
(4)
(4)
N/A
Class PT1-II-48A
February 2011
Class PT2-II-IO-49
(4)
(4)
N/A
Class PT1-II-49A
March 2011
Class PT2-II-IO-50
(4)
(4)
N/A
Class PT1-II-50A
April 2011
Class PT2-II-IO-51
(4)
(4)
N/A
Class PT1-II-51A
May 2011
Class PT2-II-IO-52
(4)
(4)
N/A
Class PT1-II-52A
June 2011
Class PT2-II-IO-53
(4)
(4)
N/A
Class PT1-II-53A
July 2011
Class PT2-II-IO-54
(4)
(4)
N/A
Class PT1-II-54A
August 2011
Class PT2-II-IO-55
(4)
(4)
N/A
Class PT1-II-55A
September 2011
Class PT2-II-IO-56
(4)
(4)
N/A
Class PT1-II-56A
October 2011
Class PT2-II-IO-57
(4)
(4)
N/A
Class PT1-II-57A
November 2011
Class PT2-II-IO-58
(4)
(4)
N/A
Class PT1-II-58A
December 2011
Class PT2-II-IO-59
(4)
(4)
N/A
Class PT1-II-59A
January 2012
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 the Group I Mortgage Loans 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 the Group I Mortgage Loans 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 the Group I Mortgage Loans 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 the Group II Mortgage Loans 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 the Group II Mortgage Loans 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 the Group II Mortgage Loans 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)(iii) 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 the Group I
Mortgage
Loans with the lowest numerical denomination 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 the Group I
Mortgage Loans
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, 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 the Group II
Mortgage Loans
with the lowest numerical denomination 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 the Group II Mortgage Loans
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, 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
Lower-Tier
Initial Lower-Tier
Upper-Tier REMIC
REMIC Interest Interest Rate
Principal Amount
Regular Interest
-------------
-------------
--------------------------------- ----------------
<S>
<C>
<C>
<C>
Class LT-A-1A
(1)
1/2 initial Class Certificate
A-1A
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-1B
(1) 1/2
initial Class Certificate
A-1B
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-1C
(1)
1/2 initial Class Certificate
A-1A
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-2A1
(1)
1/2 initial Class Certificate
A-2A1
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-2A2S
(1)
1/2 initial Class Certificate
A-2A2S
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-2A2M
(1)
1/2 initial Class Certificate
A-2A2M
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-2B
(1)
1/2 initial Class Certificate
A-2B
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-A-2C
(1)
1/2 initial Class Certificate
A-2C
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-1
(1)
1/2 initial Class Certificate
M-1
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-2
(1)
1/2 initial Class Certificate
M-2
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-3
(1)
1/2 initial Class Certificate
M-3
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-4
(1)
1/2 initial Class Certificate
M-4
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-5
(1)
1/2 initial Class Certificate
M-5
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-6
(1)
1/2 initial Class Certificate
M-6
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-7
(1)
1/2 initial Class Certificate
M-7
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-8
(1)
1/2 initial Class Certificate
M-8
Balance of Corresponding
Upper-Tier REMIC Regular Interest
Class LT-M-9
(1)
1/2 initial Class Certificate
M-9
Balance of 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 $50
Class LT-Group I
(2)
0.001% aggregate Stated Principal
N/A
Balance of Group I Mortgage
Loans(4)
Class LT-Group II (3)
0.001% aggregate Stated Principal
N/A
Balance 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 the Group I Mortgage Loans.
(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 the Group II Mortgage Loans.
(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-1A, Class
LT-A-1B,
Class LT-A-1C, Class LT-A-2A1, Class LT-A-2A2S, Class LT-A-2A2M,
Class LT-A-2B,
Class LT-A-2C, 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 and Class LT-M-9
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 among 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.
Upper-Tier REMIC
Upper-Tier Initial
Principal Corresponding
Class
Interest
Interest Rate Upper-Tier Amount
of
Certificates
---------------- -------------
-----------------
------------------
Class A-1A
(1)
$39,569,000
Class A-1A
Class A-1B
(1)
$26,640,000
Class A-1B
Class A-1C
(1)
$10,651,000
Class A-1C
Class A-2A1
(2)
$42,000,000
Class A-2A1
Class A-2A2S
(2)
$30,472,000
Class A-2A2S
Class A-2A2M
(2)
$10,157,000
Class A-2A2M
Class A-2B
(2)
$61,559,000
Class A-2B
Class A-2C
(2)
$12,480,000
Class A-2C
Class M-1
(3)
$11,532,000
Class M-1
Class M-2
(3)
$10,622,000
Class M-2
Class M-3
(3)
$6,069,000
Class M-3
Class M-4
(3)
$5,615,000
Class M-4
Class M-5
(3)
$5,614,000
Class M-5
Class M-6
(3)
$5,007,000
Class M-6
Class M-7
(3)
$4,553,000
Class M-7
Class M-8
(3)
$4,248,000
Class M-8
Class M-9
(3)
$4,401,000
Class M-9
Class UT-IO
(4)
(4)
N/A
Class UT-X
(5)
(5)
N/A
Class UT-3
(6)
$50
N/A
Class UT-R
(7)
(7)
Class R
-----------------
(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 (iii) 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 (iii) 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
$12,291,138.88 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 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
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)
$50.00
---------------
(1)
The Class X Interest has an initial principal balance equal to
the
initial principal balance of the Class UT-X Interest and is
entitled to
100% of the interest and principal on the Class UT-X Interest on
each
Distribution Date.
(2)
This interest is an interest-only interest and does not have a
principal
balance. On each Distribution Date the Class IO Interest shall
be
entitled to receive 100% of the interest distributable on the
Class
UT-IO Interest.
(3)
The Class RX Certificates do not have an interest rate.
Certificates
------------
Class Pass-Through Class
Certificate
Class Designation
Rate
Balance
-----------------
------------------
-----------------
Class A-1A(22)
(1)
$39,569,000
Class A-1B(22)
(2)
$26,640,000
Class A-1C(22)
(3)
$10,651,000
Class A-2A1(22)
(4)
$42,000,000
Class A-2A2S(22)
(5)
$30,472,000
Class A-2A2M(22)
(6)
$10,157,000
Class A-2B(22)
(7)
$61,559,000
Class A-2C(22)
(8)
$12,480,000
Class M-1(22)
(9)
$11,532,000
Class M-2(22)
(10)
$10,622,000
Class M-3(22)
(11)
$6,069,000
Class M-4(22)
(12)
$5,615,000
Class M-5(22)
(13)
$5,614,000
Class M-6(22)
(14)
$5,007,000
Class M-7(22)
(15)
$4,553,000
Class M-8(22)
(16)
$4,248,000
Class M-9(22)
(17)
$4,401,000
Class X
(18)
0(18)
Class R
(19)
$
50
Class RC
(20)
$
100
Class RX
(21)
$
50
---------------
(1)
The Class A-1A Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group I
Cap
and (3) the WAC Cap.
(2)
The Class A-1B Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group I
Cap
and (3) the WAC Cap.
(3)
The Class A-1C Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group I
Cap
and (3) the WAC Cap.
(4)
The Class A-2A1 Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group
II Cap
and (3) the WAC Cap.
(5)
The Class A-2A2S Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group
II Cap
and (3) the WAC Cap.
(6)
The Class A-2A2M Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group
II Cap
and (3) the WAC Cap.
(7)
The Class A-2B Certificates will bear interest during each
Interest
Accrual Period at a
per annum rate equal to the least of (1) One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group
II Cap
and (3) the WAC Cap.
(8)
The Class A-2C Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the least of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin, (2) the Loan Group
II Cap
and (3) the WAC Cap.
(9)
The Class M-1 Certificates will bear interest during each
Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(10) The
Class M-2 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(11) The
Class M-3 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(12) The
Class M-4 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(13) The
Class M-5 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(14) The
Class M-6 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(15) The
Class M-7 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(16) The
Class M-8 Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(17)
The Class M-9
Certificates will bear interest during each Interest
Accrual Period at a per annum rate equal to the lesser of (1)
One-Month
LIBOR plus the applicable Pass-Through Margin and (2) the WAC
Cap.
(18) The
Class X Certificates will represent beneficial ownership of (i)
the
Class X Interest, (ii) the Class IO Interest, (iii) the right to
receive
Class IO Shortfalls, (iv) the Interest Rate Cap Agreement, (v)
amounts
in the Supplemental Interest Trust, including the Interest Rate
Swap
Agreement, subject to the obligation to pay Net Swap Payments and
Swap
Termination Payments to the Swap Provider and Basis Risk Carry
Forward
Amounts and, without duplication, Upper-Tier Carry Forward Amounts
to
the LIBOR Certificates and (vi) amounts in the Excess Reserve
Fund
Account, subject to the obligation to make payments from the
Excess
Reserve Fund Account in respect of Basis Risk Carry Forward Amounts
to
the LIBOR Certificates. For federal income tax purposes, the
Securities
Administrator will treat a Class X Certificateholder's obligation
to
make payments of Basis Risk Carry Forward Amounts and, without
duplication, Upper-Tier Carry Forward Amounts to the LIBOR
Certificates
from the Excess Reserve Fund Account and the Supplemental Interest
Trust
and, without duplication, Upper-Tier Carry-Forward Amounts from
the
Supplemental Interest Trust and the right to receive Class IO
Shortfalls
as payments made or received pursuant to a notional principal
contract
between the Class X Certificateholders and each Class of LIBOR
Certificates. Such rights of the Class X Certificateholders and
LIBOR
Certificateholders shall be treated as held in a portion of the
Trust
Fund that is treated as a grantor trust under subpart E, Part I
of
subchapter J of the Code.
(19) The
Class R Certificates do not have an interest rate. The Class R
Certificates represent ownership of the Class PT2-R Interest, the
Class
LT-R Interest and the Class UT-R Interest.
(20) The
Class RC Certificates do not have an interest rate. The Class
RC
Certificates represent the residual interest in Pooling-Tier
REMIC-1.
(21) The
Class RX Certificates do not have an interest rate. The Class
RX
Certificates represent the residual interest in the Class X
REMIC.
(22) Each
of these Certificates will represent not only the ownership of
a
regular interest in the Corresponding REMIC but also the right
to
receive payments from the Excess Reserve Fund Account and the
Supplemental Interest Trust. Each of these Certificates will also
be
subject to the obligation to pay Class IO Shortfalls as described
in
Section 8.13. For federal income tax purposes, any amount
distributed on
the LIBOR Certificates on any such Distribution Date in excess of
the
amount distributable on the regular interest in the Upper-Tier
REMIC on
such Distribution Date shall be treated as having been paid from
the
Excess Reserve Fund Account or the Supplemental Interest Trust,
as
applicable, and any amount distributable on such regular interest
on
such Distribution Date in excess of the amount distributable on
the
LIBOR Certificates on such Distribution Date shall be treated as
having
been paid to the Supplemental Interest Trust, all pursuant to, and
as
further provided in, Section 8.13. The Securities Administrator
will
treat a LIBOR Certificateholder's right to receive payments from
the
Excess Reserve Fund Account and the Supplemental Interest Trust,
subject
to the obligation to pay Class IO Shortfalls as payments made
pursuant
to a notional principal contract between the Class X
Certificateholders
and the Holders of each Class of LIBOR Certificates.
The minimum denomination for the LIBOR Certificates will be
$25,000, with integral multiples of $1 in excess thereof except
that one
Certificate in each Class may be issued in a different amount. The
minimum
denomination for (a) the Class R Certificates will be $25,
representing a 50%
Percentage Interest in the related Class, (b) the Class RC
Certificates will be
$25, representing a 25% Percentage Interest in the related Class,
(c) the Class
RX Certificates will be $25, representing a 50% Percentage Interest
in the
related Class, (d) the Class P Certificates will be a 1% Percentage
Interest in
such Class and (e) the Class X Certificates will be a 1% Percentage
Interest in
such Class.
It is expected that each Class Certificates will receive its
final distribution on or prior to the applicable Final Scheduled
Distribution
Date.
Set forth below are designations of Classes of Certificates to
the categories used herein:
Book-Entry Certificates............ All Classes of Certificates other
than the
Physical Certificates.
Class A Certificates............... Class A-1A, Class A-1B, Class
A-1C, Class
A-2A1, Class A-2A2S, Class A-2A2M, Class
A-2B and Class A-2C Certificates.
Class A-1 Certificates............. Class A-1A, Class A-1B and Class
A-1C
Certificates.
Class A-2 Certificates............. Class A-2A1, Class A-2A2S, Class
A-2A2M,
Class A-2B and Class A-2C Certificates.
Class M Certificates............... Class M-1, Class M-2, Class M-3,
Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8
and Class M-9 Certificates.
ERISA-Restricted
Certificates..................... Class R, Class P and Class X
Certificates;
and any Certificate with a rating below the
lowest applicable permitted rating under
the Underwriter's Exemption.
LIBOR Certificates................. Class A and Class M
Certificates.
Offered Certificates............... All Classes of Certificates other
than the
Private Certificates.
Physical Certificates.............. Class P, Class X and Residual
Certificates.
Private Certificates............... Class P and Class X
Certificates.
Rating Agencies.................... Moody's and Fitch.
Regular Certificates............... All Classes of Certificates other
than the
Class P and Residual Certificates.
Residual Certificates.............. The Class R, Class RC and Class
RX
Certificates.
Sequential Class M Certificates.... Class M-1, Class M-2 and Class
M-3
Certificates.
Subordinated Certificates.......... Class M Certificates.
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 following meanings:
Accepted Servicing Practices: With respect to any Mortgage
Loan,
those mortgage servicing practices set forth in Section 3.01(a) of
this
Agreement.
Account: Any of the Collection Account, the Distribution
Account,
any Escrow Account, the Excess Reserve Fund Account or the
Supplemental Interest
Trust. Each Account shall be an Eligible Account.
Accrued Certificate Interest Distribution Amount: With respect
to
any Distribution Date for each Class of LIBOR Certificates, the
amount of
interest accrued during the related Interest Accrual Period at the
applicable
Pass-Through Rate on the related Class Certificate Balance
immediately prior to
such Distribution Date, as reduced by such Class's share of Net
Prepayment
Interest Shortfalls and Relief Act Interest Shortfalls for such
Distribution
Date allocated to such Class pursuant to Section 4.02.
Additional Form 10-D Disclosure: As defined in Section 8.12(b).
Additional Form 10-K Disclosure: As defined in Section 8.12(c).
Adjustable-Rate Mortgage Loan: An adjustable-rate Mortgage
Loan.
Adjusted Net Mortgage Interest Rate: As to each Mortgage Loan
and
at any time, the per annum rate equal to the Mortgage Interest Rate
less the
Expense Fee Rate.
Adjustment Date: As to any Adjustable-Rate Mortgage Loan, the
first Due Date on which the related Mortgage Interest Rate adjusts
as set forth
in the related Mortgage Note and each Due Date thereafter on which
the Mortgage
Interest Rate adjusts as set forth in the related Mortgage
Note.
Advance: Any P&I Advance or Servicing Advance.
Advance Facility: A financing or other facility as described in
Section 12.07.
Advance Facility Notice: As defined in Section 12.07.
Advance Financing Person: The Person to whom any Servicer's
rights under this Agreement to be reimbursed for any P&I
Advances or Servicing
Advances have been assigned pursuant to Section 12.07.
Advance Reimbursement Amounts: As defined in Section 12.07.
Affiliate: With respect to any Person, any other Person
controlling, controlled by or under common control with such first
Person. For
the purposes of this definition, "control" means the power to
direct the
management and policies of such Person, directly or indirectly,
whether through
the ownership of voting securities, by contract or otherwise; and
the terms
"controlling" and "controlled" have meanings correlative to the
foregoing.
Agreement: This Pooling and Servicing Agreement and all
amendments or supplements hereto.
Amount Held for Future Distribution: As to the Certificates on
any Distribution Date, the aggregate amount held in the Collection
Account at
the close of business on the related Determination Date on account
of (i)
Principal Prepayments, Insurance Proceeds, Condemnation Proceeds
and Liquidation
Proceeds on the Mortgage Loans received after the end of the
related Prepayment
Period and (ii) all Scheduled Payments on the Mortgage Loans due
after the end
of the related Due Period.
Analytics Company: Intex Solutions, Inc., or any other bond
analytics service provider identified to the Trustee by the
Depositor.
Applied Realized Loss Amount: With respect to any Distribution
Date, the amount, if any, by which the aggregate Class Certificate
Balance of
the LIBOR Certificates after distributions of principal on such
Distribution
Date exceeds the aggregate Stated Principal Balance of the Mortgage
Loans for
such Distribution Date.
Appraised Value: With respect to any Mortgage Loan, the value
of
the related Mortgaged Property based upon the appraisal made for
the originator
at the time of origination of the Mortgage Loan or the sale price
of the
Mortgaged Property at such time of origination, whichever is less;
provided,
however, that in the case of a refinanced Mortgage Loan, such value
is based
solely upon the appraisal made at the time of origination of such
refinanced
Mortgage Loan.
Assignment Agreement: The NovaStar Assignment Agreement, the
First Horizon Assignment Agreement or the Decision One Assignment
Agreement, as
applicable.
Assignment of Mortgage: An assignment of the Mortgage, notice
of
transfer or equivalent instrument in recordable form (other than
the assignee's
name and recording information not yet returned from the recording
office),
reflecting the sale of the Mortgage to the Trust.
Auction Call: As defined in Section 11.01.
Available Funds: With respect to any Distribution Date and the
Mortgage Loans to the extent received by the Master Servicer (x)
the sum of (i)
all scheduled installments of interest (net of the related Expense
Fees) and
principal due on the Due Date on such Mortgage Loans in the related
Due Period
and received on or prior to the related Determination Date,
together with any
P&I Advances in respect thereof; (ii) all Condemnation
Proceeds, Insurance
Proceeds and Liquidation Proceeds received during the related
Prepayment Period
(in each case, net of unreimbursed expenses incurred in connection
with a
liquidation or foreclosure and unreimbursed Advances, if any);
(iii) all partial
or full prepayments on the Mortgage Loans received during the
related Prepayment
Period together with all Compensating Interest paid by the
Servicers in
connection therewith (excluding Prepayment Premiums); (iv) all
amounts received
with respect to such Distribution Date as the Substitution
Adjustment Amount or
the Repurchase Price in respect of a Deleted Mortgage Loan
substituted for or a
Mortgage Loan repurchased by the Sponsor, First Horizon, NovaStar,
Decision One
or the Depositor, as applicable, as of such Distribution Date; and
(v) the
proceeds received with respect to the termination of the Trust Fund
pursuant to
clause (a) of Section 11.01, reduced by (y) all amounts in
reimbursement for
Advances previously made with respect to the Mortgage Loans, and
other amounts
as to which the Servicers, the Master Servicer, the Securities
Administrator,
the Depositor, the Trustee (or co-trustee) or each Custodian are
entitled to be
paid or reimbursed pursuant to this Agreement.
Avelo: Avelo Mortgage, L.L.C., a Delaware limited liability
company, and its successors in interest.
Basic Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the Principal Remittance
Amount for such
Distribution Date over (ii) the Excess Overcollateralized Amount,
if any, for
such Distribution Date.
Basis Risk Carry Forward Amount: With respect to each Class of
LIBOR Certificates, as of any Distribution Date, the sum of (A) if
on such
Distribution Date the Pass-Through Rate for any Class of LIBOR
Certificates is
based upon a Loan Group Cap or the WAC Cap, the excess, if any, of
(i) the
Accrued Certificate Interest Distribution Amount on such Class of
LIBOR
Certificates would otherwise be entitled to receive on such
Distribution Date
had such Pass-Through Rate not been subject to the Loan Group Cap
or the WAC
Cap, over (ii) the Accrued Certificate Interest Distribution Amount
on such
Class of Certificates on such Distribution Date giving effect to
(a) with
respect to the Class A-1 Certificates, the lesser of the WAC Cap
and the Loan
Group I Cap, (b) with respect to the Class A-2 Certificates, the
lesser of the
WAC Cap and the Loan Group II Cap, and (c) with respect to each
other Class of
LIBOR Certificates, the WAC Cap, and (B) the Basis Risk Carry
Forward Amount for
such Class of LIBOR Certificates for all previous Distribution
Dates not
previously paid, together with interest thereon at a rate equal to
the
applicable Pass-Through Rate for such Class of LIBOR Certificates
for such
Distribution Date (without giving effect to the WAC Cap, Loan Group
I Cap or
Loan Group II Cap, as applicable).
Basis Risk Payment: For any Distribution Date, an amount equal
to
the lesser of (i) the aggregate of the Basis Risk Carry Forward
Amounts for such
Distribution Date and (ii) the Class X Distributable Amount (prior
to any
reduction for (x) amounts paid to the Excess Reserve Fund Account
to pay any
Basis Risk Carry Forward Amount or (y) any Defaulted Swap
Termination Payment).
Best's: Best's Key Rating Guide, as the same shall be amended
from time to time.
Book-Entry Certificates: As specified in the Preliminary
Statement.
Bulk Mortgage Loan: Each Mortgage Loan purchased by the Sponsor
pursuant to the Bulk Purchase Agreements and identified as a "Bulk
Mortgage
Loan" on the Mortgage Loan Schedule.
Bulk Purchase Agreement: Collectively, the MILA Purchase
Agreement, the Quicken Purchase Agreement, the RFC Purchase
Agreement, the
Senderra Purchase Agreement, the Weichert Purchase Agreement and
the Wilmington
Purchase Agreement.
Business Day: Any day other than (i) Saturday or Sunday, or
(ii)
a day on which banking and savings and loan institutions, in (a)
the States of
New York, California, Maryland and Minnesota, (b) the State in
which any
Servicer's servicing operations are located, or (c) the State in
which any
Corporate Trust Office is located, are authorized or obligated by
law or
executive order to be closed.
Cap Payment: With respect to the Interest Rate Cap Agreement
and
for any Distribution Date, the amount, if any, required to be paid
by the Cap
Provider with respect to such Distribution Date under the Interest
Rate Cap
Agreement.
Cap Provider: Goldman Sachs Mitsui Marine Derivative Products,
L.P., a Delaware limited partnership, and its successors in
interest, and any
successor cap provider under any replacement Interest Rate Cap
Agreement.
Certificate: Any one of the Certificates executed by the
Securities Administrator in substantially the forms attached hereto
as exhibits.
Certificate Balance: With respect to any Class of LIBOR
Certificates or Residual Certificates, at any date, the maximum
dollar amount of
principal to which the Holder thereof is then entitled hereunder,
such amount
being equal to the Denomination thereof minus all distributions of
principal
previously made with respect thereto and reduced by the amount of
any Applied
Realized Loss Amounts previously allocated to such Class of
Certificates
pursuant to Section 4.05; provided, however, that immediately
following the
Distribution Date on which a Subsequent Recovery is distributed,
the Class
Certificate Balances of any Class or Classes of Certificates that
have been
previously reduced by Applied Realized Loss Amounts will be
increased, in order
of seniority, by the amount of the Subsequent Recovery distributed
on such
Distribution Date (up to the amount of Applied Realized Loss
Amounts allocated
to such Class or Classes). The Class X and Class P Certificates
have no
Certificate Balance.
Certificate Owner: With respect to a Book-Entry Certificate,
the
Person who is the beneficial owner of such Book-Entry
Certificate.
Certificate Register: The register maintained pursuant to
Section
5.02.
Certificateholder or Holder: The Person in whose name a
Certificate is registered in the Certificate Register, except that,
solely for
the purpose of giving any consent pursuant to this Agreement, any
Certificate
registered in the name of the Depositor or any Affiliate of the
Depositor shall
be deemed not to be Outstanding and the Percentage Interest
evidenced thereby
shall not be taken into account in determining whether the
requisite amount of
Percentage Interests necessary to effect such consent has been
obtained;
provided, however, that if any such Person (including the
Depositor) owns 100%
of the Percentage Interests evidenced by a Class of Certificates,
such
Certificates shall be deemed to be Outstanding for purposes of any
provision
hereof that requires the consent of the Holders of Certificates of
a particular
Class as a condition to the taking of any action hereunder. The
Securities
Administrator is entitled to rely conclusively on a certification
of the
Depositor or any Affiliate of the Depositor in determining which
Certificates
are registered in the name of an Affiliate of the Depositor.
Class: All Certificates bearing the same class designation as
set
forth in the Preliminary Statement.
Class A Certificate Group: Either the Class A-1 Certificate
Group
or the Class A-2 Certificate Group, as applicable.
Class A Certificates: As specified in the Preliminary
Statement.
Class A Principal Allocation Percentage: For any Distribution
Date, the percentage equivalent of a fraction, determined as
follows: (A) with
respect to the Class A-1 Certificate Group, a fraction, the
numerator of which
is the portion of the Principal Remittance Amount for such
Distribution Date
that is attributable to the principal received or advanced on the
Group I
Mortgage Loans and the denominator of which is the Principal
Remittance Amount
for such Distribution Date; and (B) with respect to the Class A-2
Certificate
Group, a fraction, the numerator of which is the portion of the
Principal
Remittance Amount for such Distribution Date that is attributable
to the
principal received or advanced on the Group II Mortgage Loans and
the
denominator of which is the Principal Remittance Amount for such
Distribution
Date.
Class A Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the aggregate Class
Certificate Balances of
the Class A Certificates immediately prior to such Distribution
Date over (ii)
the lesser of (A) 53.90% of the aggregate Stated Principal Balance
of the
Mortgage Loans for such Distribution Date and (B) the excess, if
any, of the
aggregate Stated Principal Balance of the Mortgage Loans for such
Distribution
Date over the Overcollateralization Floor.
Class A-1 Certificate Group: The Class A-1 Certificates.
Class A-1 Certificates: As specified in the Preliminary
Statement.
Class A-1A Certificates: All Certificates bearing the class
designation of "Class A-1A."
Class A-1B Certificates: All Certificates bearing the class
designation of "Class A-1B."
Class A-1C Certificates: All Certificates bearing the class
designation of "Class A-1C."
Class A-2 Certificate Group: The Class A-2 Certificates.
Class A-2 Certificates: As specified in the Preliminary
Statement.
Class A-2A1 Certificates: All Certificates bearing the class
designation of "Class A-2A1."
Class A-2A2S Certificates: All Certificates bearing the class
designation of "Class A-2A2S."
Class A-2A2M Certificates: All Certificates bearing the class
designation of "Class A-2A2M."
Class A-2C Certificates: All Certificates bearing the class
designation of "Class A-2C."
Class A-2B Certificates: All Certificates bearing the class
designation of "Class A-2B."
Class A-2C Certificates: All Certificates bearing the class
designation of "Class A-2C."
Class Certificate Balance: With respect to any Class and as to
any date of determination, the aggregate of the Certificate
Balances of all
Certificates of such Class as of such date.
Class IO Interest: As specified in the Preliminary Statement.
Class IO Shortfall: As defined in Section 8.13. For the
avoidance
of doubt, the Class IO Shortfall for any Distribution Date shall
equal the
amount payable to the Class X Certificates in respect of amounts
due to the Swap
Provider on such Distribution Date (other than Defaulted Swap
Termination
Payments) in excess of the amounts payable on the Class X Interest
and Class IO
Interest (prior to any reduction for Basis Risk Payments or
Defaulted Swap
Termination Payments) from Available Funds on such Distribution
Date, all as
further provided in Section 8.13.
Class LT-R Interest: The residual interest in the Lower-Tier
REMIC as described in the Preliminary Statement and the related
footnote
thereto.
Class M Certificates: As specified in the Preliminary
Statement.
Class M-1 Certificates: All Certificates bearing the class
designation of "Class M-1."
Class M-2 Certificates: All Certificates bearing the class
designation of "Class M-2."
Class M-3 Certificates: All Certificates bearing the class
designation of "Class M-3."
Class M-4 Certificates: All Certificates bearing the class
designation of "Class M-4."
Class M-4 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate
Class
Certificate Balances of the Class A Certificates (after taking into
account the
distribution of the Class A Principal Distribution Amount on such
Distribution
Date), (B) the aggregate Class Certificate Balance of the
Sequential Class M
Certificates (after taking into account the distribution of the
Sequential Class
M Principal Distribution Amount on such Distribution Date), and (C)
the Class
Certificate Balance of the Class M-4 Certificates immediately prior
to such
Distribution Date, over (ii) the lesser of (A) the product of (x)
76.20% and (y)
the aggregate Stated Principal Balance of the Mortgage Loans for
such
Distribution Date, and (B) the excess, if any, of the aggregate
Stated Principal
Balance of the Mortgage Loans for such Distribution Date over
the
Overcollateralization Floor.
Class M-5 Certificates: All Certificates bearing the class
designation of "Class M-5."
Class M-5 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate
Class
Certificate Balances of the Class A Certificates (after taking into
account the
distribution of the Class A Principal Distribution Amount on such
Distribution
Date), (B) the aggregate Class Certificate Balance of the
Sequential Class M
Certificates (after taking into account the distribution of the
Sequential Class
M Principal Distribution Amount on such Distribution Date), (C) the
Class
Certificate Balance of the Class M-4 Certificates (after taking
into account the
distribution of the Class M-4 Principal Distribution Amount on such
Distribution
Date) and (D) the Class Certificate Balance of the Class M-5
Certificates
immediately prior to such Distribution Date, over (ii) the lesser
of (A) the
product of (x) 79.90% and (y) the aggregate Stated Principal
Balance of the
Mortgage Loans for such Distribution Date, and (B) the excess, if
any, of the
aggregate Stated Principal Balance of the Mortgage Loans for such
Distribution
Date over the Overcollateralization Floor.
Class M-6 Certificates: All Certificates bearing the class
designation of "Class M-5."
Class M-6 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate
Class
Certificate Balances of the Class A Certificates (after taking into
account the
distribution of the Class A Principal Distribution Amount on such
Distribution
Date), (B) the aggregate Class Certificate Balance of the
Sequential Class M
Certificates (after taking into account the distribution of the
Sequential Class
M Principal Distribution Amount on such Distribution Date), (C) the
Class
Certificate Balance of the Class M-4 Certificates (after taking
into account the
distribution of the Class M-4 Principal Distribution Amount on such
Distribution
Date), (D) the Class Certificate Balance of the Class M-5
Certificates (after
taking into account the distribution of the Class M-5 Principal
Distribution
Amount on such Distribution Date) and (E) the Class Certificate
Balance of the
Class M-6 Certificates immediately prior to such Distribution Date,
over (ii)
the lesser of (A) the product of (x) 83.20% and (y) the aggregate
Stated
Principal Balance of the Mortgage Loans for such Distribution Date,
and (B) the
excess, if any, of the aggregate Stated Principal Balance of the
Mortgage Loans
for such Distribution Date over the Overcollateralization
Floor.
Class M-7 Certificates: All Certificates bearing the class
designation of "Class M-7."
Class M-7 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate
Class
Certificate Balances of the Class A Certificates (after taking into
account the
distribution of the Class A Principal Distribution Amount on such
Distribution
Date), (B) the aggregate Class Certificate Balance of the
Sequential Class M
Certificates (after taking into account the distribution of the
Sequential Class
M Principal Distribution Amount on such Distribution Date), (C) the
Class
Certificate Balance of the Class M-4 Certificates (after taking
into account the
distribution of the Class M-4 Principal Distribution Amount on such
Distribution
Date), (D) the Class Certificate Balance of the Class M-5
Certificates (after
taking into account the distribution of the Class M-5 Principal
Distribution
Amount on such Distribution Date), (E) the Class Certificate
Balance of the
Class M-6 Certificates (after taking into account the distribution
of the Class
M-6 Principal Distribution Amount on such Distribution Date) and
(F) the Class
Certificate Balance of the Class M-7 Certificates immediately prior
to such
Distribution Date, over (ii) the lesser of (A) the product of (x)
86.20% and (y)
the aggregate Stated Principal Balance of the Mortgage Loans for
such
Distribution Date, and (B) the excess, if any
