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POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

POOLING AND SERVICING AGREEMENT | Document Parties: DEUTSCHE ALT-A SECURITIES MORTGAGE LOAN TRUST, SERIES 2007-R | DEUTSCHE ALT-A SECURITIES, INC. | WELLS FARGO BANK, N.A. | HSBC BANK USA, NATIONAL ASSOCIATION You are currently viewing:
This Pooling and Servicing Agreement involves

DEUTSCHE ALT-A SECURITIES MORTGAGE LOAN TRUST, SERIES 2007-R | DEUTSCHE ALT-A SECURITIES, INC. | WELLS FARGO BANK, N.A. | HSBC BANK USA, NATIONAL ASSOCIATION

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: New York     Date: 3/14/2007

POOLING AND SERVICING AGREEMENT, Parties: deutsche alt-a securities mortgage loan trust  series 2007-r , deutsche alt-a securities  inc. , wells fargo bank  n.a. , hsbc bank usa  national association
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DEUTSCHE ALT-A SECURITIES, INC.

Depositor

and

WELLS FARGO BANK, N.A.

Master Servicer and Securities Administrator

and

HSBC BANK USA, NATIONAL ASSOCIATION

Trustee

_____________________

POOLING AND SERVICING AGREEMENT

Dated as of February 1, 2007

_____________________

Mortgage Pass-Through Certificates

Series 2007-RAMP1

 


TABLE OF CONTENTS

 

ARTICLE I

DEFINITIONS

 

Section 1.1

Definitions.

19

Section 1.2

Allocation of Certain Interest Shortfalls.

57

ARTICLE II

CONVEYANCE OF TRUST FUND; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.1

Conveyance of Trust Fund.

59

Section 2.2

Acceptance by Trustee.

60

Section 2.3

Repurchase or Substitution of Loans.

60

Section 2.4

Authentication and Delivery of Certificates; Designation of Certificates as

REMIC Regular and Residual Interests.

63

Section 2.5

Representations and Warranties of the Master Servicer.

63

Section 2.6

[Reserved].

65

Section 2.7

Establishment of the Trust.

65

Section 2.8

Purpose and Powers of the Trust.

65

ARTICLE III

ADMINISTRATION AND SERVICING OF THE LOANS; ACCOUNTS

 

Section 3.1

Master Servicer.

66

Section 3.2

REMIC-Related Covenants.

67

Section 3.3

Monitoring of Servicer.

67

Section 3.4

Fidelity Bond.

68

Section 3.5

Power to Act; Procedures.

69

Section 3.6

Due-on-Sale Clauses; Assumption Agreements.

69

Section 3.7

Release of Mortgage Files.

70

Section 3.8

Documents, Records and Funds in Possession of Master Servicer To Be Held

for Trustee.

71

Section 3.9

Standard Hazard Insurance and Flood Insurance Policies.

71

Section 3.10

Presentment of Claims and Collection of Proceeds.

72

Section 3.11

Maintenance of the Primary Mortgage Insurance Policies.

72

Section 3.12

Trustee to Retain Possession of Certain Insurance Policies and Documents.

73

Section 3.13

Realization Upon Defaulted Loans.

73

Section 3.14

Compensation for the Master Servicer.

73

Section 3.15

REO Property.

73

Section 3.16

Annual Statement as to Compliance.

74

Section 3.17

Assessments of Compliance.

75

Section 3.18

Master Servicer and Securities Administrator Attestation Reports.

76

Section 3.19

Annual Certification.

77

Section 3.20

Intention of the Parties and Interpretation and Additional Information; Notice.

78

Section 3.21

Obligation of the Master Servicer in Respect of Compensating Interest.

78

Section 3.22

Protected Accounts.

79

Section 3.23

Distribution Account.

80

Section 3.24

Permitted Withdrawals and Transfers from the Distribution Account.

81

Section 3.25

Reserve Fund.

83

Section 3.26

[Reserved].

84

Section 3.27

[Reserved].

84

Section 3.28

[Reserved].

84

Section 3.29

Prepayment Penalty Verification.

84

Section 3.30

Reports Filed with Securities and Exchange Commission.

85

Section 3.31

Special Servicing.

90

Section 3.32

Purchase of Delinquent Loans.

91

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS; ADVANCES; STATEMENTS AND REPORTS

 

Section 4.1

Distributions to Certificateholders.

92

Section 4.2

Allocation of Realized Losses.

100

Section 4.3

Statements to Certificateholders.

102

Section 4.4

Advances.

104

Section 4.5

Compliance with Withholding Requirements.

105

Section 4.6

REMIC Distributions.

105

Section 4.7

Floor Account.

105

Section 4.8

Floor Agreement Reserve Fund.

105

Section 4.9

Swap Account.

107

Section 4.10

[Reserved].

107

Section 4.11

Supplemental Interest Trust.

107

Section 4.12

Collateral Accounts.

107

ARTICLE V

THE CERTIFICATES

 

Section 5.1

The Certificates.

109

Section 5.2

Certificates Issuable in Classes; Distributions of Principal and Interest;

Authorized Denominations.

109

Section 5.3

Registration of Transfer and Exchange of Certificates.

110

Section 5.4

Mutilated, Destroyed, Lost or Stolen Certificates.

115

Section 5.5

Persons Deemed Owners.

115

ARTICLE VI

THE DEPOSITOR, MASTER SERVICER AND THE CREDIT RISK MANAGER

 

Section 6.1

Liability of the Depositor and the Master Servicer.

116

Section 6.2

Merger or Consolidation of the Depositor or the Master Servicer.

116

Section 6.3

Limitation on Liability of the Depositor, the Master Servicer, the Servicer, the

Securities Administrator and Others.

116

Section 6.4

Limitation on Resignation of the Master Servicer.

117

Section 6.5

Assignment of Master Servicing.

117

Section 6.6

Rights of the Depositor in Respect of the Master Servicer.

118

Section 6.7

Duties of the Credit Risk Manager.

118

Section 6.8

Limitation Upon Liability of the Credit Risk Manager.

119

Section 6.9

Removal of the Credit Risk Manager.

119

Section 6.10

[Reserved].

119

ARTICLE VII

DEFAULT

 

Section 7.1

Master Servicer Events of Default.

120

Section 7.2

Trustee to Act; Appointment of Successor.

122

Section 7.3

Notification to Certificateholders.

123

Section 7.4

Waiver of Master Servicer Events of Default.

123

ARTICLE VIII

CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

 

Section 8.1

Duties of Trustee and Securities Administrator.

124

Section 8.2

Certain Matters Affecting Trustee and Securities Administrator.

125

Section 8.3

Trustee and Securities Administrator not Liable for Certificates or Loans.

127

Section 8.4

Trustee, Master Servicer and Securities Administrator May Own Certificates.

127

Section 8.5

Fees and Expenses of Trustee and Securities Administrator.

127

Section 8.6

Eligibility Requirements for Trustee and Securities Administrator.

128

Section 8.7

Resignation and Removal of Trustee and Securities Administrator.

129

Section 8.8

Successor Trustee or Securities Administrator.

130

Section 8.9

Merger or Consolidation of Trustee or Securities Administrator.

131

Section 8.10

Appointment of Co-Trustee or Separate Trustee.

131

Section 8.11

Appointment of Office or Agency.

132

Section 8.12

Representations and Warranties of the Trustee.

132

ARTICLE IX

TERMINATION

 

Section 9.1

Termination Upon Purchase or Liquidation of All Loans.

134

Section 9.2

Additional Termination Requirements.

136

ARTICLE X

REMIC PROVISIONS

 

Section 10.1

REMIC Administration.

137

Section 10.2

Prohibited Transactions and Activities.

140

Section 10.3

Indemnification.

140

ARTICLE XI

MISCELLANEOUS PROVISIONS

 

Section 11.1

Amendment.

141

Section 11.2

Recordation of Agreement; Counterparts.

142

Section 11.3

Limitation on Rights of Certificateholders.

142

Section 11.4

Governing Law.

143

Section 11.5

Notices.

143

Section 11.6

Severability of Provisions.

144

Section 11.7

Notice to Rating Agencies.

144

Section 11.8

Article and Section References.

145

Section 11.9

Grant of Security Interest.

145

 

 



 

EXHIBITS

 

 

 

Exhibit A-1

-

Form of Class A Certificates

Exhibit A-2

-

Form of Class M Certificates

Exhibit A-3

-

Form of Class CE Certificates

Exhibit A-4

-

Form of Class P Certificates

Exhibit A-5

-

Form of Class R Certificates

Exhibit B

-

[Reserved]

Exhibit C

-

Form of Transfer Affidavit

Exhibit D

-

Form of Transferor Certificate

Exhibit E

-

Form of Investment Letter (Non-Rule 144A)

Exhibit F

-

Form of Rule 144A Investment Letter

Exhibit G

-

[Reserved]

Exhibit H

-

Form of Addition Notice

Exhibit I

-

[Reserved]

Exhibit J

-

Mortgage Loan Purchase Agreement between the Depositor and the Seller

Exhibit K-1

-

Additional Form 10-D Disclosure

Exhibit K-2

-

Additional Form 10-K Disclosure

Exhibit K-3

-

Form 8-K Disclosure Information

Exhibit L

-

Form of Servicer Certification

Exhibit M

-

Servicing Criteria

Exhibit N

-

Additional Disclosure Notification

Exhibit O

-

ERISA Representation Letter

Exhibit P

-

Form of Floor Agreement 

Exhibit Q-1

-

Form of Swap Agreement I

Exhibit Q-2

-

Form of Swap Agreement II

Exhibit R

-

[Reserved]

Exhibit S

-

[Reserved]

 

 

 

 

Schedule One

-

Loan Schedule

Schedule Two

-

Prepayment Charge Schedule

Schedule Three

-

[Reserved]

Schedule Four

-

Floor Agreement Schedule

Schedule Five-A

-

Swap Agreement I Schedule

Schedule Five-B

-

Swap Agreement II Schedule

Schedule Six

-

Trust Prepayment Charge Schedule

 

 


This Pooling and Servicing Agreement, dated and effective as of February 1, 2007 (this “Agreement”), is executed by and among Deutsche Alt-A Securities, Inc., as depositor (the “Depositor”), Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”) and as securities administrator (the “Securities Administrator”), and HSBC Bank USA, National Association, as trustee (the “Trustee”).  Capitalized terms used in this Agreement and not otherwise defined have the meanings ascribed to such terms in Article I hereof.

PRELIMINARY STATEMENT

The Depositor at the Closing Date is the owner of the Loans and the other property being conveyed by it to the Trustee for inclusion in the Trust Fund.  The Trust Fund will consist of a segregated pool of assets comprised of the Loans, and certain other assets. On the Closing Date, the Depositor will acquire the Certificates from the Trust Fund as consideration for its transfer to the Trust Fund of the Loans and certain other assets and will be the owner of the Certificates.  The Depositor has duly authorized the execution and delivery of this Agreement to provide for the conveyance to the Trustee of the Loans and the issuance to the Depositor of the Certificates representing in the aggregate the entire beneficial ownership of the Trust Fund.  All covenants and agreements made by the Depositor, the Master Servicer, the Securities Administrator and the Trustee herein with respect to the Loans and the other property constituting the Trust Fund are for the benefit of the Holders from time to time of the Certificates.  The Depositor, the Master Servicer, the Securities Administrator and the Trustee are entering into this Agreement, and the Trustee is accepting the trust created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

The Certificates issued hereunder, other than the Class CE, Class P and Class R Certificates, have been offered for sale pursuant to a Prospectus Supplement dated February 26, 2007 to a Prospectus dated May 19, 2006 (together, the “Prospectus”).  The Trust Fund created hereunder is intended to be the “Trust” as described in the Prospectus and the Certificates are intended to be the “Certificates” described therein.

The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code.  Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections.  The assets of REMIC I shall include the Loans, the accounts (other than the Reserve Fund, the Floor Account and the Swap Account), any REO Property, and any proceeds of the foregoing.  The REMIC I Regular Interests shall constitute the assets of REMIC II.  The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”).  The Class R Certificate shall represent ownership of the sole class of residual interest in each REMIC formed hereby.  For purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each regular interest created hereby shall be the 36th month following the latest maturity date of any Loan held in the Trust on the Closing Date.

 

REMIC I:

The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”):

 

 

 

REMIC Interest

Initial Principal Balance
of REMIC Interest

Interest Rate

T1-A

(4)

(1)

T1-F1

 $              299,999.00

(2)

T1-V1

 $              299,999.00

(3)

T1-F2

 $              174,388.26

(2)

T1-V2

 $              174,388.26

(3)

T1-F3

 $              872,720.22

(2)

T1-V3

 $              872,720.22

(3)

T1-F4

 $              990,220.77

(2)

T1-V4

 $              990,220.77

(3)

T1-F5

 $           1,105,912.38

(2)

T1-V5

 $           1,105,912.38

(3)

T1-F6

 $           1,219,355.21

(2)

T1-V6

 $           1,219,355.21

(3)

T1-F7

 $           1,214,785.71

(2)

T1-V7

 $           1,214,785.71

(3)

T1-F8

 $           1,199,335.96

(2)

T1-V8

 $           1,199,335.96

(3)

T1-F9

 $           1,184,080.87

(2)

T1-V9

 $           1,184,080.87

(3)

T1-F10

 $           1,169,018.00

(2)

T1-V10

 $           1,169,018.00

(3)

T1-F11

 $           1,154,144.91

(2)

T1-V11

 $           1,154,144.91

(3)

T1-F12

 $           1,139,459.26

(2)

T1-V12

 $           1,139,459.26

(3)

T1-F13

 $           1,124,958.67

(2)

T1-V13

 $           1,124,958.67

(3)

T1-F14

 $           1,110,640.83

(2)

T1-V14

 $           1,110,640.83

(3)

T1-F15

 $           1,096,503.44

(2)

T1-V15

 $           1,096,503.44

(3)

T1-F16

 $           1,082,544.25

(2)

T1-V16

 $           1,082,544.25

(3)

T1-F17

 $           1,068,761.02

(2)

T1-V17

 $           1,068,761.02

(3)

T1-F18

 $           1,055,151.53

(2)

T1-V18

 $           1,055,151.53

(3)

T1-F19

 $           1,041,713.60

(2)

T1-V19

 $           1,041,713.60

(3)

T1-F20

 $           1,028,445.10

(2)

T1-V20

 $           1,028,445.10

(3)

T1-F21

 $           1,015,343.88

(2)

T1-V21

 $           1,015,343.88

(3)

T1-F22

 $           1,002,407.86

(2)

T1-V22

 $           1,002,407.86

(3)

T1-F23

 $              989,634.95

(2)

T1-V23

 $              989,634.95

(3)

T1-F24

 $              977,023.13

(2)

T1-V24

 $              977,023.13

(3)

T1-F25

 $              964,570.34

(2)

T1-V25

 $              964,570.34

(3)

T1-F26

 $              952,274.62

(2)

T1-V26

 $              952,274.62

(3)

T1-F27

 $              940,133.97

(2)

T1-V27

 $              940,133.97

(3)

T1-F28

 $              928,146.47

(2)

T1-V28

 $              928,146.47

(3)

T1-F29

 $              916,310.18

(2)

T1-V29

 $              916,310.18

(3)

T1-F30

 $              904,623.20

(2)

T1-V30

 $              904,623.20

(3)

T1-F31

 $              893,083.69

(2)

T1-V31

 $              893,083.69

(3)

T1-F32

 $              881,689.75

(2)

T1-V32

 $              881,689.75

(3)

T1-F33

 $              870,439.59

(2)

T1-V33

 $              870,439.59

(3)

T1-F34

 $              859,331.38

(2)

T1-V34

 $              859,331.38

(3)

T1-F35

 $              848,363.36

(2)

T1-V35

 $              848,363.36

(3)

T1-F36

 $              837,533.75

(2)

T1-V36

 $              837,533.75

(3)

T1-F37

 $              826,840.82

(2)

T1-V37

 $              826,840.82

(3)

T1-F38

 $              816,282.88

(2)

T1-V38

 $              816,282.88

(3)

T1-F39

 $              805,858.19

(2)

T1-V39

 $              805,858.19

(3)

T1-F40

 $              795,565.11

(2)

T1-V40

 $              795,565.11

(3)

T1-F41

 $              785,401.97

(2)

T1-V41

 $              785,401.97

(3)

T1-F42

 $              775,367.16

(2)

T1-V42

 $              775,367.16

(3)

T1-F43

 $              765,459.04

(2)

T1-V43

 $              765,459.04

(3)

T1-F44

 $              755,676.04

(2)

T1-V44

 $              755,676.04

(3)

T1-F45

 $              746,016.58

(2)

T1-V45

 $              746,016.58

(3)

T1-F46

 $              736,479.11

(2)

T1-V46

 $              736,479.11

(3)

T1-F47

 $              727,062.11

(2)

T1-V47

 $              727,062.11

(3)

T1-F48

 $              717,764.05

(2)

T1-V48

 $              717,764.05

(3)

T1-F49

 $              708,583.45

(2)

T1-V49

 $              708,583.45

(3)

T1-F50

 $              699,518.81

(2)

T1-V50

 $              699,518.81

(3)

T1-F51

 $              690,568.71

(2)

T1-V51

 $              690,568.71

(3)

T1-F52

 $              681,731.69

(2)

T1-V52

 $              681,731.69

(3)

T1-F53

 $              673,006.33

(2)

T1-V53

 $              673,006.33

(3)

T1-F54

 $              664,391.23

(2)

T1-V54

 $              664,391.23

(3)

T1-F55

 $              655,885.01

(2)

T1-V55

 $              655,885.01

(3)

T1-F56

 $              647,486.30

(2)

T1-V56

 $              647,486.30

(3)

T1-F57

 $              639,193.73

(2)

T1-V57

 $              639,193.73

(3)

T1-F58

 $              631,006.01

(2)

T1-V58

 $              631,006.01

(3)

T1-F59

 $              622,921.77

(2)

T1-V59

 $              622,921.77

(3)

T1-F60

 $              614,939.75

(2)

T1-V60

 $              614,939.75

(3)

T1-F61

 $              607,058.66

(2)

T1-V61

 $              607,058.66

(3)

T1-F62

 $              599,277.21

(2)

T1-V62

 $              599,277.21

(3)

T1-F63

 $              591,594.18

(2)

T1-V63

 $              591,594.18

(3)

T1-F64

 $              584,008.31

(2)

T1-V64

 $              584,008.31

(3)

T1-F65

 $              576,518.38

(2)

T1-V65

 $              576,518.38

(3)

T1-F66

 $              569,123.19

(2)

T1-V66

 $              569,123.19

(3)

T1-F67

 $              561,821.55

(2)

T1-V67

 $              561,821.55

(3)

T1-F68

 $              554,612.28

(2)

T1-V68

 $              554,612.28

(3)

T1-F69

 $              547,494.23

(2)

T1-V69

 $              547,494.23

(3)

T1-F70

 $              540,466.24

(2)

T1-V70

 $              540,466.24

(3)

T1-F71

 $              533,527.19

(2)

T1-V71

 $              533,527.19

(3)

T1-F72

 $              526,675.95

(2)

T1-V72

 $              526,675.95

(3)

T1-F73

 $              519,911.42

(2)

T1-V73

 $              519,911.42

(3)

T1-F74

 $              513,232.53

(2)

T1-V74

 $              513,232.53

(3)

T1-F75

 $              506,638.17

(2)

T1-V75

 $              506,638.17

(3)

T1-F76

 $              500,127.30

(2)

T1-V76

 $              500,127.30

(3)

T1-F77

 $              493,698.86

(2)

T1-V77

 $              493,698.86

(3)

T1-F78

 $              487,351.82

(2)

T1-V78

 $              487,351.82

(3)

T1-F79

 $              481,085.16

(2)

T1-V89

 $              481,085.16

(3)

T1-F80

 $              474,897.85

(2)

T1-V80

 $              474,897.85

(3)

T1-F81

 $              468,788.91

(2)

T1-V81

 $              468,788.91

(3)

T1-F82

 $              462,757.36

(2)

T1-V82

 $              462,757.36

(3)

T1-F83

 $              456,802.20

(2)

T1-V83

 $              456,802.20

(3)

T1-F84

 $              450,922.51

(2)

T1-V84

 $              450,922.51

(3)

T1-F85

 $              445,117.30

(2)

T1-V85

 $              445,117.30

(3)

T1-F86

 $              439,385.65

(2)

T1-V86

 $              439,385.65

(3)

T1-F87

 $              433,726.64

(2)

T1-V87

 $              433,726.64

(3)

T1-F88

 $              428,139.36

(2)

T1-V88

 $              428,139.36

(3)

T1-F89

 $              422,622.89

(2)

T1-V89

 $              422,622.89

(3)

T1-F90

 $              417,176.34

(2)

T1-V90

 $              417,176.34

(3)

T1-F91

 $              411,798.86

(2)

T1-V91

 $              411,798.86

(3)

T1-F92

 $              406,489.55

(2)

T1-V92

 $              406,489.55

(3)

T1-F93

 $              401,247.56

(2)

T1-V93

 $              401,247.56

(3)

T1-F94

 $              396,072.05

(2)

T1-V94

 $              396,072.05

(3)

T1-F95

 $              390,962.18

(2)

T1-V95

 $              390,962.18

(3)

T1-F96

 $              385,917.12

(2)

T1-V96

 $              385,917.12

(3)

T1-F97

 $              380,936.06

(2)

T1-V97

 $              380,936.06

(3)

T1-F98

 $              376,018.18

(2)

T1-V98

 $              376,018.18

(3)

T1-F99

 $              371,162.72

(2)

T1-V99

 $              371,162.72

(3)

T1-F100

 $              366,368.86

(2)

T1-V100

 $              366,368.86

(3)

T1-F101

 $              361,635.84

(2)

T1-V101

 $              361,635.84

(3)

T1-F102

 $              356,962.89

(2)

T1-V102

 $              356,962.89

(3)

T1-F103

 $              352,349.25

(2)

T1-V103

 $              352,349.25

(3)

T1-F104

 $              347,794.18

(2)

T1-V104

 $              347,794.18

(3)

T1-F105

 $              343,296.95

(2)

T1-V105

 $              343,296.95

(3)

T1-F106

 $              338,856.81

(2)

T1-V106

 $              338,856.81

(3)

T1-F107

 $              334,473.06

(2)

T1-V107

 $              334,473.06

(3)

T1-F108

 $              330,144.99

(2)

T1-V108

 $              330,144.99

(3)

T1-F109

 $              325,871.88

(2)

T1-V109

 $              325,871.88

(3)

T1-F110

 $              321,653.06

(2)

T1-V110

 $              321,653.06

(3)

T1-F111

 $              317,487.84

(2)

T1-V111

 $              317,487.84

(3)

T1-F112

 $              313,375.54

(2)

T1-V112

 $              313,375.54

(3)

T1-F113

 $              309,315.49

(2)

T1-V113

 $              309,315.49

(3)

T1-F114

 $              305,307.04

(2)

T1-V114

 $              305,307.04

(3)

T1-F115

 $              301,349.54

(2)

T1-V115

 $              301,349.54

(3)

T1-F116

 $              297,442.35

(2)

T1-V116

 $              297,442.35

(3)

T1-F117

 $              307,051.18

(2)

T1-V117

 $              307,051.18

(3)

T1-F118

 $              303,573.65

(2)

T1-V118

 $              303,573.65

(3)

T1-F119

 $              299,557.46

(2)

T1-V119

 $              299,557.46

(3)

T1-F120

 $              295,592.79

(2)

T1-V120

 $              295,592.79

(3)

T1-F121

 $              291,678.98

(2)

T1-V121

 $              291,678.98

(3)

T1-F122

 $              287,815.41

(2)

T1-V122

 $              287,815.41

(3)

T1-F123

 $              284,001.43

(2)

T1-V123

 $              284,001.43

(3)

T1-F124

 $              280,236.41

(2)

T1-V124

 $              280,236.41

(3)

T1-F125

 $              276,519.73

(2)

T1-V125

 $              276,519.73

(3)

T1-F126

 $              272,850.79

(2)

T1-V126

 $              272,850.79

(3)

T1-F127

 $              269,228.97

(2)

T1-V127

 $              269,228.97

(3)

T1-F128

 $              265,653.68

(2)

T1-V128

 $              265,653.68

(3)

T1-F129

 $              262,124.35

(2)

T1-V129

 $              262,124.35

(3)

T1-F130

 $              258,640.36

(2)

T1-V130

 $              258,640.36

(3)

T1-F131

 $              255,201.16

(2)

T1-V131

 $              255,201.16

(3)

T1-F132

 $              251,806.19

(2)

T1-V132

 $              251,806.19

(3)

T1-F133

 $              248,454.88

(2)

T1-V133

 $              248,454.88

(3)

T1-F134

 $              245,146.66

(2)

T1-V134

 $              245,146.66

(3)

T1-F135

 $              241,881.02

(2)

T1-V135

 $              241,881.02

(3)

T1-F136

 $              238,657.39

(2)

T1-V136

 $              238,657.39

(3)

T1-F137

 $              235,475.24

(2)

T1-V137

 $              235,475.24

(3)

T1-F138

 $              232,334.07

(2)

T1-V138

 $              232,334.07

(3)

T1-F139

 $              229,233.35

(2)

T1-V139

 $              229,233.35

(3)

T1-F140

 $              226,172.55

(2)

T1-V140

 $              226,172.55

(3)

T1-F141

 $              223,151.17

(2)

T1-V141

 $              223,151.17

(3)

T1-F142

 $              220,168.73

(2)

T1-V142

 $              220,168.73

(3)

T1-F143

 $              217,224.71

(2)

T1-V143

 $              217,224.71

(3)

T1-F144

 $              214,318.65

(2)

T1-V144

 $              214,318.65

(3)

T1-F145

 $              211,450.05

(2)

T1-V145

 $              211,450.05

(3)

T1-F146

 $              208,618.43

(2)

T1-V146

 $              208,618.43

(3)

T1-F147

 $              205,823.33

(2)

T1-V147

 $              205,823.33

(3)

T1-F148

 $              203,064.31

(2)

T1-V148

 $              203,064.31

(3)

T1-F149

 $              200,340.87

(2)

T1-V149

 $              200,340.87

(3)

T1-F150

 $              197,652.58

(2)

T1-V150

 $              197,652.58

(3)

T1-F151

 $              194,999.00

(2)

T1-V151

 $              194,999.00

(3)

T1-F152

 $              192,379.68

(2)

T1-V152

 $              192,379.68

(3)

T1-F153

 $              189,794.18

(2)

T1-V153

 $              189,794.18

(3)

T1-F154

 $              187,242.09

(2)

T1-V154

 $              187,242.09

(3)

T1-F155

 $         12,415,568.89

(2)

T1-V155(8)

 $         12,415,568.89

(3)

T1-F156

 $             418,261.93

(6)

T1-V156

 $             418,261.93

(7)

T1-F157

 $             515,348.18

(6)

T1-V157

 $             515,348.18

(7)

T1-F158

 $             608,831.81

(6)

T1-V158

 $             608,831.81

(7)

T1-F159

 $             698,618.82

(6)

T1-V159

 $             698,618.82

(7)

T1-F160

 $             786,231.37

(6)

T1-V160

 $             786,231.37

(7)

T1-F161

 $             870,853.84

(6)

T1-V161

 $             870,853.84

(7)

T1-F162

 $             963,454.78

(6)

T1-V162

 $             963,454.78

(7)

T1-F163

 $          1,028,482.73

(6)

T1-V163

 $          1,028,482.73

(7)

T1-F164

 $          1,051,772.76

(6)

T1-V164

 $          1,051,772.76

(7)

T1-F165

 $          1,020,807.62

(6)

T1-V165

 $          1,020,807.62

(7)

T1-F166

 $             980,756.25

(6)

T1-V166

 $             980,756.25

(7)

T1-F167

 $             935,734.23

(6)

T1-V167

 $             935,734.23

(7)

T1-F168

 $             899,642.13

(6)

T1-V168

 $             899,642.13

(7)

T1-F169

 $             878,854.32

(6)

T1-V169

 $             878,854.32

(7)

T1-F170

 $             843,840.44

(6)

T1-V170

 $             843,840.44

(7)

T1-F171

 $             810,266.12

(6)

T1-V171

 $             810,266.12

(7)

T1-F172

 $             782,756.94

(6)

T1-V172

 $             782,756.94

(7)

T1-F173

 $             809,833.36

(6)

T1-V173

 $             809,833.36

(7)

T1-F174

 $          1,006,589.38

(6)

T1-V174

 $          1,006,589.38

(7)

T1-F175

 $          1,279,523.87

(6)

T1-V175

 $          1,279,523.87

(7)

T1-F176

 $          1,247,383.27

(6)

T1-V176

 $          1,247,383.27

(7)

T1-F177

 $          1,147,436.49

(6)

T1-V177

 $          1,147,436.49

(7)

T1-F178

 $          1,027,174.25

(6)

T1-V178

 $          1,027,174.25

(7)

T1-F179

 $             821,968.73

(6)

T1-V179

 $             821,968.73

(7)

T1-F180

 $             589,287.01

(6)

T1-V180

 $             589,287.01

(7)

T1-F181

 $             524,480.33

(6)

T1-V181

 $             524,480.33

(7)

T1-F182

 $             499,883.29

(6)

T1-V182

 $             499,883.29

(7)

T1-F183

 $             476,439.54

(6)

T1-V183

 $             476,439.54

(7)

T1-F184

 $             454,095.00

(6)

T1-V184

 $             454,095.00

(7)

T1-F185

 $             432,798.15

(6)

T1-V185

 $             432,798.15

(7)

T1-F186

 $             412,495.87

(6)

T1-V186

 $             412,495.87

(7)

T1-F187

 $             393,149.73

(6)

T1-V187

 $             393,149.73

(7)

T1-F188

 $             374,916.90

(6)

T1-V188

 $             374,916.90

(7)

T1-F189

 $             357,295.39

(6)

T1-V189

 $             357,295.39

(7)

T1-F190

 $             340,530.85

(6)

T1-V190

 $             340,530.85

(7)

T1-F191

 $             324,552.68

(6)

T1-V191

 $             324,552.68

(7)

T1-F192

 $             309,324.00

(6)

T1-V192

 $             309,324.00

(7)

T1-F193

 $             294,809.67

(6)

T1-V193

 $             294,809.67

(7)

T1-F194

 $             280,976.17

(6)

T1-V194

 $             280,976.17

(7)

T1-F195

 $             267,791.59

(6)

T1-V195

 $             267,791.59

(7)

T1-F196

 $             255,225.49

(6)

T1-V196

 $             255,225.49

(7)

T1-F197

 $             243,248.86

(6)

T1-V197

 $             243,248.86

(7)

T1-F198

 $             231,834.08

(6)

T1-V198

 $             231,834.08

(7)

T1-F199

 $             220,954.77

(6)

T1-V199

 $             220,954.77

(7)

T1-F200

 $             210,585.84

(6)

T1-V200

 $             210,585.84

(7)

T1-F201

 $             200,703.34

(6)

T1-V201

 $             200,703.34

(7)

T1-F202

 $             191,284.46

(6)

T1-V202

 $             191,284.46

(7)

T1-F203

 $             182,307.46

(6)

T1-V203

 $             182,307.46

(7)

T1-F204

 $             173,751.61

(6)

T1-V204

 $             173,751.61

(7)

T1-F205

 $             165,597.16

(6)

T1-V205

 $             165,597.16

(7)

T1-F206

 $             157,825.28

(6)

T1-V206

 $             157,825.28

(7)

T1-F207

 $             150,409.86

(6)

T1-V207

 $             150,409.86

(7)

T1-F208

 $             143,350.90

(6)

T1-V208

 $             143,350.90

(7)

T1-F209

 $             136,623.12

(6)

T1-V209

 $             136,623.12

(7)

T1-F210

 $             130,213.89

(6)

T1-V210

 $             130,213.89

(7)

T1-F211

 $             124,216.70

(6)

T1-V211

 $             124,216.70

(7)

T1-F211

 $             118,673.18

(6)

T1-V212

 $             118,673.18

(7)

T1-F213

 $             113,081.01

(6)

T1-V213

 $             113,081.01

(7)

T1-F214

 $             107,767.62

(6)

T1-V214

 $             107,767.62

(7)

T1-F215

 $          2,179,275.99

(6)

T1-V215

 $          2,179,275.99

(7)

R-I

(5)

(5)

___________________

(1)

The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for the T1-A Interest is a per annum rate equal to the weighted average of the Net Mortgage Rate of the Loans (the “REMIC I Net WAC Rate”).

(2)

The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for this interest is a per annum rate equal to the lesser of (i) the REMIC Swap I Rate, and (ii) the product of (a) the REMIC I Net WAC Rate and (b) 2.

(3)

For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC I Net WAC Rate and (b) 2, over (ii) the REMIC Swap I Rate.

(4)

This interest shall have an initial principal balance equal to the excess of (i) the aggregate initial principal balance of the Loans over (ii) the aggregate initial principal balance of all remaining REMIC I Regular Interests.

 (5)

The R-I interest shall not have a principal balance and shall not bear interest.  The R-I interest is hereby designated as the sole class of residual interest in REMIC I.  

(6)

The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for this interest is a per annum rate equal to the lesser of (i) the REMIC Swap II Rate, and (ii) the product of (a) the REMIC I Net WAC Rate and (b) 2.

(7)

For any Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC I Net WAC Rate and (b) 2, over (ii) the REMIC Swap II Rate.

(8)

This interest shall also be entitled to all Trust Prepayment Charges received in respect of the Loans.

 

On each Distribution Date, interest shall be allocated with respect to the interests in REMIC I based on the above-described interest rates.

On each Distribution Date, all Realized Losses and all payments of principal with respect to the Loans shall be allocated in the following order of priority:

(a)

First, to the T1-A interest until the outstanding principal balance of such interest is reduced to zero,

(b)

Second, until the 61st Distribution Date, pro rata to (i) the Class T1-F1 through Class T1-V155 Interests and (ii) the Class T1-F156 through Class T1-V215 Interests based on the aggregate principal balance of the Interests described in clause (i) and the aggregate principal balance of the Interests described in clause (ii), in each case sequentially, in ascending order of their numerical designation, and, with respect to each pair of REMIC I Regular Interests having the same numerical designation, in equal amounts to each such REMIC I Regular Interest, until the principal balance of each is reduced to zero;

(c)

Third, sequentially, to the Class T1-F156 through Class T1-V215 Interests in ascending order of their numerical designation, and, with respect to each pair of REMIC I Regular Interests having the same numerical designation, in equal amounts to each such REMIC I Regular Interest, until the principal balance of each is reduced to zero; and

(d)

Fourth, sequentially, to the Class T1-F1 through Class T1-V155 Interests in ascending order of their numerical designation, and, with respect to each pair of REMIC I Regular Interests having the same numerical designation, in equal amounts to each such REMIC I Regular Interest, until the principal balance of each is reduced to zero.

REMIC II:

The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”):

 

 

 

 

REMIC Interest

Initial Principal

 Balance of REMIC

Interest


Interest

Rate

 

Corresponding Class of

Certificate

T2-A-1A(6)

(4)

(1)

A-1A

T2-A-1B(6)

(4)

(1)

A-1B

T2-A-2(6)

(4)

(1)

A-2

T2-A-3(6)

(4)

(1)

A-3

T2-A-4(6)

(4)

(1)

A-4

T2-M-1(6)

(4)

(1)

M-1

T2-M-2(6)

(4)

(1)

M-2

T2-M-3(6)

(4)

(1)

M-3

T2-M-4(6)

(4)

(1)

M-4

T2-M-5(6)

(4)

(1)

M-5

T2-M-6(6)

(4)

(1)

M-6

T2-M-7(6)

(4)

(1)

M-7

T2-M-8(6)

(4)

(1)

M-8

T2-M-9(6)

(4)

(1)

M-9

T2-Accrual Interest(7).

(5)

(1)

N/A

T2-IO

(2)

(2)

N/A

R-II

(3)

(3)

N/A

___________________

(1)

The interest rate for each of these interests (the “REMIC Maximum Rate”) with respect to any Distribution Date (and the related Interest Accrual Period) is a per annum rate equal to the weighted average of the interest rates of the regular interests in REMIC I provided , however , that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I interest to a cap equal to the product of the interest rate used to compute the Net Swap Payment for the related Swap Agreement adjusted to reflect the day count convention used for such interest rate (“Swap LIBOR”) for such Distribution Date and 2.

(2)

The Class T2-IO is an interest only class that does not have a principal balance.  For only those Distribution Dates listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on the REMIC I Regular Interest(s) listed in  the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for such REMIC I Regular Interest for such Distribution Date over (ii)  Swap LIBOR for such Distribution Date.

 

 

 

Distribution Dates

REMIC II Designation

1

T2-F1, T2-F156

1-2

T2-F2, T2-F157

1-3

T2-F3, T2-F158

1-4

T2-F4, T2-F159

1-5

T2-F5, T2-F160

1-6

T2-F6, T2-F161

1-7

T2-F7, T2-F162

1-8

T2-F8, T2-F163

1-9

T2-F9, T2-F164

1-10

T2-F10, T2-F165

1-11

T2-F11, T2-F166

1-12

T2-F12, T2-F167

1-13

T2-F13, T2-F168

1-14

T2-F14, T2-F169

1-15

T2-F15, T2-F170

1-16

T2-F16, T2-F171

1-17

T2-F17, T2-F172

1-18

T2-F18, T2-F173

1-19

T2-F19, T2-F174

1-20

T2-F20, T2-F175

1-21

T2-F21, T2-F176

1-22

T2-F22, T2-F177

1-23

T2-F23, T2-F178

1-24

T2-F24, T2-F179

1-25

T2-F25, T2-F180

1-26

T2-F26, T2-F181

1-27

T2-F27, T2-F182

1-28

T2-F28, T2-F183

1-29

T2-F29, T2-F184

1-30

T2-F30, T2-F185

1-31

T2-F31, T2-F186

1-32

T2-F32, T2-F187

1-33

T2-F33, T2-F188

1-34

T2-F34, T2-F189

1-35

T2-F35, T2-F190

1-36

T2-F36, T2-F191

1-37

T2-F37, T2-F192

1-38

T2-F38, T2-F193

1-39

T2-F39, T2-F194

1-40

T2-F40, T2-F195

1-41

T2-F41, T2-F196

1-42

T2-F42, T2-F197

1-43

T2-F43, T2-F198

1-44

T2-F44, T2-F199

1-45

T2-F45, T2-F200

1-46

T2-F46, T2-F201

1-47

T2-F47, T2-F202

1-48

T2-F48, T2-F203

1-49

T2-F49, T2-F204

1-50

T2-F50, T2-F205

1-51

T2-F51, T2-F206

1-52

T2-F52, T2-F207

1-53

T2-F53, T2-F208

1-54

T2-F54, T2-F209

1-55

T2-F55, T2-F210

1-56

T2-F56, T2-F211

1-57

T2-F57, T2-F212

1-58

T2-F58, T2-F213

1-59

T2-F59, T2-F214

1-60

T2-F60, T2-F215

1-61

T2-F61

1-62

T2-F62

1-63

T2-F63

1-64

T2-F64

1-65

T2-F65

1-66

T2-F66

1-67

T2-F67

1-68

T2-F68

1-69

T2-F69

1-70

T2-F70

1-71

T2-F71

1-72

T2-F72

1-73

T2-F73

1-74

T2-F74

1-75

T2-F75

1-76

T2-F76

1-77

T2-F77

1-78

T2-F78

1-79

T2-F79

1-80

T2-F80

1-81

T2-F81

1-82

T2-F82

1-83

T2-F83

1-84

T2-F84

1-85

T2-F85

1-86

T2-F86

1-87

T2-F87

1-88

T2-F88

1-89

T2-F89

1-90

T2-F90

1-91

T2-F91

1-92

T2-F92

1-93

T2-F93

1-94

T2-F94

1-95

T2-F95

1-96

T2-F96

1-97

T2-F97

1-98

T2-F98

1-99

T2-F99

1-100

T2-F100

1-101

T2-F101

1-102

T2-F102

1-103

T2-F103

1-104

T2-F104

1-105

T2-F105

1-106

T2-F106

1-107

T2-F107

1-108

T2-F108

1-109

T2-F109

1-110

T2-F110

1-111

T2-F111

1-112

T2-F112

1-113

T2-F113

1-114

T2-F114

1-115

T2-F115

1-116

T2-F116

1-117

T2-F117

1-118

T2-F118

1-119

T2-F119

1-120

T2-F120

1-121

T2-F121

1-122

T2-F122

1-123

T2-F123

1-124

T2-F124

1-125

T2-F125

1-126

T2-F126

1-127

T2-F127

1-128

T2-F128