|
CWABS, INC.,
Depositor
COUNTRYWIDE HOME LOANS,
INC.,
Seller
PARK SIENNA LLC,
Seller
PARK GRANADA LLC,
Seller
COUNTRYWIDE HOME LOANS SERVICING
LP,
Master Servicer
and
THE BANK OF NEW YORK,
Trustee
POOLING AND SERVICING
AGREEMENT
Dated as of September 1,
2006
ASSET-BACKED CERTIFICATES, SERIES
2006-BC4
Table of
Contents
|
ARTICLE I.
|
|
DEFINITIONS
|
|
|
|
|
Section 1.01
|
Defined Terms.
|
|
Section 1.02
|
Certain Interpretive Provisions.
|
|
|
|
|
ARTICLE II.
|
|
CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND
WARRANTIES
|
|
|
|
|
Section 2.01
|
Conveyance of Mortgage Loans.
|
|
Section 2.02
|
Acceptance by Trustee of the Mortgage
Loans.
|
|
Section 2.03
|
Representations, Warranties and Covenants of the
Master Servicer and the Sellers.
|
|
Section 2.04
|
Representations and Warranties of the
Depositor.
|
|
Section 2.05
|
Delivery of Opinion of Counsel in Connection with
Substitutions and Repurchases.
|
|
Section 2.06
|
Authentication and Delivery of
Certificates.
|
|
Section 2.07
|
Covenants of the Master Servicer.
|
|
|
|
|
ARTICLE III.
|
|
ADMINISTRATION AND SERVICING OF
MORTGAGE LOANS
|
|
|
|
|
Section 3.01
|
Master Servicer to Service Mortgage
Loans.
|
|
Section 3.02
|
Subservicing; Enforcement of the Obligations of
Master Servicer.
|
|
Section 3.03
|
Rights of the Depositor, the Sellers, the
Certificateholders, the NIM Insurer and the Trustee in Respect of
the Master Servicer.
|
|
Section 3.04
|
Trustee to Act as Master Servicer.
|
|
Section 3.05
|
Collection of Mortgage Loan Payments; Certificate
Account; Distribution Account; Pre-Funding Account; Seller
Shortfall Interest Requirement.
|
|
Section 3.06
|
Collection of Taxes, Assessments and Similar
Items; Escrow Accounts.
|
|
Section 3.07
|
Access to Certain Documentation and Information
Regarding the Mortgage Loans.
|
|
Section 3.08
|
Permitted Withdrawals from the Certificate
Account, Distribution Account, Carryover Reserve Fund and the
Principal Reserve Fund.
|
|
Section 3.09
|
[Reserved].
|
|
Section 3.10
|
Maintenance of Hazard Insurance.
|
|
Section 3.11
|
Enforcement of Due-On-Sale Clauses; Assumption
Agreements.
|
|
Section 3.12
|
Realization Upon Defaulted Mortgage Loans;
Determination of Excess Proceeds and Realized Losses; Repurchase of
Certain Mortgage Loans.
|
|
Section 3.13
|
Trustee to Cooperate; Release of Mortgage
Files.
|
|
Section 3.14
|
Documents, Records and Funds in Possession of
Master Servicer to be Held for the Trustee.
|
|
Section 3.15
|
Servicing Compensation.
|
|
Section 3.16
|
Access to Certain Documentation.
|
|
Section 3.17
|
Annual Statement as to Compliance.
|
|
Section 3.18
|
[Reserved].
|
|
Section 3.19
|
[Reserved].
|
|
Section 3.20
|
Prepayment Charges.
|
|
Section 3.21
|
Swap Contract.
|
|
|
|
ARTICLE IV.
|
|
DISTRIBUTIONS AND ADVANCES BY THE
MASTER SERVICER
|
|
|
|
|
Section 4.01
|
Advances; Remittance Reports.
|
|
Section 4.02
|
Reduction of Servicing Compensation in Connection
with Prepayment Interest Shortfalls.
|
|
Section 4.03
|
[Reserved].
|
|
Section 4.04
|
Distributions.
|
|
Section 4.05
|
Monthly Statements to
Certificateholders.
|
|
Section 4.06
|
[Reserved].
|
|
Section 4.07
|
Carryover Reserve Fund.
|
|
Section 4.08
|
[Reserved].
|
|
Section 4.09
|
Swap Trust and Swap Account.
|
|
Section 4.10
|
Distributions on REMIC 1, REMIC 2 and REMIC 3
Regular Interests.
|
|
Section 4.11
|
Allocation of Realized Losses to REMIC 1 and
REMIC 2 Regular Interests.
|
|
Section 4.12
|
Tax Treatment of Swap Payments and Swap
Termination Payments.
|
|
|
|
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
|
Book-Entry Certificates.
|
|
Section 5.07
|
Notices to Depository.
|
|
Section 5.08
|
Definitive Certificates.
|
|
Section 5.09
|
Maintenance of Office or Agency.
|
|
|
|
|
ARTICLE VI.
|
|
THE DEPOSITOR, THE MASTER SERVICER
AND THE SELLERS
|
|
|
|
|
Section 6.01
|
Respective Liabilities of the Depositor, the
Master Servicer and the Sellers.
|
|
Section 6.02
|
Merger or Consolidation of the Depositor, the
Master Servicer or the Sellers.
|
|
Section 6.03
|
Limitation on Liability of the Depositor, the
Sellers, the Master Servicer, the NIM Insurer and
Others.
|
|
Section 6.04
|
Limitation on Resignation of Master
Servicer.
|
|
Section 6.05
|
Errors and Omissions Insurance; Fidelity
Bonds.
|
|
|
|
|
ARTICLE VII.
|
|
DEFAULT; TERMINATION OF MASTER
SERVICER
|
|
|
|
|
Section 7.01
|
Events of Default.
|
|
Section 7.02
|
Trustee to Act; Appointment of
Successor.
|
|
Section 7.03
|
Notification to Certificateholders.
|
|
|
|
|
ARTICLE VIII.
|
|
CONCERNING THE TRUSTEE
|
|
|
|
|
Section 8.01
|
Duties of Trustee.
|
|
Section 8.02
|
Certain Matters Affecting the Trustee.
|
|
Section 8.03
|
Trustee Not Liable for Mortgage Loans.
|
|
Section 8.04
|
Trustee May Own Certificates.
|
|
Section 8.05
|
Master Servicer to Pay Trustee’s Fees and
Expenses.
|
|
Section 8.06
|
Eligibility Requirements for Trustee.
|
|
Section 8.07
|
Resignation and Removal of Trustee.
|
|
Section 8.08
|
Successor Trustee.
|
|
Section 8.09
|
Merger or Consolidation of Trustee.
|
|
Section 8.10
|
Appointment of Co-Trustee or Separate
Trustee.
|
|
Section 8.11
|
Tax Matters.
|
|
Section 8.12
|
[Reserved].
|
|
Section 8.13
|
Access to Records of the Trustee.
|
|
Section 8.14
|
Suits for Enforcement.
|
|
|
|
|
ARTICLE IX.
|
|
TERMINATION
|
|
|
|
|
Section 9.01
|
Termination upon Liquidation or Repurchase of all
Mortgage Loans.
|
|
Section 9.02
|
Final Distribution on the
Certificates.
|
|
Section 9.03
|
Additional Termination Requirements.
|
|
|
|
|
ARTICLE X.
|
|
MISCELLANEOUS
PROVISIONS
|
|
|
|
|
Section 10.01
|
Amendment.
|
|
Section 10.02
|
Recordation of Agreement;
Counterparts.
|
|
Section 10.03
|
Governing Law.
|
|
Section 10.04
|
Intention of Parties.
|
|
Section 10.05
|
Notices.
|
|
Section 10.06
|
Severability of Provisions.
|
|
Section 10.07
|
Assignment.
|
|
Section 10.08
|
Limitation on Rights of
Certificateholders.
|
|
Section 10.09
|
Inspection and Audit Rights.
|
|
Section 10.10
|
Certificates Nonassessable and Fully
Paid.
|
|
Section 10.11
|
Rights of NIM Insurer.
|
|
|
|
|
ARTICLE XI.
|
|
EXCHANGE ACT REPORTING
|
|
|
|
|
Section 11.01
|
Filing Obligations.
|
|
Section 11.02
|
Form 10-D Filings.
|
|
Section 11.03
|
Form 8-K Filings.
|
|
Section 11.04
|
Form 10-K Filings.
|
|
Section 11.05
|
Sarbanes-Oxley Certification.
|
|
Section 11.06
|
Form 15 Filing.
|
|
Section 11.07
|
Report on Assessment of Compliance and
Attestation.
|
|
Section 11.08
|
Use of Subservicers and
Subcontractors.
|
|
Section 11.09
|
Amendments.
|
|
Section 11.10
|
Reconciliation of Accounts.
|
Exhibits
|
EXHIBIT A
|
Forms of Certificates
|
|
EXHIBIT A-1
|
Form of Class 1-A Certificate
|
|
EXHIBIT A-2
|
Form of Class 2-A-1 Certificate
|
|
EXHIBIT A-3
|
Form of Class 2-A-2 Certificate
|
|
EXHIBIT A-4
|
Form of Class 2-A-3 Certificate
|
|
EXHIBIT A-5
|
[Reserved]
|
|
EXHIBIT A-6
|
Form of Class M-1 Certificate
|
|
EXHIBIT A-7
|
Form of Class M-2 Certificate
|
|
EXHIBIT A-8
|
Form of Class M-3 Certificate
|
|
EXHIBIT A-9
|
Form of Class M-4 Certificate
|
|
EXHIBIT A-10
|
Form of Class M-5 Certificate
|
|
EXHIBIT A-11
|
Form of Class M-6 Certificate
|
|
EXHIBIT A-12
|
Form of Class M-7 Certificate
|
|
EXHIBIT A-13
|
Form of Class M-8 Certificate
|
|
EXHIBIT A-14
|
Form of Class M-9 Certificate
|
|
EXHIBIT A-15
|
Form of Class B Certificate
|
|
EXHIBIT B
|
Form of Class P Certificate
|
|
EXHIBIT C
|
Form of Class C Certificate
|
|
EXHIBIT D
|
Form of Class A-R Certificate
|
|
EXHIBIT E
|
Form of Tax Matters Person Certificate
|
|
EXHIBIT F
|
Mortgage Loan Schedule
|
|
EXHIBIT F-1
|
List of Mortgage Loans
|
|
EXHIBIT F-2
|
Mortgage Loans for which All or a Portion of a
Related Mortgage File is not Delivered to the Trustee on or prior
to the Closing Date
|
|
EXHIBIT G
|
Forms of Certification of Trustee
|
|
EXHIBIT G-1
|
Form of Initial Certification of Trustee (Initial
Mortgage Loans)
|
|
EXHIBIT G-2
|
Form of Interim Certification of
Trustee
|
|
EXHIBIT G-3
|
Form of Delay Delivery Certification
|
|
EXHIBIT G-4
|
Form of Initial Certification of Trustee
(Subsequent Mortgage Loans)
|
|
EXHIBIT H
|
Form of Final Certification of Trustee
|
|
EXHIBIT I
|
Transfer Affidavit for Class A-R
Certificates
|
|
EXHIBIT J-1
|
Form of Transferor Certificate for Class A-R
Certificates
|
|
EXHIBIT J-2
|
Form of Transferor Certificate for Private
Certificates
|
|
EXHIBIT K
|
Form of Investment Letter (Non-Rule
144A)
|
|
EXHIBIT L
|
Form of Rule 144A Letter
|
|
EXHIBIT M
|
Form of Request for Document Release
|
|
EXHIBIT N
|
Form of Request for File Release
|
|
EXHIBIT O
|
Copy of Depository Agreement
|
|
EXHIBIT P
|
Form of Subsequent Transfer Agreement
|
|
EXHIBIT Q
|
[Reserved]
|
|
EXHIBIT R
|
[Reserved]
|
|
EXHIBIT S-1
|
[Reserved]
|
|
EXHIBIT S-2
|
[Reserved]
|
|
EXHIBIT T
|
Officer’s Certificate with respect to
Prepayments
|
|
EXHIBIT U
|
Form of Swap Contract
|
|
EXHIBIT V-1
|
Form of Swap Contract Novation
Agreement
|
|
EXHIBIT V-2
|
Form of Swap Contract Administration
Agreement
|
|
EXHIBIT W
|
Form of Monthly Statement
|
|
EXHIBIT X-1
|
Form of Performance Certification
(Subservicer)
|
|
EXHIBIT X-2
|
Form of Performance Certification
(Trustee)
|
|
EXHIBIT Y
|
Form of Servicing Criteria to be Addressed in
Assessment of Compliance Statement
|
|
EXHIBIT Z
|
List of Item 1119 Parties
|
|
EXHIBIT AA
|
Form of Sarbanes-Oxley Certification (Replacement
Master Servicer)
|
|
EXHIBIT AB
|
Form of Auction Administration
Agreement
|
|
SCHEDULE I
|
Prepayment Charge Schedule and Prepayment Charge
Summary
|
|
SCHEDULE II
|
Collateral Schedule
|
|
SCHEDULE III
|
[Reserved]
|
POOLING AND SERVICING AGREEMENT, dated as of
September 1, 2006, by and among CWABS, INC., a Delaware
corporation, as depositor (the "Depositor"), COUNTRYWIDE HOME
LOANS, INC., a New York corporation, as seller ("CHL" or a
"Seller"), PARK GRANADA LLC., a Delaware limited liability company,
as a seller ("Park Granada" or a "Seller"), PARK SIENNA LLC, a
Delaware limited liability company, as a seller ("Park Sienna" or a
"Seller", and together with CHL and Park Granada, the "Sellers"),
COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited partnership,
as master servicer (the "Master Servicer"), and THE BANK OF NEW
YORK, a New York banking corporation, as trustee (the
"Trustee").
PRELIMINARY STATEMENT:
The Depositor intends to sell mortgage
asset-backed pass-through certificates (collectively, the
"Certificates"), to be issued hereunder in seventeen classes, which
in the aggregate will evidence the entire beneficial ownership
interest in the Mortgage Loans (as defined herein).
REMIC 1
As provided herein, the Trustee shall elect to
treat the segregated pool of assets consisting of the Mortgage
Loans and certain other related assets (exclusive of the
Pre-Funding Accounts, any Subsequent Mortgage Loan Interest, the
Swap Contract, the Swap Trust, the Swap Account and the Carryover
Reserve Fund) subject to this Agreement as a real estate mortgage
investment conduit (a "REMIC") for federal income tax purposes, and
such segregated pool of assets shall be designated as "REMIC 2."
The Class R-1-R Interest will represent the sole class of "residual
interests" in REMIC 2 for purposes of the REMIC Provisions (as
defined herein) under the federal income tax law. The following
table irrevocably sets forth the designation, the REMIC 2
Remittance Rate, the initial Uncertificated Principal Balance for
each of the "regular interest" in REMIC 2 and, for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
"latest possible maturity date" for each of the REMIC 2 Regular
Interests (as defined herein). None of the REMIC I Regular
Interests shall be certificated.
|
Designation
|
|
REMIC I
Remittance Rate
|
|
Initial Uncertificated
Balance
|
|
Latest Possible
Maturity Date (1)
|
|
LT1
|
|
Variable (2)
|
|
$ 245,292,283.47
|
|
|
|
LT1PF
|
|
Variable (2)
|
|
$
6,707,816.53
|
|
|
|
LT2
|
|
Variable (2)
|
|
$ 345,176,147.11
|
|
|
|
LT2PF
|
|
Variable (2)
|
|
$
2,823,852.89
|
|
|
|
LTP
|
|
Variable (2)
|
|
$
100.00
|
|
|
________________
|
(1)
|
For purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury regulations, the Distribution Date immediately
following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the "latest possible maturity
date" for each REMIC I Regular Interest.
|
|
(2)
|
Calculated in accordance with the definition of
"REMIC I Remittance Rate" herein.
|
REMIC 2
As provided herein, the Trustee will elect to
treat the segregated pool of assets consisting of the REMIC 2
Regular Interests as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as REMIC 2. The
R-2-R Interest will represent the sole class of "residual
interests" in REMIC 2 for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth
the designation, REMIC 2 Remittance Rate, initial Uncertificated
Principal Balance on each of the "regular interests" in REMIC 2
(the "REMIC 2 Regular Interests"). None of the REMIC 2 Regular
Interests will be certificated.
|
Designation
|
|
REMIC 2
Remittance Rate
|
|
Initial
Uncertificated Principal Balance
|
|
Latest Possible
Maturity Date (1)
|
|
I
|
|
(2)
|
|
$
|
6,551,887.02
|
|
April 2046
|
|
I-1-A
|
|
(2)
|
|
$
|
1,855,930.24
|
|
April 2046
|
|
I-1-B
|
|
(2)
|
|
$
|
1,855,930.24
|
|
April 2046
|
|
I-2-A
|
|
(2)
|
|
$
|
1,993,207.52
|
|
April 2046
|
|
I-2-B
|
|
(2)
|
|
$
|
1,993,207.52
|
|
April 2046
|
|
I-3-A
|
|
(2)
|
|
$
|
2,126,283.11
|
|
April 2046
|
|
I-3-B
|
|
(2)
|
|
$
|
2,126,283.11
|
|
April 2046
|
|
I-4-A
|
|
(2)
|
|
$
|
2,255,264.54
|
|
April 2046
|
|
I-4-B
|
|
(2)
|
|
$
|
2,255,264.54
|
|
April 2046
|
|
I-5-A
|
|
(2)
|
|
$
|
2,378,278.60
|
|
April 2046
|
|
I-5-B
|
|
(2)
|
|
$
|
2,378,278.60
|
|
April 2046
|
|
I-6-A
|
|
(2)
|
|
$
|
2,495,472.10
|
|
April 2046
|
|
I-6-B
|
|
(2)
|
|
$
|
2,495,472.10
|
|
April 2046
|
|
I-7-A
|
|
(2)
|
|
$
|
2,555,823.40
|
|
April 2046
|
|
I-7-B
|
|
(2)
|
|
$
|
2,555,823.40
|
|
April 2046
|
|
I-8-A
|
|
(2)
|
|
$
|
2,659,619.30
|
|
April 2046
|
|
I-8-B
|
|
(2)
|
|
$
|
2,659,619.30
|
|
April 2046
|
|
I-9-A
|
|
(2)
|
|
$
|
2,756,156.98
|
|
April 2046
|
|
I-9-B
|
|
(2)
|
|
$
|
2,756,156.98
|
|
April 2046
|
|
I-10-A
|
|
(2)
|
|
$
|
2,818,930.42
|
|
April 2046
|
|
I-10-B
|
|
(2)
|
|
$
|
2,818,930.42
|
|
April 2046
|
|
I-11-A
|
|
(2)
|
|
$
|
2,908,774.76
|
|
April 2046
|
|
I-11-B
|
|
(2)
|
|
$
|
2,908,774.76
|
|
April 2046
|
|
I-12-A
|
|
(2)
|
|
$
|
2,992,087.05
|
|
April 2046
|
|
I-12-B
|
|
(2)
|
|
$
|
2,992,087.05
|
|
April 2046
|
|
I-13-A
|
|
(2)
|
|
$
|
2,972,379.80
|
|
April 2046
|
|
I-13-B
|
|
(2)
|
|
$
|
2,972,379.80
|
|
April 2046
|
|
I-14-A
|
|
(2)
|
|
$
|
2,880,546.13
|
|
April 2046
|
|
I-14-B
|
|
(2)
|
|
$
|
2,880,546.13
|
|
April 2046
|
|
I-15-A
|
|
(2)
|
|
$
|
2,778,544.25
|
|
April 2046
|
|
I-15-B
|
|
(2)
|
|
$
|
2,778,544.25
|
|
April 2046
|
|
I-16-A
|
|
(2)
|
|
$
|
2,680,226.19
|
|
April 2046
|
|
I-16-B
|
|
(2)
|
|
$
|
2,680,226.19
|
|
April 2046
|
|
I-17-A
|
|
(2)
|
|
$
|
2,584,816.43
|
|
April 2046
|
|
I-17-B
|
|
(2)
|
|
$
|
2,584,816.43
|
|
April 2046
|
|
I-18-A
|
|
(2)
|
|
$
|
2,509,239.71
|
|
April 2046
|
|
I-18-B
|
|
(2)
|
|
$
|
2,509,239.71
|
|
April 2046
|
|
I-19-A
|
|
(2)
|
|
$
|
4,358,421.39
|
|
April 2046
|
|
I-19-B
|
|
(2)
|
|
$
|
4,358,421.39
|
|
April 2046
|
|
I-20-A
|
|
(2)
|
|
$
|
4,094,891.63
|
|
April 2046
|
|
I-20-B
|
|
(2)
|
|
$
|
4,094,891.63
|
|
April 2046
|
|
I-21-A
|
|
(2)
|
|
$
|
3,847,230.96
|
|
April 2046
|
|
I-21-B
|
|
(2)
|
|
$
|
3,847,230.96
|
|
April 2046
|
|
I-22-A
|
|
(2)
|
|
$
|
3,614,610.07
|
|
April 2046
|
|
I-22-B
|
|
(2)
|
|
$
|
3,614,610.07
|
|
April 2046
|
|
I-23-A
|
|
(2)
|
|
$
|
3,395,816.85
|
|
April 2046
|
|
I-23-B
|
|
(2)
|
|
$
|
3,395,816.85
|
|
April 2046
|
|
I-24-A
|
|
(2)
|
|
$
|
3,180,646.55
|
|
April 2046
|
|
I-24-B
|
|
(2)
|
|
$
|
3,180,646.55
|
|
April 2046
|
|
I-25-A
|
|
(2)
|
|
$
|
1,814,878.38
|
|
April 2046
|
|
I-25-B
|
|
(2)
|
|
$
|
1,814,878.38
|
|
April 2046
|
|
I-26-A
|
|
(2)
|
|
$
|
1,744,834.94
|
|
April 2046
|
|
I-26-B
|
|
(2)
|
|
$
|
1,744,834.94
|
|
April 2046
|
|
I-27-A
|
|
(2)
|
|
$
|
1,677,147.08
|
|
April 2046
|
|
I-27-B
|
|
(2)
|
|
$
|
1,677,147.08
|
|
April 2046
|
|
I-28-A
|
|
(2)
|
|
$
|
1,611,800.09
|
|
April 2046
|
|
I-28-B
|
|
(2)
|
|
$
|
1,611,800.09
|
|
April 2046
|
|
I-29-A
|
|
(2)
|
|
$
|
1,548,576.20
|
|
April 2046
|
|
I-29-B
|
|
(2)
|
|
$
|
1,548,576.20
|
|
April 2046
|
|
I-30-A
|
|
(2)
|
|
$
|
1,487,700.11
|
|
April 2046
|
|
I-30-B
|
|
(2)
|
|
$
|
1,487,700.11
|
|
April 2046
|
|
I-31-A
|
|
(2)
|
|
$
|
1,519,339.78
|
|
April 2046
|
|
I-31-B
|
|
(2)
|
|
$
|
1,519,339.78
|
|
April 2046
|
|
I-32-A
|
|
(2)
|
|
$
|
1,570,498.53
|
|
April 2046
|
|
I-32-B
|
|
(2)
|
|
$
|
1,570,498.53
|
|
April 2046
|
|
I-33-A
|
|
(2)
|
|
$
|
33,977,347.63
|
|
April 2046
|
|
I-33-B
|
|
(2)
|
|
$
|
33,977,347.63
|
|
April 2046
|
|
I-34-A
|
|
(2)
|
|
$
|
151,481.26
|
|
April 2046
|
|
I-34-B
|
|
(2)
|
|
$
|
151,481.26
|
|
April 2046
|
|
I-35-A
|
|
(2)
|
|
$
|
148,287.37
|
|
April 2046
|
|
I-35-B
|
|
(2)
|
|
$
|
148,287.37
|
|
April 2046
|
|
I-36-A
|
|
(2)
|
|
$
|
145,160.26
|
|
April 2046
|
|
I-36-B
|
|
(2)
|
|
$
|
145,160.26
|
|
April 2046
|
|
I-37-A
|
|
(2)
|
|
$
|
142,098.67
|
|
April 2046
|
|
I-37-B
|
|
(2)
|
|
$
|
142,098.67
|
|
April 2046
|
|
I-38-A
|
|
(2)
|
|
$
|
139,100.49
|
|
April 2046
|
|
I-38-B
|
|
(2)
|
|
$
|
139,100.49
|
|
April 2046
|
|
I-39-A
|
|
(2)
|
|
$
|
136,165.32
|
|
April 2046
|
|
I-39-B
|
|
(2)
|
|
$
|
136,165.32
|
|
April 2046
|
|
I-40-A
|
|
(2)
|
|
$
|
133,291.47
|
|
April 2046
|
|
I-40-B
|
|
(2)
|
|
$
|
133,291.47
|
|
April 2046
|
|
I-41-A
|
|
(2)
|
|
$
|
130,477.68
|
|
April 2046
|
|
I-41-B
|
|
(2)
|
|
$
|
130,477.68
|
|
April 2046
|
|
I-42-A
|
|
(2)
|
|
$
|
127,722.27
|
|
April 2046
|
|
I-42-B
|
|
(2)
|
|
$
|
127,722.27
|
|
April 2046
|
|
I-43-A
|
|
(2)
|
|
$
|
125,025.24
|
|
April 2046
|
|
I-43-B
|
|
(2)
|
|
$
|
125,025.24
|
|
April 2046
|
|
I-44-A
|
|
(2)
|
|
$
|
122,384.07
|
|
April 2046
|
|
I-44-B
|
|
(2)
|
|
$
|
122,384.07
|
|
April 2046
|
|
I-45-A
|
|
(2)
|
|
$
|
119,798.34
|
|
April 2046
|
|
I-45-B
|
|
(2)
|
|
$
|
119,798.34
|
|
April 2046
|
|
I-46-A
|
|
(2)
|
|
$
|
117,266.57
|
|
April 2046
|
|
I-46-B
|
|
(2)
|
|
$
|
117,266.57
|
|
April 2046
|
|
I-47-A
|
|
(2)
|
|
$
|
114,787.73
|
|
April 2046
|
|
I-47-B
|
|
(2)
|
|
$
|
114,787.73
|
|
April 2046
|
|
I-48-A
|
|
(2)
|
|
$
|
112,360.97
|
|
April 2046
|
|
I-48-B
|
|
(2)
|
|
$
|
112,360.97
|
|
April 2046
|
|
I-49-A
|
|
(2)
|
|
$
|
109,997.21
|
|
April 2046
|
|
I-49-B
|
|
(2)
|
|
$
|
109,997.21
|
|
April 2046
|
|
I-50-A
|
|
(2)
|
|
$
|
107,670.20
|
|
April 2046
|
|
I-50-B
|
|
(2)
|
|
$
|
107,670.20
|
|
April 2046
|
|
I-51-A
|
|
(2)
|
|
$
|
105,391.91
|
|
April 2046
|
|
I-51-B
|
|
(2)
|
|
$
|
105,391.91
|
|
April 2046
|
|
I-52-A
|
|
(2)
|
|
$
|
103,161.92
|
|
April 2046
|
|
I-52-B
|
|
(2)
|
|
$
|
103,161.92
|
|
April 2046
|
|
I-53-A
|
|
(2)
|
|
$
|
100,977.92
|
|
April 2046
|
|
I-53-B
|
|
(2)
|
|
$
|
100,977.92
|
|
April 2046
|
|
I-54-A
|
|
(2)
|
|
$
|
98,905.64
|
|
April 2046
|
|
I-54-B
|
|
(2)
|
|
$
|
98,905.64
|
|
April 2046
|
|
I-55-A
|
|
(2)
|
|
$
|
96,816.97
|
|
April 2046
|
|
I-55-B
|
|
(2)
|
|
$
|
96,816.97
|
|
April 2046
|
|
I-56-A
|
|
(2)
|
|
$
|
94,765.27
|
|
April 2046
|
|
I-56-B
|
|
(2)
|
|
$
|
94,765.27
|
|
April 2046
|
|
I-57-A
|
|
(2)
|
|
$
|
92,756.41
|
|
April 2046
|
|
I-57-B
|
|
(2)
|
|
$
|
92,756.41
|
|
April 2046
|
|
I-58-A
|
|
(2)
|
|
$
|
90,789.55
|
|
April 2046
|
|
I-58-B
|
|
(2)
|
|
$
|
90,789.55
|
|
April 2046
|
|
I-59-A
|
|
(2)
|
|
$
|
88,864.06
|
|
April 2046
|
|
I-59-B
|
|
(2)
|
|
$
|
88,864.06
|
|
April 2046
|
|
I-60-A
|
|
(2)
|
|
$
|
86,978.89
|
|
April 2046
|
|
I-60-B
|
|
(2)
|
|
$
|
86,978.89
|
|
April 2046
|
|
I-61-A
|
|
(2)
|
|
$
|
85,132.99
|
|
April 2046
|
|
I-61-B
|
|
(2)
|
|
$
|
85,132.99
|
|
April 2046
|
|
I-62-A
|
|
(2)
|
|
$
|
83,326.36
|
|
April 2046
|
|
I-62-B
|
|
(2)
|
|
$
|
83,326.36
|
|
April 2046
|
|
I-63-A
|
|
(2)
|
|
$
|
81,557.11
|
|
April 2046
|
|
I-63-B
|
|
(2)
|
|
$
|
81,557.11
|
|
April 2046
|
|
I-64-A
|
|
(2)
|
|
$
|
79,825.24
|
|
April 2046
|
|
I-64-B
|
|
(2)
|
|
$
|
79,825.24
|
|
April 2046
|
|
I-65-A
|
|
(2)
|
|
$
|
78,129.70
|
|
April 2046
|
|
I-65-B
|
|
(2)
|
|
$
|
78,129.70
|
|
April 2046
|
|
I-66-A
|
|
(2)
|
|
$
|
76,469.65
|
|
April 2046
|
|
I-66-B
|
|
(2)
|
|
$
|
76,469.65
|
|
April 2046
|
|
I-67-A
|
|
(2)
|
|
$
|
74,844.45
|
|
April 2046
|
|
I-67-B
|
|
(2)
|
|
$
|
74,844.45
|
|
April 2046
|
|
I-68-A
|
|
(2)
|
|
$
|
73,253.49
|
|
April 2046
|
|
I-68-B
|
|
(2)
|
|
$
|
73,253.49
|
|
April 2046
|
|
I-69-A
|
|
(2)
|
|
$
|
71,695.92
|
|
April 2046
|
|
I-69-B
|
|
(2)
|
|
$
|
71,695.92
|
|
April 2046
|
|
I-70-A
|
|
(2)
|
|
$
|
70,170.69
|
|
April 2046
|
|
I-70-B
|
|
(2)
|
|
$
|
70,170.69
|
|
April 2046
|
|
I-71-A
|
|
(2)
|
|
$
|
68,678.01
|
|
April 2046
|
|
I-71-B
|
|
(2)
|
|
$
|
68,678.01
|
|
April 2046
|
|
I-72-A
|
|
(2)
|
|
$
|
67,216.62
|
|
April 2046
|
|
I-72-B
|
|
(2)
|
|
$
|
67,216.62
|
|
April 2046
|
|
I-73-A
|
|
(2)
|
|
$
|
65,785.47
|
|
April 2046
|
|
I-73-B
|
|
(2)
|
|
$
|
65,785.47
|
|
April 2046
|
|
I-74-A
|
|
(2)
|
|
$
|
64,384.98
|
|
April 2046
|
|
I-74-B
|
|
(2)
|
|
$
|
64,384.98
|
|
April 2046
|
|
I-75-A
|
|
(2)
|
|
$
|
63,013.68
|
|
April 2046
|
|
I-75-B
|
|
(2)
|
|
$
|
63,013.68
|
|
April 2046
|
|
I-76-A
|
|
(2)
|
|
$
|
61,671.15
|
|
April 2046
|
|
I-76-B
|
|
(2)
|
|
$
|
61,671.15
|
|
April 2046
|
|
I-77-A
|
|
(2)
|
|
$
|
60,356.97
|
|
April 2046
|
|
I-77-B
|
|
(2)
|
|
$
|
60,356.97
|
|
April 2046
|
|
I-78-A
|
|
(2)
|
|
$
|
2,710,739.63
|
|
April 2046
|
|
I-78-B
|
|
(2)
|
|
$
|
2,710,739.63
|
|
April 2046
|
|
II
|
|
(2)
|
|
$
|
9,048,112.98
|
|
April 2046
|
|
II-1-A
|
|
(2)
|
|
$
|
2,562,949.26
|
|
April 2046
|
|
II-1-B
|
|
(2)
|
|
$
|
2,562,949.26
|
|
April 2046
|
|
II-2-A
|
|
(2)
|
|
$
|
2,752,522.48
|
|
April 2046
|
|
II-2-B
|
|
(2)
|
|
$
|
2,752,522.48
|
|
April 2046
|
|
II-3-A
|
|
(2)
|
|
$
|
2,936,293.39
|
|
April 2046
|
|
II-3-B
|
|
(2)
|
|
$
|
2,936,293.39
|
|
April 2046
|
|
II-4-A
|
|
(2)
|
|
$
|
3,114,410.46
|
|
April 2046
|
|
II-4-B
|
|
(2)
|
|
$
|
3,114,410.46
|
|
April 2046
|
|
II-5-A
|
|
(2)
|
|
$
|
3,284,286.90
|
|
April 2046
|
|
II-5-B
|
|
(2)
|
|
$
|
3,284,286.90
|
|
April 2046
|
|
II-6-A
|
|
(2)
|
|
$
|
3,446,125.40
|
|
April 2046
|
|
II-6-B
|
|
(2)
|
|
$
|
3,446,125.40
|
|
April 2046
|
|
II-7-A
|
|
(2)
|
|
$
|
3,529,467.60
|
|
April 2046
|
|
II-7-B
|
|
(2)
|
|
$
|
3,529,467.60
|
|
April 2046
|
|
II-8-A
|
|
(2)
|
|
$
|
3,672,804.70
|
|
April 2046
|
|
II-8-B
|
|
(2)
|
|
$
|
3,672,804.70
|
|
April 2046
|
|
II-9-A
|
|
(2)
|
|
$
|
3,806,118.52
|
|
April 2046
|
|
II-9-B
|
|
(2)
|
|
$
|
3,806,118.52
|
|
April 2046
|
|
II-10-A
|
|
(2)
|
|
$
|
3,892,805.58
|
|
April 2046
|
|
II-10-B
|
|
(2)
|
|
$
|
3,892,805.58
|
|
April 2046
|
|
II-11-A
|
|
(2)
|
|
$
|
4,016,876.24
|
|
April 2046
|
|
II-11-B
|
|
(2)
|
|
$
|
4,016,876.24
|
|
April 2046
|
|
II-12-A
|
|
(2)
|
|
$
|
4,131,926.45
|
|
April 2046
|
|
II-12-B
|
|
(2)
|
|
$
|
4,131,926.45
|
|
April 2046
|
|
II-13-A
|
|
(2)
|
|
$
|
4,104,711.70
|
|
April 2046
|
|
II-13-B
|
|
(2)
|
|
$
|
4,104,711.70
|
|
April 2046
|
|
II-14-A
|
|
(2)
|
|
$
|
3,977,893.87
|
|
April 2046
|
|
II-14-B
|
|
(2)
|
|
$
|
3,977,893.87
|
|
April 2046
|
|
II-15-A
|
|
(2)
|
|
$
|
3,837,034.25
|
|
April 2046
|
|
II-15-B
|
|
(2)
|
|
$
|
3,837,034.25
|
|
April 2046
|
|
II-16-A
|
|
(2)
|
|
$
|
3,701,261.81
|
|
April 2046
|
|
II-16-B
|
|
(2)
|
|
$
|
3,701,261.81
|
|
April 2046
|
|
II-17-A
|
|
(2)
|
|
$
|
3,569,505.57
|
|
April 2046
|
|
II-17-B
|
|
(2)
|
|
$
|
3,569,505.57
|
|
April 2046
|
|
II-18-A
|
|
(2)
|
|
$
|
3,465,137.79
|
|
April 2046
|
|
II-18-B
|
|
(2)
|
|
$
|
3,465,137.79
|
|
April 2046
|
|
II-19-A
|
|
(2)
|
|
$
|
6,018,767.61
|
|
April 2046
|
|
II-19-B
|
|
(2)
|
|
$
|
6,018,767.61
|
|
April 2046
|
|
II-20-A
|
|
(2)
|
|
$
|
5,654,845.87
|
|
April 2046
|
|
II-20-B
|
|
(2)
|
|
$
|
5,654,845.87
|
|
April 2046
|
|
II-21-A
|
|
(2)
|
|
$
|
5,312,838.54
|
|
April 2046
|
|
II-21-B
|
|
(2)
|
|
$
|
5,312,838.54
|
|
April 2046
|
|
II-22-A
|
|
(2)
|
|
$
|
4,991,600.43
|
|
April 2046
|
|
II-22-B
|
|
(2)
|
|
$
|
4,991,600.43
|
|
April 2046
|
|
II-23-A
|
|
(2)
|
|
$
|
4,689,457.65
|
|
April 2046
|
|
II-23-B
|
|
(2)
|
|
$
|
4,689,457.65
|
|
April 2046
|
|
II-24-A
|
|
(2)
|
|
$
|
4,392,317.95
|
|
April 2046
|
|
II-24-B
|
|
(2)
|
|
$
|
4,392,317.95
|
|
April 2046
|
|
II-25-A
|
|
(2)
|
|
$
|
2,506,258.62
|
|
April 2046
|
|
II-25-B
|
|
(2)
|
|
$
|
2,506,258.62
|
|
April 2046
|
|
II-26-A
|
|
(2)
|
|
$
|
2,409,532.06
|
|
April 2046
|
|
II-26-B
|
|
(2)
|
|
$
|
2,409,532.06
|
|
April 2046
|
|
II-27-A
|
|
(2)
|
|
$
|
2,316,058.42
|
|
April 2046
|
|
II-27-B
|
|
(2)
|
|
$
|
2,316,058.42
|
|
April 2046
|
|
II-28-A
|
|
(2)
|
|
$
|
2,225,817.41
|
|
April 2046
|
|
II-28-B
|
|
(2)
|
|
$
|
2,225,817.41
|
|
April 2046
|
|
II-29-A
|
|
(2)
|
|
$
|
2,138,508.30
|
|
April 2046
|
|
II-29-B
|
|
(2)
|
|
$
|
2,138,508.30
|
|
April 2046
|
|
II-30-A
|
|
(2)
|
|
$
|
2,054,441.39
|
|
April 2046
|
|
II-30-B
|
|
(2)
|
|
$
|
2,054,441.39
|
|
April 2046
|
|
II-31-A
|
|
(2)
|
|
$
|
2,098,134.22
|
|
April 2046
|
|
II-31-B
|
|
(2)
|
|
$
|
2,098,134.22
|
|
April 2046
|
|
II-32-A
|
|
(2)
|
|
$
|
2,168,781.97
|
|
April 2046
|
|
II-32-B
|
|
(2)
|
|
$
|
2,168,781.97
|
|
April 2046
|
|
II-33-A
|
|
(2)
|
|
$
|
46,921,061.87
|
|
April 2046
|
|
II-33-B
|
|
(2)
|
|
$
|
46,921,061.87
|
|
April 2046
|
|
II-34-A
|
|
(2)
|
|
$
|
209,188.24
|
|
April 2046
|
|
II-34-B
|
|
(2)
|
|
$
|
209,188.24
|
|
April 2046
|
|
II-35-A
|
|
(2)
|
|
$
|
204,777.63
|
|
April 2046
|
|
II-35-B
|
|
(2)
|
|
$
|
204,777.63
|
|
April 2046
|
|
II-36-A
|
|
(2)
|
|
$
|
200,459.24
|
|
April 2046
|
|
II-36-B
|
|
(2)
|
|
$
|
200,459.24
|
|
April 2046
|
|
II-37-A
|
|
(2)
|
|
$
|
196,231.33
|
|
April 2046
|
|
II-37-B
|
|
(2)
|
|
$
|
196,231.33
|
|
April 2046
|
|
II-38-A
|
|
(2)
|
|
$
|
192,091.01
|
|
April 2046
|
|
II-38-B
|
|
(2)
|
|
$
|
192,091.01
|
|
April 2046
|
|
II-39-A
|
|
(2)
|
|
$
|
188,037.68
|
|
April 2046
|
|
II-39-B
|
|
(2)
|
|
$
|
188,037.68
|
|
April 2046
|
|
II-40-A
|
|
(2)
|
|
$
|
184,069.03
|
|
April 2046
|
|
II-40-B
|
|
(2)
|
|
$
|
184,069.03
|
|
April 2046
|
|
II-41-A
|
|
(2)
|
|
$
|
180,183.32
|
|
April 2046
|
|
II-41-B
|
|
(2)
|
|
$
|
180,183.32
|
|
April 2046
|
|
II-42-A
|
|
(2)
|
|
$
|
176,378.23
|
|
April 2046
|
|
II-42-B
|
|
(2)
|
|
$
|
176,378.23
|
|
April 2046
|
|
II-43-A
|
|
(2)
|
|
$
|
172,653.76
|
|
April 2046
|
|
II-43-B
|
|
(2)
|
|
$
|
172,653.76
|
|
April 2046
|
|
II-44-A
|
|
(2)
|
|
$
|
169,006.43
|
|
April 2046
|
|
II-44-B
|
|
(2)
|
|
$
|
169,006.43
|
|
April 2046
|
|
II-45-A
|
|
(2)
|
|
$
|
165,435.66
|
|
April 2046
|
|
II-45-B
|
|
(2)
|
|
$
|
165,435.66
|
|
April 2046
|
|
II-46-A
|
|
(2)
|
|
$
|
161,939.43
|
|
April 2046
|
|
II-46-B
|
|
(2)
|
|
$
|
161,939.43
|
|
April 2046
|
|
II-47-A
|
|
(2)
|
|
$
|
158,516.27
|
|
April 2046
|
|
II-47-B
|
|
(2)
|
|
$
|
158,516.27
|
|
April 2046
|
|
II-48-A
|
|
(2)
|
|
$
|
155,165.03
|
|
April 2046
|
|
II-48-B
|
|
(2)
|
|
$
|
155,165.03
|
|
April 2046
|
|
II-49-A
|
|
(2)
|
|
$
|
151,900.79
|
|
April 2046
|
|
II-49-B
|
|
(2)
|
|
$
|
151,900.79
|
|
April 2046
|
|
II-50-A
|
|
(2)
|
|
$
|
148,687.30
|
|
April 2046
|
|
II-50-B
|
|
(2)
|
|
$
|
148,687.30
|
|
April 2046
|
|
II-51-A
|
|
(2)
|
|
$
|
145,541.09
|
|
April 2046
|
|
II-51-B
|
|
(2)
|
|
$
|
145,541.09
|
|
April 2046
|
|
II-52-A
|
|
(2)
|
|
$
|
142,461.58
|
|
April 2046
|
|
II-52-B
|
|
(2)
|
|
$
|
142,461.58
|
|
April 2046
|
|
II-53-A
|
|
(2)
|
|
$
|
139,445.58
|
|
April 2046
|
|
II-53-B
|
|
(2)
|
|
$
|
139,445.58
|
|
April 2046
|
|
II-54-A
|
|
(2)
|
|
$
|
136,583.86
|
|
April 2046
|
|
II-54-B
|
|
(2)
|
|
$
|
136,583.86
|
|
April 2046
|
|
II-55-A
|
|
(2)
|
|
$
|
133,699.53
|
|
April 2046
|
|
II-55-B
|
|
(2)
|
|
$
|
133,699.53
|
|
April 2046
|
|
II-56-A
|
|
(2)
|
|
$
|
130,866.23
|
|
April 2046
|
|
II-56-B
|
|
(2)
|
|
$
|
130,866.23
|
|
April 2046
|
|
II-57-A
|
|
(2)
|
|
$
|
128,092.09
|
|
April 2046
|
|
II-57-B
|
|
(2)
|
|
$
|
128,092.09
|
|
April 2046
|
|
II-58-A
|
|
(2)
|
|
$
|
125,375.95
|
|
April 2046
|
|
II-58-B
|
|
(2)
|
|
$
|
125,375.95
|
|
April 2046
|
|
II-59-A
|
|
(2)
|
|
$
|
122,716.94
|
|
April 2046
|
|
II-59-B
|
|
(2)
|
|
$
|
122,716.94
|
|
April 2046
|
|
II-60-A
|
|
(2)
|
|
$
|
120,113.61
|
|
April 2046
|
|
II-60-B
|
|
(2)
|
|
$
|
120,113.61
|
|
April 2046
|
|
II-61-A
|
|
(2)
|
|
$
|
117,564.51
|
|
April 2046
|
|
II-61-B
|
|
(2)
|
|
$
|
117,564.51
|
|
April 2046
|
|
II-62-A
|
|
(2)
|
|
$
|
115,069.64
|
|
April 2046
|
|
II-62-B
|
|
(2)
|
|
$
|
115,069.64
|
|
April 2046
|
|
II-63-A
|
|
(2)
|
|
$
|
112,626.39
|
|
April 2046
|
|
II-63-B
|
|
(2)
|
|
$
|
112,626.39
|
|
April 2046
|
|
II-64-A
|
|
(2)
|
|
$
|
110,234.76
|
|
April 2046
|
|
II-64-B
|
|
(2)
|
|
$
|
110,234.76
|
|
April 2046
|
|
II-65-A
|
|
(2)
|
|
$
|
107,893.30
|
|
April 2046
|
|
II-65-B
|
|
(2)
|
|
$
|
107,893.30
|
|
April 2046
|
|
II-66-A
|
|
(2)
|
|
$
|
105,600.85
|
|
April 2046
|
|
II-66-B
|
|
(2)
|
|
$
|
105,600.85
|
|
April 2046
|
|
II-67-A
|
|
(2)
|
|
$
|
103,356.55
|
|
April 2046
|
|
II-67-B
|
|
(2)
|
|
$
|
103,356.55
|
|
April 2046
|
|
II-68-A
|
|
(2)
|
|
$
|
101,159.51
|
|
April 2046
|
|
II-68-B
|
|
(2)
|
|
$
|
101,159.51
|
|
April 2046
|
|
II-69-A
|
|
(2)
|
|
$
|
99,008.58
|
|
April 2046
|
|
II-69-B
|
|
(2)
|
|
$
|
99,008.58
|
|
April 2046
|
|
II-70-A
|
|
(2)
|
|
$
|
96,902.31
|
|
April 2046
|
|
II-70-B
|
|
(2)
|
|
$
|
96,902.31
|
|
April 2046
|
|
II-71-A
|
|
(2)
|
|
$
|
94,840.99
|
|
April 2046
|
|
II-71-B
|
|
(2)
|
|
$
|
94,840.99
|
|
April 2046
|
|
II-72-A
|
|
(2)
|
|
$
|
92,822.88
|
|
April 2046
|
|
II-72-B
|
|
(2)
|
|
$
|
92,822.88
|
|
April 2046
|
|
II-73-A
|
|
(2)
|
|
$
|
90,846.53
|
|
April 2046
|
|
II-73-B
|
|
(2)
|
|
$
|
90,846.53
|
|
April 2046
|
|
II-74-A
|
|
(2)
|
|
$
|
88,912.52
|
|
April 2046
|
|
II-74-B
|
|
(2)
|
|
$
|
88,912.52
|
|
April 2046
|
|
II-75-A
|
|
(2)
|
|
$
|
87,018.82
|
|
April 2046
|
|
II-75-B
|
|
(2)
|
|
$
|
87,018.82
|
|
April 2046
|
|
II-76-A
|
|
(2)
|
|
$
|
85,164.85
|
|
April 2046
|
|
II-76-B
|
|
(2)
|
|
$
|
85,164.85
|
|
April 2046
|
|
II-77-A
|
|
(2)
|
|
$
|
83,350.03
|
|
April 2046
|
|
II-77-B
|
|
(2)
|
|
$
|
83,350.03
|
|
April 2046
|
|
II-78-A
|
|
(2)
|
|
$
|
3,743,399.37
|
|
April 2046
|
|
II-78-B
|
|
(2)
|
|
$
|
3,743,399.37
|
|
April 2046
|
|
I-LT-P
|
|
(2)
|
|
$
|
100.00
|
|
April 2046
|
|
I-LT-AR
|
|
(2)
|
|
$
|
100.00
|
|
April 2046
|
________________
|
(1)
|
For purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury regulations, the Distribution Date immediately
following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the "latest possible maturity
date" for each REMIC 2 Regular Interest.
|
|
(1)
|
Calculated in accordance with the definition of
"REMIC 2 Remittance Rate" herein.
|
REMIC 3
As provided herein, the Trustee will elect to
treat the segregated pool of assets consisting of the REMIC 2
Regular Interests as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as REMIC 3. The
R-3-R Interest will represent the sole class of "residual
interests" in REMIC 3 for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth
the designation, REMIC 3 Remittance Rate, initial Uncertificated
Principal Balance on each of the "regular interests" in REMIC 2
(the "REMIC 2 Regular Interests"). None of the REMIC 3 Regular
Interests will be certificated.
|
Designation
|
|
REMIC 3 Remittance Rate
|
|
Uncertificated Principal
Balance
|
|
Latest Possible Maturity
Date(1)
|
|
LT-AA
|
|
(2)
|
|
$ 294,000,000.00
|
|
April 2046
|
|
LT-1A
|
|
(2)
|
|
$
1,005,480.00
|
|
April 2046
|
|
LT-2A1
|
|
(2)
|
|
$
895,940.00
|
|
April 2046
|
|
LT-2A2
|
|
(2)
|
|
$
372,475.00
|
|
April 2046
|
|
LT-2A3
|
|
(2)
|
|
$
120,105.00
|
|
April 2046
|
|
LT-M1
|
|
(2)
|
|
$
111,000.00
|
|
April 2046
|
|
LT-M2
|
|
(2)
|
|
$
102,000.00
|
|
April 2046
|
|
LT-M3
|
|
(2)
|
|
$
63,000.00
|
|
April 2046
|
|
LT-M4
|
|
(2)
|
|
$
51,000.00
|
|
April 2046
|
|
LT-M5
|
|
(2)
|
|
$
51,000.00
|
|
April 2046
|
|
LT-M6
|
|
(2)
|
|
$ 46,500.00
|
|
April 2046
|
|
LT-M7
|
|
(2)
|
|
$
46,500.00
|
|
April 2046
|
|
LT-M8
|
|
(2)
|
|
$ 30,000.00
|
|
April 2046
|
|
LT-M9
|
|
(2)
|
|
$
18,000.00
|
|
April 2046
|
|
LT-B
|
|
(2)
|
|
$
30,000.00
|
|
April 2046
|
|
LT-ZZ
|
|
(2)
|
|
$
3,057,000.00
|
|
April 2046
|
|
II-LT-P
|
|
(2)
|
|
$
100.00
|
|
April 2046
|
|
II-LT-AR
|
|
(2)
|
|
$ 100.00
|
|
April 2046
|
|
LT-1SUB
|
|
(2)
|
|
$
5,090.42
|
|
April 2046
|
|
LT-1GRP
|
|
(2)
|
|
$
24,529.24
|
|
April 2046
|
|
LT-2SUB
|
|
(2)
|
|
$
7,029.60
|
|
April 2046
|
|
LT-2GRP
|
|
(2)
|
|
$
34,517.61
|
|
April 2046
|
|
LT-XX
|
|
(2)
|
|
$ 299,928,833.13
|
|
April 2046
|
|
II-IO
|
|
(2)
|
|
(3)
|
|
April 2046
|
________________________
|
(1)
|
For purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury regulations, the Distribution Date immediately
following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the "latest possible maturity
date" for each REMIC 3 Regular Interest.
|
|
(2)
|
Calculated as provided in the definition of
"REMIC 3 Remittance Rate" herein.
|
|
(3)
|
REMIC 3 Regular Interest II-IO will not have an
Uncertificated Principal Balance, but will accrue interest on its
Uncertificated Notional Amount as defined herein.
|
REMIC 4
As provided herein, the Trustee will elect to
treat the segregated pool of assets consisting of the REMIC 3
Regular Interests as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as REMIC 4. The
R-4-R Interest will represent the sole class of "residual
interests" in REMIC 4 for purposes of the REMIC Provisions under
federal income tax law. The following table irrevocably sets forth
the designation, Pass-Through Rate, aggregate Initial Certificate
Principal Balance and Final Scheduled Distribution Date for each
Class of Certificates comprising the interests representing
"regular interests" in REMIC 4.
|
Designation
|
|
Pass-Through Rate
|
|
Aggregate Initial Certificate
Principal Balance
|
|
Latest Possible Maturity
Date(1)
|
|
Class 1-A
|
|
(2)
|
|
$ 201,096,000.00
|
|
April 2046
|
|
Class 2-A-1
|
|
(2)
|
|
$ 179,188,000.00
|
|
April 2046
|
|
Class 2-A-2
|
|
(2)
|
|
$ 74,495,000.00
|
|
April 2046
|
|
Class 2-A-3
|
|
(2)
|
|
$ 24,021,000.00
|
|
April 2046
|
|
Class M-1
|
|
(2)
|
|
$ 22,200,000.00
|
|
April 2046
|
|
Class M-2
|
|
(2)
|
|
$ 20,400,000.00
|
|
April 2046
|
|
Class M-3
|
|
(2)
|
|
$ 12,600,000.00
|
|
April 2046
|
|
Class M-4
|
|
(2)
|
|
$ 10,200,000.00
|
|
April 2046
|
|
Class M-5
|
|
(2)
|
|
$ 10,200,000.00
|
|
April 2046
|
|
Class M-6
|
|
(2)
|
|
$
9,300,000.00
|
|
April 2046
|
|
Class M-7
|
|
(2)
|
|
$
9,300,000.00
|
|
April 2046
|
|
Class M-8
|
|
(2)
|
|
$
6,000,000.00
|
|
April 2046
|
|
Class M-9
|
|
(2)
|
|
$
3,600,000.00
|
|
April 2046
|
|
Class B
|
|
(2)
|
|
$ 6,000,000.00
|
|
April 2046
|
|
Class C
|
|
(3)
|
|
$ 11,400,000.00
|
|
April 2046
|
|
Class P
|
|
(4)
|
|
$
100.00
|
|
April 2046
|
|
Class A-R
|
|
(5)
|
|
$
100.00
|
|
April 2046
|
|
Class Swap-IO Interest
|
|
(6)
|
|
(6)
|
|
April 2046
|
_______________
|
(1)
|
For purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury regulations, the Distribution Date immediately
following the maturity date for the Mortgage Loan with the latest
maturity date has been designated as the "latest possible maturity
date" for each REMIC 4 Regular Certificate.
|
|
(2)
|
Interest will accrue at a rate equal to the
Pass-Through Rate, as defined herein.
|
|
(3)
|
The Class C Certificates will accrue interest at
its variable Pass-Through Rate on the Class C Notional Amount
outstanding from time to time which shall equal the
Uncertificated Principal Balance of the REMIC 3 Regular
Interests (other than REMIC 3 Regular Interest LT-P). The
Class C Certificates will not accrue interest on their Certificate
Principal Balance initially equal to $11,400,000.00.
|
|
(4)
|
The Class P Certificates will be not entitled to
distributions of interest, but will be entitled to all Prepayment
Charges distributed with respect REMIC 3 Regular Interest
LT-P.
|
|
(5)
|
The Class A-R Certificates represent the sole
class of residual interests in each REMIC created hereunder. The
Class A-R Certificates will not be entitled to distributions of
interest.
|
|
(6)
|
The Class SWAP-IO Interest will not have a
Pass-Through Rate or a Uncertificated Principal Balance, but will
be entitled to 100% of amounts distributed on REMIC 3 Regular
Interest III-IO.
|
The foregoing REMIC structure is intended to
cause all of the cash from the Mortgage Loans to flow through to
REMIC 4 as cash flow on REMIC regular interests, without creating
any shortfall— actual or potential (other than for credit
losses)— to any REMIC regular interest. It is not intended
that the Class A-R Certificates be entitled to any cash flows
pursuant to this Agreement except as provided in Section 3.08(a)
hereunder.
ARTICLE I.
DEFINITIONS
| |
Section 1.01
|
Defined Terms.
|
Whenever used in this Agreement, the following
words and phrases, unless the context otherwise requires, shall
have the following meanings:
40-Year Mortgage Loan : A Mortgage Loan
with an original term to maturity of 40 years.
Acceptable Bid Amount : Either (i) a
bid equal to or greater than the Minimum Auction Amount or (ii) the
highest bid submitted by a Qualified Bidder in an auction if the
Directing Certificateholder agrees to pay the related Auction
Supplement Amount.
Account : The Escrow Account, the
Certificate Account, the Distribution Account or any other account
related to the Trust Fund or the Mortgage Loans.
Accrual Period : With respect to any
Distribution Date and each Class of Interest-Bearing Certificates,
the period commencing on the immediately preceding Distribution
Date (or, in the case of the first Distribution Date, the Closing
Date) and ending on the day immediately preceding such Distribution
Date. With respect to any Distribution Date and the Class C
Certificates, the calendar month preceding the month in which such
Distribution Date occurs. All calculations of interest on the
Interest-Bearing Certificates will be made on the basis of the
actual number of days elapsed in the related Accrual Period and on
a 360-day year. All calculations of interest on the Class C
Certificates will be made on the basis of a 360-day year consisting
of twelve 30-day months.
Auction Administration Agreement : The
auction administration agreement dated as of the Closing Date among
the Auction Administrator, CHL and the Master Servicer, a form of
which is attached hereto as Exhibit AB.
Auction Administrator : The Bank of New
York, in its capacity as auction administrator under the Auction
Administration Agreement.
Auction Supplement Amount : As defined
in Section 9.04(c).
Adjustable Rate Mortgage Loans : The
Mortgage Loans identified in the Mortgage Loan Schedule as having a
Mortgage Rate which is adjustable in accordance with the terms of
the related Mortgage Note.
Adjusted Net Mortgage Rate : As to each
Mortgage Loan, the Mortgage Rate less the related Expense Fee
Rate.
Adjusted Replacement Upfront Amount :
As defined in Section 3.21.
Adjustment Date : As to each Adjustable
Rate Mortgage Loan, each date on which the related Mortgage Rate is
subject to adjustment, as provided in the related Mortgage
Note.
Advance : The aggregate of the advances
required to be made by the Master Servicer with respect to any
Distribution Date pursuant to Section 4.01, the amount of any such
advances being equal to the aggregate of payments of principal of,
and interest on the Stated Principal Balance of, the Mortgage Loans
(net of the Servicing Fees) that were due on the related Due Date
and not received by the Master Servicer as of the close of business
on the related Determination Date including an amount equivalent to
interest on the Stated Principal Balance of each Mortgage Loan as
to which the related Mortgaged Property is an REO Property or as to
which the related Mortgaged Property has been liquidated but such
Mortgage Loan has not yet become a Liquidated Mortgage Loan;
provided, however, that the net monthly rental income (if any) from
such REO Property deposited in the Certificate Account for such
Distribution Date pursuant to Section 3.12 may be used to offset
such Advance for the related REO Property; provided, further, that
for the avoidance of doubt, no Advances shall be required to be
made in respect of any Liquidated Mortgage Loan.
Agreement : This Pooling and Servicing
Agreement and any and all amendments or supplements hereto made in
accordance with the terms herein.
Amount Held for Future Distribution :
As to any Distribution Date, the aggregate amount held in the
Certificate Account at the close of business on the immediately
preceding Determination Date on account of (i) all Scheduled
Payments or portions thereof received in respect of the Mortgage
Loans due after the related Due Date, (ii) Principal Prepayments
received in respect of such Mortgage Loans after the last day of
the related Prepayment Period and (iii) Liquidation Proceeds and
Subsequent Recoveries received in respect of such Mortgage Loans
after the last day of the related Due Period.
Applied Realized Loss Amount : With
respect to any Distribution Date and any Loan Group or Loan Groups,
the amount, if any, by which, the aggregate Certificate Principal
Balance of the Class(es) of Certificates listed opposite such Loan
Group(s) in the following table (after all distributions of
principal on such Distribution Date) exceeds the sum of (x) the
aggregate Stated Principal Balance of the Mortgage Loans in such
Loan Group(s) for such Distribution Date and (y) the amount on
deposit in the Pre-Funding Account in respect of such Loan
Group(s); provided, however, that an Applied Realized Loss Amount
will not exist for a single Loan Group with respect to its
corresponding Class A Certificates unless the Certificate Principal
Balances of the Subordinate Certificates have been reduced to
zero.
|
Loan Group(s)
|
Class(es) of Certificates
|
|
|
|
|
1 and 2
|
Subordinate
|
|
1
|
1-A
|
|
2
|
2-A
|
Appraised Value : The appraised value
of the Mortgaged Property based upon the appraisal made for the
originator of the related Mortgage Loan by an independent fee
appraiser at the time of the origination of the related Mortgage
Loan, or the sales price of the Mortgaged Property at the time of
such origination, whichever is less, or with respect to any
Mortgage Loan originated in connection with a refinancing, the
appraised value of the Mortgaged Property based upon the appraisal
made at the time of such refinancing.
Bankruptcy Code : Title 11 of the
United States Code.
Bid Determination Date : As defined in
Section 9.04(b).
Book-Entry Certificates : Any of the
Certificates that shall be registered in the name of the Depository
or its nominee, the ownership of which is reflected on the books of
the Depository or on the books of a person maintaining an account
with the Depository (directly, as a "Depository Participant", or
indirectly, as an indirect participant in accordance with the rules
of the Depository and as described in Section 5.06). As of the
Closing Date, each Class of Offered Certificates (other than the
Class A-R Certificates) constitutes a Class of Book-Entry
Certificates.
Business Day : Any day other than (i) a
Saturday or a Sunday or (ii) a day on which banking institutions in
the State of New York or California or the city in which the
Corporate Trust Office of the Trustee is located are authorized or
obligated by law or executive order to be closed.
Carryover Reserve Fund : The separate
Eligible Account created and initially maintained by the Trustee
pursuant to Section 4.07 in the name of the Trustee for the benefit
of the Certificateholders and designated "The Bank of New York in
trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2006-BC4". Funds in the Carryover Reserve Fund
shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.
Certificate : Any one of the
certificates of any Class executed and authenticated by the Trustee
in substantially the forms attached hereto as Exhibits A-1 through
A-15, Exhibit B, Exhibit C, Exhibit D and Exhibit E.
Certificate Account : The separate
Eligible Account created and initially maintained by the Master
Servicer pursuant to Section 3.05(b) at Countrywide Bank, N.A.,
which is an affiliate of the Master Servicer in the name of the
Master Servicer for the benefit of the Trustee on behalf of the
Certificateholders and designated "Countrywide Home Loans Servicing
LP in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2006-BC4". Funds in the Certificate Account
shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.
Certificate Owner : With respect to a
Book-Entry Certificate, the person that is the beneficial owner of
such Book-Entry Certificate.
Certificate Principal Balance : As to
any Certificate (other than the Class C Certificates) and as of any
Distribution Date, the Initial Certificate Principal Balance of
such Certificate (A) less the sum of (i) all amounts distributed
with respect to such Certificate in reduction of the Certificate
Principal Balance thereof on previous Distribution Dates pursuant
to Section 4.04(b) and (ii) any Applied Realized Loss Amounts
allocated to such Certificate on previous Distribution Dates
pursuant to Section 4.04(g), and (B) increased by any Subsequent
Recoveries allocated to such Certificate pursuant to Section
4.04(h) on such Distribution Date. References herein to the
Certificate Principal Balance of a Class of Certificates shall mean
the Certificate Principal Balances of all Certificates in such
Class. As to any Class C Certificate and as of any Distribution
Date, an amount equal to the excess, if any, of (i) the aggregate
Stated Principal Balance of the Mortgage Loans over (ii) the
aggregate Certificate Principal Balance of the Senior Certificates
and Subordinate Certificates. With respect to any Certificate
(other than the Class C Certificates) of a Class and any
Distribution Date, the portion of the Certificate Principal Balance
of such Class represented by such Certificate equal to the product
of the Percentage Interest evidenced by such Certificate and the
Certificate Principal Balance of such Class.
Certificate Register : The register
maintained pursuant to Section 5.02 hereof.
Certificateholder or Holder : The
person in whose name a Certificate is registered in the Certificate
Register (initially, Cede & Co., as nominee for the Depository,
in the case of any Class of Book-Entry Certificates), 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 Voting Interest evidenced thereby shall not be
taken into account in determining whether the requisite amount of
Voting Interests necessary to effect such consent has been
obtained; provided that if any such Person (including the
Depositor) owns 100% of the Voting Interests evidenced by a Class
of Certificates, such Certificates shall be deemed to be
Outstanding for purposes of any provision hereof (other than the
second sentence of Section 10.01 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 Trustee 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.
Certification Party : As defined in
Section 11.05.
Certifying Person : As defined in
Section 11.05.
CHL : Countrywide Home Loans, Inc., a
New York corporation, and its successors and assigns.
CHL Mortgage Loans : The Mortgage Loans
identified as such on the Mortgage Loan Schedule for which CHL is
the applicable Seller.
Class : All Certificates bearing the
same Class designation as set forth in Section 5.01 hereof.
Class 1-A Certificate : Any Certificate
designated as a "Class 1-A Certificate" on the face thereof, in the
form of Exhibit A-1 hereto, representing the right to distributions
as set forth herein.
Class 1-A Net Rate Cap : For any
Distribution Date, the weighted average Adjusted Net Mortgage Rate
of the Mortgage Loans in Loan Group 1 as of the first day of the
related Due Period (after giving effect to Principal Prepayments
received during the Prepayment Period that ends during such Due
Period), adjusted to an effective rate reflecting the calculation
of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year, minus a
fraction, expressed as a percentage, the numerator of which is (a)
the product of (x) the sum of (1) the Net Swap Payment payable to
the Swap Counterparty with respect to such Distribution Date times
a fraction, the numerator of which is equal to 360 and the
denominator of which is equal to the actual number of days in the
related Accrual Period and (2) any Swap Termination Payment payable
to the Swap Counterparty for such Distribution Date (other than a
Swap Termination Payment due to a Swap Counterparty Trigger Event)
times a fraction, the numerator of which is equal to 360 and the
denominator of which is equal to the actual number of days in the
related Accrual Period and (y) a fraction, the numerator of which
is the Interest Funds for Loan Group 1 for such Distribution Date,
and the denominator of which is the Interest Funds for Loan Group 1
and Loan Group 2 for such Distribution Date, and the denominator of
which is (b) the sum of the aggregate Stated Principal Balance of
the Mortgage Loans in Loan Group 1 as of the first day of the
related Due Period (after giving effect to Principal Prepayments
received during the Prepayment Period that ends during such Due
Period) plus any amounts on deposit in the Pre-Funding Account in
respect of Loan Group 1 as of the first day of that Due
Period.
Class 1-A Principal Distribution Amount
: With respect to any Distribution Date, the product of (x) the
Class A Principal Distribution Target Amount and (y) a fraction,
the numerator of which is the Class 1-A Principal Distribution
Target Amount and the denominator of which is the sum of the Class
1-A Principal Distribution Target Amount and the Class 2-A
Principal Distribution Target Amount.
Class 1-A Principal Distribution Target
Amount : With respect to any Distribution Date, the excess
of: (1) the Certificate Principal Balance of the Class 1-A
Certificates immediately prior to the Distribution Date, over (2)
the lesser of (i) 59.60% of the aggregate Stated Principal Balance
of the Mortgage Loans in Loan Group 1 for the Distribution Date and
(ii) the aggregate Stated Principal Balance of the Mortgage Loans
in Loan Group 1 for the Distribution Date minus 0.50% of the sum of
the aggregate Cut-off Date Principal Balance of the Initial
Mortgage Loans in Loan Group 1 as of the Initial Cut-off Date and
the Group 1 Pre-Funded Amount.
Class 2-A-1 Certificate : Any
Certificate designated as a "Class 2-A-1 Certificate" on the face
thereof, in the form of Exhibit A-2 hereto, representing the right
to distributions as set forth herein.
Class 2-A-2 Certificate : Any
Certificate designated as a "Class 2-A-2 Certificate" on the face
thereof, in the form of Exhibit A-3 hereto, representing the right
to distributions as set forth herein.
Class 2-A-3 Certificate : Any
Certificate designated as a "Class 2-A-3 Certificate" on the face
thereof, in the form of Exhibit A-4 hereto, representing the right
to distributions as set forth herein.
Class 2-A Certificate : Any Class
2-A-1, Class 2-A-2 or Class 2-A-3 Certificate.
Class 2-A Net Rate Cap : For any
Distribution Date, the weighted average Adjusted Net Mortgage Rate
of the Mortgage Loans in Loan Group 2 as of the first day of the
related Due Period (after giving effect to Principal Prepayments
received during the Prepayment Period that ends during such Due
Period), adjusted to an effective rate reflecting the calculation
of interest on the basis of the actual number of days elapsed
during the related Accrual Period and a 360-day year, minus a
fraction, expressed as a percentage, the numerator of which is (a)
the product of (x) the sum of (1) the Net Swap Payment payable to
the Swap Counterparty with respect to such Distribution Date times
a fraction, the numerator of which is equal to 360 and the
denominator of which is equal to the actual number of days in the
related Accrual Period and (2) any Swap Termination Payment payable
to the Swap Counterparty for such Distribution Date (other than a
Swap Termination Payment due to a Swap Counterparty Trigger Event)
times a fraction, the numerator of which is equal to 360 and the
denominator of which is equal to the actual number of days in the
related Accrual Period and (y) a fraction, the numerator of which
is the Interest Funds for Loan Group 2 for such Distribution Date,
and the denominator of which is the Interest Funds for Loan Group 1
and Loan Group 2 for such Distribution Date, and the denominator of
which is (b) the sum of the aggregate Stated Principal Balance of
the Mortgage Loans in Loan Group 2 as of the first day of the
related Due Period (after giving effect to Principal Prepayments
received during the Prepayment Period that that ends during such
Due Period) plus any amounts on deposit in the Pre-Funding Account
in respect of Loan Group 2 as of the first day of that Due
Period.
Class 2-A Principal Distribution Amount
: For any Distribution Date means the product of (x) the Class A
Principal Distribution Target Amount and (y) a fraction, the
numerator of which is the Class 2-A Principal Distribution Target
Amount and the denominator of which is the sum of the Class 1-A
Principal Distribution Target Amount and the Class 2-A Principal
Distribution Target Amount.
Class 2-A Principal Distribution Target
Amount : For any Distribution Date means the excess of: (1)
the aggregate Certificate Principal Balance of the Class 2-A
Certificates immediately prior to the Distribution Date, over (2)
the lesser of (i) 59.60% of the aggregate Stated Principal Balance
of the Mortgage Loans in Loan Group 2 for the Distribution Date and
(ii) the aggregate Stated Principal Balance of the Mortgage Loans
in Loan Group 2 for the Distribution Date minus 0.50% of the sum of
the aggregate Cut-off Date Principal Balance of the Initial
Mortgage Loans in Loan Group 2 as of the Initial Cut-off Date and
the Group 2 Pre-Funded Amount.
Class A Principal Distribution Target
Amount : With respect to any Distribution Date, the excess
of: (1) the aggregate Certificate Principal Balance of the Class A
Certificates immediately prior to the Distribution Date, over (2)
the lesser of (i) 59.60% of the aggregate Stated Principal Balance
of the Mortgage Loans for the Distribution Date and (ii) the
aggregate Stated Principal Balance of the Mortgage Loans for the
Distribution Date minus the OC Floor.
Class A Principal Distribution Allocation
Amount : With respect to any Distribution Date, (a) in the
case of the Class 1-A Certificates, the Class 1-A Principal
Distribution Amount and (b) in the case of the Class 2-A
Certificates, the Class 2-A Principal Distribution Amount.
Class A-R Certificate : Any Certificate
designated as a "Class A-R Certificate" on the face thereof, in the
form of Exhibit D hereto or, in the case of the Tax Matters Person
Certificate, Exhibit E hereto, in either case representing the
right to distributions as set forth herein. The Class A-R
Certificates represent ownership of the R-1-R Interest, the R-2-R
Interest and the R-3-R Interest.
Class A Certificate : Any Class 1-A or
Class 2-A Certificate.
Class B Certificate : Any Certificate
designated as a "Class B Certificate" on the face thereof, in the
form of Exhibit A-15 hereto, representing the right to
distributions as set forth herein.
Class C Certificate : Any Certificate
designated as a "Class C Certificate" on the face thereof, in the
form of Exhibit C hereto, representing the right to distributions
as set forth herein.
Class C Current Interest : For any
Distribution Date, the interest accrued on the Class C Notional
Amount during the related Accrual Period at the related
Pass-Through Rate.
Class C Notional Amount : The aggregate
amount of the Uncertificated Principal Balance of the REMIC 3
Regular Interests other than REMIC III Regular Interest
LT-P.
Class IO Distribution Amount : As
defined in Section 4.9 hereof. For purposes of clarity, the Class
IO Distribution Amount for any Distribution Date shall equal the
amount payable to the Swap Contract Administrator on such
Distribution Date in excess of the amount payable on the Class
SWAP-IO Interest on such Distribution Date, all as further provided
in Section 4.9 hereof.
Class M Certificates : The 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.
Class M-1 Certificate : Any Certificate
designated as a "Class M-1 Certificate" on the face thereof, in the
form of Exhibit A-6 hereto, representing the right to distributions
as set forth herein.
Class M-2 Certificate : Any Certificate
designated as a "Class M-2 Certificate" on the face thereof, in the
form of Exhibit A-7 hereto, representing the right to distributions
as set forth herein.
Class M-3 Certificate : Any Certificate
designated as a "Class M-3 Certificate" on the face thereof, in the
form of Exhibit A-8 hereto, representing the right to distributions
as set forth herein.
Class M-4 Certificate : Any Certificate
designated as a "Class M-4 Certificate" on the face thereof, in the
form of Exhibit A-9 hereto, representing the right to distributions
as set forth herein.
Class M-5 Certificate : Any Certificate
designated as a "Class M-5 Certificate" on the face thereof, in the
form of Exhibit A-10 hereto, representing the right to
distributions as set forth herein.
Class M-6 Certificate : Any Certificate
designated as a "Class M-6 Certificate" on the face thereof, in the
form of Exhibit A-11 hereto, representing the right to
distributions as set forth herein.
Class M-7 Certificate : Any Certificate
designated as a "Class M-7 Certificate" on the face thereof, in the
form of Exhibit A-12 hereto, representing the right to
distributions as set forth herein.
Class M-8 Certificate : Any Certificate
designated as a "Class M-8 Certificate" on the face thereof, in the
form of Exhibit A-13 hereto, representing the right to
distributions as set forth herein.
Class M-9 Certificate : Any Certificate
designated as a "Class M-9 Certificate" on the face thereof, in the
form of Exhibit A-14 hereto, representing the right to
distributions as set forth herein.
Class P Certificate : Any Certificate
designated as a "Class P Certificate" on the face thereof, in the
form of Exhibit B hereto, representing the right to distributions
as set forth herein.
Class P Principal Distribution Date :
The first Distribution Date that occurs after the end of the latest
Prepayment Charge Period for all Mortgage Loans that have a
Prepayment Charge Period.
Class P Notional Amount : Solely for
purposes of the face of the Class P Certificates, an amount equal
to $600,000,000.
Class SWAP-IO Interest : An
uncertificated interest in the Trust Fund evidencing a Regular
Interest in REMIC 4.
Closing Date : September 29,
2006.
Code : The Internal Revenue Code of
1986, including any successor or amendatory provisions.
Collateral Schedule : Schedule II
hereto.
Commission : The U.S. Securities and
Exchange Commission.
Compensating Interest : With respect to
each Loan Group and any Distribution Date, an amount equal to, in
that Loan Group, the lesser of (x) one-half of the Servicing Fee
for the related Due Period and (y) the aggregate Prepayment
Interest Shortfalls for the Mortgage Loans in that Loan Group for
such Distribution Date.
Confirmation : The confirmation,
reference number FXCWL06BC4, with a date of September 14, 2006,
evidencing a transaction between the Swap Counterparty and CHL
relating to the Swap Contract.
Corporate Trust Office : The designated
office of the Trustee in the State of New York where at any
particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the
execution of this Agreement is located at 101 Barclay Street, New
York, New York 10286 (Attention: Corporate Trust MBS
Administration), telephone: (212) 815-3236, facsimile: (212)
815-3986.
Corresponding Certificate : With
respect to each REMIC 3 Regular Interest, as follows:
|
REMIC 3 Regular
Interest
|
|
Class
|
|
REMIC 3 Regular Interest LT-1A
|
|
1A
|
|
REMIC 3 Regular Interest LT-2A1
|
|
2-A-1
|
|
REMIC 3 Regular Interest LT-2A2
|
|
2-A-2
|
|
REMIC 3 Regular Interest LT-2A3
|
|
2-A-3
|
|
REMIC 3 Regular Interest LT-M1
|
|
M-1
|
|
REMIC 3 Regular Interest LT-M2
|
|
M-2
|
|
REMIC 3 Regular Interest LT-M3
|
|
M-3
|
|
REMIC 3 Regular Interest LT-M4
|
|
M-4
|
|
REMIC 3 Regular Interest LT-M5
|
|
M-5
|
|
REMIC 3 Regular Interest LT-M6
|
|
M-6
|
|
REMIC 3 Regular Interest LT-M7
|
|
M-7
|
|
REMIC 3 Regular Interest LT-M8
|
|
M-8
|
|
REMIC 3 Regular Interest LT-M9
|
|
M-9
|
|
REMIC 3 Regular Interest LT-B
|
|
B
|
|
REMIC 3 Regular Interest LT-AR
|
|
A-R
|
|
REMIC 3 Regular Interest II-LTP
|
|
P
|
Credit Bureau Risk Score : A
statistical credit score obtained by CHL in connection with the
origination of a Mortgage Loan.
Cumulative Loss Trigger Event : With
respect to a Distribution Date on or after the Stepdown Date, a
Cumulative Loss Trigger Event will be in effect if (x) the
aggregate amount of Realized Losses on the Mortgage Loans from the
Cut-off Date for each such Mortgage Loan to (and including) the
last day of the related Due Period (reduced by the aggregate amount
of any Subsequent Recoveries received through the last day of that
Due Period) exceeds (y) the applicable percentage, for such
Distribution Date, of the sum of the aggregate Cut-off Date
Principal Balance of the Initial Mortgage Loans and the Pre-Funded
Amount, as set forth below:
|
Distribution Date
|
Percentage
|
|
October 2008 — September 2009
|
1.45% with respect to October 2008, plus an
additional 1/12th of 1.85% for each month thereafter through
September 2009
|
|
October 2009 — September 2010
|
3.30% with respect to October 2009, plus an
additional 1/12th of 1.85% for each month thereafter through
September 2010
|
|
October 2010 — September 2011
|
5.15% with respect to October 2010, plus an
additional 1/12th of 1.50% for each month thereafter through
September 2011
|
|
October 2011 — September 2012
|
6.65% with respect to October 2011, plus an
additional 1/12th of 0.80% for each month thereafter through
September 2012
|
|
October 2012 and thereafter
|
7.45%
|
Current Interest : With respect to each
Class of Interest-Bearing Certificates and any Distribution Date,
the interest accrued at the applicable Pass-Through Rate for the
related Accrual Period on the Certificate Principal Balance of such
Class immediately prior to such Distribution Date.
Cut-off Date : When used with respect
to any Mortgage Loan the "Cut-off Date" shall mean the Initial
Cut-off Date or the related Subsequent Cut-off Date, as the case
may be.
Cut-off Date Principal Balance : As to
any Mortgage Loan, the unpaid principal balance thereof as of the
close of business on the Cut-off Date after application of all
payments of principal due on or prior to the Cut-off Date, whether
or not received, and all Principal Prepayments received on or prior
to the Cut-off Date, but without giving effect to any installments
of principal received in respect of Due Dates after the Cut-off
Date.
Debt Service Reduction : With respect
to any Mortgage Loan, a reduction by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code in the
Scheduled Payment for such Mortgage Loan that became final and
non-appealable, except such a reduction resulting from a Deficient
Valuation or any other reduction that results in a permanent
forgiveness of principal.
Deficient Valuation : With respect to
any Mortgage Loan, a valuation by a court of competent jurisdiction
of the Mortgaged Property in an amount less than the then
outstanding indebtedness under such Mortgage Loan, or any reduction
in the amount of principal to be paid in connection with any
Scheduled Payment that results in a permanent forgiveness of
principal, which valuation or reduction results from an order of
such court that is final and non-appealable in a proceeding under
the Bankruptcy Code.
Definitive Certificates : As defined in
Section 5.06.
Delay Delivery Mortgage Loans : (i) The
Initial Mortgage Loans identified on the schedule of Mortgage Loans
hereto set forth on Exhibit F-2 hereof for which all or a portion
of a related Mortgage File is not delivered to the Trustee on or
prior to the Closing Date, and (ii) the Subsequent Mortgage Loans
identified on the schedule of Subsequent Mortgage Loans set forth
in Annex A to each related Subsequent Transfer Agreement for which
all or a portion of the related Mortgage File is not delivered to
the Trustee on or prior to the related Subsequent Transfer Date.
The Depositor shall deliver (or cause delivery of) the Mortgage
Files to the Trustee: (A) with respect to at least 50% of the
Initial Mortgage Loans in each Loan Group, not later than the
Closing Date and with respect to at least 10% of the Subsequent
Mortgage Loans in each Loan Group conveyed on a Subsequent Transfer
Date, not later than such Subsequent Transfer Date, (B) with
respect to at least an additional 40% of the Initial Mortgage Loans
in each Loan Group, not later than 20 days after the Closing Date,
and not later than 20 days after the relevant Subsequent Transfer
Date with respect to the remaining Subsequent Mortgage Loans
conveyed on such Subsequent Transfer Date, and (C) with respect to
the remaining Initial Mortgage Loans, not later than thirty days
after the Closing Date. To the extent that any Seller shall be in
possession of any Mortgage Files with respect to any Delay Delivery
Mortgage Loan, until delivery of such Mortgage File to the Trustee
as provided in Section 2.01, such Seller shall hold such files as
agent and in trust for the Trustee.
Deleted Mortgage Loan : A Mortgage Loan
replaced or to be replaced by a Replacement Mortgage Loan.
Delinquency Trigger Event : With
respect to any Distribution Date on or after the Stepdown Date, a
Delinquency Trigger Event will be in effect if the Rolling
Sixty-Day Delinquency Rate for Outstanding Mortgage Loans equals or
exceeds the product of (x) the Senior Enhancement Percentage for
such Distribution Date and (y) the applicable percentage listed
below for the most senior Class of Interest-Bearing
Certificates:
|
Class
|
Percentage
|
|
|
|
|
A
|
37.10%
|
|
Class M-1
|
45.45%
|
|
Class M-2
|
57.21%
|
|
Class M-3
|
68.13%
|
|
Class M-4
|
80.58%
|
|
Class M-5
|
98.61%
|
|
Class M-6
|
123.87%
|
|
Class M-7
|
166.54%
|
|
Class M-8
|
214.12%
|
|
Class M-9
|
258.42%
|
|
Class B
|
394.43%
|
Denomination : With respect to each
Certificate, the amount set forth on the face thereof as the
"Initial Certificate Balance of this Certificate" or, if not the
foregoing, the Percentage Interest appearing on the face thereof,
as applicable.
Depositor : CWABS, Inc., a Delaware
corporation, or its successor in interest.
Depository : The initial Depository
shall be The Depository Trust Company, the nominee of which is Cede
& Co., or any other organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of
1934, as amended. The Depository shall initially be the registered
Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(a)(5)
of the Uniform Commercial Code of the State of New York.
Depository Agreement : With respect to
the Book-Entry Certificates, the agreement among the Depositor and
the initial Depository, dated as of the Closing Date, substantially
in the form of Exhibit O.
Depository Participant : A broker,
dealer, bank or other financial institution or other person for
whom from time to time a Depository effects book-entry transfers
and pledges of securities deposited with the Depository.
Determination Date : With respect to
any Distribution Date, the 15 th day of the month of
such Distribution Date or, if such 15 th day is not a
Business Day, the immediately preceding Business Day.
Directing Certificateholder : As
defined in Section 9.04(a)
Distribution Account : The separate
Eligible Account created and maintained by the Trustee pursuant to
Section 3.05(c) in the name of the Trustee for the benefit of the
Certificateholders and designated "The Bank of New York, in trust
for registered Holders of CWABS, Inc., Asset-Backed Certificates,
Series 2006-BC4". Funds in the Distribution Account shall be held
in trust for the Certificateholders for the uses and purposes set
forth in this Agreement.
Distribution Account Deposit Date : As
to any Distribution Date, 1:00 p.m. Pacific time on the Business
Day immediately preceding such Distribution Date.
Distribution Date : The 25th day of
each month, or if such day is not a Business Day, on the first
Business Day thereafter, commencing in October 2006.
Due Date : With respect to any Mortgage
Loan and Due Period, the due date for Scheduled Payments of
interest and/or principal on that Mortgage Loan occurring in such
Due Period as provided in the related Mortgage Note.
Due Period : With respect to any
Distribution Date, the period beginning on the second day of the
calendar month preceding the calendar month in which such
Distribution Date occurs and ending on the first day of the month
in which such Distribution Date occurs.
EDGAR : The Commission’s
Electronic Data Gathering, Analysis and Retrieval system.
Eligible Account : Any of (i) an
account or accounts maintained with a federal or state chartered
depository institution or trust company, the long-term unsecured
debt obligations and short-term unsecured debt obligations of which
(or, in the case of a depository institution or trust company that
is the principal subsidiary of a holding company, the debt
obligations of such holding company, if Moody’s is not a
Rating Agency) are rated by each Rating Agency in one of its two
highest long-term and its highest short-term rating categories
respectively, at the time any amounts are held on deposit therein,
or (ii) an account or accounts in a depository institution or trust
company in which such accounts are insured by the FDIC (to the
limits established by the FDIC) and the uninsured deposits in which
accounts are otherwise secured such that, as evidenced by an
Opinion of Counsel delivered to the Trustee and to each Rating
Agency, the Certificateholders have a claim with respect to the
funds in such account or a perfected first priority security
interest against any collateral (which shall be limited to
Permitted Investments) securing such funds that is superior to
claims of any other depositors or creditors of the depository
institution or trust company in which such account is maintained,
or (iii) a trust account or accounts maintained with the corporate
trust department of a federal or state chartered depository
institution or trust company having capital and surplus of not less
than $50,000,000, acting in its fiduciary capacity or (iv) any
other account acceptable to the Rating Agencies without reduction
or withdrawal of their then-current ratings of the Certificates as
evidenced by a letter from each Rating Agency to the Trustee.
Eligible Accounts may bear interest, and may include, if otherwise
qualified under this definition, accounts maintained with the
Trustee.
Eligible Repurchase Month : As defined
in Section 3.12(d) hereof.
EPD Protected Mortgage Loan : A
Mortgage Loan that (i) was originated not more than one year prior
to the Closing Date, the related Supplement Transfer Date or the
date of substitution, as applicable, (ii) was purchased by a Seller
or one of its affiliates pursuant to a purchase agreement
containing provisions under which the seller thereunder has become
obligated to repurchase such Mortgage Loan from Countrywide due to
a Scheduled Payment due on or prior to the first Scheduled Payment
owing to the Trust Fund becoming delinquent and (iii) was not
purchased through Countrywide Home Loan Inc.’s Correspondent
Lending Division.
ERISA : The Employee Retirement
Income Security Act of 1974, as amended.
ERISA-Qualifying Underwriting : A best
efforts or firm commitment underwriting or private placement that
meets the applicable requirements of the Underwriter’s
Exemption.
ERISA-Restricted Certificates : The
Class A-R Certificates, Class P Certificates, Class C Certificates,
Class B Certificates and Certificates of any Class that ceases to
satisfy the applicable rating requirement under the
Underwriter’s Exemption.
Escrow Account : As defined in Section
3.06 hereof.
Event of Default : As defined in
Section 7.01 hereof.
Excess Cashflow : With respect to any
Distribution Date the sum of (i) the amount remaining after the
distribution of interest to Certificateholders for such
Distribution Date pursuant to Section 4.04(a)(iv)(b), (ii) the
amount remaining after the distribution of principal to
Certificateholders for such Distribution Date, pursuant to Section
4.04(b)(1)(B)(ii) or 4.04(b)(2)(B)(ii) and (iii) the
Overcollateralization Reduction Amount for such Distribution
Date.
Excess Overcollateralization Amount :
With respect to any Distribution Date, the excess, if any, of the
Overcollateralized Amount for such Distribution Date over the
Overcollateralization Target Amount for such Distribution
Date.
Excess Proceeds : With respect to any
Liquidated Mortgage Loan, the amount, if any, by which the sum of
any Liquidation Proceeds and Subsequent Recoveries are in excess of
the sum of (i) the unpaid principal balance of such Liquidated
Mortgage Loan as of the date of liquidation of such Liquidated
Mortgage Loan plus (ii) interest at the Mortgage Rate from the Due
Date as to which interest was last paid or advanced to
Certificateholders (and not reimbursed to the Master Servicer) up
to the Due Date in the month in which Liquidation Proceeds are
required to be distributed on the Stated Principal Balance of such
Liquidated Mortgage Loan outstanding during each Due Period as to
which such interest was not paid or advanced.
Exchange Act : The Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated
thereunder.
Exchange Act Reports : Any reports on
Form 10-D, Form 8-K and Form 10-K required to be filed by the
Depositor with respect to the Trust Fund under the Exchange
Act.
Expense Fee Rate : With respect to any
Mortgage Loan, the sum of (i) the Servicing Fee Rate, (ii) the
Trustee Fee Rate and (iii) with respect to any Mortgage Loan
covered by a lender-paid mortgage insurance policy, the related
mortgage insurance premium rate.
Extra Principal Distribution Amount :
With respect to any Distribution Date and each of Loan Group 1 and
Loan Group 2, the lesser of (1) the Overcollateralization
Deficiency Amount and (2) the Excess Cashflow available for payment
thereof, to be allocated between Loan Group 1 and Loan Group 2, pro
rata, based on the Principal Remittance Amount for each such Loan
Group for such Distribution Date.
Fannie Mae : The Federal National
Mortgage Association, a federally chartered and privately owned
corporation organized and existing under the Federal National
Mortgage Association Charter Act, or any successor thereto.
FDIC : The Federal Deposit Insurance
Corporation, or any successor thereto.
Five-Year Hybrid Mortgage Loan : A
Mortgage Loan having a Mortgage Rate that is fixed for 60 months
after origination thereof before such Mortgage Rate becomes subject
to adjustment.
Fixed Rate Mortgage Loans : The
Mortgage Loans identified in the Mortgage Loan Schedule as having a
Mortgage Rate which is fixed for the life of the related Mortgage,
including in each case any Mortgage Loans delivered in replacement
thereof.
Form 10-D Disclosure Item : With
respect to any Person, any material litigation or governmental
proceedings pending against such Person, or against any of the
Trust Fund, the Depositor, the Trustee, any co-trustee, the Master
Servicer or any Subservicer, if such Person has actual knowledge
thereof.
Form 10-K Disclosure Item : With
respect to any Person, (a) Form 10-D Disclosure Item, and (b) any
affiliations or relationships between such Person and any Item 1119
Party.
Freddie Mac : The Federal Home Loan
Mortgage Corporation, a corporate instrumentality of the United
States created and existing under Title III of the Emergency Home
Finance Act of 1970, as amended, or any successor thereto.
Funding Period : The period from the
Closing Date to and including the earlier to occur of (x) the date
the amount in the Pre-Funding Account is less than $175,000 and (y)
November 13, 2006.
Gross Margin : The percentage set forth
in the related Mortgage Note to be added to the Index for use in
determining the Mortgage Rate for each Adjustable Rate Mortgage
Loan on each of its Adjustment Dates.
Group 1 Mortgage Loans : The group of
Mortgage Loans identified in the related Mortgage Loan Schedule as
"Group 1 Mortgage Loans", including in each case any Mortgage Loans
delivered in replacement thereof.
Group 1 Overcollateralization Reduction
Amount : With respect to any Distribution Date, the
Overcollateralization Reduction Amount for such Distribution Date
multiplied by a fraction, the numerator of which is (x) the
Principal Remittance Amount for Loan Group 1 for such Distribution
Date, and the denominator of which is (y) the aggregate Principal
Remittance Amount for Loan Group 1 and Loan Group 2 for such
Distribution Date.
Group 1 Pre-Funded Amount : The portion
of the Pre-Funded Amount allocable for purchase of Subsequent
Mortgage Loans as Group 1 Mortgage Loans on the Closing Date, which
shall equal $6,707,616.53.
Group 2 Mortgage Loans : The group of
Mortgage Loans identified in the related Mortgage Loan Schedule as
"Group 2 Mortgage Loans", including in each case any Mortgage Loans
delivered in replacement thereof.
Group 2 Overcollateralization Reduction
Amount : With respect to any Distribution Date, the
Overcollateralization Reduction Amount for such Distribution Date
multiplied by a fraction, the numerator of which is the Principal
Remittance Amount for Loan Group 2 for such Distribution Date, and
the denominator of which is the aggregate Principal Remittance
Amount for Loan Group 1 and Loan Group 2 for such Distribution
Date.
Group 2 Pre-Funded Amount : The portion
of the Pre-Funded Amount allocable for purchase of Subsequent
Mortgage Loans as Group 2 Mortgage Loans on the Closing Date, which
shall equal $2,823,852.89.
Index : As to any Adjustable Rate
Mortgage Loan on any Adjustment Date related thereto, the index for
the adjustment of the Mortgage Rate set forth as such in the
related Mortgage Note, such index in general being the average of
the London interbank offered rates for six-month U.S. dollar
deposits in the London market, as set forth in The Wall
Street Journal , as most recently announced as
of a date 45 days prior to such Adjustment Date or, if the Index
ceases to be published in The Wall Street Journal
or becomes unavailable for any reason, then the
Index shall be a new index selected by the Master Servicer, based
on comparable information.
Initial Adjustment Date : As to any
Adjustable Rate Mortgage Loan, the first Adjustment Date following
the origination of such Mortgage Loan.
Initial Certificate Account Deposit :
An amount equal to the aggregate of all amounts in respect of (i)
principal of the Initial Mortgage Loans due after the Initial
Cut-off Date and received by the Master Servicer before the Closing
Date and not applied in computing the Cut-off Date Principal
Balance thereof and (ii) interest on the Initial Mortgage Loans due
after the Initial Cut-off Date and received by the Master Servicer
before the Closing Date.
Initial Certificate Principal Balance :
With respect to any Certificate (other than the Class C
Certificates) the Certificate Principal Balance of such Certificate
or any predecessor Certificate on the Closing Date.
Initial Cut-off Date : In the case of
any Initial Mortgage Loan, the later of (x) September 1, 2006 and
(y) the date of origination of such Mortgage Loan.
Initial Group 1 Mortgage Loan : Any of
the Group 1 Mortgage Loans included in the Trust as of the Closing
Date.
Initial Group 2 Mortgage Loan : Any of
the Group 2 Mortgage Loans included in the Trust as of the Closing
Date.
Initial Mortgage Loan : A Mortgage Loan
conveyed to the Trustee on the Closing Date pursuant to this
Agreement as identified on the Mortgage Loan Schedule delivered to
the Trustee on the Closing Date.
Initial Mortgage Rate : As to each
Adjustable Rate Mortgage Loan, the Mortgage Rate in effect prior to
the Initial Adjustment Date.
Initial Periodic Rate Cap : With
respect to each Adjustable Rate Mortgage Loan, the percentage
specified in the related Mortgage Note that limits the permissible
increase or decrease in the Mortgage Rate on its initial Adjustment
Date.
Insurance Policy : With respect to any
Mortgage Loan included in the Trust Fund, any insurance policy,
including all riders and endorsements thereto in effect with
respect to such Mortgage Loan, including any replacement policy or
policies for any Insurance Policy.
Insurance Proceeds : Proceeds paid in
respect of the Mortgage Loans pursuant to any Insurance Policy or
any other insurance policy covering a Mortgage Loan, to the extent
such proceeds are payable to the mortgagee under the Mortgage, the
Master Servicer or the trustee under the deed of trust and are not
applied to the restoration of the related Mortgaged Property or
released to the Mortgagor in accordance with the procedures that
the Master Servicer would follow in servicing mortgage loans held
for its own account, in each case other than any amount included in
such Insurance Proceeds in respect of Insured Expenses and received
either prior to or in connection with such Mortgage Loan becoming a
Liquidated Mortgage Loan.
Insured Expenses : Expenses covered by
an Insurance Policy or any other insurance policy with respect to
the Mortgage Loans.
Interest-Bearing Certificates : The
Class A Certificates and the Subordinate Certificates.
Interest Carry Forward Amount : With
respect to each Class of Interest-Bearing Certificates and each
Distribution Date, the excess of (i) the Current Interest for such
Class with respect to prior Distribution Dates over (ii) the amount
actually distributed to such Class with respect to interest on such
prior Distribution Dates.
Interest Determination Date :
With respect to the first Accrual Period for
the Interest-Bearing Certificates, and solely for purposes of
calculating the Marker Rate, REMIC 3 Regular Interest LT-1A, REMIC
3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3
Regular Interest LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3
Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3
Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3
Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3
Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC 3
Regular Interest LT-B, September 27, 2006. With respect to any
Accrual Period for the Interest-Bearing Certificates, and solely
for purposes of calculating the Marker Rate, the REMIC 3 Regular
Interests listed in the previous sentence, the second LIBOR
Business Day preceding the commencement of such Accrual
Period.
Interest Funds : With respect to any
Distribution Date and Loan Group, the Interest Remittance Amount
for such Loan Group and Distribution Date, less the portion of the
Trustee Fee for such Distribution Date allocable to such Loan Group
and less any reimbursements to the Trustee during the related Due
Period pursuant to Section 3.08(a) or (b) for Advances previously
made by it or the related Mortgage Loans, plus the Adjusted
Replacement Upfront Amount, if any, allocable to that Loan
Group.
Interest Remittance Amount : With
respect to the Mortgage Loans in each Loan Group and any
Distribution Date, (x) the sum, without duplication, of (i) all
scheduled interest collected during the related Due Period with
respect to the related Mortgage Loans less the related Servicing
Fee, (ii) all interest on prepayments received during the related
Prepayment Period with respect to such Mortgage Loans, other than
Prepayment Interest Excess, (iii) all related Advances relating to
interest with respect to such Mortgage Loans, (iv) all related
Compensating Interest with respect to such Mortgage Loans, (v)
Liquidation Proceeds with respect to such Mortgage Loans collected
during the related Due Period (to the extent such Liquidation
Proceeds relate to interest) and (vi) the related Seller Shortfall
Interest Requirement, less (y) all reimbursements to the Master
Servicer during the related Due Period for Advances of interest
previously made or lender-paid primary insurance premiums paid and
allocable to such Loan Group.
Investment Letter : As defined in
Section 5.02(b).
Item 1119 Party : The Depositor, any
Seller, the Master Servicer, the Trustee, any Subservicer, any
originator identified in the Prospectus Supplement, the Swap
Counterparty and any other material transaction party, as
identified in Exhibit Z hereto, as updated pursuant to Section
11.04.
Latest Possible Maturity Date : The
Distribution Date following the third anniversary of the scheduled
maturity date of the Mortgage Loan having the latest scheduled
maturity date as of the Cut-off Date.
LIBOR Business Day : Any day on which
banks in the City of London, England and New York City, U.S.A. are
open and conducting transactions in foreign currency and
exchange.
Limited Exchange Act Reporting
Obligations : The obligations of the Master Servicer under
Section 3.17(b), Section 6.02 and Section 6.04 with respect to
notice and information to be provided to the Depositor and Article
XI (except Section 11.07(a)(1) and (2)).
Liquidated Mortgage Loan : With respect
to any Distribution Date, a defaulted Mortgage Loan that has been
liquidated through deed-in-lieu of foreclosure, foreclosure sale,
trustee’s sale or other realization as provided by applicable
law governing the real property subject to the related Mortgage and
any security agreements and as to which the Master Servicer has
certified in the related Prepayment Period that it has received all
amounts it expects to receive in connection with such
liquidation.
Liquidation Proceeds : Amounts,
including Insurance Proceeds, received in connection with the
partial or complete liquidation of Mortgage Loans, whether through
trustee’s sale, foreclosure sale or otherwise or amounts
received in connection with any condemnation or partial release of
a Mortgaged Property and any other proceeds received in connection
with an REO Property received in connection with or prior to such
Mortgage Loan becoming a Liquidated Mortgage Loan (other than the
amount of such net proceeds representing any profit realized by the
Master Servicer in connection with the disposition of any such
properties), less the sum of related unreimbursed Advances,
Servicing Fees and Servicing Advances.
Loan Group : Either of Loan Group 1 or
Loan Group 2.
Loan Group 1 : The Group 1 Mortgage
Loans.
Loan Group 2 : The Group 2 Mortgage
Loans.
Loan Number and Borrower Identification
Mortgage Loan Schedule : With respect to any Subsequent
Transfer Date, the Loan Number and Borrower Identification Mortgage
Loan Schedule delivered in connection with such Subsequent Transfer
Date pursuant to Section 2.01(f). Each Loan Number and Borrower
Identification Mortgage Loan Schedule shall contain the information
specified in the definition of "Mortgage Loan Schedule" with
respect to the Subsequent Mortgage Loans conveyed on such
Subsequent Transfer Date, and each Loan Number and Borrower
Identification Mortgage Loan Schedule shall be deemed to be
included in the Mortgage Loan Schedule.
Loan-to-Value Ratio : The fraction,
expressed as a percentage, the numerator of which is the original
principal balance of the related Mortgage Loan and the denominator
of which is the Appraised Value of the related Mortgaged
Property.
Majority Holder : The Holders of
Certificates evidencing at least 51% of the Voting Rights allocated
to such Class of Certificates.
Marker Rate : With respect to the Class
C Certificates and any Distribution Date, a per annum rate equal to
two (2) times the weighted average of the REMIC 3 Remittance Rate
for REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest
LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest
LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest
LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest
LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
LT-B and REMIC 3 Regular Interest LT-ZZ, with the rate on each such
REMIC 3 Regular Interest (other than REMIC 3 Regular Interest
LT-ZZ) subject to the lesser of (i) One-Month LIBOR plus the
related Margin and (ii) the related Net Rate Cap for the purpose of
this calculation for such Distribution Date and with the rate on
REMIC 3 Regular Interest LT-ZZ subject to a cap of zero for the
purpose of this calculation; provided, however, that solely for
this purpose, calculations of the REMIC 3 Remittance Rate and the
related caps with respect to REMIC 3 Regular Interest LT-1A, REMIC
3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3
Regular Interest LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3
Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3
Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3
Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3
Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC 3
Regular Interest LT-B shall be multiplied by a fraction, the
numerator of which is the actual number of days in the Interest
Accrual Period and the denominator of which is 30.
Margin : With respect to any Accrual
Period and Class of Interest-Bearing Certificates, the per annum
rate indicated in the following table:
|
Class
|
Margin (1)
|
Margin (2)
|
|
Class 1-A
|
0.140%
|
0.280%
|
|
Class 2-A-1
|
0.050%
|
0.100%
|
|
Class 2-A-2
|
0.160%
|
0.320%
|
|
Class 2-A-3
|
0.240%
|
0.480%
|
|
Class M-1
|
0.290%
|
0.435%
|
|
Class M-2
|
0.320%
|
0.480%
|
|
Class M-3
|
0.340%
|
0.510%
|
|
Class M-4
|
0.390%
|
0.585%
|
|
Class M-5
|
0.400%
|
0.600%
|
|
Class M-6
|
0.470%
|
0.705%
|
|
Class M-7
|
0.800%
|
1.200%
|
|
Class M-8
|
1.000%
|
1.500%
|
|
Class M-9
|
2.000%
|
3.000%
|
|
Class B
|
2.000%
|
3.000%
|
|
(1)
|
For any Accrual Period relating to any
Distribution Date occurring on or prior to the Optional Termination
Date.
|
|
(2)
|
For any Accrual Period relating to any
Distribution Date occurring after the Optional Termination
Date.
|
Master Servicer : Countrywide Home
Loans Servicing LP, a Texas limited partnership, and its successors
and assigns, in its capacity as master servicer hereunder.
Master Servicer Advance Date : As to
any Distribution Date, the Business Day immediately preceding such
Distribution Date.
Master Servicer Prepayment Charge Payment
Amount : The amounts (i) payable by the Master Servicer in
respect of any Prepayment Charges waived other than in accordance
with the standard set forth in the first sentence of Section
3.20(a), or (ii) collected from the Master Servicer in respect of a
remedy for the breach of the representation made by CHL set forth
in Section 3.20(c).
Maximum LT-ZZ Uncertificated Interest Deferral
Amount : With respect to any Distribution Date, the excess
of (i) accrued interest at the REMIC 3 Remittance Rate applicable
to REMIC 3 Regular Interest LT-ZZ for such Distribution Date on a
balance equal to the Uncertificated Principal Balance of REMIC 3
Regular Interest LT-ZZ minus the REMIC 3 Overcollateralization
Amount, in each case for such Distribution Date, over (ii) the
Uncertificated Interest on REMIC 3 Regular Interest LT-1A, REMIC 3
Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3
Regular Interest LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3
Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3
Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3
Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3
Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC 3
Regular Interest LT-B for such Distribution Date, with the rate on
each such REMIC 3 Regular Interest subject to a cap equal to the
lesser of (i) One-Month LIBOR plus the related Certificate Margin
and (ii) the related Pass-Through Rate; provided, however, that
solely for this purpose, calculations of the REMIC 3 Remittance
Rate and the related caps with respect to each such REMIC 3 Regular
Interest (other than REMIC 3 Regular Interest LT-ZZ) shall be
multiplied by a fraction, the numerator of which is the actual
number of days in the Interest Accrual Period and the denominator
of which is 30.
Maximum Mortgage Rate : With respect to
each Adjustable Rate Mortgage Loan, the maximum rate of interest
set forth as such in the related Mortgage Note.
MERS : Mortgage Electronic Registration
Systems, Inc., a corporation organized and existing under the laws
of the State of Delaware, or any successor thereto.
MERS Mortgage Loan : Any Mortgage Loan
registered with MERS on the MERS® System.
MERS® System : The system of
recording transfers of mortgages electronically maintained by
MERS.
MIN : The Mortgage Identification
Number for any MERS Mortgage Loan.
Minimum Auction Amount : With respect
to any auction of the Mortgage Loans and any REO Properties
pursuant to Section 9.04, the sum of (i) the Termination Price that
would be payable by the NIM Insurer if the Optional Termination
were exercised in the following calendar month pursuant to Section
9.01 and (ii) all reasonable fees and expenses incurred by the
Trustee in connection with any auction conducted pursuant to
Section 9.04.
Minimum Mortgage Rate : With respect to
each Adjustable Rate Mortgage Loan, the minimum rate of interest
set forth as such in the related Mortgage Note.
Modified Mortgage Loan : As defined in
Section 3.12(a).
MOM Loan : Any Mortgage Loan, as to
which MERS is acting as mortgagee, solely as nominee for the
originator of such Mortgage Loan and its successors and
assigns.
Monthly Statement : The statement
delivered to the Certificateholders pursuant to Section
4.05.
Moody’s : Moody’s Investors
Service, Inc. and its successors.
Mortgage : The mortgage, deed of trust
or other instrument creating a first lien on or first priority
ownership interest in an estate in fee simple in real property
securing a Mortgage Note.
Mortgage File : The mortgage documents
listed in Section 2.01 hereof pertaining to a particular Mortgage
Loan and any additional documents delivered to the Trustee to be
added to the Mortgage File pursuant to this Agreement.
Mortgage Loan Schedule : The list of
Mortgage Loans (as from time to time amended by the Master Servicer
to reflect the deletion of Liquidated Mortgage Loans and Deleted
Mortgage Loans and the addition of (x) Replacement Mortgage Loans
pursuant to the provisions of this Agreement and (y) Subsequent
Mortgage Loans pursuant to the provisions of this Agreement and any
Subsequent Transfer Agreement) transferred to the Trustee as part
of the Trust Fund and from time to time subject to this Agreement,
attached hereto as Exhibit F-1, setting forth in the following
information with respect to each Mortgage Loan:
(i) the loan
number;
(ii) the Loan
Group;
(iii) the Appraised
Value;
(iv) the Initial
Mortgage Rate;
(v) the maturity
date;
(vi) the original
principal balance;
(vii) the Cut-off
Date Principal Balance;
(viii) the first
payment date of the Mortgage Loan;
(ix) the Scheduled
Payment in effect as of the Cut-off Date;
(x) the
Loan-to-Value Ratio at origination;
(xi) a code
indicating whether the residential dwelling at the time of
origination was represented to be owner-occupied;
(xii) a code
indicating whether the residential dwelling is either (a) a
detached single-family dwelling, (b) a two-family residential
property, (c) a three-family residential property, (d) a
four-family residential property, (e) planned unit development, (f)
a low-rise condominium unit, (g) a high-rise condominium unit or
(h) manufactured housing;
|
(xiv)
|
the purpose of the Mortgage Loan;
|
|
(xv)
|
with respect to each Adjustable Rate Mortgage
Loan:
|
(a) the
frequency of each Adjustment Date;
(b) the next
Adjustment Date;
(c) the
Maximum Mortgage Rate;
(d) the
Minimum Mortgage Rate;
(e) the
Mortgage Rate as of the Cut-off Date;
(f) the
related Initial Periodic Rate Cap and Subsequent Periodic Rate Cap;
and
(g) the Gross
Margin;
|
(xvi)
|
a code indicating whether the Mortgage Loan is a
CHL Mortgage Loan, a Park Granada Mortgage Loan or a Park Sienna
Mortgage Loan;
|
|
(xvii)
|
the premium rate for any lender-paid mortgage
insurance, if applicable; and
|
|
(xviii)
|
a code indicating whether the Mortgage Loan is a
Fixed Rate Mortgage Loan or an Adjustable Rate Mortgage
Loan.
|
Such schedule shall also set forth the total of
the amounts described under (vii) above for all of the Mortgage
Loans and for each Loan Group. The Mortgage Loan Schedule shall be
deemed to include each Loan Number and Borrower Identification
Mortgage Loan Schedule delivered pursuant to Section 2.01(f) and
all the related Subsequent Mortgage Loans and Subsequent Mortgage
Loan information included therein.
Mortgage Loans : Such of the mortgage
loans transferred and assigned to the Trustee pursuant to the
provisions hereof and any Subsequent Transfer Agreement as from
time to time are held as part of the Trust Fund (including any REO
Property), the mortgage loans so held being identified in the
Mortgage Loan Schedule, notwithstanding foreclosure or other
acquisition of title of the related Mortgaged Property. Any
mortgage loan that was intended by the parties hereto to be
transferred to the Trust Fund as indicated by such Mortgage Loan
Schedule which is in fact not so transferred for any reason,
including a breach of the representation contained in Section 2.02
hereof, shall continue to be a Mortgage Loan hereunder until the
Purchase Price with respect thereto has been paid to the Trust
Fund.
Mortgage Note : The original executed
note or other evidence of indebtedness evidencing the indebtedness
of a Mortgagor under a Mortgage Loan.
Mortgage Pool : The aggregate of the
Mortgage Loans identified in the Mortgage Loan Schedule.
Mortgage Rate : The annual rate of
interest borne by a Mortgage Note from time to time.
Mortgaged Property : The underlying
property securing a Mortgage Loan.
Mortgagor : The obligors on a Mortgage
Note.
Net Mortgage Rate : As to each Mortgage
Loan, and at any time, the per annum rate equal to the Mortgage
Rate at such time less the Servicing Fee Rate.
Net Rate Cap : With respect to any
Distribution Date and (i) the Class 1-A Certificates, the Class 1-A
Net Rate Cap, (ii) each Class of Class 2-A Certificates, the Class
2-A Net Rate Cap and (iii) each Class of Subordinate Certificates,
the Subordinate Net Rate Cap.
Net Rate Carryover : With respect to
any Class of Interest-Bearing Certificates and any Distribution
Date, the sum of (A) the excess of (i) the amount of interest that
such Class would otherwise have accrued for such Distribution Date
had the Pass-Through Rate for such Class and the related Accrual
Period not been determined based on the applicable Net Rate Cap,
over (ii) the amount of interest accrued on such Class at the
applicable Net Rate Cap for such Distribution Date and (B) the Net
Rate Carryover for such Class for all previous Distribution Dates
not previously paid pursuant to Section 4.04, together with
interest thereon at the then-applicable Pass-Through Rate for such
Class, without giving effect to the applicable Net Rate
Cap.
Net Swap Payment : With respect to any
Distribution Date and payment by the Swap Contract Administrator to
the Swap Counterparty, the excess, if any, of the "Fixed Amount"
(as defined in the Swap Contract) with respect to such Distribution
Date over the "Floating Amount" (as defined in the Swap Contract)
with respect to such Distribution Date. With respect to any
Distribution Date and payment by the Swap Counterparty to the Swap
Contract Administrator, the excess, if any, of the "Floating
Amount" (as defined in the Swap Contract) with respect to such
Distribution Date over the "Fixed Amount" (as defined in the Swap
Contract) with respect to such Distribution Date
NIM Insurer : Any insurer guarantying
at the request of CHL certain payments under notes backed or
secured by the Class C or Class P Certificates.
Nonrecoverable Advance : Any portion of
an Advance previously made or proposed to be made by the Master
Servicer that, in the good faith judgment of the Master Servicer,
will not or, in the case of a current delinquency, would not, be
ultimately recoverable by the Master Servicer from the related
Mortgagor, related Liquidation Proceeds or otherwise.
Non-United States Person : A Person
that is not a citizen or resident of the United States, a
corporation, partnership, or other entity (treated as a corporation
or a partnership for federal income tax purposes) created or
organized in or under the laws of the United States, any state
thereof or the District of Columbia, an estate whose income from
sources without the United States is includible in gross income for
United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is
able to exercise primary supervision over the administration of the
trust and one or more United States persons have authority to
control all substantial decisions of the trustor.
OC Floor : With respect to any
Distribution Date, an amount equal to 0.50% of the sum of the
aggregate Cut-off Date Principal Balance of the Initial Mortgage
Loans and the Pre-Funded Amount.
Offered Certificates : The Class A,
Class M (other than the Class M-9 Certificates) and Class A-R
Certificates.
Officer’s Certificate : A
certificate (i) in the case of the Depositor, signed by the
Chairman of the Board, the Vice Chairman of the Board, the
President, a Managing Director, a Vice President (however
denominated), an Assistant Vice President, the Treasurer, the
Secretary, or one of the Assistant Treasurers or Assistant
Secretaries of the Depositor, (ii) in the case of the Master
Servicer, signed by the President, an Executive Vice President, a
Vice President, an Assistant Vice President, the Treasurer, or one
of the Assistant Treasurers or Assistant Secretaries of Countrywide
GP, Inc., its general partner, (iii) if provided for in this
Agreement, signed by a Servicing Officer, as the case may be, and
delivered to the Depositor and the Trustee, as the case may be, as
required by this Agreement, or (iv) in the case of any other
Person, signed by an authorized officer of such Person.
One-Month LIBOR : With respect to any
Accrual Period for the Interest-Bearing Certificates, the rate
determined by the Trustee on the related Interest Determination
Date on the basis of the rate for U.S. dollar deposits for one
month as quoted on the Bloomberg Terminal on such Interest
Determination Date; provided that the parties hereto acknowledge
that One-Month LIBOR calculated for the first Accrual Period for
the Interest-Bearing Certificates shall equal 5.330% per annum. If
such rate is not quoted on the Bloomberg Terminal (or if such
service is no longer offered, such other service for displaying
One-Month LIBOR or comparable rates as may be reasonably selected
by the Trustee), One-Month LIBOR for the applicable Accrual Period
for the Interest-Bearing Certificates will be the Reference Bank
Rate. If no such quotations can be obtained by the Trustee and no
Reference Bank Rate is available, One-Month LIBOR will be One-Month
LIBOR applicable to the preceding Accrual Period for the
Interest-Bearing Certificates.
One-Year Hybrid Mortgage Loan : A
Mortgage Loan having a Mortgage Rate that is fixed for 12 months
after origination thereof before such Mortgage Rate becomes subject
to adjustment.
Opinion of Counsel : A written opinion
of counsel, who may be counsel for the Depositor or the Master
Servicer, reasonably acceptable to each addressee of such opinion;
provided that with respect to Section 6.04 or 10.01, or the
interpretation or application of the REMIC Provisions, such counsel
must (i) in fact be independent of the Depositor and the Master
Servicer, (ii) not have any direct financial interest in the
Depositor or the Master Servicer or in any affiliate of either and
(iii) not be connected with the Depositor or the Master Servicer as
an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.
Optional Termination : The termination
of the Trust Fund provided hereunder pursuant to clause (a) of the
first sentence of Section 9.01 hereof.
Optional Termination Date : The first
Distribution Date on which the aggregate Stated Principal Balance
of the Mortgage Loans is less than or equal to 10% of the sum of
the aggregate Cut-off Date Principal Balance of the Initial
Mortgage Loans and the Pre-Funded Amount.
Original Value : The value of the
property underlying a Mortgage Loan based, in the case of the
purchase of the underlying Mortgaged Property, on the lower of an
appraisal satisfactory to the Master Servicer or the sales price of
such property or, in the case of a refinancing, on an appraisal
satisfactory to the Master Servicer.
OTS : The Office of Thrift
Supervision.
Outstanding : With respect to the
Certificates as of any date of determination, all Certificates
theretofore executed and authenticated under this Agreement
except:
(i) Certificates
theretofore canceled by the Trustee or delivered to the Trustee for
cancellation; and
(ii) Certificates in
exchange for which or in lieu of which other Certificates have been
executed and delivered by the Trustee pursuant to this
Agreement.
Outstanding Mortgage Loan : As of any
Distribution Date, a Mortgage Loan with a Stated Principal Balance
greater than zero that was not the subject of a Principal
Prepayment in full, and that did not become a Liquidated Mortgage
Loan, prior to the end of the related Prepayment Period.
Overcollateralization Deficiency Amount
: With respect to any Distribution Date, the amount, if any, by
which the Overcollateralization Target Amount exceeds the
Overcollateralized Amount on such Distribution Date (after giving
effect to distribution of the Principal Distribution Amount (other
than the portion thereof consisting of the Extra Principal
Distribution Amount) on such Distribution Date).
Overcollateralization Reduction Amount
: With respect to any Distribution Date, an amount equal to the
lesser of (i) the Excess Overcollateralization Amount for such
Distribution Date and (ii) the aggregate Principal Remittance
Amount for Loan Group 1 and Loan Group 2 for such Distribution
Date.
Overcollateralization Target Amount :
With respect to any Distribution Date (a) prior to the Stepdown
Date, an amount equal to 1.90% of the sum of the aggregate Cut-off
Date Principal Balance of the Initial Mortgage Loans and the
Pre-Funded Amount and (b) on or after the Stepdown Date, the
greater of (i) an amount equal to 3.80% of the aggregate Stated
Principal Balance of the Mortgage Loans for the current
Distribution Date and (ii) the OC Floor; provided, however, that if
a Trigger Event is in effect on any Distribution Date, the
Overcollateralization Target Amount will be the
Overcollateralization Target Amount as in effect for the prior
Distribution Date.
Overcollateralized Amount : With
respect to any Distribution Date, the amount, if any, by which (x)
the sum of the aggregate Stated Principal Balance of the Mortgage
Loans for such Distribution Date and any amount on deposit in the
Pre-Funding Account exceeds (y) the aggregate Certificate Principal
Balance of the Interest-Bearing Certificates as of such
Distribution Date (after giving effect to distribution of the
Principal Remittance Amounts to be made on such Distribution Date
and, in the case of the Distribution Date immediately following the
end of the Funding Period, any amounts to be released from the
Pre-Funding Account).
Ownership Interest : As to any
Certificate, any ownership interest in such Certificate including
any interest in such Certificate as the Holder thereof and any
other interest therein, whether direct or indirect, legal or
beneficial.
Park Granada : Park Granada LLC, a
Delaware limited liability company, and its successors and
assigns.
Park Granada Mortgage Loans : The
Mortgage Loans identified as such on the Mortgage Loan Schedule for
which Park Granada is the applicable Seller.
Park Sienna : Park Sienna LLC, a
Delaware limited liability company, and its successors and
assigns.
Park Sienna Mortgage Loans : The
Mortgage Loans identified as such on the Mortgage Loan Schedule for
which Park Sienna is the applicable Seller.
Pass-Through Rate : With respect to any
Accrual Period and each Class of Interest-Bearing Certificates the
lesser of (x) One-Month LIBOR for such Accrual Period plus the
Margin for such Class and Accrual Period and (y) the applicable Net
Rate Cap for such Class and the related Distribution Date.
With respect to the Class C Certificate and any
Distribution Date, a rate per annum equal to the percentage
equivalent of a fraction, the numerator of which is (x) the sum of
(i) 100% of the interest on REMIC 3 Regular Interest LT-P and REMIC
3 Regular Interest LT-AR and (ii) interest on the Uncertificated
Principal Balance of each REMIC 3 Regular Interest listed in clause
(y) at a rate equal to the related REMIC 3 Remittance Rate minus
the Marker Rate and the denominator of which is (y) the aggregate
Uncertificated Principal Balance of REMIC 3 Regular Interest LT-AA,
REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1,
REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3,
REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2,
REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4,
REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest LT-M6,
REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest LT-M8,
REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest LT-B and
REMIC 3 Regular Interest LT-ZZ.
With respect to the Class SWAP-IO Interest, the
Class SWAP-IO Interest shall not have a Pass-Through Rate, but
interest for such Regular Interest and each Distribution Date shall
be an amount equal to 100% of the amounts distributable to REMIC 3
Regular Interest III-IO for such Distribution Date.
Percentage Interest : With respect to
any Interest-Bearing Certificate, a fraction, expressed as a
percentage, the numerator of which is the Certificate Principal
Balance represented by such Certificate and the denominator of
which is the aggregate Certificate Principal Balance of the related
Class. With respect to the Class C, Class P and Class A-R
Certificates, the portion of the Class evidenced thereby, expressed
as a percentage, as stated on the face of such Certificate.
Performance Certification : As defined
in Section 11.05.
Permitted Investments : At any time,
any one or more of the following obligations and
securities:
(i) obligations of
the United States or any agency thereof, provided such obligations
are backed by the full faith and credit of the United
States;
(ii) general
obligations of or obligations guaranteed by any state of the United
States or the District of Columbia receiving the highest long-term
debt rating of each Rating Agency, or such lower rating as each
Rating Agency has confirmed in writing is sufficient for the
ratings originally assigned to the Certificates by such Rating
Agency;
(iii) commercial or
finance company paper which is then receiving the highest
commercial or finance company paper rating of each Rating Agency,
or such lower rating as each Rating Agency has confirmed in writing
is sufficient for the ratings originally assigned to the
Certificates by such Rating Agency;
(iv) certificates of
deposit, demand or time deposits, or bankers’ acceptances
issued by any depository institution or trust company incorporated
under the laws of the United States or of any state thereof and
subject to supervision and examination by federal and/or state
banking authorities, provided that the commercial paper and/or long
term unsecured debt obligations of such depository institution or
trust company (or in the case of the principal depository
institution in a holding company system, the commercial paper or
long-term unsecured debt obligations of such holding company, but
only if Moody’s is not a Rating Agency) are then rated one of
the two highest long-term and the highest short-term ratings of
each such Rating Agency for such securities, or such lower ratings
as each Rating Agency has confirmed in writing is sufficient for
the ratings originally assigned to the Certificates by such Rating
Agency;
(v) repurchase
obligations with respect to any security described in clauses (i)
and (ii) above, in either case entered into with a depository
institution or trust company (acting as principal) described in
clause (iv) above;
(vi) securities
(other than stripped bonds, stripped coupons or instruments sold at
a purchase price in excess of 115% of the face amount thereof)
bearing interest or sold at a discount issued by any corporation
incorporated under the laws of the United States or any state
thereof which, at the time of such investment, have one of the two
highest long term ratings of each Rating Agency (except (x) if the
Rating Agency is Moody’s, such rating shall be the highest
commercial paper rating of S&P for any such securities) and
(y), or such lower rating as each Rating Agency has confirmed in
writing is sufficient for the ratings originally assigned to the
Certificates by such Rating Agency;
(vii) interests in
any money market fund which at the date of acquisition of the
interests in such fund and throughout the time such interests are
held in such fund has the highest applicable long term rating by
each Rating Agency or such lower rating as each Rating Agency has
confirmed in writing is sufficient for the ratings originally
assigned to the Certificates by such Rating Agency;
(viii) short term
investment funds sponsored by any trust company or national banking
association incorporated under the laws of the United States or any
state thereof which on the date of acquisition has been rated by
each Rating Agency in their respective highest applicable rating
category or such lower rating as each Rating Agency has confirmed
in writing is sufficient for the ratings originally assigned to the
Certificates by such Rating Agency; and
(ix) such other
relatively risk free investments having a specified stated maturity
and bearing interest or sold at a discount acceptable to each
Rating Agency as will not result in the downgrading or withdrawal
of the rating then assigned to the Certificates by any Rating
Agency, as evidenced by a signed writing delivered by each Rating
Agency, and reasonably acceptable to the NIM Insurer, as evidenced
by a signed writing delivered by the NIM Insurer;
provided, that no such instrument shall be a
Permitted Investment if such instrument (i) evidences the right to
receive interest only payments with respect to the obligations
underlying such instrument, (ii) is purchased at a premium or (iii)
is purchased at a deep discount; provided further that no such
instrument shall be a Permitted Investment (A) if such instrument
evidences principal and interest payments derived from obligations
underlying such instrument and the interest payments with respect
to such instrument provide a yield to maturity of greater than 120%
of the yield to maturity at par of such underlying obligations, or
(B) if it may be redeemed at a price below the purchase price (the
foregoing clause (B) not to apply to investments in units of money
market funds pursuant to clause (vii) above); provided further that
no amount beneficially owned by any REMIC (including, without
limitation, any amounts collected by the Master Servicer but not
yet deposited in the Certificate Account) may be invested in
investments (other than money market funds) treated as equity
interests for Federal income tax purposes, unless the Master
Servicer shall receive an Opinion of Counsel, at the expense of
Master Servicer, to the effect that such investment will not
adversely affect the status of any such REMIC as a REMIC under the
Code or result in imposition of a tax on any such REMIC. Permitted
Investments that are subject to prepayment or call may not be
purchased at a price in excess of par.
Permitted Transferee : Any Person other
than (i) the United States, any State or political subdivision
thereof, or any agency or instrumentality of any of the foregoing,
(ii) a foreign government, International Organization or any agency
or instrumentality of either of the foregoing, (iii) an
organization (except certain farmers’ cooperatives described
in section 521 of the Code) that is exempt from tax imposed by
Chapter 1 of the Code (including the tax imposed by section 511 of
the Code on unrelated business taxable income) on any excess
inclusions (as defined in section 860E(c)(1) of the Code) with
respect to any Class A-R Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the
Code, (v) an "electing large partnership" as defined in section 775
of the Code, (vi) a Person that is not a citizen or resident of the
United States, a corporation, partnership, or other entity (treated
as a corporation or a partnership for federal income tax purposes)
created or organized in or under the laws of the United States, any
state thereof or the District of Columbia, or an estate whose
income from sources without the United States is includible in
gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or
business within the United States, or a trust if a court within the
United States is able to exercise primary supervision over the
administration of the trust and one or more United States Persons
have authority to control all substantial decisions of the trustor
unless such Person has furnished the transferor and the Trustee
with a duly completed Internal Revenue Service Form W-8ECI, and
(vii) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the Transfer of an Ownership Interest in a
Class A-R Certificate to such Person may cause any REMIC formed
hereunder to fail to qualify as a REMIC at any time that any
Certificates are Outstanding. The terms "United States," "State"
and "International Organization" shall have the meanings set forth
in section 7701 of the Code or successor provisions. A corporation
will not be treated as an instrumentality of the United States or
of any State or political subdivision thereof for these purposes if
all of its activities are subject to tax and, with the exception of
the Federal Home Loan Mortgage Corporation, a majority of its board
of directors is not selected by such government unit.
Person : Any individual, corporation,
partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or
government, or any agency or political subdivision thereof.
Plan : An "employee benefit plan" as
defined in section 3(3) of ERISA that is subject to Title I of
ERISA, a "plan" as defined in section 4975 of the Code that is
subject to section 4975 of the Code, or any Person investing on
behalf of or with plan assets (as defined in 29 CFR §
2510.3-101 or otherwise under ERISA) of such an employee benefit
plan or plan.
Pool Stated Principal Balance : With
respect to any Distribution Date, the aggregate of the Stated
Principal Balances of the Mortgage Loans which are Outstanding
Mortgage Loans.
Pre-Funded Amount : The amount
deposited in the Pre-Funding Account on the Closing Date, which
shall equal $9,531,469.42.
Pre-Funding Account : The separate
Eligible Account created and maintained by the Trustee pursuant to
Section 3.05 in the name of the Trustee for the benefit of the
Certificateholders and designated "The Bank of New York, in trust
for registered holders of CWABS, Inc., Asset-Backed Certificates,
Series 2006-BC4." Funds in the Pre-Funding Account shall be held in
trust for the Certificateholders for the uses and purposes set
forth in this Agreement and shall not be a part of any REMIC
created hereunder, provided, however that any investment income
earned from Permitted Investments made with funds in the
Pre-Funding Account will be for the account of CHL.
Prepayment Assumption : The applicable
rate of prepayment, as described in the Prospectus Supplement
relating to the Certificates.
Prepayment Charge : With respect to any
Mortgage Loan, the charges or premiums, if any, due in connection
with a full or partial prepayment of such Mortgage Loan within the
related Prepayment Charge Period in accordance with the terms
thereof (other than any Master Servicer Prepayment Charge Payment
Amount).
Prepayment Charge Period : With respect
to any Mortgage Loan, the period of time during which a Prepayment
Charge may be imposed.
Prepayment Charge Schedule : As of the
Initial Cut-off Date with respect to each Initial Mortgage Loan and
as of the Subsequent Cut-off Date with respect to each Subsequent
Mortgage Loan, a list attached hereto as Schedule I (including the
Prepayment Charge Summary attached thereto), setting forth the
following information with respect to each Prepayment
Charge:
(i) the Mortgage
Loan identifying number;
(ii) a code
indicating the type of Prepayment Charge;
(iii) the state of
origination of the related Mortgage Loan;
(iv) the date on
which the first monthly payment was due on the related Mortgage
Loan;
(v) the term of the
related Prepayment Charge; and
(vi) the principal
balance of the related Mortgage Loan as of the Cut-off
Date.
As of the Closing Date, the Prepayment Charge
Schedule shall contain the necessary information for each Initial
Mortgage Loan. The Prepayment Charge Schedule shall be amended by
the Master Servicer upon the sale of any Subsequent Mortgage Loans
to the Trust Fund. In addition, the Prepayment Charge Schedule
shall be amended from time to time by the Master Servicer in
accordance with the provisions of this Agreement and a copy of each
related amendment shall be furnished by the Master Servicer to the
Class P and Class C Certificateholders and the NIM
Insurer.
Prepayment Interest Excess : With
respect to any Distribution Date, for each Mortgage Loan that was
the subject of a Principal Prepayment during the period from the
related Due Date to the end of the related Prepayment Period, any
payment of interest received in connection therewith (net of any
applicable Servicing Fee) representing interest accrued for any
portion of such month of receipt.
Prepayment Interest Shortfall : With
respect to any Distribution Date, for each Mortgage Loan that was
the subject of a partial Principal Prepayment or a Principal
Prepayment in full during the period from the beginning of the
related Prepayment Period to the Due Date in such Prepayment Period
(other than a Principal Prepayment in full resulting from the
purchase of a Mortgage Loan pursuant to Section 2.02, 2.03, 2.04,
3.12 or 9.01 hereof) and for each Mortgage Loan that became a
Liquidated Mortgage Loan during the related Due Period, the amount,
if any, by which (i) one month’s interest at the applicable
Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan immediately prior to such prepayment (or liquidation) or in
the case of a partial Principal Prepayment on the amount of such
prepayment (or Liquidation Proceeds) exceeds (ii) the amount of
interest paid or collected in connection with such Principal
Prepayment or such Liquidation Proceeds.
Prepayment Period : As to any
Distribution Date and related Due Date, the period beginning with
the opening of business on the sixteenth day of the calendar month
preceding the month in which such Distribution Date occurs (or,
with respect to the first Distribution Date, the period beginning
with the opening of business on the day immediately following the
Initial Cut-off Date) and ending on the close of business on the
fifteenth day of the month in which such Distribution Date
occurs.
Prime Rate : The prime commercial
lending rate of The Bank of New York, as publicly announced to be
in effect from time to time. The Prime Rate shall be adjusted
automatically, without notice, on the effective date of any change
in such prime commercial lending rate. The Prime Rate is not
necessarily The Bank of New York’s lowest rate of
interest.
Principal Distribution Amount : With
respect to each Distribution Date and a Loan Group, the sum of (i)
the Principal Remittance Amount for such Loan Group for such
Distribution Date less any portion of such amount used to cover any
payment due to the Swap Counterparty with respect to such
Distribution Date pursuant to Section 4.09, (ii) the Extra
Principal Distribution Amount for such Loan Group for such
Distribution Date, and (iii) with respect to the Distribution Date
immediately following the end of the Funding Period, the amount, if
any, remaining in the Pre-Funding Account at the end of the Funding
Period (net of any investment income therefrom) allocable to such
Loan Group, minus (iv) (a) the amount of any Group 1
Overcollateralization Reduction Amount, in the case of Loan Group 1
and (b) the amount of any Group 2 Overcollateralization Reduction
Amount, in the case of Loan Group 2.
Principal Prepayment : Any Mortgagor
payment or other recovery of (or proceeds with respect to)
principal on a Mortgage Loan (including loans purchased or
repurchased under Sections 2.02, 2.03, 2.04, 3.12 and 9.01 hereof)
that is received in advance of its scheduled Due Date to the extent
it is not accompanied by an amount as to interest representing
scheduled interest due on any date or dates in any month or months
subsequent to the month of prepayment. Partial Principal
Prepayments shall be applied by the Master Servicer in accordance
with the terms of the related Mortgage Note.
Principal Remittance Amount : With
respect to the Mortgage Loans in each Loan Group and any
Distribution Date, (a) the sum, without duplication, of: (i) the
scheduled principal collected with respect to such Mortgage Loans
during the related Due Period or advanced with respect to such
Distribution Date, (ii) Principal Prepayments collected in the
related Prepayment Period, with respect to such Mortgage Loans,
(iii) the unpaid principal balance or Stated Principal Balance
collected with respect to each such Mortgage Loan that was
repurchased by a Seller or purchased by the Master Servicer with
respect to such Distribution Date, (iv) the Substitution Adjustment
Amount, if any, received by the Master Servicer on or prior to the
related Determination Date in connection with a substitution of any
Mortgage Loan in such Loan Group during the related Prepayment
Period is less than the aggregate unpaid principal balance of any
Deleted Mortgage Loans and (v) all Liquidation Proceeds (to the
extent such Liquidation Proceeds related to principal) and
Subsequent Recoveries collected during the related Due Period; less
(b) all Advances relating to principal and certain expenses
reimbursable pursuant to Section 3.08(a) or Section 6.03 and
reimbursed during the related Due Period, in each case with respect
to such Loan Group.
Principal Reserve Fund : The separate
Eligible Account created and initially maintained by the Trustee
pursuant to Section 3.08 in the name of the Trustee for the benefit
of the Certificateholders and designated "The Bank of New York in
trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2006-BC4". Funds in the Principal Reserve Fund
shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.
Private Certificates : The Class M-9,
Class B, Class C and Class P Certificates.
Prospectus : The prospectus dated
August 28, 2006, relating to asset-backed securities to be sold by
the Depositor.
Prospectus Supplement : The prospectus
supplement dated September 27, 2006, relating to the public
offering of the certain Classes of Certificates offered
thereby.
PTCE 95-60 : As defined in Section
5.02(b).
PUD : A Planned Unit
Development.
Purchase Price : With respect to any
Mortgage Loan (x) required to be (1) repurchased by a Seller or
purchased by the Master Servicer, as applicable, pursuant to
Section 2.02, 2.03 or 3.12 hereof or (2) repurchased by the
Depositor pursuant to Section 2.04 hereof, or (y) that the Master
Servicer has a right to purchase pursuant to Section 3.12 hereof,
an amount equal to the sum of (i) 100% of the unpaid principal
balance (or, if such purchase or repurchase, as the case may be, is
effected by the Master Servicer, the Stated Principal Balance) of
the Mortgage Loan as of the date of such purchase, (ii) accrued
interest thereon at the applicable Mortgage Rate (or, if such
purchase or repurchase, as the case may be, is effected by the
Master Servicer, at the Net Mortgage Rate) from (a) the date
through which interest was last paid by the Mortgagor (or, if such
purchase or repurchase, as the case may be, is effected by the
Master Servicer, the date through which interest was last advanced
and not reimbursed by the Master Servicer) to (b) the Due Date in
the month in which the Purchase Price is to be distributed to
Certificateholders and (iii) any costs, expenses and damages
incurred by the Trust Fund resulting from any violation of any
predatory or abusive lending law in connection with such Mortgage
Loan.
Qualified Bidder : With respect to any
auction pursuant to Section 9.04, any institution that is a regular
purchaser and/or seller in the secondary market of residential
mortgage loans as determined by the Trustee (or any advisor on its
behalf), in its sole discretion, and any holder of an interest in
the Class C Certificates; provided, however, that neither
Countrywide nor any of its affiliates shall constitute a Qualified
Bidder.
R-1-R Interest : The uncertificated
Residual Interest in REMIC 1.
R-2-R Interest : The uncertificated
Residual Interest in REMIC 2.
R-3-R Interest : The uncertificated
Residual Interest in REMIC 3.
R-4-R Interest : The uncertificated
Residual Interest in REMIC 4.
Rating Agency : Each of Moody’s
and S&P. If any such organization or its successor is no longer
in existence, "Rating Agency" shall be a nationally recognized
statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be
given to the Trustee. References herein to a given rating category
of a Rating Agency shall mean such rating category without giving
effect to any modifiers.
Realized Loss : With respect to each
Liquidated Mortgage Loan, an amount (not less than zero or more
than the Stated Principal Balance of the Mortgage Loan) as of the
date of such liquidation, equal to (i) the Stated Principal Balance
of such Liquidated Mortgage Loan as of the date of such
liquidation, minus (ii) the Liquidation Proceeds, if any, received
in connection with such liquidation during the month in which such
liquidation occurs, to the extent applied as recoveries of
principal of the Liquidated Mortgage Loan. With respect to each
Mortgage Loan that has become the subject of a Deficient Valuation,
(i) if the value of the related Mortgaged Property was reduced
below the principal balance of the related Mortgage Note, the
amount by which the value of the Mortgaged Property was reduced
below the principal balance of the related Mortgage Note, and (ii)
if the principal amount due under the related Mortgage Note has
been reduced, the difference between the principal balance of the
Mortgage Loan outstanding immediately prior to such Deficient
Valuation and the principal balance of the Mortgage Loan as reduced
by the Deficient Valuation. With respect to each Mortgage Loan that
has become the subject of a Debt Service Reduction and any
Distribution Date, the amount, if any, by which the related
Scheduled Payment was reduced.
Record Date : With respect to any
Distribution Date and the Interest-Bearing Certificates, the
Business Day immediately preceding such Distribution Date, or if
such Certificates are no longer Book-Entry Certificates, the last
Business Day of the month preceding the month of such Distribution
Date. With respect to the Class A-R, Class C and Class P
Certificates, the last Business Day of the month preceding the
month of a Distribution Date.
Reference Bank Rate : With respect to
any Accrual Period, the arithmetic mean (rounded upwards, if
necessary, to the nearest whole multiple of 0.03125%) of the
offered rates for United States dollar deposits for one month that
are quoted by the Reference Banks as of 11:00 a.m., New York City
time, on the related Interest Determination Date to prime banks in
the London interbank market for a period of one month in amounts
approximately equal to the outstanding aggregate Certificate
Principal Balance of the Interest-Bearing Certificates on such
Interest Determination Date, provided that at least two such
Reference Banks provide such rate. If fewer than two offered rates
appear, the Reference Bank Rate will be the arithmetic mean
(rounded upwards, if necessary, to the nearest whole multiple of
0.03125%) of the rates quoted by one or more major banks in New
York City, selected by the Trustee, as of 11:00 a.m., New York City
time, on such date for loans in U.S. dollars to leading European
banks for a period of one month in amounts approximately equal to
the aggregate Certificate Principal Balance of the Interest-Bearing
Certificates on such Interest Determination Date.
Reference Banks : Barclays Bank PLC,
Deutsche Bank and NatWest, N.A., provided that if any of the
foregoing banks are not suitable to serve as a Reference Bank, then
any leading banks selected by the Trustee which are engaged in
transactions in Eurodollar deposits in the international
Eurocurrency market (i) with an established place of business in
London, England, (ii) not controlling, under the control of or
under common control with the Depositor, CHL or the Master Servicer
and (iii) which have been designated as such by the
Trustee.
Refinancing Mortgage Loan : Any
Mortgage Loan originated in connection with the refinancing of an
existing mortgage loan.
Regular Certificate : Any Certificate
other than the Class A-R Certificates.
Regulation AB : Subpart 229.1100 -
Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to
time, and subject to such clarification and interpretation as have
been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70
Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
Commission, or as may be provided by the Commission or its staff
from time to time and publicly available.
Relief Act : The Servicemembers Civil
Relief Act.
REMIC Provisions : Provisions of the
federal income tax law relating to real estate mortgage investment
conduits which appear at section 860A through 860G of Subchapter M
of Chapter 1 of the Code, and related provisions, and regulations
and rulings promulgated thereunder, as the foregoing may be in
effect from time to time.
REMIC 1 : The segregated pool of assets
described in the Preliminary Statement.
REMIC 1 Regular Interests : Any one of
the separate non-certificated beneficial ownership interests in
REMIC 1 issued hereunder and designated as a Regular Interest in
REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the
REMIC 1 Remittance Rate in effect from time to time, and shall be
entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto. The following is a list of each of the REMIC 1
Regular Interests: REMIC 1 Regular Interest LT1, REMIC 1 Regular
Interest LT1PF, REMIC 1 Regular Interest LT2, REMIC 1 Regular
Interest LT2PF and REMIC 1 Regular Interest LTP.
" REMIC 1 Remittance Rate ": With respect
to REMIC 1 Regular Interest LT1 and REMIC 1 Regular Interest LTP,
and (i) for the first Distribution Date, the weighted average of
the per annum rates of interest equal to the Mortgage Rates on the
Initial Group 1 Mortgage Loans as of the first day of the month
preceding the month in which the Distribution Date occurs minus the
Expense Fee Rate and (ii) thereafter, the weighted average of the
per annum rates of interest equal to the Mortgage Rates on the
Group 1 Mortgage Loans as of the first day of the month preceding
the month in which the Distribution Date occurs minus the Expense
Fee Rate. With respect to REMIC 1 Regular Interest LT2, and (i) for
the first Distribution Date, the weighted average of the per annum
rates of interest equal to the Mortgage Rates on the Initial Group
2 Mortgage Loans as of the first day of the month preceding the
month in which the Distribution Date occurs minus the Expense Fee
Rate, and (ii) thereafter, the weighted average of the per annum
rates of interest equal to the Mortgage Rates on the Group 2
Mortgage Loans as of the first day of the month preceding the month
in which the Distribution Date occurs minus the sum of Expense Fee
Rate, if applicable. With respect to REMIC 1 Regular Interest LT1PF
and (i) the first Distribution Date, 0.00% and (ii) thereafter, the
weighted average of the per annum rates of interest equal to the
Mortgage Rates on the Group 1 Mortgage Loans as of the first day of
the month preceding the month in which the Distribution Date occurs
minus the Expense Fee Rate. With respect to REMIC I Regular
Interest I-LT2PF and (i) the first Distribution Date, 0.00% and
(ii) thereafter, the weighted average of the per annum rates of
interest equal to the Mortgage Rates on the Group 2 Mortgage Loans
as of the first day of the month preceding the month in which the
Distribution Date occurs minus the Expense Fee Rate.
REMIC 2 : The segregated pool of assets
described in the Preliminary Statement.
REMIC 2 Group I Regular Interests :
REMIC 2 Regular Interest I, REMIC 2 Regular Interest I-1-A through
REMIC 2 Regular Interest I-78-B as designated in the Preliminary
Statement hereto.
REMIC 2 Group II Regular Interests :
REMIC 2 Regular Interest II, REMIC 2 Regular Interest II-1-A
through REMIC II Regular Interest II-78-B as designated in the
Preliminary Statement hereto.
REMIC 2 Regular Interest : Any of the
separate non-certificated beneficial ownership interests in REMIC 2
issued hereunder and designated as a Regular Interest in REMIC 2.
Each REMIC 2 Regular Interest shall accrue interest at the related
REMIC 2 Remittance Rate in effect from time to time, and shall be
entitled to distributions of principal, subject to the terms and
conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto. The designations for the respective REMIC 2
Regular Interests are set forth in the Preliminary Statement
hereto. The REMIC 2 Regular Interests consist of the REMIC 2 Group
I Regular Interests and the REMIC 2 Group II Regular
Interests.
REMIC 2 Remittance Rate : With respect
to each REMIC 2 Group I Regular Interest ending with the
designation "A", a per annum rate equal to the weighted average of
the Mortgage Rates of the Group 1 Mortgage Loans less the Expense
Fee Rate, multiplied by 2, subject to a maximum rate of 10.560%.
With respect to each REMIC 2 Group I Regular Interest ending with
the designation "B", the greater of (x) a per annum rate equal to
the excess, if any, of (i) 2 multiplied by the weighted average of
the Mortgage Rates of the Group 1 Mortgage Loans less the Expense
Fee Rate, over (ii) 10.560% and (y) 0.00%. With respect to each
REMIC 2 Group II Regular Interest ending with the designation "A",
a per annum rate equal to the weighted average of the Mortgage
Rates of the Group 2 Mortgage Loans less the Expense Fee Rate,
multiplied by 2, subject to a maximum rate of 10.560%. With respect
to each REMIC 2 Group II Regular Interest ending with the
designation "B", the greater of (x) a per annum rate equal to the
excess, if any, of (i) 2 multiplied by the weighted average of the
Mortgage Rates of the Group 2 Mortgage Loans less the sum of
Expense Fee Rate over (ii) 10.560% and (y) 0.00%. With respect to
REMIC 2 Regular Interest I, the weighted average of the Mortgage
Rates of the Group 1 Mortgage Loans. With respect to REMIC 2
Regular Interest II, the weighted average of the Mortgage Rates of
the Group 2 Mortgage Loans.
REMIC 3 : The segregated pool of assets
described in the Preliminary Statement.
REMIC 3 Interest Loss Allocation Amount
: With respect to any Distribution Date, an amount (subject to
adjustment based on the actual number of days elapsed in the
respective Interest Accrual Periods for the indicated Regular
Interests for such Distribution Date) equal to (a) the product of
(i) 50% of the aggregate Stated Principal Balance of the Mortgage
Loans and REO Properties then outstanding and (ii) the REMIC 3
Remittance Rate for REMIC 3 Regular Interest LT-AA minus the Marker
Rate, divided by (b) 12.
REMIC 3 Marker Allocation Percentage :
50% of any amount payable or loss attributable from the Mortgage
Loans, which shall be allocated to REMIC 3 Regular Interest LT-AA,
REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1,
REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3,
REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2,
REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4,
REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest LT-M6,
REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest LT-M8,
REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest LT-B,
REMIC 3 Regular Interest LT-ZZ and REMIC 3 Regular Interest
LT-P.
REMIC 3 Overcollateralization Target
Amount : 0.50% of the Overcollateralization Target
Amount.
REMIC 3 Overcollateralized Amount :
With respect to any date of determination, (i) 0.50% of the
aggregate Uncertificated Principal Balance of the REMIC 3 Regular
Interests minus (ii) the aggregate Uncertificated Balance of REMIC
3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3
Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3
Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3
Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3
Regular Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3
Regular Interest LT-M7, REMIC 3 Regular Interest LT-M8, REMIC 3
Regular Interest LT-M9, REMIC 3 Regular Interest LT-B, REMIC 3
Regular Interest LT-AR and REMIC 3 Regular Interest LT-P in each
case as of such date of determination.
REMIC 3 Principal Loss Allocation
Amount : With respect to any Distribution Date, an amount
equal to the product of (i) 50% of the aggregate Stated Principal
Balance of the Mortgage Loans and REO Properties then outstanding
and (ii) one minus a fraction, the numerator of which is two times
the aggregate Uncertificated Principal Balance of REMIC 3 Regular
Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular
Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular
Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular
Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular
Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular
Interest LT-M7, REMIC 3 Regular Interest LT-M8, REMIC 3 Regular
Interest LT-M9 and REMIC 3 Regular Interest LT-B, and the
denominator of which is the aggregate Uncertificated Principal
Balance of REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest
LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest
LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest
LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest
LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
LT-B and REMIC 3 Regular Interest LT-ZZ.
REMIC 3 Regular Interest : Any of the
separate non-certificated beneficial ownership interests in REMIC 3
issued hereunder and designated as a "regular interest" in REMIC 3.
Each REMIC 3 Regular Interest shall accrue interest at the related
REMIC 3 Remittance Rate in effect from time to time, and shall be
entitled to distributions of principal (other than REMIC 3 Regular
Interest II-IO), subject to the terms and conditions hereof, in an
aggregate amount equal to its initial Uncertificated Balance as set
forth in the Preliminary Statement hereto. The following is a list
of each of the REMIC 3 Regular Interests: REMIC 3 Regular Interest
LT-AA, REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest
LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest
LT-2A3, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest
LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest
LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
LT-B, REMIC 3 Regular Interest LT-ZZ, REMIC 3 Regular Interest
LT-P, REMIC 3 Regular Interest LT-AR, REMIC 3 Regular Interest
LT-XX, REMIC 3 Regular Interest LT-1SUB, REMIC 3 Regular Interest
LT-1GRP, REMIC 3 Regular Interest LT-2SUB, REMIC 3 Regular Interest
LT-2GRP and REMIC 3 Regular Interest II-IO.
REMIC 3 Remittance Rate : With respect
to REMIC 3 Regular Interest LT-AA, REMIC 3 Regular Interest LT-1A,
REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2,
REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular Interest LT-M1,
REMIC 3 Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3,
REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5,
REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7,
REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9,
REMIC 3 Regular Interest LT-ZZ, REMIC 3 Regular Interest LT-P,
REMIC 3 Regular Interest LT-1SUB, REMIC 3 Regular Interest LT-2SUB
and REMIC 3 Regular Interest LT-XX, a per annum rate (but not less
than zero) equal to the weighted average of: (x) with respect to
REMIC 2 Regular Interest I, REMIC 2 Regular Interest II and each
REMIC 2 Regular Interest ending with the designation "B", the
weighted average of the REMIC 2 Remittance Rates for such REMIC 2
Regular Interests, weighted on the basis of the Uncertificated
Principal Balances of such REMIC 2 Regular Interests for each such
Distribution Date and (y) with respect to REMIC 2 Regular Interests
ending with the designation "A", for each Distribution Date listed
below, the weighted average of the rates listed below for each such
REMIC 2 Regular Interest listed below, weighted on the basis of the
Uncertificated Principal Balances of each such REMIC 2 Regular
Interest for each such Distribution Date:
|
Distribution Date
|
|
REMIC 2 Regular Interest
|
|
Rate
|
|
1
|
|
I-1-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
2
|
|
I-2-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-2-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate REMIC 2 Remittance Rate
|
|
|
|
I-1-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A
|
|
REMIC 2 Remittance Rate
|
|
3
|
|
I-3-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-3-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A and I-2-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A and II-2-A
|
|
REMIC 2 Remittance Rate
|
|
4
|
|
I-4-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-4-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-3-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-3-A
|
|
REMIC 2 Remittance Rate
|
|
5
|
|
I-5-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-5-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-4-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-4-A
|
|
REMIC 2 Remittance Rate
|
|
6
|
|
I-6-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-6-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-5-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-5-A
|
|
REMIC 2 Remittance Rate
|
|
7
|
|
I-7-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-7-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-6-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-6-A
|
|
REMIC 2 Remittance Rate
|
|
8
|
|
I-8-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-8-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-7-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-7-A
|
|
REMIC 2 Remittance Rate
|
|
9
|
|
I-9-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-9-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-8-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-8-A
|
|
REMIC 2 Remittance Rate
|
|
10
|
|
I-10-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-10-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-9-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-9-A
|
|
REMIC 2 Remittance Rate
|
|
11
|
|
I-11-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-11-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-10-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-10-A
|
|
REMIC 2 Remittance Rate
|
|
12
|
|
I-12-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-12-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-11-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-11-A
|
|
REMIC 2 Remittance Rate
|
|
13
|
|
I-13-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-13-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-12-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-12-A
|
|
REMIC 2 Remittance Rate
|
|
14
|
|
I-14-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-14-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-13-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-13-A
|
|
REMIC 2 Remittance Rate
|
|
15
|
|
I-15-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-15-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-14-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-14-A
|
|
REMIC 2 Remittance Rate
|
|
16
|
|
I-16-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-16-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-15-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-15-A
|
|
REMIC 2 Remittance Rate
|
|
17
|
|
I-17-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-17-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-16-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-16-A
|
|
REMIC 2 Remittance Rate
|
|
18
|
|
I-18-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-18-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-17-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-17-A
|
|
REMIC 2 Remittance Rate
|
|
19
|
|
I-19-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-19-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-18-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-18-A
|
|
REMIC 2 Remittance Rate
|
|
20
|
|
I-20-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-20-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-19-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-19-A
|
|
REMIC 2 Remittance Rate
|
|
21
|
|
I-21-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-21-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-20-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-20-A
|
|
REMIC 2 Remittance Rate
|
|
22
|
|
I-22-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-22-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-21-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-21-A
|
|
REMIC 2 Remittance Rate
|
|
23
|
|
I-23-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-23-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-22-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-22-A
|
|
REMIC 2 Remittance Rate
|
|
24
|
|
I-24-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-24-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-23-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-23-A
|
|
REMIC 2 Remittance Rate
|
|
25
|
|
I-25-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-25-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-24-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-24-A
|
|
REMIC 2 Remittance Rate
|
|
26
|
|
I-26-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-26-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-25-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-25-A
|
|
REMIC 2 Remittance Rate
|
|
27
|
|
I-27-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-27-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-26-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-26-A
|
|
REMIC 2 Remittance Rate
|
|
28
|
|
I-28-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-28-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-27-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-27-A
|
|
REMIC 2 Remittance Rate
|
|
29
|
|
I-29-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-29-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-28-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-28-A
|
|
REMIC 2 Remittance Rate
|
|
30
|
|
I-30-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-30-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-29-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-29-A
|
|
REMIC 2 Remittance Rate
|
|
31
|
|
I-31-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-31-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-30-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-30-A
|
|
REMIC 2 Remittance Rate
|
|
32
|
|
I-32-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-32-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-31-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-31-A
|
|
REMIC 2 Remittance Rate
|
|
33
|
|
I-33-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-33-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-32-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-32-A
|
|
REMIC 2 Remittance Rate
|
|
34
|
|
I-34-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-34-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-33-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-33-A
|
|
REMIC 2 Remittance Rate
|
|
35
|
|
I-35-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-35-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-34-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-34-A
|
|
REMIC 2 Remittance Rate
|
|
36
|
|
I-36-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-36-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-35-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-35-A
|
|
REMIC 2 Remittance Rate
|
|
37
|
|
I-37-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-37-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-36-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-36-A
|
|
REMIC 2 Remittance Rate
|
|
38
|
|
I-38-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-38-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-37-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-37-A
|
|
REMIC 2 Remittance Rate
|
|
39
|
|
I-39-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-39-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-38-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-38-A
|
|
REMIC 2 Remittance Rate
|
|
40
|
|
I-40-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-40-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-39-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-39-A
|
|
REMIC 2 Remittance Rate
|
|
41
|
|
I-41-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-41-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-40-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-40-A
|
|
REMIC 2 Remittance Rate
|
|
42
|
|
I-42-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-42-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-41-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-41-A
|
|
REMIC 2 Remittance Rate
|
|
43
|
|
I-43-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-43-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-42-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-42-A
|
|
REMIC 2 Remittance Rate
|
|
44
|
|
I-44-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-44-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-43-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-43-A
|
|
REMIC 2 Remittance Rate
|
|
45
|
|
I-45-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-41-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-44-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-39-A
|
|
REMIC 2 Remittance Rate
|
|
46
|
|
I-46-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-46-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-45-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-45-A
|
|
REMIC 2 Remittance Rate
|
|
47
|
|
I-47-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-47-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-46-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-46-A
|
|
REMIC 2 Remittance Rate
|
|
48
|
|
I-48-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-48-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-47-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-47-A
|
|
REMIC 2 Remittance Rate
|
|
49
|
|
I-49-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-49-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-48-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-48-A
|
|
REMIC 2 Remittance Rate
|
|
50
|
|
I-50-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-50-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-49-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-49-A
|
|
REMIC 2 Remittance Rate
|
|
51
|
|
I-51-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-51-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-50-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-50-A
|
|
REMIC 2 Remittance Rate
|
|
52
|
|
I-52-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-52-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-51-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-51-A
|
|
REMIC 2 Remittance Rate
|
|
53
|
|
I-53-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-53-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-52-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-52-A
|
|
REMIC 2 Remittance Rate
|
|
54
|
|
I-54-A through I-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
II-54-A through II-78-A
|
|
2 multiplied by Swap LIBOR, subject to a maximum
rate of REMIC 2 Remittance Rate
|
|
|
|
I-1-A through I-53-A
|
|
REMIC 2 Remittance Rate
|
|
|
|
II-1-A through II-53-A
|
|
REMIC 2 Remittance Rate
|
|
55
|
|
|
