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POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

POOLING AND SERVICING AGREEMENT | Document Parties: WASHINGTON MUTUAL MORTGAGE SECURITIES CORP., You are currently viewing:
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Title: POOLING AND SERVICING AGREEMENT
Governing Law: Delaware     Date: 10/14/2005

POOLING AND SERVICING AGREEMENT, Parties: washington mutual mortgage securities corp.
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EXHIBIT 4.1

EXECUTION VERSION

 

WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.,

as Depositor

and

WASHINGTON MUTUAL BANK,

as Servicer

and

LASALLE BANK NATIONAL ASSOCIATION,

as Trustee

and

CHRISTIANA BANK & TRUST COMPANY,

as Delaware Trustee

POOLING AND SERVICING AGREEMENT

$738,807,669.48

Washington Mutual Mortgage Securities Corp.

Washington Mutual Mortgage Pass-Through Certificates

WMALT Series 2005-8

Cut-Off Date: September 1, 2005


TABLE OF CONTENTS

 

 

Page

ARTICLE I

7

Section 1.01  Definitions

7

Aggregate Certificate Principal Balance

7

Appraised Value

7

Assignment of Proprietary Lease

7

Authenticating Agent

7

Authorized Denomination

7

Bankruptcy Loss

7

Beneficial Holder

8

Benefit Plan Opinion

8

Book-Entry Certificates

8

Business Day

8

Buydown Agreement

8

Buydown Fund

8

Buydown Fund Account

8

Buydown Loan

9

Cap Counterparty

9

Carry-Forward Subsequent Recoveries Amount

9

Certificate

9

Certificate Account

9

Certificate Group

9

Certificateholder or Holder

9

Certificate Interest Rate

10

Certificate of Trust

10

Certificate Principal Balance

10

Certificate Register and Certificate Registrar

10

Class

10

Class 1-A-1 Certificates

11

Class 1-A-1-L Regular Interest

11

Class 1-A-2 Certificates

11

Class 1-A-2-L Regular Interest

11

Class 1-A-3 Certificates

11

Class 1-A-3-L Regular Interest

11

Class 1-A-3-M Regular Interest

11

Class 1-A-4 Certificates

11

Class 1-A-4 Notional Amount

11

Class 1-A-5 Certificates

11

Class 1-A-5-L Regular Interest

11

Class 1-A-6 Certificates

11

Class 1-A-6-L Regular Interest

11

Class 1-A-7 Certificates

12

Class 1-A-7-L Regular Interest

12

Class 1-A-8 Certificates

12

Class 1-A-8-L Regular Interest

12

Class 1-A-9 Certificates

12

Class 1-A-9-L Regular Interest

12

Class 1-P Fraction

12

Class 1-P Mortgage Loan

12

Class 2-CB-1 Certificates

12

Class 2-CB-1-L Regular Interest

12

Class 2-CB-2 Certificates

12

Class 2-CB-2-L Regular Interest

12

Class 2-CB-3 Certificates

12

Class 2-CB-3 Fraction

12

Class 2-CB-3-L Regular Interest

13

Class 2-CB-3-M Regular Interest

13

Class 2-CB-4 Certificates

13

Class 2-CB-4 Notional Amount

13

Class 2-CB-5 Certificates

13

Class 2-CB-5-L Regular Interest

13

Class 2-P Fraction

13

Class 2-P Mortgage Loan

13

Class 3-CB-1 Certificates

13

Class 3-CB-1-L Regular Interest

13

Class 3-CB-2 Certificates

13

Class 3-CB-2-L Regular Interest

13

Class 4-A Certificates

13

Class 4-A-L Regular Interest

13

Class 4-P Fraction

14

Class 4-P Mortgage Loan

14

Class A Certificates

14

Class A-L Regular Interests

14

Class B Certificates

14

Class B Percentage

14

Class B-L Regular Interests

14

Class B-1 Certificates

14

Class B-1-L Regular Interest

14

Class B-2 Certificates

14

Class B-2-L Regular Interest

14

Class B-3 Certificates

14

Class B-3-L Regular Interest

14

Class B-4 Certificates

14

Class B-4-L Regular Interest

15

Class B-5 Certificates

15

Class B-5-L Regular Interest

15

Class B-6 Certificates

15

Class B-6-L Regular Interest

15

Class C-P Certificates

15

Class C-P-L Regular Interest

15

Class C-P-M Regular Interest

15

Class C-X Certificates

15

Class C-X Notional Amount

15

Class C-X-L Regular Interest

15

Class C-X-M Regular Interest

16

Class C-Y Principal Reduction Amounts

16

Class C-Y Regular Interests

16

Class C-Y-1 Principal Distribution Amount

16

Class C-Y-1 Regular Interest

16

Class C-Y-2 Principal Distribution Amount

16

Class C-Y-2 Regular Interest

16

Class C-Y-3 Principal Distribution Amount

16

Class C-Y-3 Regular Interest

16

Class C-Z Principal Reduction Amounts

16

Class C-Z Regular Interests

17

Class C-Z-1 Principal Distribution Amount

17

Class C-Z-1 Regular Interest

17

Class C-Z-2 Principal Distribution Amount

17

Class C-Z-2 Regular Interest

17

Class C-Z-3 Principal Distribution Amount

17

Class C-Z-3 Regular Interest

17

Class Notional Amount

17

Class P Fraction

17

Class P Mortgage Loan

17

Class Principal Balance

17

Class R Certificates

18

Class R Residual Interests

18

Class R-1 Residual Interest

18

Class R-2 Residual Interest

19

Class R-3 Residual Interest

19

Clean-Up Call Percentage

19

Clearing Agency

19

Closing Date

19

Closing Date Loan-to-Value Ratio

19

Code

19

Company

19

Compensating Interest

19

Cooperative

19

Cooperative Apartment

19

Cooperative Lease

20

Cooperative Loans

20

Cooperative Stock

20

Cooperative Stock Certificate

20

Corporate Trust Office

20

Corporation

20

Corresponding Class

20

Credit Support Depletion Date

21

Cumulative Carry-Forward Subsequent Recoveries Amount

21

Curtailment

21

Curtailment Shortfall

21

Custodial Account for P&I

21

Custodial Account for Reserves

21

Custodial Agreement

22

Custodian

22

Cut-Off Date

22

Definitive Certificates

22

Delaware Trustee

22

Depositary Agreement

22

Destroyed Mortgage Note

22

Determination Date

22

Disqualified Organization

22

Distribution Date

23

DTC

23

DTC Participant

23

Due Date

23

Eligible Institution

23

Eligible Investments

23

ERISA

25

ERISA Restricted Certificate

25

Event of Default

25

Excess Liquidation Proceeds

25

Excess Subsequent Recoveries

25

Fannie Mae

25

FDIC

25

FHA

25

Final Maturity Date

25

Final Yield Maintenance Payment Date

25

Fitch

25

Freddie Mac

25

Group 1 Certificates

25

Group 1 Loans

25

Group 1 Lockout Adjusted Percentage

25

Group 1 Lockout Liquidation Amount

26

Group 1 Lockout Percentage

26

Group 1 Lockout Prepayment Percentage

26

Group 1 Lockout Priority Amount

26

Group 1 Premium Rate Mortgage Loans

26

Group 1 Senior Liquidation Amount

26

Group 1 Senior Percentage

26

Group 1 Senior Prepayment Percentage, Group 2 Senior Prepayment Percentage, Group 3 Senior Prepayment Percentage or Group 4 Senior Prepayment Percentage

26

Group 1 Senior Principal Distribution Amount

29

Group 1 Subordinate Percentage

29

Group 1 Subordinate Prepayment Percentage

29

Group 1-A Certificates

29

Group 1-A-L Regular Interests

29

Group 1-L Regular Interests

29

Group 2 Certificates

29

Group 2 Loans

30

Group 2 Lockout Adjusted Percentage

30

Group 2 Lockout Liquidation Amount

30

Group 2 Lockout Percentage

30

Group 2 Lockout Prepayment Percentage

30

Group 2 Lockout Priority Amount

30

Group 2 Premium Rate Mortgage Loans

30

Group 2 Senior Liquidation Amount

30

Group 2 Senior Percentage

30

Group 2 Senior Prepayment Percentage

31

Group 2 Senior Principal Distribution Amount

31

Group 2 Subordinate Percentage

31

Group 2 Subordinate Prepayment Percentage

31

Group 2-A Certificates

31

Group 2-A-L Regular Interests

31

Group 2-L Regular Interests

31

Group 3 Certificates

31

Group 3 Loans

31

Group 3 Premium Rate Mortgage Loans

31

Group 3 Senior Liquidation Amount

31

Group 3 Senior Percentage

31

Group 3 Senior Prepayment Percentage

32

Group 3 Senior Principal Distribution Amount

32

Group 3 Subordinate Balance

32

Group 3 Subordinate Percentage

32

Group 3 Subordinate Prepayment Percentage

32

Group 3-A Certificates

32

Group 3-A-L Regular Interests

32

Group 3-L Regular Interests

32

Group 4 Certificates

32

Group 4 Loans

32

Group 4 Premium Rate Mortgage Loans

32

Group 4 Senior Liquidation Amount

32

Group 4 Senior Percentage

32

Group 4 Senior Prepayment Percentage

33

Group 4 Senior Principal Distribution Amount

33

Group 4 Subordinate Balance

33

Group 4 Subordinate Percentage

33

Group 4 Subordinate Prepayment Percentage

33

Group 4-A Certificates

33

Group 4-A-L Regular Interests

33

Group 4-L Regular Interests

33

Groups 1 and 2 Subordinate Balance

33

Indirect DTC Participants

33

Initial Custodial Agreement

33

Initial Custodian

33

Insurance Proceeds

34

Interest Distribution Amount

34

Interest Transfer Amount

34

Investment Account

34

Investment Depository

34

Junior Subordinate Certificates

34

Last Scheduled Distribution Date

34

Lender

34

LIBOR

34

LIBOR Determination Date

35

Liquidated Mortgage Loan

35

Liquidation Principal

35

Liquidation Proceeds

35

Loan Group

35

Loan Group 1

35

Loan Group 2

35

Loan Group 3

35

Loan Group 4

35

Loan-to-Value Ratio

35

Lowest Class B Owner

35

MERS

35

MERS Loan

35

MERS® System

36

MIN

36

MOM Loan

36

Monthly P&I Advance

36

Monthly Payment

36

Moody’s

36

Mortgage

36

Mortgage File

36

Mortgage Interest Rate

39

Mortgage Loan Schedule

39

Mortgage Loans

39

Mortgage Note

39

Mortgage Pool

39

Mortgage Pool Assets

39

Mortgaged Property

40

Mortgagor

40

Nonrecoverable Advance

40

Non-U.S. Person

40

Notice Addresses

40

OTS

41

Officer’s Certificate

41

Opinion of Counsel

41

Original Trust Agreement

41

Original Value

41

Overcollateralized Group

41

Ownership Interest

41

Pass-Through Entity

41

Pass-Through Rate

41

Paying Agent

42

Payoff

42

Payoff Earnings

42

Payoff Interest

42

Payoff Period

42

Percentage Interest

42

Permitted Transferee

43

Person

43

Prepaid Monthly Payment

43

Primary Insurance Policy

43

Principal Balance

44

Principal Payment

44

Principal Payment Amount

44

Principal Prepayment

44

Principal Prepayment Amount

45

Principal Transfer Amount

45

Priority Amount 1

45

Priority Amount 2

45

Priority Amount 3

45

Priority Amount 4

45

Prior Period

45

Prospectus

45

Purchase Obligation

45

Purchase Price

45

Rating Agency

46

Ratings

46

Realized Loss

46

Recognition Agreement

49

Record Date

49

Reference Banks

49

Regular Interest Group

49

Regular Interests

49

Relief Act Shortfall

50

REMIC

50

REMIC Provisions

50

REMIC I

50

REMIC I Assets

50

REMIC I Available Distribution Amount

50

REMIC I Distribution Amount

51

REMIC I Regular Interests

53

REMIC II

54

REMIC II Assets

54

REMIC II Available Distribution Amount

54

REMIC II Distribution Amount

54

REMIC II Regular Interests

65

REMIC III

65

REMIC III Assets

65

REMIC III Available Distribution Amount

65

REMIC III Distribution Amount

66

REMIC III Regular Interests

67

Residual Certificates

68

Residual Distribution Amount

68

Responsible Officer

68

ROV Mortgage Loan

68

S&P

68

Secretary of State

68

Securities Act

69

Security Agreement

69

Senior Regular Interests

69

Senior Subordinate Certificates

69

Servicer

69

Servicer Business Day

69

Servicing Fee

69

Servicing Fee Rate

69

Servicing Officer

69

Special Primary Insurance Policy

69

Special Primary Insurance Premium

69

Statutory Trust Statute

69

Step Down Percentage

69

Streamlined Mortgage Loan

70

Stripped Interest Rate

70

Subordinate Certificates

70

Subordinate Component Balance

70

Subordinate Liquidation Amount

70

Subordinate Percentage

70

Subordinate Principal Distribution Amount

70

Subordinate Principal Prepayments Distribution Amount

71

Subordination Level

72

Subsequent Recoveries

72

Substitute Mortgage Loan

72

Tax Matters Person

72

Termination Date

72

Termination Payment

72

Total Transfer Amount

73

Transfer

73

Transferee

73

Transferee Affidavit and Agreement

73

Trust

73

Trustee

73

Uncollected Interest

73

Uncompensated Interest Shortfall

73

Undercollateralized Group

74

Underwriter

75

Underwriting Standards

75

Uninsured Cause

75

U.S. Person

75

VA

75

Withdrawal Date

75

Yield Maintenance Account

75

Yield Maintenance Agreements

75

Yield Maintenance Notional Balance

75

Yield Maintenance Payment Amount

75

ARTICLE II  Creation of the Trust; Conveyance of the Mortgage Pool Assets, REMIC I Regular Interests, REMIC II Regular Interests and REMIC III Regular Interests; REMIC Election and Designations; Original Issuance of Certificates

76

Section 2.01  Creation of the Trust

76

Section 2.02  Restrictions on Activities of the Trust

77

Section 2.03  Separateness Requirements

78

Section 2.04  Conveyance of Mortgage Pool Assets; Security Interest

79

Section 2.05  Delivery of Mortgage Files

80

Section 2.06  REMIC Election for REMIC I

82

Section 2.07  Acceptance by Trustee

83

Section 2.08  Representations and Warranties of the Company Concerning the Mortgage Loans

85

Section 2.09  Acknowledgment of Transfer of Mortgage Pool Assets

90

Section 2.10  Conveyance of REMIC II Assets; Security Interest

91

Section 2.11  REMIC Election for REMIC II

92

Section 2.12  Acknowledgement of Transfer of REMIC II Assets

93

Section 2.13  Conveyance of REMIC III Assets; Security Interest

93

Section 2.14  REMIC Election for REMIC III

94

Section 2.15  Acknowledgement of Transfer of REMIC III Assets; Authentication of Certificates

95

Section 2.16  Legal Title

95

Section 2.17  Compliance with ERISA Requirements

95

Section 2.18  Additional Representation of the Company Concerning the Mortgage Loans

96

ARTICLE III  Administration and Servicing of Mortgage Loans

96

Section 3.01  The Servicer

96

Section 3.02  Custodial Accounts and Buydown Fund Accounts

98

Section 3.03  The Investment Account; Eligible Investments

99

Section 3.04  The Certificate Account

100

Section 3.05  Permitted Withdrawals from the Certificate Account, the Investment Account, Custodial Accounts for P&I and Custodial Accounts for Reserves and of Buydown Funds from the Buydown Fund Accounts

101

Section 3.06  Maintenance of Primary Insurance Policies; Collections Thereunder

102

Section 3.07  Maintenance of Hazard Insurance

103

Section 3.08  Enforcement of Due-on-Sale Clauses; Assumption Agreements

103

Section 3.09  Realization Upon Defaulted Mortgage Loans

104

Section 3.10  Trustee to Cooperate; Release of Mortgage Files

106

Section 3.11  Compensation to the Servicer

107

Section 3.12  Reports to the Trustee; Certificate Account Statement

107

Section 3.13  Annual Statement as to Compliance

107

Section 3.14  Access to Certain Documentation and Information Regarding the Mortgage Loans

107

Section 3.15  Annual Independent Public Accountants’ Servicing Report

108

Section 3.16  Yield Maintenance Account.

108

Section 3.17  [Reserved.]

109

Section 3.18  [Reserved.]

109

Section 3.19  Determination of LIBOR by Servicer  109

 

ARTICLE IV  Payments to Certificateholders; Payment of Expenses

111

Section 4.01  Distributions to Holders of REMIC I Regular Interests and Class R-1 Residual Interest

111

Section 4.02  Monthly P&I Advances; Distribution Reports to the Trustee

111

Section 4.03  Nonrecoverable Advances

112

Section 4.04  Distributions to Holders of REMIC II Regular Interests and Class R-2 Residual Interest

112

Section 4.05  Distributions to Certificateholders; Payment of Special Primary Insurance Premiums

113

Section 4.06  Statements to Certificateholders

114

ARTICLE V  The Certificates

115

Section 5.01  The Certificates

115

Section 5.02  Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations

121

Section 5.03  Registration of Transfer and Exchange of Certificates

121

Section 5.04  Mutilated, Destroyed, Lost or Stolen Certificates

122

Section 5.05  Persons Deemed Owners

122

Section 5.06  Temporary Certificates

123

Section 5.07  Book-Entry for Book-Entry Certificates

123

Section 5.08  Notices to Clearing Agency

124

Section 5.09  Definitive Certificates

124

Section 5.10  Office for Transfer of Certificates

125

Section 5.11  Nature of Certificates

125

ARTICLE VI  The Company and the Servicer

125

Section 6.01  Liability of the Company and the Servicer

125

Section 6.02  Merger or Consolidation of the Company or the Servicer

125

Section 6.03  Limitation on Liability of the Company, the Servicer and Others

126

Section 6.04  Neither the Company nor the Servicer may Resign

126

Section 6.05  Trustee Access  127

 

ARTICLE VII  Default

127

Section 7.01  Events of Default

127

Section 7.02  Trustee to Act; Appointment of Successor

130

Section 7.03  Notification to Certificateholders

131

ARTICLE VIII  Concerning the Trustees

131

Section 8.01  Duties of Trustees

131

Section 8.02  Certain Matters Affecting the Trustees

132

Section 8.03  Trustees Not Liable for Certificates or Mortgage Loans

133

Section 8.04  Trustees May Own Certificates

134

Section 8.05  The Servicer to Pay Trustees’ Fees and Expenses

134

Section 8.06  Eligibility Requirements for Trustees

134

Section 8.07  Resignation and Removal of Trustees

134

Section 8.08  Successor Trustee

135

Section 8.09  Merger or Consolidation of Trustee

136

Section 8.10  Appointment of Co-Trustee or Separate Trustee

136

Section 8.11  Authenticating Agents

137

Section 8.12  Paying Agents

138

Section 8.13  Duties of Delaware Trustee

138

Section 8.14  Amendment to Certificate of Trust

139

Section 8.15  Limitation of Liability

139

Section 8.16  Yield Maintenance Agreements

139

ARTICLE IX  Termination

139

Section 9.01  Termination Upon Purchase by the Servicer or Liquidation of All Mortgage Loans

139

Section 9.02  Additional Termination Requirements

142

Section 9.03  Trust Irrevocable

143

ARTICLE X  Miscellaneous Provisions

143

Section 10.01  Amendment

143

Section 10.02  Recordation of Agreement

144

Section 10.03  Limitation on Rights of Certificateholders

144

Section 10.04  Access to List of Certificateholders

145

Section 10.05  Governing Law

146

Section 10.06  Notices

146

Section 10.07  Severability of Provisions

146

Section 10.08  Counterpart Signatures

146

Section 10.09  Benefits of Agreement

146

Section 10.10  Notices and Copies to Rating Agencies

146


 


 

 

 

Appendix 1

Definition of Class C-Y Principal Reduction Amounts

Schedule 1

Exceptions to Section 2.08(iv) Representations

Exhibit A

Form of Certificates (other than Class R Certificates)

Exhibit B

Form of Class R Certificates

Exhibit C

Anti-Predatory Lending Categorization

Exhibit D

Mortgage Loan Schedule

Exhibit E

[Reserved]

Exhibit F

Form of Transferor Certificate For Junior Subordinate Certificates

Exhibit G

Form of Transferee’s Agreement For Junior Subordinate Certificates

Exhibit H

Form of Additional Matter Incorporated Into the Certificates

Exhibit I

Transferor Certificate

Exhibit J

Transferee Affidavit And Agreement

Exhibit K

Form of Certificate Insurance Policy

Exhibit L

Form of Investment Letter

Exhibit M

Form of Trustee’s Certification Pursuant to Section 2.07

Exhibit N

Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(d)

Exhibit O

Officer’s Certificate With Respect to ERISA Matters Pursuant to Section 5.01(g)

 


 

This Pooling and Servicing Agreement, dated and effective as of September 1, 2005 (this “ Agreement ”), is executed by and among Washington Mutual Mortgage Securities Corp., as depositor (the “ Company ”), Washington Mutual Bank, as Servicer (the “ Servicer ”), LaSalle Bank National Association, a national banking association with a corporate trust office at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60603, as Trustee (the “ Trustee ”), and Christiana Bank & Trust Company, as Delaware Trustee (the “ Delaware Trustee ”).  Capitalized terms used in this Agreement and not otherwise defined have the meanings ascribed to such terms in Article I hereof.

PRELIMINARY STATEMENT

The Company at the Closing Date is the owner of the Mortgage Loans and the other property being conveyed by it to the Trust. On the Closing Date, the Company will acquire the REMIC I Regular Interests and the Class R-1 Residual Interest from the Trust as consideration for its transfer to the Trust of the Mortgage Loans and certain other assets and will be the owner of the REMIC I Regular Interests and the Class R-1 Residual Interest.  Thereafter on the Closing Date, the Company will acquire the REMIC II Regular Interests and the Class R-2 Residual Interest from the Trust as consideration for its transfer to the Trust of the REMIC I Regular Interests and will be the owner of the REMIC II Regular Interests.  Thereafter on the Closing Date, the Company will acquire the Certificates (other than the Class R-1 and Class R-2 Residual Interests) and the Class R-3 Residual Interest from the Trust as consideration for its transfer to the Trust of the REMIC II Regular Interests and will be the owner of the Certificates.  The Company has duly authorized the execution and delivery of this Agreement to provide for (i) the conveyance to the Trust of the Mortgage Loans and certain other assets, (ii) the issuance to the Company of the REMIC I Regular Interests and the Class R-1 Residual Interest representing in the aggregate the entire beneficial interest in REMIC I, (iii) the conveyance to the Trust of the REMIC I Regular Interests, (iv) the issuance to the Company of the REMIC II Regular Interests and the Class R-2 Residual Interest representing in the aggregate the entire beneficial interest in  REMIC II, (v) the conveyance to the Trust of the REMIC II Regular Interests and (vi) the issuance to the Company of the Certificates, such Certificates (other than the portion of the Class R Certificates representing ownership of the Class R-1 and Class R-2 Residual Interests) representing in the aggregate the entire beneficial interest in REMIC III. The Company and the Servicer are entering into this Agreement, and the Trustee and the Delaware Trustee are each accepting the trust created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.

The Certificates issued hereunder, other than the Junior Subordinate Certificates, have been offered for sale pursuant to a Prospectus, dated August 23, 2005, and a Prospectus Supplement, dated September 27, 2005, of the Company (together, the “ Prospectus ”). The Junior Subordinate Certificates have been offered for sale pursuant to a Private Placement Memorandum, dated September 29, 2005.  The Trust created hereunder is intended to be the “Trust” described in the Prospectus and the Private Placement Memorandum and the Certificates are intended to be the “Certificates” described therein. The following tables set forth the designation, type of interest, Certificate Interest Rate, initial Class Principal Balance and Final Maturity Date for the REMIC I Regular Interests, the REMIC II Regular Interests, the Class R Residual Interests and the Certificates:

REMIC I Interests

Class Designation for each Class of REMIC I Regular Interests and the Class R-1 Residual Interest

 

Type of Interest

 

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity Date*

Class C-Y-1

 

Regular

 

5.500%

 

$277,755.59

 

October 2035

Class C-Y-2

 

Regular

 

6.000%

 

68,230.27

 

October 2035

Class C-Y-3

 

Regular

 

5.000%

 

20,964.85

 

October 2020

Class C-Z-1

 

Regular

 

5.500%

 

555,233,421.59

 

October 2035

Class C-Z-2

 

Regular

 

6.000%

 

137,154,704.33

 

October 2035

Class C-Z-3

 

Regular

 

5.000%

 

41,908,725.85

 

October 2020

Class C-X-M

 

Regular

 

5.500%(2)

 

-----

 

October 2035

Class C-P-M

 

Regular

 

(3)

 

4,143,767.37

 

October 2035

Class R-1†

 

Residual

 

5.500%

 

100.00

 

October 2035

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is the month following the month the latest maturing Mortgage Loan in the related Loan Group (or Loan Groups, as applicable) matures. For federal income tax purposes, for each Class of REMIC I Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.

 

†              The Class R-1 Residual Interest is entitled to receive the applicable Residual Distribution Amount and any Excess Liquidation Proceeds.

 

(1)           Interest distributed to the REMIC I Regular Interests (other than the Class C-P-M Regular Interest, which shall not be entitled to receive any distributions of interest) and the Class R-1 Residual Interest on each Distribution Date will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class Principal Balance or Class Notional Amount outstanding immediately before such Distribution Date.

 

(2)           The Class C-X-M Regular Interest shall accrue interest on the Class C-X Notional Amount.  The Class C-X-M Regular Interest shall not be entitled to receive any distributions of principal.

 

(3)           The Class C-P-M Regular Interest shall not be entitled to receive any distributions of interest.

 

 

 

 

 

 

 

 

 

 

 

As provided herein, with respect to REMIC I, the Servicer will cause an election to be made on behalf of REMIC I to be treated for federal income tax purposes as a REMIC. The REMIC I Regular Interests will be designated regular interests in REMIC I and the Class R-1 Residual Interest will be designated the sole class of residual interest in REMIC I, for purposes of the REMIC Provisions.


 


REMIC II Interests

 

 Class Designation for each Class of REMIC II Regular Interests and the Class R-2 Residual Interest

 

Type of Interest

 

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity

Date*

 

Class 1-A-1-L

 

Regular

 

5.500%

 

$26,574,000.00

 

October 2035

 

Class 1-A-2-L

 

Regular

 

5.500%

 

144,250,000.00

 

October 2035

 

Class 1-A-3-L

 

Regular

 

5.500%

 

14,357,354.00

 

October 2035

 

Class 1-A-5-L

 

Regular

 

(2)

 

20,000,000.00

 

October 2035

 

Class 1-A-6-L

 

Regular

 

(3)

 

5,454,546.00

 

October 2035

 

Class 1-A-7-L

 

Regular

 

5.500%

 

5,450,000.00

 

October 2035

 

Class 1-A-8-L

 

Regular

 

5.500%

 

63,171,000.00

 

October 2035

 

Class 1-A-9-L

 

Regular

 

5.500%

 

1,502,000.00

 

October 2035

 

Class 2-CB-1-L

 

Regular

 

5.500%

 

13,573,000.00

 

October 2035

 

Class 2-CB-2-L

 

Regular

 

5.500%

 

11,300,000.00

 

October 2035

 

Class 2-CB-3-L

 

Regular

 

5.500%

 

200,000,000.00

 

October 2035

 

Class 2-CB-5-L

 

Regular

 

5.500%

 

23,860,000.00

 

October 2035

 

Class 3-CB-1-L

 

Regular

 

6.000%

 

127,767,000.00

 

October 2035

 

Class 3-CB-2-L

 

Regular

 

6.000%

 

3,075,000.00

 

October 2035

 

Class 4-A-L

 

Regular

 

5.000%

 

39,974,000.00

 

October 2035

 

Class C-X-L

 

Regular

 

5.500%(4)

 

-----

 

October 2035

 

Class C-P-L

 

Regular

 

(5)

 

4,143,767.00

 

October 2035

 

Class B-1-L

 

Regular

 

Variable(6)

 

16,625,000.00

 

October 2035

 

Class B-2-L

 

Regular

 

Variable(6)

 

6,649,000.00

 

October 2035

 

Class B-3-L

 

Regular

 

Variable(6)

 

2,955,000.00

 

October 2035

 

Class B-4-L

 

Regular

 

Variable(6)

 

3,694,000.00

 

October 2035

 

Class B-5-L

 

Regular

 

Variable(6)

 

2,586,000.00

 

October 2035

 

Class B-6-L

 

Regular

 

Variable(6)

 

1,846,902.48

 

October 2035

 

Class R-2†

 

Residual

 

-----

 

-----

 

October 2035

 

 

 

 

 

 

 

 

 

 

*             The Distribution Date in the specified month, which is the month following the month the latest maturing Mortgage Loan in the related Loan Group (or Loan Groups, as applicable) matures. For federal income tax purposes, for each Class of REMIC II Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.

 

†              The Class R-2 Residual Interest is entitled to receive the applicable Residual Distribution Amount and any Excess Liquidation Proceeds.

 

(1)           Interest distributed on each Distribution Date to the REMIC II Regular Interests (other than the Class C-P-L Regular Interest, which shall not be entitled to receive any distributions of interest) will have accrued at the applicable per annum Certificate Interest Rate on the applicable Class Principal Balance or Class Notional Amount outstanding immediately before such Distribution Date.

 

(2)           The Certificate Interest Rate for the Class 1-A-5-L Regular Interest shall equal LIBOR plus 0.650%, subject to a minimum and maximum Certificate Interest Rate of 0.650% and 7.000% per annum, respectively.

 

(3)           The Certificate Interest Rate for the Class 1-A-6-L Regular Interest shall equal 23.28333155% minus the product of (i) LIBOR and (ii) 3.6666663, subject to a minimum and maximum Certificate Interest Rate of 0.000% and 23.28333155% per annum, respectively.

 

(4)           The Class C-X-L Regular Interest shall accrue interest on the Class C-X Notional Amount.  The Class C-X-L Regular Interest shall not be entitled to receive any distributions of principal.

 

(5)           The Class C-P-L Regular Interest shall not be entitled to receive any distributions of interest.

 

(6)           The Certificate Interest Rate for each Class of the Class B-L Regular Interests shall equal, on any Distribution Date, the weighted average of the Certificate Interest Rates for the Class C-Y-1, Class C-Y-2 and Class C-Y-3 Regular Interests.

 

 

 

 

 

 

 

 

 

 

 

 

As provided herein, with respect to REMIC II, the Servicer will cause an election to be made on behalf of REMIC II to be treated for federal income tax purposes as a REMIC. The REMIC II Regular Interests will be designated regular interests in REMIC II and the Class R-2 Residual Interest will be designated the sole class of residual interest in REMIC II, for purposes of the REMIC Provisions.


 

REMIC III Interests

 

Class Designation for each Class of REMIC III Regular Interests and the Class R-3 Residual Interest

 

Type of Interest

 

Certificate Interest Rate (1)

 

Initial Class Principal Balance

 

Final Maturity Date*

 

Class 1-A-1

 

Regular

 

5.500%

 

$26,574,000.00

 

October 2035

 

Class 1-A-2

 

Regular

 

5.500%

 

144,250,000.00

 

October 2035

 

Class 1-A-3-M

 

Regular

 

(2)

 

14,357,354.00

 

October 2035

 

Class 1-A-4

 

Regular

 

(3)

 

-----

 

October 2035

 

Class 1-A-5

 

Regular

 

(4)

 

20,000,000.00

 

October 2035

 

Class 1-A-6

 

Regular

 

(5)

 

5,454,546.00

 

October 2035

 

Class 1-A-7

 

Regular

 

5.500%

 

5,450,000.00

 

October 2035

 

Class 1-A-8

 

Regular

 

5.500%

 

63,171,000.00

 

October 2035

 

Class 1-A-9

 

Regular

 

5.500%

 

1,502,000.00

 

October 2035

 

Class 2-CB-1

 

Regular

 

5.500%

 

13,573,000.00

 

October 2035

 

Class 2-CB-2

 

Regular

 

5.500%

 

11,300,000.00

 

October 2035

 

Class 2-CB-3-M

 

Regular

 

(6)

 

200,000,000.00

 

October 2035

 

Class 2-CB-4

 

Regular

 

(7)

 

-----

 

October 2035

 

Class 2-CB-5

 

Regular

 

5.500%

 

23,860,000.00

 

October 2035

 

Class 3-CB-1

 

Regular

 

6.000%

 

127,767,000.00

 

October 2035

 

Class 3-CB-2

 

Regular

 

6.000%

 

3,075,000.00

 

October 2035

 

Class 4-A

 

Regular

 

5.000%

 

39,974,000.00

 

October 2035

 

Class C-X

 

Regular

 

5.500%(8)

 

-----

 

October 2035

 

Class C-P

 

Regular

 

(9)

 

4,143,767.00

 

October 2035

 

Class B-1

 

Regular

 

Variable(10)

 

16,625,000.00

 

October 2035

 

Class B-2

 

Regular

 

Variable(10)

 

6,649,000.00

 

October 2035

 

Class B-3

 

Regular