MORGAN STANLEY ABS CAPITAL I INC.,
Depositor,
COUNTRYWIDE HOME LOANS SERVICING LP,
Servicer,
HOMEQ SERVICING CORPORATION,
Servicer,
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
Servicer
NC CAPITAL CORPORATION,
Responsible Party,
DECISION ONE MORTGAGE COMPANY, LLC,
Responsible Party,
WMC MORTGAGE CORP.,
Responsible Party,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Custodian
LASALLE BANK NATIONAL ASSOCIATION
Custodian,
and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
Trustee and Custodian
----------
POOLING AND SERVICING AGREEMENT
Dated as of October 1, 2005
----------
MORGAN STANLEY ABS CAPITAL I INC. TRUST 2005-HE5
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2005-HE5
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES
Section 2.01 Conveyance of Mortgage
Loans.................................
Section 2.02 Acceptance by the Trustee of the
Mortgage Loans..............
Section 2.03 Representations and Warranties;
Remedies for Breaches of
Representations and Warranties with Respect to the
Mortgage Loans...............................................
Section 2.04 Execution and Delivery of
Certificates.......................
Section 2.05 REMIC
Matters................................................
Section 2.06 Representations and Warranties of
the Depositor..............
ARTICLE III
ADMINISTRATION
AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Servicers to Service Mortgage
Loans..........................
Section 3.02 Subservicing Agreements between a
Servicer and
Subservicers.................................................
Section 3.03 Successor
Subservicers.......................................
Section 3.04 Liability of the
Servicers...................................
Section 3.05 No Contractual Relationship
between Subservicers and the
Trustee......................................................
Section 3.06 Assumption or Termination of
Subservicing Agreements by
Trustee......................................................
Section 3.07 Collection of Certain Mortgage
Loan Payments.................
Section 3.08 Subservicing
Accounts........................................
Section 3.09 Collection of Taxes, Assessments
and Similar Items;
Escrow Accounts..............................................
Section 3.10 Collection
Accounts..........................................
Section 3.11 Withdrawals from the Collection
Accounts.....................
Section 3.12 Investment of Funds in the
Collection Accounts and the
Distribution Account.........................................
Section 3.13 Maintenance of Hazard Insurance
and Errors and Omissions
and Fidelity Coverage........................................
Section 3.14 Enforcement of Due-on-Sale
Clauses; Assumption Agreements....
Section 3.15 Realization upon Defaulted
Mortgage Loans....................
Section 3.16 Release of Mortgage
Files....................................
Section 3.17 Title, Conservation and
Disposition of REO Property..........
Section 3.18 Notification of
Adjustments..................................
Section 3.19 Access to Certain Documentation
and Information
Regarding the Mortgage Loans.................................
Section 3.20 Documents, Records and Funds in
Possession of the
Servicers to Be Held for the Trustee.........................
Section 3.21 Servicing
Compensation.......................................
Section 3.22 Annual Statement as to
Compliance............................
Section 3.23 Annual Independent Public
Accountants' Servicing
Statement; Financial Statements..............................
Section 3.24 Trustee to Act as
Servicer...................................
Section 3.25 Compensating
Interest........................................
Section 3.26 Credit Reporting;
Gramm-Leach-Bliley Act.....................
ARTICLE IV
DISTRIBUTIONS AND
ADVANCES BY THE SERVICERS
Section 4.01
Advances.....................................................
Section 4.02 Priorities of
Distribution...................................
Section 4.03 Monthly Statements to
Certificateholders.....................
Section 4.04 Certain Matters Relating to the
Determination of LIBOR.......
Section 4.05 Allocation of Applied Realized
Loss Amounts..................
Section 4.06 Swap
Account.................................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The
Certificates.............................................
Section 5.02 Certificate Register; Registration
of Transfer and
Exchange of Certificates.....................................
Section 5.03 Mutilated, Destroyed, Lost or
Stolen Certificates............
Section 5.04 Persons Deemed
Owners........................................
Section 5.05 Access to List of
Certificateholders' Names and Addresses....
Section 5.06 Maintenance of Office or
Agency..............................
ARTICLE VI
THE DEPOSITOR AND THE SERVICERS
Section 6.01 Respective Liabilities of the
Depositor and the Servicers....
Section 6.02 Merger or Consolidation of the
Depositor or a Servicer.......
Section 6.03 Limitation on Liability of the
Depositor, the Servicers
and Others...................................................
Section 6.04 Limitation on Resignation of a
Servicer......................
Section 6.05 Additional Indemnification by the
Servicers; Third Party
Claims.......................................................
ARTICLE VII
DEFAULT
Section 7.01 Events of
Default............................................
Section 7.02 Trustee to Act; Appointment of
Successor.....................
Section 7.03 Notification to
Certificateholders...........................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of the
Trustee........................................
Section 8.02 Certain Matters Affecting the
Trustee and the Custodian......
Section 8.03 Trustee Not Liable for
Certificates or Mortgage Loans........
Section 8.04 Trustee May Own
Certificates.................................
Section 8.05 Trustee's Fees and
Expenses..................................
Section 8.06 Eligibility Requirements for the
Trustee.....................
Section 8.07 Resignation and Removal of the
Trustee.......................
Section 8.08 Successor
Trustee............................................
Section 8.09 Merger or Consolidation of the
Trustee.......................
Section 8.10 Appointment of Co-Trustee or
Separate Trustee................
Section 8.11 Tax
Matters..................................................
Section 8.12 Periodic
Filings.............................................
Section 8.13 Tax Treatment of Upper-Tier
CarryForward Amounts, Basis
Risk CarryForward Amounts and Class IO Shortfalls; Tax
Classification of the Excess Reserve Fund Account and
the Interest Rate Swap Agreement.............................
Section 8.14 Custodial
Responsibilities...................................
ARTICLE IX
TERMINATION
Section 9.01 Termination upon Liquidation or
Purchase of the Mortgage
Loans........................................................
Section 9.02 Final Distribution on the
Certificates.......................
Section 9.03 Additional Termination
Requirements..........................
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01
Amendment....................................................
Section 10.02 Recordation of Agreement;
Counterparts.......................
Section 10.03 Governing
Law................................................
Section 10.04 Intention of
Parties.........................................
Section 10.05
Notices......................................................
Section 10.06 Severability of
Provisions...................................
Section 10.07 Assignment; Sales; Advance
Facilities........................
Section 10.08 Limitation on Rights of
Certificateholders...................
Section 10.09 Inspection and Audit
Rights..................................
Section 10.10 Certificates Nonassessable
and Fully Paid....................
Section 10.11 Rule of
Construction.........................................
Section 10.12 Waiver of Jury
Trial.........................................
Section 10.13 Opinions of Internal Counsel
of WMC..........................
Section 10.14 Rights of the Swap
Provider..................................
SCHEDULES
Schedule I Mortgage
Loan Schedule
Schedule II Representations
and Warranties of Countrywide Home Loans
Servicing LP, as Servicer
Schedule III Representations and
Warranties of HomEq Servicing Corporation,
as Servicer
Schedule IV Representations
and Warranties of JPMorgan Chase Bank, National
Association, as Servicer
Schedule V-A Representations and
Warranties of Morgan Stanley ABS Capital I
Inc. as to the Mortgage Loans
Schedule V-B Representations and
Warranties of Morgan Stanley ABS Capital I
Inc. as to certain Mortgage Loans
Schedule V-C Representations and
Warranties of Morgan Stanley ABS Capital I
Inc. as to certain Mortgage Loans
Schedule VI Representations
and Warranties of WMC as to the WMC Mortgage
Loans
Schedule VII Representations and
Warranties of NC Capital as to the NC
Capital Mortgage Loans
Schedule VIII Representations and
Warranties of Decision One, as to the
Decision One Mortgage Loans
Schedule IX Representations
and Warranties of Wells Fargo, as Custodian
Schedule X
Representations and Warranties of LaSalle, as Custodian
Schedule XI Representations
and Warranties of Deutsche Bank, as Custodian
EXHIBITS
Exhibit A Form
of Class A, Class M and Class B Certificate
Exhibit B Form
of Class P Certificate
Exhibit C Form
of Class R Certificate
Exhibit D Form
of Class X Certificate
Exhibit E Form
of Initial Certification of Trustee and Custodians
Exhibit F Form
of Document Certification and Exception Report of Trustee
and Custodians
Exhibit G Form
of Residual Transfer Affidavit
Exhibit H Form
of Transferor Certificate
Exhibit I Form
of Rule 144A Letter
Exhibit J Form
of Request for Release
Exhibit K Form of Contents
for Each Mortgage File
Exhibit L Form
of Certification to be provided with Form 10-K
Exhibit M Form
of Certification to be provided by the Trustee to Depositor
Exhibit N Form
of Certification to be provided by the applicable Servicer
to Depositor
Exhibit O
Decision One Purchase Agreement
Exhibit P NC
Capital Purchase Agreement
Exhibit Q WMC
Purchase Agreement
Exhibit R Form
of Servicer Power of Attorney
<PAGE>
THIS POOLING AND SERVICING AGREEMENT, dated as of October 1,
2005,
among MORGAN STANLEY ABS CAPITAL I INC., a
Delaware corporation (the
"Depositor"), COUNTRYWIDE HOME LOANS
SERVICING LP, a Texas limited partnership
("Countrywide"), JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION, a national banking
association ("JPMorgan"), HOMEQ SERVICING
CORPORATION, a New Jersey corporation
("HomEq", and together with Countrywide and
JPMorgan, the "Servicers"), WMC
MORTGAGE CORP., a California corporation
("WMC"), NC CAPITAL CORPORATION, a
California corporation ("NC Capital"),
DECISION ONE MORTGAGE COMPANY, LLC, a
California limited liability company
("Decision One"), WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking
association, as trustee (in such
capacity, the "Trustee") and custodian (in
such capacity, "Wells Fargo"),
LASALLE BANK NATIONAL ASSOCIATION, a
national banking association, as custodian
("LaSalle"), and DEUTSCHE BANK NATIONAL
TRUST COMPANY, a national banking
association, as custodian ("Deutsche Bank"
and, together with Wells Fargo and
LaSalle, the "Custodians").
W I T N E S S E T H:
- - - - - - - - - -
In consideration of the mutual agreements herein contained, the
parties
hereto agree as follows:
PRELIMINARY STATEMENT
The Trustee shall elect that four segregated asset pools within
the
Trust Fund (exclusive of (i) the Prepayment
Premiums, (ii) the Interest Rate
Swap Agreement, (iii) the Swap Account,
(iv) the Excess Reserve Fund Account,
and (v) the right of the LIBOR Certificates
to receive Upper-Tier CarryForward
Amounts including, but without duplication,
Basis Risk CarryForward Amounts and
the obligation to pay Class IO Shortfalls)
be treated for federal income tax
purposes as comprising four REMICs (each, a
"Trust REMIC" or, in the
alternative, Pooling-Tier REMIC-1,
Pooling-Tier REMIC-2, the Lower-Tier REMIC
and the Upper-Tier REMIC, respectively).
The Class X Interest and each Class of
LIBOR Certificates (other than the right of
each Class of LIBOR Certificates to
receive Upper-Tier CarryForward Amounts
including, but without duplication,
Basis Risk CarryForward Amounts and the
obligation to pay Class IO Shortfalls)
represents ownership of a regular interest
in a REMIC for purposes of the REMIC
Provisions. The Class R Certificates
represent ownership of the sole class of
residual interest in each Trust REMIC for
purposes of the REMIC Provisions. The
Startup Day for each REMIC described herein
is the Closing Date. The latest
possible maturity date for each Certificate
is the latest date referenced in
Section 2.05. The Upper-Tier REMIC shall
hold as assets the several classes of
uncertificated Lower-Tier Regular
Interests, set out below. The Lower-Tier REMIC
shall hold as assets the several classes of
uncertificated Pooling-Tier REMIC-2
Regular Interests. Pooling-Tier REMIC-2
shall hold as assets the several classes
of uncertificated Pooling-Tier REMIC-1
Regular Interests. Pooling-Tier REMIC-1
shall hold as assets the assets of the
Trust Fund (exclusive of (i) the
Prepayment Premiums, (ii) the Interest Rate
Swap Agreement, (iii) the Swap
Account, (iv) the Excess Reserve Fund
Account, and (v) the right of the LIBOR
Certificates to receive Upper-Tier
CarryForward Amounts including, but without
duplication, Basis Risk CarryForward
Amounts and the obligation to pay Class IO
Shortfalls).
For federal income tax purposes, each Class of LIBOR
Certificates
represents a beneficial ownership of a
regular interest in the Upper-Tier REMIC,
the right to receive Upper-Tier
CarryForward Amounts (including, but without
duplication, Basis Risk CarryForward
Amounts), and the obligation to pay Class
IO Shortfalls, the Class X Certificates
represent beneficial ownership of the
Class X Interest, the Class IO Interest,
the Interest Rate Swap Agreement, the
Swap Account, the Excess Reserve Fund
Account and the right to receive Class IO
Shortfalls, and the Class P Certificates
represent beneficial ownership of the
Prepayment Premiums, which portions of the
Trust Fund shall be treated as a
grantor trust.
Pooling-Tier REMIC-1
Pooling-Tier REMIC-1 shall issue the following interests in
Pooling-Tier REMIC-1, and each such
interest, other than the Class PT1-R
Interest is hereby designated as a regular
interest in the Pooling-Tier REMIC-1.
Pooling-Tier REMIC-1 Interests with an "I"
in their designation shall relate to
Loan Group I and Pooling Tier REMIC-1
Interests with a "II" in their designation
shall relate to Loan Group II. Pooling-Tier
REMIC-1 shall also issue the Class
PT1-R Interest, which is hereby designated
as the sole class of residual
interest in Pooling-Tier REMIC-1. The Class
PT1-R Interest shall be represented
by the Class R Certificates, shall not have
a principal balance and shall have
no interest rate.
Initial Pooling-Tier
Pooling-Tier REMIC-1
Pooling-Tier REMIC-1
REMIC-1 Principal
Interest
Interest Rate
Amount
--------------------
--------------------
--------------------
Class PT1-I-1
(1)
$ 23,413,463.66
Class PT1-I-2A
(2)
$ 16,886,260.44
Class PT1-I-2B
(3)
$ 16,886,260.44
Class PT1-I-3A
(2)
$ 10,448,819.35
Class PT1-I-3B
(3)
$ 10,448,819.35
Class PT1-I-4A
(2)
$ 10,054,762.09
Class PT1-I-4B
(3)
$ 10,054,762.09
Class PT1-I-5A
(2)
$
9,679,019.57
Class PT1-I-5B
(3)
$
9,679,019.57
Class PT1-I-6A
(2)
$
9,320,422.33
Class PT1-I-6B
(3)
$
9,320,422.33
Class PT1-I-7A
(2)
$
8,977,847.19
Class PT1-I-7B
(3)
$
8,977,847.19
Class PT1-I-8A
(2)
$
8,650,217.87
Class PT1-I-8B
(3)
$
8,650,217.87
Class PT1-I-9A
(2)
$
8,336,505.57
Class PT1-I-9B
(3)
$
8,336,505.57
Class PT1-I-10A
(2)
$
8,035,681.01
Class PT1-I-10B
(3)
$
8,035,681.01
Class PT1-I-11A
(2)
$
7,746,552.35
Class PT1-I-11B
(3)
$
7,746,552.35
Class PT1-I-12A
(2)
$
7,452,775.30
Class PT1-I-12B
(3)
$
7,452,775.30
Class PT1-I-13A
(2)
$
7,150,914.68
Class PT1-I-13B
(3)
$
7,150,914.68
Class PT1-I-14A
(2)
$
6,858,973.00
Class PT1-I-14B
(3)
$
6,858,973.00
Class PT1-I-15A
(2)
$
6,559,356.63
Class PT1-I-15B
(3)
$
6,559,356.63
Class PT1-I-16A
(2)
$
6,272,833.85
Class PT1-I-16B
(3)
$
6,272,833.85
Class PT1-I-17A
(2)
$
5,998,871.74
Class PT1-I-17B
(3)
$
5,998,871.74
Class PT1-I-18A
(2)
$
5,736,918.00
Class PT1-I-18B
(3)
$
5,736,918.00
Class PT1-I-19A
(2)
$
5,486,445.04
Class PT1-I-19B
(3)
$
5,486,445.04
Class PT1-I-20A
(2)
$ 22,545,346.87
Class PT1-I-20B
(3)
$ 22,545,346.87
Class PT1-I-21A
(2)
$ 56,797,350.18
Class PT1-I-21B
(3)
$ 56,797,350.18
Class PT1-I-22A
(2)
$ 23,279,287.71
Class PT1-I-22B
(3)
$ 23,279,287.71
Class PT1-I-23A
(2)
$
649,560.07
Class PT1-I-23B
(3)
$
649,560.07
Class PT1-I-24A
(2)
$
626,301.01
Class PT1-I-24B
(3)
$
626,301.01
Class PT1-I-25A
(2)
$
603,874.93
Class PT1-I-25B
(3)
$
603,874.93
Class PT1-I-26A
(2)
$
582,252.58
Class PT1-I-26B
(3)
$ 582,252.58
Class PT1-I-27A
(2)
$
561,412.64
Class PT1-I-27B
(3)
$
561,412.64
Class PT1-I-28A
(2)
$
541,507.09
Class PT1-I-28B
(3)
$
541,507.09
Class PT1-I-29A
(2)
$
522,133.11
Class PT1-I-29B
(3)
$
522,133.11
Class PT1-I-30A
(2)
$
503,425.80
Class PT1-I-30B
(3)
$
503,425.80
Class PT1-I-31A
(2)
$
485,388.71
Class PT1-I-31B
(3)
$
485,388.71
Class PT1-I-32A
(2)
$
633,375.38
Class PT1-I-32B
(3)
$
633,375.38
Class PT1-I-33A
(2)
$
1,787,388.71
Class PT1-I-33B
(3)
$
1,787,388.71
Class PT1-I-34A
(2)
$
1,357,753.57
Class PT1-I-34B
(3)
$
1,357,753.57
Class PT1-I-35A
(2)
$
309,885.31
Class PT1-I-35B
(3)
$
309,885.31
Class PT1-I-36A
(2)
$
299,796.71
Class PT1-I-36B
(3)
$
299,796.71
Class PT1-I-37A
(2)
$
290,024.07
Class PT1-I-37B
(3)
$
290,024.07
Class PT1-I-38A
(2)
$
280,558.07
Class PT1-I-38B
(3)
$
280,558.07
Class PT1-I-39A
(2)
$
271,389.92
Class PT1-I-39B
(3)
$
271,389.92
Class PT1-I-40A
(2)
$
262,515.28
Class PT1-I-40B
(3)
$
262,515.28
Class PT1-I-41A
(2)
$
253,916.67
Class PT1-I-41B
(3)
$
253,916.67
Class PT1-I-42A
(2)
$
245,588.31
Class PT1-I-42B
(3)
$
245,588.31
Class PT1-I-43A
(2)
$
237,523.63
Class PT1-I-43B
(3)
$
237,523.63
Class PT1-I-44A
(2)
$
229,714.69
Class PT1-I-44B
(3)
$
229,714.69
Class PT1-I-45A
(2)
$
222,153.86
Class PT1-I-45B
(3)
$
222,153.86
Class PT1-I-46A
(2)
$
214,833.89
Class PT1-I-46B
(3)
$
214,833.89
Class PT1-I-47A
(2)
$
207,746.89
Class PT1-I-47B
(3)
$
207,746.89
Class PT1-I-48A
(2)
$
200,886.03
Class PT1-I-48B
(3)
$
200,886.03
Class PT1-I-49A
(2)
$
194,244.49
Class PT1-I-49B
(3)
$
194,244.49
Class PT1-I-50A
(2)
$
187,815.61
Class PT1-I-50B
(3)
$
187,815.61
Class PT1-I-51A
(2)
$
181,592.86
Class PT1-I-51B
(3)
$
181,592.86
Class PT1-I-52A
(2)
$
175,569.94
Class PT1-I-52B
(3)
$
175,569.94
Class PT1-I-53A
(2)
$
169,740.71
Class PT1-I-53B
(3)
$
169,740.71
Class PT1-I-54A
(2)
$
4,818,163.40
Class PT1-I-54B
(3)
$
4,818,163.40
Class PT1-II-1
(4)
$ 38,306,118.23
Class PT1-II-2A
(5)
$ 27,627,142.16
Class PT1-II-2B
(6)
$ 27,627,142.16
Class PT1-II-3A
(5)
$ 17,095,023.41
Class PT1-II-3B
(6)
$ 17,095,023.41
Class PT1-II-4A
(5)
$ 16,450,317.26
Class PT1-II-4B
(6)
$ 16,450,317.26
Class PT1-II-5A
(5)
$ 15,835,575.35
Class PT1-II-5B
(6)
$ 15,835,575.35
Class PT1-II-6A
(5)
$ 15,248,884.37
Class PT1-II-6B
(6)
$ 15,248,884.37
Class PT1-II-7A
(5)
$ 14,688,406.67
Class PT1-II-7B
(6)
$ 14,688,406.67
Class PT1-II-8A
(5)
$ 14,152,381.43
Class PT1-II-8B
(6)
$ 14,152,381.43
Class PT1-II-9A
(5)
$ 13,639,125.44
Class PT1-II-9B
(6)
$ 13,639,125.44
Class PT1-II-10A
(5)
$ 13,146,954.72
Class PT1-II-10B
(6)
$ 13,146,954.72
Class PT1-II-11A
(5)
$ 12,673,919.35
Class PT1-II-11B
(6)
$ 12,673,919.35
Class PT1-II-12A
(5)
$ 12,193,278.88
Class PT1-II-12B
(6)
$ 12,193,278.88
Class PT1-II-13A
(5)
$ 11,699,413.08
Class PT1-II-13B
(6)
$ 11,699,413.08
Class PT1-II-14A
(5)
$ 11,221,775.41
Class PT1-II-14B
(6)
$ 11,221,775.41
Class PT1-II-15A
(5)
$ 10,731,581.37
Class PT1-II-15B
(6)
$ 10,731,581.37
Class PT1-II-16A
(5)
$ 10,262,809.41
Class PT1-II-16B
(6)
$ 10,262,809.41
Class PT1-II-17A
(5)
$
9,814,587.60
Class PT1-II-17B
(6)
$
9,814,587.60
Class PT1-II-18A
(5)
$
9,386,012.36
Class PT1-II-18B
(6)
$
9,386,012.36
Class PT1-II-19A
(5)
$
8,976,220.50
Class PT1-II-19B
(6)
$
8,976,220.50
Class PT1-II-20A
(5)
$ 36,885,816.44
Class PT1-II-20B
(6)
$ 36,885,816.44
Class PT1-II-21A
(5)
$ 92,924,568.65
Class PT1-II-21B
(6)
$ 92,924,568.65
Class PT1-II-22A
(5)
$ 38,086,596.68
Class PT1-II-22B
(6)
$ 38,086,596.68
Class PT1-II-23A
(5)
$
1,062,727.22
Class PT1-II-23B
(6)
$
1,062,727.22
Class PT1-II-24A
(5)
$
1,024,673.71
Class PT1-II-24B
(6)
$
1,024,673.71
Class PT1-II-25A
(5)
$
987,983.01
Class PT1-II-25B
(6)
$
987,983.01
Class PT1-II-26A
(5)
$
952,607.28
Class PT1-II-26B
(6)
$
952,607.28
Class PT1-II-27A
(5)
$
918,511.63
Class PT1-II-27B
(6)
$
918,511.63
Class PT1-II-28A
(5)
$
885,944.72
Class PT1-II-28B
(6)
$
885,944.72
Class PT1-II-29A
(5)
$
854,247.50
Class PT1-II-29B
(6)
$
854,247.50
Class PT1-II-30A
(5)
$
823,640.98
Class PT1-II-30B
(6)
$
823,640.98
Class PT1-II-31A
(5)
$
794,131.00
Class PT1-II-31B
(6)
$
794,131.00
Class PT1-II-32A
(5)
$
1,036,247.89
Class PT1-II-32B
(6)
$
1,036,247.89
Class PT1-II-33A
(5)
$
2,924,297.07
Class PT1-II-33B
(6)
$
2,924,297.07
Class PT1-II-34A
(5)
$
2,221,382.94
Class PT1-II-34B
(6)
$
2,221,382.94
Class PT1-II-35A
(5)
$
506,994.75
Class PT1-II-35B
(6)
$
506,994.75
Class PT1-II-36A
(5)
$
490,489.08
Class PT1-II-36B
(6)
$
490,489.08
Class PT1-II-37A
(5)
$ 474,500.33
Class PT1-II-37B
(6)
$
474,500.33
Class PT1-II-38A
(5)
$
459,013.27
Class PT1-II-38B
(6)
$
459,013.27
Class PT1-II-39A
(5)
$
444,013.51
Class PT1-II-39B
(6)
$
444,013.51
Class PT1-II-40A
(5)
$
429,493.97
Class PT1-II-40B
(6)
$
429,493.97
Class PT1-II-41A
(5)
$
415,426.02
Class PT1-II-41B
(6)
$
415,426.02
Class PT1-II-42A
(5)
$
401,800.23
Class PT1-II-42B
(6)
$
401,800.23
Class PT1-II-43A
(5)
$
388,605.82
Class PT1-II-43B
(6)
$
388,605.82
Class PT1-II-44A
(5)
$
375,829.84
Class PT1-II-44B
(6)
$
375,829.84
Class PT1-II-45A
(5)
$
363,459.76
Class PT1-II-45B
(6)
$
363,459.76
Class PT1-II-46A
(5)
$
351,483.77
Class PT1-II-46B
(6)
$
351,483.77
Class PT1-II-47A
(5)
$
339,888.92
Class PT1-II-47B
(6)
$
339,888.92
Class PT1-II-48A
(5)
$
328,664.05
Class PT1-II-48B
(6)
$
328,664.05
Class PT1-II-49A
(5)
$
317,798.03
Class PT1-II-49B
(6)
$
317,798.03
Class PT1-II-50A
(5)
$
307,279.90
Class PT1-II-50B
(6)
$
307,279.90
Class PT1-II-51A
(5)
$
297,099.03
Class PT1-II-51B
(6)
$
297,099.03
Class PT1-II-52A
(5)
$
287,245.10
Class PT1-II-52B
(6)
$
287,245.10
Class PT1-II-53A
(5)
$
277,708.07
Class PT1-II-53B
(6)
$
277,708.07
Class PT1-II-54A
(5)
$
7,882,863.45
Class PT1-II-54B
(6)
$
7,882,863.45
Class PT1-R
(7)
(7)
--------------------
(1) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the Pooling-Tier
REMIC-1 Loan
Group I WAC Rate.
(2) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the product of
(i)
2 and (ii) the
Pooling-Tier REMIC-1 Loan Group I WAC Rate, subject to a
maximum rate of
9.26%.
(3) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the excess, if
any, of (A) the
product of (i) 2 and (ii) the Pooling-Tier REMIC-1 Loan
Group I WAC Rate
over (B) 9.26%.
(4) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the Pooling-Tier
REMIC-1 Loan
Group II WAC Rate.
(5) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the product of
(i)
2 and (ii) the
Pooling-Tier REMIC-1 Loan Group II WAC Rate, subject to a
maximum rate of
9.26%.
(6) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-1 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-1 Interest Rate") equal to the excess, if
any, of (A) the
product of (i) 2 and (ii) the Pooling-Tier REMIC-1 Loan
Group II WAC
Rate over (B) 9.26%.
(7) The Class PT1-R Interest shall not
have a principal balance and shall not
bear
interest.
On each Distribution Date, the Trustee shall first pay from the
Trust
Fund and charge as an expense of
Pooling-Tier REMIC-1 all expenses of the Trust
for such Distribution Date. Such expense,
other than Servicing Fees and Trustee
Fees, shall be allocated in the same manner
as Realized Losses.
On each Distribution Date, the interest distributable in respect of
the
Mortgage Loans from the related Loan Group
for such Distribution Date shall be
deemed to be distributed to the
Pooling-Tier REMIC-1 Regular Interests at the
rates shown above.
On each Distribution Date, Realized Losses, Subsequent Recoveries
and
payments of principal in respect of the
Group I Mortgage Loans shall be
allocated to the outstanding Pooling-Tier
REMIC-1 Regular Interest relating to
the Group I Mortgage Loans with the lowest
numerical denomination until the
Pooling-Tier REMIC-1 Principal Amount of
such interest is reduced to zero,
provided that, with respect to Pooling-Tier
REMIC-1 Regular Interests relating
to Loan Group I with the same numerical
denomination, such Realized Losses,
Subsequent Recoveries and payments of
principal shall be allocated pro rata
between such Pooling-Tier REMIC-1 Regular
Interests, until the Pooling-Tier
REMIC-1 Principal Amount of such interest
is reduced to zero.
On each Distribution Date, Realized Losses, Subsequent Recoveries
and
payments of principal in respect of the
Group II Mortgage Loans shall be
allocated to the outstanding Pooling-Tier
REMIC-1 Regular Interest relating to
the Group II Mortgage Loans with the lowest
numerical denomination until the
Pooling-Tier REMIC-1 Principal Amount of
such interest is reduced to zero,
provided that, with respect to Pooling-Tier
REMIC-1 Regular Interests relating
to Loan Group II with the same numerical
denomination, such Realized Losses,
Subsequent Recoveries and payments of
principal shall be allocated pro rata
between such Pooling-Tier REMIC-1 Regular
Interests, until the Pooling-Tier
REMIC-1 Principal Amount of such interest
is reduced to zero.
Pooling-Tier REMIC-2
Pooling-Tier REMIC-2 shall issue the following interests in
Pooling-Tier REMIC-2, and each such
interest, other than the Class PT2-R
Interest, is hereby designated as a regular
interest in Pooling-Tier REMIC-2.
Pooling-Tier REMIC-2 Interests with an "I"
in their designation shall relate to
the Group I Mortgage Loans and Pooling Tier
REMIC-2 Interests with a "II" in
their designation shall relate to the Group
II Mortgage Loans. The Class PT2-R
Interest is hereby designated as the sole
class of residual interest in
Pooling-Tier REMIC-2 and shall be
represented by the Class R Certificates.
<TABLE>
<CAPTION>
Pooling-Tier
REMIC-2
Pooling-Tier
Corresponding
Corresponding
Corresponding
Pooling-Tier REMIC-2 Interest
REMIC-2 Initial
Pooling-Tier REMIC-2 Pooling-Tier
REMIC-1
Scheduled Crossover
Interest
Rate
Principal Amount
IO Interest
Regular Interest
Distribution Date
-------------------- ------------
------------------
--------------------
--------------------
-------------------
<S>
<C>
<C>
<C>
<C>
<C>
Class PT2-I-1
(1)
$ 23,413,463.66
N/A
N/A
N/A
Class PT2-I-2A
(2)
$ 16,886,260.44
Class PT2-I-IO-2
N/A
N/A
Class PT2-I-2B
(3)
$ 16,886,260.44
N/A
N/A
N/A
Class PT2-I-3A
(2)
$ 10,448,819.35
Class PT2-I-IO-3
N/A
N/A
Class PT2-I-3B
(3)
$ 10,448,819.35
N/A
N/A
N/A
Class PT2-I-4A
(2)
$ 10,054,762.09
Class PT2-I-IO-4
N/A
N/A
Class PT2-I-4B
(3)
$ 10,054,762.09
N/A
N/A
N/A
Class PT2-I-5A
(2)
$
9,679,019.57
Class PT2-I-IO-5
N/A
N/A
Class PT2-I-5B
(3)
$
9,679,019.57
N/A
N/A
N/A
Class PT2-I-6A
(2)
$
9,320,422.33
Class PT2-I-IO-6
N/A
N/A
Class PT2-I-6B
(3)
$
9,320,422.33
N/A
N/A
N/A
Class PT2-I-7A
(2)
$
8,977,847.19
Class PT2-I-IO-7
N/A
N/A
Class PT2-I-7B
(3)
$
8,977,847.19
N/A
N/A
N/A
Class PT2-I-8A
(2)
$
8,650,217.87
Class PT2-I-IO-8
N/A
N/A
Class PT2-I-8B
(3)
$
8,650,217.87
N/A
N/A
N/A
Class PT2-I-9A
(2)
$
8,336,505.57
Class PT2-I-IO-9
N/A
N/A
Class PT2-I-9B
(3)
$
8,336,505.57
N/A
N/A
N/A
Class PT2-I-10A
(2)
$
8,035,681.01
Class PT2-I-IO-10
N/A
N/A
Class PT2-I-10B
(3)
$
8,035,681.01
N/A
N/A
N/A
Class PT2-I-11A
(2)
$
7,746,552.35
Class PT2-I-IO-11
N/A
N/A
Class PT2-I-11B
(3)
$
7,746,552.35
N/A
N/A
N/A
Class PT2-I-12A
(2)
$
7,452,775.30
Class PT2-I-IO-12
N/A
N/A
Class PT2-I-12B
(3)
$
7,452,775.30
N/A
N/A
N/A
Class PT2-I-13A
(2)
$
7,150,914.68
Class PT2-I-IO-13
N/A
N/A
Class PT2-I-13B
(3)
$
7,150,914.68
N/A
N/A
N/A
Class PT2-I-14A
(2)
$
6,858,973.00
Class PT2-I-IO-14
N/A
N/A
Class PT2-I-14B
(3)
$
6,858,973.00
N/A
N/A
N/A
Class PT2-I-15A
(2)
$
6,559,356.63
Class PT2-I-IO-15
N/A
N/A
Class PT2-I-15B
(3)
$
6,559,356.63
N/A
N/A
N/A
Class PT2-I-16A
(2)
$
6,272,833.85
Class PT2-I-IO-16
N/A
N/A
Class PT2-I-16B
(3)
$
6,272,833.85
N/A
N/A
N/A
Class PT2-I-17A
(2)
$
5,998,871.74
Class PT2-I-IO-17
N/A
N/A
Class PT2-I-17B
(3)
$
5,998,871.74
N/A
N/A
N/A
Class PT2-I-18A
(2)
$
5,736,918.00
Class PT2-I-IO-18
N/A
N/A
Class PT2-I-18B
(3)
$
5,736,918.00
N/A
N/A
N/A
Class PT2-I-19A
(2)
$
5,486,445.04
Class PT2-I-IO-19
N/A
N/A
Class PT2-I-19B
(3)
$
5,486,445.04
N/A
N/A
N/A
Class PT2-I-20A
(2)
$ 22,545,346.87
Class PT2-I-IO-20
N/A
N/A
Class PT2-I-20B
(3)
$ 22,545,346.87
N/A
N/A
N/A
Class PT2-I-21A
(2)
$ 56,797,350.18
Class PT2-I-IO-21
N/A
N/A
Class PT2-I-21B
(3)
$ 56,797,350.18
N/A
N/A
N/A
Class PT2-I-22A
(2)
$ 23,279,287.71
Class PT2-I-IO-22
N/A
N/A
Class PT2-I-22B
(3)
$ 23,279,287.71
N/A
N/A
N/A
Class PT2-I-23A
(2)
$ 649,560.07
Class PT2-I-IO-23
N/A
N/A
Class PT2-I-23B
(3)
$ 649,560.07
N/A
N/A
N/A
Class PT2-I-24A
(2)
$ 626,301.01
Class PT2-I-IO-24
N/A
N/A
Class PT2-I-24B
(3)
$ 626,301.01
N/A
N/A
N/A
Class PT2-I-25A
(2)
$ 603,874.93
Class PT2-I-IO-25
N/A
N/A
Class PT2-I-25B
(3)
$ 603,874.93
N/A
N/A
N/A
Class PT2-I-26A
(2)
$ 582,252.58
Class PT2-I-IO-26
N/A
N/A
Class PT2-I-26B
(3)
$ 582,252.58
N/A
N/A
N/A
Class PT2-I-27A
(2)
$ 561,412.64
Class PT2-I-IO-27
N/A
N/A
Class PT2-I-27B
(3)
$ 561,412.64
N/A
N/A
N/A
Class PT2-I-28A
(2)
$ 541,507.09
Class PT2-I-IO-28
N/A
N/A
Class PT2-I-28B
(3)
$ 541,507.09
N/A
N/A
N/A
Class PT2-I-29A
(2)
$
522,133.11
Class PT2-I-IO-29
N/A
N/A
Class PT2-I-29B
(3)
$ 522,133.11
N/A
N/A
N/A
Class PT2-I-30A
(2)
$ 503,425.80
Class PT2-I-IO-30
N/A
N/A
Class PT2-I-30B
(3)
$ 503,425.80
N/A
N/A
N/A
Class PT2-I-31A
(2)
$ 485,388.71
Class PT2-I-IO-31
N/A
N/A
Class PT2-I-31B
(3)
$ 485,388.71
N/A
N/A
N/A
Class PT2-I-32A
(2)
$ 633,375.38
Class
PT2-I-IO-32
N/A
N/A
Class PT2-I-32B
(3)
$ 633,375.38
N/A
N/A
N/A
Class PT2-I-33A
(2)
$
1,787,388.71
Class PT2-I-IO-33
N/A
N/A
Class PT2-I-33B
(3)
$
1,787,388.71
N/A
N/A
N/A
Class PT2-I-34A
(2)
$
1,357,753.57
Class PT2-I-IO-34
N/A
N/A
Class PT2-I-34B
(3)
$
1,357,753.57
N/A
N/A
N/A
Class PT2-I-35A
(2)
$ 309,885.31
Class PT2-I-IO-35
N/A
N/A
Class PT2-I-35B
(3)
$ 309,885.31
N/A
N/A
N/A
Class PT2-I-36A
(2)
$ 299,796.71
Class PT2-I-IO-36
N/A
N/A
Class PT2-I-36B
(3)
$ 299,796.71
N/A
N/A
N/A
Class PT2-I-37A
(2)
$ 290,024.07
Class PT2-I-IO-37
N/A
N/A
Class PT2-I-37B
(3)
$ 290,024.07
N/A
N/A
N/A
Class PT2-I-38A
(2)
$ 280,558.07
Class PT2-I-IO-38
N/A
N/A
Class PT2-I-38B
(3)
$ 280,558.07
N/A
N/A
N/A
Class PT2-I-39A
(2)
$ 271,389.92
Class PT2-I-IO-39
N/A
N/A
Class PT2-I-39B
(3)
$ 271,389.92
N/A
N/A
N/A
Class PT2-I-40A
(2)
$ 262,515.28
Class PT2-I-IO-40
N/A
N/A
Class PT2-I-40B
(3)
$ 262,515.28
N/A
N/A
N/A
Class PT2-I-41A
(2)
$ 253,916.67
Class PT2-I-IO-41
N/A
N/A
Class PT2-I-41B
(3)
$ 253,916.67
N/A
N/A
N/A
Class PT2-I-42A
(2)
$ 245,588.31
Class PT2-I-IO-42
N/A
N/A
Class PT2-I-42B
(3)
$ 245,588.31
N/A
N/A
N/A
Class PT2-I-43A
(2)
$ 237,523.63
Class PT2-I-IO-43
N/A
N/A
Class PT2-I-43B
(3)
$ 237,523.63
N/A
N/A
N/A
Class PT2-I-44A
(2)
$ 229,714.69
Class PT2-I-IO-44
N/A
N/A
Class PT2-I-44B
(3)
$ 229,714.69
N/A
N/A
N/A
Class PT2-I-45A
(2)
$ 222,153.86
Class PT2-I-IO-45
N/A
N/A
Class PT2-I-45B
(3)
$ 222,153.86
N/A
N/A
N/A
Class PT2-I-46A
(2)
$ 214,833.89
Class PT2-I-IO-46
N/A
N/A
Class PT2-I-46B
(3)
$ 214,833.89
N/A
N/A
N/A
Class PT2-I-47A
(2)
$ 207,746.89
Class PT2-I-IO-47
N/A
N/A
Class PT2-I-47B
(3)
$ 207,746.89
N/A
N/A
N/A
Class PT2-I-48A
(2)
$ 200,886.03
Class PT2-I-IO-48
N/A
N/A
Class PT2-I-48B
(3)
$ 200,886.03
N/A
N/A
N/A
Class PT2-I-49A
(2)
$ 194,244.49
Class PT2-I-IO-49
N/A
N/A
Class PT2-I-49B
(3)
$ 194,244.49
N/A
N/A
N/A
Class PT2-I-50A
(2)
$ 187,815.61
Class PT2-I-IO-50
N/A
N/A
Class PT2-I-50B
(3)
$ 187,815.61
N/A
N/A
N/A
Class PT2-I-51A
(2)
$ 181,592.86
Class PT2-I-IO-51
N/A
N/A
Class PT2-I-51B
(3)
$ 181,592.86
N/A
N/A
N/A
Class PT2-I-52A
(2)
$ 175,569.94
Class PT2-I-IO-52
N/A
N/A
Class PT2-I-52B
(3)
$ 175,569.94
N/A
N/A
N/A
Class PT2-I-53A
(2)
$ 169,740.71
Class PT2-I-IO-53
N/A
N/A
Class PT2-I-53B
(3)
$ 169,740.71
N/A
N/A
N/A
Class PT2-I-54A
(2)
$
4,818,163.40
Class PT2-I-IO-54
N/A
N/A
Class PT2-I-54B
(3)
$
4,818,163.40
N/A
N/A
N/A
Class PT2-I-IO-2
(4)
(4)
N/A
Class PT1-I-2A
November 2005
Class PT2-I-IO-3
(4)
(4)
N/A
Class PT1-I-3A
December 2005
Class PT2-I-IO-4
(4)
(4)
N/A
Class PT1-I-4A
January 2006
Class PT2-I-IO-5
(4)
(4)
N/A
Class PT1-I-5A
February 2006
Class PT2-I-IO-6
(4)
(4)
N/A
Class PT1-I-6A
March 2006
Class PT2-I-IO-7
(4)
(4)
N/A
Class PT1-I-7A
April 2006
Class PT2-I-IO-8
(4)
(4)
N/A
Class PT1-I-8A
May 2006
Class PT2-I-IO-9
(4)
(4)
N/A
Class PT1-I-9A
June 2006
Class PT2-I-IO-10
(4)
(4)
N/A
Class PT1-I-10A
July 2006
Class PT2-I-IO-11
(4)
(4)
N/A
Class PT1-I-11A
August 2006
Class PT2-I-IO-12
(4)
(4)
N/A
Class PT1-I-12A
September 2006
Class PT2-I-IO-13
(4)
(4)
N/A
Class PT1-I-13A
October 2006
Class PT2-I-IO-14
(4)
(4)
N/A
Class PT1-I-14A
November 2006
Class PT2-I-IO-15
(4)
(4)
N/A
Class PT1-I-15A
December 2006
Class PT2-I-IO-16
(4)
(4)
N/A
Class PT1-I-16A
January 2007
Class PT2-I-IO-17
(4)
(4)
N/A
Class PT1-I-17A
February 2007
Class PT2-I-IO-18
(4)
(4)
N/A
Class PT1-I-18A
March 2007
Class PT2-I-IO-19
(4)
(4)
N/A
Class PT1-I-19A
April 2007
Class PT2-I-IO-20
(4)
(4)
N/A
Class PT1-I-20A
May 2007
Class PT2-I-IO-21
(4)
(4)
N/A
Class PT1-I-21A
June 2007
Class PT2-I-IO-22
(4)
(4)
N/A
Class PT1-I-22A
July 2007
Class PT2-I-IO-23
(4)
(4)
N/A
Class PT1-I-23A
August 2007
Class PT2-I-IO-24
(4)
(4)
N/A
Class PT1-I-24A
September 2007
Class PT2-I-IO-25
(4)
(4)
N/A
Class PT1-I-25A
October 2007
Class PT2-I-IO-26
(4)
(4)
N/A
Class PT1-I-26A
November 2007
Class PT2-I-IO-27
(4)
(4)
N/A
Class PT1-I-27A
December 2007
Class PT2-I-IO-28
(4)
(4)
N/A
Class PT1-I-28A
January 2008
Class PT2-I-IO-29
(4)
(4)
N/A
Class PT1-I-29A
February 2008
Class PT2-I-IO-30
(4)
(4)
N/A
Class PT1-I-30A
March 2008
Class PT2-I-IO-31
(4)
(4)
N/A
Class PT1-I-31A
April 2008
Class PT2-I-IO-32
(4)
(4)
N/A
Class PT1-I-32A
May 2008
Class PT2-I-IO-33
(4)
(4)
N/A
Class PT1-I-33A
June 2008
Class PT2-I-IO-34
(4)
(4)
N/A
Class PT1-I-34A
July 2008
Class PT2-I-IO-35
(4)
(4)
N/A
Class PT1-I-35A
August 2008
Class PT2-I-IO-36
(4)
(4)
N/A
Class PT1-I-36A
September 2008
Class PT2-I-IO-37
(4)
(4)
N/A
Class PT1-I-37A
October 2008
Class PT2-I-IO-38
(4)
(4)
N/A
Class PT1-I-38A
November 2008
Class PT2-I-IO-39
(4)
(4)
N/A
Class PT1-I-39A
December 2008
Class PT2-I-IO-40
(4)
(4)
N/A
Class PT1-I-40A
January 2009
Class PT2-I-IO-41
(4)
(4)
N/A
Class PT1-I-41A
February 2009
Class PT2-I-IO-42
(4)
(4)
N/A
Class PT1-I-42A
March 2009
Class PT2-I-IO-43
(4)
(4)
N/A
Class PT1-I-43A
April 2009
Class PT2-I-IO-44
(4)
(4)
N/A
Class PT1-I-44A
May 2009
Class PT2-I-IO-45
(4)
(4)
N/A
Class PT1-I-45A
June 2009
Class PT2-I-IO-46
(4)
(4)
N/A
Class PT1-I-46A
July 2009
Class PT2-I-IO-47
(4)
(4)
N/A
Class PT1-I-47A
August 2009
Class PT2-I-IO-48
(4)
(4)
N/A
Class PT1-I-48A
September 2009
Class PT2-I-IO-49
(4)
(4)
N/A
Class PT1-I-49A
October 2009
Class PT2-I-IO-50
(4)
(4)
N/A
Class PT1-I-50A
November 2009
Class PT2-I-IO-51
(4)
(4)
N/A
Class PT1-I-51A
December 2009
Class PT2-I-IO-52
(4)
(4)
N/A
Class PT1-I-52A
January 2010
Class PT2-I-IO-53
(4)
(4)
N/A
Class PT1-I-53A
February 2010
Class PT2-I-IO-54
(4)
(4)
N/A
Class PT1-I-54A
March 2010
Class PT2-II-1
(5)
$ 38,306,118.23
N/A
N/A
N/A
Class PT2-II-2A
(6)
$ 27,627,142.16
Class PT2-II-IO-2
N/A
N/A
Class PT2-II-2B
(7)
$ 27,627,142.16
N/A
N/A
N/A
Class PT2-II-3A
(6)
$ 17,095,023.41
Class PT2-II-IO-3
N/A
N/A
Class PT2-II-3B
(7)
$ 17,095,023.41
N/A
N/A
N/A
Class PT2-II-4A
(6)
$ 16,450,317.26
Class PT2-II-IO-4
N/A
N/A
Class PT2-II-4B
(7)
$ 16,450,317.26
N/A
N/A
N/A
Class PT2-II-5A
(6)
$ 15,835,575.35
Class PT2-II-IO-5
N/A
N/A
Class PT2-II-5B
(7)
$ 15,835,575.35
N/A
N/A
N/A
Class PT2-II-6A
(6)
$ 15,248,884.37
Class PT2-II-IO-6
N/A
N/A
Class PT2-II-6B
(7)
$ 15,248,884.37
N/A
N/A
N/A
Class PT2-II-7A
(6)
$ 14,688,406.67
Class PT2-II-IO-7
N/A
N/A
Class PT2-II-7B
(7)
$ 14,688,406.67
N/A
N/A
N/A
Class PT2-II-8A
(6)
$ 14,152,381.43
Class PT2-II-IO-8
N/A
N/A
Class PT2-II-8B
(7)
$ 14,152,381.43
N/A
N/A
N/A
Class PT2-II-9A
(6)
$ 13,639,125.44
Class PT2-II-IO-9
N/A
N/A
Class PT2-II-9B
(7)
$ 13,639,125.44
N/A
N/A
N/A
Class PT2-II-10A
(6)
$ 13,146,954.72
Class PT2-II-IO-10
N/A
N/A
Class PT2-II-10B
(7)
$ 13,146,954.72
N/A
N/A
N/A
Class PT2-II-11A
(6)
$ 12,673,919.35
Class PT2-II-IO-11
N/A
N/A
Class PT2-II-11B
(7)
$ 12,673,919.35
N/A
N/A
N/A
Class PT2-II-12A
(6)
$ 12,193,278.88
Class PT2-II-IO-12
N/A
N/A
Class PT2-II-12B
(7)
$ 12,193,278.88
N/A
N/A
N/A
Class PT2-II-13A
(6)
$ 11,699,413.08
Class PT2-II-IO-13
N/A
N/A
Class PT2-II-13B
(7)
$ 11,699,413.08
N/A
N/A
N/A
Class PT2-II-14A
(6)
$ 11,221,775.41
Class PT2-II-IO-14
N/A
N/A
Class PT2-II-14B
(7)
$ 11,221,775.41
N/A
N/A
N/A
Class PT2-II-15A
(6)
$ 10,731,581.37
Class PT2-II-IO-15
N/A
N/A
Class PT2-II-15B
(7)
$ 10,731,581.37
N/A
N/A
N/A
Class PT2-II-16A
(6)
$ 10,262,809.41
Class PT2-II-IO-16
N/A
N/A
Class PT2-II-16B
(7)
$ 10,262,809.41
N/A
N/A
N/A
Class PT2-II-17A
(6)
$
9,814,587.60
Class PT2-II-IO-17
N/A
N/A
Class PT2-II-17B
(7)
$
9,814,587.60
N/A
N/A
N/A
Class PT2-II-18A
(6)
$
9,386,012.36
Class PT2-II-IO-18
N/A
N/A
Class PT2-II-18B
(7)
$
9,386,012.36
N/A
N/A
N/A
Class PT2-II-19A
(6)
$
8,976,220.50
Class PT2-II-IO-19
N/A
N/A
Class PT2-II-19B
(7)
$
8,976,220.50
N/A
N/A
N/A
Class PT2-II-20A
(6)
$ 36,885,816.44
Class PT2-II-IO-20
N/A
N/A
Class PT2-II-20B
(7)
$ 36,885,816.44
N/A
N/A
N/A
Class PT2-II-21A
(6)
$ 92,924,568.65
Class PT2-II-IO-21
N/A
N/A
Class PT2-II-21B
(7)
$ 92,924,568.65
N/A
N/A
N/A
Class PT2-II-22A
(6)
$ 38,086,596.68
Class PT2-II-IO-22
N/A
N/A
Class PT2-II-22B
(7)
$ 38,086,596.68
N/A
N/A
N/A
Class PT2-II-23A
(6)
$
1,062,727.22
Class PT2-II-IO-23
N/A
N/A
Class PT2-II-23B
(7)
$
1,062,727.22
N/A
N/A
N/A
Class PT2-II-24A
(6)
$
1,024,673.71
Class PT2-II-IO-24
N/A
N/A
Class PT2-II-24B
(7)
$
1,024,673.71
N/A
N/A
N/A
Class PT2-II-25A
(6)
$ 987,983.01
Class PT2-II-IO-25
N/A
N/A
Class PT2-II-25B
(7)
$ 987,983.01
N/A
N/A
N/A
Class PT2-II-26A
(6)
$ 952,607.28
Class PT2-II-IO-26
N/A
N/A
Class PT2-II-26B
(7)
$ 952,607.28
N/A
N/A
N/A
Class PT2-II-27A
(6)
$ 918,511.63
Class PT2-II-IO-27
N/A
N/A
Class PT2-II-27B
(7)
$ 918,511.63
N/A
N/A
N/A
Class PT2-II-28A
(6)
$ 885,944.72
Class PT2-II-IO-28
N/A
N/A
Class PT2-II-28B
(7)
$ 885,944.72
N/A
N/A
N/A
Class PT2-II-29A
(6)
$ 854,247.50
Class PT2-II-IO-29
N/A
N/A
Class PT2-II-29B
(7)
$ 854,247.50
N/A
N/A
N/A
Class PT2-II-30A
(6)
$ 823,640.98
Class PT2-II-IO-30
N/A
N/A
Class PT2-II-30B
(7)
$ 823,640.98
N/A
N/A
N/A
Class PT2-II-31A
(6)
$ 794,131.00
Class PT2-II-IO-31
N/A
N/A
Class PT2-II-31B
(7)
$ 794,131.00
N/A
N/A
N/A
Class PT2-II-32A
(6)
$
1,036,247.89
Class PT2-II-IO-32
N/A
N/A
Class PT2-II-32B
(7)
$
1,036,247.89
N/A
N/A
N/A
Class PT2-II-33A
(6)
$
2,924,297.07
Class PT2-II-IO-33
N/A
N/A
Class PT2-II-33B
(7)
$
2,924,297.07
N/A
N/A
N/A
Class PT2-II-34A
(6)
$
2,221,382.94
Class PT2-II-IO-34
N/A
N/A
Class PT2-II-34B
(7)
$
2,221,382.94
N/A
N/A
N/A
Class PT2-II-35A
(6)
$ 506,994.75
Class PT2-II-IO-35
N/A
N/A
Class PT2-II-35B
(7)
$ 506,994.75
N/A
N/A
N/A
Class PT2-II-36A
(6)
$ 490,489.08
Class PT2-II-IO-36
N/A
N/A
Class PT2-II-36B
(7)
$
490,489.08
N/A
N/A
N/A
Class PT2-II-37A
(6)
$ 474,500.33
Class PT2-II-IO-37
N/A
N/A
Class PT2-II-37B
(7)
$ 474,500.33
N/A
N/A
N/A
Class PT2-II-38A
(6)
$ 459,013.27
Class PT2-II-IO-38
N/A
N/A
Class PT2-II-38B
(7)
$ 459,013.27
N/A
N/A
N/A
Class PT2-II-39A
(6)
$ 444,013.51
Class PT2-II-IO-39
N/A
N/A
Class PT2-II-39B
(7)
$ 444,013.51
N/A
N/A
N/A
Class PT2-II-40A
(6)
$ 429,493.97
Class PT2-II-IO-40
N/A
N/A
Class PT2-II-40B
(7)
$ 429,493.97
N/A
N/A
N/A
Class PT2-II-41A
(6)
$ 415,426.02
Class PT2-II-IO-41
N/A
N/A
Class PT2-II-41B
(7)
$ 415,426.02
N/A
N/A
N/A
Class PT2-II-42A
(6)
$ 401,800.23
Class PT2-II-IO-42
N/A
N/A
Class PT2-II-42B
(7)
$ 401,800.23
N/A
N/A
N/A
Class PT2-II-43A
(6)
$ 388,605.82
Class PT2-II-IO-43
N/A
N/A
Class PT2-II-43B
(7)
$ 388,605.82
N/A
N/A
N/A
Class PT2-II-44A
(6)
$ 375,829.84
Class PT2-II-IO-44
N/A
N/A
Class PT2-II-44B
(7)
$ 375,829.84
N/A
N/A
N/A
Class PT2-II-45A
(6)
$ 363,459.76
Class PT2-II-IO-45
N/A
N/A
Class PT2-II-45B
(7)
$ 363,459.76
N/A
N/A
N/A
Class PT2-II-46A
(6)
$ 351,483.77
Class PT2-II-IO-46
N/A
N/A
Class PT2-II-46B
(7)
$ 351,483.77
N/A
N/A
N/A
Class PT2-II-47A
(6)
$ 339,888.92
Class PT2-II-IO-47
N/A
N/A
Class PT2-II-47B
(7)
$ 339,888.92
N/A
N/A
N/A
Class PT2-II-48A
(6)
$ 328,664.05
Class PT2-II-IO-48
N/A
N/A
Class PT2-II-48B
(7)
$ 328,664.05
N/A
N/A
N/A
Class PT2-II-49A
(6)
$
317,798.03
Class PT2-II-IO-49
N/A
N/A
Class PT2-II-49B
(7)
$ 317,798.03
N/A
N/A
N/A
Class PT2-II-50A
(6)
$ 307,279.90
Class PT2-II-IO-50
N/A
N/A
Class PT2-II-50B
(7)
$ 307,279.90
N/A
N/A
N/A
Class PT2-II-51A
(6)
$ 297,099.03
Class PT2-II-IO-51
N/A
N/A
Class PT2-II-51B
(7)
$ 297,099.03
N/A
N/A
N/A
Class PT2-II-52A
(6)
$ 287,245.10
Class
PT2-II-IO-52
N/A
N/A
Class PT2-II-52B
(7)
$ 287,245.10
N/A
N/A
N/A
Class PT2-II-53A
(6)
$ 277,708.07
Class PT2-II-IO-53
N/A
N/A
Class PT2-II-53B
(7)
$ 277,708.07
N/A
N/A
N/A
Class PT2-II-54A
(6)
$
7,882,863.45
Class PT2-II-IO-54
N/A
N/A
Class PT2-II-54B
(7)
$
7,882,863.45
N/A
N/A
N/A
Class PT2-II-IO-2
(4)
(4)
N/A
Class PT1-II-2A
November 2005
Class PT2-II-IO-3
(4)
(4)
N/A
Class PT1-II-3A
December 2005
Class PT2-II-IO-4
(4)
(4)
N/A
Class PT1-II-4A
January 2006
Class PT2-II-IO-5
(4)
(4)
N/A
Class PT1-II-5A
February 2006
Class PT2-II-IO-6
(4)
(4)
N/A
Class PT1-II-6A
March 2006
Class PT2-II-IO-7
(4)
(4)
N/A
Class PT1-II-7A
April 2006
Class PT2-II-IO-8
(4)
(4)
N/A
Class PT1-II-8A
May 2006
Class PT2-II-IO-9
(4)
(4)
N/A
Class PT1-II-9A
June 2006
Class PT2-II-IO-10
(4)
(4)
N/A
Class PT1-II-10A
July 2006
Class PT2-II-IO-11
(4)
(4)
N/A
Class PT1-II-11A
August 2006
Class PT2-II-IO-12
(4)
(4)
N/A
Class PT1-II-12A
September 2006
Class PT2-II-IO-13
(4)
(4)
N/A
Class PT1-II-13A
October 2006
Class PT2-II-IO-14
(4)
(4)
N/A
Class PT1-II-14A
November 2006
Class PT2-II-IO-15
(4)
(4)
N/A
Class PT1-II-15A
December 2006
Class PT2-II-IO-16
(4)
(4)
N/A
Class PT1-II-16A
January 2007
Class PT2-II-IO-17
(4)
(4)
N/A
Class PT1-II-17A
February 2007
Class PT2-II-IO-18
(4)
(4)
N/A
Class PT1-II-18A
March 2007
Class PT2-II-IO-19
(4)
(4)
N/A
Class PT1-II-19A
April 2007
Class PT2-II-IO-20
(4)
(4)
N/A
Class PT1-II-20A
May 2007
Class PT2-II-IO-21
(4)
(4)
N/A
Class PT1-II-21A
June 2007
Class PT2-II-IO-22
(4)
(4)
N/A
Class PT1-II-22A
July 2007
Class PT2-II-IO-23
(4)
(4)
N/A
Class PT1-II-23A
August 2007
Class PT2-II-IO-24
(4)
(4)
N/A
Class PT1-II-24A September 2007
Class PT2-II-IO-25
(4)
(4)
N/A
Class PT1-II-25A
October 2007
Class PT2-II-IO-26
(4)
(4)
N/A
Class PT1-II-26A
November 2007
Class PT2-II-IO-27
(4)
(4)
N/A
Class PT1-II-27A
December 2007
Class PT2-II-IO-28
(4)
(4)
N/A
Class PT1-II-28A
January
2008
Class PT2-II-IO-29
(4)
(4)
N/A
Class PT1-II-29A
February 2008
Class PT2-II-IO-30
(4)
(4)
N/A
Class PT1-II-30A
March 2008
Class PT2-II-IO-31
(4)
(4)
N/A
Class PT1-II-31A
April 2008
Class PT2-II-IO-32
(4)
(4)
N/A
Class PT1-II-32A May
2008
Class PT2-II-IO-33
(4)
(4)
N/A
Class PT1-II-33A
June 2008
Class PT2-II-IO-34
(4)
(4)
N/A
Class PT1-II-34A
July 2008
Class PT2-II-IO-35
(4)
(4)
N/A
Class PT1-II-35A
August 2008
Class PT2-II-IO-36
(4)
(4)
N/A
Class PT1-II-36A
September 2008
Class PT2-II-IO-37
(4)
(4)
N/A
Class PT1-II-37A
October 2008
Class PT2-II-IO-38
(4)
(4)
N/A
Class PT1-II-38A
November 2008
Class PT2-II-IO-39
(4)
(4)
N/A
Class PT1-II-39A
December 2008
Class PT2-II-IO-40
(4)
(4)
N/A
Class PT1-II-40A
January 2009
Class PT2-II-IO-41
(4)
(4)
N/A
Class PT1-II-41A
February 2009
Class PT2-II-IO-42
(4)
(4)
N/A
Class PT1-II-42A
March 2009
Class PT2-II-IO-43
(4)
(4)
N/A
Class PT1-II-43A
April 2009
Class PT2-II-IO-44
(4)
(4)
N/A
Class PT1-II-44A
May 2009
Class PT2-II-IO-45
(4)
(4)
N/A
Class PT1-II-45A
June 2009
Class PT2-II-IO-46
(4)
(4)
N/A
Class PT1-II-46A
July 2009
Class PT2-II-IO-47
(4)
(4)
N/A
Class PT1-II-47A
August 2009
Class PT2-II-IO-48
(4)
(4)
N/A
Class PT1-II-48A
September 2009
Class PT2-II-IO-49
(4)
(4)
N/A
Class PT1-II-49A
October 2009
Class PT2-II-IO-50
(4)
(4)
N/A
Class PT1-II-50A
November 2009
Class PT2-II-IO-51
(4)
(4)
N/A
Class PT1-II-51A
December 2009
Class PT2-II-IO-52
(4)
(4)
N/A
Class PT1-II-52A
January 2010
Class PT2-II-IO-53
(4)
(4)
N/A
Class PT1-II-53A
February 2010
Class PT2-II-IO-54
(4)
(4)
N/A
Class PT1-II-54A
March 2010
Class PT2-R
(8)
(8)
N/A
N/A
N/A
</TABLE>
-------------------------
(1) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the Pooling-Tier
REMIC-1 Loan
Group I WAC Rate.
(2) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular
Interests relating to Loan Group I and having an "A" in
their class
designation, provided that, on each Distribution Date on which
interest is
distributable on the Corresponding Pooling-Tier REMIC-2 IO
Interest, this
Pooling-Tier REMIC-2 Regular Interest shall bear interest at
a per annum rate
equal to Swap LIBOR subject to a maximum rate equal to the
weighted average
of the Pooling-Tier REMIC-1 Interest Rates on the
Pooling-Tier
REMIC-1 Regular Interests relating to Loan Group I and having
an "A" in their
class designation.
(3) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular
Interests relating to Loan Group I and having a "B" in
their class
designation.
(4) Each Pooling-Tier REMIC-2 IO is an
interest-only interest and does not have
a principal
balance but has a notional balance ("Pooling-Tier REMIC-2 IO
Notional
Balance") equal to the Pooling-Tier REMIC-2 Principal Amount of
the
Corresponding Pooling-Tier REMIC-1 Regular Interest. From the
Closing
Date through and
including the Corresponding Actual Crossover Distribution
Date, each
Pooling-Tier REMIC-2 IO Interest shall be entitled to receive
interest that
accrues on the Corresponding Pooling-Tier REMIC-1 Regular
Interest at a rate equal to the
excess, if any, of (i) the Pooling-Tier
REMIC-1 Interest
Rate for the Corresponding Pooling-Tier REMIC-1 Regular
Interest over
(ii) Swap LIBOR. After the Corresponding Actual Crossover
Distribution
Date, the Pooling-Tier REMIC-2 IO Interest shall not accrue
interest.
(5) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the Pooling-Tier
REMIC-1 Loan
Group II WAC Rate.
(6) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular
Interests relating to the Group II Mortgage Loans and
having an "A" in
their class designation, provided that, on each
Distribution
Date on which interest is distributable on the Corresponding
Pooling-Tier
REMIC-2 IO Interest, this Pooling-Tier REMIC-2 Regular
Interest shall
bear interest at a per annum rate equal to Swap LIBOR
subject to a maximum rate
equal to the weighted average of the Pooling-Tier
REMIC-1 Interest
Rates on the Pooling-Tier REMIC-1 Regular Interests
relating to Loan
Group II and having an "A" in their class designation.
(7) For any Distribution Date (and the
related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular
Interests relating to Loan Group II and having a "B" in
their class
designation.
(8) The Class PT2-R Interest shall not
have a principal balance and shall not
bear
interest.
On each Distribution Date, the interest distributable in respect of
the
Mortgage Loans from the related Loan Group
for such Distribution Date shall be
distributed to the Pooling-Tier REMIC-2
Regular Interests at the Pooling-Tier
REMIC-2 Interest Rates shown above.
On each Distribution Date, Realized Losses, Subsequent Recoveries
and
payments of principal in respect of the
Group I Mortgage Loans shall be
allocated to the then outstanding
Pooling-Tier REMIC-2 Regular Interests (other
than the Pooling-Tier REMIC-2 IO Interests)
relating to the Group I Mortgage
Loans with the lowest numerical
denomination until the Pooling-Tier REMIC-2
Principal Amount of such interest is
reduced to zero, provided that, for
Pooling-Tier REMIC-2 Regular Interests
relating to the Group I Mortgage Loans
with the same numerical denomination, such
Realized Losses, Subsequent
Recoveries and payments of principal shall
be allocated pro rata between such
Pooling-Tier REMIC-2 Regular Interests,
until the Pooling-Tier REMIC-2 Principal
Amount of such interest is reduced to
zero.
On each Distribution Date, Realized Losses, Subsequent Recoveries
and
payments of principal in respect of the
Group II Mortgage Loans shall be
allocated to the then outstanding
Pooling-Tier REMIC-2 Regular Interests (other
than the Pooling-Tier REMIC-2 IO Interests)
relating to Loan Group II with the
lowest numerical denomination until the
Pooling-Tier REMIC-2 Principal Amount of
such interest is reduced to zero, provided
that, for Pooling-Tier REMIC-2
Regular Interests relating to the Group II
Mortgage Loans with the same
numerical denomination, such Realized
Losses and payments of principal shall be
allocated pro rata between such
Pooling-Tier REMIC-2 Regular Interests, until
the Pooling-Tier REMIC-2 Principal Amount
of such interest is reduced to zero.
Lower-Tier REMIC
The Lower-Tier REMIC shall issue the following interests, and each
such
interest, other than the Class LT-R
Interest, is hereby designated as a regular
interest in the Lower-Tier REMIC. The Class
LT-R Interest is hereby designated
as the sole class of residual interest in
the Lower-Tier REMIC and shall be
represented by the Class R
Certificates.
<TABLE>
<CAPTION>
Corresponding
Lower-Tier Interest
Upper-Tier REMIC
Lower-Tier REMIC Interest
Rate
Initial Lower-Tier Principal Amount
Regular Interest
-------------------------- -------------------
-----------------------------------------
----------------
<S>
<C>
<C>
<C>
Class LT-A-1
(1)
1/2 initial Class Certificate Balance of
A-1
Corresponding Upper-Tier Regular Interest
Class LT-A-2a
(1)
1/2 initial Class Certificate Balance of
A-2a
Corresponding Upper-Tier Regular Interest
Class LT-A-2b
(1)
1/2 initial Class Certificate Balance of
A-2b
Corresponding Upper-Tier Regular Interest
Class LT-A-2c
(1)
1/2 initial Class Certificate Balance of
A-2c
Corresponding Upper-Tier Regular Interest
Class LT-M-1
(1)
1/2 initial Class Certificate Balance of
M-1
Corresponding Upper-Tier Regular Interest
Class LT-M-2
(1)
1/2 initial Class Certificate Balance of
M-2
Corresponding Upper-Tier Regular Interest
Class LT-M-3
(1)
1/2 initial Class Certificate Balance of
M-3
Corresponding Upper-Tier Regular Interest
Class LT-M-4
(1)
1/2 initial Class Certificate Balance of
M-4
Corresponding Upper-Tier Regular Interest
Class LT-M-5
(1)
1/2 initial Class Certificate Balance of
M-5
Corresponding Upper-Tier Regular Interest
Class LT-M-6
(1)
1/2 initial Class Certificate Balance of
M-6
Corresponding Upper-Tier Regular Interest
Class LT-B-1
(1)
1/2 initial Class Certificate Balance of
B-1
Corresponding Upper-Tier Regular Interest
Class LT-B-2
(1)
1/2 initial
Class Certificate Balance of
B-2
Corresponding Upper-Tier Regular Interest
Class LT-B-3
(1)
1/2 initial Class Certificate Balance of
B-3
Corresponding Upper-Tier Regular Interest
Class LT-Accrual
(1)
1/2 Pool Stated Principal Balance plus 1/2
N/A
Subordinated Amount, less the aggregate
initial Lower-Tier Principal Amount of
Class LT-Group I and Class LT Group II
Class LT-Group I
(2)
0.001% aggregate Stated Principal Balance
N/A
of Group I Mortgage Loans(4)
Class LT-Group II
(3)
0.001% aggregate Stated Principal Balance
N/A
of Group II Mortgage Loans(4)
Class LT-IO
(5)
(5)
N/A
Class LT-R
(6)
(6)
N/A
</TABLE>
-----------------------------
(1) The
interest rate with respect to any Distribution Date for these
interests is a per annum variable rate equal to the weighted
average of
the Pooling-Tier REMIC-2 Interest Rates of the Pooling-Tier
REMIC-2
Regular Interests (other than the Pooling-Tier REMIC-2 IO
Interests).
(2) The
interest rate with respect to any Distribution Date for the
Class
LT-Group I Interest is a per annum variable rate (expressed as
a
percentage rounded to eight decimal places) equal to the
weighted
average of the Pooling-Tier REMIC-2 Interest Rates of the
Pooling-Tier
REMIC-2 Regular Interests (other than the Pooling Tier REMIC-2
IO
Interests) relating to the Group I Mortgage Loans.
(3) The
interest rate with respect to any Distribution Date for the
Class
LT-Group II Interest is a per annum variable rate (expressed as
a
percentage rounded to eight decimal places) equal to the
weighted
average of the Pooling-Tier REMIC-2 Interest Rates of the
Pooling-Tier
REMIC-2 Regular Interests (other than the Pooling Tier REMIC-2
IO
Interests) relating to the Group II Mortgage Loans.
(4) For all
Distribution Dates, the Lower-Tier Principal Amount of these
Lower-Tier Regular Interests shall be rounded to eight decimal
places.
(5) This
Lower-Tier Regular Interest is an interest-only interest and
does
not have a Lower-Tier Principal Amount. On each Distribution Date,
this
Lower-Tier Regular Interest shall be entitled tbo receive all
interest
distributable on the Pooling-Tier REMIC-2 IO Interests.
(6) The Class
LT-R Interest is the sole class of residual interest in the
Lower-Tier REMIC and it does not have a principal amount or an
interest
rate.
Each Lower-Tier Regular Interest is hereby designated as a
regular
interest in the Lower-Tier REMIC. The Class
LT-A-1, Class LT-A-2a, Class
LT-A-2b, Class LT-A-2c, Class LT-M-1, Class
LT-M-2, Class LT-M-3, Class LT-M-4,
Class LT-M-5, Class LT-M-6, Class LT-B-1,
Class LT-B-2 and Class LT-B-3
Interests are hereby designated the
LT-Accretion Directed Classes (the
"LT-Accretion Directed Classes").
On each Distribution Date, 50% of the increase in the
Subordinated
Amount shall be payable as a reduction of
the Lower-Tier Principal Amount of the
LT-Accretion Directed Classes (each such
Class will be reduced by an amount
equal to 50% of any increase in the
Subordinated Amount that is attributable to
a reduction in the Class Certificate
Balance of its Corresponding Class) and
shall be accrued and added to the
Lower-Tier Principal Amount of the Class
LT-Accrual Interest. On each Distribution
Date, the increase in the Lower-Tier
Principal Amount of the Class LT-Accrual
Interest shall not exceed interest
accruals for such Distribution Date for the
Class LT-Accrual Interest. In the
event that: (i) 50% of the increase in the
Subordinated Amount exceeds (ii)
interest accruals on the Class LT-Accrual
Interest for such Distribution Date,
the excess for such Distribution Date
(accumulated with all such excesses for
all prior Distribution Dates) will be added
to any increase in the Subordinated
Amount for purposes of determining the
amount of interest accrual on the Class
LT-Accrual Interest payable as principal on
the LT-Accretion Directed Classes on
the next Distribution Date pursuant to the
first sentence of this paragraph. All
payments of scheduled principal and
prepayments of principal generated by the
Mortgage Loans and all Subsequent
Recoveries allocable to principal shall be
allocated (i) 50% to the Class LT-Accrual
Interest, the Class LT-Group I
Interest and Class LT-Group II Interest
(and further allocated among these
Lower-Tier Regular Interests in the manner
described below) and (ii) 50% to the
LT-Accretion Directed Classes (such
principal payments and Subsequent Recoveries
shall be allocated among such LT-Accretion
Directed Classes in an amount equal
to 50% of the principal amounts and
Subsequent Recoveries allocated to their
respective Corresponding Classes), until
paid in full. Notwithstanding the
above, principal payments allocated to the
Class X Interest that result in the
reduction in the Subordinated Amount shall
be allocated to the Class LT-Accrual
Interest (until paid in full). Realized
Losses shall be applied so that after
all distributions have been made on each
Distribution Date (i) the Lower-Tier
Principal Amount of each of the
LT-Accretion Directed Classes is equal to 50% of
the Class Certificate Balance of their
Corresponding Class, and (ii) the Class
LT-Accrual Interest, the Class LT-Group I
Interest and the Class LT-Group II
Interest (and further allocated among these
Lower-Tier Regular Interests in the
manner described below) is equal to 50% of
the aggregate Stated Principal
Balance of the Mortgage Loans plus 50% of
the Subordinated Amount. Any increase
in the Class Certificate Balance of a Class
of Offered Certificates as a result
of a Subsequent Recovery shall increase the
Lower-Tier Principal Amount of the
Corresponding Lower-Tier Regular Interest
by 50% of such increase, and the
remaining 50% of such increase shall
increase the Lower-Tier Principal Amount of
the Class LT-Accrual Interest, the Class
LT-Group I Interest and the Class
LT-Group II Interest (such increase shall
be further allocated among such
Lower-Tier Regular Interests in the manner
described below). As among the Class
LT-Accrual Interest, the Class LT-Group I
Interest and the Class LT-Group II
Interest, all payments of scheduled
principal and prepayments of principal
generated by the Mortgage Loans, all
Subsequent Recoveries and all Realized
Losses, allocable to such Lower-Tier
Regular Interests and all increases in the
Lower-Tier Principal Amount of such
Lower-Tier Regular Interests as a result of
Subsequent Recoveries shall be allocated
(i) to the Class LT-Group I Interest
and the Class LT-Group II Interest, each
from the related Loan Group so that
their respective Lower-Tier Principal
Amounts (computed to at least eight
decimal places) are equal to 0.001% of the
aggregate Stated Principal Balance of
the Mortgage Loans in the related Loan
Group and (ii) the remainder to the Class
LT-Accrual Interest.
Upper-Tier REMIC
The Upper-Tier REMIC shall issue the following interests, and each
such
interest, other than the Class UT-R
Interest, is hereby designated as a regular
interest in the Upper-Tier REMIC. The Class
UT-R Interest is hereby designated
as the sole class of residual interests in
the Upper-Tier REMIC and shall be
represented by the Class R
Certificates.
<TABLE>
<CAPTION>
Upper-Tier
Initial Principal
Corresponding Class of
Upper-Tier REMIC Interest
Interest Rate
Upper-Tier Amount
Certificates
-----------------------------
---------------
-------------------
------------------------
<S>
<C>
<C>
<C>
Class A-1
(1)
$ 441,470,000
Class A-1
Class A-2a
(2)
$ 462,278,000
Class A-2a
Class A-2b
(2)
$ 145,000,000
Class A-2b
Class A-2c
(2)
$ 115,000,000
Class A-2c
Class M-1
(3)
$
53,540,000
Class M-1
Class M-2
(3)
$
49,822,000
Class M-2
Class M-3
(3)
$
31,232,000
Class M-3
Class M-4
(3)
$
26,770,000
Class M-4
Class M-5
(3)
$
24,539,000
Class M-5
Class M-6
(3)
$
23,052,000
Class M-6
Class B-1
(3)
$
20,821,000
Class B-1
Class B-2
(3)
$
19,333,000
Class B-2
Class B-3
(3)
$
15,616,000
Class
B-3
Class IO
(4)
(2)
N/A
Class X
(5)
(3)
Class X
Class UT-R
(6)
(4)
Class R
</TABLE>
-----------------
(1) For any
Distribution Date (and the related Interest Accrual Period)
this interest shall bear interest at the least of (i) the
Pass-Through
Rate (determined without regard to the Loan Group I Cap or WAC Cap)
for
the Corresponding Class of Certificates, (ii) the Lower-Tier
Interest
Rate for the Class LT-Group I Interest (the "Upper-Tier REMIC
Loan
Group I Rate") and (ii) the Upper-Tier REMIC WAC Rate.
(2) For any
Distribution Date (and the related Interest Accrual Period)
this interest shall bear interest at the least of (i) the
Pass-Through
Rate (determined without regard to the Loan Group II Cap or WAC
Cap)
for the Corresponding Class of Certificates, (ii) the
Lower-Tier
Interest Rate for the Class LT-Group II Interest (the "Upper-Tier
REMIC
Loan Group II Rate") and (ii) the Upper-Tier REMIC WAC Rate.
(3) For any
Distribution Date (and the related Interest Accrual Period)
this interest shall bear interest at the lesser of (i) the
Pass-Through
Rate (determined without regard to the WAC Cap) for the
Corresponding
Class of Certificates and (ii) the Upper-Tier REMIC WAC Rate.
(4) This
interest is an interest-only interest and does not have a
principal balance. On each Distribution Date, the Class IO
Interest
shall be entitled to receive all interest distributable on the
Class
LT-IO Interest. This interest shall be beneficially owned by
the
holders of the Class X Certificates and shall be held as an asset
of
the Swap Account.
(5) The Class
X Interest has an initial principal balance of $58,745,856
but will not accrue interest on such balance but will accrue
interest
on a notional principal balance. As of any Distribution Date, the
Class
X Interest shall have a notional principal balance equal to the
aggregate of the Lower-Tier Principal Amounts of the Lower-Tier
Regular
Interests (other than the Class LT-IO Interest) as of the first day
of
the related Interest Accrual Period. With respect to any
Interest
Accrual Period, the Class X Interest shall bear interest at a
rate
equal to the excess, if any, of the Upper-Tier REMIC WAC Rate over
the
product of (i) 2 and (ii) the weighted average of the
Lower-Tier
Interest Rates of the Lower-Tier REMIC Interests (other than the
Class
LT-IO Interest), where the Lower-Tier Interest Rate on each of
the
Class LT-Accrual Interest, Class LT-Group I Interest and Class
LT-Group
II Interest is subject to a cap equal to zero and each
LT-Accretion
Directed Class is subject to a cap equal to the Upper-Tier
Interest
Rate on its Corresponding Class of Upper-Tier Regular Interest.
With
respect to any Distribution Date, interest that so accrues on
the
notional principal
balance of the Class X Interest shall be deferred in
an amount equal to any increase in the Subordinated Amount on
such
Distribution Date. Such deferred interest shall not itself bear
interest.
(6) The Class
UT-R Interest does not have an interest rate or a principal
balance.
On each Distribution Date, interest distributable in respect of
the
Lower-Tier Interests for such Distribution
Date shall be deemed to be
distributed on the interests in the
Upper-Tier REMIC at the rates shown above,
provided that the Class IO Interest shall
be entitled to receive interest before
any other interest in the Upper-Tier
REMIC.
On each Distribution Date, all Realized Losses, Subsequent
Recoveries
and all payments of principal shall be
allocated to the Upper-Tier Interests
until the outstanding principal balance of
each such interest equals the
outstanding Class Certificate Balance of
the Corresponding Class of Certificates
as of such Distribution Date.
The Certificates
----------------
Class Designation
Class Pass-Through Rate Class Certificate
Balance
-----------------
-----------------------
-------------------------
Class A-1
(1)
$
441,470,000
Class A-2a
(2)
$
462,278,000
Class A-2b
(3)
$
145,000,000
Class A-2c
(4)
$
115,000,000
Class M-1
(5)
$
53,540,000
Class M-2
(5)
$
49,822,000
Class M-3
(5)
$ 31,232,000
Class M-4
(5)
$
26,770,000
Class M-5
(5)
$
24,539,000
Class M-6
(5)
$
23,052,000
Class B-1
(5)
$
20,821,000
Class B-2
(5)
$
19,333,000
Class B-3
(5)
$
15,616,000
Class X
(6)
$
0 (6)
Class R
(7)
$
0 (7)
-------------------------
(1) The Class
A-1 Interest will bear interest during each Interest Accrual
Period at a per annum rate equal to (a) on or prior to the
Optional
Termination Date, the least of (i) LIBOR plus the applicable
Pass-Through Margin, (ii) the Loan Group I Cap and (iii) the WAC
Cap or
(b) after the Optional Termination Date, the least of (i) LIBOR
plus
the applicable Pass-Through Margin, (ii) the Loan Group I Cap and
(iii)
the WAC Cap.
(2) The Class
A-2a Interest will bear interest during each Interest Accrual
Period at a per annum rate equal to (a) on or prior to the
Optional
Termination Date, the least of (i) LIBOR plus the applicable
Pass-Through Margin, (ii) the Loan Group II Cap and (iii) the WAC
Cap
or (b) after the Optional Termination Date, the least of (i) LIBOR
plus
the applicable Pass-Through Margin, (ii) the Loan Group II Cap
and
(iii) the WAC Cap.
(3) The Class
A-2b Interest will bear interest during each Interest Accrual
Period at a per annum rate equal to (a) on or prior to the
Optional
Termination
Date, the least of (i) LIBOR plus the applicable
Pass-Through Margin, (ii) the Loan Group II Cap and (iii) the WAC
Cap
or (b) after the Optional Termination Date, the least of (i) LIBOR
plus
the applicable Pass-Through Margin, (ii) the Loan Group II Cap
and
(iii) the WAC Cap.
(4) The Class
A-2c Interest will bear interest during each Interest Accrual
Period at a per annum rate equal to (a) on or prior to the
Optional
Termination Date, the least of (i) LIBOR plus the applicable
Pass-Through Margin, (ii) the Loan Group II Cap and (iii) the WAC
Cap
or (b) after the Optional Termination Date, the least of (i) LIBOR
plus
the applicable Pass-Through Margin, (ii) the Loan Group II Cap
and
(iii) the WAC Cap.
(5) The Class
M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
Class B-1, Class B-2 and Class B-3 Interests will bear interest
during
each Interest Accrual Period at a per annum rate equal to (a) on
or
prior to the Optional Termination Date, the lesser of (i) LIBOR
plus
the applicable Pass-Through Margin, and (ii) the WAC Cap or (b)
after
the Optional Termination Date, the lesser of (i) LIBOR plus the
applicable Pass-Through Margin, and (ii) the WAC Cap.
(6) The Class
X Certificates will represent beneficial ownership of the
Class X Interest, the Class IO Interest, the Interest Rate Swap
Agreement, the right to Class IO Shortfalls and amounts in the
Excess
Reserve Fund Account and the Swap Account, subject to the
obligation to
make payments from the Excess Reserve Fund Account in respect of
Basis
Risk CarryForward Amounts and amounts in the Swap Account subject
to
the obligation to make Net Swap Payments and Basis Risk
CarryForward
Amounts. For federal income tax purposes, the Trustee will treat
a
Class X Certificateholder's obligation to make payments from the
Excess
Reserve Fund Account or the Swap Account as payments made pursuant
to
an interest rate cap contract written by the Class X
Certificateholders
in favor of each Class of Offered Certificates. Such rights of
the
Class X Certificateholders and Offered Certificateholders shall
be
treated as held in a portion of the Trust Fund that is treated as
a
grantor trust under subpart E, Part I of subchapter J of the
Code.
(7) The Class
UT-R Interest does not have an interest rate or a principal
balance.
(8) Each of
these Certificates will represent not only the ownership of the
Corresponding Class of Upper-Tier Regular Interest but also the
right
to receive payments from the Excess Reserve Fund Account and the
Swap
Account in respect of any Basis Risk CarryForward Amounts. Each
of
these Certificates will also be subject to the obligation to pay
Class
IO Shortfalls as described in Section 8.13. For federal income
tax
purposes, any amount distributed on the Offered Certificates on
any
such Distribution Date in excess of the amount distributable on
their
Corresponding Class of Upper-Tier Regular Interest on such
Distribution
Date shall be treated as having been paid from the Excess Reserve
Fund
Account or the Swap Account, as applicable, and any amount
distributable on such Corresponding Class of Upper-Tier Regular
Interest on such Distribution Date in excess of the amount
distributable on the Offered Certificates on such Distribution
Date
shall be treated as having been paid to the Swap Account, all
pursuant
to, and as further provided in, Section 8.13. For federal income
tax
purposes, the Trustee will treat a Certificateholder's right to
receive
payments from the Excess Reserve Fund Account or the Swap Account
as
payments made pursuant to an interest rate cap contract written by
the
Class X
Certificateholders.
The minimum denomination for each Class of Certificates, other than
the
Class P, Class R and the Class X
Certificates, will be $25,000 with integral
multiples of $1 in excess thereof. The
minimum denomination for the Class P and
the Class X Certificates will each be a 1%
Percentage Interest in such Class.
The Class R Certificate will represent a
100% Percentage Interest in such Class.
It is expected that each Class of Certificates will receive its
final
distribution of principal and interest on
or prior to the Final Scheduled
Distribution Date.
Set forth below are designations of Classes of Certificates to
the
categories used herein:
<TABLE>
<CAPTION>
<S>
<C>
Book-Entry
Certificates..........................
All Classes of Certificates other than the Physical
Certificates.
Class A
Certificates.............................
Class A-1, Class A-2a, Class A-2b and Class A-2c
Certificates.
Delay
Certificates...............................
None.
ERISA-Restricted
Certificates....................
Class R Certificates, Class P Certificates and
Class X Certificates; any certificate with a rating
below the lowest applicable permitted rating under the
Underwriters' Exemption.
LIBOR
Certificates...............................
Class A and Subordinated Certificates.
Non-Delay
Certificates...........................
Class A, Class X and Subordinated Certificates.
Offered
Certificates.............................
LIBOR Certificates.
Physical
Certificates............................
Class P, Class X and Class R Certificates.
Private
Certificates.............................
Class P, Class X and Class R Certificates.
Rating
Agencies..................................
Fitch, Moody's and Standard & Poor's.
Regular
Certificates.............................
All Classes of Certificates other than the Class P
and Class R Certificates.
Residual
Certificates............................
Class R Certificates.
Subordinated
Certificates........................
Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class B-1, Class B-2 and Class
B-3 Certificates.
</TABLE>
ARTICLE I
DEFINITIONS
Whenever used in this Agreement, the following words and
phrases,
unless the context otherwise requires,
shall have the following meanings:
Accepted Servicing Practices: With respect to any Mortgage Loan,
those
mortgage servicing practices set forth in
Section 3.01(a) of this Agreement.
Account: Any of the Collection Accounts, the Distribution Account,
any
Escrow Account or the Excess Reserve Fund
Account. Each Account shall be an
Eligible Account.
Accrued Certificate Interest Distribution Amount: With respect to
any
Distribution Date for each Class of LIBOR
Certificates, the amount of interest
accrued during the related Interest Accrual
Period at the applicable
Pass-Through Rate on the related Class
Certificate Balance immediately prior to
such Distribution Date, as reduced by such
Class's share of Net Prepayment
Interest Shortfalls and Relief Act Interest
Shortfalls for such Distribution
Date allocated to such Class pursuant to
Section 4.02.
Adjustable Rate Mortgage Loan: An adjustable rate Mortgage
Loan.
Adjusted Net Mortgage Rate: As to each Mortgage Loan and at any
time,
the per annum rate equal to the Mortgage
Rate less the Expense Fee Rate.
Adjustment Date: As to any Adjustable Rate Mortgage Loan, the first
Due
Date on which the related Mortgage Rate
adjusts as set forth in the related
Mortgage Note and each Due Date thereafter
on which the Mortgage Rate adjusts as
set forth in the related Mortgage Note.
Advance: Any P&I Advance or Servicing Advance.
Advance Facility: A financing or other facility as described in
Section
10.07.
Advancing Person: The Person to whom any Servicer's rights under
this
Agreement to be reimbursed for any P&I
Advances or Servicing Advances have been
assigned pursuant to Section 10.07.
Affiliate: With respect to any Person, any other Person
controlling,
controlled by or under common control with
such first Person. For the purposes
of this definition, "control" means the
power to direct the management and
policies of such Person, directly or
indirectly, whether through the ownership
of voting securities, by contract or
otherwise; and the terms "controlling" and
"controlled" have meanings correlative to
the foregoing.
Agreement: This Pooling and Servicing Agreement and all amendments
or
supplements hereto.
Amount Held for Future Distribution: As to the Certificates on
any
Distribution Date, the aggregate amount
held in each Collection Account at the
close of business on the related
Determination Date on account of (i) Principal
Prepayments, Insurance Proceeds,
Condemnation Proceeds and Liquidation Proceeds
on the Mortgage Loans received after the
end of the related Prepayment Period
and (ii) all Scheduled Payments on the
Mortgage Loans due after the end of the
related Due Period.
Applied Realized Loss Amount: With respect to any Distribution
Date,
the amount, if any, by which the aggregate
Class Certificate Balance of the
LIBOR Certificates after distributions of
principal on such Distribution Date
exceeds the aggregate Stated Principal
Balance of the Mortgage Loans for such
Distribution Date.
Appraised Value: The value set forth in an appraisal made in
connection
with the origination of the related
Mortgage Loan as the value of the Mortgaged
Property.
Assignment of Mortgage: An assignment of the Mortgage, notice
of
transfer or equivalent instrument in
recordable form (other than the assignee's
name and recording information not yet
returned from the recording office),
reflecting the sale of the Mortgage to the
Trustee.
Available Funds: With respect to any Distribution Date and the
Mortgage
Loans to the extent received by the Trustee
(x) the sum of (i) all scheduled
installments of interest (net of the
related Expense Fees) and principal due on
the Due Date on such Mortgage Loans in the
related Due Period and received by
the Servicers on or prior to the related
Determination Date, together with any
P&I Advances in respect thereof; (ii)
all Condemnation Proceeds, Insurance
Proceeds and Liquidation Proceeds received
by the Servicers during the related
Prepayment Period (in each case, net of
unreimbursed expenses incurred in
connection with a liquidation or
foreclosure and unreimbursed Advances, if any);
(iii) all partial or full prepayments on
the Mortgage Loans received by the
Servicers during the related Prepayment
Period together with all Compensating
Interest, if applicable, thereon (excluding
any Prepayment Charges); (iv) all
Substitution Adjustment Amounts with
respect to the substitutions of Mortgage
Loans that occur with respect to such
Distribution Date; (v) amounts received
with respect to such Distribution Date as
the Re
