EXHIBIT 4
================================================================================
SECURITIZED ASSET BACKED RECEIVABLES LLC,
Depositor,
COUNTRYWIDE HOME LOANS SERVICING LP,
Servicer,
MORTGAGERAMP, INC.,
Loan Performance Advisor,
FREMONT INVESTMENT & LOAN,
Responsible Party,
and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
Trustee
----------------------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of October 1, 2005
----------------------------------------------
SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2005-FR5
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2005-FR5
================================================================================
<PAGE>
TABLE OF CONTENTS
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, Warranties and
Covenants of the
Responsible Party and the Servicer; Remedies for Breaches
of Representations and Warranties with Respect to the
Mortgage Loans..............................................
Section 2.04
[Reserved]...................................................
Section 2.05 Execution and Delivery of
Certificates.......................
Section 2.06 REMIC
Matters................................................
Section 2.07 Representations and Warranties of
the Depositor..............
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Servicer to Service Mortgage
Loans...........................
Section 3.02 Subservicing Agreements between
the Servicer
and Subservicers............................................
Section 3.03 Successor
Subservicers.......................................
Section 3.04 Liability of the
Servicer....................................
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
Account...........................................
Section 3.11 Withdrawals from the Collection
Account......................
Section 3.12 Investment of Funds in the
Collection Account,
Escrow 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
Servicer 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.....................
Section 3.27 PMI Policy; Claims Under the PMI
Policy......................
Section 3.28 Mortgage Loan
Information....................................
ARTICLE IV
DISTRIBUTIONS AND
ADVANCES BY THE SERVICER
Section 4.01
Advances.....................................................
Section 4.02 Priorities of
Distribution...................................
Section 4.03 Monthly Statements to
Certificateholders.....................
Section 4.04 Certain Matters Relating to the
Determination of LIBOR.......
Section 4.05 Allocation of Applied Realized
Loss Amounts..................
Section 4.06 The Class A-1B Certificate
Insurance Policy..................
Section 4.07 Effect of Payments by the Class
A-1B Certificate Insurer.....
Section 4.08 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..............................
Section 5.07 Rights of the Class A-1B
Certificate Insurer to
Exercise Rights of Class A-1B Certificateholders............
Section 5.08 Class A-1B Certificate Insurer
Default.......................
ARTICLE VI
THE DEPOSITOR, THE SERVICER AND THE LOAN PERFORMANCE ADVISOR
Section 6.01 Respective Liabilities of the
Depositor and the Servicer.....
Section 6.02 Merger or Consolidation of the
Depositor or the Servicer.....
Section 6.03 Limitation on Liability of the
Depositor, the
Servicer and Others.........................................
Section 6.04 Limitation on Resignation of the
Servicer....................
Section 6.05 Additional Indemnification by the
Servicer; Third
Party Claims................................................
Section 6.06 Duties of the Loan Performance
Advisor.......................
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........................
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 Classification of the Excess
Reserve Fund Account,
the Swap Account, the Interest Rate Swap Agreement and
the Cap Agreements..........................................
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 Limitation on Rights of
Certificateholders..................
Section 10.08 Inspection and Audit
Rights.................................
Section 10.09 Certificates Nonassessable and
Fully Paid...................
Section 10.10 Third Party
Beneficiary.....................................
Section 10.11 Assignment; Sales; Advance
Facilities.......................
Section 10.12 Rule of
Construction........................................
Section 10.13 Waiver of Jury
Trial........................................
Section 10.14 Rights of the Swap
Provider.................................
<PAGE>
SCHEDULES
Schedule I Mortgage Loan
Schedule
Schedule II Representations and
Warranties of the Servicer
Schedule III Representations and Warranties of
the Responsible Party as to the
Mortgage Loans
Schedule IV Representations and
Warranties as to the Responsible Party
Schedule V Representations and
Warranties of the Depositor as to the Mortgage
Loans
EXHIBITS
Exhibit A Form of Class A, Class M and
Class B Certificates
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
Exhibit F Form of Document
Certification and Exception Report of Trustee
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 Trustee's
Certification to be provided to Depositor
Exhibit N Form of Servicer's
Certification to be provided to Depositor
Exhibit O Form of Servicer's
Report
Exhibit P PMI Policy
<PAGE>
THIS POOLING AND SERVICING AGREEMENT, dated as of October 1,
2005,
among SECURITIZED ASSET BACKED RECEIVABLES
LLC, a Delaware limited liability
company, as depositor (the "Depositor"),
COUNTRYWIDE HOME LOANS SERVICING LP, a
Texas limited partnership, as servicer (the
"Servicer"), MORTGAGE RAMP INC., as
loan performance advisor (the "Loan
Performance Advisor"), FREMONT INVESTMENT &
LOAN, California state-chartered industrial
bank, as responsible party (the
"Responsible Party"), and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national
banking association, as trustee (the
"Trustee"),
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
Charges, (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 Carry Forward Amounts
and, without duplication, Basis Risk Carry
Forward 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). Each Class of
Certificates (other than the Class P and
Class R Certificates), other than the right
of each Class of LIBOR Certificates
to receive Upper Tier Carry Forward Amounts
and, without duplication, Basis Risk
Carry Forward Amounts and the obligation to
pay Class IO Shortfalls and the
right of the Class X Certificates to
receive payments from the Cap Agreements,
represents ownership of a regular interest
in the Upper Tier REMIC for purposes
of the REMIC Provisions. The Class R
Certificates represent ownership of the
sole class of residual interest in each of
Pooling Tier REMIC-1, Pooling Tier
REMIC-2, the Lower Tier REMIC and the Upper
Tier 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 2.06.
The Upper Tier REMIC shall hold as assets the several classes
of
uncertificated Lower Tier REMIC 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, (v) the Cap Agreements and (vi)
the right of the LIBOR Certificates to
receive Upper Tier Carry Forward Amounts
and, without duplication, Basis Risk Carry
Forward Amounts and the obligation to
pay Class IO Shortfalls).
For federal income tax purposes, the Class P Certificates
represent
beneficial ownership of the Prepayment
Charges, each Class of LIBOR Certificates
represents beneficial ownership of a
regular interest in the Upper Tier REMIC
and the right to receive Basis Risk Carry
Forward Amounts, and the Class X
Certificates represent beneficial ownership
of two regular interests in the
Upper Tier REMIC, the Excess Reserve Fund
Account, the Swap Account, the
Interest Rate Swap Agreement and the Cap
Agreements, 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 the
Group I Mortgage Loans and Pooling Tier
REMIC-1 Interests with a "II" in their
designation shall relate to the Group II
Mortgage Loans. Pooling Tier REMIC-1
shall also issue the Class PT1-R Interest,
which shall be represented by the
Class R Certificates. The Class PT1-R
Interest is hereby designated as the sole
class of residual interest in Pooling Tier
REMIC-1.
Pooling Tier Tier Initial
Pooling
Pooling Tier REMIC-1 REMIC-1 Interest
REMIC-1
Interest
Rate
Principal Amount
--------------------- -----------------
------------------
Class PT1-I-1
(1)
$ 20,379,409.64
Class PT1-I-2A
(2)
$ 10,507,722.32
Class PT1-I-2B
(3)
$ 10,507,722.32
Class PT1-I-3A
(2)
$ 10,792,266.77
Class PT1-I-3B
(3)
$ 10,792,266.77
Class PT1-I-4A
(2)
$ 11,042,186.76
Class PT1-I-4B
(3)
$ 11,042,186.76
Class PT1-I-5A
(2)
$ 11,256,517.03
Class PT1-I-5B
(3)
$ 11,256,517.03
Class PT1-I-6A
(2)
$ 11,434,487.88
Class PT1-I-6B
(3)
$ 11,434,487.88
Class PT1-I-7A
(2)
$ 11,575,533.24
Class PT1-I-7B
(3)
$ 11,575,533.24
Class PT1-I-8A
(2)
$ 11,679,297.06
Class PT1-I-8B
(3)
$ 11,679,297.06
Class PT1-I-9A
(2)
$ 11,745,638.30
Class PT1-I-9B
(3)
$ 11,745,638.30
Class PT1-I-10A
(2)
$
11,774,634.02
Class PT1-I-10B
(3)
$ 11,774,634.02
Class PT1-I-11A
(2)
$ 11,766,447.32
Class PT1-I-11B
(3)
$ 11,766,447.32
Class PT1-I-12A
(2)
$ 11,718,470.86
Class PT1-I-12B
(3)
$ 11,718,470.86
Class PT1-I-13A
(2)
$ 11,136,136.12
Class PT1-I-13B
(3)
$ 11,136,136.12
Class PT1-I-14A
(2)
$ 10,583,035.57
Class PT1-I-14B
(3)
$ 10,583,035.57
Class PT1-I-15A
(2)
$ 10,057,695.62
Class PT1-I-15B
(3)
$ 10,057,695.62
Class PT1-I-16A
(2)
$ 9,558,692.43
Class PT1-I-16B
(3)
$ 9,558,692.43
Class PT1-I-17A
(2)
$ 9,084,700.98
Class PT1-I-17B
(3)
$ 9,084,700.98
Class PT1-I-18A
(2)
$ 8,634,446.13
Class PT1-I-18B
(3)
$ 8,634,446.13
Class PT1-I-19A
(2)
$ 8,206,719.73
Class PT1-I-19B
(3)
$ 8,206,719.73
Class PT1-I-20A
(2)
$ 8,370,412.96
Class PT1-I-20B
(3)
$ 8,370,412.96
Class PT1-I-21A
(2)
$125,333,198.72
Class PT1-I-21B
(3)
$125,333,198.72
Class PT1-I-22A
(2)
$ 1,618,391.63
Class PT1-I-22B
(3)
$ 1,618,391.63
Class PT1-I-23A
(2)
$ 1,482,085.68
Class PT1-I-23B
(3)
$ 1,482,085.68
Class PT1-I-24A
(2)
$ 1,360,174.62
Class PT1-I-24B
(3)
$ 1,360,174.62
Class PT1-I-25A
(2)
$ 1,249,106.69
Class PT1-I-25B
(3)
$ 1,249,106.69
Class PT1-I-26A
(2)
$ 1,126,578.87
Class PT1-I-26B
(3)
$ 1,126,578.87
Class PT1-I-27A
(2)
$ 1,025,758.69
Class PT1-I-27B
(3)
$ 1,025,758.69
Class PT1-I-28A
(2)
$
940,909.87
Class PT1-I-28B
(3)
$
940,909.87
Class PT1-I-29A
(2)
$
868,163.81
Class PT1-I-29B
(3)
$
868,163.81
Class PT1-I-30A
(2)
$
804,826.93
Class PT1-I-30B
(3)
$
804,826.93
Class PT1-I-31A
(2)
$
748,977.91
Class PT1-I-31B
(3)
$
748,977.91
Class PT1-I-32A
(2)
$
779,658.80
Class PT1-I-32B
(3)
$
779,658.80
Class PT1-I-33A
(2)
$ 1,405,927.22
Class PT1-I-33B
(3)
$ 1,405,927.22
Class PT1-I-34A
(2)
$
554,909.57
Class PT1-I-34B
(3)
$
554,909.57
Class PT1-I-35A
(2)
$
528,023.97
Class PT1-I-35B
(3)
$
528,023.97
Class PT1-I-36A
(2)
$
502,659.72
Class PT1-I-36B
(3)
$
502,659.72
Class PT1-I-37A
(2)
$
478,685.24
Class PT1-I-37B
(3)
$
478,685.24
Class PT1-I-38A
(2)
$
456,840.31
Class PT1-I-38B
(3)
$
456,840.31
Class PT1-I-39A
(2)
$
435,992.84
Class PT1-I-39B
(3)
$
435,992.84
Class PT1-I-40A
(2)
$
416,097.17
Class PT1-I-40B
(3)
$
416,097.17
Class PT1-I-41A
(2)
$
397,109.76
Class PT1-I-41B
(3)
$
397,109.76
Class PT1-I-42A
(2)
$
378,989.07
Class PT1-I-42B
(3)
$
378,989.07
Class PT1-I-43A
(2)
$
361,695.45
Class PT1-I-43B
(3)
$
361,695.45
Class PT1-I-44A
(2)
$
345,191.09
Class PT1-I-44B
(3)
$
345,191.09
Class PT1-I-45A
(2)
$
329,439.89
Class PT1-I-45B
(3)
$
329,439.89
Class PT1-I-46A
(2)
$
314,407.45
Class PT1-I-46B
(3)
$ 314,407.45
Class PT1-I-47A
(2)
$
300,060.89
Class PT1-I-47B
(3)
$
300,060.89
Class PT1-I-48A
(2)
$
286,368.89
Class PT1-I-48B
(3)
$
286,368.89
Class PT1-I-49A
(2)
$
273,301.54
Class PT1-I-49B
(3)
$
273,301.54
Class PT1-I-50A
(2)
$
260,830.29
Class PT1-I-50B
(3)
$
260,830.29
Class PT1-I-51A
(2)
$
248,927.93
Class PT1-I-51B
(3)
$
248,927.93
Class PT1-I-52A
(2)
$
237,568.47
Class PT1-I-52B
(3)
$
237,568.47
Class PT1-I-53A
(2)
$
226,727.13
Class PT1-I-53B
(3)
$
226,727.13
Class PT1-I-54A
(2)
$
216,380.24
Class PT1-I-54B
(3)
$
216,380.24
Class PT1-I-55A
(2)
$
206,505.24
Class PT1-I-55B
(3)
$
206,505.24
Class PT1-I-56A
(2)
$
197,080.58
Class PT1-I-56B
(3)
$
197,080.58
Class PT1-I-57A
(2)
$ 4,111,079.39
Class PT1-I-57B
(3)
$ 4,111,079.39
Class PT1-II-1
(4)
$ 12,349,689.58
Class PT1-II-2A
(5)
$ 6,367,559.77
Class PT1-II-2B
(6)
$ 6,367,559.77
Class PT1-II-3A
(5)
$ 6,539,990.46
Class PT1-II-3B
(6)
$ 6,539,990.46
Class PT1-II-4A
(5)
$ 6,691,439.12
Class PT1-II-4B
(6)
$ 6,691,439.12
Class PT1-II-5A
(5)
$ 6,821,320.81
Class PT1-II-5B
(6)
$ 6,821,320.81
Class PT1-II-6A
(5)
$ 6,929,169.12
Class PT1-II-6B
(6)
$ 6,929,169.12
Class PT1-II-7A
(5)
$ 7,014,641.00
Class PT1-II-7B
(6)
$ 7,014,641.00
Class PT1-II-8A
(5)
$ 7,077,520.69
Class PT1-II-8B
(6)
$ 7,077,520.69
Class PT1-II-9A
(5)
$ 7,117,722.72
Class PT1-II-9B
(6)
$ 7,117,722.72
Class PT1-II-10A
(5)
$ 7,135,293.80
Class PT1-II-10B
(6)
$ 7,135,293.80
Class PT1-II-11A
(5)
$ 7,130,332.75
Class PT1-II-11B
(6)
$ 7,130,332.75
Class PT1-II-12A
(5)
$ 7,101,259.56
Class PT1-II-12B
(6)
$ 7,101,259.56
Class PT1-II-13A
(5)
$ 6,748,371.36
Class PT1-II-13B
(6)
$ 6,748,371.36
Class PT1-II-14A
(5)
$ 6,413,198.74
Class PT1-II-14B
(6)
$ 6,413,198.74
Class PT1-II-15A
(5)
$ 6,094,848.73
Class PT1-II-15B
(6)
$ 6,094,848.73
Class PT1-II-16A
(5)
$ 5,792,458.49
Class PT1-II-16B
(6)
$ 5,792,458.49
Class PT1-II-17A
(5)
$ 5,505,225.08
Class PT1-II-17B
(6)
$ 5,505,225.08
Class PT1-II-18A
(5)
$ 5,232,375.78
Class PT1-II-18B
(6)
$
5,232,375.78
Class PT1-II-19A
(5)
$ 4,973,178.47
Class PT1-II-19B
(6)
$ 4,973,178.47
Class PT1-II-20A
(5)
$ 5,072,374.69
Class PT1-II-20B
(6)
$ 5,072,374.69
Class PT1-II-21A
(5)
$ 75,950,487.60
Class PT1-II-21B
(6)
$ 75,950,487.60
Class PT1-II-22A
(5)
$
980,726.85
Class PT1-II-22B
(6)
$
980,726.85
Class PT1-II-23A
(5)
$
898,127.00
Class PT1-II-23B
(6)
$
898,127.00
Class PT1-II-24A
(5)
$
824,250.29
Class PT1-II-24B
(6)
$
824,250.29
Class PT1-II-25A
(5)
$
756,944.40
Class PT1-II-25B
(6)
$
756,944.40
Class PT1-II-26A
(5)
$
682,693.93
Class PT1-II-26B
(6)
$
682,693.93
Class PT1-II-27A
(5)
$
621,598.05
Class PT1-II-27B
(6)
$
621,598.05
Class PT1-II-28A
(5)
$
570,180.64
Class PT1-II-28B
(6)
$
570,180.64
Class PT1-II-29A
(5)
$
526,097.36
Class PT1-II-29B
(6)
$
526,097.36
Class PT1-II-30A
(5)
$
487,715.93
Class PT1-II-30B
(6)
$
487,715.93
Class PT1-II-31A
(5)
$
453,872.06
Class PT1-II-31B
(6)
$
453,872.06
Class PT1-II-32A
(5)
$
472,464.33
Class PT1-II-32B
(6)
$
472,464.33
Class PT1-II-33A
(5)
$
851,975.85
Class PT1-II-33B
(6)
$
851,975.85
Class PT1-II-34A
(5)
$
336,268.86
Class PT1-II-34B
(6)
$
336,268.86
Class PT1-II-35A
(5)
$
319,976.50
Class PT1-II-35B
(6)
$
319,976.50
Class PT1-II-36A
(5)
$
304,606.05
Class PT1-II-36B
(6)
$
304,606.05
Class PT1-II-37A
(5)
$
290,077.79
Class PT1-II-37B
(6)
$
290,077.79
Class PT1-II-38A
(5)
$
276,840.01
Class PT1-II-38B
(6)
$
276,840.01
Class PT1-II-39A
(5)
$
264,206.68
Class PT1-II-39B
(6)
$
264,206.68
Class PT1-II-40A
(5)
$
252,150.14
Class PT1-II-40B
(6)
$
252,150.14
Class PT1-II-41A
(5)
$
240,643.98
Class PT1-II-41B
(6)
$
240,643.98
Class PT1-II-42A
(5)
$
229,663.05
Class PT1-II-42B
(6)
$
229,663.05
Class PT1-II-43A
(5)
$
219,183.31
Class PT1-II-43B
(6)
$
219,183.31
Class PT1-II-44A
(5)
$
209,181.86
Class PT1-II-44B
(6)
$
209,181.86
Class PT1-II-45A
(5)
$
199,636.81
Class PT1-II-45B
(6)
$
199,636.81
Class PT1-II-46A
(5)
$
190,527.32
Class PT1-II-46B
(6)
$
190,527.32
Class PT1-II-47A
(5)
$
181,833.48
Class PT1-II-47B
(6)
$
181,833.48
Class PT1-II-48A
(5)
$
173,536.28
Class PT1-II-48B
(6)
$
173,536.28
Class PT1-II-49A
(5)
$
165,617.61
Class PT1-II-49B
(6)
$
165,617.61
Class PT1-II-50A
(5)
$
158,060.18
Class PT1-II-50B
(6)
$
158,060.18
Class PT1-II-51A
(5)
$ 150,847.48
Class PT1-II-51B
(6)
$
150,847.48
Class PT1-II-52A
(5)
$
143,963.78
Class PT1-II-52B
(6)
$
143,963.78
Class PT1-II-53A
(5)
$
137,394.05
Class PT1-II-53B
(6)
$
137,394.05
Class PT1-II-54A
(5)
$
131,123.96
Class PT1-II-54B
(6)
$
131,123.96
Class PT1-II-55A
(5)
$
125,139.82
Class PT1-II-55B
(6)
$
125,139.82
Class PT1-II-56A
(5)
$
119,428.58
Class PT1-II-56B
(6)
$
119,428.58
Class PT1-II-57A
(5)
$ 2,491,267.18
Class PT1-II-57B
(6)
$ 2,491,267.18
------------
(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 9.162%.
(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) 9.162%.
(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 9.162%.
(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) 9.162%.
(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, the
Custodian Fees, the Premium Amount 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 The Group I Mortgage Loans with the same
numerical denomination, such
Realized Losses and payments of principal
shall be allocated pro rata between
such Pooling Tier REMIC-1 Regular Interests
until the Pooling-Tier REMIC-1
Principal Amount of such interest is
reduced to zero.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the
Group II Mortgage Loans shall be
allocated to the outstanding Pooling Tier
REMIC-1 Regular Interest relating to
the Group II Mortgage Loans with the lowest
numerical denomination until the
Pooling Tier REMIC-1 Principal Amount of
such interest is reduced to zero,
provided that, with respect to Pooling Tier
REMIC-1 Regular Interests relating
to the Group II Mortgage Loans with the
same numerical denomination, such
Realized Losses, 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>
Corresponding
Pooling-Tier
Scheduled
Pooling-Tier
Pooling-Tier
REMIC-2
Corresponding
Corresponding
Crossover
REMIC-2
REMIC-2
Initial Principal
Pooling-Tier
Pooling-Tier REMIC-1
Distribution
Interest
Interest Rate
Amount
REMIC-2 IO Interest
Regular Interest
Date
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
Class PT2-I-1
(1)
$ 20,379,409.64
N/A
N/A
N/A
Class PT2-I-2A
(2)
$ 10,507,722.32
Class PT2-I-IO-2
N/A
N/A
Class PT2-I-2B
(3)
$ 10,507,722.32
N/A
N/A
N/A
Class PT2-I-3A
(2)
$ 10,792,266.77
Class PT2-I-IO-3
N/A
N/A
Class PT2-I-3B
(3)
$ 10,792,266.77
N/A
N/A
N/A
Class PT2-I-4A
(2)
$ 11,042,186.76
Class PT2-I-IO-4
N/A
N/A
Class PT2-I-4B
(3)
$ 11,042,186.76
N/A
N/A
N/A
Class PT2-I-5A
(2)
$ 11,256,517.03
Class PT2-I-IO-5
N/A
N/A
Class PT2-I-5B
(3)
$ 11,256,517.03
N/A
N/A
N/A
Class PT2-I-6A
(2)
$ 11,434,487.88
Class PT2-I-IO-6
N/A
N/A
Class PT2-I-6B
(3)
$ 11,434,487.88
N/A
N/A
N/A
Class PT2-I-7A
(2)
$ 11,575,533.24
Class PT2-I-IO-7
N/A
N/A
Class PT2-I-7B
(3)
$ 11,575,533.24
N/A
N/A
N/A
Class PT2-I-8A
(2)
$ 11,679,297.06
Class PT2-I-IO-8
N/A
N/A
Class PT2-I-8B
(3)
$ 11,679,297.06
N/A
N/A
N/A
Class PT2-I-9A
(2)
$ 11,745,638.30
Class PT2-I-IO-9
N/A
N/A
Class PT2-I-9B
(3)
$ 11,745,638.30
N/A
N/A
N/A
Class PT2-I-10A
(2)
$ 11,774,634.02 Class
PT2-I-IO-10
N/A
N/A
Class PT2-I-10B
(3)
$ 11,774,634.02
N/A
N/A
N/A
Class PT2-I-11A
(2)
$ 11,766,447.32 Class
PT2-I-IO-11
N/A
N/A
Class PT2-I-11B
(3)
$ 11,766,447.32
N/A
N/A
N/A
Class PT2-I-12A
(2)
$ 11,718,470.86 Class
PT2-I-IO-12
N/A
N/A
Class PT2-I-12B
(3)
$ 11,718,470.86
N/A
N/A
N/A
Class PT2-I-13A
(2)
$ 11,136,136.12 Class
PT2-I-IO-13
N/A
N/A
Class PT2-I-13B
(3)
$ 11,136,136.12
N/A
N/A
N/A
Class PT2-I-14A
(2)
$ 10,583,035.57 Class
PT2-I-IO-14
N/A
N/A
Class PT2-I-14B
(3)
$ 10,583,035.57
N/A
N/A
N/A
Class PT2-I-15A
(2)
$ 10,057,695.62 Class
PT2-I-IO-15
N/A
N/A
Class PT2-I-15B
(3)
$ 10,057,695.62
N/A
N/A
N/A
Class PT2-I-16A
(2)
$ 9,558,692.43
Class
PT2-I-IO-16
N/A
N/A
Class PT2-I-16B
(3)
$ 9,558,692.43
N/A
N/A
N/A
Class PT2-I-17A
(2)
$ 9,084,700.98
Class
PT2-I-IO-17
N/A
N/A
Class PT2-I-17B
(3)
$ 9,084,700.98
N/A
N/A
N/A
Class PT2-I-18A
(2)
$ 8,634,446.13
Class
PT2-I-IO-18
N/A
N/A
Class PT2-I-18B
(3)
$ 8,634,446.13
N/A
N/A
N/A
Class PT2-I-19A
(2)
$ 8,206,719.73
Class
PT2-I-IO-19
N/A
N/A
Class PT2-I-19B
(3)
$ 8,206,719.73
N/A
N/A
N/A
Class PT2-I-20A
(2)
$ 8,370,412.96
Class
PT2-I-IO-20
N/A
N/A
Class PT2-I-20B
(3)
$ 8,370,412.96
N/A
N/A
N/A
Class PT2-I-21A
(2)
$125,333,198.72 Class
PT2-I-IO-21
N/A
N/A
Class PT2-I-21B
(3)
$125,333,198.72
N/A
N/A
N/A
Class PT2-I-22A
(2)
$ 1,618,391.63
Class
PT2-I-IO-22
N/A
N/A
Class PT2-I-22B
(3)
$ 1,618,391.63
N/A
N/A
N/A
Class PT2-I-23A
(2)
$ 1,482,085.68
Class
PT2-I-IO-23
N/A
N/A
Class PT2-I-23B
(3)
$ 1,482,085.68
N/A
N/A
N/A
Class PT2-I-24A
(2)
$ 1,360,174.62
Class
PT2-I-IO-24
N/A
N/A
Class PT2-I-24B
(3)
$ 1,360,174.62
N/A
N/A
N/A
Class PT2-I-25A
(2)
$ 1,249,106.69
Class
PT2-I-IO-25
N/A
N/A
Class PT2-I-25B
(3)
$ 1,249,106.69
N/A
N/A
N/A
Class PT2-I-26A
(2)
$ 1,126,578.87
Class
PT2-I-IO-26
N/A
N/A
Class PT2-I-26B
(3)
$ 1,126,578.87
N/A
N/A
N/A
Class PT2-I-27A
(2)
$ 1,025,758.69
Class
PT2-I-IO-27
N/A
N/A
Class PT2-I-27B
(3)
$ 1,025,758.69
N/A
N/A
N/A
Class PT2-I-28A
(2)
$
940,909.87 Class
PT2-I-IO-28
N/A
N/A
Class PT2-I-28B
(3)
$
940,909.87
N/A
N/A
N/A
Class PT2-I-29A
(2)
$
868,163.81 Class
PT2-I-IO-29
N/A
N/A
Class PT2-I-29B
(3)
$
868,163.81
N/A
N/A
N/A
Class PT2-I-30A
(2)
$
804,826.93 Class
PT2-I-IO-30
N/A
N/A
Class PT2-I-30B
(3)
$
804,826.93
N/A
N/A
N/A
Class PT2-I-31A
(2)
$
748,977.91 Class
PT2-I-IO-31
N/A
N/A
Class PT2-I-31B
(3)
$
748,977.91
N/A
N/A
N/A
Class PT2-I-32A
(2)
$
779,658.80 Class
PT2-I-IO-32
N/A
N/A
Class PT2-I-32B
(3)
$
779,658.80
N/A
N/A
N/A
Class PT2-I-33A
(2)
$ 1,405,927.22
Class
PT2-I-IO-33
N/A
N/A
Class PT2-I-33B
(3)
$ 1,405,927.22
N/A
N/A
N/A
Class PT2-I-34A
(2)
$
554,909.57 Class
PT2-I-IO-34
N/A
N/A
Class PT2-I-34B
(3)
$
554,909.57
N/A
N/A
N/A
Class PT2-I-35A
(2)
$
528,023.97 Class
PT2-I-IO-35
N/A
N/A
Class PT2-I-35B
(3)
$
528,023.97
N/A
N/A
N/A
Class PT2-I-36A
(2)
$
502,659.72 Class
PT2-I-IO-36
N/A
N/A
Class PT2-I-36B
(3)
$
502,659.72
N/A
N/A
N/A
Class PT2-I-37A
(2)
$
478,685.24 Class
PT2-I-IO-37
N/A
N/A
Class PT2-I-37B
(3)
$
478,685.24
N/A
N/A
N/A
Class PT2-I-38A
(2)
$
456,840.31 Class
PT2-I-IO-38
N/A
N/A
Class PT2-I-38B
(3)
$
456,840.31
N/A
N/A
N/A
Class PT2-I-39A
(2)
$
435,992.84 Class
PT2-I-IO-39
N/A
N/A
Class PT2-I-39B
(3)
$
435,992.84
N/A
N/A
N/A
Class PT2-I-40A
(2)
$
416,097.17 Class
PT2-I-IO-40
N/A
N/A
Class PT2-I-40B
(3)
$
416,097.17
N/A
N/A
N/A
Class PT2-I-41A
(2)
$
397,109.76 Class
PT2-I-IO-41
N/A
N/A
Class PT2-I-41B
(3)
$
397,109.76
N/A
N/A
N/A
Class PT2-I-42A
(2)
$
378,989.07 Class
PT2-I-IO-42
N/A
N/A
Class PT2-I-42B
(3)
$
378,989.07
N/A
N/A
N/A
Class PT2-I-43A
(2)
$
361,695.45 Class
PT2-I-IO-43
N/A
N/A
Class PT2-I-43B
(3)
$
361,695.45
N/A
N/A
N/A
Class PT2-I-44A
(2)
$
345,191.09 Class
PT2-I-IO-44
N/A
N/A
Class PT2-I-44B
(3)
$
345,191.09
N/A
N/A
N/A
Class PT2-I-45A
(2)
$
329,439.89 Class
PT2-I-IO-45
N/A
N/A
Class PT2-I-45B
(3)
$
329,439.89
N/A
N/A
N/A
Class PT2-I-46A
(2)
$
314,407.45 Class
PT2-I-IO-46
N/A
N/A
Class PT2-I-46B
(3)
$
314,407.45
N/A
N/A
N/A
Class PT2-I-47A
(2)
$
300,060.89 Class
PT2-I-IO-47
N/A
N/A
Class PT2-I-47B
(3)
$
300,060.89
N/A
N/A
N/A
Class PT2-I-48A
(2)
$
286,368.89 Class
PT2-I-IO-48
N/A
N/A
Class PT2-I-48B
(3)
$
286,368.89
N/A
N/A
N/A
Class PT2-I-49A
(2)
$
273,301.54 Class
PT2-I-IO-49
N/A
N/A
Class PT2-I-49B
(3)
$
273,301.54
N/A
N/A
N/A
Class PT2-I-50A
(2)
$
260,830.29 Class
PT2-I-IO-50
N/A
N/A
Class PT2-I-50B
(3)
$
260,830.29
N/A
N/A
N/A
Class PT2-I-51A
(2)
$
248,927.93 Class
PT2-I-IO-51
N/A
N/A
Class PT2-I-51B
(3)
$
248,927.93
N/A
N/A
N/A
Class PT2-I-52A
(2)
$
237,568.47 Class
PT2-I-IO-52
N/A
N/A
Class PT2-I-52B
(3)
$
237,568.47
N/A
N/A
N/A
Class PT2-I-53A
(2)
$
226,727.13 Class
PT2-I-IO-53
N/A
N/A
Class PT2-I-53B
(3)
$
226,727.13
N/A
N/A
N/A
Class PT2-I-54A
(2)
$
216,380.24 Class
PT2-I-IO-54
N/A
N/A
Class PT2-I-54B
(3)
$
216,380.24
N/A
N/A
N/A
Class PT2-I-55A
(2)
$
206,505.24 Class
PT2-I-IO-55
N/A
N/A
Class PT2-I-55B
(3)
$
206,505.24
N/A
N/A
N/A
Class PT2-I-56A
(2)
$
197,080.58 Class
PT2-I-IO-56
N/A
N/A
Class PT2-I-56B
(3)
$
197,080.58
N/A
N/A
N/A
Class PT2-I-57A
(2)
$ 4,111,079.39
Class
PT2-I-IO-57
N/A
N/A
Class PT2-I-57B
(3)
$ 4,111,079.39
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-I-IO-55
(4)
(4)
N/A
Class PT1-I-55A
April 2010
Class PT2-I-IO-56
(4)
(4)
N/A
Class PT1-I-56A
May 2010
Class PT2-I-IO-57
(4)
(4)
N/A
Class PT1-I-57A
June
2010
Class PT2-II-1
(5)
$ 12,349,689.58
N/A
N/A
N/A
Class PT2-II-2A
(6)
$ 6,367,559.77
Class
PT2-II-IO-2
N/A
N/A
Class PT2-II-2B
(7)
$ 6,367,559.77
N/A
N/A
N/A
Class PT2-II-3A
(6)
$ 6,539,990.46
Class
PT2-II-IO-3
N/A
N/A
Class PT2-II-3B
(7)
$ 6,539,990.46
N/A
N/A
N/A
Class PT2-II-4A
(6)
$ 6,691,439.12
Class
PT2-II-IO-4
N/A
N/A
Class PT2-II-4B
(7)
$ 6,691,439.12
N/A
N/A
N/A
Class PT2-II-5A
(6)
$ 6,821,320.81
Class
PT2-II-IO-5
N/A
N/A
Class PT2-II-5B
(7)
$ 6,821,320.81
N/A
N/A
N/A
Class PT2-II-6A
(6)
$ 6,929,169.12
Class
PT2-II-IO-6
N/A
N/A
Class PT2-II-6B
(7)
$ 6,929,169.12
N/A
N/A
N/A
Class PT2-II-7A
(6)
$ 7,014,641.00
Class
PT2-II-IO-7
N/A
N/A
Class PT2-II-7B
(7)
$ 7,014,641.00
N/A
N/A
N/A
Class PT2-II-8A
(6)
$ 7,077,520.69
Class
PT2-II-IO-8
N/A
N/A
Class PT2-II-8B
(7)
$ 7,077,520.69
N/A
N/A
N/A
Class PT2-II-9A
(6)
$ 7,117,722.72
Class
PT2-II-IO-9
N/A
N/A
Class PT2-II-9B
(7)
$ 7,117,722.72
N/A
N/A
N/A
Class PT2-II-10A
(6)
$ 7,135,293.80
Class
PT2-II-IO-10
N/A
N/A
Class PT2-II-10B
(7)
$ 7,135,293.80
N/A
N/A
N/A
Class PT2-II-11A
(6)
$ 7,130,332.75
Class
PT2-II-IO-11
N/A
N/A
Class PT2-II-11B
(7)
$ 7,130,332.75
N/A
N/A
N/A
Class PT2-II-12A
(6)
$ 7,101,259.56
Class
PT2-II-IO-12
N/A
N/A
Class PT2-II-12B
(7)
$ 7,101,259.56
N/A
N/A
N/A
Class PT2-II-13A
(6)
$ 6,748,371.36
Class
PT2-II-IO-13
N/A
N/A
Class PT2-II-13B
(7)
$ 6,748,371.36
N/A
N/A
N/A
Class PT2-II-14A
(6)
$ 6,413,198.74
Class
PT2-II-IO-14
N/A
N/A
Class PT2-II-14B
(7)
$ 6,413,198.74
N/A
N/A
N/A
Class PT2-II-15A
(6)
$ 6,094,848.73
Class
PT2-II-IO-15
N/A
N/A
Class PT2-II-15B
(7)
$ 6,094,848.73
N/A
N/A
N/A
Class PT2-II-16A
(6)
$ 5,792,458.49
Class
PT2-II-IO-16
N/A
N/A
Class PT2-II-16B
(7)
$ 5,792,458.49
N/A
N/A
N/A
Class PT2-II-17A
(6)
$ 5,505,225.08
Class
PT2-II-IO-17
N/A
N/A
Class PT2-II-17B
(7)
$ 5,505,225.08
N/A
N/A
N/A
Class PT2-II-18A
(6)
$ 5,232,375.78
Class
PT2-II-IO-18
N/A
N/A
Class PT2-II-18B
(7)
$ 5,232,375.78
N/A
N/A
N/A
Class PT2-II-19A
(6)
$ 4,973,178.47
Class
PT2-II-IO-19
N/A
N/A
Class PT2-II-19B
(7)
$ 4,973,178.47
N/A
N/A
N/A
Class PT2-II-20A
(6)
$ 5,072,374.69
Class
PT2-II-IO-20
N/A
N/A
Class PT2-II-20B
(7)
$ 5,072,374.69
N/A
N/A
N/A
Class PT2-II-21A
(6)
$ 75,950,487.60 Class
PT2-II-IO-21
N/A
N/A
Class PT2-II-21B
(7)
$ 75,950,487.60
N/A
N/A
N/A
Class PT2-II-22A
(6)
$
980,726.85 Class
PT2-II-IO-22
N/A
N/A
Class PT2-II-22B
(7)
$
980,726.85
N/A
N/A
N/A
Class PT2-II-23A
(6)
$
898,127.00 Class
PT2-II-IO-23
N/A
N/A
Class PT2-II-23B
(7)
$
898,127.00
N/A
N/A
N/A
Class PT2-II-24A
(6)
$
824,250.29 Class
PT2-II-IO-24
N/A
N/A
Class PT2-II-24B
(7)
$
824,250.29
N/A
N/A
N/A
Class PT2-II-25A
(6)
$
756,944.40 Class
PT2-II-IO-25
N/A
N/A
Class PT2-II-25B
(7)
$
756,944.40
N/A
N/A
N/A
Class PT2-II-26A
(6)
$
682,693.93 Class
PT2-II-IO-26
N/A
N/A
Class PT2-II-26B
(7)
$
682,693.93
N/A
N/A
N/A
Class PT2-II-27A
(6)
$
621,598.05 Class
PT2-II-IO-27
N/A
N/A
Class PT2-II-27B
(7)
$
621,598.05
N/A
N/A
N/A
Class PT2-II-28A
(6)
$
570,180.64 Class
PT2-II-IO-28
N/A
N/A
Class PT2-II-28B
(7)
$
570,180.64
N/A
N/A
N/A
Class PT2-II-29A
(6)
$
526,097.36 Class
PT2-II-IO-29
N/A
N/A
Class PT2-II-29B
(7)
$
526,097.36
N/A
N/A
N/A
Class PT2-II-30A
(6)
$
487,715.93 Class
PT2-II-IO-30
N/A
N/A
Class PT2-II-30B
(7)
$
487,715.93
N/A
N/A
N/A
Class PT2-II-31A
(6)
$
453,872.06 Class
PT2-II-IO-31
N/A
N/A
Class PT2-II-31B
(7)
$
453,872.06
N/A
N/A
N/A
Class PT2-II-32A
(6)
$
472,464.33 Class
PT2-II-IO-32
N/A
N/A
Class PT2-II-32B
(7)
$
472,464.33
N/A
N/A
N/A
Class PT2-II-33A
(6)
$
851,975.85 Class
PT2-II-IO-33
N/A
N/A
Class PT2-II-33B
(7)
$
851,975.85
N/A
N/A
N/A
Class PT2-II-34A
(6)
$
336,268.86 Class
PT2-II-IO-34
N/A
N/A
Class PT2-II-34B
(7)
$
336,268.86
N/A
N/A
N/A
Class PT2-II-35A
(6)
$
319,976.50 Class
PT2-II-IO-35
N/A
N/A
Class PT2-II-35B
(7)
$
319,976.50
N/A
N/A
N/A
Class PT2-II-36A
(6)
$
304,606.05 Class
PT2-II-IO-36
N/A
N/A
Class PT2-II-36B
(7)
$
304,606.05
N/A
N/A
N/A
Class PT2-II-37A
(6)
$
290,077.79 Class
PT2-II-IO-37
N/A
N/A
Class PT2-II-37B
(7)
$
290,077.79
N/A
N/A
N/A
Class PT2-II-38A
(6)
$
276,840.01 Class
PT2-II-IO-38
N/A
N/A
Class PT2-II-38B
(7)
$
276,840.01
N/A
N/A
N/A
Class PT2-II-39A
(6)
$
264,206.68 Class
PT2-II-IO-39
N/A
N/A
Class PT2-II-39B
(7)
$
264,206.68
N/A
N/A
N/A
Class PT2-II-40A
(6)
$
252,150.14 Class
PT2-II-IO-40
N/A
N/A
Class PT2-II-40B
(7)
$
252,150.14
N/A
N/A
N/A
Class PT2-II-41A
(6)
$
240,643.98 Class
PT2-II-IO-41
N/A
N/A
Class PT2-II-41B
(7)
$
240,643.98
N/A
N/A
N/A
Class PT2-II-42A
(6)
$
229,663.05 Class
PT2-II-IO-42
N/A
N/A
Class PT2-II-42B
(7)
$
229,663.05
N/A
N/A
N/A
Class PT2-II-43A
(6)
$
219,183.31 Class
PT2-II-IO-43
N/A
N/A
Class PT2-II-43B
(7)
$
219,183.31
N/A
N/A
N/A
Class PT2-II-44A
(6)
$
209,181.86 Class
PT2-II-IO-44
N/A
N/A
Class PT2-II-44B
(7)
$
209,181.86
N/A
N/A
N/A
Class PT2-II-45A
(6)
$
199,636.81 Class
PT2-II-IO-45
N/A
N/A
Class PT2-II-45B
(7)
$
199,636.81
N/A
N/A
N/A
Class PT2-II-46A
(6)
$
190,527.32 Class
PT2-II-IO-46
N/A
N/A
Class PT2-II-46B
(7)
$
190,527.32
N/A
N/A
N/A
Class PT2-II-47A
(6)
$
181,833.48 Class
PT2-II-IO-47
N/A
N/A
Class PT2-II-47B
(7)
$
181,833.48
N/A
N/A
N/A
Class PT2-II-48A
(6)
$
173,536.28 Class
PT2-II-IO-48
N/A
N/A
Class PT2-II-48B
(7)
$
173,536.28
N/A
N/A
N/A
Class PT2-II-49A
(6)
$
165,617.61 Class
PT2-II-IO-49
N/A
N/A
Class PT2-II-49B
(7)
$
165,617.61
N/A
N/A
N/A
Class PT2-II-50A
(6)
$
158,060.18 Class
PT2-II-IO-50
N/A
N/A
Class PT2-II-50B
(7)
$
158,060.18
N/A
N/A
N/A
Class PT2-II-51A
(6)
$
150,847.48 Class
PT2-II-IO-51
N/A
N/A
Class PT2-II-51B
(7)
$
150,847.48
N/A
N/A
N/A
Class PT2-II-52A
(6)
$
143,963.78 Class
PT2-II-IO-52
N/A
N/A
Class PT2-II-52B
(7)
$
143,963.78
N/A
N/A
N/A
Class PT2-II-53A
(6)
$
137,394.05 Class
PT2-II-IO-53
N/A
N/A
Class PT2-II-53B
(7)
$
137,394.05
N/A
N/A
N/A
Class PT2-II-54A
(6)
$
131,123.96 Class
PT2-II-IO-54
N/A
N/A
Class PT2-II-54B
(7)
$
131,123.96
N/A
N/A
N/A
Class PT2-II-55A
(6)
$
125,139.82 Class
PT2-II-IO-55
N/A
N/A
Class PT2-II-55B
(7)
$
125,139.82
N/A
N/A
N/A
Class PT2-II-56A
(6)
$
119,428.58 Class
PT2-II-IO-56
N/A
N/A
Class PT2-II-56B
(7)
$
119,428.58
N/A
N/A
N/A
Class PT2-II-57A
(6)
$ 2,491,267.18
Class
PT2-II-IO-57
N/A
N/A
Class PT2-II-57B
(7)
$ 2,491,267.18
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-II-IO-55
(4)
(4)
N/A
Class PT1-II-55A
April 2010
Class PT2-II-IO-56
(4)
(4)
N/A
Class PT1-II-56A
May 2010
Class PT2-II-IO-57
(4)
(4)
N/A
Class PT1-II-57A
June 2010
Class PT2-R
(8)
(4)
N/A
N/A
N/A
</TABLE>
----------------------------
(1) For any Distribution Date
(and the related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the Pooling-Tier
REMIC-1
Loan Group I WAC Rate.
(2) For any Distribution Date
(and the related Interest Accrual Period), this
Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of
the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular Interests relating
to the Group I Mortgage Loans and
having an
"A" in their class designation, provided that, on each
Distribution Date on which interest is distributable on the
Corresponding
Pooling-Tier REMIC-2 IO Interest, this Pooling-Tier REMIC-2
Regular
Interest
shall bear interest at a per annum rate equal to Swap LIBOR
subject to
a maximum rate equal to the weighted average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier REMIC-1
Regular
Interests
relating to the Group I Mortgage Loans and having an "A" in
their
class designation.
(3) For any Distribution Date
(and the related Interest Accrual Period), this
Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of
the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1
Regular Interests relating to the Group I Mortgage Loans and
having a
"B" in their class designation.
(4) Each Pooling-Tier REMIC-2 IO
Interest 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-1
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
related
Corresponding Actual Crossover Distribution Date, the
Pooling-Tier
REMIC-2 IO
Interest shall not accrue interest.
(5) For any Distribution Date
(and the related Interest Accrual Period), this
Pooling-Tier
REMIC-2 Regular Interest shall bear interest at a per annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the Pooling-Tier
REMIC-1
Loan Group II WAC Rate.
(6) For any Distribution Date
(and the related Interest Accrual Period), this
Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of
the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1 Regular Interests
relating to the Group II Mortgage Loans and
having an
"A" in their class designation, provided that, on each
Distribution Date on which interest is distributable on the
Corresponding
Pooling-Tier REMIC-2 IO Interest, this Pooling-Tier REMIC-2
Regular
Interest
shall bear interest at a per annum rate equal to Swap LIBOR
subject to
a maximum rate equal to the weighted average of the
Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier REMIC-1
Regular
Interests
relating to the Group II Mortgage Loans and having an "A" in
their
class designation.
(7) For any Distribution Date
(and the related Interest Accrual Period) this
Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per
annum
rate (its
"Pooling-Tier REMIC-2 Interest Rate") equal to the weighted
average of
the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
REMIC-1
Regular Interests relating to the Group II Mortgage Loans and
having a
"B" in their class designation.
(8) The Class PT2-R Interest
shall not have a principal balance and shall not
bear
interest.
On each Distribution Date, the interest distributable in respect
of
the Mortgage Loans for such Distribution
Date shall be distributed to the
Pooling-Tier REMIC-2 Regular Interests at
the Pooling-Tier REMIC-2 Interest
Rates shown above.
On each Distribution Date, Realized Losses, Subsequent
Recoveries
and payments of principal in respect of the
Group I Mortgage Loans shall be
allocated to the 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 to the
outstanding Pooling-Tier REMIC-2 Regular
Interests (other than the Pooling-Tier
REMIC-2 IO Interests) relating to the Group
II Mortgage Loans with the lowest
numerical denomination until the
Pooling-Tier REMIC-2 Principal Amount of such
interest is reduced to zero, provided that,
for Pooling-Tier REMIC-2 Regular
Interests relating to the Group II Mortgage
Loans with the same numerical
denomination, such Realized Losses,
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.
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>
Lower Tier REMIC
Lower Tier REMIC
Initial Lower Tier
Corresponding Upper Tier
Class Designation
Interest Rate
REMIC Principal Amount
REMIC Regular Interest
-----------------
----------------
---------------------------------------------------
------------------------
<S>
<C>
<C>
<C>
Class LT-A-1A
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
A-1A
initial Class Principal Balance
Class LT-A-1B
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
A-1B
initial Class Principal Balance
Class LT-A-2A
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
A-2A
initial Class Principal Balance
Class LT-A-2B
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
A-2B
initial Class Principal Balance
Class LT-M-1
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
M-1
initial Class Principal Balance
Class LT-M-2
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
M-2
initial
Class Principal Balance
Class LT-M-3
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
M-3
initial Class Principal Balance
Class LT-B-1
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
B-1
initial Class Principal Balance
Class LT-B-2
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
B-2
initial Class Principal Balance
Class LT-B-3
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
B-3
initial Class Principal Balance
Class LT-B-4
(1)
1/4 Corresponding Upper Tier REMIC Regular Interest
B-4
initial Class Principal Balance
Class LT-Accrual
(1)
1/4 Pool Stated Principal Balance plus 1/4
N/A
Subordinated Amount
Class LT-
(1)
0.01% initial Group Subordinate Amount of the
N/A
Group I(SUB)
Group I Mortgage Loans (6)
Class LT-
(2)
0.01% initial aggregate Stated Principal Balance
N/A
Group I
of the Group I Mortgage Loans (6)
Class LT-
(1)
0.01% initial Group Subordinate Amount of the
N/A
Group II(SUB)
Group II Mortgage Loans (6)
Class LT-
(3)
0.01% initial aggregate Stated Principal Balance
N/A
Group II
of the Group II Mortgage Loans
Class LT-XX
(1)
1/2 initial aggregate Stated Principal Balance of
N/A
the Mortgage Loans, less aggregate Initial Lower
Tier REMIC Principal Amounts of
Class LT-Group I(SUB), Class LT-Group I,
Class LT-Group II(SUB) and Class LT-Group II
Interests
Class LT-IO
(4)
(4)
N/A
Class LT-R
(5)
(5)
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 Lower Tier REMIC WAC
Cap.
(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) This Lower-Tier Regular
Interest is an interest-only interest and does not
have a
Lower-Tier REMIC Principal Amount. On each Distribution Date,
this
Lower-Tier
Regular Interest shall be entitled to receive all interest
distributable on the Pooling-Tier REMIC-2 IO Interests.
(5) 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.
(6) For all Distribution Dates,
the Lower Tier Principal Amount of these Lower
Tier REMIC
Regular Interests shall be rounded to eight decimal places.
Each Lower Tier REMIC Regular Interest is hereby designated as
a
regular interest in the Lower Tier REMIC.
The Class LT-A-1A, Class LT-A-1B,
Class LT-A-2A, Class LT-A-2B, Class LT-M-1,
Class LT-M-2, Class LT-M-3, Class
LT-B-1, Class LT-B-2, Class LT-B-3 and
Class LT-B-4 Interests are hereby
designated the LT Accretion Directed
Classes (the "LT Accretion Directed
Classes").
On each
Distribution Date, 25% of the increase in the Subordinated
Amount shall be payable as a reduction of
the Lower Tier REMIC Principal Amount
of the LT Accretion Directed Classes (each
such Class will be reduced by an
amount equal to 25% 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 REMIC
Principal Amount of the Class LT-Accrual
Interest. On each Distribution Date,
the increase in the Lower Tier REMIC
Principal Amount of the Class LT-Accrual
Interest may not exceed interest accruals
for such Distribution Date for the
Class LT-Accrual Interest. 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) 25% to the Class LT-Accrual
Interest, (ii) 25% 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 25% of the
principal amounts and Subsequent
Recoveries allocated to their respective
Corresponding Classes), until paid in
full and (iii) 50% to Class LT-Group I(SUB)
Interest, Class LT-Group I Interest,
Class LT-Group II(SUB) Interest, Class
LT-Group II Interest and Class LT-XX
Interest (and further allocated among these
Lower Tier REMIC Regular Interests
in the manner described in the next
sentence). As among the Class LT-Group
I(SUB) Interest, Class LT-Group I Interest,
Class LT-Group II(SUB) Interest,
Class LT-Group II Interest and Class LT-XX
Interest, all payments of scheduled
principal and prepayments of principal
generated by the Mortgage Loans and
Subsequent Recoveries referred to in clause
(iii) of the previous sentence shall
be allocated (i) first, to the Class
LT-Group I(SUB) Interest, and Class
LT-Group II(SUB) Interest, each from the
related Loan Group, so that their
respective Lower Tier REMIC Principal
Amount (computed to at least eight decimal
places) is equal to 0.01% of the related
Group Subordinate Amount (except that
if any such amount is a larger number than
in the preceding distribution period,
the least amount of principal shall be
distributed to the Class LT-Group I(SUB)
Interest and Class LT-Group II(SUB)
Interest, as applicable, such that the Lower
Tier REMIC Subordinated Balance Ratio is
maintained); (ii) second, to the Class
LT-Group I Interest and the Class LT-Group
II Interest 0.01% of the principal
collected in respect of the related Loan
Group; and (iii) third, any remaining
amounts of principal shall be distributed
to the Class LT-XX Interest.
Notwithstanding the above, principal
payments allocated to the Class X Interest
that result in the reduction in the
Subordinated Amount shall be allocated (i)
50% to the Class LT-Accrual Interest (until
paid in full) and (ii) 50% to the
Class LT-Group I(SUB) Interest, the Class
LT-Group II(SUB) Interest, the Class
LT-Group I Interest, the Class LT-Group II
Interest and the Class LT-XX Interest
(and allocated among these Lower Tier REMIC
Regular Interests in a manner
similar to that described in the
immediately preceding sentence).
Reductions to Lower Tier REMIC Principal Amounts as a result of
Realized Losses and increases in Lower Tier
REMIC Principal Amounts as a result
of Subsequent Recoveries shall be applied
so that after all distributions have
been made on each Distribution Date (i) the
Lower Tier REMIC Principal Amount of
each LT Accretion Directed Class is equal
to 25% of the Class Certificate
Balance of its Corresponding Class, (ii)
the Class LT-Accrual Interest is equal
to 25% of the aggregate Stated Principal
Balance of the Mortgage Loans plus 25%
of the Subordinated Amount, (iii) the Class
LT-Group I(SUB) Interest is equal to
0.01% of the Group Subordinate Amount of
the Group I Mortgage Loans, (iv) the
Class LT-Group II(SUB) Interest is equal to
0.01% of the Group Subordinate
Amount of the Group II Mortgage Loans, (v)
the Class LT-Group I Interest is
equal to 0.01% of the aggregate Stated
Principal Balance of the Group I Mortgage
Loans, (vi) the Class LT-Group II Interest
is equal to 0.01% of the aggregate
Stated Principal Balance of the Group II
Mortgage Loans and (vii) the remainder
shall be applied to the Class LT-XX
Interest.
Upper Tier REMIC
The Upper Tier REMIC shall issue the following classes of Upper
Tier
REMIC Regular 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.
Initial Upper
Corresponding
Upper Tier REMIC Upper Tier REMIC
Tier
REMIC
Class of
Class Designation
Interest Rate Principal Amount
Certificates
-----------------
------------- ----------------
------------
Class A-1A
(1)
$470,210,000 Class
A-1A
Class A-1B
(1)
$117,553,000 Class
A-1B
Class A-2A
(2)
$198,202,000 Class
A-2A
Class A-2B
(2)
$157,976,000 Class
A-2B
Class M-1
(3)
$ 80,793,000
Class M-1
Class M-2
(3)
$ 52,312,000
Class M-2
Class M-3
(3)
$ 10,463,000
Class M-3
Class B-1
(3)
$ 9,881,000
Class B-1
Class B-2
(3)
$ 9,881,000
Class B-2
Class B-3
(3)
$ 9,300,000
Class B-3
Class B-4
(3)
$ 11,625,000
Class B-4
Class IO
(4)
(4)
Class X
(5)
$ 34,293,625 Class
X(5)
Class UT-R
(6)
$0
Class R
------------
(1) 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 Group I Loan Cap) for the
Corresponding
Class of
Certificates and (ii) the Lower-Tier Interest Rate for the
Class
LT-Group I
Interest (the "Upper Tier REMIC Loan Group I Rate").
(2) 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 Group II Loan Cap) for the
Corresponding
Class of
Certificates and (ii) the Lower-Tier Interest Rate for the
Class
LT-Group
II Interest (the "Upper Tier REMIC Loan Group II Rate").
(3) For any Distribution Date
(and the related Interest Accrual Period) this
interest
shall bear interest at the lesser of (i) the Pass-Through Rate
(determined without regard to the applicable WAC Cap) for the
Corresponding Class of Certificates and (ii) the Upper Tier REMIC
Pool Cap
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 $34,293,625 but
it 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 REMIC Regular
Interests
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 Lower Tier REMIC WAC Cap
over the
product of (i) 2 and (ii) the weighted average Lower Tier REMIC
Interest
Rate of the Lower Tier REMIC Regular Interests (other than
Class
LT-Group
I(SUB), Class LT-Group I, Class LT-Group II(SUB), Class
LT-Group
II, Class
LT-XX and Class LT-IO Interests), where the Lower Tier REMIC
Interest
Rate on the Class LT-Accrual 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.
Certificates
Class Pass-Through Class Certificate
Class Designation
Rate
Balance
-----------------
------------------ -----------------
Class A-1A(8)
(1)
$470,210,000
Class A-1B(8)
(2)
$117,553,000
Class A-2A(8)
(3)
$198,202,000
Class A-2B(8)
(4)
$157,976,000
Class M-1(8)
(5)
$ 80,793,000
Class M-2(8)
(5)
$ 52,312,000
Class M-3(8)
(5)
$ 10,463,000
Class B-1(8)
(5)
$ 9,881,000
Class B-2(8)
(5)
$ 9,881,000
Class B-3(8)
(5)
$ 9,300,000
Class B-4(8)
(5)
$ 11,625,000
Class X
(6)
$ 34,293,625
Class R
(7)
$0
------------
(1) The Class A-1A Certificates
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 0.290% and (ii)
the Group
I Loan Cap or (b) after the Optional Termination Date, the
lesser of
(i) LIBOR plus 0.580% and (ii) the Group I Loan Cap.
(2) The Class A-1B Certificates
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 0.280% and (ii)
the Group
I Loan Cap or (b) after the Optional Termination Date, the
lesser of
(i) LIBOR plus 0.560% and (ii) the Group I Loan Cap.
(3) The Class A-2A Certificates
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 0.090% and (ii)
the Group
II Loan Cap or (b) after the Optional Termination Date, the
lesser of
(i) LIBOR plus 0.180% and (ii) the Group II Loan Cap.
(4) The Class A-2B Certificates
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 0.300% and (ii)
the Group
II Loan Cap or (b) after the Optional Termination Date, the
lesser of
(i) LIBOR plus 0.600% and (ii) the Group II Loan Cap.
(5) The Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 and
Class B-4
Certificates 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 0.440%, 0.630%,
0.680%,
1.180%,
1.350%, 1.800% and 2.250%, respectively, and (ii) the Pool Cap
or
(b) after
the Optional Termination Date, the lesser of (i) LIBOR plus
0.660%,
0.945%, 1.020%, 1.770%, 2.025%, 2.700% and 3.375%,
respectively,
and (ii)
the Pool Cap.
(6) The Class X Certificates
will represent beneficial ownership of the Class
X
Interest, the Class IO Interest, the right to receive Class IO
Shortfalls, the Cap Agreements, amounts in the Swap Account,
subject to
the
obligation to pay Net Swap Payments and Upper Tier Carry
Forward
Amounts
and, without duplication, Basis Risk Carry Forward Amounts and
amounts in
the Excess Reserve Fund Account, subject to the obligation to
make
payments from the Excess Reserve Fund Account in respect of
Basis
Risk Carry
Forward Amounts. For federal income tax purposes, the Trustee
will treat
a Class X Certificateholder's obligation to make payments of
Upper Tier
Carry Forward Amounts and, without duplication, Basis Risk
Carry
Forward Amounts to the LIBOR Certificates from the Excess
Reserve
Fund
Account and the Swap Account to the LIBOR Certificateholders as
payments
made pursuant to an interest rate cap contract written by the
Class X
Certificateholders in favor of each Class of LIBOR
Certificates.
Such
rights of the Class X Certificateholders and LIBOR
Certificateholders
shall be
treated as held in a portion of the Trust Fund that is treated
as
a grantor
trust under subpart E, Part I of subchapter J of the Code.
(7) The Class R Certificates do
not have a principal balance or an interest
rate.
(8) Each of these Certificates
will represent not only the ownership of the
Corresponding Class of Upper Tier REMIC Regular Interest but also
the
right to
receive payments from the Excess Reserve Fund Account and Swap
Account in
respect of any Basis Risk Carry Forward 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 LIBOR 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 LIBOR 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 LIBOR Certificateholder's right to receive
payments
from the Excess Reserve Fund Account and 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 except
that one Certificate in each Class may
be issued in a different amount. The
minimum denomination for each of the Class
P and Class X Certificates will be a 1%
Percentage Interest in such Class, and
the minimum denomination for the Class R
Certificates shall be 100% Percentage
Interest in such Class.
Set forth below are designations of Classes of Certificates to
the
categories used herein:
Book-Entry Certificates...... All Classes
of Certificates other than the
Physical Certificates.
Class A Certificates......... Class A-1A,
Class A-1B, Class A-2A and Class A-2B
Certificates.
Class B Certificates......... Class B-1,
Class B-2, Class B-3 and Class B-4
Certificates.
Class M Certificates......... Class M-1,
Class M-2 and Class M-3 Certificates.
Delay Certificates........... None.
ERISA-Restricted
Certificates............... Class
B-4, Class R, Class P 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......... All Classes
of Certificates other than the
Private Certificates.
Physical Certificates........ Class P,
Class X and Class R Certificates.
Private Certificates......... Class A-1A,
Class A-1B, Class B-4, Class P,
Class X
and Class R Certificates.
Rating Agencies.............. Moody's,
Fitch, Standard & Poor's and DBRS.
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 B-1,
Class B-2, Class B-3 and Class B-4 Certificates.
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 Account, 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 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 10.11.
Advancing Person: The Person to whom the Servicer's rights
under
this Agreement to be reimbursed for any
P&I Advances or Servicing Advances have
been assigned pursuant to Section
10.11.
Affiliate: With respect to any Person, any other Person
controlling,
controlled by or under common control with
such first Person. For the purposes
of this definition, "control" means the
power to direct the management and
policies of such Person, directly or
indirectly, whether through the ownership
of voting securities, by contract or
otherwise; and the terms "controlling" and
"controlled" have meanings correlative to
the foregoing.
Agreement: This Pooling and Servicing Agreement and all
amendments
or supplements hereto.
Amount Held for Future Distribution: As to the Certificates on
any
Distribution Date, the aggregate amount
held in the Collection Account at the
close of business on the related
Determination Date on account of (i) Principal
Prepayments, Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds and
Subsequent Recoveries 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 Servicer on or prior to
the related Determination Date,
together with any P&I Advances in
respect thereof; (ii) all Condemnation
Proceeds, Insurance Proceeds, Liquidation
Proceeds and Subsequent Recoveries
received by the Servicer 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 Servicer during the related
Prepayment Period together with all
Compensating Interest paid by the Servicer
in connection therewith (excluding any
Prepayment Charges); (iv) all
Substitution Adjustment Amounts with
respect to the substitutions of Mortgage
Loans that occur on or prior to the related
Determination Date; (v) all amounts
received with respect to such Distribution
Date as the Repurchase Price in
respect of a Mortgage Loan repurchased by
the Responsible Party, the Purchaser
or the Depositor on or prior to the related
Determination Date; (vi) the Closing
Date Deposit Amount; and (vii) the proceeds
with respect to the termination of
the Trust Fund pursuant to clause (a) of
Section 9.01; reduced by (y) amounts in
reimbursement for Advances previously made
with respect to the Mortgage Loans
and other amounts as to which the Servicer,
the Depositor or the Trustee are
entitled to be paid or reimbursed pursuant
to this Agreement.
Balloon Loan: Any Mortgage Loan that requires only payments of
interest until the stated maturity date of
the Mortgage Loan or Scheduled
Payments of principal (not including the
payment due on its stated maturity
date) that are based on an amortization
schedule that would be insufficient to
fully amortize the principal thereof by the
stated maturity date of the Mortgage
Loan.
Basic Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the
Principal Remittance Amount for such
Distribution Date over (ii) the Excess
Subordinated Amount, if any, for such
Distribution Date.
Basis Risk Carry Forward Amount: With respect to each Class of
LIBOR
Certificates, as of any Distribution Date,
the sum of (A) if on such
Distribution Date the Pass-Through Rate for
any Class of LIBOR Certificates is
based upon a Group Loan Cap or the Pool
Cap, as applicable, the excess of (i)
the amount of interest such Class of
Certificates would otherwise be entitled to
receive on such Distribution Date had such
rate been calculated as the sum of
LIBOR and the applicable Pass-Through
Margin on such Class of Certificates for
such Distribution Date, over (ii) the
amount of interest payable on such Class
of Certificates at, with respect to the
Class A-1A and Class A-1B Certificates,
the Group I Loan Cap, with respect to the
Class A-2A and Class A-2B
Certificates, the Group II Loan Cap, and
with respect to each other Class of
LIBOR Certificates, the Pool Cap, as
applicable, for such Distribution Date and
(B) the portion of any such excess
described in clause (A) for such Class of
Certificates from all previous Distribution
Dates not previously paid, together
with interest thereon at a rate equal to
the sum of LIBOR and the applicable
Pass-Through Margin for such Class of
Certificates for such Distribution Date.
Basis Risk Payment: For any Distribution Date, an amount equal
to
the lesser of (i) the aggregate of the
Basis Risk Carry Forward Amounts for such
Distribution Date and (ii) the Class X
Distributable Amount (prior to any
reduction for Basis Risk Payments from the
Excess Reserve Fund Account or any
Defaulted Swap Termination Payment).
Best's: Best's Key Rating Guide, as the same shall be amended
from
time to time.
Book-Entry Certificates: As specified in the Preliminary
Statement.
Business Day: Any day other than (i) Saturday or Sunday, or (ii)
a
day on which banking and savings and loan
institutions, in (a) the State of New
York, California, New Jersey or Delaware,
(b) the State in which the Servicer's
servicing operations are located, or (c)
any State in which the Trustee's
Corporate Trust Office is located, are
authorized or obligated by law or
executive order to be closed.
Cap Agreements: The Class M Cap Agreement and the Class B Cap
Agreement.
Cap Provider: Barclays Bank PLC, a bank authorized and regulated
by
the United Kingdom's Financial Services
Authority and a member of the London
Stock Exchange, and its successors in
interest.
Certificate: Any one of the Certificates executed by the Trustee
in
substantially the forms attached hereto as
exhibits.
Certificate Balance: With respect to any Class of Certificates,
other than the Class X, Class P or Class R
Certificates, at any date, the
maximum dollar amount of principal to which
the Holder thereof is then entitled
hereunder, such amount being equal to the
Denomination thereof minus all
distributions of principal previously made
(including without limitation
principal amounts paid under the Class A-1B
Certificate Insurance Policy with
respect to the Class A-1B Certificates)
with respect thereto and in the case of
any Subordinated Certificates, reduced by
any Applied Realized Loss Amounts
allocated to such Class of Certificates
pursuant to Section 4.05; provided,
however, that immediately following the
Distribution Date on which a Subsequent
Recovery is distributed, the Class
Certificate Balances of any Class or Classes
of Certificates that have been previously
reduced by Applied Realized Loss
Amounts will be increased, in order of
seniority, by the amount of the
Subsequent Recovery distributed on such
Distribution Date (up to the amount of
Applied Realized Loss Amounts allocated to
such Class or Classes). The Class P,
Class X and Class R Certificates have no
Certificate Balance.
Certificate Owner: With respect to a Book-Entry Certificate,
the
Person who is the beneficial owner of such
Book-Entry Certificate.
Certificate Register: The register maintained pursuant to
Section
5.02.
Certificateholder or Holder: The person in whose name a
Certificate
is registered in the Certificate Register,
except that, solely for the purpose
of giving any consent pursuant to this
Agreement, any Certificate registered in
the name of the Depositor or any affiliate
of the Depositor shall be deemed not
to be Outstanding and the Percentage
Interest evidenced thereby shall not be
taken into account in determining whether
the requisite amount of Percentage
Interests necessary to effect such consent
has been obtained; provided, however,
that if any such Person (including the
Depositor) owns 100% of the Percentage
Interests evidenced by a Class of
Certificates, such Certificates shall be
deemed to be Outstanding for purposes of
any provision hereof that requires the
consent of the Holders of Certificates of a
particular Class as a condition to
the taking of any action hereunder. The
Trustee and the Class A-1B Certificate
Insurer are entitled to rely conclusively
on a certification of the Depositor or
any affiliate of the Depositor in
determining which Certificates are registered
in the name of an affiliate of the
Depositor.
Certification: As
defined in Section 8.12(b).
Class: All Certificates bearing the same class designation as
set
forth in the Preliminary Statement.
Class A Certificate Group: The Group I Class A Certificates or
the
Group II Class A Certificates, as
applicable.
Class A Certificates: As specified in the Preliminary
Statement.
Class A Principal Allocation Percentage: With respect to any
Distribution Date, the percentage
equivalent of a fraction, determined as
follows: (A) with respect to the Group I
Class A Certificates, a fraction, the
numerator of which is (x) the portion of
the Principal Remittance Amount for
such Distribution Date that is attributable
to the principal received or
advanced on the Group I Mortgage Loans and
the denominator of which is (y) the
Principa
