Pooling and Servicing Agreement

You are currently viewing:

This Pooling and Servicing Agreement involves

ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-CW1 | HSBC BANK USA, NATIONAL ASSOCIATION | WELLS FARGO BANK, N.A

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.

Title: Pooling and Servicing Agreement
Governing Law: New York Date: 11/13/2006

ACE SECURITIES CORP.

Depositor

WELLS FARGO BANK, N.A.

Master Servicer and Securities Administrator

HSBC BANK USA, NATIONAL ASSOCIATION

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of July 1, 2006

ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1

Asset Backed Pass-Through Certificates

TABLE OF CONTENTS

ARTICLE I	DEFINITIONS	9
SECTION 1.01.	Defined Terms.	9
SECTION 1.02.	Allocation of Certain Interest Shortfalls.	83
ARTICLE II	CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	86
SECTION 2.01.	Conveyance of the Mortgage Loans.	86
SECTION 2.02.	Acceptance of REMIC I by Trustee.	87
SECTION 2.03.	Repurchase or Substitution of Mortgage Loans.	87
SECTION 2.04.	Representations and Warranties of the Master Servicer.	90
SECTION 2.05.	[Reserved]	92
SECTION 2.06.	Issuance of the REMIC I Regular Interests and the Class R-I Interest.	92
SECTION 2.07.	Conveyance of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by the Trustee.	92
SECTION 2.08.	Issuance of the Residual Certificates.	92
SECTION 2.09.	Establishment of the Trust.	93
SECTION 2.10.	Purpose and Powers of the Trust.	93
SECTION 2.11.	Representations and Warranties of the Trustee.	93
ARTICLE III	ADMINISTRATION OF THE MORTGAGE LOANS; ACCOUNTS	94
SECTION 3.01.	The Distribution Account.	94
SECTION 3.02.	Withdrawals from the Distribution Account.	94
SECTION 3.03.	Investment of Funds in the Investment Accounts.	95
SECTION 3.04.	Trustee to Cooperate; Release of Mortgage Files.	96
SECTION 3.05.	Reserve Fund.	97
ARTICLE IV	ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER	100
SECTION 4.01.	Master Servicer.	100
SECTION 4.02.	REMIC-Related Covenants.	101
SECTION 4.03.	Monitoring of Servicer.	101
SECTION 4.04.	Fidelity Bond.	102
SECTION 4.05.	Power to Act; Procedures.	102
SECTION 4.06.	Due-on-Sale Clauses; Assumption Agreements.	103
SECTION 4.07.	Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.	103
SECTION 4.08.	Standard Hazard Insurance and Flood Insurance Policies.	103
SECTION 4.09.	Presentment of Claims and Collection of Proceeds.	103
SECTION 4.10.	Maintenance of Primary Mortgage Insurance Policies.	104
SECTION 4.11.	Trustee to Retain Possession of Certain Insurance Policies and Documents.	104
SECTION 4.12.	Realization Upon Defaulted Mortgage Loans.	104

SECTION 4.13.	Compensation for the Master Servicer.	104
SECTION 4.14.	REO Property.	105
SECTION 4.15.	Master Servicer Annual Statement of Compliance.	105
SECTION 4.16.	Master Servicer Assessments of Compliance.	106
SECTION 4.17.	Master Servicer Attestation Reports.	108
SECTION 4.18.	Annual Certification.	109
SECTION 4.19.	Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls.	109
ARTICLE V	PAYMENTS TO CERTIFICATEHOLDERS	110
SECTION 5.01.	Distributions.	110
SECTION 5.02.	Statements to Certificateholders.	124
SECTION 5.03.	Servicing Reports; P&I Advances.	128
SECTION 5.04.	Allocation of Realized Losses.	128
SECTION 5.05.	Compliance with Withholding Requirements.	131
SECTION 5.06.	Reports Filed with Securities and Exchange Commission.	131
SECTION 5.07.	Supplemental Interest Trust.	136
SECTION 5.08.	Tax Treatment of Swap Payments and Swap Termination Payments.	138
ARTICLE VI	THE CERTIFICATES	140
SECTION 6.01.	The Certificates.	140
SECTION 6.02.	Registration of Transfer and Exchange of Certificates.	142
SECTION 6.03.	Mutilated, Destroyed, Lost or Stolen Certificates.	148
SECTION 6.04.	Persons Deemed Owners.	148
SECTION 6.05.	Certain Available Information.	148
ARTICLE VII	THE DEPOSITOR AND THE MASTER SERVICER	149
SECTION 7.01.	Liability of the Depositor and the Master Servicer.	149
SECTION 7.02.	Merger or Consolidation of the Depositor, the Servicer or the Master Servicer.	149
SECTION 7.03.	Limitation on Liability of the Depositor, the Master Servicer and Others.	149
SECTION 7.04.	Reserved.	150
SECTION 7.05.	Limitation on Resignation of the Master Servicer.	150
SECTION 7.06.	Assignment of Master Servicing.	151
SECTION 7.07.	Rights of the Depositor in Respect of the Master Servicer.	151
SECTION 7.08.	Duties of the Credit Risk Manager.	152
SECTION 7.09.	Limitation Upon Liability of the Credit Risk Manager.	152
SECTION 7.10.	Removal of the Credit Risk Manager.	153
ARTICLE VIII	DEFAULT	154
SECTION 8.01.	Servicer Events of Default.	154
SECTION 8.02.	Master Servicer to Act; Appointment of Successor.	157
SECTION 8.03.	Notification to Certificateholders.	159
SECTION 8.04.	Waiver of Servicer Events of Default.	159

ARTICLE IX	CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR	160
SECTION 9.01.	Duties of Trustee and Securities Administrator.	160
SECTION 9.02.	Certain Matters Affecting Trustee and Securities Administrator.	161
SECTION 9.03.	Trustee and Securities Administrator not Liable for Certificates or Mortgage Loans.	164
SECTION 9.04.	Trustee and Securities Administrator May Own Certificates.	164
SECTION 9.05.	Fees and Expenses of Trustee, Custodian and Securities Administrator.	164
SECTION 9.06.	Eligibility Requirements for Trustee and Securities Administrator.	165
SECTION 9.07.	Resignation and Removal of Trustee and Securities Administrator.	166
SECTION 9.08.	Successor Trustee or Securities Administrator.	167
SECTION 9.09.	Merger or Consolidation of Trustee or Securities Administrator.	167
SECTION 9.10.	Appointment of Co-Trustee or Separate Trustee.	168
SECTION 9.11.	Appointment of Office or Agency.	169
SECTION 9.12.	Representations and Warranties.	169
ARTICLE X	TERMINATION	171
SECTION 10.01.	Termination Upon Repurchase or Liquidation of All Mortgage Loans.	171
SECTION 10.02.	Additional Termination Requirements.	173
ARTICLE XI	REMIC PROVISIONS	175
SECTION 11.01.	REMIC Administration.	175
SECTION 11.02.	Prohibited Transactions and Activities.	177
SECTION 11.03.	Indemnification.	178
ARTICLE XII	MISCELLANEOUS PROVISIONS	179
SECTION 12.01.	Amendment.	179
SECTION 12.02.	Recordation of Agreement; Counterparts.	180
SECTION 12.03.	Limitation on Rights of Certificateholders.	180
SECTION 12.04.	Governing Law.	181
SECTION 12.05.	Notices.	181
SECTION 12.06.	Severability of Provisions.	182
SECTION 12.07.	Notice to Rating Agencies.	182
SECTION 12.08.	Article and Section References.	183
SECTION 12.09.	Grant of Security Interest.	183
SECTION 12.10.	Survival of Indemnification.	184
SECTION 12.11.	Intention of the Parties and Interpretation.	184
SECTION 12.12.	Indemnification.	184

iii

Exhibits

Exhibit A-1		Form of Class A Certificate
Exhibit A-2		Form of Class M-[1][2][3][4][5][6][7][8][9] Certificate
Exhibit A-4		Form of Class M-[10][11]
Exhibit A-5		Form of Class CE Certificate
Exhibit A-6		Form of Class P Certificate
Exhibit A-7		Form of Class R Certificate
Exhibit B-1		Form of Transferor Representation Letter and Form of Transferee Representation Letter in Connection with Transfer of the Class P Certificates, Class CE Certificates and Residual Certificates Pursuant to Rule 144A Under the Securities Act
Exhibit B-2		Form of Transferor Representation Letter and Form of Transferee Representation Letter in Connection with Transfer of the Class P Certificates, Class CE Certificates and Residual Certificates Pursuant to Rule 501(a) Under the Securities Act
Exhibit B-3		Form of Transfer Affidavit and Agreement and Form of Transferor Affidavit in Connection with Transfer of Residual Certificates
Exhibit C		Reserved
Exhibit D		Form of Power of Attorney
Exhibit E		Servicing Criteria
Exhibit F		Mortgage Loan Purchase Agreement
Exhibit G		Form 10-D, Form 8-K and Form 10-K Reporting Responsibility
Exhibit H		Additional Disclosure Notification
Exhibit I		Swap Agreement
Exhibit J		Cap Contracts
Exhibit K		Assignment, Assumption and Recognition Agreement
Schedule 1		Mortgage Loan Schedule
Schedule 2		Prepayment Charge Schedule
Schedule 3		Reserved
Schedule 4		Reserved
Schedule 5		Standard File Layout - Master Servicing
Schedule 6		Data Requirements of Servicing Advances Incurred Prior to Cut-off Date

This Pooling and Servicing Agreement, is dated and effective as of July 1, 2006, among ACE SECURITIES CORP., as Depositor, WELLS FARGO BANK, N.A., Master Servicer and Securities Administrator and HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee.

PRELIMINARY STATEMENT:

The Depositor intends to sell pass-through certificates to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest of the Trust Fund created hereunder. The Trust Fund will consist of a segregated pool of assets comprised of the Mortgage Loans and certain other related assets subject to this Agreement.

REMIC I

As provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement (other than the Reserve Fund and, for the avoidance of doubt, the Supplemental Interest Trust, the Cap Contracts and the Swap Agreement) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R-I Interest will be the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the REMIC I Remittance Rate, the initial Uncertificated Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated.

Designation	REMIC I Remittance Rate	Initial Uncertificated Balance		Latest Possible Maturity Date ⁽¹⁾
I	Variable ⁽²⁾	$	54,921,839.07	July 25, 2036
I-1-A	Variable ⁽²⁾	$	6,368,257.95	July 25, 2036
I-1-B	Variable ⁽²⁾	$	6,368,257.95	July 25, 2036
I-2-A	Variable ⁽²⁾	$	6,806,422.93	July 25, 2036
I-2-B	Variable ⁽²⁾	$	6,806,422.93	July 25, 2036
I-3-A	Variable ⁽²⁾	$	7,192,172.59	July 25, 2036
I-3-B	Variable ⁽²⁾	$	7,192,172.59	July 25, 2036
I-4-A	Variable ⁽²⁾	$	6,904,250.02	July 25, 2036
I-4-B	Variable ⁽²⁾	$	6,904,250.02	July 25, 2036
I-5-A	Variable ⁽²⁾	$	6,626,660.43	July 25, 2036
I-5-B	Variable ⁽²⁾	$	6,626,660.43	July 25, 2036
I-6-A	Variable ⁽²⁾	$	6,360,259.05	July 25, 2036
I-6-B	Variable ⁽²⁾	$	6,360,259.05	July 25, 2036
I-7-A	Variable ⁽²⁾	$	6,104,670.28	July 25, 2036
I-7-B	Variable ⁽²⁾	$	6,104,670.28	July 25, 2036
I-8-A	Variable ⁽²⁾	$	5,859,413.71	July 25, 2036
I-8-B	Variable ⁽²⁾	$	5,859,413.71	July 25, 2036
I-9-A	Variable ⁽²⁾	$	5,624,029.05	July 25, 2036
I-9-B	Variable ⁽²⁾	$	5,624,029.05	July 25, 2036
I-10-A	Variable ⁽²⁾	$	5,398,197.17	July 25, 2036

Designation

REMIC I

Remittance Rate

Initial

Uncertificated Balance

Latest Possible

Maturity Date ⁽¹⁾

I-10-B	Variable ⁽²⁾	$	5,398,197.17	July 25, 2036
I-11-A	Variable ⁽²⁾	$	5,181,487.85	July 25, 2036
I-11-B	Variable ⁽²⁾	$	5,181,487.85	July 25, 2036
I-12-A	Variable ⁽²⁾	$	4,987,659.12	July 25, 2036
I-12-B	Variable ⁽²⁾	$	4,987,659.12	July 25, 2036
I-13-A	Variable ⁽²⁾	$	4,816,681.74	July 25, 2036
I-13-B	Variable ⁽²⁾	$	4,816,681.74	July 25, 2036
I-14-A	Variable ⁽²⁾	$	4,885,615.52	July 25, 2036
I-14-B	Variable ⁽²⁾	$	4,885,615.52	July 25, 2036
I-15-A	Variable ⁽²⁾	$	13,187,780.27	July 25, 2036
I-15-B	Variable ⁽²⁾	$	13,187,780.27	July 25, 2036
I-16-A	Variable ⁽²⁾	$	11,100,837.98	July 25, 2036
I-16-B	Variable ⁽²⁾	$	11,100,837.98	July 25, 2036
I-17-A	Variable ⁽²⁾	$	9,351,874.94	July 25, 2036
I-17-B	Variable ⁽²⁾	$	9,351,874.94	July 25, 2036
I-18-A	Variable ⁽²⁾	$	7,796,967.75	July 25, 2036
I-18-B	Variable ⁽²⁾	$	7,796,967.75	July 25, 2036
I-19-A	Variable ⁽²⁾	$	2,854,713.85	July 25, 2036
I-19-B	Variable ⁽²⁾	$	2,854,713.85	July 25, 2036
I-20-A	Variable ⁽²⁾	$	2,726,121.75	July 25, 2036
I-20-B	Variable ⁽²⁾	$	2,726,121.75	July 25, 2036
I-21-A	Variable ⁽²⁾	$	2,609,640.50	July 25, 2036
I-21-B	Variable ⁽²⁾	$	2,609,640.50	July 25, 2036
I-22-A	Variable ⁽²⁾	$	2,497,303.90	July 25, 2036
I-22-B	Variable ⁽²⁾	$	2,497,303.90	July 25, 2036
I-23-A	Variable ⁽²⁾	$	2,391,519.74	July 25, 2036
I-23-B	Variable ⁽²⁾	$	2,391,519.74	July 25, 2036
I-24-A	Variable ⁽²⁾	$	2,290,317.77	July 25, 2036
I-24-B	Variable ⁽²⁾	$	2,290,317.77	July 25, 2036
I-25-A	Variable ⁽²⁾	$	2,193,510.57	July 25, 2036
I-25-B	Variable ⁽²⁾	$	2,193,510.57	July 25, 2036
I-26-A	Variable ⁽²⁾	$	2,100,900.82	July 25, 2036
I-26-B	Variable ⁽²⁾	$	2,100,900.82	July 25, 2036
I-27-A	Variable ⁽²⁾	$	2,012,058.01	July 25, 2036
I-27-B	Variable ⁽²⁾	$	2,012,058.01	July 25, 2036
I-28-A	Variable ⁽²⁾	$	1,926,383.61	July 25, 2036
I-28-B	Variable ⁽²⁾	$	1,926,383.61	July 25, 2036
I-29-A	Variable ⁽²⁾	$	1,845,354.91	July 25, 2036
I-29-B	Variable ⁽²⁾	$	1,845,354.91	July 25, 2036
I-30-A	Variable ⁽²⁾	$	1,767,817.15	July 25, 2036
I-30-B	Variable ⁽²⁾	$	1,767,817.15	July 25, 2036
I-31-A	Variable ⁽²⁾	$	1,693,614.81	July 25, 2036
I-31-B	Variable ⁽²⁾	$	1,693,614.81	July 25, 2036
I-32-A	Variable ⁽²⁾	$	1,622,598.91	July 25, 2036
I-32-B	Variable ⁽²⁾	$	1,622,598.91	July 25, 2036
I-33-A	Variable ⁽²⁾	$	1,554,630.39	July 25, 2036

Designation

REMIC I

Remittance Rate

Initial

Uncertificated Balance

Latest Possible

Maturity Date ⁽¹⁾

I-33-B	Variable ⁽²⁾	$	1,554,630.39	July 25, 2036
I-34-A	Variable ⁽²⁾	$	1,489,504.86	July 25, 2036
I-34-B	Variable ⁽²⁾	$	1,489,504.86	July 25, 2036
I-35-A	Variable ⁽²⁾	$	1,427,251.85	July 25, 2036
I-35-B	Variable ⁽²⁾	$	1,427,251.85	July 25, 2036
I-36-A	Variable ⁽²⁾	$	1,367,664.36	July 25, 2036
I-36-B	Variable ⁽²⁾	$	1,367,664.36	July 25, 2036
I-37-A	Variable ⁽²⁾	$	1,310,624.24	July 25, 2036
I-37-B	Variable ⁽²⁾	$	1,310,624.24	July 25, 2036
I-38-A	Variable ⁽²⁾	$	1,256,018.58	July 25, 2036
I-38-B	Variable ⁽²⁾	$	1,256,018.58	July 25, 2036
I-39-A	Variable ⁽²⁾	$	1,203,742.04	July 25, 2036
I-39-B	Variable ⁽²⁾	$	1,203,742.04	July 25, 2036
I-40-A	Variable ⁽²⁾	$	1,153,661.58	July 25, 2036
I-40-B	Variable ⁽²⁾	$	1,153,661.58	July 25, 2036
I-41-A	Variable ⁽²⁾	$	1,105,749.24	July 25, 2036
I-41-B	Variable ⁽²⁾	$	1,105,749.24	July 25, 2036
I-42-A	Variable ⁽²⁾	$	1,059,875.37	July 25, 2036
I-42-B	Variable ⁽²⁾	$	1,059,875.37	July 25, 2036
I-43-A	Variable ⁽²⁾	$	1,015,950.06	July 25, 2036
I-43-B	Variable ⁽²⁾	$	1,015,950.06	July 25, 2036
I-44-A	Variable ⁽²⁾	$	973,888.63	July 25, 2036
I-44-B	Variable ⁽²⁾	$	973,888.63	July 25, 2036
I-45-A	Variable ⁽²⁾	$	933,610.30	July 25, 2036
I-45-B	Variable ⁽²⁾	$	933,610.30	July 25, 2036
I-46-A	Variable ⁽²⁾	$	22,160,777.13	July 25, 2036
I-46-B	Variable ⁽²⁾	$	22,160,777.13	July 25, 2036
II	Variable ⁽²⁾	$	50,141,083.13	July 25, 2036
II-1-A	Variable ⁽²⁾	$	5,813,912.55	July 25, 2036
II-1-B	Variable ⁽²⁾	$	5,813,912.55	July 25, 2036
II-2-A	Variable ⁽²⁾	$	6,213,936.07	July 25, 2036
II-2-B	Variable ⁽²⁾	$	6,213,936.07	July 25, 2036
II-3-A	Variable ⁽²⁾	$	6,566,106.91	July 25, 2036
II-3-B	Variable ⁽²⁾	$	6,566,106.91	July 25, 2036
II-4-A	Variable ⁽²⁾	$	6,303,247.48	July 25, 2036
II-4-B	Variable ⁽²⁾	$	6,303,247.48	July 25, 2036
II-5-A	Variable ⁽²⁾	$	6,049,821.57	July 25, 2036
II-5-B	Variable ⁽²⁾	$	6,049,821.57	July 25, 2036
II-6-A	Variable ⁽²⁾	$	5,806,609.95	July 25, 2036
II-6-B	Variable ⁽²⁾	$	5,806,609.95	July 25, 2036
II-7-A	Variable ⁽²⁾	$	5,573,269.72	July 25, 2036
II-7-B	Variable ⁽²⁾	$	5,573,269.72	July 25, 2036
II-8-A	Variable ⁽²⁾	$	5,349,362.29	July 25, 2036
II-8-B	Variable ⁽²⁾	$	5,349,362.29	July 25, 2036
II-9-A	Variable ⁽²⁾	$	5,134,467.45	July 25, 2036
II-9-B	Variable ⁽²⁾	$	5,134,467.45	July 25, 2036

Designation

REMIC I

Remittance Rate

Initial

Uncertificated Balance

Latest Possible

Maturity Date ⁽¹⁾

II-10-A	Variable ⁽²⁾	$	4,928,293.83	July 25, 2036
II-10-B	Variable ⁽²⁾	$	4,928,293.83	July 25, 2036
II-11-A	Variable ⁽²⁾	$	4,730,448.65	July 25, 2036
II-11-B	Variable ⁽²⁾	$	4,730,448.65	July 25, 2036
II-12-A	Variable ⁽²⁾	$	4,553,492.38	July 25, 2036
II-12-B	Variable ⁽²⁾	$	4,553,492.38	July 25, 2036
II-13-A	Variable ⁽²⁾	$	4,397,398.26	July 25, 2036
II-13-B	Variable ⁽²⁾	$	4,397,398.26	July 25, 2036
II-14-A	Variable ⁽²⁾	$	4,460,331.48	July 25, 2036
II-14-B	Variable ⁽²⁾	$	4,460,331.48	July 25, 2036
II-15-A	Variable ⁽²⁾	$	12,039,807.73	July 25, 2036
II-15-B	Variable ⁽²⁾	$	12,039,807.73	July 25, 2036
II-16-A	Variable ⁽²⁾	$	10,134,530.02	July 25, 2036
II-16-B	Variable ⁽²⁾	$	10,134,530.02	July 25, 2036
II-17-A	Variable ⁽²⁾	$	8,537,811.06	July 25, 2036
II-17-B	Variable ⁽²⁾	$	8,537,811.06	July 25, 2036
II-18-A	Variable ⁽²⁾	$	7,118,255.75	July 25, 2036
II-18-B	Variable ⁽²⁾	$	7,118,255.75	July 25, 2036
II-19-A	Variable ⁽²⁾	$	2,606,216.15	July 25, 2036
II-19-B	Variable ⁽²⁾	$	2,606,216.15	July 25, 2036
II-20-A	Variable ⁽²⁾	$	2,488,817.75	July 25, 2036
II-20-B	Variable ⁽²⁾	$	2,488,817.75	July 25, 2036
II-21-A	Variable ⁽²⁾	$	2,382,476.00	July 25, 2036
II-21-B	Variable ⁽²⁾	$	2,382,476.00	July 25, 2036
II-22-A	Variable ⁽²⁾	$	2,279,918.10	July 25, 2036
II-22-B	Variable ⁽²⁾	$	2,279,918.10	July 25, 2036
II-23-A	Variable ⁽²⁾	$	2,183,342.26	July 25, 2036
II-23-B	Variable ⁽²⁾	$	2,183,342.26	July 25, 2036
II-24-A	Variable ⁽²⁾	$	2,090,949.73	July 25, 2036
II-24-B	Variable ⁽²⁾	$	2,090,949.73	July 25, 2036
II-25-A	Variable ⁽²⁾	$	2,002,569.43	July 25, 2036
II-25-B	Variable ⁽²⁾	$	2,002,569.43	July 25, 2036
II-26-A	Variable ⁽²⁾	$	1,918,021.18	July 25, 2036
II-26-B	Variable ⁽²⁾	$	1,918,021.18	July 25, 2036
II-27-A	Variable ⁽²⁾	$	1,836,911.99	July 25, 2036
II-27-B	Variable ⁽²⁾	$	1,836,911.99	July 25, 2036
II-28-A	Variable ⁽²⁾	$	1,758,695.39	July 25, 2036
II-28-B	Variable ⁽²⁾	$	1,758,695.39	July 25, 2036
II-29-A	Variable ⁽²⁾	$	1,684,720.09	July 25, 2036
II-29-B	Variable ⁽²⁾	$	1,684,720.09	July 25, 2036
II-30-A	Variable ⁽²⁾	$	1,613,931.85	July 25, 2036
II-30-B	Variable ⁽²⁾	$	1,613,931.85	July 25, 2036
II-31-A	Variable ⁽²⁾	$	1,546,188.69	July 25, 2036
II-31-B	Variable ⁽²⁾	$	1,546,188.69	July 25, 2036
II-32-A	Variable ⁽²⁾	$	1,481,354.59	July 25, 2036
II-32-B	Variable ⁽²⁾	$	1,481,354.59	July 25, 2036

Designation

REMIC I

Remittance Rate

Initial

Uncertificated Balance

Latest Possible

Maturity Date ⁽¹⁾

II-33-A	Variable ⁽²⁾	$	1,419,302.61	July 25, 2036
II-33-B	Variable ⁽²⁾	$	1,419,302.61	July 25, 2036
II-34-A	Variable ⁽²⁾	$	1,359,846.14	July 25, 2036
II-34-B	Variable ⁽²⁾	$	1,359,846.14	July 25, 2036
II-35-A	Variable ⁽²⁾	$	1,303,012.15	July 25, 2036
II-35-B	Variable ⁽²⁾	$	1,303,012.15	July 25, 2036
II-36-A	Variable ⁽²⁾	$	1,248,611.64	July 25, 2036
II-36-B	Variable ⁽²⁾	$	1,248,611.64	July 25, 2036
II-37-A	Variable ⁽²⁾	$	1,196,536.76	July 25, 2036
II-37-B	Variable ⁽²⁾	$	1,196,536.76	July 25, 2036
II-38-A	Variable ⁽²⁾	$	1,146,684.42	July 25, 2036
II-38-B	Variable ⁽²⁾	$	1,146,684.42	July 25, 2036
II-39-A	Variable ⁽²⁾	$	1,098,958.46	July 25, 2036
II-39-B	Variable ⁽²⁾	$	1,098,958.46	July 25, 2036
II-40-A	Variable ⁽²⁾	$	1,053,237.42	July 25, 2036
II-40-B	Variable ⁽²⁾	$	1,053,237.42	July 25, 2036
II-41-A	Variable ⁽²⁾	$	1,009,495.76	July 25, 2036
II-41-B	Variable ⁽²⁾	$	1,009,495.76	July 25, 2036
II-42-A	Variable ⁽²⁾	$	967,615.13	July 25, 2036
II-42-B	Variable ⁽²⁾	$	967,615.13	July 25, 2036
II-43-A	Variable ⁽²⁾	$	927,513.44	July 25, 2036
II-43-B	Variable ⁽²⁾	$	927,513.44	July 25, 2036
II-44-A	Variable ⁽²⁾	$	889,113.37	July 25, 2036
II-44-B	Variable ⁽²⁾	$	889,113.37	July 25, 2036
II-45-A	Variable ⁽²⁾	$	852,341.20	July 25, 2036
II-45-B	Variable ⁽²⁾	$	852,341.20	July 25, 2036
II-46-A	Variable ⁽²⁾	$	20,231,721.37	July 25, 2036
II-46-B	Variable ⁽²⁾	$	20,231,721.37	July 25, 2036
P	Variable ⁽²⁾	$	100.00	July 25, 2036

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC I Regular Interest.

⁽²⁾	Calculated in accordance with the definition of “REMIC I Remittance Rate” herein.

REMIC II

As provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II.” The Class R-II Interest will evidence the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the REMIC II Remittance Rate, the initial aggregate Uncertificated Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC II Regular Interests. None of the REMIC II Regular Interests will be certificated.

Designation	REMIC II Remittance Rate	Initial Uncertificated Balance			Latest Possible Maturity Date ⁽¹⁾
AA	Variable ⁽²⁾	$	413,480,336.39		July 25, 2036
A-1	Variable ⁽²⁾	$	1,742,415.00		July 25, 2036
A-2A	Variable ⁽²⁾	$	764,675.00		July 25, 2036
A-2B	Variable ⁽²⁾	$	237,845.00		July 25, 2036
A-2C	Variable ⁽²⁾	$	377,650.00		July 25, 2036
A-2D	Variable ⁽²⁾	$	210,570.00		July 25, 2036
M-1	Variable ⁽²⁾	$	149,780.00		July 25, 2036
M-2	Variable ⁽²⁾	$	137,125.00		July 25, 2036
M-3	Variable ⁽²⁾	$	80,165.00		July 25, 2036
M-4	Variable ⁽²⁾	$	69,615.00		July 25, 2036
M-5	Variable ⁽²⁾	$	69,615.00		July 25, 2036
M-6	Variable ⁽²⁾	$	61,180.00		July 25, 2036
M-7	Variable ⁽²⁾	$	59,070.00		July 25, 2036
M-8	Variable ⁽²⁾	$	48,520.00		July 25, 2036
M-9	Variable ⁽²⁾	$	37,975.00		July 25, 2036
M-10	Variable ⁽²⁾	$	23,205.00		July 25, 2036
M-11	Variable ⁽²⁾	$	42,190.00		July 25, 2036
ZZ	Variable ⁽²⁾	$	4,326,779.21		July 25, 2036
P	Variable ⁽²⁾	$	100.00		July 25, 2036
IO	Variable ⁽²⁾		(3	)	July 25, 2036
I-SUB	Variable ⁽²⁾	$	9,263.49		July 25, 2036
I-GRP	Variable ⁽²⁾	$	44,111.80		July 25, 2036
II-SUB	Variable ⁽²⁾	$	8,457.15		July 25, 2036
II-GRP	Variable ⁽²⁾	$	40,271.95		July 25, 2036
XX	Variable ⁽²⁾	$	421,816,606.21		July 25, 2036

⁽¹⁾	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II Regular Interest.

⁽²⁾	Calculated in accordance with the definition of “REMIC II Remittance Rate” herein.

⁽³⁾	REMIC II Regular Interest IO will not have an Uncertificated Balance, but will accrue interest on its Uncertificated Notional Amount.

REMIC III

As provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III.” The Class R-III Interest will evidence the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Pass-Through Rate, the initial aggregate Certificate Principal Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Classes of Certificates.

Designation	Pass-Through Rate	Initial Aggregate Certificate Principal Balance		Latest Possible Maturity Date ⁽¹⁾
Class A-1	Variable ⁽²⁾	$	348,483,000.00	July 25, 2036
Class A-2A	Variable ⁽²⁾	$	152,935,000.00	July 25, 2036
Class A-2B	Variable ⁽²⁾	$	47,569,000.00	July 25, 2036
Class A-2C	Variable ⁽²⁾	$	75,530,000.00	July 25, 2036
Class A-2D	Variable ⁽²⁾	$	42,114,000.00	July 25, 2036
Class M-1	Variable ⁽²⁾	$	29,956,000.00	July 25, 2036
Class M-2