___________________________________________________________________
WELLS FARGO ASSET SECURITIES CORPORATION
(Seller)
and
WELLS FARGO BANK, N.A.
(Master Servicer)
and
WACHOVIA BANK, NATIONAL ASSOCIATION
(Trustee)
POOLING AND
SERVICING AGREEMENT
Dated as of December 23, 2004
$1,583,069,043.96
Mortgage Pass-Through Certificates
Series 2004-EE
_________________________________________________________________
<PAGE>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01
Definitions................................................
Section 1.02 Acts of
Holders............................................
Section 1.03 Effect of Headings and Table of
Contents...................
Section 1.04 Benefits of
Agreement......................................
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF THE CERTIFICATES
Section 2.01 Conveyance of Mortgage
Loans...............................
Section 2.02 Acceptance by
Custodian....................................
Section 2.03 Representations and Warranties of
the Master Servicer and
the Seller................................................
Section 2.04 Execution and Delivery of
Certificates.....................
Section 2.05 Designation of Certificates;
Designation of Startup Day
and Latest Possible Maturity Date.........................
Section 2.06 Optional Substitution of Mortgage
Loans....................
ARTICLE III
ADMINISTRATION OF THE TRUST ESTATE; SERVICING
OF THE MORTGAGE LOANS
Section 3.01 Certificate
Account........................................
Section 3.02 Permitted Withdrawals from the
Certificate Account.........
Section 3.03 Advances by Master Servicer and
Trustee....................
Section 3.04 Custodian to Cooperate; Release of
Owner Mortgage Loan
Files and Retained Mortgage Loan Files....................
Section 3.05 Reports to the Trustee; Annual
Compliance Statements.......
Section 3.06 Title, Management and Disposition
of Any REO Mortgage
Loan......................................................
Section 3.07 Amendments to Servicing
Agreements,
Modification of Standard Provisions.......................
Section 3.08 Oversight of
Servicing.....................................
Section 3.09 Termination and Substitution of
Servicing Agreements.......
Section 3.10 Application of Net Liquidation
Proceeds....................
Section 3.11 Exchange Act
Reports.......................................
ARTICLE IV
DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
PAYMENTS TO CERTIFICATEHOLDERS;
STATEMENTS AND REPORTS
Section 4.01
Distributions..............................................
Section 4.02 Allocation of Realized
Losses..............................
Section 4.03 Paying
Agent...............................................
Section 4.04 Statements to
Certificateholders;
Reports to the Trustee and the Seller.....................
Section 4.05 Reports to Mortgagors and the
Internal Revenue Service.....
Section 4.06 Calculation of Amounts; Binding
Effect of Interpretations
and Actions of Master Servicer............................
ARTICLE V
THE CERTIFICATES
Section 5.01 The
Certificates...........................................
Section 5.02 Registration 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 Definitive
Certificates....................................
Section 5.08 Notices to Clearing
Agency.................................
ARTICLE VI
THE SELLER AND THE MASTER SERVICER
Section 6.01 Liability of the Seller and the
Master Servicer............
Section 6.02 Merger or Consolidation of the
Seller or the Master
Servicer..................................................
Section 6.03 Limitation on Liability of the
Seller, the Master
Servicer and Others.......................................
Section 6.04 Resignation of the Master
Servicer.........................
Section 6.05 Compensation to the Master
Servicer........................
Section 6.06 Assignment or Delegation of Duties
by Master Servicer......
Section 6.07 Indemnification of Trustee and
Seller by Master Servicer...
ARTICLE VII
DEFAULT
Section 7.01 Events of
Default..........................................
Section 7.02 Other Remedies of
Trustee..................................
Section 7.03 Directions by Certificateholders
and
Duties of Trustee During Event of Default.................
Section 7.04 Action upon Certain Failures of
the
Master Servicer and upon Event of Default.................
Section 7.05 Trustee to Act; Appointment of
Successor...................
Section 7.06 Notification to
Certificateholders.........................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of
Trustee..........................................
Section 8.02 Certain Matters Affecting the
Trustee......................
Section 8.03 Trustee Not Required to Make
Investigation.................
Section 8.04 Trustee Not Liable for
Certificates or Mortgage Loans......
Section 8.05 Trustee May Own
Certificates...............................
Section 8.06 The Master Servicer to Pay Fees
and Expenses...............
Section 8.07 Eligibility
Requirements...................................
Section 8.08 Resignation and
Removal....................................
Section 8.09
Successor..................................................
Section 8.10 Merger or
Consolidation....................................
Section 8.11 Authenticating
Agent.......................................
Section 8.12 Separate Trustees and
Co-Trustees..........................
Section 8.13 Tax Matters; Compliance with REMIC
Provisions..............
Section 8.14 Monthly
Advances...........................................
ARTICLE IX
TERMINATION
Section 9.01 Termination upon Purchase by
the
Seller or Liquidation of All Mortgage Loans...............
Section 9.02 Additional Termination
Requirements........................
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01
Amendment.................................................
Section 10.02 Recordation of
Agreement..................................
Section 10.03 Limitation on Rights of
Certificateholders................
Section 10.04 Governing Law;
Jurisdiction...............................
Section 10.05
Notices...................................................
Section 10.06 Severability of
Provisions................................
Section 10.07 Special Notices to Rating
Agencies........................
Section 10.08 Covenant of
Seller........................................
Section 10.09
Recharacterization........................................
ARTICLE XI
TERMS FOR CERTIFICATES
Section 11.01 Cut-Off
Date..............................................
Section 11.02 Cut-Off Date Aggregate
Principal Balance..................
Section 11.03 Original Group
Percentage.................................
Section 11.03(a) Original Group I-A
Percentage.............................
Section 11.03(b) Original Group II-A
Percentage............................
Section 11.03(b) Original Group II-A
Percentage............................
Section 11.04 Original Principal
Balances of the Classes of Class A
Certificates.............................................
Section 11.05
Reserved..................................................
Section 11.06
Reserved..................................................
Section 11.07
Reserved..................................................
Section 11.08 Original Aggregate
Subordinated Percentage................
Section 11.09 Original Class B
Principal Balance........................
Section 11.10
Reserved..................................................
Section 11.11 Original Principal
Balances of the Classes of Class B
Certificates.............................................
Section 11.12 Original Class B-1
Fractional Interest....................
Section 11.13 Original Class B-2
Fractional Interest....................
Section 11.14 Original Class B-3
Fractional Interest....................
Section 11.15 Original Class B-4
Fractional Interest....................
Section 11.16 Original Class B-5
Fractional Interest....................
Section 11.17 Closing
Date..............................................
Section 11.18 Right to
Purchase.........................................
Section 11.19 Wire Transfer
Eligibility.................................
Section 11.20 Single
Certificate........................................
Section 11.21 Servicing Fee
Rate........................................
Section 11.22 Master Servicing Fee
Rate.................................
<PAGE>
EXHIBITS
--------
EXHIBIT A-I-A-1 -
Form
of Face of Class I-A-1 Certificate
EXHIBIT A-II-A-1 - Form of Face of
Class II-A-1 Certificate
EXHIBIT A-II-A-2 - Form of Face of
Class II-A-2 Certificate
EXHIBIT A-II-A-3 - Form of Face of
Class II-A-3 Certificate
EXHIBIT A-II-A-R - Form of Face of
Class II-A-R Certificate
EXHIBIT A-II-A-LR - Form of Face of
Class II-A-LR Certificate
EXHIBIT A-III-A-1 - Form of Face of
Class III-A-1 Certificate
EXHIBIT A-III-A-2 - Form of Face of
Class III-A-2 Certificate
EXHIBIT A-III-A-3 - Form of Face of
Class III-A-3 Certificate
EXHIBIT B-1
-
Form of Face of Class B-1 Certificate
EXHIBIT B-2
-
Form of Face of Class B-2 Certificate
EXHIBIT B-3
-
Form of Face of Class B-3 Certificate
EXHIBIT B-4
-
Form of Face of Class B-4 Certificate
EXHIBIT B-5
-
Form of Face of Class B-5 Certificate
EXHIBIT B-6
-
Form of Face of Class B-6 Certificate
EXHIBIT C
-
Form of Reverse of Series 2004-EE Certificates
EXHIBIT D
-
Reserved
EXHIBIT E
-
Custodial Agreement
EXHIBIT F-1A
-
Schedule of Mortgage Loans in Loan Group I
EXHIBIT F-1B -
Schedule of Mortgage Loans in Loan Group II
EXHIBIT F-1C
-
Schedule of Mortgage Loans in Loan Group III
EXHIBIT F-2
-
Schedule of Other Servicer Mortgage Loans
EXHIBIT G
-
Request for Release
EXHIBIT H
-
Affidavit Pursuant to Section 860E(e)(4) of the
Internal Revenue Code of 1986, as amended, and
for Non-ERISA Investors
EXHIBIT I
-
Letter from Transferor of Residual Certificates
EXHIBIT J
-
Transferee's Letter (Class [B-4] [B-5] [B-6]
Certificates)
EXHIBIT K
-
List of Recordation States
EXHIBIT L
-
Servicing Agreements
EXHIBIT M
-
Form of Special Servicing Agreement
EXHIBIT N
-
Form of Initial Certification of the Custodian
EXHIBIT O
-
Form of Final Certification of the Custodian
EXHIBIT P
-
Form of Sarbanes-Oxley Certification
EXHIBIT Q
-
Schedule of Pledged Asset Mortgage Loans
SCHEDULE I
-
Applicable Unscheduled Principal Receipt Period
<PAGE>
This Pooling and Servicing Agreement, dated as of December 23,
2004
executed by WELLS FARGO ASSET SECURITIES
CORPORATION, as Seller, WELLS FARGO
BANK, N.A., as Master Servicer, and
WACHOVIA BANK, NATIONAL ASSOCIATION, as
Trustee.
W I T N E S S E T H T
H A T:
- - - - - - - - - - -
- - -
In consideration of the mutual agreements herein contained, the
Seller, the Master Servicer and the Trustee
agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.
Whenever used herein, the following words and phrases, unless
the
context otherwise requires, shall have the
meanings specified in this Article.
Accepted Master Servicing Practices: Accepted Master Servicing
Practices shall consist of the customary
and usual master servicing practices of
prudent master servicing institutions which
master service mortgage loans of the
same type as the Mortgage Loans in the
jurisdictions in which the related
Mortgaged Properties are located,
regardless of the date upon which the related
Mortgage Loans were originated.
Adjusted Principal Balance: As to any Distribution Date and any
Class of Class B Certificates, the greater
of (A) zero and (B) (i) the Principal
Balance of such Class with respect to such
Distribution Date minus (ii) the
Adjustment Amount for such Distribution
Date less the Principal Balances for any
Classes of Class B Certificates with higher
numerical designations.
Adjustment Amount: For any Distribution Date, the difference
between
(A) the sum of the Aggregate Class A
Principal Balance and the Class B Principal
Balance as of the related Determination
Date and (B) the sum of (i) the sum of
the Aggregate Class A Principal Balance and
the Class B Principal Balance as of
the Determination Date succeeding such
Distribution Date and (ii) the aggregate
amount that would have been distributed to
all Classes as principal in
accordance with Section 4.01(a)(i) for such
Distribution Date without regard to
the provisos in the definitions of Class
B-1 Optimal Principal Amount, Class B-2
Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal
Principal Amount, Class B-5 Optimal
Principal Amount and Class B-6 Optimal
Principal Amount.
Adjustment Date: As to each Mortgage Loan, the Due Date on
which
date an adjustment to the Mortgage Interest
Rate of such Mortgage Loan becomes
effective under the related Mortgage Note,
which Due Date is the date set forth
in the Mortgage Loan Schedule as the first
Adjustment Date and each subsequent
anniversary thereof.
Aggregate Adjusted Pool Amount: With respect to any
Distribution
Date, the sum of the Group I Adjusted Pool
Amount, Group II Adjusted Pool Amount
and Group III Adjusted Pool Amount.
Aggregate Class A Principal Balance: With respect to any
Determination Date, the sum of the Group
I-A Principal Balance, Group II-A
Principal Balance and Group III-A Principal
Balance.
Aggregate Class A Percentage: With respect to any Distribution
Date,
the percentage, the numerator of which is
the Aggregate Class A Principal
Balance prior to giving effect to any
distributions on such Distribution Date,
and the denominator of which is the sum of
the Pool Balances for each Loan Group
on the first day of the month preceding the
month of such Distribution Date.
Aggregate Group I-A Unpaid Interest Shortfall: As to any
Distribution Date, an amount equal to the
sum of the Class A Unpaid Interest
Shortfalls for the Group I-A
Certificates.
Aggregate Group II-A Unpaid Interest Shortfall: As to any
Distribution Date, an amount equal to the
sum of the Class A Unpaid Interest
Shortfalls for the Group II-A
Certificates.
Aggregate Group III-A Unpaid Interest Shortfall: As to any
Distribution Date, an amount equal to the
sum of the Class A Unpaid Interest
Shortfalls for the Group III-A
Certificates.
Aggregate Principal Balance: As of any Determination Date, the
sum
of the Group I-A Principal Balance, the
Group II-A Principal Balance, the Group
III-A Principal Balance and the Class B
Principal Balance as of such date.
Aggregate Subordinated Percentage: As to any Determination Date,
the
difference between 100% and the Aggregate
Class A Percentage.
Agreement: This Pooling and Servicing Agreement and all
amendments
and supplements hereto.
Applicable Unscheduled Principal Receipt Period: With respect to
the
Mortgage Loans serviced by each Servicer
and each of the Full Unscheduled
Principal Receipts and Partial Unscheduled
Principal Receipts, the Unscheduled
Principal Receipt Period specified on
Schedule I hereto.
Apportioned Class B Principal Distribution Amount: As to any
Distribution Date and any Class of Class B
Certificates, the product of (i) the
applicable Class B Principal Distribution
Amount and (ii) the Apportionment
Fraction for such Class.
Apportionment Fraction: As to any Class of Class B Certificates
and
any Distribution Date occurring prior to
the Subordination Depletion Date and on
or after the Distribution Date on which the
Principal Balance of each Class of
one Group has been reduced to zero, a
fraction, the numerator of which is the
portion of the Class B Loan Group Optimal
Principal Amounts represented by
clauses (ii) and (iii) of the definition
thereof (other than Liquidation
Proceeds that are not partial Liquidation
Proceeds) for which the corresponding
Class A Certificates are no longer
outstanding and the denominator of which is
the applicable Class B Optimal Principal
Amount without regard to the proviso
thereto.
Authenticating Agent: Any authenticating agent appointed by the
Trustee pursuant to Section 8.11. There
shall initially be no Authenticating
Agent for the Certificates.
Available Master Servicer Compensation: With respect to any
Distribution Date, the sum of (a) the
Master Servicing Fee for such Distribution
Date, (b) interest earned through the
business day preceding the applicable
Distribution Date on any Prepayments in
Full remitted to the Master Servicer and
(c) the aggregate amount of Month End
Interest remitted by the Servicers to the
Master Servicer pursuant to the related
Servicing Agreements.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction;
provided, however, that a Bankruptcy Loss
shall not be deemed a Bankruptcy Loss
hereunder so long as the applicable
Servicer has notified the Master Servicer
and the Trustee in writing that such
Servicer is diligently pursuing any
remedies that may exist in connection with
the representations and warranties made
regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not
in default with regard to payments
due thereunder or (B) delinquent payments
of principal and interest under the
related Mortgage Loan and any premiums on
any applicable primary hazard
insurance policy and any related escrow
payments in respect of such Mortgage
Loan are being advanced on a current basis
by such Servicer without giving
effect to any Debt Service Reduction.
Beneficial Owner: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such
Book-Entry Certificate, as reflected
on the books of the Clearing Agency, or on
the books of a Person maintaining an
account with such Clearing Agency (directly
or as an indirect participant, in
accordance with the rules of such Clearing
Agency), as the case may be.
Book-Entry Certificate: Any one of the Class I-A-1
Certificates,
Class II-A-1 Certificates, Class II-A-2
Certificates, Class II-A-3 Certificates,
Class III-A-1 Certificates, Class III-A-2
Certificates, Class III-A-3
Certificates, Class B-1 Certificates, Class
B-2 Certificates and Class B-3
Certificates, beneficial ownership and
transfers of which shall be evidenced by,
and made through, book entries by the
Clearing Agency as described in Section
5.01(b).
Business Day: Any day other than (i) a Saturday or a Sunday, or
(ii)
a legal holiday in the City of New York,
State of Iowa, State of Maryland, State
of Minnesota or State of North Carolina or
(iii) a day on which banking
institutions in the City of New York, or
the State of Iowa, State of Maryland,
State of Minnesota or State of North
Carolina are authorized or obligated by law
or executive order to be closed.
Certificate: Any one of the Class A Certificates or Class B
Certificates.
Certificate Account: The separate trust account established and
maintained by the Master Servicer in the
name of the Master Servicer on behalf
of the Trustee pursuant to Section 3.01.
The Certificate Account shall be an
Eligible Account.
Certificate Custodian: Initially, Wachovia Bank, National
Association; thereafter any other
Certificate Custodian acceptable to The
Depository Trust Company and selected by
the Trustee.
Certificate Register and Certificate Registrar: Respectively,
the
register maintained pursuant to and the
registrar provided for in Section 5.02.
The initial Certificate Registrar is the
Trustee.
Certificateholder or Holder: The Person in whose name a
Certificate
is registered in the Certificate Register,
except that, solely for the purposes
of the taking of any action under Articles
VII or VIII, any Certificate
registered in the name of the Master
Servicer, a Servicer or any affiliate
thereof shall be deemed not to be
outstanding and the Voting Interest evidenced
thereby shall not be taken into account in
determining whether the requisite
percentage of Certificates necessary to
effect any such action has been
obtained.
Class: All certificates whose form is identical except for
variations in the Percentage Interest
evidenced thereby.
Class I-A-1 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
A-I-A-1 and Exhibit C hereto.
Class I-A-1 Certificateholder: The registered holder of a Class
I-A-1 Certificate.
Class I-L Interest: A regular interest in the Lower-Tier REMIC
which
is held as an asset of the Upper-Tier REMIC
and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class I-LS Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier
REMIC and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class II-A-1 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-II-A-1 and Exhibit C hereto.
Class
II-A-1 Certificateholder: The registered holder of a Class
II-A-1 Certificate.
Class II-A-2 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-II-A-2 and Exhibit C hereto.
Class II-A-2 Certificateholder: The registered holder of a
Class
II-A-2 Certificate.
Class II-A-2 Loss Amount: With respect to any Determination
Date
after the Subordination Depletion Date, the
amount, if any, by which the
Principal Balance of the Class II-A-2
Certificates would be reduced as a result
of the application of the third sentence of
the definition of Principal Balance.
Class II-A-3 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-II-A-3 and Exhibit C hereto.
Class II-A-3 Certificateholder: The registered holder of a
Class
II-A-3 Certificate.
Class II-A-3 Loss Allocation Amount: With respect to any
Determination Date after the Subordination
Depletion Date the lesser of (a) the
Principal Balance of the Class II-A-3
Certificates with respect to such
Determination Date prior to any reduction
for the Class II-A-3 Loss Allocation
Amount and (b) the Class II-A-2 Loss
Amount.
Class II-A-LR Certificate: The Certificate executed by the
Trustee
and authenticated by the Trustee or the
Authenticating Agent in substantially
the form set forth in Exhibit A-II-A-LR and
Exhibit C hereto.
Class II-A-LR Certificateholder: The registered holder of the
Class
II-A-LR Certificate.
Class II-A-R Certificate: The Certificate executed by the
Trustee
and authenticated by the Trustee or the
Authenticating Agent in substantially
the form set forth in Exhibit A-II-A-R and
Exhibit C hereto.
Class II-A-R Certificateholder: The registered holder of the
Class
II-A-R Certificate.
Class II-L Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier
REMIC and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class II-LS Interest: A regular interest in the Lower-Tier
REMIC
which is held as an asset of the Upper-Tier
REMIC and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class III-A-1 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-III-A-1 and Exhibit C hereto.
Class III-A-1 Certificateholder: The registered holder of a
Class
III-A-1 Certificate.
Class III-A-2 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-III-A-2 and Exhibit C hereto.
Class III-A-2 Certificateholder: The registered holder of a
Class
III-A-2 Certificate.
Class III-A-2 Loss Amount: With respect to any Determination
Date
after the Subordination Depletion Date, the
amount, if any, by which the
Principal Balance of the Class III-A-2
Certificates would be reduced as a result
of the application of the third sentence of
the definition of Principal Balance.
Class III-A-3 Certificate: Any one of the Certificates executed
by
the Trustee and authenticated by the
Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit
A-III-A-3 and Exhibit C hereto.
Class III-A-3 Certificateholder: The registered holder of a
Class
III-A-3 Certificate.
Class III-A-3 Loss Allocation Amount: With respect to any
Determination Date after the Subordination
Depletion Date the lesser of (a) the
Principal Balance of the Class III-A-3
Certificates with respect to such
Determination Date prior to any reduction
for the Class III-A-3 Loss Allocation
Amount and (b) the Class III-A-2 Loss
Amount.
Class III-L Interest: A regular interest in the Lower-Tier
REMIC
which is held as an asset of the Upper-Tier
REMIC and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class III-LS Interest:
A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier
REMIC and is entitled to monthly
distributions as provided in Section
4.01(a)(iii) hereof.
Class A Certificate: Either of the Group I-A Certificates,
Group
II-A Certificates or Group III-A
Certificates.
Class A Certificateholder: The registered holder of a Class A
Certificate.
Class A Interest Percentage: As to any Distribution Date and
any
Class of Class A Certificates, the
percentage calculated by dividing the
Interest Accrual Amount of such Class
(determined without regard to clause (ii)
of the definition thereof) by the sum of
(a) the Group I-A Interest Accrual
Amount, (b) the Group II-A Interest Accrual
Amount and (c) the Group III-A
Interest Accrual Amount.
Class A Pass-Through Rate: For each Distribution Date and the
Class
I-A Certificates, the Class A Pass-Through
Rate will be a per annum rate equal
to Net WAC of the Group I Mortgage Loans.
For each Distribution Date and any of
the Group II-A Certificates, the Class A
Pass-Through Rate will be a per annum
rate equal to Net WAC of the Group II
Mortgage Loans. For each Distribution Date
and any of the Group III-A Certificates,
the Class A Pass-Through Rate will be a
per annum rate equal to Net WAC of the
Group III Mortgage Loans.
Class A Unpaid Interest Shortfall: As to any Distribution Date
and
Class of Class A Certificates, the amount,
if any, by which the aggregate of the
Group I-A Interest Shortfall Amounts, Group
II-A Interest Shortfall Amounts and
Group III-A Interest Shortfall Amounts for
such Class for prior Distribution
Dates is in excess of the amounts
distributed in respect of such Class on prior
Distribution Dates pursuant to Paragraph
second of Section 4.01(a)(i).
Class B Certificate: Any one of the Class B-1 Certificates,
Class
B-2 Certificates, Class B-3 Certificates,
Class B-4 Certificates, Class B-5
Certificates or Class B-6 Certificates.
Class B Certificateholder: The registered holder of a Class B
Certificate.
Class B Distribution Amount: Any of the Class B-1 Distribution
Amount, Class B-2 Distribution Amount,
Class B-3 Distribution Amount, Class B-4
Distribution Amount, Class B-5 Distribution
Amount or Class B-6 Distribution
Amount.
Class B Interest Accrual Amount: With respect to any
Distribution
Date, the sum of the Interest Accrual
Amounts for the Classes of Class B
Certificates with respect to such
Distribution Date.
Class B Interest Percentage: With respect to any Distribution
Date
and any Class of Class B Certificates, the
percentage calculated by dividing the
Interest Accrual Amount of such Class
(determined without regard to clause (ii)
of the definition thereof) by the Class B
Interest Accrual Amount (determined
without regard to clause (ii) of the
definition of each Interest Accrual
Amount).
Class B Interest Shortfall Amount: Any of the Class B-1
Interest
Shortfall Amount, Class B-2 Interest
Shortfall Amount, Class B-3 Interest
Shortfall Amount, Class B-4 Interest
Shortfall Amount, Class B-5 Interest
Shortfall Amount or Class B-6 Interest
Shortfall Amount.
Class B Loan Group I Optimal Principal Amount: Any of the Class
B-1,
Class B-2, Class B-3, Class B-4, Class B-5
or Class B-6 Loan Group I Optimal
Principal Amounts.
Class B Loan Group II Optimal Principal Amount: Any of the
Class
B-1, Class B-2, Class B-3, Class B-4, Class
B-5 or Class B-6 Loan Group II
Optimal Principal Amounts.
Class B Loan Group III Optimal Principal Amount: Any of the
Class
B-1, Class B-2, Class B-3, Class B-4, Class
B-5 or Class B-6 Loan Group III
Optimal Principal Amounts.
Class B Loan Group Optimal Principal Amount: Any of the Class B
Loan
Group I Optimal Principal Amount, Class B
Loan Group II Optimal Principal Amount
and Class B Loan Group III Optimal
Principal Amount.
Class B Loss Percentage: With respect to any Determination Date
and
any Class of Class B Certificates then
outstanding, the percentage calculated by
dividing the Principal Balance of such
Class by the Class B Principal Balance
(determined without regard to any Principal
Balance of any Class of Class B
Certificates not then outstanding), in each
case determined as of the preceding
Determination Date.
Class B Optimal Principal Amount: Any of the Class B-1 Optimal
Principal Amount, Class B-2 Optimal
Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal
Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal
Principal Amount.
Class B Pass-Through Rate: As to any Distribution Date, the Class
B
Pass-Through Rate will be a per annum rate
equal to the weighted average (based
on the Group Subordinate Amount for each
Loan Group) of the Net WACs of the Loan
Groups.
Class B Principal Balance: As of any date, an amount equal to
the
sum of the Class B-1 Principal Balance,
Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance and
Class B-6 Principal Balance.
Class B Principal Distribution Amount: Any of the Class B-1
Principal Distribution Amount, Class B-2
Principal Distribution Amount, Class
B-3 Principal Distribution Amount, Class
B-4 Principal Distribution Amount,
Class B-5 Principal Distribution Amount or
Class B-6 Principal Distribution
Amounts.
Class B Unpaid Interest Shortfall: Any of the Class B-1 Unpaid
Interest Shortfall, Class B-2 Unpaid
Interest Shortfall, Class B-3 Unpaid
Interest Shortfall, Class B-4 Unpaid
Interest Shortfall, Class B-5 Unpaid
Interest Shortfall or Class B-6 Unpaid
Interest Shortfall.
Class B-1 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-1 and Exhibit C hereto.
Class B-1 Certificateholder: The registered holder of a Class
B-1
Certificate.
Class B-1 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-1 Certificates pursuant to
Paragraphs first, second and third of
Section 4.01(a)(ii).
Class B-1 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-1 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-1 Certificates on such
Distribution Date pursuant to Paragraph
first of Section 4.01(a)(ii).
Class B-1 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-1 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-1 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-1 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-1 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-1 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-1 Optimal Principal Amount: As to any Distribution Date
and
each Outstanding Mortgage Loan, an amount
equal to the sum of
(I) the sum of:
(i) the Group I Class B-1 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-1 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-1 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-1 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-1 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-1
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all
Unscheduled Principal Receipts (other than Recoveries) that
were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable Unscheduled
Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-1 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-1 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-1
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-1 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-1 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-1 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-1 Prepayment
Percentage, Group II Class B-1 Prepayment
Percentage or Group III Class B-1
Prepayment Percentage, as applicable, of the
Recovery for each Loan Group for such
Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-1 Optimal Principal Amount
will equal the lesser of (A) the Class B-1
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-1 Certificates.
Class B-1 Principal Balance: As to the first Determination Date,
the
Original Class B-1 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-1 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-1
Certificates on prior Distribution Dates
(A) pursuant to Paragraph third of Section
4.01(a)(ii) and (B) as a result of a
Principal Adjustment; provided, however, if
the Class B-1 Certificates are the
most subordinate Certificates outstanding,
the Class B-1 Principal Balance will
equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the
Aggregate Class A Principal Balance as
of such Determination Date.
Class B-1 Principal Distribution Amount: As to any Distribution
Date, any amount distributable to the
Holders of the Class B-1 Certificates
pursuant to Paragraph third of Section
4.01(a)(ii).
Class B-1 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-1 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-1 Certificates on
prior Distribution Dates pursuant to
Paragraph second of Section
4.01(a)(ii).
Class B-2 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-2 and Exhibit C hereto.
Class B-2 Certificateholder: The registered holder of a Class
B-2
Certificate.
Class B-2 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-2 Certificates pursuant to
Paragraphs fourth, fifth and sixth of
Section 4.01(a)(ii).
Class B-2 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-2 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-2 Certificates on such
Distribution Date pursuant to Paragraph
fourth of Section 4.01(a)(ii).
Class B-2 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-2 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-2 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-2 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-2 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-2 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-2 Optimal Principal Amount: As to any Distribution Date
and
each Outstanding Mortgage Loan, an amount
equal to the sum of
(I) the sum of:
(i) the Group I Class B-2 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-2 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-2 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-2 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-2 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-2
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all
Unscheduled Principal Receipts (other than Recoveries) that
were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable
Unscheduled Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-2 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-2 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-2
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-2 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-2 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-2 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic
Advances previously made by the applicable Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-2 Prepayment
Percentage, Group II Class B-2 Prepayment
Percentage or Group III Class B-2
Prepayment Percentage, as applicable, of the
Recovery for each Loan Group for such
Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-2 Optimal Principal Amount
will equal the lesser of (A) the Class B-2
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-2 Certificates.
Class B-2 Principal Balance: As to the first Determination Date,
the
Original Class B-2 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-2 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-2
Certificates on prior Distribution Dates
(A) pursuant to Paragraph sixth of Section
4.01(a)(ii) and (B) as a result of a
Principal Adjustment; provided, however, if
the Class B-2 Certificates are the
most subordinate Certificates outstanding,
the Class B-2 Principal Balance will
equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the
sum of the Aggregate Class A Principal
Balance and the Class B-1 Principal Balance
as of such Determination Date.
Class B-2 Principal Distribution Amount: As to any Distribution
Date, any amount distributable to the
Holders of the Class B-2 Certificates
pursuant to Paragraph sixth of Section
4.01(a)(ii).
Class B-2 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-2 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-2 Certificates on
prior Distribution Dates pursuant to
Paragraph fifth of Section 4.01(a)(ii).
Class B-3 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-3 and Exhibit C hereto.
Class B-3 Certificateholder: The registered holder of a Class
B-3
Certificate.
Class B-3 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-3 Certificates pursuant to
Paragraphs seventh, eighth and ninth of
Section 4.01(a)(ii).
Class B-3 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-3 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-3 Certificates on such
Distribution Date pursuant to Paragraph
seventh of Section 4.01(a)(ii).
Class B-3 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-3 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-3 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-3 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-3 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-3 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-3 Optimal
Principal Amount: As to any Distribution
Date
and each Outstanding Mortgage Loan, an
amount equal to the sum of
(I) the sum of:
(i) the Group I Class B-3 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-3 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-3 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-3 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-3 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-3
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all
Unscheduled Principal Receipts (other than Recoveries) that
were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable
Unscheduled Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-3 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-3 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-3
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-3 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-3 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-3 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-3 Prepayment
Percentage, Group II Class B-3 Prepayment
Percentage or Group III Class B-3
Prepayment Percentage, as applicable, of the
Recovery for each Loan Group for such
Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-3 Optimal Principal Amount
will equal the lesser of (A) the Class B-3
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-3 Certificates.
Class B-3 Principal Balance: As to the first Determination Date,
the
Original Class B-3 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-3 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-3
Certificates on prior Distribution Dates
(A) pursuant to Paragraph ninth of Section
4.01(a)(ii) and (B) as a result of a
Principal Adjustment; provided, however, if
the Class B-3 Certificates are the
most subordinate Certificates outstanding,
the Class B-3 Principal Balance will
equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the
sum of the Aggregate Class A Principal
Balance, the Class B-1 Principal Balance
and the Class B-2 Principal Balance as
of such Determination Date.
Class B-3 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-3 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-3 Certificates on
prior Distribution Dates pursuant to
Paragraph eighth of Section
4.01(a)(ii).
Class B-4 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-4 and Exhibit C hereto.
Class B-4 Certificateholder: The registered holder of a Class
B-4
Certificate.
Class B-4 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-4 Certificates pursuant to
Paragraphs tenth, eleventh and twelfth of
Section 4.01(a)(ii).
Class B-4 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-4 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-4 Certificates on such
Distribution Date pursuant to Paragraph
tenth of Section 4.01(a)(ii).
Class B-4 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-4 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-4 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-4 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-4 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-4 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-4 Optimal Principal Amount: As to any Distribution Date
and
each Outstanding Mortgage Loan, an amount
equal to the sum of
(I) the sum of:
(i) the Group I Class B-4 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-4 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-4 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-4 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-4 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-4
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all Unscheduled Principal
Receipts (other than Recoveries) that were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable
Unscheduled Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-4 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-4 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-4
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-4 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-4 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-4 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-4 Prepayment
Percentage, Group II Class B-4 Prepayment
Percentage or Group III Class B-4
Prepayment Percentage, as applicable, of the
Recovery for such Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-4 Optimal Principal Amount
will equal the lesser of (A) the Class B-4
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-4 Certificates.
Class B-4 Principal Balance: As to the first Determination Date,
the
Original Class B-4 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-4 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-4
Certificates on prior Distribution Dates
(A) pursuant to Paragraph twelfth of
Section 4.01(a)(ii) and (B) as a result of
a Principal Adjustment; provided, however,
if the Class B-4 Certificates are the
most subordinate Certificates outstanding,
the Class B-4 Principal Balance will
equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the
sum of the Aggregate Class A Principal
Balance, the Class B-1 Principal Balance,
the Class B-2 Principal Balance and
the Class B-3 Principal Balance as of such
Determination Date.
Class B-4 Principal Distribution Amount: As to any Distribution
Date, any amount distributable to the
Holders of the Class B-4 Certificates
pursuant to Paragraph twelfth of Section
4.01(a)(ii).
Class B-4 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-4 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-4 Certificates on
prior Distribution Dates pursuant to
Paragraph eleventh of Section
4.01(a)(ii).
Class B-5 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-5 and Exhibit C hereto.
Class B-5 Certificateholder: The registered holder of a Class
B-5
Certificate.
Class B-5 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-5 Certificates pursuant to
Paragraphs thirteenth, fourteenth and
fifteenth of Section 4.01(a)(ii).
Class B-5 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-5 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-5 Certificates on such
Distribution Date pursuant to Paragraph
thirteenth of Section 4.01(a)(ii).
Class B-5 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-5 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-5 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-5 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-5 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-5 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-5 Optimal Principal Amount: As to any Distribution Date
and
each Outstanding Mortgage Loan, an amount
equal to the sum of
(I) the sum of:
(i) the Group I Class B-5 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-5 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-5 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-5 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-5 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-5
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all
Unscheduled Principal Receipts (other than Recoveries) that
were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable
Unscheduled Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-5 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-5 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-5
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-5 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-5 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-5 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-5 Prepayment
Percentage, Group II Class B-5 Prepayment
Percentage or Group III Class B-5
Prepayment Percentage, as applicable, of the
Recovery for such Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-5 Optimal Principal Amount
will equal the lesser of (A) the Class B-5
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-5 Certificates.
Class B-5 Principal Balance: As to the first Determination Date,
the
Original Class B-5 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-5 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-5
Certificates on prior Distribution Dates
(A) pursuant to Paragraph fifteenth of
Section 4.01(a)(ii) and (B) as a result
of a Principal Adjustment; provided,
however, if the Class B-5 Certificates are
the most subordinate Certificates
outstanding, the Class B-5 Principal Balance
will equal the difference, if any, between
the Aggregate Adjusted Pool Amount as
of the preceding Distribution Date less the
sum of the Aggregate Class A
Principal Balance, the Class B-1 Principal
Balance, the Class B-2 Principal
Balance, the Class B-3 Principal Balance
and the Class B-4 Principal Balance as
of such Determination Date.
Class B-5 Principal Distribution Amount: As to any Distribution
Date, any amount distributable to the
Holders of the Class B-5 Certificates
pursuant to Paragraph fifteenth of Section
4.01(a)(ii).
Class B-5 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-5 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-5 Certificates on
prior Distribution Dates pursuant to
Paragraph fourteenth of Section
4.01(a)(ii).
Class B-6 Certificate: Any one of the Certificates executed by
the
Trustee and authenticated by the Trustee or
the Authenticating Agent in
substantially the form set forth in Exhibit
B-6 and Exhibit C hereto.
Class B-6 Certificateholder: The registered holder of a Class
B-6
Certificate.
Class B-6 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the
Class B-6 Certificates pursuant to
Paragraphs sixteenth, seventeenth and
eighteenth of Section 4.01(a)(ii).
Class B-6 Interest Shortfall Amount: As to any Distribution
Date,
any amount by which the Interest Accrual
Amount of the Class B-6 Certificates
with respect to such Distribution Date
exceeds the amount distributed in respect
of the Class B-6 Certificates on such
Distribution Date pursuant to Paragraph
sixteenth of Section 4.01(a)(ii).
Class B-6 Loan Group I Optimal Principal Amount: As to any
Distribution Date, the Class B-6 Optimal
Principal Amount calculated only with
respect to Group I Mortgage Loans and
without regard to the proviso thereto.
Class B-6 Loan Group II Optimal Principal Amount: As to any
Distribution Date, the Class B-6 Optimal
Principal Amount calculated only with
respect to Group II Mortgage Loans and
without regard to the proviso thereto.
Class B-6 Loan Group III Optimal Principal Amount: As to any
Distribution Date, the Class B-6 Optimal
Principal Amount calculated only with
respect to Group III Mortgage Loans and
without regard to the proviso thereto.
Class B-6 Optimal Principal Amount: As to any Distribution Date
and
each Outstanding Mortgage Loan, an amount
equal to the sum of
(I) the sum of:
(i) the Group I Class B-6 Percentage (with respect to each such
Group I
Mortgage Loan), Group II Class B-6 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-6 Percentage (with
respect to
each such Group III Mortgage Loan) of the principal portion of
the
Monthly Payment due on the Due Date occurring in the month of
such
Distribution Date on such Mortgage Loan;
(ii) the Group I Class B-6 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-6 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-6
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of all
Unscheduled Principal Receipts (other than Recoveries) that
were
received
by a Servicer with respect to such Mortgage Loan during the
Applicable
Unscheduled Principal Receipt Period relating to such
Distribution Date for each applicable type of Unscheduled
Principal
Receipt;
(iii) the Group I Class B-6 Prepayment Percentage (with respect
to
each such
Group I Mortgage Loan), Group II Class B-6 Prepayment
Percentage
(with
respect to each such Group II Mortgage Loan) or Group III Class
B-6
Prepayment
Percentage (with respect to each such Group III Mortgage Loan)
of the
Scheduled Principal Balance of such Mortgage Loan which, during
the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date, was repurchased by the Seller pursuant to
Section
2.02 or
2.03; and
(iv) the Group I Class B-6 Percentage (with respect to each
such
Group I
Mortgage Loan), Group II Class B-6 Percentage (with respect to
each such
Group II Mortgage Loan) or Group III Class B-6 Percentage (with
respect to
each such Group III Mortgage Loan) of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the Group I Class B-6 Prepayment
Percentage, Group II Class B-6 Prepayment
Percentage or Group III Class B-6
Prepayment Percentage, as applicable, of the
Recovery for such Distribution Date;
provided, however, that if an Optimal
Adjustment Event occurs with respect to
such Class and such Distribution Date, the
Class B-6 Optimal Principal Amount
will equal the lesser of (A) the Class B-6
Optimal Principal Amount calculated
as described in the preceding provisions
and (B) the Adjusted Principal Balance
for the Class B-6 Certificates.
Class B-6 Principal Balance: As to the first Determination Date,
the
Original Class B-6 Principal Balance. As of
any subsequent Determination Date,
the Original Class B-6 Principal Balance
less the sum of all amounts previously
distributed in respect of the Class B-6
Certificates on prior Distribution Dates
pursuant to Paragraph eighteenth of Section
4.01(a)(ii); provided, however, if
the Class B-6 Certificates are outstanding,
the Class B-6 Principal Balance will
equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the
sum of the Aggregate Class A Principal
Balance, the Class B-1 Principal Balance,
the Class B-2 Principal Balance, the
Class B-3 Principal Balance, the Class B-4
Principal Balance and the Class B-5
Principal Balance as of such Determination
Date.
Class B-6 Principal Distribution Amount: As to any Distribution
Date, any amount distributable to the
Holders of the Class B-6 Certificates
pursuant to Paragraph eighteenth of Section
4.01(a)(ii).
Class B-6 Unpaid Interest Shortfall: As to any Distribution
Date,
the amount, if any, by which the aggregate
of the Class B-6 Interest Shortfall
Amounts for prior Distribution Dates is in
excess of the amounts distributed in
respect of the Class B-6 Certificates on
prior Distribution Dates pursuant to
Paragraph seventeenth of Section
4.01(a)(ii).
Clearing Agency: An organization registered as a "clearing
agency"
pursuant to Section 17A of the Exchange
Act. The initial Clearing Agency shall
be The Depository Trust Company.
Clearing Agency Participant: A broker, dealer, bank, financial
institution or other Person for whom a
Clearing Agency effects book-entry
transfers of securities deposited with the
Clearing Agency.
Closing Date: The date of initial issuance of the Certificates,
as
set forth in Section 11.17.
Code: The Internal Revenue Code of 1986, as it may be amended
from
time to time, any successor statutes
thereto, and applicable U.S. Department of
the Treasury temporary or final regulations
promulgated thereunder.
Compensating Interest: With respect to any Distribution Date,
the
least of (a) the aggregate Prepayment
Interest Shortfall on the Mortgage Loans
for such Distribution Date, (b) the product
of (i) 1/12th of 0.20% and (ii) the
Pool Scheduled Principal Balance for such
Distribution Date and (c) the
Available Master Servicing Compensation for
such Distribution Date.
Co-op Shares: Shares issued by private non-profit housing
corporations.
Corporate Trust Office: The principal office of the Trustee at
which
at any particular time its corporate trust
business shall be administered, which
office, at the date of the execution of
this instrument, is located at 401 South
Tryon Street, Charlotte, North Carolina
28288.
Current Group I-A Interest Distribution Amount: As to any
Distribution Date, the amount distributed
in respect of the Classes of Group I-A
Certificates pursuant to Paragraph first
clause (A) of Section 4.01(a)(i) on
such Distribution Date.
Current Group II-A Interest Distribution Amount: As to any
Distribution Date, the amount distributed
in respect of the Classes of Group
II-A Certificates pursuant to Paragraph
first clause (B) of Section 4.01(a)(i)
on such Distribution Date.
Current Group III-A Interest Distribution Amount: As to any
Distribution Date, the amount distributed
in respect of the Classes of Group
III-A Certificates pursuant to Paragraph
first clause (C) of Section 4.01(a)(i)
on such Distribution Date.
Current Class B Interest Distribution Amount: As to any
Distribution
Date, the amount distributed in respect of
the Classes of Class B Certificates
pursuant to Paragraphs first, fourth,
seventh, tenth, thirteenth and sixteenth
of Section 4.01(a)(ii) on such Distribution
Date.
Current Class B-1 Fractional Interest: As to any Distribution
Date
subsequent to the first Distribution Date,
the percentage obtained by dividing
the sum of the Principal Balances of the
Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates by the
Aggregate Principal Balance. As to the
first Distribution Date, the Original Class
B-1 Fractional Interest.
Current Class B-2 Fractional Interest: As to any Distribution
Date
subsequent to the first Distribution Date,
the percentage obtained by dividing
the sum of the Principal Balances of the
Class B-3, Class B-4, Class B-5 and
Class B-6 Certificates by the Aggregate
Principal Balance. As to the first
Distribution Date, the Original Class B-2
Fractional Interest.
Current Class B-3 Fractional Interest: As to any Distribution
Date
subsequent to the first Distribution Date,
the percentage obtained by dividing
the sum of the Principal Balances of the
Class B-4, Class B-5 and Class B-6
Certificates by the by the Aggregate
Principal Balance. As to the first
Distribution Date, the Original Class B-3
Fractional Interest.
Current Class B-4 Fractional Interest: As to any Distribution
Date
subsequent to the first Distribution Date,
the percentage obtained by dividing
the sum of the Principal Balances of the
Class B-5 and Class B-6 Certificates by
the Aggregate Principal Balance. As to the
first Distribution Date, the Original
Class B-4 Fractional Interest.
Current Class B-5 Fractional Interest: As to any Distribution
Date
subsequent to the first Distribution Date,
the percentage obtained by dividing
the Principal Balance of the Class B-6
Certificates by the Aggregate Principal
Balance. As to the first Distribution Date,
the Original Class B-5 Fractional
Interest.
Curtailment: Any Principal Prepayment made by a Mortgagor which
is
not a Prepayment in Full.
Curtailment Interest Shortfall: On any Distribution Date with
respect to a Mortgage Loan which was the
subject of a Curtailment:
(A) in the case
where the Applicable Unscheduled Principal Receipt
Period is the Mid-Month Receipt Period and such Curtailment is
received by the Servicer on or after the Determination Date in
the month preceding the month of such Distribution Date but
prior to the first day of the month of such Distribution Date,
the amount of interest that would have accrued at the Net
Mortgage Interest Rate on the amount of such Curtailment from
the day of its receipt or, if earlier, its application by the
Servicer through the last day of the month preceding the month
of such Distribution Date; and
(B) in the case
where the Applicable Unscheduled Principal Receipt
Period is the Prior Month Receipt Period and such Curtailment
is received by the Servicer during the month preceding the
month of such Distribution Date, the amount of interest that
would have accrued at the Net Mortgage Interest Rate on the
amount of such Curtailment from the day of its receipt or, if
earlier, its application by the Servicer through the last day
of the month in which such Curtailment is received.
Custodial Agreement: The Custodial Agreement, dated as of
December
23, 2004, among the Custodian, the Seller,
the Master Servicer and the Trustee,
which agreement is attached hereto as
Exhibit E, as the same may be amended or
modified from time to time in accordance
with the terms thereof.
Custodial P&I Account: The Custodial P&I Account, as
defined in each
of the Servicing Agreements, with respect
to the Mortgage Loans. In determining
whether the Custodial P&I Account under
any Servicing Agreement is "acceptable"
to the Master Servicer (as may be required
by the definition of "Eligible
Account" contained in the Servicing
Agreements), the Master Servicer shall
require that any such account shall be
acceptable to each of the Rating
Agencies.
Custodian: Wells Fargo Bank, or its successor in interest under
the
Custodial Agreement. Initially, the
custodial functions shall be performed by
the Corporate Trust Services division of
Wells Fargo Bank.
Cut-Off Date: The first day of the month of initial issuance of
the
Certificates as set forth in Section
11.01.
Cut-Off Date Aggregate Principal Balance: The aggregate of the
Cut-Off Date Principal Balances of the
Mortgage Loans is as set forth in Section
11.02.
Cut-Off Date Principal Balance: As to each Mortgage Loan, its
unpaid
principal balance as of the close of
business on the Cut-Off Date (but without
giving effect to any Unscheduled Principal
Receipts received or applied on the
Cut-Off Date), reduced by all payments of
principal due on or before the Cut-Off
Date and not paid, and increased by
scheduled monthly payments of principal due
after the Cut-Off Date but received by the
related Servicer on or before the
Cut-Off Date.
Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment
for such Mortgage Loan by a court of
competent jurisdiction in a proceeding
under the Bankruptcy Code, except such a
reduction constituting a Deficient
Valuation.
Deficient Valuation: With respect to any Mortgage Loan, a
valuation
by a court of competent jurisdiction of the
Mortgaged Property in an amount less
than the then-outstanding indebtedness
under the Mortgage Loan, or any reduction
in the amount of principal to be paid in
connection with any scheduled Monthly
Payment that results in a permanent
forgiveness of principal, which valuation or
reduction results from a proceeding under
the Bankruptcy Code.
Definitive Certificates: As defined in Section 5.01(b).
Denomination: The amount, if any, specified on the face of each
Certificate representing the principal
portion of the Cut-Off Date Aggregate
Principal Balance evidenced by such
Certificate.
Determination Date: The 17th day of the month in which the
related
Distribution Date occurs, or if such 17th
day is not a Business Day, the
Business Day preceding such 17th day.
Distribution Date: The 25th day of any month, beginning in the
month
following the month of initial issuance of
the Certificates, or if such 25th day
is not a Business Day, the Business Day
following such 25th day.
Distribution Date Statement: As defined in Section 4.03(a).
Document Transfer Event: The 60th day following the day on
which
either (i) Wells Fargo Bank is no longer
the Servicer of any of the Mortgage
Loans or (ii) the senior, unsecured
long-term debt rating of Wells Fargo &
Company is less than "BBB-" by Fitch.
Due Date: With respect to any Mortgage Loan, the day of the month
in
which the Monthly Payment on such Mortgage
Loan is scheduled to be paid.
Eligible Account: One or more accounts (i) that are maintained
with
a depository institution (which may be the
Master Servicer) whose long-term debt
obligations (or, in the case of a
depository institution which is part of a
holding company structure, the long-term
debt obligations of such parent holding
company) at the time of deposit therein are
rated at least "AA" (or the
equivalent) by each Rating Agency, (ii) the
deposits in which are fully insured
by the FDIC through either the Bank
Insurance Fund or the Savings Association
Insurance Fund, (iii) the deposits in which
are insured by the FDIC through
either the Bank Insurance Fund or the
Savings Association Insurance Fund (to the
limit established by the FDIC) and the
uninsured deposits in which accounts are
otherwise secured, as evidenced by an
Opinion of Counsel delivered to the
Trustee, such that the Trustee, on behalf
of the Certificateholders has a claim
with respect to the funds in such accounts
or a perfected first security
interest against any collateral securing
such funds that is superior to claims
of any other depositors or creditors of the
depository institution with which
such accounts are maintained, (iv) that are
trust accounts maintained with the
trust department of a federal or state
chartered depository institution or trust
company acting in its fiduciary capacity or
(v) such other account that is
acceptable to each of the Rating Agencies
and would not cause the Trust Estate
to fail to qualify as two separate REMICs
or result in the imposition of any
federal tax on either of the Upper-Tier
REMIC or the Lower-Tier REMIC.
Eligible Investments: At any time, any one or more of the
following
obligations and securities which shall
mature not later than the Business Day
preceding the Distribution Date next
succeeding the date of such investment,
provided that such investments continue to
qualify as "cash flow investments" as
defined in Code Section 860G(a)(6):
(i) obligations of the United States of America or any agency
thereof,
provided such obligations are backed by the full faith and
credit
of the
United States of America;
(ii) general obligations of or obligations guaranteed by any
state
of the
United States of America or the District of Columbia receiving
the
highest
short-term or highest long-term rating of each Rating Agency,
or
such lower
rating as would not result in the downgrading or withdrawal of
the rating
then assigned to any of the Certificates by either Rating
Agency or
result in any of such rated Certificates being placed on credit
review
status (other than for possible upgrading) by either Rating
Agency;
(iii) commercial or finance company paper which is then rated in
the
highest
long-term commercial or finance company paper rating category
of
each
Rating Agency or the highest short-term rating category of each
Rating
Agency, or such lower rating category as would not result in
the
downgrading or withdrawal of the rating then assigned to any of
the
Certificates by either Rating Agency or result in any of such
rated
Certificates being placed on credit review status (other than for
possible
upgrading)
by either Rating Agency;
(iv) certificates of deposit, demand or time deposits, federal
funds
or
banker's acceptances issued by any depository institution or
trust
company
incorporated under the laws of the United States or of any
state
thereof
and subject to supervision and examination by federal and/or
state
banking
authorities, provided that the commercial paper and/or debt
obligations of such depository institution or trust company (or in
the
case of
the principal depository institution in a holding company
system,
the
commercial paper or debt obligations of such holding company) are
then
rated in
the highest short-term or the highest long-term rating category
for such
securities of each of the Rating Agencies, or such lower rating
categories
as would not result in the downgrading or withdrawal of the
rating
then assigned to any of the Certificates by either Rating Agency
or
result in
any of such rated Certificates being placed on credit review
status
(other than for possible upgrading) by either Rating Agency;
(v) guaranteed reinvestment agreements issued by any bank,
insurance
company or
other corporation acceptable to each Rating Agency at the time
of the
issuance of such agreements;
(vi) repurchase agreements on obligations with respect to any
security
described in clauses (i) or (ii) above or any other security
issued or
guaranteed by an agency or instrumentality of the United States
of
America, in either case entered into with a depository institution
or
trust
company (acting as principal) described in (iv) above;
(vii) securities (other than stripped bonds or stripped coupon
securities) bearing interest or sold at a discount issued by
any
corporation incorporated under the laws of the United States of
America or
any state
thereof which, at the time of such investment or contractual
commitment
providing for such investment, are then rated in the highest
short-term
or the highest long-term rating category by each Rating Agency,
or in such
lower rating category as would not result in the downgrading or
withdrawal
of the rating then assigned to any of the Certificates by
either
Rating Agency or result in any of such rated Certificates being
placed on
credit review status (other than for possible upgrading) by
either
Rating Agency;
(viii) such other investments acceptable to each Rating Agency
as
would not
result in the downgrading of the rating then assigned to the
Certificates by either Rating Agency or result in any of such
rated
Certificates being placed on credit review status (other than for
possible
upgrading)
by either Rating Agency; and
(ix) any mutual fund, money market fund, common trust fund or
other
pooled
investment vehicle, the assets of which are limited to
instruments
that
otherwise would constitute Eligible Investments hereunder,
including
any such
fund that is managed by the Trustee or Master Servicer or any
affiliate
of the Trustee or Master Servicer or for which the Trustee or
Master
Servicer or any of its affiliates acts as an adviser as long as
such fund
is rated in at least the highest rating category by each Rating
Agency.
In no event shall an instrument be an Eligible Investment if
such
instrument evidences either (i) a right to
receive only interest payments with
respect to the obligations underlying such
instrument, or (ii) both principal
and interest payments derived from
obligations underlying such instrument and
the interest and principal payments with
respect to such instrument provide a
yield to maturity at the date of investment
of greater than 120% of the yield to
maturity at par of such underlying
obligations.
ERISA: The Employee Retirement Income Security Act of 1974, as
amended.
ERISA Prohibited Holder: As defined in Section 5.02(d).
Errors and Omissions Policy: As defined in each of the
Servicing
Agreements.
Event of Default: Any of the events specified in Section 7.01.
Exchange Act: The Securities Exchange Act of 1934, as amended.
FDIC: The Federal Deposit Insurance Corporation or any
successor
thereto.
Fidelity Bond: As defined in each of the Servicing Agreements.
Final
Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates
is made pursuant to Section 9.01.
Final Scheduled Maturity Date: The Final Scheduled Maturity Date
for
each Class of Certificates is January 25,
2035, which corresponds to the "latest
possible maturity date" for purposes of
Section 860G(a)(1) of the Internal
Revenue Code of 1986, as amended.
Fitch: Fitch Ratings, or its successor in interest.
Full Unscheduled Principal Receipt: Any Unscheduled Principal
Receipt with respect to a Mortgage Loan (i)
in the amount of the outstanding
principal balance of such Mortgage Loan and
resulting in the full satisfaction
of such Mortgage Loan or (ii) representing
Liquidation Proceeds other than
Partial Liquidation Proceeds.
Gross Margin: As to each Mortgage Loan, the fixed percentage
set
forth in the related Mortgage Note and
indicated in the Mortgage Loan Schedule
as the "Gross Margin," which percentage is
added to the Index on each Adjustment
Date to determine (subject to rounding, the
Periodic Cap and the Rate Ceiling)
the Mortgage Interest Rate on such Mortgage
Loan until the next Adjustment Date.
Group: The Group I-A Certificates, the Group II-A Certificates
or
the Group III-A Certificates.
Group Subordinate Amount: Any of the Group I Subordinate
Amount,
Group II Subordinate Amount or Group III
Subordinate Amount.
Group A Principal Balance: Any of the Group I-A Principal
Balance,
Group II-A Principal Balance or Group III-A
Principal Balance.
Group I Adjusted Pool Amount: With respect to any Distribution
Date,
the aggregate of the Cut-Off Date Principal
Balances of the Group I Mortgage
Loans minus the sum of (i) all amounts in
respect of principal received in
respect of the Group I Mortgage Loans
(including, without limitation, amounts
received as Monthly Payments, Periodic
Advances, Unscheduled Principal Receipts
and Substitution Principal Amounts) and
distributed to Holders of the
Certificates on such Distribution Date and
all prior Distribution Dates, (ii)
the principal portion of all Liquidated
Loan Losses incurred on such Group I
Mortgage Loans for which the Liquidation
Proceeds were received from the Cut-Off
Date through the end of the Applicable
Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal
Receipts for such Distribution Date and
(iii) the principal portion of all
Bankruptcy Losses (other than Debt Service
Reductions) incurred on the Group I
Mortgage Loans from the Cut-Off Date through
the end of the period corresponding to the
Applicable Unscheduled Principal
Receipt Period with respect to Full
Unscheduled Principal Receipts for such
Distribution Date.
Group I Apportioned Principal Balance: As to any Distribution
Date
and any Class of Class B Certificates, an
amount equal to the product of (i) the
Principal Balance of the Class of Class B
Certificates and (ii) a fraction, the
numerator of which is the Group I
Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate
Amount, the Group II Subordinate
Amount and the Group III Subordinate
Amount.
Group I Class B Percentage: Any one of the Group I Class B-1
Percentage, Group I Class B-2 Percentage,
Group I Class B-3 Percentage, Group I
Class B-4 Percentage, Group I Class B-5
Percentage or Group I Class B-6
Percentage.
Group I Class B Prepayment Percentage: Any of the Group I Class
B-1
Prepayment Percentage, Group I Class B-2
Prepayment Percentage, Group I Class
B-3 Prepayment Percentage, Group I Class
B-4 Prepayment Percentage, Group I
Class B-5 Prepayment Percentage or Group I
Class B-6 Prepayment Percentage.
Group I Class B-1 Percentage: As to any Distribution Date, the
percentage calculated by multiplying the
Group I Subordinated Percentage by a
fraction, the numerator of which is the
Class B-1 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is the Class B
Principal Balance.
Group I Class B-1 Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-1 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-1 Certificates are the only
Class B Certificates eligible to receive
such unscheduled principal
distributions in accordance with Section
4.01(d)(i), the Group I Class B-1
Prepayment Percentage for such unscheduled
principal distributions for such
Distribution Date will be one.
Group I Class B-2 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group I Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-2 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group I Class B-2 Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-2 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-2 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-2
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group I Class B-3 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group I Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-3 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group I Class B-3 Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-3 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-3 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-3
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group I Class B-4 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group I Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-4 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group I Class B-4 Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-4 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-4 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-4
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group I Class B-5 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group I Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-5 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group I Class B-5
Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-5 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-5 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-5
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group I Class B-6 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group I Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-6 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group I Class B-6 Prepayment Percentage: As to any Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group I Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-6 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-6 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-6
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group I Mortgage Loans: Those Mortgage Loans listed on Exhibit
F-1A
attached hereto.
Group I Pool Balance: As to any Distribution Date, the
aggregate
Scheduled Principal Balances of all Group I
Mortgage Loans that were Outstanding
Mortgage Loans on the Due Date in the month
preceding the month of such
Distribution Date.
Group I Pool Distribution Amount: As of any Distribution Date,
the
funds eligible for distribution to the
Group I-A Certificates and Class B
Certificates on such Distribution Date,
which shall be the sum of (i) all
previously undistributed payments or other
receipts on account of principal and
interest on or in respect of the Group I
Mortgage Loans (including, without
limitation, the proceeds of any repurchase
of a Group I Mortgage Loan by the
Seller and any Substitution Principal
Amount) received by the Master Servicer
with respect to the applicable Remittance
Date in the month of such Distribution
Date and any Unscheduled Principal Receipts
received by the Master Servicer on
or prior to the Business Day preceding such
Distribution Date, (ii) all Periodic
Advances made with respect to Group I
Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic
Advances with respect to Group I
Mortgage Loans made by the Master Servicer
or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement
Amount as provided in Section 4.01(a)
and (iv) all other amounts (including any
Insurance Proceeds and Compensating
Interest) with respect to a Group I
Mortgage Loan required to be placed in the
Certificate Account by the Servicer on or
before the applicable Remittance Date
or by the Master Servicer or the Trustee on
or prior to the Distribution Date,
but excluding the following:
(a) amounts received as late payments of principal or interest
with
respect to
a Group I Mortgage Loan and respecting which the Master
Servicer
or the Trustee has made one or more unreimbursed Periodic
Advances;
(b) the portion of Liquidation Proceeds used to reimburse any
unreimbursed Periodic Advances with respect to a Group I Mortgage
Loan by
the Master
Servicer or the Trustee;
(c) that portion of each payment of interest on a particular Group
I
Mortgage
Loan which represent (i) the applicable Servicing Fee and (ii)
the Master
Servicing Fee;
(d) all amounts representing scheduled payments of principal
and
interest
on Group I Mortgage Loans due after the Due Date occurring in
the
month in
which such Distribution Date occurs;
(e) all Unscheduled Principal Receipts received by the
Servicers
with
respect to Group I Mortgage Loans after the Applicable
Unscheduled
Principal
Receipt Period relating to the Distribution Date for the
applicable
type of Unscheduled Principal Receipt, and all related payments
of
interest on such amounts;
(f) all
repurchase proceeds with respect to Group I Mortgage Loans
repurchased by the Seller pursuant to Section 2.02, 2.03 or 3.08 on
or
following
the Determination Date in the month in which such Distribution
Date
occurs and the difference between the unpaid principal balance of
a
Group I
Mortgage Loan substituted for a Group I Mortgage Loan pursuant
to
Section
2.02, 2.03 or 2.06 on or following the Determination Date in
the
month in
which such Distribution Date occurs and the unpaid principal
balance of
such Group I Mortgage Loan;
(g) that portion of Liquidation Proceeds and REO Proceeds with
respect to
any Group I Mortgage Loan which represents any unpaid Servicing
Fee or
Master Servicing Fee;
(h) all income from Eligible Investments that is held in the
Certificate Account for the account of the Master Servicer;
(i) Liquidation Profits in respect of Group I Mortgage Loans;
(j) Month End Interest in respect of Group I Mortgage Loans;
(k) all amounts reimbursable to a Servicer for PMI Advances in
respect of
Group I Mortgage Loans; and
(l) all other amounts permitted to be withdrawn from the
Certificate
Account,
to the extent not covered by clauses (a) through (k) above, or
not
required to be deposited in the Certificate Account under this
Agreement.
Group I Subordinate Amount: As to any Distribution Date, the
excess
of (i) the Group I Pool Balance over (ii)
the Group I-A Principal Balance.
Group I Subordinated Percentage: As to any Distribution Date,
the
percentage which is the difference between
100% and the Group I-A Percentage for
such date.
Group I Subordinated Prepayment Percentage: As to any
Distribution
Date, the percentage which is the
difference between 100% and the Group I-A
Prepayment Percentage for such date.
Group II Adjusted Pool Amount: With respect to any Distribution
Date, the aggregate of the Cut-Off Date
Principal Balances of the Group II
Mortgage Loans minus the sum of (i) all
amounts in respect of principal received
in respect of the Group II Mortgage Loans
(including, without limitation,
amounts received as Monthly Payments,
Periodic Advances, Unscheduled Principal
Receipts and Substitution Principal
Amounts) and distributed to Holders of the
Certificates on such Distribution Date and
all prior Distribution Dates, (ii)
the principal portion of all Liquidated
Loan Losses incurred on such Group II
Mortgage Loans for which the Liquidation
Proceeds were received from the Cut-Off
Date through the end of Applicable
Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal
Receipts for such Distribution Date and
(iii) the principal portion of all
Bankruptcy Losses (other than Debt Service
Reductions) incurred on the Group II
Mortgage Loans from the Cut-Off Date
through the end of the period corresponding
to the Applicable Unscheduled
Principal Receipt Period with respect to
Full Unscheduled Principal Receipts for
such Distribution Date.
Group II Apportioned Principal Balance: As to any Distribution
Date
and any Class of Class B Certificates, an
amount equal to the product of (i) the
Principal Balance of the Class of Class B
Certificates and (ii) a fraction, the
numerator of which is the Group II
Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate
Amount, Group II Subordinate Amount
and Group III Subordinate Amount.
Group II Class B Percentage: Any one of the Group II Class B-1
Percentage, Group II Class B-2 Percentage,
Group II Class B-3 Percentage, Group
II Class B-4 Percentage, Group II Class B-5
Percentage or Group II Class B-6
Percentage.
Group II Class B Prepayment Percentage: Any of the Group II
Class
B-1 Prepayment Percentage, Group II Class
B-2 Prepayment Percentage, Group II
Class B-3 Prepayment Percentage, Group II
Class B-4 Prepayment Percentage, Group
II Class B-5 Prepayment Percentage or Group
II Class B-6 Prepayment Percentage.
Group II Class B-1 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-1 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-1 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-1 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-1 Certificates are the only
Class B Certificates eligible to receive
such unscheduled principal
distributions in accordance with Section
4.01(d)(i), the Group II Class B-1
Prepayment Percentage for such unscheduled
principal distributions for such
Distribution Date will be one.
Group II Class B-2 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-2 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-2 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-2 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-2 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-2
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group II Class B-3 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-3 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-3 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-3 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-3 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-3
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group II Class B-4 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-4 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-4 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-4 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-4 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-4
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group II Class B-5 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-5 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-5 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-5 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-5 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-5
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group II
Class B-6 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i)
the Group II Subordinated Percentage by
(ii) a fraction, the numerator of which is
the Class B-6 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group II Class B-6 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group II Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-6 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-6 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-6
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group II Mortgage Loans: Those Mortgage Loans listed on Exhibit
F-1B
attached hereto.
Group II Pool Balance: As to any Distribution Date, the
aggregate
Scheduled Principal Balances of all Group
II Mortgage Loans that were
Outstanding Mortgage Loans on the Due Date
in the month preceding the month of
such Distribution Date.
Group II Pool Distribution Amount: As of any Distribution Date,
the
funds eligible for distribution to the
Group II-A Certificates and Class B
Certificates on such Distribution Date,
which shall be the sum of (i) all
previously undistributed payments or other
receipts on account of principal and
interest on or in respect of the Group II
Mortgage Loans (including, without
limitation, the proceeds of any repurchase
of a Group II Mortgage Loan by the
Seller and any Substitution Principal
Amount) received by the Master Servicer
with respect to the applicable Remittance
Date in the month of such Distribution
Date and any Unscheduled Principal Receipts
received by the Master Servicer on
or prior to the Business Day preceding such
Distribution Date, (ii) all Periodic
Advances made with respect to Group II
Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic
Advances with respect to Group II
Mortgage Loans made by the Master Servicer
or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement
Amount as provided in Section 4.01(a)
and (iv) all other amounts (including any
Insurance Proceeds and Compensating
Interest) with respect to a Group II
Mortgage Loan required to be placed in the
Certificate Account by the Servicer on or
before the applicable Remittance Date
or by the Master Servicer or the Trustee on
or prior to the Distribution Date,
but excluding the following:
(a) amounts received as late payments of principal or interest
with
respect to
a Group II Mortgage Loan and respecting which the Master
Servicer
or the Trustee has made one or more unreimbursed Periodic
Advances;
(b) the portion of Liquidation Proceeds used to reimburse any
unreimbursed Periodic Advances with respect to a Group II Mortgage
Loan by
the Master
Servicer or the Trustee;
(c) that portion of each payment of interest on a particular
Group
II
Mortgage Loan which represents (i) the applicable Servicing Fee
and
(ii) the
Master Servicing Fee;
(d) all amounts representing scheduled payments of principal
and
interest
on Group II Mortgage Loans due after the Due Date occurring in
the month
in which such Distribution Date occurs;
(e) all Unscheduled Principal Receipts received by the
Servicers
with
respect to Group II Mortgage Loans after the Applicable
Unscheduled
Principal
Receipt Period relating to the Distribution Date for the
applicable
type of Unscheduled Principal Receipt, and all related payments
of
interest on such amounts;
(f) all repurchase proceeds with respect to Group II Mortgage
Loans
repurchased by the Seller pursuant to Section 2.02, 2.03 or 3.08 on
or
following
the Determination Date in the month in which such Distribution
Date
occurs and the difference between the unpaid principal balance of
a
Group II
Mortgage Loan substituted for a Group II Mortgage Loan pursuant
to Section
2.02, 2.03 or 2.06 on or following the Determination Date in
the month
in which such Distribution Date occurs and the unpaid principal
balance of
such Group II Mortgage Loan;
(g) that portion of Liquidation Proceeds and REO Proceeds with
respect to
any Group II Mortgage Loan which represents any unpaid
Servicing
Fee or Master Servicing Fee;
(h) all income from Eligible Investments that is held in the
Certificate Account for the account of the Master Servicer;
(i) Liquidation Profits in respect of Group II Mortgage Loans;
(j) Month End Interest in respect of Group II Mortgage Loans;
(k) all amounts reimbursable to a Servicer for PMI Advances in
respect of
Group II Mortgage Loans; and
(l) all other amounts permitted to be withdrawn from the
Certificate
Account,
to the extent not covered by clauses (a) through (k) above, or
not
required to be deposited in the Certificate Account under this
Agreement.
Group II Subordinate Amount: As to any Distribution Date, the
excess
of (i) the Group II Pool Balance over (ii)
the Group II-A Principal Balance.
Group II Subordinated Percentage: As to any Distribution Date,
the
percentage which is the difference between
100% and the Group II-A Percentage
for such date.
Group II Subordinated Prepayment Percentage: As to any
Distribution
Date, the percentage which is the
difference between 100% and the Group II-A
Prepayment Percentage for such date.
Group III Adjusted Pool Amount: With respect to any
Distribution
Date, the aggregate of the Cut-Off Date
Principal Balances of the Group III
Mortgage Loans minus the sum of (i) all
amounts in respect of principal received
in respect of the Group III Mortgage Loans
(including, without limitation,
amounts received as Monthly Payments,
Periodic Advances, Unscheduled Principal
Receipts and Substitution Principal
Amounts) and distributed to Holders of the
Certificates on such Distribution Date and
all prior Distribution Dates, (ii)
the principal portion of all Liquidated
Loan Losses incurred on such Group III
Mortgage Loans for which the Liquidation
Proceeds were received from the Cut-Off
Date through the end of Applicable
Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal
Receipts for such Distribution Date and
(iii) the principal portion of all
Bankruptcy Losses (other than Debt Service
Reductions) incurred on the Group III
Mortgage Loans from the Cut-Off Date
through the end of the period corresponding
to the Applicable Unscheduled
Principal Receipt Period with respect to
Full Unscheduled Principal Receipts for
such Distribution Date.
Group III Apportioned Principal Balance: As to any Distribution
Date
and any Class of Class B Certificates, an
amount equal to the product of (i) the
Principal Balance of the Class of Class B
Certificates and (ii) a fraction, the
numerator of which is the Group III
Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate
Amount, Group II Subordinate Amount
and Group III Subordinate Amount.
Group III Class B Percentage: Any one of the Group III Class
B-1
Percentage, Group III Class B-2 Percentage,
Group III Class B-3 Percentage,
Group III Class B-4 Percentage, Group III
Class B-5 Percentage or Group III
Class B-6 Percentage.
Group III Class B Prepayment Percentage: Any of the Group III
Class
B-1 Prepayment Percentage, Group III Class
B-2 Prepayment Percentage, Group III
Class B-3 Prepayment Percentage, Group III
Class B-4 Prepayment Percentage,
Group III Class B-5 Prepayment Percentage
or Group III Class B-6 Prepayment
Percentage.
Group III Class B-1 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-1 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-1 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-1 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-1 Certificates are the only
Class B Certificates eligible to receive
such unscheduled principal
distributions in accordance with Section
4.01(d)(i), the Group III Class B-1
Prepayment Percentage for such unscheduled
principal distributions for such
Distribution Date will be one.
Group III Class B-2 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-2 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-2 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-2 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-2 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-2
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group III Class B-3 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-3 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-3 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-3 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-3 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-3
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group III Class B-4 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-4 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-4 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-4 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-4 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-4
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group III Class B-5 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-5 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-5 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-5 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-5 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-5
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group III Class B-6 Percentage: As to any Distribution Date,
the
percentage calculated by multiplying (i)
the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which
is the Class B-6 Principal Balance
(determined as of the Determination Date
preceding such Distribution Date) and
the denominator of which is the Class B
Principal Balance.
Group III Class B-6 Prepayment Percentage: As to any
Distribution
Date, except as set forth in the next
sentence, the percentage calculated by
multiplying (i) the Group III Subordinated
Prepayment Percentage by (ii) a
fraction, the numerator of which is the
Class B-6 Principal Balance (determined
as of the Determination Date preceding such
Distribution Date) and the
denominator of which is (a) for the purpose
of allocating Liquidation Proceeds
(other than Partial Liquidation Proceeds),
the Class B Principal Balance and (b)
for the purpose of allocating all other
unscheduled principal distributions, the
Principal Balances of the Classes of Class
B Certificates eligible to receive
such unscheduled principal distributions
for such Distribution Date in
accordance with the provisions of Section
4.01(d). Except as set forth in
Section 4.01(d)(ii), in the event that the
Class B-6 Certificates are not
eligible to receive such unscheduled
principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-6
Prepayment Percentage for such
unscheduled principal distributions for
such Distribution Date will be zero.
Group III Mortgage Loans: Those Mortgage Loans listed on
Exhibit
F-1C attached hereto.
Group III Pool Balance: As to any Distribution Date, the
aggregate
Scheduled Principal Balances of all Group
III Mortgage Loans that were
Outstanding Mortgage Loans on the Due Date
in the month preceding the month of
such Distribution Date.
Group III Pool Distribution Amount: As of any Distribution Date,
the
funds eligible for distribution to the
Group III-A Certificates and Class B
Certificates on such Distribution Date,
which shall be the sum of (i) all
previously undistributed payments or other
receipts on account of principal and
interest on or in respect of the Group III
Mortgage Loans (including, without
limitation, the proceeds of any repurchase
of a Group III Mortgage Loan by the
Seller and any Substitution Principal
Amount) received by the Master Servicer
with respect to the applicable Remittance
Date in the month of such Distribution
Date and any Unscheduled Principal Receipts
received by the Master Servicer on
or prior to the Business Day preceding such
Distribution Date, (ii) all Periodic
Advances made with respect to Group III
Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic
Advances with respect to Group III
Mortgage Loans made by the Master Servicer
or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement
Amount as provided in Section 4.01(a)
and (iv) all other amounts (including any
Insurance Proceeds and Compensating
Interest) with respect to a Group III
Mortgage Loan required to be placed in the
Certificate Account by the Servicer on or
before the applicable Remittance Date
or by the Master Servicer or the Trustee on
or prior to the Distribution Date,
but excluding the following:
(a) amounts received as late payments of principal or interest
with
respect to
a Group III Mortgage Loan and respecting which the Master
Servicer
or the Trustee has made one or more unreimbursed Periodic
Advances;
(b) the portion of Liquidation Proceeds used to reimburse any
unreimbursed Periodic Advances with respect to a Group III Mortgage
Loan
by the
Master Servicer or the Trustee;
(c) that portion of each payment of interest on a particular
Group
III
Mortgage Loan which represents (i) the applicable Servicing Fee
and
(ii) the
Master Servicing Fee;
(d) all amounts representing scheduled payments of principal
and
interest
on Group III Mortgage Loans due after the Due Date occurring in
the month
in which such Distribution Date occurs;
(e) all Unscheduled Principal Receipts received by the
Servicers
with
respect to Group III Mortgage Loans after the Applicable
Unscheduled
Principal
Receipt Period relating to the Distribution Date for the
applicable
type of Unscheduled Principal Receipt, and all related payments
of
interest on such amounts;
(f) all repurchase proceeds with respect to Group III Mortgage
Loans
repurchased by the Seller pursuant to Section 2.02, 2.03 or 3.08 on
or
following
the Determination Date in the month in which such Distribution
Date
occurs and the difference between the unpaid principal balance of
a
Group III
Mortgage Loan substituted for a Group III Mortgage Loan
pursuant
to Section
2.02, 2.03 or 2.06 on or following the Determination Date in
the month
in which such Distribution Date occurs and the unpaid principal
balance of
such Group III Mortgage Loan;
(g) that portion of Liquidation Proceeds and REO Proceeds with
respect to
any Group III Mortgage Loan which represents any unpaid
Servicing
Fee or Master Servicing Fee;
(h) all income from Eligible Investments that is held in the
Certificate Account for the account of the Master Servicer;
(i) Liquidation Profits in respect of Group III Mortgage Loans;
(j) Month End Interest in respect of Group III Mortgage Loans;
(k) all amounts reimbursable to a Servicer for PMI Advances in
respect of
Group III Mortgage Loans; and
(l) all other amounts permitted to be withdrawn from the
Certificate
Account,
to the extent not covered by clauses (a) through (k) above, or
not
required to be deposited in the Certificate Account under this
Agreement.
Group III Subordinate Amount: As to any Distribution Date, the
excess of (i) the Group III Pool Balance
over (ii) the Group III-A Principal
Balance.
Group III Subordinated Percentage: As to any Distribution Date,
the
percentage which is the difference between
100% and the Group III-A Percentage
for such date.
Group III Subordinated Prepayment Percentage: As to any
Distribution
Date, the percentage which is the
difference between 100% and the Group III-A
Prepayment Percentage for such date.
Group I-A Certificate: Any Class I-A-1 Certificate.
Group I-A Distribution Amount: As to any Distribution Date and
any
Class of Group I-A Certificates, the amount
distributable to such Class of Group
I-A Certificates pursuant to Paragraphs
first clause (A), second clause (A) and
third clause (A) of Section 4.01(a)(i).
Group I-A Interest Accrual Amount: As to any Distribution Date,
the
sum of the Interest Accrual Amounts for the
Group I-A Certificates with respect
to such Distribution Date.
Group I-A Interest Percentage: As to any Distribution Date and
any
Class of Group I-A Certificates, the
percentage calculated by dividing the
Interest Accrual Amount of such Class
(determined without regard to clause (ii)
of the definition thereof) by the Group I-A
Interest Accrual Amount (determined
without regard to clause (ii) of the
definition of each Interest Accrual
Amount).
Group I-A Interest Shortfall Amount: As to any Distribution Date
and
any Class of Group I-A Certificates, any
amount by which the Interest Accrual
Amount of such Class with respect to such
Distribution Date exceeds the amount
distributed in respect of such Class on
such Distribution Date pursuant to
Paragraph first clause (A) of Section
4.01(a)(i).
Group I-A Loss Denominator: As to any Determination Date, an
amount
equal to the Group I-A Principal
Balance.
Group I-A Loss Percentage: As to any Determination Date and any
Class of Group I-A Certificates, the
percentage calculated by dividing the
Principal Balance of such Class by the
Group I-A Loss Denominator (determined
without regard to any such Principal
Balance of any Class of Group I-A
Certificates not then outstanding), in each
case determined as of the preceding
Determination Date.
Group I-A Optimal Amount: As to any Distribution Date, the sum
for
such Distribution Date of (i) the Group I-A
Interest Accrual Amount, (ii) the
Aggregate Group I-A Unpaid Interest
Shortfall and (iii) the Group I-A Optimal
Principal Amount.
Group I-A Optimal Principal Amount: As to any Distribution Date,
an
amount equal to the sum of (I) the sum, as
to each Group I Mortgage Loan that is
an Outstanding Mortgage Loan, of:
(i) the Group I-A Percentage of the principal portion of the
Monthly
Payment
due on the Due Date occurring in the month of such Distribution
Date on
such Mortgage Loan;
(ii) the Group I-A Prepayment Percentage of all Unscheduled
Principal
Receipts (other than Recoveries) that were received by a
Servicer
with respect to such Mortgage Loan during the Applicable
Unscheduled Principal Receipt Period relating to such Distribution
Date
for each
applicable type of Unscheduled Principal Receipt;
(iii) the Group I-A Prepayment Percentage of the Scheduled
Principal
Balance of
such Mortgage Loan which, during the one month period ending on
the day
preceding the Determination Date such Distribution Date, was
repurchased by the Seller pursuant to Section 2.02 or 2.03; and
(iv) the Group I-A Percentage of the excess of the unpaid
principal
balance of
such Mortgage Loan substituted for a Mortgage Loan during the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date over the unpaid principal balance of such
Mortgage
Loan, less
the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the
Group I-A Prepayment Percentage of the Recovery for Loan Group
I
for such
Distribution Date.
Group I-A Percentage: As to any Distribution Date occurring on
or
prior to the Subordination Depletion Date,
the lesser of (i) 100% and (ii) the
percentage obtained by dividing the Group
I-A Principal Balance (determined as
of the Determination Date preceding such
Distribution Date) by the Group I Pool
Balance. As to any Distribution Date
occurring subsequent to the Subordination
Depletion Date, 100% or such lesser
percentage which will cause the Group I-A
Principal Balance to decline to zero
following the distribution made on such
Distribution Date.
Group I-A Prepayment Percentage: As to any Distribution Date to
and
including the Distribution Date in December
2009, 100%. As to any Distribution
Date subsequent to December 2009 to and
including the Distribution Date in
December 2010, the Group I-A Percentage as
of such Distribution Date plus 70% of
the Group I Subordinated Percentage as of
such Distribution Date. As to any
Distribution Date subsequent to December
2010 to and including the Distribution
Date in December 2011, the Group I-A
Percentage as of such Distribution Date
plus 60% of the Group I Subordinated
Percentage as of such Distribution Date. As
to any Distribution Date subsequent to
December 2011 to and including the
Distribution Date in December 2012, the
Group I-A Percentage as of such
Distribution Date plus 40% of the Group I
Subordinated Percentage as of such
Distribution Date. As to any Distribution
Date subsequent to December 2012 to
and including the Distribution Date in
December 2013, the Group I-A Percentage
as of such Distribution Date plus 20% of
the Group I Subordinated Percentage as
of such Distribution Date. As to any
Distribution Date subsequent to December
2013, the Group I-A Percentage as of such
Distribution Date.
No reduction of the level of the Group I-A Prepayment
Percentage
shall occur on any Distribution Date
unless, as of such Distribution Date, (A)
the average outstanding principal balance
on such Distribution Date and for the
preceding five Distribution Dates of the
Mortgage Loans in all Loan Groups that
were delinquent 60 days or more (including
for this purpose any Mortgage Loans
in foreclosure and Mortgage Loans with
respect to which the related Mortgaged
Property has been acquired by the Trust
Estate) does not exceed 50% of the Class
B Principal Balance; and (B) cumulative
Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following
percentages of the Original
Subordinated Principal Amount: (1) 30%, if
such Distribution Date occurs between
and including January 2010 and December
2010 (2) 35%, if such Distribution Date
occurs between and including January 2011
and December 2011, (3) 40%, if such
Distribution Date occurs between and
including January 2012 and December 2012,
(4) 45%, if such Distribution Date occurs
between and including January 2013 and
December 2013, and (5) 50%, if such
Distribution Date occurs during or after
January 2014.
Notwithstanding the foregoing, with respect to any Distribution
Date
on which the preceding criteria are not
met, the reduction of the Group I-A
Prepayment Percentage described in the
second through sixth sentences of this
definition of Group I-A Prepayment
Percentage shall not be applicable with
respect to such Distribution Date. In such
event, the Group I-A Prepayment
Percentage for such Distribution Date will
be determined in accordance with the
applicable provision, as set forth in the
first through fifth sentences of this
definition, which was actually used to
determine the Group I-A Prepayment
Percentage for the Distribution Date
occurring in the December preceding such
Distribution Date (it being understood that
for the purposes of the
determination of the Group I-A Prepayment
Percentage for the current
Distribution Date, the current Group I-A
Percentage and Group I Subordinated
Percentage shall be utilized).
In addition, if on any Distribution Date, prior to giving effect
to
any distributions on such Distribution
Date, (i) the Aggregate Subordinated
Percentage is equal to or greater than
twice the Aggregate Subordinated
Percentage as of the Cut-Off Date, (ii) the
average outstanding principal
balance on such Distribution Date and for
the preceding five Distribution Dates
of the Mortgage Loans in all Loan Groups
that were delinquent 60 days or more
(including for this purpose any Mortgage
Loans in foreclosure and Mortgage Loans
with respect to which the related Mortgaged
Property has been acquired by the
Trust Estate) does not exceed 50% of the
Class B Principal Balance and (iii)(A)
prior to the Distribution Date in January
2008, cumulative Realized Losses on
the Mortgage Loans in all Loan Groups do
not exceed 20% of the Original
Subordinated Principal Amount, then the
Group I-A Prepayment Percentage for such
Distribution Date will equal the Group I-A
Percentage for such Distribution Date
plus 50% of the Group I Subordinated
Percentage for such Distribution Date or
(B) on or after the Distribution Date in
January 2008, cumulative Realized
Losses on the Mortgage Loans in all Loan
Groups do not exceed 30% of the
Original Subordinated Principal Amount,
then the Group I-A Prepayment Percentage
for such Distribution Date will equal the
Group I-A Percentage for such
Distribution Date.
Notwithstanding the foregoing, if on any Distribution Date, the
Aggregate Class A Percentage exceeds such
percentage as of the Cut-Off Date,
then the Group I-A Prepayment Percentage
will equal 100%.
If on any Distribution Date the allocation to the Group I-A
Certificates of Unscheduled Principal
Receipts and other amounts in the
percentage required above would reduce the
Group I-A Principal Balance below
zero, the Group I-A Prepayment Percentage
for such Distribution Date will be
limited to the percentage necessary to
reduce the Group I-A Principal Balance to
zero. In addition, once the Group I-A
Principal Balance has been reduced to
zero, the Group I-A Prepayment Percentage
will be 0%.
With respect to any Distribution Date on which the Group I-A
Prepayment Percentage is reduced below the
Group I-A Prepayment Percentage for
the prior Distribution Date, the Master
Servicer shall certify to the Trustee,
based upon information provided by each
Servicer as to the Mortgage Loans
serviced by it that the criteria set forth
in this definition are met.
Group I-A Principal Balance: As of any date, an amount equal to
the
sum of the Principal Balances for the Group
I-A Certificates.
Group I-A Principal Distribution Amount: As to any Distribution
Date, the aggregate amount distributed in
respect of the Classes of Group I-A
Certificates pursuant to Paragraph third
clause (A) of Section 4.01(a)(i).
Group I-A Shortfall Percentage: As to any Distribution Date and
any
Class of Group I-A Certificates, the
percentage calculated by dividing the Class
A Unpaid Interest Shortfall for such Class
by the Aggregate Group I-A Unpaid
Interest Shortfall, in each case determined
as of the day preceding the
applicable Distribution Date.
Group II-A Certificate: Any Class II-A-1, Class II-A-2, Class
II-A-3, Class II-A-R or Class II-A-LR
Certificate.
Group II-A Distribution Amount: As to any Distribution Date and
any
Class of Group II-A Certificates, the
amount distributable to such Class of
Group II-A Certificates pursuant to
Paragraphs first clause (B), second clause
(B) and third clause (B) of Section
4.01(a)(i).
Group II-A Interest Accrual Amount: As to any Distribution Date,
the
sum of the Interest Accrual Amounts for the
Classes of Group II-A Certificates
with respect to such Distribution Date.
Group II-A Interest Percentage: As to any Distribution Date and
any
Class of Group II-A Certificates, the
percentage calculated by dividing the
Interest Accrual Amount of such Class
(determined without regard to clause (ii)
of the definition thereof) by the Group
II-A Interest Accrual Amount (determined
without regard to clause (ii) of the
definition of each Interest Accrual
Amount).
Group II-A Interest Shortfall Amount: As to any Distribution
Date
and any Class of Group II-A Certificates,
any amount by which the Interest
Accrual Amount of such Class with respect
to such Distribution Date exceeds the
amount distributed in respect of such Class
on such Distribution Date pursuant
to Paragraph first clause (B) of Section
4.01(a)(i).
Group II-A Loss Denominator: As to any Determination Date, an
amount
equal to the Group II-A Principal
Balance.
Group II-A Loss Percentage: As to any Determination Date and
any
Class of Group II-A Certificates, the
percentage calculated by dividing the
Principal Balance of such Class by the
Group II-A Loss Denominator (determined
without regard to any such Principal
Balance of any Class of Group II-A
Certificates not then outstanding), in each
case determined as of the preceding
Determination Date.
Group II-A Optimal Amount: As to any Distribution Date, the sum
for
such Distribution Date of (i) the Group
II-A Interest Accrual Amount, (ii) the
Aggregate Group II-A Unpaid Interest
Shortfall and (iii) the Group II-A Optimal
Principal Amount.
Group II-A Optimal Principal Amount: As to any Distribution Date,
an
amount equal to the sum of (I) the sum, as
to each Group II Mortgage Loan that
is an Outstanding Mortgage Loan, of:
(i) the Group II-A Percentage of the principal portion of the
Monthly
Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan;
(ii) the Group II-A Prepayment Percentage of all Unscheduled
Principal
Receipts (other than Recoveries) that were received by a
Servicer
with respect to such Mortgage Loan during the Applicable
Unscheduled Principal Receipt Period relating to such Distribution
Date
for each
applicable type of Unscheduled Principal Receipt;
(iii) the Group II-A Prepayment Percentage of the Scheduled
Principal
Balance of such Mortgage Loan which, during the one month
period
ending on
the day preceding the Determination Date for such Distribution
Date, was
repurchased by the Seller pursuant to Section 2.02 or 2.03; and
(iv) the Group II-A Percentage of the excess of the unpaid
principal
balance of
such Mortgage Loan substituted for a Mortgage Loan during the
one month
period ending on the day preceding the Determination Date for
such
Distribution Date over the unpaid principal balance of such
Mortgage
Loan, less the amount
allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the
Group II-A Prepayment Percentage of the Recovery for Loan Group
II for
such Distribution Date.
Group II-A Percentage: As to any Distribution Date occurring on
or
prior to the Subordination Depletion Date,
the lesser of (i) 100% and (ii) the
percentage obtained by dividing the Group
II-A Principal Balance (determined as
of the Determination Date preceding such
Distribution Date) by the Group II Pool
Balance. As to any Distribution Date
occurring subsequent to the Subordination
Depletion Date, 100% or such lesser
percentage which will cause the Group II-A
Principal Balance to decline to zero
following the distribution made on such
Distribution Date.
Group II-A Prepayment Percentage: As to any Distribution Date to
and
including the Distribution Date in December
2009, 100%. As to any Distribution
Date subsequent to December 2009 to and
including the Distribution Date in
December 2010, the Group II-A Percentage as
of such Distribution Date plus 70%
of the Group II Subordinated Percentage as
of such Distribution Date. As to any
Distribution Date subsequent to December
2010 to and including the Distribution
Date in December 2011, the Group II-A
Percentage as of such Distribution Date
plus 60% of the Group II Subordinated
Percentage as of such Distribution Date.
As to any Distribution Date subsequent to
December 2011 to and including the
Distribution Date in December 2012, the
Group II-A Percentage as of such
Distribution Date plus 40% of the Group II
Subordinated Percentage as of such
Distribution Date. As to any Distribution
Date subsequent to December 2012 to
and including the Distribution Date in
December 2013, the Group II-A Percentage
as of such Distribution Date plus 20% of
the Group II Subordinated Percentage as
of such Distribution Date. As to any
Distribution Date subsequent to December
2013, the Group II-A Percentage as of such
Distribution Date.
No reduction of the level of the Group II-A Prepayment
Percentage
shall occur on any Distribution Date
unless, as of such Distribution Date, (A)
the average outstanding principal balance
on such Distribution Date and for the
preceding five Distribution Dates of the
Mortgage Loans in all Loan Groups that
were delinquent 60 days or more (including
for this purpose any Mortgage Loans
in foreclosure and Mortgage Loans with
respect to which the related Mortgaged
Property has been acquired by the Trust
Estate) does not exceed 50% of the Class
B Principal Balance; and (B) cumulative
Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following
percentages of the Original
Subordinated Principal Amount: (1) 30%, if
such Distribution Date occurs between
and including January 2010 and December
2010 (2) 35%, if such Distribution Date
occurs between and including January 2011
and December 2011, (3) 40%, if such
Distribution Date occurs between and
including January 2012 and December 2012,
(4) 45%, if such Distribution Date occurs
between and including January 2013 and
December 2013, and (5) 50%, if such
Distribution Date occurs during or after
January 2014.
Notwithstanding the foregoing, with respect to any Distribution
Date
on which the preceding criteria are not
met, the reduction of the Group II-A
Prepayment Percentage described in the
second through sixth sentences of this
definition of Group II-A Prepayment
Percentage shall not be applicable with
respect to such Distribution Date. In such
event, the Group II-A Prepayment
Percentage for such Distribution Date will
be determined in accordance with the
applicable provision, as set forth in the
first through fifth sentences of this
definition, which was actually used to
determine the Group II-A Prepayment
Percentage for the Distribution Date
occurring in the December preceding such
Distribution Date (it being understood that
for the purposes of the
determination of the Group II-A Prepayment
Percentage for the current
Distribution Date, the current Group II-A
Percentage and Group II Subordinated
Percentage shall be utilized).
In addition, if on any Distribution Date, prior to giving effect
to
any distributions on such Distribution
Date, (i) the Aggregate Subordinated
Percentage is equal to or greater than
twice the Aggregate Subordinated
Percentage as of the Cut-Off Date, (ii) the
average outstanding principal
balance on such Distribution Date and for
the preceding five Distribution Dates
of the Mortgage Loans in all Loan Groups
that were delinquent 60 days or more
(including for this purpose any Mortgage
Loans in foreclosure and Mortgage Loans
with respect to which the related Mortgaged
Property has been acquired by the
Trust Estate) does not exceed 50% of the
Class B Principal Balance and (iii)(A)
prior to the Distribution Date in January
2008, cumulative Realized Losses on
the Mortgage Loans in all Loan Groups do
not exceed 20% of the Original
Subordinated Principal Amount, then the
Group II-A Prepayment Percentage for
such Distribution Date will equal the Group
II-A Percentage for such
Distribution Date plus 50% of the Group II
Subordinated Percentage for such
Distribution Date or (B) on or after the
Distribution Date in January 2008,
cumulative Realized Losses on the Mortgage
Loans in all Loan Groups do not
exceed 30% of the Original Subordinated
Principal Amount, then the Group II-A
Prepayment Percentage for such Distribution
Date will equal the Group II-A
Percentage for such Distribution Date.
Notwithstanding the foregoing, if on any Distribution Date, the
Aggregate Class A Percentage exceeds such
percentage as of the Cut-Off Date,
then the Group II-A Prepayment Percentage
will equal 100%.
If on any Distribution Date the allocation to the Group II-A
Certificates of Unscheduled Principal
Receipts and other amounts in the
percentage required above would reduce the
Group II-A Principal Balance below
zero, the Group II-A Prepayment Percentage
for such Distribution Date will be
limited to the percentage necessary to
reduce the Group II-A Principal Balance
to zero. In addition, once the Group II-A
Principal Balance has been reduced to
zero, the Group II-A Prepayment Percentage
will be 0%.
With respect to any Distribution Date on which the Group II-A
Prepayment Percentage is reduced below the
Group II-A Prepayment Percentage for
the prior Distribution Date, the Master
Servicer shall certify to the Trustee,
based upon information provided by each
Servicer as to the Mortgage Loans
serviced by it that the criteria set forth
in this definition are met.
Group II-A Principal Balance: As of any date, an amount equal to
the
sum of the Principal Balances for the Group
II-A Certificates.
Group II-A Principal Distribution Amount: As to any
Distribution
Date, the aggregate amount distributed in
respect of the Classes of Group II-A
Certificates pursuant to Paragraph third
clause (B) of Section 4.01(a)(i).
Group II-A Shortfall Percentage: As to any Distribution Date and
any
Class of Group II-A Certificates, the
percentage calculated by dividing the
Class A Unpaid Interest Shortfall for such
Class by the Aggregate Group II-A
Unpaid Interest Shortfall, in each case
determined as of the day preceding the
applicable Distribution Date.
Group III-A Certificate: Any Class III-A-1, Class III-A-2 or
Class
III-A-3 Certificate.
Group III-A Distribution Amount: As to any Distribution Date and
any
Class of Group III-A Certificates, the
amount distributable to such Class of
Group III-A Certificates pursuant to
Paragraphs first clause (C), second clause
(C) and third clause (C) of Section
4.01(a)(i).
Group III-A Interest Accrual Amount: As to any Distribution
Date,
the sum of the Interest Accrual Amounts for
the Classes of Group III-A
Certificates with respect to such
Distribution Date.
Group III-A Interest Percentage: As to any Distribution Date and
any
Class of Group III-A Certificates, the
percentage calculated by dividing the
Interest Accrual Amount of such Class
(determined without regard to clause (ii)
of the definition thereof) by the Group
III-A Interest Accrual Amount
(determined without regard to clause (ii)
of the definition of each Interest
Accrual Amount).
Group III-A Interest Shortfall Amount: As to any Distribution
Date
and any Class of Group III-A Certificates,
any amount by which the Interest
Accrual Amount of such Class with respect
to such Distribution Date exceeds the
amount distributed in respect of such Class
on such Distribution Date pursuant
to Paragraph first clause (C) of Section
4.01(a)(i).
Group III-A Loss Denominator: As to any Determination Date, an
amount equal to the Group III-A Principal
Balance.
Group III-A Loss Percentage: As to any Determination Date and
any
Class of Group III-A Certificates, the
percentage calculated by dividing the
Principal Balance of such Class by the
Group III-A Loss Denominator (determined
without regard to any such Principal
Balance of any Class of Group III-A
Certificates not then outstanding), in each
case determined as of the preceding
Determination Date.
Group III-A Optimal Amount: As to any Distribution Date, the sum
for
such Distribution Date of (i) the Group
III-A Interest Accrual Amount, (ii) the
Aggregate Group III-A Unpaid Interest
Shortfall and (iii) the Group III-A
Optimal Principal Amount.
Group III-A Optimal Principal Amount: As to any Distribution
Date,
an amount equal to the sum of (I) the sum,
as to each Group III Mortgage Loan
that is an Outstanding Mortgage Loan,
of:
(i) the Group III-A Percentage of the principal portion of the
Monthly
Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan;
(ii) the Group III-A Prepayment Percentage of all Unscheduled
Principal
Receipts (other than Recoveries) that were received by a
Servicer
with respect to such Mortgage Loan during the Applicable
Unscheduled Principal Receipt Period relating to such Distribution
Date
for each
applicable type of Unscheduled Principal Receipt;
(iii) the Group III-A Prepayment Percentage of the Scheduled
Principal
Balance of such Mortgage Loan which, during the one month
period
ending on
the day preceding the Determination Date for such Distribution
Date, was
repurchased by the Seller pursuant to Section 2.02 or 2.03; and
(iv) the Group III-A Percentage of the excess of the unpaid
principal
balance of such Mortgage Loan substituted for a Mortgage Loan
during the
one month period ending on the day preceding the Determination
Date for
such Distribution Date over the unpaid principal balance of
such
Mortgage
Loan, less the amount allocable to the principal portion of any
unreimbursed Periodic Advances previously made by the applicable
Servicer,
the Master
Servicer or the Trustee in respect of such Mortgage Loan; and
(II) the
Group III-A Prepayment Percentage of the Recovery for Loan
Group
III for
such Distribution Date.
Group III-A Percentage: As to any Distribution Date occurring on
or
prior to the Subordination Depletion Date,
the lesser of (i) 100% and (ii) the
percentage obtained by dividing the Group
III-A Principal Balance (determined as
of the Determination Date preceding such
Distribution Date) by the Group III
Pool Balance. As to any Distribution Date
occurring subsequent to the
Subordination Depletion Date, 100% or such
lesser percentage which will cause
the Group III-A Principal Balance to
decline to zero following the distribution
made on such Distribution Date.
Group III-A Prepayment Percentage: As to any Distribution Date
to
and including the Distribution Date in
December 2009, 100%. As to any
Distribution Date subsequent to December
2009 to and including the Distribution
Date in December 2010, the Group III-A
Percentage as of such Distribution Date
plus 70% of the Group III Subordinated
Percentage as of such Distribution Date.
As to any Distribution Date subsequent to
December 2010 to and including the
Distribution Date in December 2011, the
Group III-A Percentage as of such
Distribution Date plus 60% of the Group III
Subordinated Percentage as of such
Distribution Date. As to any Distribution
Date subsequent to December 2011 to
and including the Distribution Date in
December 2012, the Group III-A Percentage
as of such Distribution Date plus 40% of
the Group III Subordinated Percentage
as of such Distribution Date. As to any
Distribution Date subsequent to December
2012 to and including the Distribution Date
in December 2013, the Group III-A
Percentage as of such Distribution Date
plus 20% of the Group III Subordinated
Percentage as of such Distribution Date. As
to any Distribution Date subsequent
to December 2013, the Group III-A
Percentage as of such Distribution Date.
No reduction of the level of the Group III-A Prepayment
Percentage
shall occur on any Distribution Date
unless, as of such Distribution Date, (A)
the average outstanding principal balance
on such Distribution Date and for the
preceding five Distribution Dates of the
Mortgage Loans in all Loan Groups that
were delinquent 60 days or more (including
for this purpose any Mortgage Loans
in foreclosure and Mortgage Loans with
respect to which the related Mortgaged
Property has been acquired by the Trust
Estate) does not exceed 50% of the Class
B Principal Balance; and (B) cumulative
Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following
percentages of the Original
Subordinated Principal Amount: (1) 30%, if
such Distribution Date occurs between
and including January 2010 and December
2010 (2) 35%, if such Distribution Date
occurs between and including January 2011
and December 2011, (3) 40%, if such
Distribution Date occurs between and
including January 2012 and December 2012,
(4) 45%, if such Distribution Date occurs
between and including January 2013 and
December 2013, and (5) 50%, if such
Distribution Date occurs during or after
January 2014.
Notwithstanding the foregoing, with respect to any Distribution
Date
on which the preceding criteria are not
met, the reduction of the Group III-A
Prepayment Percentage described in the
second through sixth sentences of this
definition of Group III-A Prepayment
Percentage shall not be applicable with
respect to such Distribution Date. In such
event, the Group III-A Prepayment
Percentage for such Distribution Date will
be determined in accordance with the
applicable provision, as set forth in the
first through fifth sentences of this
definition, which was actually used to
determine the Group III-A Prepayment
Percentage for the Distribution Date
occurring in the December preceding such
Distribution Date (it being understood that
for the purposes of the
determination of the Group III-A Prepayment
Percentage for the current
Distribution Date, the current Group III-A
Percentage and Group III Subordinated
Percentage shall be utilized).
In addition, if on any Distribution Date, prior to giving effect
to
any distributions on such Distribution
Date, (i) the Aggregate Subordinated
Percentage is equal to or greater than
twice the Aggregate Subordinated
Percentage as of the Cut-Off Date, (ii) the
average outstanding principal
balance on such Distribution Date and for
the preceding five Distribution Dates
of the Mortgage Loans in all Loan Groups
that were delinquent 60 days or more
(including for this purpose any Mortgage
Loans in foreclosure and Mortgage Loans
with respect to which the related Mortgaged
Property has been acquired by the
Trust Estate) does not exceed 50% of the
Class B Principal Balance and (iii)(A)
prior to the Distribution Date in January
2008, cumulative Realized Losses on
the Mortgage Loans in all Loan Groups do
not exceed 20% of the Original
Subordinated Principal Amount, then the
Group III-A Prepayment Percentage for
such Distribution Date will equal the Group
III-A Percentage for such
Distribution Date plus 50% of the Group III
Subordinated Percentage for such
Distribution Date or (B) on or after the
Distribution Date in January 2008,
cumulative Realized Losses on the Mortgage
Loans in all Loan Groups do not
exceed 30% of the Original Subordinated
Principal Amount, then the Group III-A
Prepayment Percentage for such Distribution
Date will equal the Group III-A
Percentage for such Distribution Date.
Notwithstanding the foregoing, if on any Distribution Date, the
Aggregate Class A Percentage exceeds such
percentage as of the Cut-Off Date,
then the Group III-A Prepayment Percentage
will equal 100%.
If on any Distribution Date the allocation to the Group III-A
Certificates of Unscheduled Principal
Receipts and other amounts in the
percentage required above would reduce the
Group III-A Principal Balance below
zero, the Group III-A Prepayment Percentage
for such Distribution Date will be
limited to the percentage necessary to
reduce the Group III-A Principal Balance
to zero. In addition, once the Group III-A
Principal Balance has been reduced to
zero, the Group III-A Prepayment Percentage
will be 0%.
With respect to any Distribution Date on which the Group III-A
Prepayment Percentage is reduced below the
Group III-A Prepayment Percentage for
the prior Distribution Date, the Master
Servicer shall certify to the Trustee,
based upon information provided by each
Servicer as to the Mortgage Loans
serviced by it that the criteria set forth
in this definition are met.
Group III-A Principal Balance: As of any date, an amount equal
to
the sum of the Principal Balances for the
Group III-A Certificates.
Group III-A Principal Distribution Amount: As to any
Distribution
Date, the aggregate amount distributed in
respect of the Classes of Group III-A
Certificates pursuant to Paragraph third
clause (C) of Section 4.01(a)(i).
Group III-A Shortfall Percentage: As to any Distribution Date
and
any Class of Group III-A Certificates, the
percentage calculated by dividing the
Class A Unpaid Interest Shortfall for such
Class by the Aggregate Group III-A
Unpaid Interest Shortfall, in each case
determined as of the day preceding the
applicable Distribution Date.
Holder: See "Certificateholder."
Independent: When used with respect to any specified Person,
such
Person who (i) is in fact independent of
the Seller, the Master Servicer and any
Servicer, (ii) does not have any direct
financial interest or any material
indirect financial interest in the Seller
or the Master Servicer or any Servicer
or in an affiliate of either, and (iii) is
not connected with the Seller, the
Master Servicer or any Servicer as an
officer, employee, promoter, underwriter,
trustee, partner, director or person
performing similar functions.
Index: Either the One-Year CMT Index or the One-Year LIBOR Index.
In
the event that either such Index is no
longer available, the applicable Servicer
will select a substitute Index in
accordance with the terms of the related
Mortgage Note and in compliance with
federal and state law.
Insurance Policy: Any insurance or performance bond relating to
a
Mortgage Loan or the Mortgage Loans,
including any hazard insurance, special
hazard insurance, flood insurance, primary
mortgage insurance, mortgagor
bankruptcy bond or title insurance.
Insurance Proceeds: Proceeds paid by any insurer pursuant to
any
Insurance Policy covering a Mortgage
Loan.
Insured Expenses: Expenses covered by any Insurance Policy
covering
a Mortgage Loan.
Interest Accrual Amount: As to any Distribution Date and any
Class
of Class A Certificates, (i) the product of
(a) 1/12th of the Class A
Pass-Through Rate for such Class and (b)
the Principal Balance of such Class as
of the Determination Date immediately
preceding such Distribution Date minus
(ii) the sum of (A) the Group I-A Interest
Percentage, Group II-A Interest
Percentage or Group III-A Interest
Percentage, as applicable, of such Class of
the interest portion of any Realized Losses
allocated to the Group I-A
Certificates, to the Group II-A
Certificates or to the Group III-A Certificates,
as applicable, on or after the
Subordination Depletion Date pursuant to Section
4.02(c) and (B) the Class A Interest
Percentage of such Class of any
Non-Supported Interest Shortfall or Relief
Act Shortfall allocated to the Class
A Certificates with respect to such
Distribution Date.
As to any Distribution Date and any Class of Class B
Certificates,
an amount equal to (i) the product of
1/12th of the Class B Pass-Through Rate
and the Principal Balance of such Class as
of the Determination Date preceding
such Distribution Date minus (ii) the Class
B Interest Percentage of such Class
of the sum of any Non-Supported Interest
Shortfall and any Relief Act Shortfall
allocated to the Class B Certificates with
respect to such Distribution Date.
Letter of Credit: As
defined in the Wells
Fargo Bank
Servicing
Agreement.
Liquidated Loan: A Mortgage Loan with respect to which the
related
Mortgaged Property has been acquired,
liquidated or foreclosed and with respect
to which the applicable Servicer determines
that all Liquidation Proceeds which
it expects to recover have been
recovered.
Liquidated Loan Loss: With respect to any Distribution Date,
the
aggregate of the amount of losses with
respect to each Mortgage Loan which
became a Liquidated Loan during the
Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled
Principal Receipts for such Distribution
Date, equal to the excess of (i) the unpaid
principal balance of each such
Liquidated Loan, plus accrued interest
thereon in accordance with the
amortization schedule at the time
applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date as
to which interest was last paid with
respect thereto through the last day of the
month preceding the month in which
such Distribution Date occurs, over (ii)
Net Liquidation Proceeds with respect
to such Liquidated Loan.
Liquidation Expenses: Expenses incurred by a Servicer in
connection
with the liquidation of any defaulted
Mortgage Loan or property acquired in
respect thereof (including, without
limitation, legal fees and expenses,
committee or referee fees, and, if
applicable, brokerage commissions and
conveyance taxes), any unreimbursed
advances expended by such Servicer pursuant
to its Servicing Agreement or the Master
Servicer or Trustee pursuant hereto
respecting the related Mortgage Loan,
including any unreimbursed advances for
real property taxes or for property
restoration or preservation of the related
Mortgaged Property. Liquidation Expenses
shall not include any previously
incurred expenses in respect of an REO
Mortgage Loan which have been netted
against related REO Proceeds.
Liquidation Proceeds: Amounts received by a Servicer (including
Insurance Proceeds) or PMI Advances made by
a Servicer in connection with the
liquidation of defaulted Mortgage Loans or
property acquired in respect thereof,
whether through foreclosure, sale or
otherwise, including payments in connection
with such Mortgage Loans received from the
Mortgagor, other than amounts
required to be paid to the Mortgagor
pursuant to the terms of the applicable
Mortgage or to be applied otherwise
pursuant to law.
Liquidation Profits: As to any Distribution Date and any
Mortgage
Loan that became a Liquidated Loan during
the Applicable Unscheduled Principal
Receipt Period with respect to Full
Unscheduled Principal Receipts for such
Distribution Date, the excess, if any, of
(i) Net Liquidation Proceeds in
respect of such Liquidated Loan over (ii)
the unpaid principal balance of such
Liquidated Loan plus accrued interest
thereon in accordance with the
amortization schedule at the time
applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date to
which interest was last paid with
respect thereto through the last day of the
month preceding the month in which
such Distribution Date occurs.
Loan Group I: The Group I Mortgage Loans.
Loan Group II: The Group II Mortgage Loans.
Loan Group III: The Group III Mortgage Loans.
Loan Group: Any of Loan Group I, Loan Group II or Loan Group
III.
Loan-to-Value Ratio: The ratio, expressed as a percentage, the
numerator of which is the principal balance
of a particular Mortgage Loan at
origination and the denominator of which is
the lesser of (x) the appraised
value of the related Mortgaged Property
determined in the appraisal used by the
originator at the time of origination of
such Mortgage Loan, and (y) if the
Mortgage is originated in connection with a
sale of the Mortgaged Property, the
sale price for such Mortgaged Property.
Lower-Tier Distribution Amount: As defined in Section
4.01(a)(iii).
Lower-Tier REMIC: One of two separate REMICs comprising the
Trust
Estate, the assets of which consist of the
Mortgage Loans, such amounts as shall
from time to time be held in the
Certificate Account, the insurance policies, if
any, relating to a Mortgage Loan and
property which secured a Mortgage Loan and
which has been acquired by foreclosure or
deed in lieu of foreclosure.
Master Servicer: Wells Fargo Bank, or its successor in
interest.
Initially, the Master Servicer functions
shall be performed by the Corporate
Trust Services division of Wells Fargo
Bank.
Master Servicing Fee: With respect to any Mortgage Loan and any
Distribution Date, the fee payable monthly
to the Master Servicer pursuant to
Section 6.05 equal to a fixed percentage
(expressed as a per annum rate) of the
unpaid principal balance of such Mortgage
Loan.
Master
Servicing Fee Rate: As set forth in Section 11.22.
Master Servicing Officer: Any officer of the Master Servicer
involved in, or responsible for, the
administration and master servicing of the
Mortgage Loans.
MERS: The Mortgage Electronic Registration Systems, Inc.
MERS Mortgage Loan: Any MOM Mortgage Loan or any other Mortgage
Loan
as to which MERS is (or is intended to be)
the mortgagee of record and as to
which a MIN has been assigned.
Mid-Month Receipt Period: With respect to each Distribution
Date,
the one month period beginning on the
Determination Date (or, in the case of the
first Distribution Date, from and including
the Cut-Off Date) occurring in the
calendar month preceding the month in which
such Distribution Date occurs and
ending on the day preceding the
Determination Date immediately preceding such
Distribution Date.
MIN: A MERS Mortgage Identification Number assigned to a
Mortgage
Loan registered under MERS.
MOM: A Mortgage Loan
where the related Mortgage names MERS as the
original mortgagee thereof, as to which a
MIN has been assigned, and which
Mortgage has not been assigned to any other
person.
Month End Interest: As defined in each Servicing Agreement.
Monthly Payment: As to any Mortgage Loan (including any REO
Mortgage
Loan) and any Due Date, the payment of
principal and interest due thereon in
accordance with the amortization schedule
at the time applicable thereto (after
adjustment for any Curtailments and
Deficient Valuations occurring prior to such
Due Date but before any adjustment to such
amortization schedule, other than for
Deficient Valuations, by reason of any
bankruptcy or similar proceeding or any
moratorium or similar waiver or grace
period).
Moody's: Moody's Investors Service, Inc. or its successor in
interest.
Mortgage: The mortgage, deed of trust or other instrument creating
a
first lien on Mortgaged Property securing a
Mortgage Note together with any
Mortgage Loan Rider, if applicable.
Mortgage Interest Rate: As to any Mortgage Loan, the per annum
rate
at which interest accrues on the unpaid
principal balance thereof as set forth
in the related Mortgage Note, which rate is
as indicated on the Mortgage Loan
Schedule.
Mortgage Loan Purchase Agreement: The mortgage loan purchase
agreement dated as of December 23, 2004
between Wells Fargo Bank, as seller, and
the Seller, as purchaser.
Mortgage Loan Rider: The standard Fannie Mae/Freddie Mac riders
to
the Mortgage Note and/or Mortgage riders
required when the Mortgaged Property is
a condominium unit or a unit in a planned
unit development.
Mortgage Loan Schedule: The list of the Mortgage Loans
transferred
to the Trustee on the Closing Date as part
of the Trust Estate and attached
hereto as Exhibit F-1A, Exhibit F-1B and
Exhibit F-1C, which list may be amended
following the Closing Date upon conveyance
of a Substitute Mortgage Loan
pursuant to Section 2.02, 2.03 or 2.06 and
which list shall set forth at a
minimum the following information as of the
close of business on the Cut-Off
Date (or, with respect to Substitute
Mortgage Loans, as of the close of business
on the day of substitution) as to each
Mortgage Loan:
(i) the Mortgage Loan identifying number;
(ii) the city, state and zip code of the Mortgaged Property;
(iii) the type of property;
(iv) the Mortgage Interest Rate;
(v) the Net Mortgage Interest Rate;
(vi) the Monthly Payment;
(vii) the original number of months to maturity;
(viii) the scheduled maturity date;
(ix) the Cut-Off Date Principal Balance;
(x) the Loan-to-Value Ratio at origination;
(xi) whether such Mortgage Loan is covered by primary mortgage
insurance;
(xii) the applicable Servicing Fee Rate;
(xiii) the Master Servicing Fee Rate;
(xiv) the Index;
(xv) the Gross Margin;
(xvi) the Periodic Cap;
(xvii) the first Adjustment Date;
(xviii) the Rate Ceiling; and
(xix) for each Other Servicer Mortgage Loan, the name of the
Servicer
with respect thereto.
Such schedule may consist of multiple reports that collectively
set
forth all of the information required.
Mortgage Loans: Each of the mortgage loans transferred and
assigned
to the Trustee on the Closing Date pursuant
to Section 2.01(a) and any mortgage
loans substituted therefor pursuant to
Section 2.02, 2.03 or 2.06, in each case
as from time to time are included in the
Trust Estate as identified in the
Mortgage Loan Schedule.
Mortgage Note: The note or other evidence of indebtedness
evidencing
the indebtedness of a Mortgagor under a
Mortgage Loan together with any related
Mortgage Loan Riders, if applicable.
Mortgaged Property: The property subject to a Mortgage, which
may
include Co-op Shares or residential
long-term leases.
Mortgagor: The obligor on a Mortgage Note.
Net Liquidation Proceeds: As to any defaulted Mortgage Loan,
Liquidation Proceeds net of Liquidation
Expenses.
Net Mortgage Interest Rate: With respect to each Mortgage Loan,
a
rate equal to (i) the Mortgage Interest
Rate on such Mortgage Loan minus (ii)
the sum of (a) the applicable Servicing Fee
Rate, as set forth in Section 11.21
with respect to such Mortgage Loan and (b)
the Master Servicing Fee Rate, as set
forth in Section 11.22 with respect to such
Mortgage Loan. Any regular monthly
computation of interest at such rate shall
be based upon annual interest at such
rate on the applicable amount divided by
twelve.
Net REO Proceeds: As to any REO Mortgage Loan, REO Proceeds net
of
any related expenses of the Servicer.
Net WAC: As to any Loan Group and any Distribution Date, a per
annum
rate equal to the weighted average of the
Net Mortgage Interest Rates of the
Mortgage Loans in such Loan Group (based on
the Scheduled Principal Balances of
the Mortgage Loans in such Loan Group on
the first day of the month preceding
the month in which such Distribution Date
occurs).
Non-permitted Foreign Holder: As defined in Section 5.02(d).
Nonrecoverable Advance: Any portion of a Periodic Advance
previously
made or proposed to be made in respect of a
Mortgage Loan which has not been
previously reimbursed to the Servicer, the
Master Servicer or the Trustee, as
the case may be, and which the Servicer,
the Master Servicer or the Trustee
determines will not, or in the case of a
proposed Periodic Advance would not, be
ultimately recoverable from Liquidation
Proceeds or other recoveries in respect
of the related Mortgage Loan. The
determination by the Servicer, the Master
Servicer or the Trustee (i) that it has
made a Nonrecoverable Advance or (ii)
that any proposed Periodic Advance, if
made, would constitute a Nonrecoverable
Advance, shall be evidenced by an Officer's
Certificate of the Servicer
delivered to the Master Servicer for
redelivery to the Trustee or, in the case
of a Master Servicer determination, an
Officer's Certificate of the Master
Servicer delivered to the Trustee, in each
case detailing the reasons for such
determination.
Non-Supported Interest Shortfall: With respect to any
Distribution
Date, the sum of (i) the excess, if any, of
the aggregate Prepayment Interest
Shortfall on the Mortgage Loans over the
aggregate Compensating Interest with
respect to such Distribution Date and (ii)
Curtailment Interest Shortfalls with
respect to such Distribution Date. With
respect to each Distribution Date
occurring on or after the Subordination
Depletion Date, the Non-Supported
Interest Shortfall determined pursuant to
the preceding sentence will be
increased by the amount of any
Subordination Depletion Date Interest Shortfall
for such Distribution Date. Any
Non-Supported Interest Shortfall will be
allocated to (a) the Class A Certificates
according to the percentage obtained
by dividing the Aggregate Class A Principal
Balance by the Aggregate Principal
Balance and (b) the Class B Certificates
according to the percentage obtained by
dividing the Class B Principal Balance by
the Aggregate Principal Balance.
Non-U.S. Person: As defined in Section 4.01(g).
NYCEMA: A New York Consolidation, Extension and Modification
Agreement.
Officers' Certificate: With respect to any Person, a
certificate
signed by the Chairman of the Board, the
President or a Vice President, and by
the Treasurer, the Secretary or one of the
Assistant Treasurers or Assistant
Secretaries of such Person (or, in the case
of a Person which is not a
corporation, signed by the person or
persons having like responsibilities), and
delivered to the Trustee.
One-Year CMT Index: As to any Mortgage Loan and Adjustment Date,
a
rate per annum that is defined to be the
weekly average yield on United States
Treasury Securities adjusted to a constant
maturity of one year, as made
available by the Federal Reserve Board,
published in Federal Reserve Statistical
Release H.15 (519) and most recently
available as of the date 45 days before the
applicable Adjustment Date.
One-Year LIBOR Index: As to any Mortgage Loan and Adjustment Date,
a
rate per annum that is defined to be the
average of interbank offered rates for
one-year U.S. dollar-denominated deposits
in the London market, as published in
The Wall Street Journal and most recently
available as of the date 45 days
before the applicable Adjustment Date.
Opinion of Counsel: A written opinion of counsel, who may be
outside
or salaried counsel for the Seller, a
Servicer or the Master Servicer, or any
affiliate of the Seller, a Servicer or the
Master Servicer, acceptable to the
Trustee if such opinion is to be delivered
to the Trustee; provided, however,
that with respect to REMIC matters, matters
relating to the determination of
Eligible Accounts or matters relating to
transfers of Certificates, such counsel
shall be Independent.
Optimal Adjustment Event: With respect to any Class of Class B
Certificates and any Distribution Date, an
Optimal Adjustment Event will occur
with respect to such Class if: (i) the
Principal Balance of such Class on the
Determination Date succeeding such
Distribution Date would have been reduced to
zero (regardless of whether such Principal
Balance was reduced to zero as a
result of principal distribution or the
allocation of Realized Losses) and (ii)
(a) the Principal Balance of any Class of
Class A Certificates would be subject
to further reduction as a result of the
third sentence of the definition of
Principal Balance or (b) the Principal
Balance of a Class of Class B
Certificates with a lower numerical
designation would be reduced with respect to
such Distribution Date as a result of the
application of the proviso in the
definition of Class B-1 Principal Balance,
Class B-2 Principal Balance, Class
B-3 Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance
or Class B-6 Principal Balance.
Original Aggregate Subordinated Percentage: The Aggregate
Subordinated Percentage as of the Cut-Off
Date, as set forth in Section 11.08.
Original Group I-A Percentage: The Group I-A Percentage as of
the
Cut-Off Date, as set forth in Section
11.03(a).
Original Group II-A Percentage: The Group II-A Percentage as of
the
Cut-Off Date, as set forth in Section
11.03(b).
Original Group III-A Percentage: The Group III-A Percentage as
of
the Cut-Off Date, as set forth in Section
11.03(c).
Original Class B Principal Balance: The sum of the Original
Class
B-1 Principal Balance, Original Class B-2
Principal Balance, Original Class B-3
Principal Balance, Original Class B-4
Principal Balance, Original Class B-5
Principal Balance and Original Class B-6
Principal Balance, as set forth in
Section 11.09.
Original Class B-1 Fractional Interest: As to the first
Distribution
Date, the percentage obtained by dividing
the sum of the Original Class B-2
Principal Balance, the Original Class B-3
Principal Balance, the Original Class
B-4 Principal Balance, the Original Class
B-5 Principal Balance and the Original
Class B-6 Principal Balance by the Cut-Off
Date Aggregate Principal Balance. The
Original Class B-1 Fractional Interest is
specified in Section 11.12.
Original Class B-2 Fractional Interest: As to the first
Distribution
Date, the percentage obtained by dividing
the sum of the Original Class B-3
Principal Balance, the Original Class B-4
Principal Balance, the Original Class
B-5 Principal Balance and the Original
Class B-6 Principal Balance by the
Cut-Off Date Aggregate Principal Balance.
The Original Class B-2 Fractional
Interest is specified in Section 11.13.
Original Class B-3 Fractional Interest: As to the first
Distribution
Date, the percentage obtained by dividing
the sum of the Original Class B-4
Principal Balance, the Original Class B-5
Principal Balance and the Original
Class B-6 Principal Balance by the Cut-Off
Date Aggregate Principal Balance. The
Original Class B-3 Fractional Interest is
specified in Section 11.14.
Original Class B-4 Fractional Interest: As to the first
Distribution
Date, the percentage obtained by dividing
the sum of the Original Class B-5
Principal Balance and the Original Class
B-6 Principal Balance by the Cut-Off
Date Aggregate Principal Balance. The
Original Class B-4 Fractional Interest is
specified in Section 11.15.
Original Class B-5 Fractional Interest: As to the first
Distribution
Date, the percentage obtained by dividing
the Original Class B-6 Principal
Balance by the Cut-Off Date Aggregate
Principal Balance. The Original Class B-5
Fractional Interest is specified in Section
11.16.
Original Class B-1 Principal Balance: The Class B-1 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Class B-2 Principal Balance: The Class B-2 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Class B-3 Principal Balance: The Class B-3 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Class B-4 Principal Balance: The Class B-4 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Class B-5 Principal Balance: The Class B-5 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Class B-6 Principal Balance: The Class B-6 Principal
Balance as of the Cut-Off Date, as set
forth in Section 11.11.
Original Principal Balance: Any of the Original Principal
Balances
of the Classes of Class A Certificates as
set forth in Section 11.04; the
Original Class B-1 Principal Balance,
Original Class B-2 Principal Balance,
Original Class B-3 Principal Balance,
Original Class B-4 Principal Balance,
Original Class B-5 Principal Balance or
Original Class B-6 Principal Balance as
set forth in Section 11.11.
Original Subordinated Principal Amount: The Class B Principal
Balance as of the Cut-Off Date.
Other Servicer: Any of the Servicers other than Wells Fargo
Bank.
Other Servicer Mortgage Loan: Any of the Mortgage Loans, if
any,
identified in Exhibit F-2 hereto, as such
Exhibit may be amended from time to
time in connection with a substitution
pursuant to Section 2.02 or 2.06, which
Mortgage Loan is serviced under an Other
Servicing Agreement.
Other Servicing Agreements: The Servicing Agreements other than
the
Wells Fargo Bank Servicing Agreement.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Mortgage Loan) which was
not the subject of a Full Unscheduled
Principal Receipt prior to such Due Date
and which was not repurchased by the
Seller prior to such Due Date pursuant to
Section 2.02 or 2.03.
Owner Mortgage Loan File: A file maintained by the Custodian
for
each Mortgage Loan that contains the
documents specified in Section 2.01(a) and
any additional documents required to be
added to the Owner Mortgage Loan File
pursuant to this Agreement.
Partial Liquidation Proceeds: Liquidation Proceeds received by
a
Servicer prior to the Unscheduled Principal
Receipt Period in which the related
Mortgage Loan became a Liquidated Loan.
Partial Unscheduled Principal Receipt: An Unscheduled Principal
Receipt which is not a Full Unscheduled
Principal Receipt.
Paying Agent: The Person authorized on behalf of the Trustee to
make
distributions to Certificateholders with
respect to the Certificates and to
forward to Certificateholders the periodic
and annual statements required by
Section 4.04. The Paying Agent may be the
Trustee. The initial Paying Agent is
appointed in Section 4.03(a).
Payment Account: The account maintained pursuant to Section
4.03(a).
Percentage Interest: With respect to a Class A Certificate of a
Class, the undivided percentage interest
obtained by dividing the original
principal balance of such Certificate by
the Original Principal Balance of such
Class of Class A Certificates. With respect
to a Class B Certificate of a Class,
the undivided percentage interest obtained
by dividing the original principal
balance of such Certificate by the Original
Principal Balance of such Class of
Class B Certificates.
Periodic Advance: The aggregate of the advances required to be
made
by a Servicer on any Distribution Date
pursuant to its Servicing Agreement or by
the Master Servicer or the Trustee
hereunder, the amount of any such advances
being equal to the total of all Monthly
Payments (adjusted, in each case (i) in
respect of interest, to the applicable
Mortgage Interest Rate less the Servicing
Fee in the case of Periodic Advances made
by a Servicer and to the applicable
Net Mortgage Interest Rate in the case of
Periodic Advances made by the Master
Servicer or Trustee and (ii) by the amount
of any related Debt Service
Reductions or reductions in the amount of
interest collectable from the
Mortgagor pursuant to the Servicemembers
Civil Relief Act, as it may be amended
from time to time, or similar legislation
or regulations then in effect) on the
Mortgage Loans, that (x) were delinquent as
of the close of business on the
related Determination Date, (y) were not
the subject of a previous Periodic
Advance by such Servicer or of a Periodic
Advance by the Master Servicer or the
Trustee, as the case may be and (z) have
not been determined by the Master
Servicer, such Servicer or Trustee to be
Nonrecoverable Advances.
Periodic Cap: For each Mortgage Loan, the applicable limit on
adjustment of the Mortgage Interest Rate
for each Adjustment Date specified in
the applicable Mortgage Note and designated
as such in the Mortgage Loan
Schedule.
Person: Any individual, corporation, partnership, joint
venture,
association, joint-stock company, trust,
unincorporated organization or
government or any agency or political
subdivision thereof.
Plan: As defined in Section 5.02(c).
Pledge Holder: As defined in the Wells Fargo Bank Servicing
Agreement.
Pledged Asset Mortgage Loans: The Mortgage Loans listed on Exhibit
P
for which Letters of Credit have been
issued.
PMI Advance: As defined in the related Servicing Agreement, if
applicable.
Pool Balance: Any of the Group I Pool Balance, Group II Pool
Balance
or Group III Pool Balance.
Pool Scheduled Principal Balance: The sum of the Group I Pool
Balance, Group II Pool Balance and Group
III Pool Balance.
Prepayment In Full: With respect to any Mortgage Loan, a
Mortgagor
payment consisting of a Principal
Prepayment in the amount of the outstanding
principal balance of such loan and
resulting in the full satisfaction of such
obligation.
Prepayment Interest Shortfall: On any Distribution Date, the
amount
of interest, if any, that would have
accrued on any Mortgage Loan which was the
subject of a Prepayment in Full at the Net
Mortgage Interest Rate for such
Mortgage Loan from the date of its
Prepayment in Full (but in the case of a
Prepayment in Full where the Applicable
Unscheduled Principal Receipt Period is
the Mid-Month Receipt Period, only if the
date of the Prepayment in Full is on
or after the Determination Date in the
month prior to the month of such
Distribution Date and prior to the first
day of the month of such Distribution
Date) through the last day of the month
prior to the month of such Distribution
Date.
Principal Adjustment: In the event that the Class B-1 Optimal
Principal Amount, Class B-2 Optimal
Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal
Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal
Principal Amount is calculated in
accordance with the proviso in such
definition with respect to any Distribution
Date, the Principal Adjustment for such
Class of Class B Certificates shall
equal the difference between (i) the amount
that would have been distributed to
such Class as principal in accordance with
Section 4.01(a)(ii) for such
Distribution Date, calculated without
regard to such proviso and assuming there
are no Principal Adjustments for such
Distribution Date and (ii) the Adjusted
Principal Balance for such Class.
Principal Balance: As of the first Determination Date and as to
any
Class of Class A Certificates, the Original
Principal Balance of such Class. As
of any subsequent Determination Date prior
to the Subordination Depletion Date
and as to any Class of Class A
Certificates, the Original Principal Balance of
such Class less the sum of all amounts
previously distributed in respect of such
Class on prior Distribution Dates (i)
pursuant to Paragraph third of Section
4.01(a)(i) and (ii) as a result of a
Principal Adjustment. After the
Subordination Depletion Date, each such
Principal Balance of a Class of Class A
Certificates will also be reduced (if
clause (i) is greater than clause (ii)) or
increased (if clause (i) is less than
clause (ii)) on each Determination Date by
an amount equal to the product of the Group
I-A Loss Percentage, Group II-A Loss
Percentage or Group III-A Loss Percentage,
as applicable, of such Class and the
difference, if any, between (i) the Group
I-A Principal Balance, Group II-A
Principal Balance or Group III-A Principal
Balance, as applicable, as of such
Determination Date without regard to this
sentence and (ii) Group I Adjusted
Pool Amount, Group II Adjusted Pool Amount
or Group III Adjusted Pool Amount, as
applicable, for the preceding Distribution
Date; provided, however, that the
amount of any such reduction for the Class
II-A-2 Certificates will be decreased
by the Class II-A-3 Loss Allocation Amount
and the amount of any such reduction
for the Class III-A-2 Certificates will be
decreased by the Class III-A-3 Loss
Allocation Amount. After the Subordination
Depletion Date, the Principal
Balances of the Class II-A-3 Certificates
and the Class III-A-3 Certificates
will additionally be reduced by the Class
II-A-3 Loss Allocation Amount and the
Class III-A-3 Loss Allocation Amount,
respectively. In addition, any increase
allocated to the Class II-A-2 Certificates
pursuant to the third sentence above
will instead increase the Principal Balance
of the Class II-A-3 Certificates and
any increase allotted to the Class III-A-2
Certificates pursuant to the third
sentence above will instead increase the
Principal Balance of the Class III-A-3
Certificates. Notwithstanding the
foregoing, on any Distribution Date in which
the Class II-A-2 Loss Amount exceeds the
Principal Balance of the Class II-A-3
Certificates prior to any reduction for the
Class II-A-3 Loss Allocation Amount,
such excess will be allocated in reduction
of the Principal Balance of the Class
II-A-2 Certificates, and on any
Distribution Date in which the Class III-A-2
Loss Amount exceeds the Principal Balance
of the Class III-A-3 Certificates
prior to any reduction for the Class
III-A-3 Loss Allocation Amount, such excess
will be allocated in reduction of the
Principal Balance of the Class III-A-2
Certificates.
As to the Class B Certificates, the Class B-1 Principal
Balance,
Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance and
Class B-6 Principal Balance,
respectively.
Notwithstanding the foregoing, no Principal Balance of a Class
will
be increased on any Determination Date such
that the Principal Balance of such
Class exceeds its Original Principal
Balance less all amounts previously
distributed in respect of such Class on
prior Distribution Dates pursuant to
Paragraph third clauses (A) or (B) of
Section 4.01(a)(i) or Paragraphs third,
sixth, ninth, twelfth, fifteenth or
eighteenth of Section 4.01(a)(ii).
Principal Prepayment: Any Mortgagor payment on a Mortgage Loan
which
is received in advance of its Due Date and
is not accompanied by an amount
representing scheduled interest for any
period subsequent to the date of
prepayment.
Prior Month Receipt Period: With respect to each Distribution
Date,
the calendar month preceding the month in
which such Distribution Date occurs.
Prohibited Transaction Tax: Any tax imposed under Section 860F
of
the Code.
Prospectus: The prospectus dated November 16, 2004 as
supplemented
by the prospectus supplement dated December
21, 2004, relating to the Class A,
Class B-1, Class B-2 and Class B-3
Certificates.
Prudent Servicing Practices: The standard of care set forth in
each
Servicing Agreement.
Rate Ceiling: The maximum per annum Mortgage Interest Rate
permitted
under the related Mortgage Note.
Rating Agency: Any nationally recognized statistical credit
rating
agency, or its successor, that rated one or
more Classes of the Certificates at
the request of the Seller at the time of
the initial issuance of the
Certificates. The Rating Agencies for the
Class A, Class B-1, Class B-2 and
Class B-3 Certificates are S&P and
Moody's. The Rating Agency for the Class B-4
and Class B-5 Certificates is S&P. If
any such agency or a successor is no
longer in existence, "Rating Agency" shall
be such statistical credit rating
agency, or other comparable Person,
designated by the Seller, notice of which
designation shall be given to the Trustee
and the Master Servicer. References
herein to the highest short-term rating
category of a Rating Agency shall mean
A-1 in the case of S&P, P-1 in the case
of Moody's, and in the case of any other
Rating Agency shall mean its equivalent of
such ratings. References herein to
the highest long-term rating categories of
a Rating Agency shall mean AAA in the
case of S&P and Aaa in the case of
Moody's, and in the case of any other Rating
Agency shall mean its equivalent of such
ratings without any plus or minus.
Realized Losses: With respect to any Distribution Date, (i)
Liquidated Loan Losses incurred on
Liquidated Loans for which the Liquidation
Proceeds were received during the
Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled
Principal Receipts with respect to such
Distribution Date and (ii) Bankruptcy
Losses incurred during the period
corresponding to the Applicable Unscheduled
Principal Receipt Period with
respect to Full Unscheduled Principal
Receipts for such Distribution Date.
Record Date: The last Business Day of the month preceding the
month
of the related Distribution Date.
Recovery: As to any Distribution Date and each Loan Group, the
sum
of all amounts received (net of any
reimbursable expenses) for Group I Mortgage
Loans, Group II Mortgage Loans or Group III
Mortgage Loans, as applicable,
subsequent to any such Mortgage Loan being
determined to be a Liquidated Loan.
Reimbursement Amount: As defined in Section 2.03(c).
Relief Act Shortfall: Any interest shortfalls arising as a result
of
the reduction in the amount of monthly
interest payments on any Mortgage Loans
as a result of the application of the
Servicemembers Civil Relief Act, as it may
be amended from time to time, or comparable
state legislation. Any Relief Act
Shortfall will be allocated to (a) the
Class A Certificates according to the
percentage obtained by dividing the Class A
Principal Balance by the sum of the
Class A Principal Balance and the Class B
Principal Balance and (b) the Class B
Certificates according to the percentage
obtained by dividing the Class B
Principal Balance by the sum of the Class A
Principal Balance and the Class B
Principal Balance.
REMIC: A "real
estate mortgage investment conduit" as defined in
Code Section 860D.
REMIC Provisions: Provisions of the federal income tax law
relating
to REMICs, which appear at Sections 860A
through 860G of Part IV of Subchapter M
of Chapter 1 of Subtitle A of the Code, and
related provisions, and U.S.
Department of the Treasury temporary,
proposed or final regulations promulgated
thereunder, as the foregoing are in effect
(or with respect to proposed
regulations, are proposed to be in effect)
from time to time.
Remittance Date: As defined in each of the Servicing
Agreements.
REO Mortgage Loan: Any Mortgage Loan which is not a Liquidated
Loan
and as to which the indebtedness evidenced
by the related Mortgage Note is
discharged and the related Mortgaged
Property is held as part of the Trust
Estate.
REO Proceeds: Proceeds received in respect of any REO Mortgage
Loan
(including, without limitation, proceeds
from the rental of the related
Mortgaged Property).
Request for Release: A request for release (which may be in
electronic form) in substantially the form
attached as Exhibit G hereto.
Responsible Officer: When used with respect to the Trustee, the
Chairman or Vice-Chairman of the Board of
Directors or Trustees, the Chairman or
Vice-Chairman of the Executive or Standing
Committee of the Board of Directors
or Trustees, the President, the Chairman of
the Committee on Trust Matters, any
Vice President, the Secretary, any
Assistant Secretary, the Treasurer, any
Assistant Treasurer, the Cashier, any
Assistant Cashier, any Trust Officer or
Assistant Trust Officer, the Controller and
any Assistant Controller or any
other officer of the Trustee customarily
performing functions similar to those
performed by any of the above-designated
officers and also, with respect to a
particular matter, any other officer to
whom such matter is referred because of
such officer's knowledge of and familiarity
with the particular subject.
Retained Mortgage Loan File: A file maintained by Wells Fargo
Bank
prior to any Document Transfer Event for
each Mortgage Loan that contains the
documents specified in Section 2.01(b) and
any additional documents required to
be added to the Retained Mortgage Loan File
pursuant to this Agreement.
Rule 144A: Rule 144A promulgated under the Securities Act of
1933,
as amended.
S&P: Standard & Poor's, a division of The McGraw-Hill
Companies,
Inc., or its successor in interest.
Scheduled Principal Balance: As to any Mortgage Loan and
Distribution Date, the principal balance of
such Mortgage Loan as of the Due
Date in the month preceding the month of
such Distribution Date as specified in
the amortization schedule at the time
relating thereto (before any adjustment to
such amortization schedule by reason of any
bankruptcy (other than Deficient
Valuations) or similar proceeding or any
moratorium or similar waiver or grace
period) after giving effect to (A)
Unscheduled Principal Receipts received or
applied by the applicable Servicer during
the related Unscheduled Principal
Receipt Period for each applicable type of
Unscheduled Principal Receipt related
to the Distribution Date occurring in the
month preceding such Distribution
Date, (B) Deficient Valuations incurred
prior to such Due Date and (C) the
payment of principal due on such Due Date
and irrespective of any delinquency in
payment by the related Mortgagor.
Accordingly, the Scheduled Principal Balance
of a Mortgage Loan which becomes a
Liquidated Loan at any time through the last
day of such related Unscheduled Principal
Receipt Period shall be zero.
Seller: Wells Fargo Asset Securities Corporation, or its
successor
in interest.
Servicer Mortgage Loan File: As defined in each of the
Servicing
Agreements.
Servicers: Wells Fargo Bank, as a Servicer under the related
Servicing Agreement. Initially the
servicing functions performed by Wells Fargo
Bank shall be performed by the Wells Fargo
Home Mortgage division of Wells Fargo
Bank.
Servicing Agreements: Each of the Servicing Agreements executed
with
respect to a portion of the Mortgage Loans
by one of the Servicers, which
agreements are attached hereto,
collectively, as Exhibit L.
Servicing Fee: With respect to any Servicer, as defined in its
Servicing Agreement.
Servicing Fee Rate: With respect to a Mortgage Loan, as set forth
in
Section 11.21.
Servicing Officer: Any officer of a Servicer involved in, or
responsible for, the administration and
servicing of the Mortgage Loans.
Similar Law: As defined in Section 5.02(c).
Single Certificate: A Certificate of any Class that evidences
the
smallest permissible Denomination for such
Class, as set forth in Section 11.20.
Startup Day: As defined in Section 2.05.
Subordinate Balance Ratio: The ratio between the Group I
Subordinate
Amount, the Group II Subordinate Amount and
the Group III Subordinate Amount.
Subordination Depletion Date: The Distribution Date preceding
the
first Distribution Date on which each of
the Group I-A Percentage, Group II-A
Percentage and Group III-A Percentage (in
each case, determined pursuant to
clause (ii) of the definition thereof)
equals or exceeds 100%.
Subordination Depletion Date Interest Shortfall: With respect to
any
Distribution Date that occurs on or after
the Subordination Depletion Date with
respect to any Unscheduled Principal
Receipt (other than a Prepayment in Full or
Curtailment):
(A) in the case
where the Applicable Unscheduled Principal Receipt
Period is the Mid-Month Receipt Period and such Unscheduled
Principal Receipt is received by the Servicer on or after the
Determination Date in the month preceding the month of such
Distribution Date but prior to the first day of the month of
such Distribution Date, the amount of interest that would have
accrued at the Net Mortgage Interest Rate on the amount of
such Unscheduled Principal Receipt from the day of its receipt
or, if earlier, its application by the Servicer through the
last day
of the month preceding the month of such Distribution
Date; and
(B) in the case
where the Applicable Unscheduled Principal Receipt
Period is the Prior Month Receipt Period and such Unscheduled
Principal Receipt is received by the Servicer during the month
preceding the month of such Distribution Date, the amount of
interest that would have accrued at the Net Mortgage Interest
Rate on the
amount of such Unscheduled Principal Receipt from
the day of its receipt or, if earlier, its application by the
Servicer through the last day of the month in which such
Unscheduled Principal Receipt is received.
Subsidy Account: If the Trust Estate contains any Subsidy Loans,
the
deposit account or accounts created and
maintained by the Servicer for deposit
of Subsidy Funds and amounts payable under
interest subsidy agreements relating
to mortgage loans other than the Mortgage
Loans.
Subsidy Funds: If the Trust Estate contains any Subsidy Loans,
funds
contributed by the employer of a Mortgagor
in order to reduce the payments
required from the Mortgagor for a specified
period in specified amounts.
Subsidy Loan: Any Mortgage Loan subject to a temporary interest
subsidy agreement pursuant to which the
monthly interest payments made by the
related Mortgagor will be less than the
scheduled monthly interest payments on
such Mortgage Loan, with the resulting
difference in interest payments being
provided by the employer of the
Mortgagor.
Substitute Mortgage Loan: As defined in Section 2.02.
Substitution Principal Amount: With respect to any Mortgage
Loan
substituted in accordance with Section 2.02
or pursuant to Section 2.03 or 2.06,
the excess of (x) the unpaid principal
balance of the Mortgage Loan which is
substituted for over (y) the unpaid
principal balance of the Substitute Mortgage
Loan, each balance being determined as of
the date of substitution.
Trust: The trust created by this Agreement.
Trust Estate: The corpus of the Trust, consisting of the
Mortgage
Loans, such amounts as may be held from
time to time in the Certificate Account,
the rights of the Trustee to receive the
proceeds of all insurance policies and
performance bonds, if any, required to be
maintained hereunder or under the
related Servicing Agreement, property which
secured a Mortgage Loan and which
has been acquired by foreclosure or deed in
lieu of foreclosure and all other
property and rights described in the first
paragraph of Section 2.01(a).
Trustee: Wachovia Bank, National Association, a national
banking
association with its principal office
located in Charlotte, North Carolina, or
any successor trustee appointed as herein
provided.
Type 1 Mortgage Loan: Any of the Mortgage Loans identified in
Exhibit F-1A, Exhibit F-1B and Exhibit F-1C
hereto, as such Exhibit may be
amended from time to time in connection
with a substitution pursuant to Section
2.02 or 2.06, serviced under the Wells
Fargo Bank Servicing Agreement and having
a Mid-Month Receipt Period with respect to
all types of Unscheduled Principal
Receipts.
Uncertificated Lower-Tier Interest: Any of the Class I-L
Interest,
the Class I-LS Interest, the Class II-L
Interest, the Class II-LS Interest, the
Class III-L Interest and the Class III-LS
Interest.
Undercollateralized Group: As defined in Section 4.01(b)(iv).
Undercollateralized Amount: As defined in Section 4.01(b)(iv).
Unpaid Interest Shortfalls: Each of the Class A Unpaid Interest
Shortfalls, the Class B-1 Unpaid Interest
Shortfall, the Class B-2 Unpaid
Interest Shortfall, the Class B-3 Unpaid
Interest Shortfall, the Class B-4
Unpaid Interest Shortfall, the Class B-5
Unpaid Interest Shortfall and the Class
B-6 Unpaid Interest Shortfall.
Unscheduled Principal Receipt: Any Principal Prepayment or
other
recovery of principal on a Mortgage Loan,
including, without limitation,
Liquidation Proceeds, Net REO Proceeds,
Recoveries and proceeds received from
any condemnation award or proceeds in lieu
of condemnation other than that
portion of such proceeds released to the
Mortgagor in accordance with the terms
of the Mortgage or Prudent Servicing
Practices, but excluding any Liquidation
Profits and proceeds of a repurchase of a
Mortgage Loan by the Seller and any
Substitution Principal Amounts.
Unscheduled Principal Receipt Period: Either a Mid-Month
Receipt
Period or a Prior Month Receipt Period.
Upper-Tier Certificate: Any one of the Class A Certificates
(other
than the Class II-A-LR Certificate) and the
Class B Certificates.
Upper-Tier Certificate Account: The trust account established
and
maintained pursuant to Section 4.01(e).
Upper-Tier REMIC: One of the two separate REMICs comprising the
Trust Estate, the assets of which consist
of the Uncertificated Lower-Tier
Interests and such amounts as shall from
time to time be held in the Upper-Tier
Certificate Account.
U.S. Person: As defined in Section 4.01(g).
Voting Interest: With respect to any provisions hereof providing
for
the action, consent or approval of the
Holders of all Certificates evidencing
specified Voting Interests in the Trust
Estate, the Holders of each Class of
Certificates will collectively be entitled
to the then applicable percentage of
the aggregate Voting Interest represented
by all Certificates equal to the ratio
obtained by dividing the Principal Balance
of such Class by the sum of the Group
I-A Principal Balance, Group II-A Principal
Balance, Group III-A Principal
Balance and the Class B Principal Balance.
Each Certificateholder of a Class
will have a Voting Interest equal to the
product of the Voting Interest to which
such Class is collectively entitled and the
Percentage Interest in such Class
represented by such Holder's Certificates.
With respect to any provisions hereof
providing for action, consent or approval
of each Class of Certificates or
specified Classes of Certificates, each
Certificateholder of a Class will have a
Voting Interest in such Class equal to such
Holder's Percentage Interest in such
Class.
Wells Fargo Bank: Wells Fargo Bank, N.A., or its successor in
interest.
Wells Fargo Bank Correspondents: The entities identified on a
list
provided by Wells Fargo Bank to the Master
Servicer, from which Wells Fargo Bank
purchased the Mortgage Loans.
Wells Fargo Bank Servicing Agreement: The Servicing Agreement
providing for the servicing of the Type 1
Mortgage Loans initially by Wells
Fargo Bank.
Section 1.02 Acts of Holders.
(a) Any request, demand, authorization, direction, notice,
consent,
waiver or other action provided by this
Agreement to be given or taken by
Holders may be embodied in and evidenced by
one or more instruments of
substantially similar tenor signed by such
Holders in person or by an agent duly
appointed in writing. Except as herein
otherwise expressly provided, such action
shall become effective when such instrument
or instruments are delivered to the
Trustee. Proof of execution of any such
instrument or of a writing appointing
any such agent shall be sufficient for any
purpose of this Agreement and
conclusive in favor of the Trustee, if made
in the manner provided in this
Section 1.02. The Trustee shall promptly
notify the Master Servicer in writing
of the receipt of any such instrument or
writing.
(b) The fact and date of the execution by any Person of any
such
instrument or writing may be proved by the
affidavit of a witness of such
execution or by a certificate of a notary
public or other officer authorized by
law to take acknowledgments of deeds,
certifying that the individual signing
such instrument or writing acknowledged to
him the execution thereof. When such
execution is by a signer acting in a
capacity other than his or her individual
capacity, such certificate or affidavit
shall also constitute sufficient proof
of his or her authority. The fact and date
of the execution of any such
instrument or writing, or the authority of
the individual executing the same,
may also be proved in any other manner
which the Trustee deems sufficient.
(c) The ownership of Certificates (whether or not such
Certificates
shall be overdue and notwithstanding any
notation of ownership or other writing
thereon made by anyone other than the
Trustee and the Authenticating Agent)
shall be proved by the Certificate
Register, and neither the Trustee, the Seller
nor the Master Servicer shall be affected
by any notice to the contrary.
(d) Any request, demand, authorization, direction, notice,
consent,
waiver or other action of the Holder of any
Certificate shall bind every future
Holder of the same Certificate and the
Holder of every Certificate issued upon
the registration of transfer thereof or in
exchange therefor or in lieu thereof
in respect of anything done, omitted or
suffered to be done by the Trustee, the
Seller or the Master Servicer in reliance
thereon, whether or not notation of
such action is made upon such
Certificate.
Section 1.03 Effect of Headings and Table of Contents.
The Article and Section headings in this Agreement and the Table
of
Contents are for convenience of reference
only and shall not affect the
interpretation or construction of this
Agreement.
Section 1.04 Benefits of Agreement.
Nothing in this Agreement or in the Certificates, express or
implied, shall give to any Person, other
than the parties to this Agreement and
their successors hereunder and the Holders
of the Certificates any benefit or
any legal or equitable right, power, remedy
or claim under this Agreement.
<PAGE>
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF THE CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
(a) The Seller, concurrently with the execution and delivery
hereof,
does hereby assign to the Trustee, without
recourse all the right, title and
interest of the Seller in and to (a) the
Trust Estate, including all interest
and principal received by the Seller on or
with respect to the Mortgage Loans
after the Cut-Off Date (and including
scheduled payments of principal and
interest due after the Cut-Off Date but
received by the Seller on or before the
Cut-Off Date and Unscheduled Principal
Receipts received or applied on the
Cut-Off Date, but not including payments of
principal and interest due on the
Mortgage Loans on or before the Cut-Off
Date), (b) the Insurance Policies, (c)
the obligations of the Servicers under the
Servicing Agreements with respect to
the Mortgage Loans, (d) the right to
receive amounts, if any, payable on behalf
of any Mortgagor from the Subsidy Account
relating to any Subsidy Loan, (e) all
of the Seller's right, title and interest
in and to the proceeds of the Letters
of Credit and (f) proceeds of all the
foregoing. It is agreed and understood by
the Seller and the Trustee that it is not
intended that any mortgage loan be
included in the Trust Estate that is a
"High-Cost Home Loan" as defined in
either (i) the New Jersey Home Ownership
Act effective November 27, 2003, (ii)
the New Mexico Home Loan Protection Act
effective January 1, 2004 or (iii) the
Massachusetts Predatory Home Loan Practices
Act effective November 7, 2004.
In connection with such assignment, the Seller shall, with
respect
to each Mortgage Loan, deliver, or cause to
be delivered, to the Custodian, on
or before the Closing Date the following
documents or instruments with respect
to each Mortgage Loan:
(i) The original Mortgage Note either (A) endorsed in blank or
(B)
endorsed
as provided in Section 2.01(d), with all prior and intervening
endorsements as may be necessary to show a complete chain of
endorsements
or with
respect to any Mortgage Loan as to which the original Mortgage
Note has
been permanently lost or destroyed and has not been replaced, a
lost note
affidavit with a copy of the Mortgage Note and, in the case of
any
Mortgage Loan originated in the State of New York documented by
a
NYCEMA,
the NYCEMA, the new Mortgage Note, if applicable, the
consolidated
Mortgage
Note and the consolidated Mortgage;
(ii) A recorded original assignment of the related Mortgage
from
Wells
Fargo Bank assigning the related Mortgage to the Trustee (which
may
be
assigned in blank), certified by the recording office, or, if
such
assignment
is in the process of being recorded, a copy of the related
Mortgage
transmitted for recordation certified by an officer of Wells
Fargo Bank
or applicable Wells Fargo Bank Correspondent to be a true and
correct
copy of such assignment submitted for recordation; provided,
however,
if recordation is not required as described below, an
assignment
in
recordable form (which may be assigned in blank) with respect to
the
related
Mortgage;
(iii) The original of each assumption agreement, modification,
written
assurance or substitution agreement pertaining to such Mortgage
Note, if
any;
(iv) For each Mortgage
Loan secured by Co-op Shares, the originals
of the
following documents or instruments:
(a) The loan
security agreement;
(b) The stock
certificate;
(c)
The stock power,
executed in blank;
(d) The executed
proprietary lease;
(e) The executed
recognition agreement;
(f) The executed
UCC-1 financing statement with evidence of
recording thereon; and
(g) The executed
UCC-3 financing statements or other
appropriate UCC financing statements required by state
law, evidencing a complete and unbroken chain from the
mortgagee to the Trustee with evidence of recording
thereon (or in a form suitable for recordation); and
(v) For each Letter of
Credit, the original advice of such Letter
of Credit
endorsed by the Pledge Holder and Wells Fargo Bank's notice of
transfer
(Exhibit A to the Letter of Credit) of beneficiary of such
Letter
of Credit
to the Trustee.
(b) Following a Document Transfer Event, the Seller shall, with
respect to each Mortgage Loan, deliver, or
cause to be delivered, to the
Custodian, within 60 days copies (which may
be in electronic form mutually
agreed upon by the Seller and the
Custodian) of the following additional
documents or instruments with respect to
each Mortgage Loan; provided, however,
that originals of such documents or
instruments shall be delivered to the
Custodian if originals are required under
the law in which the related Mortgaged
Property is located in order to exercise
all remedies available to the Trust
under applicable law following default by
the related Mortgagor:
(i) The original recorded Mortgage with evidence of recordation
noted
thereon or attached thereto, together with any addenda or
riders
thereto,
or a copy of such recorded Mortgage with such evidence of
recordation certified to be true and correct by the appropriate
governmental recording office; or a copy of such recorded Mortgage
with
such
evidence of recordation, or if the original Mortgage has been
submitted
for recordation but has not been returned from the applicable
public
recording office, a copy of the Mortgage certified by an officer
of
Wells
Fargo Bank or the applicable Wells Fargo Bank Correspondent to be
a
true and
correct copy of the original Mortgage submitted for
recordation;
(ii) The original of each assumption agreement, modification,
written
assurance or substitution agreement pertaining to such
Mortgage,
if any,
or, if such document is in the process of being recorded, a
copy
of such
document, certified by an officer of Wells Fargo Bank or the
applicable
Wells Fargo Bank Correspondent of such Mortgage Loan or by the
applicable
title insurance company, closing agent, settlement agent,
escrow
agent or closing attorney to be a true and correct copy of such
document
transmitted for recordation, if any;
(iii) For each MERS Mortgage Loan that is not a MOM Mortgage
Loan,
the
original assignment showing MERS as the assignee of the Mortgage,
with
evidence
of recording thereon or copies thereof certified by an officer
of
Wells
Fargo Bank or the applicable Wells Fargo Bank Correspondent to
have
been
submitted for recordation;
(iv) Each original recorded intervening assignment of the
Mortgage
as may be
necessary to show a complete chain of title from the Mortgage
Loan
originator to Wells Fargo Bank or Wells Fargo Home Mortgage,
Inc.,
with evidence of
recordation noted thereon or attached thereto, or a copy
of such
assignment with such evidence of recordation to be true and
correct by
the appropriate governmental recording office, or, if any such
assignment
has been submitted for recordation but has not been returned
from the
applicable public recording office or is not otherwise
available,
a copy of
such assignment certified by an officer of Wells Fargo Bank or
the
applicable Wells Fargo Bank Correspondent to be a true and
correct
copy of
the recorded assignment submitted for recordation; and
(v) The original policy of the title insurance or certificate
of
title
insurance or a written commitment to issue such a title
insurance
policy or
certificate of title insurance, or a copy of such title
insurance
certified as true and correct by the applicable insurer or any
attorney's
certificate of title with an Officer's Certificate of Wells
Fargo Bank
or the applicable Wells Fargo Bank Correspondent that such
attorney's
certificate of title is customarily used in lieu of a title
insurance
policy in the jurisdiction in which the related mortgage
property
is located.
(c) If any assignment of a Mortgage to the Trustee is in the
process
of being recorded on the Closing Date, the
Seller shall use its best efforts to
cause each such original recorded document
or certified copy thereof to be
delivered to the Custodian promptly
following its recordation, but in no event
later than one (1) year following the
Closing Date. If any Mortgage has been
recorded in the name of MERS or its
designee, no assignment of Mortgage in favor
of the Trustee will be required to be
prepared or delivered and instead, the
Master Servicer shall take all actions as
are necessary to cause the Trust
Estate to be shown as the owner of the
related Mortgage Loan on the records of
MERS for the purpose of the system of
recording transfers of beneficial
ownership of mortgages maintained by MERS.
The Seller shall also cause to be
delivered to the Custodian any other
original mortgage loan document included in
the Owner Mortgage Loan File if a copy
thereof has been delivered. The Seller
shall pay from its own funds, without any
right of reimbursement therefor, the
amount of any costs, liabilities and
expenses incurred by the Trust Estate by
reason of the failure of the Seller to
cause to be delivered to the Custodian
within one (1) year following the Closing
Date any assignment of a Mortgage
(except with respect to any Mortgage
recorded in the name of MERS) not delivered
to the Custodian on the Closing Date.
In lieu of recording an assignment of any Mortgage the Seller
may,
deliver or cause to be delivered to the
Custodian the assignment of the Mortgage
Loan to the Trustee in a form suitable for
recordation, if (i) with respect to a
particular state the Trustee has received
an Opinion of Counsel acceptable to it
that such recording is not required to make
the assignment effective against the
parties to the Mortgage or subsequent
purchasers or encumbrances of the
Mortgaged Property or (ii) the Seller has
been advised by each Rating Agency
that non-recordation in a state will not
result in a reduction of the rating
assigned by that Rating Agency at the time
of initial issuance of the
Certificates. Set forth on Exhibit K
attached hereto is a list of all states
where recordation is required by either
Rating Agency to obtain the initial
ratings of the Certificates. The Custodian
may rely and shall be protected in
relying upon the information contained in
such Exhibit K. In the event that the
Custodian receives notice that recording is
required to protect the right, title
and interest of the Trustee in and to any
such Mortgage Loan for which
recordation of an assignment has not
previously been required, the Custodian
shall promptly notify the Trustee and the
Custodian shall within five Business
Days (or such other reasonable period of
time mutually agreed upon by the
Custodian and the Trustee) of its receipt
of such notice deliver each previously
unrecorded assignment to the related
Servicer for recordation.
(d) Except for Mortgage Notes endorsed in blank, endorsements
shall
comply with the following format:
WITHOUT RECOURSE
PAY TO THE ORDER OF:
WACHOVIA BANK, NATIONAL ASSOCIATION, AS
TRUSTEE under the pooling and servicing
agreement dated as of [date];
and its successors and assigns,
[Wells Fargo Bank, N.A.] or [Wells Fargo Home Mortgage, Inc.]
[Signature of Officer]
[Officer's Name and Title]
Except where assignments in blank are authorized or in the case
of
any Mortgage registered in the name of
MERS, assignments of any Mortgage shall
comply with the following:
WACHOVIA BANK, NATIONAL ASSOCIATION, AS
TRUSTEE
and its successors and assigns
Section 2.02 Acceptance by Custodian.
Subject to the provisions of the following paragraph, pursuant
to
the Custodial Agreement, the Custodian, on
behalf of the Trustee, will declare
that it holds and will hold the documents
delivered to it pursuant to Section
2.01 above and the other documents
constituting a part of the Owner Mortgage
Loan Files or Retained Mortgage Loan Files
(after the occurrence of a Document
Transfer Event) delivered to it in trust,
upon the trusts herein set forth, for
the use and benefit of all present and
future Certificateholders. Upon execution
of this Agreement, the Custodian will
deliver to the Seller and the Trustee an
initial certification in the form of
Exhibit N hereto, to the effect that,
except as may be specified in a list of
exceptions attached thereto, it has
received the original Mortgage Notes
relating to each Mortgage Loan on the
Mortgage Loan Schedule.
The Custodian will review each Owner Mortgage Loan File within
45
days after execution of this Agreement. The
Custodian will deliver no later than
30 days after completion of such review to
the Seller and the Trustee a final
certification in the form of Exhibit O
hereto to the effect that, except as may
be specified in a list of exceptions
attached thereto, all required documents
set forth in Section 2.01(a) have been
executed and received and appear regular
on their face, and that such documents
relate to the Mortgage Loans identified
in the Mortgage Loan Schedule based on a
comparison of the Mortgage Loan
identifying number, Mortgagor name and
street address, and in so doing the
Custodian may rely on the purported due
execution and genuineness of any such
document and on the purported genuineness
of any signature thereon.
If within such 45 day period the Custodian finds any document
constituting a part of an Owner Mortgage
Loan File not to have been executed or
received or to be unrelated to the Mortgage
Loans identified in the Mortgage
Loan Schedule or not to appear regular on
its face, the Custodian shall promptly
(and in no event more than 30 days after
completion of the review) notify the
Trustee and the Trustee shall notify the
Seller. The Seller shall have a period
of 60 days after the date of such notice
within which to correct or cure any
such defect. The Seller hereby covenants
and agrees that, if any material defect
is not so corrected or cured, the Seller
will, not later than 60 days after the
Trustee's notice to it referred to above
respecting such defect, either (i)
repurchase the related Mortgage Loan or any
property acquired in respect thereof
from the Trust Estate at a price equal to
(a) 100% of the unpaid principal
balance of such Mortgage Loan plus (b)
accrued interest at the Mortgage Interest
Rate through the last day of the month in
which such repurchase takes place or
(ii) if within two years of the Startup
Day, or such other period permitted by
the REMIC Provisions, substitute for any
Mortgage Loan to which such material
defect relates, a new mortgage loan (a
"Substitute Mortgage Loan") having such
characteristics so that the representations
and warranties of the Seller set
forth in Section 2.03(b) hereof (other than
Section 2.03(b)(i)) would not have
been incorrect had such Substitute Mortgage
Loan originally been a Mortgage
Loan. In no event shall any Substitute
Mortgage Loan have an unpaid principal
balance, as of the date of substitution,
greater than the Scheduled Principal
Balance (reduced by the scheduled payment
of principal due on the Due Date in
the month of substitution) of the Mortgage
Loan for which it is substituted. In
addition, such Substitute Mortgage Loan (i)
shall have a Loan-to-Value Ratio
less than or equal to and a Net Mortgage
Interest Rate equal to that of the
Mortgage Loan for which it is substituted,
(ii) shall have the same Gross Margin
and Index as that of the Mortgage Loan for
which it is substituted and (iii)
shall have the same frequency of mortgage
rate adjustment as that of the
Mortgage Loan for which it is
substituted.
In the case of a repurchased Mortgage Loan or property, the
purchase
price shall be deposited by the Seller in
the Certificate Account maintained by
the Master Servicer pursuant to Section
3.01. In the case of a Substitute
Mortgage Loan, the Owner Mortgage Loan File
(and Retained Mortgage Loan File, if
required pursuant to Section 2.01(b)
hereof) relating thereto shall be delivered
to the Custodian and the Substitution
Principal Amount, together with (i)
interest on such Substitution Principal
Amount at the applicable Net Mortgage
Interest Rate to the following Due Date of
such Mortgage Loan which is being
substituted for and (ii) an amount equal to
the aggregate amount of unreimbursed
Periodic Advances in respect of interest
previously made by the Servicer, the
Master Servicer or the Trustee with respect
to such Mortgage Loan, shall be
deposited in the Certificate Account. The
Monthly Payment on the Substitute
Mortgage Loan for the Due Date in the month
of substitution shall not be part of
the Trust Estate. Upon receipt by the
Custodian of a Request for Release signed
by an officer of the Seller, the Custodian
shall release to the Seller the
related Owner Mortgage Loan File (and
Retained Mortgage Loan File, if
applicable). The Trustee shall execute and
deliver such instrument of transfer
or assignment (or, in the case of a
Mortgage Loan registered in the name of MERS
or its designee, the Master Servicer shall
cause the applicable Servicer to take
all necessary action to reflect such
assignment on the records of MERS), in each
case without recourse, as shall be
necessary to vest in the Seller legal and
beneficial ownership of such substituted or
repurchased Mortgage Loan or
property. It is understood and agreed that
the obligation of the Seller to
substitute a new Mortgage Loan for or
repurchase any Mortgage Loan or property
as to which such a material defect in a
constituent document exists shall
constitute the sole remedy respecting such
defect available to the
Certificateholders or the Trustee on behalf
of the Certificateholders. The
failure of the Custodian to give the final
certification or the Trustee to give
any notice within the required time periods
shall not affect or relieve the
Seller's obligation to repurchase any
Mortgage Loan pursuant to this Section
2.02.
Section 2.03
Representations and Warranties of the Master Servicer
and the Seller.
(a) The Master Servicer hereby represents and warrants to the
Trustee for the benefit of
Certificateholders that, as of the date of execution
of this Agreement:
(i) The Master Servicer is a national banking association duly
chartered
and validly existing in good standing under the laws of the
United
States;
(ii) The execution and delivery of this Agreement by the Master
Servicer
and its performance and compliance with the terms of this
Agreement
will not violate the Master Servicer's corporate charter or
by-laws or
constitute a default (or an event which, with notice or lapse
of time,
or both, would constitute a default) under, or result in the
breach of,
any material contract, agreement or other instrument to which
the Master
Servicer is a party or which may be applicable to the Master
Servicer
or any of its assets;
(iii) This Agreement, assuming due authorization, execution and
delivery
by the Trustee and the Seller, constitutes a valid, legal and
binding
obligation of the Master Servicer, enforceable against it in
accordance
with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting
the
enforcement of creditors' rights generally and to general
principles of
equity,
regardless of whether such enforcement is considered in a
proceeding
in equity or at law;
(iv) The Master Servicer is not in default with respect to any
order
or decree
of any court or any order, regulation or demand of any federal,
state,
municipal or governmental agency, which default might have
consequences that would materially and adversely affect the
condition
(financial
or other) or operations of the Master Servicer or its
properties
or might have consequences that would affect its performance
hereunder;
and
(v) No litigation is pending or, to the best of the Master
Servicer's
knowledge, threatened against the Master Servicer which would
prohibit
its entering into this Agreement or performing its obligations
under this
Agreement.
It is understood and agreed that the representations and
warranties
set forth in this Section 2.03(a) shall
survive delivery of the respective Owner
Mortgage Loan Files to the Trustee or the
Custodian.
(b) The Seller hereby represents and warrants to the Trustee for
the
benefit of Certificateholders that, as of
the date of execution of this
Agreement, with respect to the Mortgage
Loans, or each Mortgage Loan, as the
case may be:
(i) The information set forth in the Mortgage Loan Schedule was
true
and
correct in all material respects at the date or dates respecting
which
such
information is furnished as specified in the Mortgage Loan
Schedule;
(ii) Immediately prior to the transfer and assignment
contemplated
herein,
the Seller was the sole owner and holder of the Mortgage Loan
free
and clear
of any and all liens, pledges, charges or security interests of
any nature
and has full right and authority to sell and assign the same;
(iii) The Mortgage is a valid, subsisting and enforceable first
lien
on the
property therein described, and the Mortgaged Property is free
and
clear of
all encumbrances and liens having priority over the first lien
of
the
Mortgage except for liens for real estate taxes and special
assessments not yet due and payable and liens or interests arising
under
or as a
result of any federal, state or local law, regulation or
ordinance
relating
to hazardous wastes or hazardous substances, and, if the
related
Mortgaged
Property is a condominium unit, any lien for common charges
permitted
by statute or homeowners association fees; and if the Mortgaged
Property
consists of shares of a cooperative housing corporation, any
lien
for
amounts due to the cooperative housing corporation for unpaid
assessments or charges or any lien of any assignment of rents
or
maintenance expenses secured by the real property owned by the
cooperative
housing
corporation; and any security agreement, chattel mortgage or
equivalent
document related to, and delivered to the Trustee or to the
Custodian
with, any Mortgage establishes in the Seller a valid and
subsisting
first lien on the property described therein and the Seller has
full right
to sell and assign the same to the Trustee;
(iv)
Neither the Seller nor any prior holder of the Mortgage or the
related
Mortgage Note has modified the Mortgage or the related Mortgage
Note in
any material respect, satisfied, canceled or subordinated the
Mortgage
in whole or in part, released the Mortgaged Property in whole
or
in part
from the lien of the Mortgage, or executed any instrument of
release,
cancellation, modification or satisfaction, except in each case
as is
reflected in an agreement delivered to the Trustee or the
Custodian
pursuant
to Section 2.01(a);
(v) All taxes, governmental assessments, insurance premiums,
and
water,
sewer and municipal charges, which previously became due and
owing
have been
paid, or an escrow of funds has been established, to the extent
permitted
by law, in an amount sufficient to pay for every such item
which
remains
unpaid; and the Seller has not advanced funds, or received any
advance of
funds by a party other than the Mortgagor, directly or
indirectly
(except pursuant to any Subsidy Loan arrangement) for the
payment of
any amount required by the Mortgage, except for interest
accruing
from the date of the Mortgage Note or date of disbursement of
the
Mortgage Loan proceeds, whichever
is later, to the day which precedes by
thirty
days the first Due Date under the related Mortgage Note;
(vi) The Mortgaged Property is undamaged by water, fire,
earthquake,
earth
movement other than earthquake, windstorm, flood, tornado or
similar
casualty
(excluding casualty from the presence of hazardous wastes or
hazardous
substances, as to which the Seller makes no representations),
so
as to
affect adversely the value of the Mortgaged Property as security
for
the
Mortgage Loan or the use for which the premises was intended and
to
the best
of the Seller's knowledge, there is no proceeding pending or
threatened
for the total or partial condemnation of the Mortgaged
Property;
(vii) The Mortgaged Property is free and clear of all mechanics'
and
materialmen's liens or liens in the nature thereof; provided,
however,
that this
warranty shall be deemed not to have been made at the time of
the
initial issuance of the Certificates if a title policy affording,
in
substance,
the same protection afforded by this warranty is furnished to
the
Trustee by the Seller;
(viii) Except for Mortgage Loans secured by Co-op Shares and
Mortgage
Loans secured by residential long-term leases, the Mortgaged
Property
consists of a fee simple estate in real property; all of the
improvements which are included for the purpose of determining
the
appraised
value of the Mortgaged Property lie wholly within the
boundaries
and
building restriction lines of such property and no improvements
on
adjoining
properties encroach upon the Mortgaged Property (unless insured
against
under the related title insurance policy); and to the best of
the
Seller's
knowledge, the Mortgaged Property and all improvements thereon
comply
with all requirements of any applicable zoning and subdivision
laws
and
ordinances;
(ix) The Mortgage Loan meets, or is exempt from, applicable state
or
federal
laws, regulations and other requirements, pertaining to usury,
and
the
Mortgage Loan is not usurious;
(x) To the best of the Seller's knowledge, all inspections,
licenses
and certificates required to be
made or issued with respect to all
occupied
portions of the Mortgaged Property and, with respect to the use
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