REMIC 3. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 3 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 4 Regular Interests pursuant to Section 4.08(a). The Class T3-4 Interest shall be entitled to all distributions on the Class T2-4
REMIC 3. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 3 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 4 Regular Interests pursuant to Section 4.10(a). The Class T3-4, Class T3-5 and Class T3-6 Interests shall be entitled to all distributions on the Class T2-4, Class T2-5 and Class T2-6 Interests, respectively. Interest shortfalls will reduce interest payable, first, on the Class T3-4, , Class T3-5 and Class T3-6 Interests, to the same extent that interest shortfalls are allocable to the Class T2-4, Class T2-5 and Class T2-6 Interests, respectively; second, on the Class T3-11, Class T3-12 and Class T3-13 Interests, pro rata; third, on the Class T3-B, Class T3-M2 and Class T3-M1 Interests, in that order; and fourth, on the Class T3-A1A, Class T3-A1F and Class T3-A2F Interests, pro rata; provided, that the portion of the interest payable on the Class T3-B, Class T3-M2, Class T3-M1, Class T3-A1A, Class T3-A1F and Class T3-A2F Interests attributable to the Class T4-BIO, Class T4-M2IO, Class T4-M1IO, Class T4-A1AIO, Class T4-A1FIO, Class T4-A-2FIO Interests shall bear interest shortfalls pro rata and prior to the allocation of any remaining shortfalls to such Interests. Amounts of principal and interest distributed in respect of, and Realized Losses allocated to, the Class T3-4, Class T3-5 and Class T3-6 Interests shall equal the allocations made to the Class T2-4, Class T2-5 and Class T2-6 Interests, respectively, reduced by any allocation of interest shortfalls to the Class T3-4, Class T3-5 and Class T3-6 Interests pursuant to the preceding sentence. Amounts in the Distribution Account deemed distributed in respect of the REMIC 3 Regular Interests shall be treated as held by REMIC 4 for distribution in accordance with Sections 4.10(a). Any portion of Available Funds remaining in REMIC 3 on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-3 Interest.
REMIC 3. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC 3 Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC 2 Regular Interests pursuant to Section 4.09(d). For these purposes, the Class T3-1 and Class T3-11 Interests correspond to the Class T2-1 Interest, the Class T3-2 and Class T3-12 Interests correspond to the Class T2-2 Interest, the Class T3-3 and Class T3-13 Interests correspond to the Class T2-3 Interest, and the Class T3-4 Interest corresponds to the Class T2-4
REMIC 3. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 3 Mortgage Certificates and such amounts as shall be deemed held in the Group 3 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 3.” The Class R3 Interest will represent the sole class of “residual interests” in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 3A1 Interest, Class 3A2 Interest and Class 3A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
REMIC 3. The REMIC 3 Regular Interests will have the principal balances, pass-through rates and Corresponding Classes of Certificates as set forth in the following table:
REMIC 3. Xxxxxx Xxx, acting in its capacity as Trustee for the Base Trust established hereby, does hereby transfer, assign, set over and otherwise convey to Xxxxxx Mae, acting in its capacity as Trustee for REMIC 3 established hereby, all of Xxxxxx Mae’s right, title and interest in and to the Group 4 SMBS identified in Exhibit A-1 hereto, including all payments of principal and interest thereon received after the month of the Issue Date.
REMIC 3. On each Distribution Date, REMIC 3 shall be deemed to have received the amounts deemed distributed in respect of the REMIC 2 Regular Interests other than the REMIC 2 IO Interests. Amounts with respect to interest shall accrue on the REMIC 3 Regular Interests at the rates specified in the Preliminary Statement. Payments and Realized Losses shall be allocated among the REMIC 3 Regular Interests so that (i) each of the Marker Interests shall have a principal balance equal to 25% of the principal balance of the related REMIC 4 Regular Interest (with the Class AF-1 Certificates being related to the Class LT3-AF1 Interest, the REMIC 4 AV-1 Interest being related to the Class LT3-AV1 Interest, the REMIC 4 AV-2 Interest being related to the Class LT3-AV2 Interest, the REMIC 4 AV-3 Interest being related to the Class LT3-AV3 Interest, the REMIC 4 M-1 Interest being related to the Class LT3-M1 Interest, the REMIC 4 M-2 Interest being related to the Class LT3-M2 Interest, the REMIC 4 M-3 Interest being related to the Class LT3-M3 Interest, the REMIC 4 B-1 Interest being related to the Class LT3-B1 Interest, the REMIC 4 B-2 Interest being related to the Class LT3-B2 Interest, the REMIC 4 B-3 Interest being related to the Class LT3-B3 Interest and the REMIC 4 B-4 Interest being related to the Class LT3-B4 Interest), (ii) the Class LT3-X1 Interest has a principal balance equal to the excess of (x) 50% of the remaining principal balance of the Mortgage Loans over (y) the aggregate principal balance of the Marker Interests (if necessary to 108
REMIC 3. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 2 Regular Interests and certain other related assets subject to this Agreement (exclusive of the Reserve Fund, the Supplemental Interest Account, the Final Maturity Reserve Account and the Master Servicer Prepayment Charge Payment Amounts) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 3.” The Class R-3 Interest shall represent the sole class of “residual interests” in REMIC 3 for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC 3 Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 3 Regular Interests. None of the REMIC 3 Regular Interests will be certificated. Designation Initial Uncertificated Principal Balance Uncertificated REMIC 1 Pass-Through Rate Assumed Final Maturity Date(1) AA $ 1,073,715,884.51 Variable(2) November, 2045 IA1 $ 2,216,000.00 Variable(2) November, 2045 IA2 $ 1,480,735.00 Variable(2) November, 2045 IA3 $ 265,690.00 Variable(2) November, 2045 IA4 $ 699,250.00 Variable(2) November, 2045 IIA1 $ 1,969,240.00 Variable(2) November, 2045 IIA2A $ 1,044,790.00 Variable(2) November, 2045 IIA2B $ 261,200.00 Variable(2) November, 2045 IIA3 $ 241,960.00 Variable(2) November, 2045 M1 $ 542,335.00 Variable(2) November, 2045 M2 $ 531,380.00 Variable(2) November, 2045 M3 $ 175,300.00 Variable(2) November, 2045 M4 $ 262,950.00 Variable(2) November, 2045 M5 $ 169,820.00 Variable(2) November, 2045 M6 $ 131,475.00 Variable(2) November, 2045 M7 $ 169,820.00 Variable(2) November, 2045 M8 $ 125,995.00 Variable(2) November, 2045 M9 $ 120,520.00 Variable(2) November, 2045 B1 $ 109,565.00 Variable(2) November, 2045 B2 $ 109,565.00 Variable(2) November, 2045 ZZ $ 11,284,979.07 Variable(2) November, 2045 1GRP $ 9,323,351.00 Variable(2) November, 2045 2GRP $ 7,034,380.00 Variable(2) November, 2045 SUB GRP $ 5,554,839.07 Variable(2) November, 2045 Swap IO N/A (3) Variable(2) November, 2045 FMR IO N/A (4) Variable(2) November, 2045 XX $ 1,073,715,883.51 Variable(2) November, 2045 P $ 100.00 Variable(2) November, 2045
REMIC 3. 38 REMIC 3 Regular Interest LT3A-1.........................................................................38 REMIC 3 Regular Interest LT3A-2.........................................................................39 REMIC 3 Regular Interest LT3A-3.........................................................................39 REMIC 3 Regular Interest LT3A-4.........................................................................39 REMIC 3 Regular Interest LT3A-5.........................................................................39 REMIC 3 Regular Interest LT3A-6.........................................................................39 REMIC 3 Regular Interest LT3A-7.........................................................................39 REMIC 3 Regular Interest LT3A-IO-1......................................................................40 REMIC 3 Regular Interest LT3C...........................................................................40 REMIC 3 Regular Interest LT3M-1.........................................................................40 REMIC 3 Regular Interest LT3M-2.........................................................................40 REMIC 3 Regular Interest LT3B...........................................................................40 REMIC 3 Regular Interest LT3P...........................................................................40 REMIC 3 Regular Interests...............................................................................40
REMIC 3. As provided in this Agreement, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 3”. The Class R-3 Interest will represent the sole Class of “residual interests” in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the Class designation, Pass-Through Rate and Initial Certificate Principal Balance for each Class of Certificates that represents one or more of the “regular interests” in REMIC 3 created hereunder: Class Designation Initial Certificate Principal Balance Pass-Through Rate Assumed Final Maturity Date(1) A-1 Variable(2) A-1M Variable(2) A-1W Variable(2) A-2A Variable(2) A-0X Xxxxxxxx(0) X-0X Xxxxxxxx(0) X-0X Variable(2) M-1 Variable(2) M-2 Variable(2) M-3 Variable(2) M-4 Variable(2) M-5 Variable(2) M-6 Variable(2) M-7 Variable(2) M-8 Variable(2) B Variable(2) Class C Variable(2) Class P N/A(4) ___________________
