Common use of Lower-Tier REMIC Clause in Contracts

Lower-Tier REMIC. Regular Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group I Net Rate and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest I in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest I have been reimbursed. Any excess funds attributable to the Group I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the LR Interest. Lower-Tier REMIC Regular Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group II Net Rate and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest II have been reimbursed. Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the LR Interest. Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate. The Middle-Tier REMIC Group I Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group I Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest). The Middle-Tier REMIC Group I Accrual Interest shall have an interest rate equal to the Group I Net Rate. Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate, subject to a cap equal to the Group II Net Rate. The Middle-Tier REMIC Group II Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group II Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest). The Middle-Tier REMIC Group II Accrual Interest shall have an interest rate equal to the Group II Net Rate. Each of the Upper-Tier REMIC Group II Regular Interests shall have a principal balance equal to the principal balance of the Corresponding Certificate and shall have an interest rate equal to the Pass-Through Rate on the Corresponding Certificate, subject to a cap equal to the Group II Net Rate. On each Distribution Date the Upper-Tier REMIC Class C Interest shall accrue interest in an amount equal to the Class C Distributable Interest Amount. The initial principal balance of the Upper-Tier REMIC Class C Interest will equal the initial Class C Certificate Principal Balance. On each Distribution Date (i) there shall be treated as having been a payment in respect of principal of each of the Middle-Tier REMIC Regular Interests (other than the Middle-Tier REMIC Accrual Interests) in an amount equal to .001% of the amount distributed in respect of principal on the Related Certificate on such Distribution Date, (ii) there shall be treated as having been distributed in respect of each of the Middle-Tier REMIC Regular Interests (other than the Middle-Tier REMIC Accrual Interests) an amount equal to .001% of the amount distributed to the Related Certificate on such Distribution Date in respect of unreimbursed amounts of Realized Losses previously allocated to such Related Certificate, (iii) there shall be treated as having been a payment of principal on the Middle-Tier REMIC Group I Accrual Interest equal to 99.999% of the amount distributed in respect of principal on the Group I Certificates, (iv) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group I Accrual Interest an amount equal to 99.999% of the amounts distributed on the Group I Certificates in respect of unreimbursed amounts of Realized Losses previously allocated to the Group I Certificates, (v) there shall be treated as having been a payment of principal on the Middle-Tier REMIC Group II Accrual Interest equal to 99.999% of the amount distributed in respect of principal on the Group II Certificates and (iv) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group II Accrual Interest an amount equal to 99.999% of the amounts distributed on the Group II Certificates in respect of unreimbursed amounts of Realized Losses previously allocated to the Group II Certificates. On each Distribution Date (i) there shall be treated as having been distributed on the Middle-Tier REMIC Group I Accrual Interest in respect of principal an amount equal to the portion of any distribution in respect of principal on the Class C Certificate that reflects a decrease in the excess of the aggregate principal balance of the Group I Mortgage Loans over the aggregate principal balance of the Group I Certificates, (ii) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group I Accrual Interest an amount equal to the amounts distributed on the Class C Certificate in respect of unreimbursed amounts of Realized Losses on Group I Mortgage Loans previously allocated to the Class C Certificate, (iii) there shall be treated as having been distributed on the Middle-Tier REMIC Group II Accrual Interest in respect of principal an amount equal to the portion of any distribution in respect of principal on the Class C Certificate that reflects a decrease in the excess of the aggregate principal balance of the Group II Mortgage Loans over the aggregate principal balance of the Group II Certificates, and (iv) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group II Accrual Interest an amount equal to the amounts distributed on the Class C Certificate in respect of unreimbursed amounts of Realized Losses on Group II Mortgage Loans previously allocated to the Class C Certificate. On each Distribution Date, (i) accrued interest in respect of the Middle-Tier REMIC Group I Accrual Interest will be added to the principal amount of that interest to the extent necessary to ensure that immediately following such Distribution Date, the principal amount of the Middle-Tier REMIC Group I Accrual Interest equals the excess of aggregate principal amount of the Group I Mortgage Loans over the aggregate principal amount of the Middle-Tier REMIC Group I Regular Interests other than the Middle-Tier REMIC Group I Accrual Interest and (ii) accrued interest in respect of the Middle-Tier REMIC Group II Accrual Interest will be added to the principal amount of that interest to the extent necessary to ensure that immediately following such Distribution Date, the principal amount of the Middle-Tier REMIC Group II Accrual Interest equals the excess of aggregate principal amount of the Group II Mortgage Loans over the aggregate principal amount of the Middle-Tier REMIC Group II Regular Interests other than the Middle-Tier REMIC Group II Accrual Interest. The principal amount of each Middle-Tier REMIC Regular Interest (other than the Middle-Tier REMIC Accrual Interests) will be reduced by .001% of the Applied Realized Loss Amount allocated to the Related Certificate. The principal amount of the Middle-Tier REMIC Group I Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group I Certificates and by 100% of any Realized Losses on Group I Mortgage Loans allocated to the Class C Certificate. The principal amount of the Middle-Tier REMIC Group II Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group II Certificates and by 100% of any Realized Losses on Group II Mortgage Loans allocated to the Class C Certificate. Calculations in connection with this Section 2.07(c) shall be carried out to eight decimal places. The beneficial ownership of the LR Interest, the MR Interest and the UR Interest shall be represented by the Class R Certificate. None of the LR Interest, the MR Interest or the UR Interest shall have a principal balance or bear interest.

Lower-Tier REMIC. Regular Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group I Net Rate and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest I in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest I have been reimbursed. Any excess funds attributable to the Group I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the LR Interest. If on any Distribution Date the Certificate Principal Balance of any Class of Group I Certificates or the Class C Group I Certificate Principal Balance is increased pursuant to the last sentence of the definition of "Certificate Principal Balance", then there shall be an equivalent increase in the principal amount of Lower-Tier REMIC Regular Interest I. Lower-Tier REMIC Regular Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group II Net Rate and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest II have been reimbursed. Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the LR Interest. If on any Distribution Date the Certificate Principal Balance of any Class of Group II Certificates or the Class C Group II Certificate Principal Balance is increased pursuant to the last sentence of the definition of "Certificate Principal Balance", then there shall be an equivalent increase in the principal amount of Lower-Tier REMIC Regular Interest II. Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each Except as provided in the following sentence, each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate. The Middle-Tier REMIC Class IA-1 Interest shall have an initial accrual period of 30 days and its interest rate for such accrual period shall equal the product of (I) the initial Pass-Through Rate for the Class IA-1 Certificates and (II) a fraction, the numerator of which is the number of actual days in the initial Accrual Period for the Class IA-1 Certificates and the denominator of which is 30. Xxx Xxxxxx-Xxxx REMIC Group I Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group I Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest). The Middle-Tier REMIC Group I Accrual Interest shall have an interest rate equal to the Group I Net Rate. Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each Except as provided in the following sentence, each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate, subject to a cap equal to the Group II Net Rate. Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an initial accrual period of 30 days and an interest rate for such Accrual Period equal to the product of (I) the initial Pass-Through Rate for the related class of Certificates and (II) a fraction, the numerator of which is the actual number of days in the initial accrual period for the related class of Certificates and the denominator of which is 30. The Middle-Tier REMIC Group II Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group II Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest). The Middle-Tier REMIC Group II Accrual Interest shall have an interest rate equal to the Group II Net Rate. Each of the Upper-Tier REMIC Group II Regular Interests shall have a principal balance equal to the principal balance of the Corresponding Certificate and shall have an interest rate equal to the Pass-Through Rate on the Corresponding Certificate, subject to a cap equal to the Group II Net Rate. On each Distribution Date the Upper-Tier REMIC Class C Interest shall accrue interest in an amount equal to the Class C Distributable Interest Amount. The initial principal balance of the Upper-Tier REMIC Class C Interest will equal the initial Class C Certificate Principal Balance. On each Distribution Date (i) there shall be treated as having been a payment in respect of principal of each of the Middle-Tier REMIC Regular Interests (other than the Middle-Tier REMIC Accrual Interests) in an amount equal to .001% of the amount distributed in respect of principal on the Related Certificate on such Distribution Date, (ii) there shall be treated as having been distributed in respect of each of the Middle-Tier REMIC Regular Interests (other than the Middle-Tier REMIC Accrual Interests) an amount equal to .001% of the amount distributed to the Related Certificate on such Distribution Date in respect of unreimbursed amounts of Realized Losses previously allocated to such Related Certificate, (iii) there shall be treated as having been a payment of principal on the Middle-Tier REMIC Group I Accrual Interest equal to 99.999% of the amount distributed in respect of principal on the Group I Certificates, (iv) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group I Accrual Interest an amount equal to 99.999% of the amounts distributed on the Group I Certificates in respect of unreimbursed amounts of Realized Losses previously allocated to the Group I Certificates, (v) there shall be treated as having been a payment of principal on the Middle-Tier REMIC Group II Accrual Interest equal to 99.999% of the amount distributed in respect of principal on the Group II Certificates and Certificates, (ivvi) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group II Accrual Interest an amount equal to 99.999% of the amounts distributed on the Group II Certificates in respect of unreimbursed amounts of Realized Losses previously allocated to the Group II Certificates, (vii) there shall be treated as having been an increase in the principal amount of each of the Middle-Tier REMIC Regular Interests (other than the Middle-Tier REMIC Accrual Interests) in an amount equal to .001% of the increase in the Certificate Principal Balance of the Related Certificate pursuant to the last sentence of the definition of "Certificate Principal Balance" on such Distribution Date, (viii) there shall be treated as having been an increase in the principal amount of the Middle-Tier REMIC Group I Accrual Interest in an amount equal to 99.999% of the increase in the Certificate Principal Balance of the Group I Certificates pursuant to the last sentence of the definition of "Certificate Principal Balance" on such Distribution Date, (ix) there shall be treated as having been an increase in the principal amount of the Middle-Tier REMIC Group II Accrual Interest in an amount equal to 99.999% of the increase in the Certificate Principal Balance of the Group II Certificates pursuant to the last sentence of the definition of "Certificate Principal Balance" on such Distribution Date, (x) there shall be treated as having been an increase in the principal amount of the Middle-Tier REMIC Group I Accrual Interest in an amount equal to the increase in the Class C Group I Certificate Principal Balance pursuant to the last sentence of the definition of "Certificate Principal Balance" on such Distribution Date and (xi) there shall be treated as having been an increase in the principal amount of the Middle-Tier REMIC Group II Accrual Interest in an amount equal to the increase in the Class C Group II Certificate Principal Balance pursuant to the last sentence of the definition of "Certificate Principal Balance" on such Distribution Date. On each Distribution Date (i) there shall be treated as having been distributed on the Middle-Tier REMIC Group I Accrual Interest in respect of principal an amount equal to the portion of any distribution in respect of principal on the Class C Certificate that reflects a decrease in the excess of the aggregate principal balance of the Group I Mortgage Loans over the aggregate principal balance of the Group I Certificates, (ii) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group I Accrual Interest an amount equal to the amounts distributed on the Class C Certificate in respect of unreimbursed amounts of Realized Losses on Group I Mortgage Loans previously allocated to the Class C Certificate, (iii) there shall be treated as having been distributed on the Middle-Tier REMIC Group II Accrual Interest in respect of principal an amount equal to the portion of any distribution in respect of principal on the Class C Certificate that reflects a decrease in the excess of the aggregate principal balance of the Group II Mortgage Loans over the aggregate principal balance of the Group II Certificates, and (iv) there shall be treated as having been distributed in respect of the Middle-Tier REMIC Group II Accrual Interest an amount equal to the amounts distributed on the Class C Certificate in respect of unreimbursed amounts of Realized Losses on Group II Mortgage Loans previously allocated to the Class C Certificate. On each Distribution Date, (i) accrued interest in respect of the Middle-Tier REMIC Group I Accrual Interest will be added to the principal amount of that interest to the extent necessary to ensure that immediately following such Distribution Date, the principal amount of the Middle-Tier REMIC Group I Accrual Interest equals the excess of aggregate principal amount of the Group I Mortgage Loans over the aggregate principal amount of the Middle-Tier REMIC Group I Regular Interests other than the Middle-Tier REMIC Group I Accrual Interest and (ii) accrued interest in respect of the Middle-Tier REMIC Group II Accrual Interest will be added to the principal amount of that interest to the extent necessary to ensure that immediately following such Distribution Date, the principal amount of the Middle-Tier REMIC Group II Accrual Interest equals the excess of aggregate principal amount of the Group II Mortgage Loans over the aggregate principal amount of the Middle-Tier REMIC Group II Regular Interests other than the Middle-Tier REMIC Group II Accrual Interest. The principal amount of each Middle-Tier REMIC Regular Interest (other than the Middle-Tier REMIC Accrual Interests) will be reduced by .001% of the Applied Realized Loss Amount allocated to the Related Certificate. The principal amount of the Middle-Tier REMIC Group I Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group I Certificates and by 100% of any Realized Losses on Group I Mortgage Loans allocated to the Class C Certificate. The principal amount of the Middle-Tier REMIC Group II Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group II Certificates and by 100% of any Realized Losses on Group II Mortgage Loans allocated to the Class C Certificate. Calculations in connection with this Section 2.07(c) shall be carried out to eight decimal places. The beneficial ownership of the LR Interest, the MR Interest and the UR Interest shall be represented by the Class R Certificate. None of the LR Interest, the MR Interest or the UR Interest shall have a principal balance or bear interest.