Common use of The SWAP REMIC Clause in Contracts

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LTI1-R Interest. On each Distribution Date,

The SWAP REMIC. On each Distribution Date, the Trustee The Class SW-CE2 Interest shall first pay or charge as an expense of be entitled to distributions from the SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to same amounts as all distributions on the Class CE-2 Certificates. All payments of principal and interest at the Net Mortgage Rate on each of the SWAP REMIC Regular Interests based on Mortgage Loans (other than amounts distributable to the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect Class P Certificates pursuant to Section 4.01 hereof) received by the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect paid to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts available funds remaining in the SWAP REMIC on a Distribution Date after distributions to the SWAP REMIC Regular Interests shall be distributed to the Class LTI1R Certificates on account of the Class R-R SW Interest. On each Distribution Date,, the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses and payments to the Class P Certificates) with respect to each of the SWAP REMIC Regular Interests (other than the Class SW-CE2 Interest) based on the interest rates for each such SWAP REMIC Regular Interest. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount first to the Class SW-Z Interest until its principal balance is reduced to zero and then sequentially to each of the other SWAP REMIC Regular Interests (other than the Class SW-CE2 Interest) in ascending order of their numerical class designation, in equal amounts to each such class in such numerical designation, until the principal balance of each such class is reduced to zero. All losses shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Subsequent Recoveries and loss reimbursements shall be allocated in the reverse fashion from the manner in which losses are allocated.

The SWAP REMIC. On each Distribution Date, the Trustee The Class SW-CE2 Interest shall first pay or charge as an expense of be entitled to distributions from the SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to same amounts as all distributions on the Class CE-2 Certificates. All payments of principal and interest at the Net Mortgage Interest Rate on each of the SWAP REMIC Regular Interests based on Mortgage Loans (other than amounts distributable to the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect Class P Certificates pursuant to Section 4.01 hereof) received by the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect paid to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts available funds remaining in the SWAP REMIC on a Distribution Date after distributions to the SWAP REMIC Regular Interests shall be distributed to the Class LTI1R Certificates on account of the Class R-R SW Interest. On each Distribution Date,, the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses (other than any Net Swap Payment or Swap Termination Payment made to the Swap Counterparty) and payments to the Class P Certificates) with respect to each of the SWAP REMIC Regular Interests (other than the Class SW-CE2 Interest) based on the interest rates for each such SWAP REMIC Regular Interest. On each Distribution Date, the Trustee shall distribute the aggregate Group I Principal Remittance Amount first to the Class 1-SW1 Interest until its principal balance is reduced to zero and then sequentially to each of the other SWAP REMIC Regular Interests (other than the Class SW-CE2 Interest) beginning with the designation "1" in ascending order of their numerical class designation, in equal amounts to each such class in such numerical designation, until the principal balance of each such class is reduced to zero. All losses with respect to Loan Group I shall be allocated among the SWAP REMIC Regular Interests beginning with designation "1" in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the aggregate Group II Principal Remittance Amount first to the Class 2-SW2 Interest until its principal balance is reduced to zero and then sequentially to each of the other SWAP REMIC Regular Interests (other than the Class SW-CE2 Interest) beginning with the designation "2" in ascending order of their numerical class designation, in equal amounts to each such class in such numerical designation, until the principal balance of each such class is reduced to zero. All losses with respect to Loan Group II shall be allocated among the SWAP REMIC Regular Interests beginning with designation "2" in the same manner that principal distributions are allocated. Subsequent Recoveries and loss reimbursements with respect to Loan Group I and Loan Group II shall be allocated in the reverse fashion from the manner in which losses are allocated.

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund relating to Pool 3 for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Pool 3 (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to Pool 3 with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans in Pool 3 shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans in Pool 3 shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LTI1-R Interest. On each Distribution Date,.

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund relating to Pool 2 for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Pool 2 (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to Pool 2 with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans in Pool 2 shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans in Pool 2 shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1II-1: All payments received by REMIC I-1 II-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 II-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LTI1-R Interest. On each Distribution Date,

The SWAP REMIC. On All payments of principal and interest at the Net Mortgage Rate on each Distribution Date, of the Trustee shall first pay or charge as an expense of Mortgage Loans (other than amounts distributable to the Class P Certificates pursuant to Section 4.01 hereof) received by the SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect paid to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts available funds remaining in the SWAP REMIC on a Distribution Date after distributions to the SWAP REMIC Regular Interests shall be distributed to the Class LTI1R Certificates on account of the Class R-R SW Interest. On each Distribution Date,, the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses and payments to the Class P Certificates) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for each such SWAP REMIC Regular Interest. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount first to the Class SW-Z Interest until its principal balance is reduced to zero and then sequentially to each of the other SWAP REMIC Regular Interests in ascending order of their numerical class designation, in equal amounts to each such class in such numerical designation, until the principal balance of each such class is reduced to zero. All losses shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Subsequent Recoveries and loss reimbursements shall be allocated in the reverse fashion from the manner in which losses are allocated.

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund related to Pool 1 for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Group I (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount for Group I with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class class designation, and, with respect to each pair of Classes classes having the same numerical designation, in equal amounts to each such Classclass, until the principal balance of each such Class class is reduced to zero. All losses on the Mortgage Loans in Pool 1 shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans in Pool 1 shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LTI1-R Interest. On each Distribution Date,.

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund relating to Pool 1, Pool 1C and Pool 2 for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Pool 1, Pool 1C and Pool 2 (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to Pool 1, Pool 1C and Pool 2 with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans in Pool 1, Pool 1C and Pool 2 shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans in Pool 1, Pool 1C and Pool 2 shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans in Pool 1, Pool 1C and Pool 2 for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests have been reimbursed. Any excess amounts shall be distributed to the Class LTI1-R Interest. On each Distribution Date,.