Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class LT-R-2 Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates related to Pool 1A and Pool 1B represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates related to Pool 1A and Pool 1B also represent represents (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-XS Component of the Class 1-X Certificates represent represents ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates related to Pool 1A and beneficial ownership Pool 1B to the extent payable from Pool 1A-1B Monthly Excess Cashflow. The Class 1-CX and Class 1-SX Components of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement and the Supplemental Interest TrustX Certificates shall not represent an interest in any REMIC formed hereby. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 1-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class 2-LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. UpperMiddle-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the LT2-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class LT2MT2-R Interest, is hereby designated as a REMIC regular interest. The Class MT2-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC 2, other than the Class MT2-R Interest. Each of the Group Offered Certificates related to Pool 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group Offered Certificates related to Pool 2 Certificates also represent represents (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 2-XS Component of the Class 2-X Certificates represent represents ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group Offered Certificates related to Pool 2 Certificates to the extent payable from Pool 2 Monthly Excess Cashflow. The Class 2-CX and beneficial ownership Class 2-SX Components of the Pool 2 Basis Risk Reserve FundClass 2-X Certificates shall not represent an interest in any REMIC formed hereby. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 2-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R and Class MT2-R Interests. Pooling REMIC 3 shall hold the assets of the Trust Fund related to Pool 3A and Pool 3B, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class 3-LT-R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 3. Each uncertificated interest in Pooling REMIC 3 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 3 shall hold the uncertificated interests issued by Pooling REMIC 3 and shall issue several uncertificated interests. Each such interest, other than the LT3-R Interest., is hereby designated as a REMIC regular interest. The LT3-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 3. Upper-Tier REMIC 3 shall hold the uncertificated interests issued by Lower-Tier REMIC 3, other than the Class LT3-R Interest. Each of the Offered Certificates related to Pool 3A and Pool 3B represent ownership of regular interests in Upper-Tier REMIC 3. Each of the Offered Certificates related to Pool 3A and Pool 3B also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 3-X Certificates represent ownership of regular interests in Upper-Tier REMIC 3 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates related to Pool 3A and Pool 3B to the extent payable from Pool 3A-3B Monthly Excess Cashflow. The Class 3-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 3 as well as ownership of the LT3-R Interest. Pooling REMIC 4 shall hold the assets of the Trust Fund related to Pool 4A and Pool 4B, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class 4-LT-R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 4. Each uncertificated interest in Pooling REMIC 4 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 4 shall hold the uncertificated interests issued by Pooling REMIC 4 and shall issue several uncertificated interests. Each such interest, other than the LT4-R Interest, is hereby designated as a REMIC regular interest. The LT4-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 4. Middle-Tier REMIC 4 shall hold the uncertificated interests issued by Lower-Tier REMIC 4, other than the LT4-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT4-R Interest, is hereby designated as a REMIC regular interest. The Class MT4-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 4. Upper-Tier REMIC 4 shall hold the uncertificated interests issued by Lower-Tier REMIC 4, other than the Class LT4-R Interest. Each of the Offered Certificates related to Pool 4A and Pool 4B represent ownership of regular interests in Upper-Tier REMIC 4. Each of the Offered Certificates related to Pool 4A and Pool 4B also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 4-X Certificates represent ownership of regular interests in Upper-Tier REMIC 4 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates related to Pool 4A and Pool 4B to the extent payable from Pool 4A-4B Monthly Excess Cashflow. The Class 4-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 4 as well as ownership of the LT4-R Interest. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1A and Pool 1B Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class 1-LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund related to Pool 1A and Pool 1B (other than any expenses with respect to the Group 1 Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums related to Pool 1A and Pool 1B collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests”): Designation Initial Principal Balance Interest Rate LT1-A $ 153,799,760.96 (1) LT1-F1 $ 6,608,982.50 (2) LT1-V1 $ 6,608,982.50 (3) LT1-F2 $ 6,287,267.50 (2) LT1-V2 $ 6,287,267.50 (3) LT1-F3 $ 5,981,209.50 (2) LT1-V3 $ 5,981,209.50 (3) LT1-F4 $ 5,690,046.50 (2) LT1-V4 $ 5,690,046.50 (3) LT1-F5 $ 5,413,054.00 (2) LT1-V5 $ 5,413,054.00 (3) LT1-F6 $ 5,149,543.00 (2) LT1-V6 $ 5,149,543.00 (3) LT1-F7 $ 4,898,857.00 (2) LT1-V7 $ 4,898,857.00 (3) LT1-F8 $ 4,660,371.00 (2) LT1-V8 $ 4,660,371.00 (3) LT1-F9 $ 4,433,493.50 (2) LT1-V9 $ 4,433,493.50 (3) LT1-F10 $ 4,217,657.50 (2) LT1-V10 $ 4,217,657.50 (3) LT1-F11 $ 4,012,327.00 (2) LT1-V11 $ 4,012,327.00 (3) LT1-F12 $ 3,816,990.00 (2) LT1-V12 $ 3,816,990.00 (3) LT1-F13 $ 3,631,160.50 (2) LT1-V13 $ 3,631,160.50 (3) LT1-F14 $ 3,454,376.50 (2) LT1-V14 $ 3,454,376.50 (3) LT1-F15 $ 3,286,197.00 (2) LT1-V15 $ 3,286,197.00 (3) LT1-F16 $ 3,126,203.00 (2) LT1-V16 $ 3,126,203.00 (3) LT1-F17 $ 3,112,578.00 (2) LT1-V17 $ 3,112,578.00 (3) LT1-F18 $ 2,822,465.00 (2) LT1-V18 $ 2,822,465.00 (3) LT1-F19 $ 2,685,043.00 (2) 5 Designation Initial Principal Balance Interest Rate LT1-V19 $ 2,685,043.00 (3) LT1-F20 $ 2,734,755.00 (2) LT1-V20 $ 2,734,755.00 (3) LT1-F21 $ 2,499,707.50 (2) LT1-V21 $ 2,499,707.50 (3) LT1-F22 $ 2,334,628.00 (2) LT1-V22 $ 2,334,628.00 (3) LT1-F23 $ 2,185,766.00 (2) LT1-V23 $ 2,185,766.00 (3) LT1-F24 $ 2,079,336.50 (2) LT1-V24 $ 2,079,336.50 (3) LT1-F25 $ 1,978,089.00 (2) LT1-V25 $ 1,978,089.00 (3) LT1-F26 $ 1,881,769.50 (2) LT1-V26 $ 1,881,769.50 (3) LT1-F27 $ 1,790,139.00 (2) LT1-V27 $ 1,790,139.00 (3) LT1-F28 $ 1,702,969.00 (2) LT1-V28 $ 1,702,969.00 (3) LT1-F29 $ 1,620,043.00 (2) LT1-V29 $ 1,620,043.00 (3) LT1-F30 $ 1,541,154.00 (2) LT1-V30 $ 1,541,154.00 (3) LT1-F31 $ 1,466,105.00 (2) LT1-V31 $ 1,466,105.00 (3) LT1-F32 $ 1,546,290.00 (2) LT1-V32 $ 1,546,290.00 (3) LT1-F33 $ 5,529,332.00 (2) LT1-V33 $ 5,529,332.00 (3) LT1-F34 $ 1,207,513.50 (2) LT1-V34 $ 1,207,513.50 (3) LT1-F35 $ 5,804,800.50 (2) LT1-V35 $ 5,804,800.50 (3) LT1-F36 $ 817,803.00 (2) LT1-V36 $ 817,803.00 (3) LT1-F37 $ 771,825.00 (2) LT1-V37 $ 771,825.00 (3) LT1-F38 $ 728,431.50 (2) LT1-V38 $ 728,431.50 (3) LT1-F39 $ 687,477.50 (2) LT1-V39 $ 687,477.50 (3) LT1-F40 $ 648,825.50 (2) LT1-V40 $ 648,825.50 (3) LT1-F41 $ 612,346.00 (2) LT1-V41 $ 612,346.00 (3) 6 Designation Initial Principal Balance Interest Rate LT1-F42 $ 577,917.50 (2) LT1-V42 $ 577,917.50 (3) LT1-F43 $ 545,424.00 (2) LT1-V43 $ 545,424.00 (3) LT1-F44 $ 514,757.50 (2) LT1-V44 $ 514,757.50 (3) LT1-F45 $ 485,814.00 (2) LT1-V45 $ 485,814.00 (3) LT1-F46 $ 458,498.50 (2) LT1-V46 $ 458,498.50 (3) LT1-F47 $ 432,718.00 (2) LT1-V47 $ 432,718.00 (3) LT1-F48 $ 408,386.50 (2) LT1-V48 $ 408,386.50 (3) LT1-F49 $ 385,423.50 (2) LT1-V49 $ 385,423.50 (3) LT1-F50 $ 363,751.50 (2) LT1-V50 $ 363,751.50 (3) LT1-F51 $ 343,297.00 (2) LT1-V51 $ 343,297.00 (3) LT1-F52 $ 323,993.50 (2) LT1-V52 $ 323,993.50 (3) LT1-F53 $ 305,774.00 (2) LT1-V53 $ 305,774.00 (3) LT1-F54 $ 291,629.00 (2) LT1-V54 $ 291,629.00 (3) LT1-F55 $ 300,664.00 (2) LT1-V55 $ 300,664.00 (3) LT1-F56 $ 2,301,651.00 (2) LT1-V56 $ 2,301,651.00 (3) LT1-F57 $ 1,750,565.50 (2) LT1-V57 $ 1,750,565.50 (3) LT1-F58 $ 91,247.50 (2) LT1-V58 $ 91,247.50 (3) LT1-F59 $ 394,741.50 (2) LT1-V59 $ 394,741.50 (3)
Appears in 1 contract
Samples: Custodial Agreement (LXS 2007-3)
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group Offered Certificates related to Pool 1 Certificates and Pool 2 represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Class 1-AIO, Class 2-A1, Class 2-A2, and Group 1 I Subordinate Certificates also represent (i) represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1I-X Certificates represent represents ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement AIO, Class 2-A1, Class 2-A2, and Group I Subordinate Certificates to the Supplemental Interest Trustextent payable from Pool 1-2 Monthly Excess Cashflow. The Class 1I-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 I-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 23, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class II-LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Offered Certificates related to Pool 3 (other than the Exchangeable Certificates) represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2II-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 2-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 and Pool 2 Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class I-LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund related to Pool 1 and Pool 2 that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums related to Pool 1 and Pool 2 collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests”): Designation Interest Rate Initial Class Principal Amount Corresponding Classes of Certificates Class LT1-1A (1) (5) 1-A1, 1-A2, 1-APO Class LT1-2A1 (2) (5) 2-A1 Class LT1-2A2 (2) (5) 2-A2 Class LT1-M1 (3) (5) I-M1 Class LT1-M2 (3) (5) I-M2 Class LT1-M3 (3) (5) I-M3 Class LT1-M4 (3) (5) I-M4 Class LT1-M5 (3) (5) I-M5 Class LT1-M6 (3) (5) I-M6 Class LT1-M7 (3) (5) I-M7 Class LT1-Pool 1 PSA (1) (6) N/A Class LT1-Pool 1 (1) (7) N/A Class LT1-Pool 2 PSA (2) (8) N/A Class LT1-Pool 2 (2) (9) N/A Class LT1-Q (3) (10) N/A Class LT1-R (4) (4) N/A ________________
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 4,582.36 (1) LT1-F1 $ 12,918,996.50 (2) LT1-V1 $ 12,918,996.50 (3) LT1-F2 $ 12,340,341.00 (2) LT1-V2 $ 12,340,341.00 (3) LT1-F3 $ 11,982,662.00 (2) LT1-V3 $ 11,982,662.00 (3) LT1-F4 $ 11,177,815.00 (2) LT1-V4 $ 11,177,815.00 (3) LT1-F5 $ 10,750,955.00 (2) LT1-V5 $ 10,750,955.00 (3) LT1-F6 $ 10,434,309.00 (2) LT1-V6 $ 10,434,309.00 (3) LT1-F7 $ 10,127,034.50 (2) LT1-V7 $ 10,127,034.50 (3) LT1-F8 $ 9,828,818.00 (2) LT1-V8 $ 9,828,818.00 (3) LT1-F9 $ 9,539,374.00 (2) LT1-V9 $ 9,539,374.00 (3) LT1-F10 $ 9,258,443.00 (2) LT1-V10 $ 9,258,443.00 (3) LT1-F11 $ 8,985,777.00 (2) LT1-V11 $ 8,985,777.00 (3) LT1-F12 $ 8,721,126.50 (2) LT1-V12 $ 8,721,126.50 (3) LT1-F13 $ 8,464,162.50 (2) LT1-V13 $ 8,464,162.50 (3) LT1-F14 $ 8,214,864.50 (2) LT1-V14 $ 8,214,864.50 (3) LT1-F15 $ 7,972,901.00 (2) LT1-V15 $ 7,972,901.00 (3) LT1-F16 $ 7,738,056.00 (2) LT1-V16 $ 7,738,056.00 (3) LT1-F17 $ 7,510,120.00 (2) LT1-V17 $ 7,510,120.00 (3) LT1-F18 $ 7,288,890.50 (2) LT1-V18 $ 7,288,890.50 (3) LT1-F19 $ 7,074,160.50 (2) LT1-V19 $ 7,074,160.50 (3) LT1-F20 $ 6,865,758.00 (2) LT1-V20 $ 6,865,758.00 (3) LT1-F21 $ 6,663,488.00 (2) LT1-V21 $ 6,663,488.00 (3) Designation Intial Principal Balance Interest Rate LT1-F22 $ 6,466,458.00 (2) LT1-V22 $ 6,466,458.00 (3) LT1-F23 $ 7,958,243.50 (2) LT1-V23 $ 7,958,243.50 (3) LT1-F24 $ 9,008,339.50 (2) LT1-V24 $ 9,008,339.50 (3) LT1-F25 $ 8,584,946.50 (2) LT1-V25 $ 8,584,946.50 (3) LT1-F26 $ 8,179,465.50 (2) LT1-V26 $ 8,179,465.50 (3) LT1-F27 $ 7,792,353.00 (2) LT1-V27 $ 7,792,353.00 (3) LT1-F28 $ 7,303,785.50 (2) LT1-V28 $ 7,303,785.50 (3) LT1-F29 $ 6,352,546.50 (2) LT1-V29 $ 6,352,546.50 (3) LT1-F30 $ 6,083,856.00 (2) LT1-V30 $ 6,083,856.00 (3) LT1-F31 $ 5,855,411.50 (2) LT1-V31 $ 5,855,411.50 (3) LT1-F32 $ 5,629,003.50 (2) LT1-V32 $ 5,629,003.50 (3) LT1-F33 $ 5,606,103.00 (2) LT1-V33 $ 5,606,103.00 (3) LT1-F34 $ 5,632,538.00 (2) LT1-V34 $ 5,632,538.00 (3) LT1-F35 $ 6,061,496.50 (2) LT1-V35 $ 6,061,496.50 (3) LT1-F36 $ 120,588,901.00 (2) LT1-V36 $ 120,588,901.00 (3)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Certificates (other than the Residual Certificates) represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Certificates (other than the Residual Certificates, Class 1-X Certificates, and Class 1-P Certificates) also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and Certificate also represent represents the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the Class LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class LT-R-2 Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates (other than the Residual Certificates) represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates (other than the Residual Certificates, the Class 2-P Certificates, and the Class 2-X Certificates) also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and Certificate also represent represents the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Fund and the Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2A1 Cap Agreement. The Class R-2 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-1 Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for Pool 1 for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Pool 1 (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount for Pool 1 among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums with respect to Pool 1 collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Class Designation Initial Principal Balance Interest Rate LT1-A $ 3,988.29 (1) LT1-F1 $ 5,134,058.19 (2) LT1-V1 $ 5,134,058.19 (3) LT1-F2 $ 4,984,038.18 (2) LT1-V2 $ 4,984,038.18 (3) LT1-F3 $ 4,638,979.37 (2) LT1-V3 $ 4,638,979.37 (3) LT1-F4 $ 4,450,946.55 (2) LT1-V4 $ 4,450,946.55 (3) LT1-F5 $ 4,320,151.25 (2) LT1-V5 $ 4,320,151.25 (3) LT1-F6 $ 4,192,968.98 (2) LT1-V6 $ 4,192,968.98 (3) LT1-F7 $ 4,069,707.22 (2) LT1-V7 $ 4,069,707.22 (3) LT1-F8 $ 3,950,115.10 (2) LT1-V8 $ 3,950,115.10 (3) LT1-F9 $ 3,834,017.15 (2) LT1-V9 $ 3,834,017.15 (3) LT1-F10 $ 3,721,346.74 (2) LT1-V10 $ 3,721,346.74 (3) LT1-F11 $ 3,611,985.04 (2) LT1-V11 $ 3,611,985.04 (3) LT1-F12 $ 3,505,834.96 (2) LT1-V12 $ 3,505,834.96 (3) LT1-F13 $ 3,402,801.02 (2) LT1-V13 $ 3,402,801.02 (3) LT1-F14 $ 3,302,794.19 (2) LT1-V14 $ 3,302,794.19 (3) LT1-F15 $ 3,205,724.40 (2) LT1-V15 $ 3,205,724.40 (3) LT1-F16 $ 3,111,505.44 (2) LT1-V16 $ 3,111,505.44 (3) LT1-F17 $ 3,020,053.63 (2) LT1-V17 $ 3,020,053.63 (3) LT1-F18 $ 2,931,283.00 (2) LT1-V18 $ 2,931,283.00 (3) LT1-F19 $ 2,845,124.47 (2) LT1-V19 $ 2,845,124.47 (3) LT1-F20 $ 2,761,400.38 (2) LT1-V20 $ 2,761,400.38 (3) LT1-F21 $ 2,680,226.45 (2) LT1-V21 $ 2,680,226.45 (3) LT1-F22 $ 2,601,444.69 (2) LT1-V22 $ 2,601,444.69 (3) LT1-F23 $ 2,524,976.87 (2) LT1-V23 $ 2,524,976.87 (3) LT1-F24 $ 2,449,031.95 (2) LT1-V24 $ 2,449,031.95 (3) LT1-F25 $ 3,565,715.77 (2) LT1-V25 $ 3,565,715.77 (3) LT1-F26 $ 3,665,318.51 (2) LT1-V26 $ 3,665,318.51 (3) LT1-F27 $ 3,479,643.03 (2) LT1-V27 $ 3,479,643.03 (3) LT1-F28 $ 3,303,933.74 (2) LT1-V28 $ 3,303,933.74 (3) LT1-F29 $ 3,137,627.54 (2) LT1-V29 $ 3,137,627.54 (3) LT1-F30 $ 2,542,735.91 (2) LT1-V30 $ 2,542,735.91 (3) LT1-F31 $ 2,440,186.52 (2) LT1-V31 $ 2,440,186.52 (3) LT1-F32 $ 2,341,785.07 (2) LT1-V32 $ 2,341,785.07 (3) LT1-F33 $ 2,247,332.50 (2) LT1-V33 $ 2,247,332.50 (3) LT1-F34 $ 2,184,303.62 (2) LT1-V34 $ 2,184,303.62 (3) LT1-F35 $ 2,200,431.62 (2) LT1-V35 $ 2,200,431.62 (3) LT1-F36 $ 49,152,470.92 (2) LT1-V36 $ 49,152,470.92 (3) LT1-R (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 6,722.55 (1) LT1-F1 $ 16,513,382.50 (2) LT1-V1 $ 16,513,382.50 (3) LT1-F2 $ 15,972,882.50 (2) LT1-V2 $ 15,972,882.50 (3) LT1-F3 $ 15,574,738.50 (2) LT1-V3 $ 15,574,738.50 (3) LT1-F4 $ 15,056,748.50 (2) LT1-V4 $ 15,056,748.50 (3) LT1-F5 $ 14,329,133.00 (2) LT1-V5 $ 14,329,133.00 (3) LT1-F6 $ 13,423,757.00 (2) LT1-V6 $ 13,423,757.00 (3) LT1-F7 $ 13,029,139.50 (2) LT1-V7 $ 13,029,139.50 (3) LT1-F8 $ 12,646,113.00 (2) LT1-V8 $ 12,646,113.00 (3) LT1-F9 $ 12,274,299.00 (2) LT1-V9 $ 12,274,299.00 (3) LT1-F10 $ 11,913,098.50 (2) LT1-V10 $ 11,913,098.50 (3) LT1-F11 $ 11,562,865.50 (2) LT1-V11 $ 11,562,865.50 (3) LT1-F12 $ 11,222,909.50 (2) LT1-V12 $ 11,222,909.50 (3) LT1-F13 $ 10,892,952.00 (2) LT1-V13 $ 10,892,952.00 (3) LT1-F14 $ 10,572,686.50 (2) LT1-V14 $ 10,572,686.50 (3) LT1-F15 $ 10,261,830.00 (2) LT1-V15 $ 10,261,830.00 (3) LT1-F16 $ 9,960,106.00 (2) LT1-V16 $ 9,960,106.00 (3) LT1-F17 $ 9,667,245.00 (2) LT1-V17 $ 9,667,245.00 (3) LT1-F18 $ 9,382,985.50 (2) LT1-V18 $ 9,382,985.50 (3) LT1-F19 $ 9,107,080.00 (2) LT1-V19 $ 9,107,080.00 (3) LT1-F20 $ 8,839,053.50 (2) LT1-V20 $ 8,839,053.50 (3) LT1-F21 $ 8,579,134.50 (2) LT1-V21 $ 8,579,134.50 (3) LT1-F22 $ 8,326,806.00 (2) LT1-V22 $ 8,326,806.00 (3) LT1-F23 $ 10,327,331.00 (2) LT1-V23 $ 10,327,331.00 (3) LT1-F24 $ 10,123,535.50 (2) LT1-V24 $ 10,123,535.50 (3) LT1-F25 $ 9,543,956.00 (2) LT1-V25 $ 9,543,956.00 (3) LT1-F26 $ 9,133,630.00 (2) LT1-V26 $ 9,133,630.00 (3) LT1-F27 $ 8,751,149.00 (2) LT1-V27 $ 8,751,149.00 (3) LT1-F28 $ 8,375,146.00 (2) LT1-V28 $ 8,375,146.00 (3) LT1-F29 $ 7,764,111.50 (2) LT1-V29 $ 7,764,111.50 (3) LT1-F30 $ 7,391,035.50 (2) LT1-V30 $ 7,391,035.50 (3) LT1-F31 $ 7,094,534.00 (2) LT1-V31 $ 7,094,534.00 (3) LT1-F32 $ 7,127,343.50 (2) LT1-V32 $ 7,127,343.50 (3) LT1-F33 $ 7,032,665.00 (2) LT1-V33 $ 7,032,665.00 (3) LT1-F34 $ 6,867,390.00 (2) LT1-V34 $ 6,867,390.00 (3) LT1-F35 $ 6,651,021.50 (2) LT1-V35 $ 6,651,021.50 (3) LT1-F36 $ 6,764,873.00 (2) LT1-V36 $ 6,764,873.00 (3) LT1-F37 $ 6,483,651.00 (2) LT1-V37 $ 6,483,651.00 (3) LT1-F38 $ 6,200,340.50 (2) LT1-V38 $ 6,200,340.50 (3) LT1-F39 $ 5,856,360.00 (2) LT1-V39 $ 5,856,360.00 (3) LT1-F40 $ 5,539,351.00 (2) LT1-V40 $ 5,539,351.00 (3) LT1-F41 $ 5,274,011.50 (2) LT1-V41 $ 5,274,011.50 (3) LT1-F42 $ 4,801,636.00 (2) LT1-V42 $ 4,801,636.00 (3) LT1-F43 $ 4,614,337.50 (2) LT1-V43 $ 4,614,337.50 (3) LT1-F44 $ 4,441,951.50 (2) LT1-V44 $ 4,441,951.50 (3) LT1-F45 $ 4,275,949.00 (2) LT1-V45 $ 4,275,949.00 (3) LT1-F46 $ 4,116,131.00 (2) LT1-V46 $ 4,116,131.00 (3) LT1-F47 $ 3,962,361.50 (2) LT1-V47 $ 3,962,361.50 (3) LT1-F48 $ 3,814,662.00 (2) LT1-V48 $ 3,814,662.00 (3) LT1-F49 $ 3,672,117.50 (2) LT1-V49 $ 3,672,117.50 (3) LT1-F50 $ 3,534,903.50 (2) LT1-V50 $ 3,534,903.50 (3) LT1-F51 $ 3,402,815.50 (2) LT1-V51 $ 3,402,815.50 (3) LT1-F52 $ 3,275,676.00 (2) LT1-V52 $ 3,275,676.00 (3) LT1-F53 $ 3,153,268.00 (2) LT1-V53 $ 3,153,268.00 (3) LT1-F54 $ 3,035,207.00 (2) LT1-V54 $ 3,035,207.00 (3) LT1-F55 $ 2,921,794.50 (2) LT1-V55 $ 2,921,794.50 (3) LT1-F56 $ 2,812,616.00 (2) LT1-V56 $ 2,812,616.00 (3) LT1-F57 $ 2,707,514.50 (2) LT1-V57 $ 2,707,514.50 (3) LT1-F58 $ 2,609,664.50 (2) LT1-V58 $ 2,609,664.50 (3) LT1-F59 $ 2,559,164.50 (2) LT1-V59 $ 2,559,164.50 (3) LT1-F60 $ 64,524,848.50 (2) LT1-V60 $ 64,524,848.50 (3) LT1-R (4) (4)
Appears in 1 contract
Samples: Trust Agreement (LXS 2006-7)
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 279,889,072.55 (1) LT1-F1 $ 11,382,627.40 (2) LT1-V1 $ 11,382,627.40 (3) LT1-F2 $ 11,083,464.74 (2) LT1-V2 $ 11,083,464.74 (3) LT1-F3 $ 10,688,399.37 (2) LT1-V3 $ 10,688,399.37 (3) LT1-F4 $ 9,948,714.58 (2) LT1-V4 $ 9,948,714.58 (3) LT1-F5 $ 9,656,080.70 (2) LT1-V5 $ 9,656,080.70 (3) LT1-F6 $ 9,372,023.41 (2) LT1-V6 $ 9,372,023.41 (3) LT1-F7 $ 9,096,346.69 (2) LT1-V7 $ 9,096,346.69 (3) LT1-F8 $ 8,828,771.61 (2) LT1-V8 $ 8,828,771.61 (3) LT1-F9 $ 8,569,060.24 (2) LT1-V9 $ 8,569,060.24 (3) LT1-F10 $ 8,316,981.64 (2) LT1-V10 $ 8,316,981.64 (3) LT1-F11 $ 8,072,311.66 (2) LT1-V11 $ 8,072,311.66 (3) LT1-F12 $ 7,834,832.72 (2) LT1-V12 $ 7,834,832.72 (3) LT1-F13 $ 7,604,333.61 (2) LT1-V13 $ 7,604,333.61 (3) LT1-F14 $ 7,380,609.35 (2) LT1-V14 $ 7,380,609.35 (3) LT1-F15 $ 7,163,460.96 (2) LT1-V15 $ 7,163,460.96 (3) LT1-F16 $ 6,952,695.29 (2) LT1-V16 $ 6,952,695.29 (3) LT1-F17 $ 6,748,124.88 (2) LT1-V17 $ 6,748,124.88 (3) LT1-F18 $ 6,549,567.77 (2) LT1-V18 $ 6,549,567.77 (3) LT1-F19 $ 6,959,198.08 (2) LT1-V19 $ 6,959,198.08 (3) LT1-F20 $ 8,064,638.03 (2) LT1-V20 $ 8,064,638.03 (3) LT1-F21 $ 7,756,795.92 (2) LT1-V21 $ 7,756,795.92 (3) LT1-F22 $ 7,463,147.85 (2) LT1-V22 $ 7,463,147.85 (3) LT1-F23 $ 7,176,366.79 (2) LT1-V23 $ 7,176,366.79 (3) LT1-F24 $ 7,311,040.95 (2) LT1-V24 $ 7,311,040.95 (3) LT1-F25 $ 7,010,155.82 (2) LT1-V25 $ 7,010,155.82 (3) LT1-F26 $ 6,714,793.94 (2) LT1-V26 $ 6,714,793.94 (3) LT1-F27 $ 6,411,169.68 (2) LT1-V27 $ 6,411,169.68 (3) LT1-F28 $ 6,145,549.34 (2) LT1-V28 $ 6,145,549.34 (3) LT1-F29 $ 5,861,879.57 (2) LT1-V29 $ 5,861,879.57 (3) LT1-F30 $ 5,347,282.37 (2) LT1-V30 $ 5,347,282.37 (3) LT1-F31 $ 5,171,990.26 (2) LT1-V31 $ 5,171,990.26 (3) LT1-F32 $ 5,103,921.93 (2) LT1-V32 $ 5,103,921.93 (3) LT1-F33 $ 5,016,727.33 (2) LT1-V33 $ 5,016,727.33 (3) LT1-F34 $ 4,810,788.85 (2) LT1-V34 $ 4,810,788.85 (3) LT1-F35 $ 4,665,507.60 (2) LT1-V35 $ 4,665,507.60 (3) LT1-F36 $ 4,854,803.64 (2) LT1-V36 $ 4,854,803.64 (3) LT1-F37 $ 4,522,513.37 (2) LT1-V37 $ 4,522,513.37 (3) LT1-F38 $ 4,211,371.59 (2) LT1-V38 $ 4,211,371.59 (3) LT1-F39 $ 3,917,213.17 (2) LT1-V39 $ 3,917,213.17 (3) LT1-F40 $ 3,727,232.42 (2) LT1-V40 $ 3,727,232.42 (3) LT1-F41 $ 3,496,137.18 (2) LT1-V41 $ 3,496,137.18 (3) LT1-F42 $ 3,115,619.15 (2) LT1-V42 $ 3,115,619.15 (3) LT1-F43 $ 2,988,899.94 (2) LT1-V43 $ 2,988,899.94 (3) LT1-F44 $ 2,853,270.97 (2) LT1-V44 $ 2,853,270.97 (3) LT1-F45 $ 2,744,060.74 (2) LT1-V45 $ 2,744,060.74 (3) LT1-F46 $ 2,617,532.50 (2) LT1-V46 $ 2,617,532.50 (3) LT1-F47 $ 2,506,744.29 (2) LT1-V47 $ 2,506,744.29 (3) LT1-F48 $ 2,427,185.79 (2) LT1-V48 $ 2,427,185.79 (3) LT1-F49 $ 2,303,389.86 (2) LT1-V49 $ 2,303,389.86 (3) LT1-F50 $ 2,216,311.56 (2) LT1-V50 $ 2,216,311.56 (3) LT1-F51 $ 2,118,051.87 (2) LT1-V51 $ 2,118,051.87 (3) LT1-F52 $ 2,043,193.71 (2) LT1-V52 $ 2,043,193.71 (3) LT1-F53 $ 1,957,357.77 (2) LT1-V53 $ 1,957,357.77 (3) LT1-F54 $ 1,884,356.01 (2) LT1-V54 $ 1,884,356.01 (3) LT1-F55 $ 1,891,218.04 (2) LT1-V55 $ 1,891,218.04 (3) LT1-F56 $ 1,927,990.58 (2) LT1-V56 $ 1,927,990.58 (3) LT1-F57 $ 1,844,208.26 (2) LT1-V57 $ 1,844,208.26 (3) LT1-F58 $ 1,779,153.39 (2) LT1-V58 $ 1,779,153.39 (3) LT1-F59 $ 1,932,284.31 (2) LT1-V59 $ 1,932,284.31 (3) LT1-F60 $ 51,800,038.93 (2) LT1-V60 $ 51,800,038.93 (3) LT1-R (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group Offered Certificates related to Pool 1 Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group Offered Certificates related to Pool 1 Certificates (other than the Class 1-AIO Certificate) also represent represents (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the related to Pool 1 Basis Risk Reserve Fund, to the extent payable from Pool 1 Monthly Excess Cashflow. The Class C-X and the Class 1S-A1 Cap Agreement and the Supplemental Interest TrustX Certificates shall not represent an interest in any REMIC formed hereby. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class LT-R-2 Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group Offered Certificates related to Pool 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group Offered Certificates related to Pool 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Offered Certificates and beneficial ownership of the related to Pool 2 Basis Risk Reserve Fundto the extent payable from Pool 2 Monthly Excess Cashflow. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2LT1-R Interest.. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-1 Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund related to Pool 1 (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums related to Pool 1 collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 34,404,465.96 (1) LT1-F1 $ 16,588,664.00 (2) LT1-V1 $ 16,588,664.00 (3) LT1-F2 $ 16,001,277.00 (2) LT1-V2 $ 16,001,277.00 (3) LT1-F3 $ 15,434,674.00 (2) LT1-V3 $ 15,434,674.00 (3) LT1-F4 $ 15,013,471.50 (2) 3 Designation Initial Principal Balance Interest Rate LT1-V4 $ 15,013,471.50 (3) LT1-F5 $ 14,356,481.00 (2) LT1-V5 $ 14,356,481.00 (3) LT1-F6 $ 14,079,624.50 (2) LT1-V6 $ 14,079,624.50 (3) LT1-F7 $ 13,349,495.00 (2) LT1-V7 $ 13,349,495.00 (3) LT1-F8 $ 12,949,306.00 (2) LT1-V8 $ 12,949,306.00 (3) LT1-F9 $ 12,418,063.00 (2) LT1-V9 $ 12,418,063.00 (3) LT1-F10 $ 12,046,974.50 (2) LT1-V10 $ 12,046,974.50 (3) LT1-F11 $ 35,725,324.50 (2) LT1-V11 $ 35,725,324.50 (3) LT1-F12 $ 12,448,243.50 (2) LT1-V12 $ 12,448,243.50 (3) LT1-F13 $ 11,835,946.00 (2) LT1-V13 $ 11,835,946.00 (3) LT1-F14 $ 11,129,462.50 (2) LT1-V14 $ 11,129,462.50 (3) LT1-F15 $ 10,721,146.00 (2) LT1-V15 $ 10,721,146.00 (3) LT1-F16 $ 10,215,131.50 (2) LT1-V16 $ 10,215,131.50 (3) LT1-F17 $ 9,787,700.00 (2) LT1-V17 $ 9,787,700.00 (3) LT1-F18 $ 9,378,142.50 (2) LT1-V18 $ 9,378,142.50 (3) LT1-F19 $ 8,985,712.00 (2) LT1-V19 $ 8,985,712.00 (3) LT1-F20 $ 8,609,693.00 (2) LT1-V20 $ 8,609,693.00 (3) LT1-F21 $ 8,249,398.50 (2) LT1-V21 $ 8,249,398.50 (3) LT1-F22 $ 9,935,138.50 (2) LT1-V22 $ 9,935,138.50 (3) LT1-F23 $ 34,929,496.00 (2) LT1-V23 $ 34,929,496.00 (3) LT1-F24 $ 7,021,245.50 (2) LT1-V24 $ 7,021,245.50 (3) LT1-F25 $ 6,678,758.50 (2) LT1-V25 $ 6,678,758.50 (3) LT1-F26 $ 6,352,969.50 (2) 4 Designation Initial Principal Balance Interest Rate LT1-V26 $ 6,352,969.50 (3) LT1-F27 $ 6,043,065.00 (2) LT1-V27 $ 6,043,065.00 (3) LT1-F28 $ 5,748,269.50 (2) LT1-V28 $ 5,748,269.50 (3) LT1-F29 $ 5,467,848.50 (2) LT1-V29 $ 5,467,848.50 (3) LT1-F30 $ 5,201,100.50 (2) LT1-V30 $ 5,201,100.50 (3) LT1-F31 $ 5,357,465.00 (2) LT1-V31 $ 5,357,465.00 (3) LT1-F32 $ 4,931,514.50 (2) LT1-V32 $ 4,931,514.50 (3) LT1-F33 $ 4,546,977.00 (2) LT1-V33 $ 4,546,977.00 (3) LT1-F34 $ 21,370,747.00 (2) LT1-V34 $ 21,370,747.00 (3) LT1-F35 $ 4,222,382.00 (2) LT1-V35 $ 4,222,382.00 (3) LT1-F36 $ 2,975,477.50 (2) LT1-V36 $ 2,975,477.50 (3) LT1-F37 $ 2,830,240.50 (2) LT1-V37 $ 2,830,240.50 (3) LT1-F38 $ 2,692,088.00 (2) LT1-V38 $ 2,692,088.00 (3) LT1-F39 $ 2,560,676.00 (2) LT1-V39 $ 2,560,676.00 (3) LT1-F40 $ 2,435,674.50 (2) LT1-V40 $ 2,435,674.50 (3) LT1-F41 $ 2,316,771.50 (2) LT1-V41 $ 2,316,771.50 (3) LT1-F42 $ 2,203,669.50 (2) LT1-V42 $ 2,203,669.50 (3) LT1-F43 $ 2,096,085.50 (2) LT1-V43 $ 2,096,085.50 (3) LT1-F44 $ 2,014,865.50 (2) LT1-V44 $ 2,014,865.50 (3) LT1-F45 $ 1,895,351.50 (2) LT1-V45 $ 1,895,351.50 (3) LT1-F46 $ 1,802,812.00 (2) LT1-V46 $ 1,802,812.00 (3) LT1-F47 $ 1,714,788.00 (2) LT1-V47 $ 1,714,788.00 (3) LT1-F48 $ 1,631,059.50 (2) 5 Designation Initial Principal Balance Interest Rate LT1-V48 $ 1,631,059.50 (3) LT1-F49 $ 1,551,416.50 (2) LT1-V49 $ 1,551,416.50 (3) LT1-F50 $ 1,475,659.50 (2) LT1-V50 $ 1,475,659.50 (3) LT1-F51 $ 1,403,600.50 (2) LT1-V51 $ 1,403,600.50 (3) LT1-F52 $ 1,335,057.00 (2) LT1-V52 $ 1,335,057.00 (3) LT1-F53 $ 1,269,858.50 (2) LT1-V53 $ 1,269,858.50 (3) LT1-F54 $ 1,422,879.00 (2) LT1-V54 $ 1,422,879.00 (3) LT1-F55 $ 1,241,675.00 (2) LT1-V55 $ 1,241,675.00 (3) LT1-F56 $ 2,777,745.50 (2) LT1-V56 $ 2,777,745.50 (3) LT1-F57 $ 2,487,670.50 (2) LT1-V57 $ 2,487,670.50 (3) LT1-F58 $ 8,568,564.00 (2) LT1-V58 $ 8,568,564.00 (3) LT1-F59 $ 8,213,690.50 (2) LT1-V59 $ 8,213,690.50 (3) LT1-AIO (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 283,948,453.26 (1) LT1-F1 $ 12,507,904.50 (2) LT1-V1 $ 12,507,904.50 (3) LT1-F2 $ 12,384,938.50 (2) LT1-V2 $ 12,384,938.50 (3) LT1-F3 $ 14,534,882.50 (2) LT1-V3 $ 14,534,882.50 (3) LT1-F4 $ 10,920,590.50 (2) LT1-V4 $ 10,920,590.50 (3) LT1-F5 $ 10,136,446.50 (2) LT1-V5 $ 10,136,446.50 (3) LT1-F6 $ 13,369,721.00 (2) LT1-V6 $ 13,369,721.00 (3) LT1-F7 $ 14,860,651.00 (2) LT1-V7 $ 14,860,651.00 (3) LT1-F8 $ 21,424,724.00 (2) LT1-V8 $ 21,424,724.00 (3) LT1-F9 $ 8,637,645.50 (2) LT1-V9 $ 8,637,645.50 (3) LT1-F10 $ 19,724,486.00 (2) LT1-V10 $ 19,724,486.00 (3) LT1-F11 $ 7,405,901.50 (2) LT1-V11 $ 7,405,901.50 (3) LT1-F12 $ 7,174,115.50 (2) LT1-V12 $ 7,174,115.50 (3) LT1-F13 $ 6,902,300.50 (2) LT1-V13 $ 6,902,300.50 (3) LT1-F14 $ 6,698,929.00 (2) LT1-V14 $ 6,698,929.00 (3) LT1-F15 $ 6,501,542.50 (2) LT1-V15 $ 6,501,542.50 (3) LT1-F16 $ 6,309,964.50 (2) LT1-V16 $ 6,309,964.50 (3) LT1-F17 $ 6,124,025.00 (2) LT1-V17 $ 6,124,025.00 (3) LT1-F18 $ 6,006,943.00 (2) LT1-V18 $ 6,006,943.00 (3) LT1-F19 $ 5,766,471.50 (2) LT1-V19 $ 5,766,471.50 (3) LT1-F20 $ 6,795,072.50 (2) LT1-V20 $ 6,795,072.50 (3) LT1-F21 $ 5,395,441.00 (2) LT1-V21 $ 5,395,441.00 (3) LT1-F22 $ 7,125,245.50 (2) LT1-V22 $ 7,125,245.50 (3) LT1-F23 $ 11,384,263.50 (2) LT1-V23 $ 11,384,263.50 (3) LT1-F24 $ 6,449,252.50 (2) LT1-V24 $ 6,449,252.50 (3) LT1-F25 $ 4,643,756.00 (2) LT1-V25 $ 4,643,756.00 (3) LT1-F26 $ 4,470,618.00 (2) LT1-V26 $ 4,470,618.00 (3) LT1-F27 $ 4,232,887.00 (2) LT1-V27 $ 4,232,887.00 (3) LT1-F28 $ 4,108,087.00 (2) LT1-V28 $ 4,108,087.00 (3) LT1-F29 $ 4,054,566.50 (2) LT1-V29 $ 4,054,566.50 (3) LT1-F30 $ 3,898,494.00 (2) LT1-V30 $ 3,898,494.00 (3) LT1-F31 $ 4,993,969.50 (2) LT1-V31 $ 4,993,969.50 (3) LT1-F32 $ 4,218,001.00 (2) LT1-V32 $ 4,218,001.00 (3) LT1-F33 $ 4,223,253.50 (2) LT1-V33 $ 4,223,253.50 (3) LT1-F34 $ 3,474,265.00 (2) LT1-V34 $ 3,474,265.00 (3) LT1-F35 $ 25,001,511.00 (2) LT1-V35 $ 25,001,511.00 (3) LT1-F36 $ 9,320,300.00 (2) LT1-V36 $ 9,320,300.00 (3) LT1-F37 $ 1,631,822.50 (2) LT1-V37 $ 1,631,822.50 (3) LT1-F38 $ 3,680,106.50 (2) LT1-V38 $ 3,680,106.50 (3) LT1-F39 $ 3,571,157.50 (2) LT1-V39 $ 3,571,157.50 (3) LT1-F40 $ 3,381,452.50 (2) LT1-V40 $ 3,381,452.50 (3) LT1-F41 $ 2,325,978.50 (2) LT1-V41 $ 2,325,978.50 (3) LT1-F42 $ 2,257,208.50 (2) LT1-V42 $ 2,257,208.50 (3) LT1-F43 $ 2,190,468.00 (2) LT1-V43 $ 2,190,468.00 (3) LT1-F44 $ 2,125,697.00 (2) LT1-V44 $ 2,125,697.00 (3) LT1-F45 $ 2,062,837.00 (2) LT1-V45 $ 2,062,837.00 (3) LT1-F46 $ 2,001,832.00 (2) LT1-V46 $ 2,001,832.00 (3) LT1-F47 $ 1,942,628.00 (2) LT1-V47 $ 1,942,628.00 (3) LT1-F48 $ 1,885,171.50 (2) LT1-V48 $ 1,885,171.50 (3) LT1-F49 $ 1,829,410.50 (2) LT1-V49 $ 1,829,410.50 (3) LT1-F50 $ 1,775,295.00 (2) LT1-V50 $ 1,775,295.00 (3) LT1-F51 $ 1,722,777.50 (2) LT1-V51 $ 1,722,777.50 (3) LT1-F52 $ 1,671,824.50 (2) LT1-V52 $ 1,671,824.50 (3) LT1-F53 $ 1,643,047.00 (2) LT1-V53 $ 1,643,047.00 (3) LT1-F54 $ 1,880,655.00 (2) LT1-V54 $ 1,880,655.00 (3) LT1-F55 $ 2,262,642.00 (2) LT1-V55 $ 2,262,642.00 (3) LT1-F56 $ 2,521,343.50 (2) LT1-V56 $ 2,521,343.50 (3) LT1-F57 $ 4,007,420.50 (2) LT1-V57 $ 4,007,420.50 (3) LT1-F58 $ 1,990,049.50 (2) LT1-V58 $ 1,990,049.50 (3) LT1-F59 $ 14,344,571.50 (2) LT1-V59 $ 14,344,571.50 (3) LT1-F60 $ 16,009,437.50 LT1-V60 $ 16,009,437.50 LT1-R (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Certificates (other than the Residual Certificates) represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Certificates (other than the Residual Certificates, Class 1-X Certificates, and Class 1-P Certificates) also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and Certificate also represent represents the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the Class LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class LT-R-2 Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates (other than the Residual Certificates) represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates (other than the Residual Certificates, the Class 2-P Certificates, and the Class 2-X Certificates) also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and Certificate also represent represents the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Fund and the Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2A1 Cap Agreement. The Class R-2 Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-1 Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for Pool 1 for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount for Pool 1 (net of expenses described in the preceding paragraph) with respect to each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount for Pool 1 among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums with respect to Pool 2 collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Class Designation Initial Principal Balance Interest Rate LT1-A $ 353.17 (1) LT1-F1 $ 6,182,257.61 (2) LT1-V1 $ 6,182,257.61 (3) LT1-F2 $ 5,934,182.53 (2) LT1-V2 $ 5,934,182.53 (3) LT1-F3 $ 5,612,658.99 (2) LT1-V3 $ 5,612,658.99 (3) LT1-F4 $ 5,347,337.77 (2) LT1-V4 $ 5,347,337.77 (3) LT1-F5 $ 5,190,069.09 (2) LT1-V5 $ 5,190,069.09 (3) LT1-F6 $ 5,037,346.73 (2) LT1-V6 $ 5,037,346.73 (3) LT1-F7 $ 4,889,058.40 (2) LT1-V7 $ 4,889,058.40 (3) LT1-F8 $ 4,745,262.87 (2) LT1-V8 $ 4,745,262.87 (3) LT1-F9 $ 4,605,693.03 (2) LT1-V9 $ 4,605,693.03 (3) LT1-F10 $ 4,470,224.78 (2) LT1-V10 $ 4,470,224.78 (3) LT1-F11 $ 4,338,737.68 (2) LT1-V11 $ 4,338,737.68 (3) LT1-F12 $ 4,210,974.98 (2) LT1-V12 $ 4,210,974.98 (3) LT1-F13 $ 4,087,093.67 (2) LT1-V13 $ 4,087,093.67 (3) LT1-F14 $ 3,966,870.84 (2) LT1-V14 $ 3,966,870.84 (3) LT1-F15 $ 3,850,181.30 (2) LT1-V15 $ 3,850,181.30 (3) LT1-F16 $ 3,736,921.28 (2) LT1-V16 $ 3,736,921.28 (3) LT1-F17 $ 3,626,981.70 (2) LT1-V17 $ 3,626,981.70 (3) LT1-F18 $ 3,520,281.96 (2) LT1-V18 $ 3,520,281.96 (3) LT1-F19 $ 3,416,718.34 (2) LT1-V19 $ 3,416,718.34 (3) LT1-F20 $ 3,316,188.45 (2) LT1-V20 $ 3,316,188.45 (3) LT1-F21 $ 3,218,624.01 (2) LT1-V21 $ 3,218,624.01 (3) LT1-F22 $ 3,124,128.53 (2) LT1-V22 $ 3,124,128.53 (3) LT1-F23 $ 3,615,785.61 (2) LT1-V23 $ 3,615,785.61 (3) LT1-F24 $ 4,805,716.74 (2) LT1-V24 $ 4,805,716.74 (3) LT1-F25 $ 4,561,014.96 (2) LT1-V25 $ 4,561,014.96 (3) LT1-F26 $ 4,327,587.44 (2) LT1-V26 $ 4,327,587.44 (3) LT1-F27 $ 4,107,344.09 (2) LT1-V27 $ 4,107,344.09 (3) LT1-F28 $ 3,895,551.35 (2) LT1-V28 $ 3,895,551.35 (3) LT1-F29 $ 3,685,772.95 (2) LT1-V29 $ 3,685,772.95 (3) LT1-F30 $ 2,997,860.40 (2) LT1-V30 $ 2,997,860.40 (3) LT1-F31 $ 2,875,361.58 (2) LT1-V31 $ 2,875,361.58 (3) LT1-F32 $ 2,758,706.67 (2) LT1-V32 $ 2,758,706.67 (3) LT1-F33 $ 2,656,843.36 (2) LT1-V33 $ 2,656,843.36 (3) LT1-F34 $ 2,604,168.83 (2) LT1-V34 $ 2,604,168.83 (3) LT1-F35 $ 2,645,320.48 (2) LT1-V35 $ 2,645,320.48 (3) LT1-F36 $ 56,695,671.00 (2) LT1-V36 $ 56,695,671.00 (3) LT1-R (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group Offered Certificates related to Pool 1 Certificates and Pool 2 represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group Offered Certificates related to Pool 1 Certificates and Pool 2 also represent represents (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-2-X Component of the Class X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the related to Pool 1 Basis Risk Reserve Fund, and Pool 2 to the Class extent payable from Pool 1-A1 Cap Agreement and the Supplemental Interest Trust2 Monthly Excess Cashflow. The Class 1C-X and Class S-X Components of the Class X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 23, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class 3-LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Offered Certificates related to Pool 3 represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Offered Certificates related to Pool 3 also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 23-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Offered Certificates and beneficial ownership of related to Pool 3 to the extent payable from Pool 2 Basis Risk Reserve Fund3 Monthly Excess Cashflow. The Class 23-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 and Pool 2 Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund related to Pool 1 and Pool 2 (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums related to Pool 1 and Pool 2 collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the LT1-R Lower-Tier Interest) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests”): Designation Initial Principal Balance Interest Rate LT1-A $ 254,337,540.75 (1) LT1-F1 $ 10,262,720.50 (2) LT1-V1 $ 10,262,720.50 (3) LT1-F2 $ 9,899,097.00 (2) LT1-V2 $ 9,899,097.00 (3) LT1-F3 $ 9,548,346.50 (2) LT1-V3 $ 9,548,346.50 (3) LT1-F4 $ 9,475,992.00 (2) LT1-V4 $ 9,475,992.00 (3) LT1-F5 $ 8,960,920.50 (2) Designation Initial Principal Balance Interest Rate LT1-V5 $ 8,960,920.50 (3) LT1-F6 $ 8,639,885.50 (2) LT1-V6 $ 8,639,885.50 (3) LT1-F7 $ 8,250,477.50 (2) LT1-V7 $ 8,250,477.50 (3) LT1-F8 $ 7,958,097.00 (2) LT1-V8 $ 7,958,097.00 (3) LT1-F9 $ 7,676,070.00 (2) LT1-V9 $ 7,676,070.00 (3) LT1-F10 $ 7,404,029.00 (2) LT1-V10 $ 7,404,029.00 (3) LT1-F11 $ 22,225,296.50 (2) LT1-V11 $ 22,225,296.50 (3) LT1-F12 $ 7,501,500.00 (2) LT1-V12 $ 7,501,500.00 (3) LT1-F13 $ 7,187,471.00 (2) LT1-V13 $ 7,187,471.00 (3) LT1-F14 $ 6,886,580.50 (2) LT1-V14 $ 6,886,580.50 (3) LT1-F15 $ 6,598,277.00 (2) LT1-V15 $ 6,598,277.00 (3) LT1-F16 $ 6,322,036.00 (2) LT1-V16 $ 6,322,036.00 (3) LT1-F17 $ 6,057,352.00 (2) LT1-V17 $ 6,057,352.00 (3) LT1-F18 $ 5,803,742.50 (2) LT1-V18 $ 5,803,742.50 (3) LT1-F19 $ 5,560,743.50 (2) LT1-V19 $ 5,560,743.50 (3) LT1-F20 $ 5,341,187.00 (2) LT1-V20 $ 5,341,187.00 (3) LT1-F21 $ 5,399,703.00 (2) LT1-V21 $ 5,399,703.00 (3) LT1-F22 $ 5,699,354.50 (2) LT1-V22 $ 5,699,354.50 (3) LT1-F23 $ 21,691,134.50 (2) LT1-V23 $ 21,691,134.50 (3) LT1-F24 $ 4,346,535.50 (2) LT1-V24 $ 4,346,535.50 (3) LT1-F25 $ 4,134,412.50 (2) LT1-V25 $ 4,134,412.50 (3) LT1-F26 $ 3,932,635.50 (2) LT1-V26 $ 3,932,635.50 (3) LT1-F27 $ 3,740,702.00 (2) LT1-V27 $ 3,740,702.00 (3) Designation Initial Principal Balance Interest Rate LT1-F28 $ 3,558,130.00 (2) LT1-V28 $ 3,558,130.00 (3) LT1-F29 $ 3,384,465.00 (2) LT1-V29 $ 3,384,465.00 (3) LT1-F30 $ 3,253,249.00 (2) LT1-V30 $ 3,253,249.00 (3) LT1-F31 $ 3,446,146.50 (2) LT1-V31 $ 3,446,146.50 (3) LT1-F32 $ 3,009,456.50 (2) LT1-V32 $ 3,009,456.50 (3) LT1-F33 $ 3,107,303.50 (2) LT1-V33 $ 3,107,303.50 (3) LT1-F34 $ 24,118,643.00 (2) LT1-V34 $ 24,118,643.00 (3) LT1-F35 $ 2,101,985.50 (2) LT1-V35 $ 2,101,985.50 (3) LT1-F36 $ 1,315,181.50 (2) LT1-V36 $ 1,315,181.50 (3) LT1-F37 $ 1,250,879.00 (2) LT1-V37 $ 1,250,879.00 (3) LT1-F38 $ 1,189,719.00 (2) LT1-V38 $ 1,189,719.00 (3) LT1-F39 $ 1,131,546.50 (2) LT1-V39 $ 1,131,546.50 (3) LT1-F40 $ 1,076,216.50 (2) LT1-V40 $ 1,076,216.50 (3) LT1-F41 $ 1,023,590.00 (2) LT1-V41 $ 1,023,590.00 (3) LT1-F42 $ 973,534.50 (2) LT1-V42 $ 973,534.50 (3) LT1-F43 $ 925,925.50 (2) LT1-V43 $ 925,925.50 (3) LT1-F44 $ 880,643.00 (2) LT1-V44 $ 880,643.00 (3) LT1-F45 $ 837,572.50 (2) LT1-V45 $ 837,572.50 (3) LT1-F46 $ 796,607.50 (2) LT1-V46 $ 796,607.50 (3) LT1-F47 $ 757,644.50 (2) LT1-V47 $ 757,644.50 (3) LT1-F48 $ 720,585.50 (2) LT1-V48 $ 720,585.50 (3) LT1-F49 $ 685,337.50 (2) LT1-V49 $ 685,337.50 (3) LT1-F50 $ 651,813.00 (2) Designation Initial Principal Balance Interest Rate LT1-V50 $ 651,813.00 (3) LT1-F51 $ 619,926.50 (2) LT1-V51 $ 619,926.50 (3) LT1-F52 $ 589,599.00 (2) LT1-V52 $ 589,599.00 (3) LT1-F53 $ 560,753.50 (2) LT1-V53 $ 560,753.50 (3) LT1-F54 $ 542,348.50 (2) LT1-V54 $ 542,348.50 (3) LT1-F55 $ 523,506.50 (2) LT1-V55 $ 523,506.50 (3) LT1-F56 $ 2,123,977.50 (2) LT1-V56 $ 2,123,977.50 (3) LT1-F57 $ 855,105.00 (2) LT1-V57 $ 855,105.00 (3) LT1-F58 $ 3,262,477.00 (2) LT1-V58 $ 3,262,477.00 (3) LT1-F59 $ 3,582,238.50 (2) LT1-V59 $ 3,582,238.50 (3) LT1-R (4) ) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of to the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement and the Supplemental Interest Trustextent payable from Monthly Excess Cashflow. The Class 1C-X and Class S-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 233,214,494.72 (1) LT1-F1 $ 19,244,756.50 (2) LT1-V1 $ 19,244,756.50 (3) LT1-F2 $ 17,863,621.00 (2) LT1-V2 $ 17,863,621.00 (3) LT1-F3 $ 16,813,210.50 (2) LT1-V3 $ 16,813,210.50 (3) LT1-F4 $ 15,866,874.50 (2) LT1-V4 $ 15,866,874.50 (3) LT1-F5 $ 14,973,788.50 (2) LT1-V5 $ 14,973,788.50 (3) LT1-F6 $ 14,130,942.00 (2) LT1-V6 $ 14,130,942.00 (3) LT1-F7 $ 13,335,537.00 (2) LT1-V7 $ 13,335,537.00 (3) LT1-F8 $ 12,584,890.00 (2) LT1-V8 $ 12,584,890.00 (3) LT1-F9 $ 11,876,483.00 (2) LT1-V9 $ 11,876,483.00 (3) LT1-F10 $ 11,207,926.50 (2) LT1-V10 $ 11,207,926.50 (3) LT1-F11 $ 10,577,007.00 (2) LT1-V11 $ 10,577,007.00 (3) LT1-F12 $ 9,981,591.50 (2) LT1-V12 $ 9,981,591.50 (3) LT1-F13 $ 9,419,725.00 (2) LT1-V13 $ 9,419,725.00 (3) LT1-F14 $ 8,889,436.00 (2) LT1-V14 $ 8,889,436.00 (3) LT1-F15 $ 8,388,990.00 (2) LT1-V15 $ 8,388,990.00 (3) LT1-F16 $ 7,916,672.50 (2) LT1-V16 $ 7,916,672.50 (3) LT1-F17 $ 7,470,940.00 (2) LT1-V17 $ 7,470,940.00 (3) LT1-F18 $ 7,050,335.00 (2) LT1-V18 $ 7,050,335.00 (3) Designation Initial Principal Balance Interest Rate LT1-F19 $ 6,653,362.50 (2) LT1-V19 $ 6,653,362.50 (3) LT1-F20 $ 6,278,768.00 (2) LT1-V20 $ 6,278,768.00 (3) LT1-F21 $ 5,925,285.00 (2) LT1-V21 $ 5,925,285.00 (3) LT1-F22 $ 5,591,534.00 (2) LT1-V22 $ 5,591,534.00 (3) LT1-F23 $ 5,276,627.00 (2) LT1-V23 $ 5,276,627.00 (3) LT1-F24 $ 4,979,453.50 (2) LT1-V24 $ 4,979,453.50 (3) LT1-F25 $ 4,699,088.00 (2) LT1-V25 $ 4,699,088.00 (3) LT1-F26 $ 4,434,504.00 (2) LT1-V26 $ 4,434,504.00 (3) LT1-F27 $ 4,184,806.00 (2) LT1-V27 $ 4,184,806.00 (3) LT1-F28 $ 3,949,159.00 (2) LT1-V28 $ 3,949,159.00 (3) LT1-F29 $ 3,726,771.50 (2) LT1-V29 $ 3,726,771.50 (3) LT1-F30 $ 3,516,914.50 (2) LT1-V30 $ 3,516,914.50 (3) LT1-F31 $ 3,318,874.00 (2) LT1-V31 $ 3,318,874.00 (3) LT1-F32 $ 3,131,981.50 (2) LT1-V32 $ 3,131,981.50 (3) LT1-F33 $ 2,955,609.00 (2) LT1-V33 $ 2,955,609.00 (3) LT1-F34 $ 2,789,163.00 (2) LT1-V34 $ 2,789,163.00 (3) LT1-F35 $ 2,631,845.50 (2) LT1-V35 $ 2,631,845.50 (3) LT1-F36 $ 2,508,397.00 (2) LT1-V36 $ 2,508,397.00 (3) LT1-F37 $ 3,015,040.00 (2) LT1-V37 $ 3,015,040.00 (3) LT1-F38 $ 2,844,970.00 (2) LT1-V38 $ 2,844,970.00 (3) LT1-F39 $ 2,684,488.00 (2) LT1-V39 $ 2,684,488.00 (3) LT1-F40 $ 2,533,053.50 (2) LT1-V40 $ 2,533,053.50 (3) LT1-F41 $ 2,390,115.50 (2) Designation Initial Principal Balance Interest Rate LT1-V41 $ 2,390,115.50 (3) LT1-F42 $ 2,255,235.50 (2) LT1-V42 $ 2,255,235.50 (3) LT1-F43 $ 2,128,007.50 (2) LT1-V43 $ 2,128,007.50 (3) LT1-F44 $ 2,007,953.00 (2) LT1-V44 $ 2,007,953.00 (3) LT1-F45 $ 1,894,666.00 (2) LT1-V45 $ 1,894,666.00 (3) LT1-F46 $ 1,787,769.50 (2) LT1-V46 $ 1,787,769.50 (3) LT1-F47 $ 1,686,899.00 (2) LT1-V47 $ 1,686,899.00 (3) LT1-F48 $ 1,591,717.50 (2) LT1-V48 $ 1,591,717.50 (3) LT1-F49 $ 1,295,387.50 (2) LT1-V49 $ 1,295,387.50 (3) LT1-F50 $ 1,150,208.00 (2) LT1-V50 $ 1,150,208.00 (3) LT1-F51 $ 1,085,403.50 (2) LT1-V51 $ 1,085,403.50 (3) LT1-F52 $ 1,024,248.50 (2) LT1-V52 $ 1,024,248.50 (3) LT1-F53 $ 966,568.00 (2) LT1-V53 $ 966,568.00 (3) LT1-F54 $ 912,175.00 (2) LT1-V54 $ 912,175.00 (3) LT1-F55 $ 860,818.00 (2) LT1-V55 $ 860,818.00 (3) LT1-F56 $ 812,303.50 (2) LT1-V56 $ 812,303.50 (3) LT1-F57 $ 766,515.00 (2) LT1-V57 $ 766,515.00 (3) LT1-F58 $ 723,344.50 (2) LT1-V58 $ 723,344.50 (3) LT1-F59 $ 10,568,886.00 (2) LT1-V59 $ 10,568,886.00 (3) LT1-R (4) (4)
Appears in 1 contract
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Group 1 Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1 Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1 Offered Certificates and beneficial ownership of the Pool 1 Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement Fund and the Supplemental Interest Trust. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R-1 R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 1 Pooling REMIC 1 shall hold the assets issue one uncertificated interest in respect of each Mortgage Loan held by the Trust Fund related to Pool 2on the Closing Date, other than any Excluded Trust Assets, and shall issue several uncertificated interests and each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-2 R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the Class LT2-R Interest, is hereby designated as a REMIC regular interest. The Class LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Group 2 Certificates represent ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2 Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X Certificates represent ownership of a regular interests in Upper-Tier REMIC 2 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole class of residual interest in UpperPooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. 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 Lower-Tier Interests in Pooling REMIC 1 based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance with the amount of the Principal Remittance Amount attributable to the Mortgage Loan corresponding to each such Pooling REMIC 1 Regular Interest. All losses on the Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute the Prepayment Premiums collected during the preceding Prepayment Period, in the case of Principal Prepayments in full, or during the related Collection Period, in the case of Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest corresponding to the Mortgage Loan with respect to which such amounts were received. Lower-Tier REMIC 2 as well as ownership 1 The following table sets forth (or describes) the designation, interest rate, and initial principal balance for each interest in Lower-Tier REMIC 1, each of which, other than the Class LT2LT1-R Lower-Tier Interest.) is hereby designated as a regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular Interests): Designation Initial Principal Balance Interest Rate LT1-A $ 5,003.85 (1) LT1-F1 $ 13,820,776.00 (2) LT1-V1 $ 13,820,776.00 (3) LT1-F2 $ 13,233,020.00 (2) LT1-V2 $ 13,233,020.00 (3) LT1-F3 $ 12,811,767.00 (2) LT1-V3 $ 12,811,767.00 (3) LT1-F4 $ 12,466,615.50 (2) LT1-V4 $ 12,466,615.50 (3) LT1-F5 $ 11,525,113.00 (2) LT1-V5 $ 11,525,113.00 (3) LT1-F6 $ 11,564,880.00 (2) LT1-V6 $ 11,564,880.00 (3) LT1-F7 $ 10,707,249.50 (2) LT1-V7 $ 10,707,249.50 (3) LT1-F8 $ 10,327,986.00 (2) LT1-V8 $ 10,327,986.00 (3) LT1-F9 $ 9,962,146.50 (2) LT1-V9 $ 9,962,146.50 (3) LT1-F10 $ 9,609,255.50 (2) LT1-V10 $ 9,609,255.50 (3) LT1-F11 $ 9,412,750.50 (2) LT1-V11 $ 9,412,750.50 (3) LT1-F12 $ 8,935,311.50 (2) LT1-V12 $ 8,935,311.50 (3) LT1-F13 $ 8,935,866.00 (2) LT1-V13 $ 8,935,866.00 (3) LT1-F14 $ 9,290,145.50 (2) LT1-V14 $ 9,290,145.50 (3) LT1-F15 $ 7,973,269.00 (2) LT1-V15 $ 7,973,269.00 (3) LT1-F16 $ 8,301,058.00 (2) LT1-V16 $ 8,301,058.00 (3) LT1-F17 $ 7,482,256.50 (2) LT1-V17 $ 7,482,256.50 (3) LT1-F18 $ 7,296,828.50 (2) LT1-V18 $ 7,296,828.50 (3) LT1-F19 $ 6,913,121.00 (2) LT1-V19 $ 6,913,121.00 (3) LT1-F20 $ 7,661,807.50 (2) LT1-V20 $ 7,661,807.50 (3) LT1-F21 $ 6,509,612.00 (2) LT1-V21 $ 6,509,612.00 (3) LT1-F22 $ 6,788,592.00 (2) LT1-V22 $ 6,788,592.00 (3) LT1-F23 $ 10,092,787.50 (2) LT1-V23 $ 10,092,787.50 (3) LT1-F24 $ 5,743,102.50 (2) LT1-V24 $ 5,743,102.50 (3) LT1-F25 $ 5,909,889.50 (2) LT1-V25 $ 5,909,889.50 (3) LT1-F26 $ 6,269,542.50 (2) LT1-V26 $ 6,269,542.50 (3) LT1-F27 $ 4,892,617.00 (2) LT1-V27 $ 4,892,617.00 (3) LT1-F28 $ 5,307,538.00 (2) LT1-V28 $ 5,307,538.00 (3) LT1-F29 $ 4,530,941.00 (2) LT1-V29 $ 4,530,941.00 (3) LT1-F30 $ 4,838,871.50 (2) LT1-V30 $ 4,838,871.50 (3) LT1-F31 $ 4,198,879.50 (2) LT1-V31 $ 4,198,879.50 (3) LT1-F32 $ 4,087,691.50 (2) LT1-V32 $ 4,087,691.50 (3) LT1-F33 $ 3,905,100.50 (2) LT1-V33 $ 3,905,100.50 (3) LT1-F34 $ 3,796,452.00 (2) LT1-V34 $ 3,796,452.00 (3) LT1-F35 $ 28,110,161.50 (2) LT1-V35 $ 28,110,161.50 (3) LT1-F36 $ 9,490,872.00 (2) LT1-V36 $ 9,490,872.00 (3) LT1-F37 $ 2,187,636.50 (2) LT1-V37 $ 2,187,636.50 (3) LT1-F38 $ 2,218,779.00 (2) LT1-V38 $ 2,218,779.00 (3) LT1-F39 $ 2,140,018.00 (2) LT1-V39 $ 2,140,018.00 (3) LT1-F40 $ 2,064,049.50 (2) LT1-V40 $ 2,064,049.50 (3) LT1-F41 $ 1,990,774.50 (2) LT1-V41 $ 1,990,774.50 (3) LT1-F42 $ 1,920,099.00 (2) LT1-V42 $ 1,920,099.00 (3) LT1-F43 $ 1,851,928.00 (2) LT1-V43 $ 1,851,928.00 (3) LT1-F44 $ 1,786,176.00 (2) LT1-V44 $ 1,786,176.00 (3) LT1-F45 $ 1,722,754.00 (2) LT1-V45 $ 1,722,754.00 (3) LT1-F46 $ 1,661,583.00 (2) LT1-V46 $ 1,661,583.00 (3) LT1-F47 $ 1,602,580.00 (2) LT1-V47 $ 1,602,580.00 (3) LT1-F48 $ 1,545,670.50 (2) LT1-V48 $ 1,545,670.50 (3) LT1-F49 $ 1,543,031.00 (2) LT1-V49 $ 1,543,031.00 (3) LT1-F50 $ 1,518,990.00 (2) LT1-V50 $ 1,518,990.00 (3) LT1-F51 $ 1,416,846.00 (2) LT1-V51 $ 1,416,846.00 (3) LT1-F52 $ 1,368,121.00 (2) LT1-V52 $ 1,368,121.00 (3) LT1-F53 $ 1,538,852.00 (2) LT1-V53 $ 1,538,852.00 (3) LT1-F54 $ 3,606,825.00 (2) LT1-V54 $ 3,606,825.00 (3) LT1-F55 $ 2,439,020.50 (2) LT1-V55 $ 2,439,020.50 (3) LT1-F56 $ 3,483,213.50 (2) LT1-V56 $ 3,483,213.50 (3) LT1-F57 $ 2,363,136.00 (2) LT1-V57 $ 2,363,136.00 (3) LT1-F58 $ 6,050,145.50 (2) LT1-V58 $ 6,050,145.50 (3) LT1-F59 $ 3,958,203.50 (2) LT1-V59 $ 3,958,203.50 (3) LT1-F60 $ 11,310,694.50 (2) LT1-V60 $ 11,310,694.50 (3) LT1-R (4) (4)
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