Mortgage

Article Iii Administration and Servicing of the Mortgage Loans

BEAR STEARNS ASSET BACKED SECURITIES I LLC,

Depositor,

EMC MORTGAGE CORPORATION,

Seller and Master Servicer,

and

LASALLE BANK NATIONAL ASSOCIATION,

Trustee

 

 

 

POOLING AND SERVICING AGREEMENT

Dated as of July 1, 2005

 

 

 

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2005-HE7

ASSET-BACKED CERTIFICATES, SERIES 2005-HE7

 

 



 

TABLE OF CONTENTS

ARTICLE I

 

DEFINITIONS

Section 1.01

Defined Terms.

Section 1.02

Allocation of Certain Interest Shortfalls.

ARTICLE II

 

CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES

Section 2.01

Conveyance of Trust Fund.

Section 2.02

Acceptance of the Mortgage Loans.

Section 2.03

Representations, Warranties and Covenants of the Master Servicer and EMC as a Seller.

Section 2.04

Representations and Warranties of the Depositor.

Section 2.05

Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases.

Section 2.06

Countersignature and Delivery of Certificates.

ARTICLE III

 

ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

Section 3.01

The Master Servicer to act as Master Servicer.

Section 3.02

Due-on-Sale Clauses; Assumption Agreements.

Section 3.03

Subservicers.

Section 3.04

Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee.

Section 3.05

Maintenance of Hazard Insurance.

Section 3.06

Presentment of Claims and Collection of Proceeds.

Section 3.07

Maintenance of the Primary Mortgage Insurance Policies.

Section 3.08

Fidelity Bond, Errors and Omissions Insurance.

Section 3.09

Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans.

Section 3.10

Servicing Compensation.

Section 3.11

REO Property.

Section 3.12

Liquidation Reports.

Section 3.13

Annual Certificate as to Compliance.

Section 3.14

Annual Independent Certified Public Accountants’ Servicing Report.

Section 3.15

Books and Records.

Section 3.16

Reports Filed with Securities and Exchange Commission.

Section 3.17

UCC.

Section 3.18

Optional Purchase of Certain Mortgage Loans.

Section 3.19

Obligations of the Master Servicer in Respect of Mortgage Rates and Scheduled Payments.

Section 3.20

Reserve Fund; Payments to and from Swap Administrator.

Section 3.21

Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class A Certificates or Class M Certificates.

Section 3.22

Advancing Facility.

Section 3.23

Special Servicer.

 

 



 

 

Section 3.23

Special Servicer.

ARTICLE IV

 

ACCOUNTS

Section 4.01

Collection of Mortgage Loan Payments; Protected Account.

Section 4.02

Permitted Withdrawals From the Protected Account.

Section 4.03

Collection of Taxes; Assessments and Similar Items; Escrow Accounts.

Section 4.04

Distribution Account.

Section 4.05

Permitted Withdrawals and Transfers from the Distribution Account.

Section 4.06

Class P Certificate Account.

ARTICLE V

 

DISTRIBUTIONS AND ADVANCES

Section 5.01

Advances.

Section 5.02

Compensating Interest Payments.

Section 5.03

REMIC Distributions.

Section 5.04

Distributions.

Section 5.05

Allocation of Realized Losses.

Section 5.06

Monthly Statements to Certificateholders.

Section 5.07

REMIC Designations and REMIC Distributions.

ARTICLE VI

 

THE CERTIFICATES

Section 6.01

The Certificates.

Section 6.02

Certificate Register; Registration of Transfer and Exchange of Certificates.

Section 6.03

Mutilated, Destroyed, Lost or Stolen Certificates.

Section 6.04

Persons Deemed Owners.

Section 6.05

Access to List of Certificateholders’ Names and Addresses.

Section 6.06

Book-Entry Certificates.

Section 6.07

Notices to Depository.

Section 6.08

Definitive Certificates.

Section 6.09

Maintenance of Office or Agency.

ARTICLE VII

 

THE DEPOSITOR AND THE MASTER SERVICER

Section 7.01

Liabilities of the Depositor and the Master Servicer.

Section 7.02

Merger or Consolidation of the Depositor or the Master Servicer.

Section 7.03

Indemnification of the Trustee and the Master Servicer.

Section 7.04

Limitations on Liability of the Depositor, the Master Servicer and Others

Section 7.05

Master Servicer Not to Resign

Section 7.06

Successor Master Servicer

Section 7.07

Sale and Assignment of Master Servicing

 

 



 

ARTICLE VIII

 

DEFAULT; TERMINATION OF MASTER SERVICER

Section 8.01

Events of Default.

Section 8.02

Trustee to Act; Appointment of Successor.

Section 8.03

Notification to Certificateholders.

Section 8.04

Waiver of Defaults.

ARTICLE IX

 

CONCERNING THE TRUSTEE

Section 9.01

Duties of Trustee.

Section 9.02

Certain Matters Affecting the Trustee.

Section 9.03

Trustee Not Liable for Certificates or Mortgage Loans.

Section 9.04

Trustee May Own Certificates.

Section 9.05

Trustee’s Fees and Expenses.

Section 9.06

Eligibility Requirements for Trustee.

Section 9.07

Insurance.

Section 9.08

Resignation and Removal of Trustee.

Section 9.09

Successor Trustee.

Section 9.10

Merger or Consolidation of Trustee.

Section 9.11

Appointment of Co-Trustee or Separate Trustee.

Section 9.12

Tax Matters.

ARTICLE X

 

TERMINATION

Section 10.01

Termination upon Liquidation or Repurchase of all Mortgage Loans.

Section 10.02

Final Distribution on the Certificates.

Section 10.03

Additional Termination Requirements.

ARTICLE XI

 

MISCELLANEOUS PROVISIONS

Section 11.01

Amendment.

Section 11.02

Recordation of Agreement; Counterparts.

Section 11.03

Governing Law.

Section 11.04

Intention of Parties.

Section 11.05

Notices.

Section 11.06

Severability of Provisions.

Section 11.07

Assignment.

Section 11.08

Limitation on Rights of Certificateholders.

Section 11.09

Inspection and Audit Rights.

Section 11.10

Certificates Nonassessable and Fully Paid.

Section 11.11

Third Party Rights.

 



 

Exhibits

Exhibit A-1

Form of Class A Certificates

Exhibit A-2

Form of Class M Certificates

Exhibit A-3

Form of Class P Certificates

Exhibit A-4

Form of Class CE Certificates

Exhibit A-5

Form of Class R Certificates

Exhibit B

Mortgage Loan Schedule

Exhibit C

Form of Transfer Affidavit

Exhibit D

Form of Transferor Certificate

Exhibit E

Form of Investment Letter (Non-Rule 144A)

Exhibit F

Form of Rule 144A and Related Matters Certificate

Exhibit G

Form of Request for Release

Exhibit H

DTC Letter of Representations

Exhibit I

Schedule of Mortgage Loans with Lost Notes

Exhibit J

Form of Custodial Agreement

Exhibit K

Form of Back-Up Certification

Exhibit L

Form of Mortgage Loan Purchase Agreement

Exhibit M

Swap Agreement

Exhibit N

Special Servicer Delinquency Triggers

 

 



 

POOLING AND SERVICING AGREEMENT, dated as of July 1, 2005, among BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor (the “Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as a seller (in such capacity, a “Seller”) and as master servicer (in such capacity, the “Master Servicer”) and LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).

PRELIMINARY STATEMENT

The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates.

REMIC I

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement (other than the Reserve Fund and, for the avoidance of doubt, the Swap Agreement, the Swap Account and any rights or obligations in respect of the Swap Administration Agreement) as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R-1 Certificates will be the sole class of Residual Interests (as defined herein) in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated.

 

 

Designation

Uncertificated REMIC I
Pass-Through Rate

 

Initial Uncertificated Principal Balance

 

Latest Possible Maturity Date (1)

I-1-A

Variable(2)

$

6,284,044.29

July 25, 2035

I-1-B

Variable(2)

$

6,284,044.29

July 25, 2035

I-2-A

Variable(2)

$

7,427,951.27

July 25, 2035

I-2-B

Variable(2)

$

7,427,951.27

July 25, 2035

I-3-A

Variable(2)

$

8,551,163.90

July 25, 2035

I-3-B

Variable(2)

$

8,551,163.90

July 25, 2035

I-4-A

Variable(2)

$

9,641,843.47

July 25, 2035

I-4-B

Variable(2)

$

9,641,843.47

July 25, 2035

I-5-A

Variable(2)

$

10,690,457.84

July 25, 2035

I-5-B

Variable(2)

$

10,690,457.84

July 25, 2035

I-6-A

Variable(2)

$

11,675,628.19

July 25, 2035

I-6-B

Variable(2)

$

11,675,628.19

July 25, 2035

I-7-A

Variable(2)

$

12,595,444.63

July 25, 2035

I-7-B

Variable(2)

$

12,595,444.63

July 25, 2035

I-8-A

Variable(2)

$

13,342,995.46

July 25, 2035

I-8-B

Variable(2)

$

13,342,995.46

July 25, 2035

I-9-A

Variable(2)

$

13,114,240.37

July 25, 2035

I-9-B

Variable(2)

$

13,114,240.37

July 25, 2035

I-10-A

Variable(2)

$

12,546,865.54

July 25, 2035

 

 



 

 

I-10-B

Variable(2)

$

12,546,865.54

July 25, 2035

I-11-A

Variable(2)

$

11,986,469.86

July 25, 2035

I-11-B

Variable(2)

$

11,986,469.86

July 25, 2035

I-12-A

Variable(2)

$

11,451,373.35

July 25, 2035

I-12-B

Variable(2)

$

11,451,373.35

July 25, 2035

I-13-A

Variable(2)

$

10,940,292.04

July 25, 2035

I-13-B

Variable(2)

$

10,940,292.04

July 25, 2035

I-14-A

Variable(2)

$

10,452,372.44

July 25, 2035

I-14-B

Variable(2)

$

10,452,372.44

July 25, 2035

I-15-A

Variable(2)

$

9,986,553.04

July 25, 2035

I-15-B

Variable(2)

$

9,986,553.04

July 25, 2035

I-16-A

Variable(2)

$

9,541,821.40

July 25, 2035

I-16-B

Variable(2)

$

9,541,821.40

July 25, 2035

I-17-A

Variable(2)

$

9,117,211.81

July 25, 2035

I-17-B

Variable(2)

$

9,117,211.81

July 25, 2035

I-18-A

Variable(2)

$

8,711,756.85

July 25, 2035

I-18-B

Variable(2)

$

8,711,756.85

July 25, 2035

I-19-A

Variable(2)

$

8,324,334.63

July 25, 2035

I-19-B

Variable(2)

$

8,324,334.63

July 25, 2035

I-20-A

Variable(2)

$

7,954,767.49

July 25, 2035

I-20-B

Variable(2)

$

7,954,767.49

July 25, 2035

I-21-A

Variable(2)

$

7,606,128.97

July 25, 2035

I-21-B

Variable(2)

$

7,606,128.97

July 25, 2035

I-22-A

Variable(2)

$

7,262,475.60

July 25, 2035

I-22-B

Variable(2)

$

7,262,475.60

July 25, 2035

I-23-A

Variable(2)

$

6,937,829.65

July 25, 2035

I-23-B

Variable(2)

$

6,937,829.65

July 25, 2035

I-24-A

Variable(2)

$

100,316,201.02

July 25, 2035

I-24-B

Variable(2)

$

100,316,201.02

July 25, 2035

I-25-A

Variable(2)

$

1,913,395.74

July 25, 2035

I-25-B

Variable(2)

$

1,913,395.74

July 25, 2035

I-26-A

Variable(2)

$

1,842,294.77

July 25, 2035

I-26-B

Variable(2)

$

1,842,294.77

July 25, 2035

I-27-A

Variable(2)

$

1,773,934.40

July 25, 2035

I-27-B

Variable(2)

$

1,773,934.40

July 25, 2035

I-28-A

Variable(2)

$

1,708,204.90

July 25, 2035

I-28-B

Variable(2)

$

1,708,204.90

July 25, 2035

I-29-A

Variable(2)

$

1,645,001.03

July 25, 2035

I-29-B

Variable(2)

$

1,645,001.03

July 25, 2035

I-30-A

Variable(2)

$

1,584,221.97

July 25, 2035

I-30-B

Variable(2)

$

1,584,221.97

July 25, 2035

I-31-A

Variable(2)

$

1,525,771.03

July 25, 2035

I-31-B

Variable(2)

$

1,525,771.03

July 25, 2035

I-32-A

Variable(2)

$

1,469,555.56

July 25, 2035

I-32-B

Variable(2)

$

1,469,555.56

July 25, 2035

I-33-A

Variable(2)

$

1,415,554.41

July 25, 2035

 

 



 

 

I-33-B

Variable(2)

$

1,415,554.41

July 25, 2035

I-34-A

Variable(2)

$

1,364,823.55

July 25, 2035

I-34-B

Variable(2)

$

1,364,823.55

July 25, 2035

I-35-A

Variable(2)

$

1,313,257.17

July 25, 2035

I-35-B

Variable(2)

$

1,313,257.17

July 25, 2035

I-36-A

Variable(2)

$

9,463,999.55

July 25, 2035

I-36-B

Variable(2)

$

9,463,999.55

July 25, 2035

I-37-A

Variable(2)

$

832,261.81

July 25, 2035

I-37-B

Variable(2)

$

832,261.81

July 25, 2035

I-38-A

Variable(2)

$

805,941.06

July 25, 2035

I-38-B

Variable(2)

$

805,941.06

July 25, 2035

I-39-A

Variable(2)

$

780,447.56

July 25, 2035

I-39-B

Variable(2)

$

780,447.56

July 25, 2035

I-40-A

Variable(2)

$

755,755.38

July 25, 2035

I-40-B

Variable(2)

$

755,755.38

July 25, 2035

I-41-A

Variable(2)

$

731,839.49

July 25, 2035

I-41-B

Variable(2)

$

731,839.49

July 25, 2035

I-42-A

Variable(2)

$

708,675.58

July 25, 2035

I-42-B

Variable(2)

$

708,675.58

July 25, 2035

I-43-A

Variable(2)

$

686,240.13

July 25, 2035

I-43-B

Variable(2)

$

686,240.13

July 25, 2035

I-44-A

Variable(2)

$

664,510.34

July 25, 2035

I-44-B

Variable(2)

$

664,510.34

July 25, 2035

I-45-A

Variable(2)

$

643,464.12

July 25, 2035

I-45-B

Variable(2)

$

643,464.12

July 25, 2035

I-46-A

Variable(2)

$

623,080.09

July 25, 2035

I-46-B

Variable(2)

$

623,080.09

July 25, 2035

I-47-A

Variable(2)

$

603,337.49

July 25, 2035

I-47-B

Variable(2)

$

603,337.49

July 25, 2035

I-48-A

Variable(2)

$

584,216.27

July 25, 2035

I-48-B

Variable(2)

$

584,216.27

July 25, 2035

I-49-A

Variable(2)

$

565,696.96

July 25, 2035

I-49-B

Variable(2)

$

565,696.96

July 25, 2035

I-50-A

Variable(2)

$

547,760.70

July 25, 2035

I-50-B

Variable(2)

$

547,760.70

July 25, 2035

I-51-A

Variable(2)

$

530,389.24

July 25, 2035

I-51-B

Variable(2)

$

530,389.24

July 25, 2035

I-52-A

Variable(2)

$

513,564.88

July 25, 2035

I-52-B

Variable(2)

$

513,564.88

July 25, 2035

I-53-A

Variable(2)

$

497,270.47

July 25, 2035

I-53-B

Variable(2)

$

497,270.47

July 25, 2035

I-54-A

Variable(2)

$

481,489.44

July 25, 2035

I-54-B

Variable(2)

$

481,489.44

July 25, 2035

I-55-A

Variable(2)

$

466,205.66

July 25, 2035

I-55-B

Variable(2)

$

466,205.66

July 25, 2035

I-56-A

Variable(2)

$

451,472.66

July 25, 2035

 

 



 

 

I-56-B

Variable(2)

$

451,472.66

July 25, 2035

I-57-A

Variable(2)

$

437,193.10

July 25, 2035

I-57-B

Variable(2)

$

437,193.10

July 25, 2035

I-58-A

Variable(2)

$

423,688.62

July 25, 2035

I-58-B

Variable(2)

$

423,688.62

July 25, 2035

I-59-A

Variable(2)

$

410,246.20

July 25, 2035

I-59-B

Variable(2)

$

410,246.20

July 25, 2035

I-60-A

Variable(2)

$

12,352,768.25

July 25, 2035

I-60-B

Variable(2)

$

12,352,768.25

July 25, 2035

II-1-A

Variable(2)

$

1,645,802.46

July 25, 2035

II-1-B

Variable(2)

$

1,645,802.46

July 25, 2035

II-2-A

Variable(2)

$

1,945,393.75

July 25, 2035

II-2-B

Variable(2)

$

1,945,393.75

July 25, 2035

II-3-A

Variable(2)

$

2,239,565.15

July 25, 2035

II-3-B

Variable(2)

$

2,239,565.15

July 25, 2035

II-4-A

Variable(2)

$

2,525,216.09

July 25, 2035

II-4-B

Variable(2)

$

2,525,216.09

July 25, 2035

II-5-A

Variable(2)

$

2,799,850.07

July 25, 2035

II-5-B

Variable(2)

$

2,799,850.07

July 25, 2035

II-6-A

Variable(2)

$

3,057,867.95

July 25, 2035

II-6-B

Variable(2)

$

3,057,867.95

July 25, 2035

II-7-A

Variable(2)

$

3,298,769.53

July 25, 2035

II-7-B

Variable(2)

$

3,298,769.53

July 25, 2035

II-8-A

Variable(2)

$

3,494,554.43

July 25, 2035

II-8-B

Variable(2)

$

3,494,554.43

July 25, 2035

II-9-A

Variable(2)

$

3,434,643.06

July 25, 2035

II-9-B

Variable(2)

$

3,434,643.06

July 25, 2035

II-10-A

Variable(2)

$

3,286,046.58

July 25, 2035

II-10-B

Variable(2)

$

3,286,046.58

July 25, 2035

II-11-A

Variable(2)

$

3,139,277.94

July 25, 2035

II-11-B

Variable(2)

$

3,139,277.94

July 25, 2035

II-12-A

Variable(2)

$

2,999,135.21

July 25, 2035

II-12-B

Variable(2)

$

2,999,135.21

July 25, 2035

II-13-A

Variable(2)

$

2,865,282.10

July 25, 2035

II-13-B

Variable(2)

$

2,865,282.10

July 25, 2035

II-14-A

Variable(2)

$

2,737,495.08

July 25, 2035

II-14-B

Variable(2)

$

2,737,495.08

July 25, 2035

II-15-A

Variable(2)

$

2,615,496.14

July 25, 2035

II-15-B

Variable(2)

$

2,615,496.14

July 25, 2035

II-16-A

Variable(2)

$

2,499,020.13

July 25, 2035

II-16-B

Variable(2)

$

2,499,020.13

July 25, 2035

II-17-A

Variable(2)

$

2,387,814.12

July 25, 2035

II-17-B

Variable(2)

$

2,387,814.12

July 25, 2035

II-18-A

Variable(2)

$

2,281,624.74

July 25, 2035

II-18-B

Variable(2)

$

2,281,624.74

July 25, 2035

II-19-A

Variable(2)

$

2,180,158.16

July 25, 2035

 

 



 

 

II-19-B

Variable(2)

$

2,180,158.16

July 25, 2035

II-20-A

Variable(2)

$

2,083,367.86

July 25, 2035

II-20-B

Variable(2)

$

2,083,367.86

July 25, 2035

II-21-A

Variable(2)

$

1,992,058.81

July 25, 2035

II-21-B

Variable(2)

$

1,992,058.81

July 25, 2035

II-22-A

Variable(2)

$

1,902,055.38

July 25, 2035

II-22-B

Variable(2)

$

1,902,055.38

July 25, 2035

II-23-A

Variable(2)

$

1,817,030.02

July 25, 2035

II-23-B

Variable(2)

$

1,817,030.02

July 25, 2035

II-24-A

Variable(2)

$

26,272,992.86

July 25, 2035

II-24-B

Variable(2)

$

26,272,992.86

July 25, 2035

II-25-A

Variable(2)

$

501,121.78

July 25, 2035

II-25-B

Variable(2)

$

501,121.78

July 25, 2035

II-26-A

Variable(2)

$

482,500.30

July 25, 2035

II-26-B

Variable(2)

$

482,500.30

July 25, 2035

II-27-A

Variable(2)

$

464,596.60

July 25, 2035

II-27-B

Variable(2)

$

464,596.60

July 25, 2035

II-28-A

Variable(2)

$

447,381.93

July 25, 2035

II-28-B

Variable(2)

$

447,381.93

July 25, 2035

II-29-A

Variable(2)

$

430,828.72

July 25, 2035

II-29-B

Variable(2)

$

430,828.72

July 25, 2035

II-30-A

Variable(2)

$

414,910.57

July 25, 2035

II-30-B

Variable(2)

$

414,910.57

July 25, 2035

II-31-A

Variable(2)

$

399,602.17

July 25, 2035

II-31-B

Variable(2)

$

399,602.17

July 25, 2035

II-32-A

Variable(2)

$

384,879.24

July 25, 2035

II-32-B

Variable(2)

$

384,879.24

July 25, 2035

II-33-A

Variable(2)

$

370,736.24

July 25, 2035

II-33-B

Variable(2)

$

370,736.24

July 25, 2035

II-34-A

Variable(2)

$

357,449.74

July 25, 2035

II-34-B

Variable(2)

$

357,449.74

July 25, 2035

II-35-A

Variable(2)

$

343,944.41

July 25, 2035

II-35-B

Variable(2)

$

343,944.41

July 25, 2035

II-36-A

Variable(2)

$

2,478,638.45

July 25, 2035

II-36-B

Variable(2)

$

2,478,638.45

July 25, 2035

II-37-A

Variable(2)

$

217,970.86

July 25, 2035

II-37-B

Variable(2)

$

217,970.86

July 25, 2035

II-38-A

Variable(2)

$

211,077.41

July 25, 2035

II-38-B

Variable(2)

$

211,077.41

July 25, 2035

II-39-A

Variable(2)

$

204,400.61

July 25, 2035

II-39-B

Variable(2)

$

204,400.61

July 25, 2035

II-40-A

Variable(2)

$

197,933.69

July 25, 2035

II-40-B

Variable(2)

$

197,933.69

July 25, 2035

II-41-A

Variable(2)

$

191,670.07

July 25, 2035

II-41-B

Variable(2)

$

191,670.07

July 25, 2035

II-42-A

Variable(2)

$

185,603.41

July 25, 2035

 

 



 

 

II-42-B

Variable(2)

$

185,603.41

July 25, 2035

II-43-A

Variable(2)

$

179,727.52

July 25, 2035

II-43-B

Variable(2)

$

179,727.52

July 25, 2035

II-44-A

Variable(2)

$

174,036.45

July 25, 2035

II-44-B

Variable(2)

$

174,036.45

July 25, 2035

II-45-A

Variable(2)

$

168,524.41

July 25, 2035

II-45-B

Variable(2)

$

168,524.41

July 25, 2035

II-46-A

Variable(2)

$

163,185.79

July 25, 2035

II-46-B

Variable(2)

$

163,185.79

July 25, 2035

II-47-A

Variable(2)

$

158,015.17

July 25, 2035

II-47-B

Variable(2)

$

158,015.17

July 25, 2035

II-48-A

Variable(2)

$

153,007.29

July 25, 2035

II-48-B

Variable(2)

$

153,007.29

July 25, 2035

II-49-A

Variable(2)

$

148,157.05

July 25, 2035

II-49-B

Variable(2)

$

148,157.05

July 25, 2035

II-50-A

Variable(2)

$

143,459.51

July 25, 2035

II-50-B

Variable(2)

$

143,459.51

July 25, 2035

II-51-A

Variable(2)

$

138,909.89

July 25, 2035

II-51-B

Variable(2)

$

138,909.89

July 25, 2035

II-52-A

Variable(2)

$

134,503.56

July 25, 2035

II-52-B

Variable(2)

$

134,503.56

July 25, 2035

II-53-A

Variable(2)

$

130,236.03

July 25, 2035

II-53-B

Variable(2)

$

130,236.03

July 25, 2035

II-54-A

Variable(2)

$

126,102.95

July 25, 2035

II-54-B

Variable(2)

$

126,102.95

July 25, 2035

II-55-A

Variable(2)

$

122,100.10

July 25, 2035

II-55-B

Variable(2)

$

122,100.10

July 25, 2035

II-56-A

Variable(2)

$

118,241.50

July 25, 2035

II-56-B

Variable(2)

$

118,241.50

July 25, 2035

II-57-A

Variable(2)

$

114,501.66

July 25, 2035

II-57-B

Variable(2)

$

114,501.66

July 25, 2035

II-58-A

Variable(2)

$

110,964.81

July 25, 2035

II-58-B

Variable(2)

$

110,964.81

July 25, 2035

II-59-A

Variable(2)

$

107,444.22

July 25, 2035

II-59-B

Variable(2)

$

107,444.22

July 25, 2035

II-60-A

Variable(2)

$

3,235,212.15

July 25, 2035

II-60-B

Variable(2)

$

3,235,212.15

July 25, 2035

P

0.00%

$

100.00

July 25, 2035

 

___________________________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC I Regular Interest.

(2)

Calculated in accordance with the definition of “Uncertificated REMIC I Pass-Through Rate” herein.

 

 



 

REMIC II

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The Class R-2 Certificates will be the sole class of Residual Interests in REMIC II for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC II Regular Interests (as defined herein). None of the REMIC II Regular Interests will be certificated.

 

 

Designation

 

Uncertificated REMIC II
Pass-Through Rate

 

Initial Uncertificated Principal Balance

 

Latest Possible Maturity Date (1)

 

AA

 

Variable(2)

 

$

469,410,049.60

 

July 25, 2035

 

I-A-1

 

Variable(2)

 

$

1,941,385.00

 

July 25, 2035

 

I-A-2

 

Variable(2)

 

$

711,500.00

 

July 25, 2035

 

I-A-3

 

Variable(2)

 

$

239,495.00

 

July 25, 2035

 

II-A-1

 

Variable(2)

 

$

606,015.00

 

July 25, 2035

 

II-A-2

 

Variable(2)

 

$

151,505.00

 

July 25, 2035

 

M-1

 

Variable(2)

 

$

275,420.00

 

July 25, 2035

 

M-2

 

Variable(2)

 

$

373,610.00

 

July 25, 2035

 

M-3

 

Variable(2)

 

$

198,780.00

 

July 25, 2035

 

M-4

 

Variable(2)

 

$

64,665.00

 

July 25, 2035

 

M-5

 

Variable(2)

 

$

57,480.00

 

July 25, 2035

 

M-6

 

Variable(2)

 

$

35,925.00

 

July 25, 2035

 

M-7

 

Variable(2)

 

$

43,110.00

 

July 25, 2035

 

ZZ

 

Variable(2)

 

$

4,880,906.93

 

July 25, 2035

 

P

 

0.00

%

$

100.00

 

July 25, 2035

 

IO

 

(2)

 

 

(3)

July 25, 2035

 

1-Sub

 

Variable(2)

 

$

18,067.95

 

July 25, 2035

 

1-Grp

 

Variable(2)

 

$

75,915.55

 

July 25, 2035

 

2-Sub

 

Variable(2)

 

$

4,732.02

 

July 25, 2035

 

2-Grp

 

Variable(2)

 

$

19,882.42

 

July 25, 2035

 

XX

 

Variable(2)

 

$

478,871,248.59

 

July 25, 2035

 

___________________________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC II Regular Interest.

(2)

Calculated in accordance with the definition of “Uncertificated REMIC II Pass-Through Rate” herein.

(3)

REMIC II Regular Interest IO will not have an Uncertificated Principal Balance but will accrue interest on its uncertificated notional amount calculated in accordance with the definition of “Uncertificated Notional Amount” herein.

___________________________

REMIC III

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such

 



segregated pool of assets will be designated as “REMIC III”. The Class R-3 Certificates will represent the sole class of Residual Interests in REMIC III for purposes of the REMIC Provisions.

The following table irrevocably sets forth the designation, Pass-Through Rate, Initial Certificate Principal Balance (or initial Uncertificated Principal Balance, in the case of the Class CE, P and IO Interests) and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each class of Certificates and interests that represents ownership of one or more of the Regular Interests in REMIC III created hereunder.

Each Certificate, other than the Class P Certificate, the Class CE Certificate and the Class R Certificates, represents ownership of a Regular Interest in REMIC III and also represents (i) the right to receive payments with respect to the Basis Risk Shortfall Carry Forward Amount (as defined herein) and (ii) the obligation to pay Class IO Distribution Amounts (as defined herein). The entitlement to principal of the Regular Interest which corresponds to each Certificate shall be equal in amount and timing to the entitlement to principal of such Certificate.

 

 

Designation

 

Pass-Through Rate

 

Initial Certificate or Uncertificated
Principal Balance

 

Latest Possible Maturity Date(1)

 

I-A-1(2)

 

Variable(3)

 

$

388,277,000.00

 

July 25, 2035

 

I-A-2(2)

 

Variable(3)

 

$

142,300,000.00

 

July 25, 2035

 

I-A-3(2)

 

Variable(3)

 

$

47,899,000.00

 

July 25, 2035

 

II-A-1(2)

 

Variable(3)

 

$

121,203,000.00

 

July 25, 2035

 

II-A-2(2)

 

Variable(3)

 

$

30,301,000.00

 

July 25, 2035

 

M-1(2)

 

Variable(3)

 

$

55,084,000.00

 

July 25, 2035

 

M-2(2)

 

Variable(3)

 

$

74,722,000.00

 

July 25, 2035

 

M-3(2)

 

Variable(3)

 

$

39,756,000.00

 

July 25, 2035

 

M-4(2)

 

Variable(3)

 

$

12,933,000.00

 

July 25, 2035

 

M-5(2)

 

Variable(3)

 

$

11,496,000.00

 

July 25, 2035

 

M-6(2)

 

Variable(3)

 

$

7,185,000.00

 

July 25, 2035

 

M-7(2)

 

Variable(3)

 

$

8,622,000.00

 

July 25, 2035

 

Class CE Interest

 

Variable(3)(4)

 

$

18,201,693.06

 

July 25, 2035

 

Class P Interest

 

0.00%(5)

 

$

100.00

 

July 25, 2035

 

Class IO Interest

 

(6)

 

 

(7

)

July 25, 2035

 

___________________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC III Regular Interest.

(2)

This Class of Certificates represents ownership of a Regular Interest in REMIC III. Any amount distributed on this Class of Certificates on any Distribution Date in excess of the amount distributable on the related Regular Interest in REMIC III on such Distribution Date shall be treated for federal income tax purposes as having been paid from the Reserve Fund or the Swap Account, as applicable, and any amount distributable on the related Regular Interest in REMIC III on such Distribution Date in excess of the amount distributable on such Class of Certificates on such Distribution Date shall be treated as having been paid to the Swap Account, all pursuant to and as further provided in Section 3.20 hereof.

 

 



 

 

(3)

Calculated in accordance with the definition of “Pass-Through Rate” herein. Each Regular Interest in REMIC III (other than the Class CE, P and IO Interests) which corresponds to a Certificate will have the same Pass-Through Rate as such Certificate, except with respect to the Net Rate Cap. The Net Rate Cap for each such Regular Interest in REMIC III and Certificate is specified in the definition of “Net Rate Cap”.

(4)

The Class CE Interest will accrue interest at its variable Pass-Through Rate on the Uncertificated Notional Amount of the Class CE Interest outstanding from time to time which shall equal the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest P). The Class CE Interest will not accrue interest on its Uncertificated Principal Balance.

(5)

The Class P Interest is not entitled to distributions in respect of interest.

(6)

For federal income tax purposes, the Class IO Interest will not have a Pass-Through Rate, but will be entitled to 100% of the amounts distributed on REMIC II Regular Interest IO.

(7)

For federal income tax purposes, the Class IO Interest will not have an Uncertificated Principal Balance, but will have a notional amount equal to the Uncertificated Notional Amount of REMIC II Regular Interest IO.

 

REMIC IV

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class CE Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV”. The Class R-4 Interest represents the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions.

The following table sets forth the Class designation, Pass Through Rate, Initial Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Class of Certificates that represents a Regular Interest in REMIC IV created hereunder:

 

Class Designation

Pass-Through Rate

Initial Certificate Principal Balance

Latest Possible
Maturity Date(1)

CE

Variable(2)

$        18,201,693.06

July 25, 2035

_______________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for the Class CE Certificates.

(2)

The Class CE Certificates will receive 100% of amounts received in respect of the Class CE Interest.

 

REMIC V

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC V”. The Class R-5 Interest represents the sole class of Residual Interests in REMIC V for purposes of the REMIC Provisions.

The following table sets forth the Class designation, Pass-Through Rate, Initial Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Class of Certificates that represents a Regular Interest in REMIC V created hereunder:

 

Class Designation

Pass-Through Rate

Initial

Certificate Principal Balance

Latest Possible

Maturity Date(1)

P

0.00%(2)

$                  100.00

July 25, 2035

 

 



 

_______________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for the Class P Certificates.

(2)

The Class P Certificates will receive 100% of amounts received in respect of the Class P Interest.

 

REMIC VI

As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC VI”. The Class R-6 Interest represents the sole class of Residual Interests in REMIC VI for purposes of the REMIC Provisions.

The following table sets forth the designation, Pass-Through Rate, initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated class of interests that represents a Regular Interest in REMIC VI created hereunder:

 

Designation

Pass-Through Rate

Initial Uncertificated Principal Balance

Latest Possible

Maturity Date(1)

IO(2)

(3)

(4)

July 25, 2035

_______________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for REMIC VI Regular Interest IO.

(2)

REMIC VI Regular Interest IO will be held as an asset of the Swap Account established by the Swap Administrator.

(3)

REMIC VI Regular Interest IO will not have a Pass-Through Rate, but will receive 100% of amounts received in respect of the Class IO Interest.

(4)

REMIC VI Regular Interest IO will not have an Uncertificated Principal Balance, but will have a notional amount equal to the Uncertificated Notional Amount of the Class IO Interest.

 

 

The Trust Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed Securities I Trust 2005-HE7.” The Certificates issued hereunder may be referred to as “Asset-Backed Certificates, Series 2005-HE7” (including for purposes of any endorsement or assignment of a Mortgage Note or Mortgage).

In consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Seller and the Trustee agree as follows:

 

 



 

ARTICLE I

 

DEFINITIONS

Section 1.01

Defined Terms.

Whenever used in this Agreement, the following words and phrases, unless otherwise expressly provided or unless the context otherwise requires, shall have the meanings specified in this Article:

Accepted Servicing Practices: With respect to each Mortgage Loan, those mortgage servicing practices (including collection procedures) that are in accordance with all applicable statutes, regulations and prudent mortgage banking practices for similar mortgage loans.

Account: The Distribution Account, the Reserve Fund, the Class P Certificate Account and the Protected Account.

Accrual Period: With respect to the Certificates (other than the Class CE, Class P and the Residual Certificates) and any Distribution Date, the period from and including the immediately preceding Distribution Date (or with respect to the first Accrual Period, the Closing Date) to and including the day prior to such Distribution Date. With respect to the Class CE Certificates and any Distribution Date, the calendar month immediately preceding such Distribution Date. All calculations of interest on the Certificates (other than the Class CE, Class P and the Residual Certificates) will be made on the basis of the actual number of days elapsed in the related Accrual Period. All calculations of interest on the Class CE Certificates will be made on the basis of a 360-day year consisting of twelve 30-day months.

Advance: An advance of delinquent payments of principal or interest in respect of a Mortgage Loan required to be made by the Master Servicer as provided in Section 5.01 hereof.

Affected Party: As defined in the Swap Agreement.

Agreement: This Pooling and Servicing Agreement and any and all amendments or supplements hereto made in accordance with the terms herein.

Adjustable Rate Mortgage Loan: Each of the Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage Rate that is subject to adjustment.

Adjustment Date: With respect to each Adjustable Rate Mortgage Loan, the first day of the month in which the Mortgage Rate of an Adjustable Rate Mortgage Loan changes pursuant to the related Mortgage Note. The first Adjustment Date following the Cut-off Date as to each Adjustable Rate Mortgage Loan is set forth in the Mortgage Loan Schedule.

Amount Held for Future Distribution: As to any Distribution Date, the aggregate amount held in the Protected Account at the close of business on the immediately preceding Determination Date on account of (i) all Scheduled Payments or portions thereof received in respect of the Mortgage Loans due after the related Due Period and (ii) Principal Prepayments, Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds received in respect of such Mortgage Loans after the last day of the related Prepayment Period.

 



 

Applied Realized Loss Amount: With respect to any Distribution Date and a Class of Class A Certificates and Class M Certificates, the sum of the Realized Losses with respect to the Mortgage Loans which have been applied in reduction of the Certificate Principal Balance of a Class of Certificates pursuant to Section 5.05 of this Agreement which have not previously been reimbursed or reduced by any Subsequent Recoveries applied to such Applied Realized Loss Amount.

Appraised Value: With respect to any Mortgage Loan originated in connection with a refinancing, the appraised value of the Mortgaged Property based upon the appraisal made at the time of such refinancing or, with respect to any other Mortgage Loan, the lesser of (x) the appraised value of the Mortgaged Property based upon the appraisal made by a fee appraiser at the time of the origination of the related Mortgage Loan, and (y) the sales price of the Mortgaged Property at the time of such origination.

Basis Risk Shortfall Carry Forward Amount: With respect to any Distribution Date and any Class of Class A Certificates and Class M Certificates, an amount equal to the sum of (A) the excess, if any, of (a) the amount of Current Interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Though Rate applicable to such Class been calculated at a per annum rate equal to One-Month LIBOR plus the related Certificate Margin, over (b) the amount of Current Interest that such Class received on such Distribution Date if the Pass-Through Rate is limited to the related Net Rate Cap and (B) the amount in clause (A) for all previous Distribution Dates not previously paid, together with interest thereon at a rate equal to the related Pass-Through Rate for such Distribution Date.

Bankruptcy Code: Title 11 of the United States Code.

Book-Entry Certificates: Any of the Certificates that shall be registered in the name of the Depository or its nominee, the ownership of which is reflected on the books of the Depository or on the books of a person maintaining an account with the Depository (directly, as a “Depository Participant”, or indirectly, as an indirect participant in accordance with the rules of the Depository and as described in Section 6.06). As of the Closing Date, each Class of Regular Certificates (other than the Class CE Certificates and Class P Certificates) constitutes a Class of Book-Entry Certificates.

Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York, New York, Chicago, Illinois, Minneapolis, Minnesota or the city in which the Corporate Trust Office of the Trustee or the principal office of the Master Servicer is located are authorized or obligated by law or executive order to be closed.

Certificate: Any one of the certificates of any Class executed and authenticated by the Trustee in substantially the forms attached hereto as Exhibits A-1 through A-5.

Certificate Margin: With respect to the Class I-A-1 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest I-A-1, 0.110% per annum.

With respect to the Class I-A-2 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest I-A-2, 0.250% per annum in the

 



case of each Distribution Date through and including the first possible Optional Termination Date and 0.500% per annum in the case of each Distribution Date thereafter.

With respect to the Class I-A-3 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest I-A-3, 0.410% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 0.820% per annum in the case of each Distribution Date thereafter.

With respect to the Class II-A-1 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest II-A-1, 0.240% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 0.480% per annum in the case of each Distribution Date thereafter.

With respect to the Class II-A-2 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest II-A-2, 0.280% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 0.560% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-1 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-1, 0.520% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 0.780% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-2 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-2, 0.720% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 1.080% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-3 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-3, 1.200% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 1.800% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-4 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-4, 1.200% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 1.800% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-5 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-5, 1.700% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 2.550% per annum in the case of each Distribution Date thereafter.

With respect to the Class M-6 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-6, 3.000% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 4.500% per annum in the case of each Distribution Date thereafter.

 



 

With respect to the Class M-7 Certificates and, for purposes of the definition of “One-Month LIBOR Pass-Through Rate”, REMIC II Regular Interest M-7, 3.000% per annum in the case of each Distribution Date through and including the first possible Optional Termination Date and 4.500% per annum in the case of each Distribution Date thereafter.

Certificate Notional Amount: With respect to the Class CE Certificates and any Distribution Date, an amount equal to the Stated Principal Balance of the Mortgage Loans as of the beginning of the related Due Period. The initial Certificate Notional Amount of the Class CE Certificates shall be $957,979,693.06. For federal income tax purposes, the Certificate Notional Amount for any Distribution Date shall be an amount equal to the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest P) for such Distribution Date.

Certificate Owner: With respect to a Book-Entry Certificate, the Person that is the beneficial owner of such Book-Entry Certificate.

Certificate Principal Balance: As to any Certificate (other than any Class CE Certificate or Class R Certificate) and as of any Distribution Date, the Initial Certificate Principal Balance of such Certificate plus, in the case of a Class A Certificate and Class M Certificate, any Subsequent Recoveries added to the Certificate Principal Balance of such Certificate pursuant to Section 5.04(b), less the sum of (i) all amounts distributed with respect to such Certificate in reduction of the Certificate Principal Balance thereof on previous Distribution Dates pursuant to Section 5.04, and (ii) any Applied Realized Loss Amounts allocated to such Certificate on previous Distribution Dates.

Certificate Register: The register maintained pursuant to Section 6.02 hereof.

Certificateholder or Holder: The person in whose name a Certificate is registered in the Certificate Register (initially, Cede & Co., as nominee for the Depository, in the case of any Book-Entry Certificates).

Class: All Certificates bearing the same Class designation as set forth in Section 6.01 hereof.

Class A Certificates: Any of the Class I-A-1, Class I-A-2, Class I-A-3, Class II-A-1 and Class II-A-2 Certificates.

Class A Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the excess, if any, of (i) the aggregate Certificate Principal Balance of the Class A Certificates immediately prior to such Distribution Date, over (ii) the lesser of (a) the product of (1) 52.40% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (b) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class A Specified Enhancement Percentage: With respect to any Distribution Date, the percentage obtained by dividing (x) the sum of (i) the aggregate Certificate Principal Balance of the Class M Certificates and (ii) the Overcollateralization Amount, in each case prior to the

 



distribution of the Principal Distribution Amount on such Distribution Date, by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period.

Class I-A Certificates: Any of the Class I-A-1, Class I-A-2 and Class I-A-3 Certificates.

Class I-A-1 Certificate: Any Certificate designated as a “Class I-A-1 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class I-A-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class I-A-2 Certificate: Any Certificate designated as a “Class I-A-2 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class I-A-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class I-A-3 Certificate: Any Certificate designated as a “Class I-A-3 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class I-A-3 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class I-A Principal Distribution Amount: For any Distribution Date, with respect to the Class I-A Certificates and any Distribution Date, is the product of the Class A Principal Distribution Amount and a fraction, the numerator of which is the Principal Funds for Loan Group I for such Distribution Date and the denominator of which is the Principal Funds for both Loan Groups for such Distribution Date.

Class II-A Certificates: Any of the Class II-A-1 Certificates and Class II-A-2 Certificates.

Class II-A-1 Certificate: Any Certificate designated as a “Class II-A-1 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class II-A-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class II-A-2 Certificate: Any Certificate designated as a “Class II-A-2 Certificate” on the face thereof, in the form of Exhibit A-1 hereto, representing the right to the Percentage Interest of distributions provided for the Class II-A-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class II-A Principal Distribution Amount: For any Distribution Date, with respect to the Class II-A Certificates and any Distribution Date, is the product of the Class A Principal Distribution Amount and a fraction, the numerator of which is the Principal Funds for Loan

 



Group II for such Distribution Date and the denominator of which is the Principal Funds for both Loan Groups for such Distribution Date.

Class CE Certificate: Any Certificate designated as a “Class CE Certificate” on the face thereof, in the form of Exhibit A-4 hereto, representing the right to its Percentage Interest of distributions provided for the Class CE Certificates herein and evidencing (i) a Regular Interest in REMIC IV, (ii) the obligation to pay Basis Risk Shortfall Amounts and Swap Termination Payments and (iii) the right to receive the Class IO Distribution Amount.

Class CE Distribution Amount: With respect to any Distribution Date, the sum of (i) the Current Interest for the Class CE Interest for such Distribution Date, (ii) any Overcollateralization Release Amount for such Distribution Date and (iii) without duplication, any Subsequent Recoveries not distributed to the Class A Certificates and Class M Certificates on such Distribution Date; provided, however that on any Distribution Date after the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero, the Class CE Distribution Amount shall include the Overcollateralization Amount.

Class CE Interest: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class IO Distribution Amount: As defined in Section 3.20 hereof. For purposes of clarity, the Class IO Distribution Amount for any Distribution Date shall equal the amount payable to the Swap Administrator on such Distribution Date in excess of the amount payable on REMIC VI Regular Interest IO on such Distribution Date, all as further provided in Section 3.20 hereof.

Class IO Interest: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of REMIC VI Regular Interest IO, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class M Certificates: Any of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates.

Class M-1 Certificate: Any Certificate designated as a “Class M-1 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-1 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

 



 

Class M-1 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date) and (2) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 63.90% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-1 Specified Enhancement Percentage: For any Distribution Date, the percentage obtained by dividing (x) the sum of (i) the aggregate Certificate Principal Balance of the Class M Certificates (other than the Class M-1 Certificates) and (ii) the Overcollateralization Amount, in each case prior to the distribution of the Principal Distribution Amount on such distribution date, by (y) the aggregate State Principal Balance of the mortgage loans as the end of the related Due Period.

Class M-2 Certificate: Any Certificate designated as a “Class M-2 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-2 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-2 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date) and (3) the Certificate Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 79.50% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-3 Certificate: Any Certificate designated as a “Class M-3 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-3 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-3 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date) and (4) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to

 



such Distribution Date, over (b) the lesser of (1) the product of (x) 87.80% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-4 Certificate: Any Certificate designated as a “Class M-4 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-4 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-4 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and the Class M-3 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date) and (5) the Certificate Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 90.50% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-5 Certificate: Any Certificate designated as a “Class M-5 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-5 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-5 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount and the Class M-4 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into

 



account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date) and (6) the Certificate Principal Balance of the Class M-5 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 92.90% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-6 Certificate: Any Certificate designated as a “Class M-6 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-6 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-6 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount and the Class M-5 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date), (6) the Certificate Principal Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount on such Distribution Date) and (7) the Certificate Principal Balance of the Class M-6 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 94.40% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class M-7 Certificate: Any Certificate designated as a “Class M-7 Certificate” on the face thereof, in the form of Exhibit A-2 hereto, representing the right to its Percentage Interest of distributions provided for the Class M-7 Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to receive the Basis Risk Shortfall Carry Forward Amount and (iii) the obligation to pay the Class IO Distribution Amount.

Class M-7 Principal Distribution Amount: For any Distribution Date, an amount equal to the lesser of (x) the remaining Principal Distribution Amount for such Distribution Date after distribution of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution

 



Amount, the Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution Amount, the Class M-4 Principal Distribution Amount, the Class M-5 Principal Distribution Amount and the Class M-6 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount on such Distribution Date), (2) the Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (3) the Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (4) the Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (5) the Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date), (6) the Certificate Principal Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount on such Distribution Date) (7) the Certificate Principal Balance of the Class M-6 Certificates (after taking into account the distribution of the Class M-6 Principal Distribution Amount on such Distribution Date) and (8) the Certificate Principal Balance of the Class M-7 Certificates immediately prior to such Distribution Date, over (b) the lesser of (1) the product of (x) 96.20% and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period, and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus $4,789,898.

Class P Certificate: Any Certificate designated as a “Class P Certificate” on the face thereof, in the form of Exhibit A-3 hereto, representing the right to its Percentage Interest of distributions provided for the Class P Certificates as set forth herein and evidencing a Regular Interest in REMIC V.

Class P Interest: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class P Certificate Account: The separate Eligible Account created and maintained by the Trustee pursuant to Section 4.06 in the name of the Trustee for the benefit of the Class P Certificateholders.

Class R-1 Certificate: Any Certificate designated a “Class R-1 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC I and representing the right to the Percentage Interest of distributions provided for the Class R-1 Certificates as set forth herein.

Class R-2 Certificate: Any Certificate designated a “Class R-2 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC II and representing the right to the Percentage Interest of distributions provided for the Class R-2 Certificates as set forth herein.

Class R-3 Certificate: Any Certificate designated a “Class R-3 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC

 



III and representing the right to the Percentage Interest of distributions provided for the Class R-3 Certificates as set forth herein.

Class RX Certificate: Any Certificate designated a “Class RX Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the ownership of the Class R-4 Interest, Class R-5 Interest and Class R-6 Interest and representing the right to the Percentage Interest of distributions provided for the Class RX Certificates as set forth herein.

Class R-4 Interest: The uncertificated Residual Interest in REMIC IV.

Class R-5 Interest: The uncertificated Residual Interest in REMIC V.

Class R-6 Interest: The uncertificated Residual Interest in REMIC VI.

Closing Date: July 29, 2005.

Code: The Internal Revenue Code of 1986, including any successor or amendatory provisions.

Compensating Interest: An amount, not to exceed the Servicing Fee, to be deposited in the Protected Account by the Master Servicer to the payment of a Prepayment Interest Shortfall on a Mortgage Loan subject to this Agreement.

Corporate Trust Office: The designated office of the Trustee where at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at 135 South LaSalle Street, Suite 1625, Chicago, Illinois, 60603 Attention: Global Securities and Trust Services Group - Bear Stearns Asset Backed Securities I LLC, Series 2005-HE7, or at such other address as the Trustee may designate from time to time.

Corresponding Certificate: With respect to each REMIC II Regular Interest (other than REMIC II Regular Interests AA, ZZ, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P), the Certificate with the corresponding designation. With respect to each REMIC III Regular Interest (other than the Class CE Interest, the Class P Interest and the Class IO Interest), the related Certificate respresenting an ownership therein.

Current Interest: As of any Distribution Date, with respect to the Certificates and interests of each class (other than the Class P Certificates, Class P Interest, the Residual Interests and the Residual Certificates), (i) the interest accrued on the Certificate Principal Balance or Certificate Notional Amount or Uncertificated Notional Amount, as applicable, during the related Accrual Period at the applicable Pass-Through Rate plus any amount previously distributed with respect to interest for such Certificate or interest that has been recovered as a voidable preference by a trustee in bankruptcy minus (ii) the sum of (a) any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by Compensating Interest and (b) any Relief Act Interest Shortfalls during the related Due Period, provided, however, that for purposes of calculating Current Interest for any such Class, amounts specified in clause (ii) hereof for any such Distribution Date shall be allocated first to the Class CE Certificates and Residual Certificates in reduction of amounts otherwise distributable to such Certificates on such

 



Distribution Date and then any excess shall be allocated to each Class of Class A Certificates and Class M Certificates pro rata based on the respective amounts of interest accrued pursuant to clause (i) hereof for each such Class on such Distribution Date.

Custodial Agreement: An agreement, dated as of July 29, 2005, among the Depositor, EMC, as a seller, Master Funding as a seller, the Master Servicer, the Trustee and the Custodian in substantially the form of Exhibit J hereto.

Custodian: LaSalle Bank National Association, or any successor custodian appointed pursuant to the provisions hereof and the Custodial Agreement.

Cut-off Date: The close of business on July 1, 2005.

Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid principal balance thereof as of the close of business on the Cut-off Date after application of all Principal Prepayments received prior to the Cut-off Date and scheduled payments of principal due on or before the Cut-off Date, whether or not received, but without giving effect to any installments of principal received in respect of Due Dates after the Cut-off Date. The aggregate Cut-off Date Principal Balance of the Mortgage Loans is $957,979,693.06.

Debt Service Reduction: With respect to any Mortgage Loan, a reduction by a court of competent jurisdiction in a proceeding under the Bankruptcy Code in the Scheduled Payment for such Mortgage Loan that became final and non-appealable, except such a reduction resulting from a Deficient Valuation or any other reduction that results in a permanent forgiveness of principal.

Defaulting Party: As defined in the Swap Agreement.

Deficient Valuation: With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding indebtedness under such Mortgage Loan, or any reduction in the amount of principal to be paid in connection with any Scheduled Payment that results in a permanent forgiveness of principal, which valuation or reduction results from an order of such court that is final and non-appealable in a proceeding under the Bankruptcy Code.

Definitive Certificates: As defined in Section 6.06.

Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement Mortgage Loan.

Delinquency Event: A Delinquency Event shall have occurred and be continuing if at any time, (x) the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more Delinquent (including for this purpose any such Mortgage Loans in bankruptcy or foreclosure and Mortgage Loans with respect to which the related Mortgaged Property is REO Property), and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the related Due Period exceeds (y) 33% of the Class M-1 Specified Enhancement Percentage.

 



 

Delinquent: A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to the terms of such Mortgage Loan by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for “60 days delinquent,” “90 days delinquent” and so on.

Denomination: With respect to each Certificate, the amount set forth on the face thereof as the “Initial Principal Balance or Initial Notional Amount of this Certificate”.

Depositor: Bear Stearns Asset Backed Securities I LLC, a Delaware limited liability company, or its successor in interest.

Depository: The initial Depository shall be The Depository Trust Company (“DTC”), the nominee of which is Cede & Co., or any other organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository shall initially be the registered Holder of the Book-Entry Certificates. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York.

Depository Agreement: With respect to the Class of Book-Entry Certificates, the agreement among the Depositor, the Trustee and the initial Depository, dated as of the Closing Date, substantially in the form of Exhibit H.

Depository Participant: A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository.

Determination Date: With respect to any Distribution Date, the 15th day of the month of such Distribution Date or, if such 15th day is not a Business Day, the immediately preceding Business Day.

Distribution Account: The separate Eligible Account created and maintained by the Trustee pursuant to Section 4.04 in the name of the Trustee for the benefit of the Certificateholders designated “LaSalle Bank National Association, in trust for registered holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2005-HE7”. Funds in the Distribution Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

Distribution Account Deposit Date: The Business Day prior to each Distribution Date.

Distribution Date: The 25th day of each calendar month after the initial issuance of the Certificates, or if such 25th day is not a Business Day, the next succeeding Business Day, commencing in August 2005.

 



 

Due Date: As to any Mortgage Loan, the date in each month on which the related Scheduled Payment is due, as set forth in the related Mortgage Note.

Due Period: With respect to any Distribution Date, the period from the second day of the calendar month preceding the calendar month in which such Distribution Date occurs through close of business on the first day of the calendar month in which such Distribution Date occurs.

Eligible Account: Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company, the long-term unsecured debt obligations and short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company, so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in one of its two highest long-term and its highest short-term rating categories, respectively, at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC (to the limits established by the FDIC) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company having capital and surplus of not less than $50,000,000, acting in its fiduciary capacity or (iv) any other account acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

EMC: EMC Mortgage Corporation, a Delaware corporation, and its successors and assigns, in its capacity as a seller of the Mortgage Loans to the Depositor.

EMC Mortgage Loans: The Mortgage Loans identified as such on the Mortgage Loan Schedule for which EMC is the applicable Seller.

ERISA: The Employee Retirement Income Security Act of 1974, as amended.

ERISA Restricted Certificates: Prior to the termination of the Swap Agreement, all of the Certificates. Subsequent to the termination of the Swap Agreement, any of the Class CE, Class P and Residual Certificates.

Event of Default: As defined in Section 8.01 hereof.

Excess Cashflow: With respect to any Distribution Date, an amount, if any, equal to the sum of (a) the Remaining Excess Spread for such Distribution Date and (b) the Overcollateralization Release Amount for such Distribution Date.

Excess Liquidation Proceeds: To the extent not required by law to be paid to the related Mortgagor, the excess, if any, of any Liquidation Proceeds with respect to a Mortgage Loan over the Stated Principal Balance of such Mortgage Loan and accrued and unpaid interest at the

 



related Mortgage Rate through the last day of the month in which the Mortgage Loan has been liquidated.

Excess Spread: With respect to any Distribution Date, the excess, if any, of (i) the Interest Funds for such Distribution Date over (ii) the sum of the Current Interest on the Class A Certificates and Class M Certificates and Interest Carry Forward Amounts on the Class A Certificates and Class M-1 Certificates (other than Interest Carry Forward Amounts paid pursuant to Section 5.04(a)(4)(A) and 5.04(a)(4)(B)), in each case for such Distribution Date.

Exemption: Prohibited Transaction Exemption 90-30, as amended from time to time.

Extra Principal Distribution Amount: With respect to any Distribution Date, the lesser of (i) the excess, if any, of the Overcollateralization Target Amount for such Distribution Date over the Overcollateralization Amount for such Distribution Date (after giving effect to distributions of principal on the Certificates other than any Extra Principal Distribution Amount) and (ii) the Excess Spread for such Distribution Date.

Fannie Mae: Fannie Mae (formerly, Federal National Mortgage Association), or any successor thereto.

FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.

Final Certification: The certification substantially in the form of Exhibit Three to the Custodial Agreement.

Final Recovery Determination: With respect to any defaulted Mortgage Loan or any REO Property (other than a Mortgage Loan or REO Property purchased by EMC (on its own behalf as a seller and on behalf of Master Funding) pursuant to or as contemplated by Section 2.03(c) or Section 10.01), a determination made by the Master Servicer that all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which the Master Servicer, in its reasonable good faith judgment, expects to be finally recoverable in respect thereof have been so recovered. The Trustee shall maintain records, based solely on information provided by the Master Servicer, of each Final Recovery Determination made thereby.

FIRREA: The Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Fiscal Quarter: December 1 to February 29 (or the last day in such month), March 1 to May 31, June 1 to August 31, or September 1 to November 30, as applicable.

Fitch: Fitch, Inc. and any successor thereto.

Freddie Mac: Federal Home Loan Mortgage Corporation, or any successor thereto.

Global Certificate: Any Private Certificate registered in the name of the Depository or its nominee, beneficial interests in which are reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant in accordance with the rules of such depository).

 



 

Gross Margin: With respect to each Adjustable Rate Mortgage Loan, the fixed percentage set forth in the related Mortgage Note that is added to the Index on each Adjustment Date in accordance with the terms of the related Mortgage Note used to determine the Mortgage Rate for such Mortgage Loan.

Group I Loans: The Mortgage Loans identified as such on the Mortgage Loan Schedule.

Group I Principal Distribution Amount: With respect to any Distribution Date, the product of the Principal Distribution Amount for such Distribution Date and a fraction, the numerator of which is the Principal Funds for Loan Group I for such Distribution Date and the denominator of which is the Principal Funds for both Loan Groups for such Distribution Date.

Group II Loans: The Mortgage Loans identified as such on the Mortgage Loan Schedule.

Group II Principal Distribution Amount: With respect to any Distribution Date, the product of the Principal Distribution Amount for such Distribution Date and a fraction, the numerator of which is the Principal Funds for Loan Group II for such Distribution Date and the denominator of which is the Principal Funds for both Loan Groups for such Distribution Date.

Group II Sequential Trigger Event: With respect to any Distribution Date, a trigger event is in effect if, on any Distribution Date before the 37th Distribution Date, the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 3.25% or if, on or after the 37th Distribution Date, the applicable test set forth in clause (ii) in the definition of Trigger Event below has been satisfied.

Indemnified Persons: The Trustee, the Master Servicer, the Trust Fund and their officers, directors, agents and employees and, with respect to the Trustee, any separate co-trustee and its officers, directors, agents and employees.

Index: With respect to each Adjustable Rate Mortgage Loan and with respect to each related Adjustment Date, the index as specified in the related Mortgage Note.

Individual Certificate: Any Private Certificate registered in the name of the Holder other than the Depository or its nominee.

Initial Certification: The certification substantially in the form of Exhibit One to the Custodial Agreement.

Initial Certificate Principal Balance: With respect to any Certificate, the Certificate Principal Balance of such Certificate or any predecessor Certificate on the Closing Date.

Institutional Accredited Investor: Any Person meeting the requirements of Rule 501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act or any entity all of the equity Holders in which come within such paragraphs.

Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy and any other insurance policy covering a Mortgage Loan, to the extent such proceeds are payable to the mortgagee under the Mortgage, the Master Servicer or the trustee

 



under the deed of trust and are not applied to the restoration of the related Mortgaged Property or released to the Mortgagor in accordance with the procedures that the Master Servicer would follow in servicing mortgage loans held for its own account, in each case other than any amount included in such Insurance Proceeds in respect of Insured Expenses.

Insured Expenses: Expenses covered by any insurance policy with respect to the Mortgage Loans.

Interest Carry Forward Amount: As of any Distribution Date and with respect to each Class of Certificates (other than the Class CE, Class P and the Residual Certificates), the sum of (i) the excess of (a) the Current Interest for such Class with respect to such Distribution Date and any prior Distribution Dates over (b) the amount actually distributed to such Class of Certificates with respect to interest on such Distribution Dates and (ii) interest thereon (to the extent permitted by applicable law) at the applicable Pass-Through Rate for such Class for the related Accrual Period including the Accrual Period relating to such Distribution Date.

Interest Determination Date: Shall mean the second LIBOR Business Day preceding the commencement of each Accrual Period.

Interest Funds: With respect to each Loan Group and any Distribution Date (i) the sum, without duplication, of (a) all scheduled interest during the related Due Period with respect to the related Mortgage Loans less the Servicing Fee, the Trustee Fee and the LPMI Fee, if any, (b) all Advances relating to interest with respect to the related Mortgage Loans made on or prior to the related Distribution Account Deposit Date, (c) all Compensating Interest with respect to the related Mortgage Loans and required to be remitted by the Master Servicer pursuant to this Agreement with respect to such Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries with respect to the related Mortgage Loans collected during the related Prepayment Period (to the extent such Liquidation Proceeds and Subsequent Recoveries relate to interest), and (e) all amounts relating to interest with respect to each Mortgage Loan repurchased by EMC (on its own behalf as a Seller and on behalf of Master Funding) pursuant to Sections 2.02 and 2.03 and by the Master Servicer pursuant to Section 3.18, in each case to the extent remitted by the Master Servicer to the Distribution Account pursuant to this Agreement, minus (ii) all amounts relating to interest required to be reimbursed pursuant to Sections 4.02 and 4.05 or as otherwise set forth in this Agreement, and (iii) any Net Swap Payments or Swap Termination Payments (not due to a Swap Provider Trigger Event) owed to the Swap Administrator for payment to the Swap Provider.

Interim Certification: The certification substantially in the form of Exhibit Two to the Custodial Agreement.

LaSalle: LaSalle Bank National Association, and any successor thereto.

Last Scheduled Distribution Date: Solely for purposes of the face of the Certificates as follows: with respect to the Certificates, other than the Class I-A-1 Certificates and Class I-A-2 Certificates, the Distribution Date in July 2035; with respect to the Class I-A-1 Certificates and Class I-A-2 Certificates, the Distribution Date in April 2028 and September 2033, respectively.

 



 

Latest Possible Maturity Date: The Distribution Date in the month following the final scheduled maturity date of the Mortgage Loan in the Trust Fund having the latest scheduled maturity date as of the Cut-off Date. For purposes of the Treasury regulations under Sections 860A through 860G of the Code, the latest possible maturity date of each Regular Interest issued by REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI shall be the Latest Possible Maturity Date.

LIBOR Business Day: Shall mean a day on which banks are open for dealing in foreign currency and exchange in London and New York City.

Liquidated Loan: With respect to any Distribution Date, a defaulted Mortgage Loan that has been liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee’s sale or other realization as provided by applicable law governing the real property subject to the related Mortgage and any security agreements and as to which the Master Servicer has made a Final Recovery Determination with respect thereto.

Liquidation Proceeds: Amounts, other than Insurance Proceeds, received in connection with the partial or complete liquidation of a Mortgage Loan, whether through trustee’s sale, foreclosure sale or otherwise, or in connection with any condemnation or partial release of a Mortgaged Property and any other proceeds received with respect to an REO Property, less the sum of related unreimbursed Advances, Servicing Fees and Servicing Advances and all expenses of liquidation, including property protection expenses and foreclosure and sale costs, including court and reasonable attorneys fees.

Loan-to-Value Ratio: The fraction, expressed as a percentage, the numerator of which is the original principal balance of the related Mortgage Loan and the denominator of which is the Appraised Value of the related Mortgaged Property.

Loan Group: Any of Loan Group I or Loan Group II.

Loan Group I: The Mortgage Loans included as such on the Mortgage Loan Schedule.

Loan Group II: The Mortgage Loans included as such on the Mortgage Loan Schedule.

Loss Allocation Limitation: The meaning specified in Section 5.05(b) hereof.

LPMI Fee: The fee payable to the insurer for each Mortgage Loan subject to an LPMI Policy as set forth in such LPMI Policy.

LPMI Policy: A policy of mortgage guaranty insurance issued by an insurer meeting the requirements of Fannie Mae and Freddie Mac in which the Master Servicer or the related subservicer of the related Mortgage Loan is responsible for the payment of the LPMI Fee thereunder from collections on the related Mortgage Loan.

Majority Class CE Certificateholder: The Holder of a 50.01% or greater Percentage Interest in the Class CE Certificates.

Marker Rate: With respect to the Class CE Interest and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC II Pass-

 



Through Rates for the REMIC II Regular Interests (other than REMIC II Regular Interests AA, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P), with the rate on each such REMIC II Regular Interest (other than REMIC II Regular Interest ZZ) subject to a cap equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for the Corresponding Certificate and (ii) the Net Rate Cap for the REMIC III Regular Interest the ownership of which is represented by the Corresponding Certificate for the purpose of this calculation for such Distribution Date, and with the rate on REMIC II Regular Interest ZZ subject to a cap of zero for the purpose of this calculation.

Master Funding: Master Funding LLC, a Delaware limited liability company, and its successors and assigns, in its capacity as the seller of the Master Funding Mortgage Loans to the Depositor.

Master Funding Mortgage Loans: The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Master Funding is the applicable Seller.

Master Servicer: EMC Mortgage Corporation, in its capacity as master servicer, and its successors and assigns.

Master Servicer Certification: A written certification covering servicing of the Mortgage Loans by the Master Servicer and signed by an officer of the Master Servicer that complies with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii) the February 21, 2003 Statement by the Staff of the Division of Corporation Finance of the Securities and Exchange Commission Regarding Compliance by Asset-Backed Issuers with Exchange Act Rules 13a-14 and 15d-14, as in effect from time to time; provided that if, after the Closing Date (a) the Sarbanes Oxley Act of 2002 is amended, (b) the Statement referred to in clause (ii) is modified or superceded by any subsequent statement, rule or regulation of the Securities and Exchange Commission or any statement of a division thereof, or (c) any future releases, rules and regulations are published by the Securities and Exchange Commission from time to time pursuant to the Sarbanes Oxley Act of 2002, which in any such case affects the form or substance of the required certification and results in the required certification being, in the reasonable judgment of the Master Servicer, materially more onerous than the form of the required certification as of the Closing Date, the Master Servicer Certification shall be as agreed to by the Master Servicer, the Depositor and EMC following a negotiation in good faith to determine how to comply with any such new requirements.

Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Mortgage Rate thereunder.

Maximum Uncertificated Accrued Interest Deferral Amount: With respect to any Distribution Date, the excess of (i) accrued interest at the Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular Interest ZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II Overcollateralized Amount, in each case for such Distribution Date, over (ii) the aggregate amount of Uncertificated Accrued Interest for such Distribution Date on the REMIC II Regular Interests (other than REMIC II Regular Interests AA, ZZ, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P), with the rate on each such REMIC II Regular Interest subject to a cap equal to the lesser of (x) the One-Month LIBOR Pass Through Rate for the Corresponding Certificate and (y) the

 



Net Rate Cap for the REMIC III Regular Interest the ownership of which is represented by the Corresponding Certificate for the purpose of this calculation for such Distribution Date.

MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

MERS® System: The system of recording transfers of Mortgages electronically maintained by MERS.

MIN: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System.

Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the minimum Mortgage Rate thereunder.

MOM Loan: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

Monthly Statement: The statement delivered to the Certificateholders pursuant to Section 5.06.

Moody’s: Moody’s Investors Service, Inc., and any successor thereto.

Mortgage: The mortgage, deed of trust or other instrument creating a first or second lien on or first or second priority ownership interest in an estate in fee simple in real property securing a Mortgage Note.

Mortgage File: The mortgage documents listed in Section 2.01 hereof pertaining to a particular Mortgage Loan and any additional documents delivered to the Custodian to be added to the Mortgage File pursuant to this Agreement and the Custodial Agreement.

Mortgage Loans: Such of the Mortgage Loans transferred and assigned to the Trustee pursuant to the provisions hereof, as from time to time are held as a part of the Trust Fund (including any REO Property), the mortgage loans so held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property.

Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase Agreement, dated as of July 29, 2005, among EMC, as a seller, Master Funding, as a seller and the Depositor, as purchaser in the form attached hereto as Exhibit L.

Mortgage Loan Purchase Price: The price, calculated as set forth in Section 10.01, to be paid in connection with the repurchase of the Mortgage Loans pursuant to Section 10.01.

Mortgage Loan Schedule: The list of Mortgage Loans (as from time to time amended by EMC or the Master Servicer to reflect the deletion of Deleted Mortgage Loans and the addition of Replacement Mortgage Loans pursuant to the provisions of this Agreement) transferred to the Trustee as part of the Trust Fund and from time to time subject to this Agreement, the initial

 



Mortgage Loan Schedule being attached hereto as Exhibit B, setting forth the following information with respect to each Mortgage Loan:

(i)

the Mortgage Loan identifying number;

(ii)

the current gross mortgage rate;

(iii)

the Servicing Fee Rate;

(iv)

the master servicing fee rate, if applicable;

(v)

the LPMI Fee, if applicable;

(vi)

the Trustee Fee Rate;

(vii)

the current net mortgage rate;

(viii)

the maturity date;

(ix)

the original principal balance;

(x)

the current principal balance;

(xi)

the stated original term to maturity;

(xii)

the stated remaining term to maturity;

(xiii)

the property type;

(xiv)

the MIN with respect to each MOM Loan;

(xv)

with respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate;

(xvi)

with respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Rate;

(xvii)

with respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

(xviii)

with respect to each Adjustable Rate Mortgage Loan, the next Adjustment Date;

(xix)

with respect to each Adjustable Rate Mortgage Loan, the Periodic Rate Cap;

(xx)

the Loan Group;

(xxi)

whether a prepayment charge exists;

 

 



 

 

(xxii)

a code indicating whether such Mortgage Loan is a first lien Mortgage Loan or a second lien Mortgage Loan; and

(xxiii)

a code indicating whether the Mortgage Loan is an EMC Mortgage Loan or a Master Funding Mortgage Loan.

Such schedule shall also set forth the aggregate Cut-off Date Principal Balance for all of the Mortgage Loans.

Mortgage Note: The original executed note or other evidence of indebtedness of a Mortgagor under a Mortgage Loan.

Mortgage Rate: With respect to each fixed rate Mortgage Loan, the rate set forth in the related Mortgage Note. With respect to each Adjustable Rate Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note, which rate (A) as of any date of determination until the first Adjustment Date following the Cut-off Date shall be the rate set forth in the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following the Cut-off Date and (B) as of any date of determination thereafter shall be the rate as adjusted on the most recent Adjustment Date, to equal the sum, rounded to the next highest or nearest 0.125% (as provided in the Mortgage Note), of the Index, determined as set forth in the related Mortgage Note, plus the related Gross Margin subject to the limitations set forth in the related Mortgage Note. With respect to each Mortgage Loan that becomes an REO Property, as of any date of determination, the annual rate determined in accordance with the immediately preceding sentence as of the date such Mortgage Loan became an REO Property.

Mortgaged Property: The underlying property securing a Mortgage Loan.

Mortgagor: The obligors on a Mortgage Note.

Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum rate equal to the Mortgage Rate less the sum of (i) the Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) the rate at which the LPMI Fee is calculated, if any.

Net Rate Cap: With respect to any Distribution Date and the Class I-A-1, Class I-A-2 and Class I-A-3 Certificates, the excess of (A) a per annum rate equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in Loan Group I, weighted based on the Stated Principal Balances of such Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) an amount equal to the Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, divided by the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, multiplied by 12. With respect to any Distribution Date and the REMIC III Regular Interests the ownership of which is represented by the Class I-A-1, Class

 



I-A-2 and Class I-A-3 Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 1-Grp, weighted on the basis of the Uncertificated Principal Balance of such REMIC II Regular Interest immediately prior to such Distribution Date.

With respect to any Distribution Date and the Class II-A-1 Certificates and Class II-A-2 Certificates, the excess of (A) a per annum rate equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in Loan Group II, weighted based on the Stated Principal Balances of such Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) an amount equal to the Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, divided by the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, multiplied by 12. With respect to any Distribution Date and the REMIC III Regular Interests the ownership of which is represented by the Class II-A-1 Certificates and Class II-A-2 Certificates, the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 2-Grp, weighted on the basis of the Uncertificated Principal Balance of such REMIC II Regular Interest immediately prior to such Distribution Date.

With respect to any Distribution Date and the Class M Certificates, the excess of (A) a per annum rate equal to the product of (x) the weighted average of the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each such Loan Group as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, the aggregate Certificate Principal Balance of the related Class or Classes of Senior Certificates and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) an amount equal to the Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, divided by the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, multiplied by 12. With respect to any Distribution Date and the REMIC III Regular Interests the ownership of which is represented by the Class M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on (a) REMIC II Regular Interest 1-Sub, subject to a cap and a floor equal to the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 1-Grp and (b) REMIC II Regular Interest 2-Sub, subject to a cap and a floor equal to the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest 2-Grp, in each case

 



as determined for such Distribution Date, weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.

Net Swap Payment: With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Swap Agreement by either the Swap Provider or the Swap Administrator, which net payment shall not take into account any Swap Termination Payment.

Non Book-Entry Certificate: Any Certificate other than a Book-Entry Certificate.

Nonrecoverable Advance: Any portion of an Advance previously made or proposed to be made by the Master Servicer pursuant to this Agreement, that, in the good faith judgment of the Master Servicer, will not or, in the case of a proposed advance, would not, be ultimately recoverable by it from the related Mortgagor, related Liquidation Proceeds, Insurance Proceeds or otherwise.

Notional Amount: With respect to each Distribution Date and the Swap Agreement, the notional amount for the related calculation period as set forth in the related schedule set forth in Exhibit M.

Officer’s Certificate: A certificate (i) signed by the Chairman of the Board, the Vice Chairman of the Board, the President, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary, or one of the assistant treasurers or assistant secretaries of the Depositor or the Master Servicer (or any other officer customarily performing functions similar to those performed by any of the above designated officers and also to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with a particular subject) or (ii), if provided for in this Agreement, signed by a Servicing Officer, as the case may be, and delivered to the Depositor, the Sellers and/or the Trustee, as the case may be, as required by this Agreement.

One-Month LIBOR: With respect to any Accrual Period, the rate determined by the Trustee on the related Interest Determination Date on the basis of the rate for U.S. dollar deposits for one month that appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such Interest Determination Date. If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying One-Month LIBOR or comparable rates as may be reasonably selected by the Trustee), One-Month LIBOR for the applicable Accrual Period will be the Reference Bank Rate. If no such quotations can be obtained by the Trustee and no Reference Bank Rate is available, One-Month LIBOR will be One-Month LIBOR applicable to the preceding Accrual Period. The establishment of One-Month LIBOR on each Interest Determination Date by the Trustee and the Trustee’s calculation of the rate of interest applicable to the Class A Certificates and Class M Certificates for the related Accrual Period shall, in the absence of manifest error, be final and binding.

One-Month LIBOR Pass-Through Rate: With respect to the Class I-A-1 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest I-A-1, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

 



 

With respect to the Class I-A-2 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest I-A-2, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class I-A-3 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest I-A-3, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class II-A-1 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest II-A-1, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class II-A-2 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest II-A-2, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-1 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-1, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-2 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-2, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-3 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-3, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-4 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-4, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-5 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-5, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-6 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-6, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

With respect to the Class M-7 Certificates and, for purposes of the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest Deferral Amount”, REMIC II Regular Interest M-7, a per annum rate equal to One-Month LIBOR plus the related Certificate Margin.

Opinion of Counsel: A written opinion of counsel, who may be counsel for EMC, the Depositor or the Master Servicer, reasonably acceptable to each addressee of such opinion; provided that with respect to Section 2.05, 7.05, 7.07 or 11.01, or the interpretation or application

 



of the REMIC Provisions, such counsel must (i) in fact be independent of EMC, Depositor and the Master Servicer, (ii) not have any direct financial interest in EMC, the Depositor or the Master Servicer or in any affiliate of either, and (iii) not be connected with EMC, the Depositor or the Master Servicer as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

Optional Termination: The termination of the Trust Fund created hereunder as a result of the purchase of all of the Mortgage Loans and any REO Property pursuant to the last sentence of Section 10.01 hereof.

Optional Termination Date: The Distribution Date on which the Stated Principal Balance of all of the Mortgage Loans is equal to or less than 10% of the Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date.

Original Value: The value of the property underlying a Mortgage Loan based, in the case of the purchase of the underlying Mortgaged Property, on the lower of an appraisal or the sales price of such property or, in the case of a refinancing, on an appraisal.

OTS: The Office of Thrift Supervision.

Outstanding: With respect to the Certificates as of any date of determination, all Certificates theretofore executed and authenticated under this Agreement except:

(a)        Certificates theretofore canceled by the Trustee or delivered to the Trustee for cancellation; and

(b)        Certificates in exchange for which or in lieu of which other Certificates have been executed and delivered by the Trustee pursuant to this Agreement.

Outstanding Mortgage Loan: As of any date of determination, a Mortgage Loan with a Stated Principal Balance greater than zero that was not the subject of a Principal Prepayment in full, and that did not become a Liquidated Loan, prior to the end of the related Prepayment Period.

Overcollateralization Amount: With respect to any Distribution Date, the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (including any reduction due to Realized Losses) over the Certificate Principal Balances of the Certificates (other than the Class CE and Class P Certificates) on such Distribution Date (after taking into account the payment of principal other than any Extra Principal Distribution Amount on such Certificates).

Overcollateralization Release Amount: With respect to any Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Overcollateralization Amount for such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal payment on such Distribution Date) over (ii) the Overcollateralization Target Amount for such Distribution Date (with the amount pursuant to clause (y) deemed to be $0 if the Overcollateralization Amount is less than or equal to the Overcollateralization Target Amount on that Distribution Date).

 



 

Overcollateralization Target Amount: With respect to any Distribution Date (a) prior to the Stepdown Date, 1.90% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of (i) the lesser of (1) 1.90% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and (2) 3.80% of the then current aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) $4,789,898 or (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date.

Ownership Interest: As to any Certificate, any ownership interest in such Certificate including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial.

Pass-Through Rate: With respect to the Class A Certificates and Class M Certificates and any Distribution Date, a rate per annum equal to the lesser of (i) the related One-Month LIBOR Pass Through Rate for such Distribution Date and (ii) the related Net Rate Cap for such Distribution Date.

With respect to the Class CE Interest and any Distribution Date, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC II Regular Interest (other than REMIC II Regular Interests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX, IO and P) equal to (x) the excess of the Uncertificated REMIC II Pass-Through Rate for such REMIC II Regular Interest over the Marker Rate, applied to (y) a notional amount equal to the Uncertificated Principal Balance of such REMIC II Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC II Regular Interests.

With respect to the Class CE Certificate, the Class CE Certificate shall not have a Pass-Through Rate, but Current Interest for such Certificate and each Distribution Date shall be an amount equal to 100% of the amounts distributable to the Class CE Interest for such Distribution Date.

With respect to the Class P Certificate and the Class P Interest, 0.00% per annum.

With respect to the Class IO Interest, Class IO Interest shall not have a Pass-Through Rate, but Current Interest for such interest and each Distribution Date shall be an amount equal to 100% of the amounts distributable to REMIC II Regular Interest IO for such Distribution Date.

 

With respect to REMIC VI Regular Interest IO, REMIC VI Regular Interest IO shall not have a Pass-Through Rate, but Current Interest for such Regular Interest and each Distribution Date shall be an amount equal to 100% of the amounts distributable to the Class IO Interest for such Distribution Date.

Percentage Interest: With respect to any Certificate of a specified Class, the Percentage Interest set forth on the face thereof or the percentage obtained by dividing the Denomination of such Certificate by the aggregate of the Denominations of all Certificates of such Class.

 



 

Periodic Rate Cap: With respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor, the fixed percentage set forth in the related Mortgage Note, which is the maximum amount by which the Mortgage Rate for such Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect immediately prior to such Adjustment Date.

Permitted Investments: At any time, any one or more of the following obligations and securities:

(i)

obligations of the United States or any agency thereof, provided such obligations are backed by the full faith and credit of the United States;

(ii)

general obligations of or obligations guaranteed by any state of the United States or the District of Columbia receiving the highest long-term debt rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency, as evidenced in writing;

(iii)

commercial or finance company paper which is then receiving the highest commercial or finance company paper rating of each Rating Agency, or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency, as evidenced in writing;

(iv)

certificates of deposit, demand or time deposits, or bankers’ acceptances issued by any depository institution or trust company incorporated under the laws of the United States or of any state thereof and subject to supervision and examination by federal and/or state banking authorities (including the Trustee in its commercial banking capacity), provided that the commercial paper and/or long term unsecured debt obligations of such depository institution or trust company are then rated one of the two highest long-term and the highest short-term ratings of each such Rating Agency for such securities, or such lower ratings as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency, as evidenced in writing;

(v)

guaranteed reinvestment agreements issued by any bank, insurance company or other corporation containing, at the time of the issuance of such agreements, such terms and conditions as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any such Rating Agency, as evidenced in writing;

(vi)

repurchase obligations with respect to any security described in clauses (i) and (ii) above, in either case entered into with a depository institution or trust company (acting as principal) described in clause (v) above;

(vii)

securities (other than stripped bonds, stripped coupons or instruments sold at a purchase price in excess of 115% of the face amount thereof) bearing interest or sold at a discount issued by any corporation incorporated under the laws of the

 



United States or any state thereof which, at the time of such investment, have one of the two highest short term ratings of each Rating Agency (except if the Rating Agency is Moody’s, such rating shall be the highest commercial paper rating of Moody’s for any such securities), or such lower rating as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

(viii)

interests in any money market fund (including any such fund managed or advised by the Trustee or any affiliate thereof) which at the date of acquisition of the interests in such fund and throughout the time such interests are held in such fund has the highest applicable short term rating by each Rating Agency or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency, as evidenced in writing;

(ix)

short term investment funds sponsored by any trust company or banking association incorporated under the laws of the United States or any state thereof (including any such fund managed or advised by the Trustee or the Master Servicer or any affiliate thereof) which on the date of acquisition has been rated by each Rating Agency in their respective highest applicable rating category or such lower rating as will not result in the downgrading or withdrawal of the ratings then assigned to the Certificates by each Rating Agency, as evidenced in writing; and

(x)

such other investments having a specified stated maturity and bearing interest or sold at a discount acceptable to each Rating Agency and as will not result in the downgrading or withdrawal of the rating then assigned to the Certificates by any Rating Agency, as evidenced by a signed writing delivered by each Rating Agency;

provided, that no such instrument shall be a Permitted Investment if such instrument (i) evidences the right to receive interest only payments with respect to the obligations underlying such instrument, (ii) is purchased at a premium or (iii) is purchased at a deep discount; provided further that no such instrument shall be a Permitted Investment (A) if such instrument evidences principal and interest payments derived from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations, or (B) if it may be redeemed at a price below the purchase price (the foregoing clause (B) not to apply to investments in units of money market funds pursuant to clause (viii) above); provided further that no amount beneficially owned by any REMIC may be invested in investments (other than money market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer shall receive an Opinion of Counsel, at the expense of the Master Servicer, to the effect that such investment will not adversely affect the status of any such REMIC as a REMIC under the Code or result in imposition of a tax on any such REMIC. Permitted Investments that are subject to prepayment or call may not be purchased at a price in excess of par.

Permitted Transferee: Any person (x) other than (i) the United States, any State or political subdivision thereof, any possession of the United States or any agency or

 



instrumentality of any of the foregoing, (ii) a foreign government, International Organization or any agency or instrumentality of either of the foregoing, (iii) an organization (except certain farmers’ cooperatives described in section 521 of the Code) that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in section 860E(c)(1) of the Code) with respect to any Residual Certificate, (iv) rural electric and telephone cooperatives described in section 1381(a)(2)(C) of the Code or (v) on electing large partnership within the meaning of Section 775(a) of the Code, (y) that is a citizen or resident of the United States, a corporation, partnership (other than a partnership that has any direct or indirect foreign partners) or other entity (treated as a corporation or a partnership for federal income tax purposes), created or organized in or under the laws of the United States, any State thereof or the District of Columbia, an estate whose income from sources without the United States is includible in gross income for United States federal income tax purposes regardless of its connection with the conduct of a trade or business within the United States, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have authority to control all substantial decisions of the trust or if it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person and (z) other than any other Person so designated by the Trustee based upon an Opinion of Counsel addressed to the Trustee (which shall not be an expense of the Trustee) that states that the Transfer of an Ownership Interest in a Residual Certificate to such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to fail to qualify as a REMIC at any time that any Certificates are Outstanding. The terms “United States,” “State” and “International Organization” shall have the meanings set forth in section 7701 of the Code or successor provisions. A corporation will not be treated as an instrumentality of the United States or of any State or political subdivision thereof for these purposes if all of its activities are subject to tax and, with the exception of Freddie Mac, a majority of its board of directors is not selected by such government unit.

Person: Any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government, or any agency or political subdivision thereof.

Prepayment Assumption: The applicable rate of prepayment as described in the Prospectus Supplement.

Prepayment Charge: Any prepayment premium, penalty or charge payable by a Mortgagor in connection with any Principal Prepayment on a Mortgage Loan pursuant to the terms of the related Mortgage Note.

Prepayment Interest Shortfall: With respect to any Distribution Date, for each Mortgage Loan that was the subject of a partial Principal Prepayment, a Principal Prepayment in full, or that became a Liquidated Loan during the related Prepayment Period, (other than a Principal Prepayment in full resulting from the purchase of a Mortgage Loan pursuant to Section 2.02, 2.03, 3.18 or 10.01 hereof), the amount, if any, by which (i) one month’s interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage Loan immediately prior to such prepayment (or liquidation) or in the case of a partial Principal Prepayment on the amount of such prepayment (or liquidation proceeds) exceeds (ii) the amount

 



of interest paid or collected in connection with such Principal Prepayment or such liquidation proceeds less the sum of (a) the Trustee Fee, (b) the Servicing Fee and (c) the LPMI Fee, if any.

Prepayment Period: As to any Distribution Date, the period commencing on the 16th day of the month prior to the month in which the related Distribution Date occurs and ending on the 15th day of the month in which such Distribution Date occurs.

Primary Mortgage Insurance Policy: Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note Holder in the event of default by the obligor under such Mortgage Note or the related security instrument, if any or any replacement policy therefor through the related Accrual Period for such Class relating to a Distribution Date.

Principal Distribution Amount: With respect to each Distribution Date, an amount equal to (x) the Principal Funds for such Distribution Date plus (y) any Extra Principal Distribution Amount for such Distribution Date, less (z) any Overcollateralization Release Amount.

Principal Funds: With respect to each Loan Group and any Distribution Date, (i) the sum, without duplication, of (a) all scheduled principal collected during the related Due Period, (b) all Advances relating to principal made on or before the Distribution Account Deposit Date, (c) Principal Prepayments exclusive of prepayment charges or penalties collected during the related Prepayment Period, (d) the Stated Principal Balance of each Mortgage Loan in the related Loan Group that was repurchased by the EMC pursuant to Sections 2.02 and 2.03 by EMC (on its own behalf as a Seller and on behalf of Master Funding) or by the Master Servicer pursuant to Section 3.18, (e) the aggregate of all Substitution Adjustment Amounts for the related Determination Date in connection with the substitution of Mortgage Loans pursuant to Section 2.03(c), (f) all Liquidation Proceeds and Subsequent Recoveries collected during the related Prepayment Period (to the extent such Liquidation Proceeds and Subsequent Recoveries relate to principal), in each case to the extent remitted by the Master Servicer to the Distribution Account pursuant to this Agreement and (g) amounts in respect of principal paid by the Majority Class CE Certificateholder or the Master Servicer, as applicable, pursuant to Section 10.01, minus (ii) all amounts required to be reimbursed pursuant to Sections 4.02 and 4.05 or as otherwise set forth in this Agreement and (iii) any Net Swap Payments or Swap Termination Payments (not due to a Swap Provider Trigger Event) owed to the Swap Administrator for payment to the Swap Provider to the extent not paid from Interest Funds.

Principal Prepayment: Any Mortgagor payment or other recovery of (or proceeds with respect to) principal on a Mortgage Loan (including loans purchased or repurchased under Sections 2.02, 2.03, 3.18 and 10.01 hereof) that is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. Partial Principal Prepayments shall be applied by the Master Servicer, as appropriate, in accordance with the terms of the related Mortgage Note.

Principal Remittance Amount: With respect to each Distribution Date, the sum of the amounts listed in clauses (a) through (f) of the definition of Principal Funds.

Private Certificates: Any of the Class P, Class CE and Residual Certificates.

 



 

Prospectus Supplement: The Prospectus Supplement dated July 27, 2005 relating to the public offering of the Class I-A-1, Class I-A-2, Class I-A-3, Class II-A-1, Class II-A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates.

Protected Account: The separate Eligible Account established and maintained by the Master Servicer with respect to the Mortgage Loans and REO Property in accordance with Section 4.01 hereof.

PUD: A Planned Unit Development.

Purchase Price: With respect to any Mortgage Loan (x) required to be repurchased by EMC pursuant to Section 2.02 or 2.03 hereof or (y) that EMC has a right to purchase pursuant to Section 3.18 hereof, an amount equal to the sum of (i) 100% of the outstanding principal balance of the Mortgage Loan as of the date of such purchase (or if the related Mortgaged Property was acquired with respect thereto, 100% of the Outstanding Principal Balance at the date of the acquisition), plus (ii) accrued interest thereon at the applicable Mortgage Rate through the first day of the month in which the Purchase Price is to be distributed to Certificateholders, reduced by any portion of the Servicing Fee, Servicing Advances and Advances payable to the purchaser of the Mortgage Loan plus (iii) any costs and damages (if any) incurred by the Trust in connection with any violation of such Mortgage Loan of any anti-predatory lending laws.

QIB: A Qualified Institutional Buyer as defined in Rule 144A promulgated under the Securities Act.

Rating Agency: Each of Moody’s, S&P and Fitch. If any such organization or its successor is no longer in existence, “Rating Agency” shall be a nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, notice of which designation shall be given to the Trustee. References herein to a given rating category of a Rating Agency shall mean such rating category without giving effect to any modifiers.

Realized Loss: With respect to each Mortgage Loan as to which a Final Recovery Determination has been made, an amount (not less than zero) equal to (i) the unpaid principal balance of such Mortgage Loan as of the commencement of the calendar month in which the Final Recovery Determination was made, plus (ii) accrued interest from the Due Date as to which interest was last paid by the Mortgagor through the end of the calendar month in which such Final Recovery Determination was made, calculated in the case of each calendar month during such period (A) at an annual rate equal to the annual rate at which interest was then accruing on such Mortgage Loan and (B) on a principal amount equal to the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date during such calendar month, minus (iii) the proceeds, if any, received in respect of such Mortgage Loan during the calendar month in which such Final Recovery Determination was made, net of amounts that are payable therefrom to the Master Servicer pursuant to this Agreement. In addition, to the extent the Master Servicer receives Subsequent Recoveries with respect to any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage Loan will be reduced to the extent such recoveries are distributed to any Class of Certificates or applied to increase Excess Spread on any Distribution Date.

 



 

With respect to any REO Property as to which a Final Recovery Determination has been made, an amount (not less than zero) equal to (i) the unpaid principal balance of the related Mortgage Loan as of the date of acquisition of such REO Property on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which interest was last paid by the Mortgagor in respect of the related Mortgage Loan through the end of the calendar month immediately preceding the calendar month in which such REO Property was acquired, calculated in the case of each calendar month during such period (A) at an annual rate equal to the annual rate at which interest was then accruing on the related Mortgage Loan and (B) on a principal amount equal to the Stated Principal Balance of the related Mortgage Loan as of the close of business on the Distribution Date during such calendar month, plus (iii) REO Imputed Interest for such REO Property for each calendar month commencing with the calendar month in which such REO Property was acquired and ending with the calendar month in which such Final Recovery Determination was made, minus (iv) the aggregate of all unreimbursed Advances and Servicing Advances.

With respect to each Mortgage Loan which has become the subject of a Deficient Valuation, the difference between the principal balance of the Mortgage Loan outstanding immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation.

With respect to each Mortgage Loan which has become the subject of a Debt Service Reduction, the portion, if any, of the reduction in each affected Monthly Payment attributable to a reduction in the Mortgage Rate imposed by a court of competent jurisdiction. Each such Realized Loss shall be deemed to have been incurred on the Due Date for each affected Monthly Payment.

Record Date: With respect to any Distribution Date and the Certificates (other than the Class CE, Class P and Residual Certificates), so long as such Classes of Certificates are Book-Entry Certificates, the Business Day preceding such Distribution Date, and otherwise, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs. With respect to the Class CE, Class P and Residual Certificates, so long as such Classes of Certificates remain non Book-Entry Certificates, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs.

Reference Banks: Shall mean leading banks selected by the Trustee and engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) which have been designated as such by the Trustee and (iii) which are not controlling, controlled by, or under common control with, the Depositor, the Seller or the Master Servicer.

Reference Bank Rate: With respect to any Accrual Period shall mean the arithmetic mean, rounded upwards, if necessary, to the nearest whole multiple of 0.03125%, of the offered rates for United States dollar deposits for one month that are quoted by the Reference Banks as of 11:00 a.m., New York City time, on the related Interest Determination Date to prime banks in the London interbank market for a period of one month in an amount approximately equal to the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates for such Accrual Period, provided that at least two such Reference Banks provide such rate. If fewer than two offered rates appear, the Reference Bank Rate will be the arithmetic mean, rounded

 



upwards, if necessary, to the nearest whole multiple of 0.03125%, of the rates quoted by one or more major banks in New York City, selected by the Trustee, as of 11:00 a.m., New York City time, on such date for loans in United States dollars to leading European banks for a period of one month in amounts approximately equal to the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates for such Accrual Period.

Regular Certificate: Any Certificate other than a Residual Certificate.

Regular Interest: A “regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the Code.

Relief Act: The Servicemembers Civil Relief Act, as amended, or similar state law.

Relief Act Interest Shortfall: With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most recently ended Due Period as a result of the application of the Relief Act.

Remaining Excess Spread: With respect to any Distribution Date, the Excess Spread less any Extra Principal Distribution Amount, in each case for such Distribution Date.

REMIC: A “real estate mortgage investment conduit” within the meaning of section 860D of the Code.

REMIC I: The segregated pool of assets described in the Preliminary Statement and Section 5.07(a).

REMIC Regular Interests: The REMIC I Regular Interests and REMIC II Regular Interests.

REMIC I Group I Regular Interests: REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-60-B as designated in the Preliminary Statement hereto.

REMIC I Group II Regular Interests: REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-60-B as designated in the Preliminary Statement hereto.

REMIC I Regular Interest: Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a Regular Interest in REMIC I. Each REMIC I Regular Interest shall accrue interest at the related Uncertificated REMIC I Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC I Regular Interests are set forth in the Preliminary Statement hereto. The REMIC I Regular Interests consist of the REMIC I Group I Regular Interests, REMIC I Group II Regular Interests and REMIC I Regular Interest P.

REMIC II: The segregated pool of assets described in the Preliminary Statement and Section 5.07(a).

 



 

REMIC II Interest Loss Allocation Amount: With respect to any Distribution Date, an amount (subject to adjustment based on the actual number of days elapsed in the respective Accrual Period) equal to (a) the product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest AA minus the Marker Rate, divided by (b) 12.

REMIC II Marker Allocation Percentage: 50% of any amount payable or loss attributable from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest AA, REMIC II Regular Interest I-A-1, REMIC II Regular Interest I-A-2, REMIC II Regular Interest I-A-3, REMIC II Regular Interest II-A-1, REMIC II Regular Interest II-A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7 and REMIC II Regular Interest ZZ.

REMIC II Overcollateralization Amount: With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate Uncertificated Principal Balance of REMIC II Regular Interest I-A-1, REMIC II Regular Interest I-A-2, REMIC II Regular Interest I-A-3, REMIC II Regular Interest II-A-1, REMIC II Regular Interest II-A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6 and REMIC II Regular Interest M-7, in each case as of such date of determination.

REMIC II Principal Loss Allocation Amount: With respect to any Distribution Date, an amount equal to (a) the product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction, the numerator of which is two times the aggregate Uncertificated Principal Balance of REMIC II Regular Interest I-A-1, REMIC II Regular Interest I-A-2, REMIC II Regular Interest I-A-3, REMIC II Regular Interest II-A-1, REMIC II Regular Interest II-A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6 and REMIC II Regular Interest M-7, and the denominator of which is the aggregate Uncertificated Principal Balance of REMIC II Regular Interest I-A-1, REMIC II Regular Interest I-A-2, REMIC II Regular Interest I-A-3, REMIC II Regular Interest II-A-1, REMIC II Regular Interest II-A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7 and REMIC II Regular Interest ZZ.

REMIC II Sub WAC Allocation Percentage: 50% of any amount payable or loss attributable from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX.

REMIC II Subordinated Balance Ratio: The ratio among the Uncertificated Principal Balances of each REMIC II Regular Interest ending with the designation “Sub”, equal to the ratio among, with respect to each such REMIC II Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I or the Mortgage

 



Loans in Loan Group II, as applicable, over (y) the current Certificate Principal Balance of the related Class A Certificates.

REMIC II Required Overcollateralization Amount: 0.50% of the Overcollateralization Target Amount.

REMIC II Regular Interest: Any of the separate non-certificated beneficial ownership interests in REMIC II issued hereunder and designated as a Regular Interest in REMIC II. Each REMIC II Regular Interest shall accrue interest at the related Uncertificated REMIC II Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC II Regular Interests are set forth in the Preliminary Statement hereto.

REMIC III: The segregated pool of assets described in the Preliminary Statement and Section 5.07(a).

REMIC III Regular Interest: The Class CE Interest, Class P Interest, Class IO Interest or any Regular Interest in REMIC III the ownership of which is represented by any of the Class A Certificates or Class M Certificates.

REMIC IV: The segregated pool of assets consisting of the Class CE Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class CE Certificates and the Class RX Certificate (in respect of the Class R-4 Interest), with respect to which a separate REMIC election is to be made.

REMIC IV Certificate: Any Class CE Certificate or Class RX Certificate (in respect of the Class R-4 Interest).

REMIC V: The segregated pool of assets consisting of the Class P Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class P Certificates and the Class RX Certificate (in respect of the Class R-5 Interest), with respect to which a separate REMIC election is to be made.

REMIC V Certificate: Any Class P Certificate or Class RX Certificate (in respect of the Class R-5 Interest).

REMIC VI: The segregated pool of assets consisting of the Class IO Interest conveyed in trust to the Trustee, for the benefit of the Holders of REMIC VI Regular Interest IO and the Class RX Certificate (in respect of the Class R-6 Interest), with respect to which a separate REMIC election is to be made.

REMIC VI Interests: The REMIC VI Regular Interest IO and any Class RX Certificate (in respect of the Class R-6 Interest).

REMIC Opinion: Shall mean an Opinion of Counsel to the effect that the proposed action will not cause any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI to fail to qualify as a REMIC at any time that any Certificates are outstanding.

 



 

REMIC Provisions: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of the Code, and related provisions, and proposed, temporary and final regulations and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time, as well as provisions of applicable state laws.

Remittance Date: Shall mean the Business Day immediately preceding the Distribution Account Deposit Date.

REO Imputed Interest: As to any REO Property, for any calendar month during which such REO Property was at any time part of REMIC I, one month’s interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such REO Property (or, in the case of the first such calendar month, of the related Mortgage Loan, if appropriate) as of the close of business on the Distribution Date in such calendar month.

REO Property: A Mortgaged Property acquired by the Master Servicer through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

Replacement Mortgage Loan: A Mortgage Loan or Mortgage Loans in the aggregate substituted by EMC for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

Request for Release: The Request for Release to be submitted by EMC or the Master Servicer to the Custodian substantially in the form of Exhibit G. Each Request for Release furnished to the Custodian by EMC or the Master Servicer shall be in duplicate and shall be executed by an officer of such Person or a Servicing Officer (or, if furnished electronically to the

 



Custodian, shall be deemed to have been sent and executed by an officer of such Person or a Servicing Officer) of the Master Servicer.

Required Insurance Policy: With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

Reserve Fund: Shall mean the separate trust account created and maintained by the Trustee pursuant to Section 3.20 hereof.

Residual Certificates: The Class R-1, Class R-2, Class R-3 and Class RX Certificates (representing ownership of the Class R-4 Interest, Class R-5 Interest and Class R-6 Interest) each evidencing the sole class of Residual Interests (within the meaning of Section 860G(a)(2) of the Code) in the related REMIC.

Residual Interest: The sole class of “residual interests” in a REMIC within the meaning of Section 860G(a)(2) of the Code.

Responsible Officer: With respect to the Trustee, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, or any Trust Officer with specific responsibility for the transactions contemplated hereby, any other officer customarily performing functions similar to those performed by any of the above designated officers or other officers of the Trustee specified by the Trustee, as to whom, with respect to a particular matter, such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

S&P: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan.

Securities Act: The Securities Act of 1933, as amended.

Seller: EMC or Master Funding, in each case in such capacity under the Mortgage Loan Purchase Agreement.

Senior Certificates: Any of the Class I-A-1, Class I-A-2, Class I-A-3, Class II-A-1 and Class II-A-2 Certificates.

Servicing Advances: All customary, reasonable and necessary “out of pocket” costs and expenses (including reasonable legal fees) incurred in the performance by the Master Servicer of its servicing obligations hereunder, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any enforcement or judicial proceedings, including foreclosures, and including any expenses incurred in relation to any such proceedings that result from the Mortgage Loan being registered in the MERS® System, (iii) the management and liquidation of any REO Property (including, without limitation, realtor’s commissions) and (iv) compliance with any obligations under Section 3.07 hereof to cause insurance to be maintained.

 



 

Servicing Fee: As to each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of the Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage Loan as of the last day of the related Due Period or, in the event of any payment of interest that accompanies a Principal Prepayment in full during the related Due Period made by the Mortgagor immediately prior to such prepayment, interest at the Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan for the period covered by such payment of interest.

Servicing Fee Rate: 0.500% per annum.

Servicing Modification: With respect to any Mortgage Loan that is in default or, in the reasonable judgment of the Master Servicer, as to which default is reasonably foreseeable, any modification which is effected by the Master Servicer in accordance with the terms of this Agreement which results in any change in the outstanding Stated Principal Balance, any change in the Mortgage Rate or any extension of the term of such Mortgage Loan.

Servicing Officer: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name and facsimile signature appear on a list of servicing officers furnished to the Trustee by the Master Servicer on the Closing Date pursuant to this Agreement, as such list may from time to time be amended.

Special Servicer Trigger: With respect to any Distribution Date, a Special Servicer Trigger shall have occurred and be continuing if at any time, (x) the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more Delinquent and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the related Due Period exceeds (y) the percentage set forth in Exhibit N for such Distribution Date.

Startup Day: The Startup Day for each REMIC formed hereunder shall be the Closing Date.

Stated Principal Balance: With respect to any Mortgage Loan or related REO Property and any Distribution Date, the Cut-off Date Principal Balance thereof minus the sum of (i) the principal portion of the Scheduled Payments due with respect to such Mortgage Loan during each Due Period ending prior to such Distribution Date (and irrespective of any delinquency in their payment), (ii) all Principal Prepayments with respect to such Mortgage Loan received prior to or during the related Prepayment Period, and all Liquidation Proceeds to the extent applied by the Master Servicer as recoveries of principal in accordance with Section 3.09 with respect to such Mortgage Loan, that were received by the Master Servicer as of the close of business on the last day of the Prepayment Period related to such Distribution Date and (iii) any Realized Losses on such Mortgage Loan incurred during the related Prepayment Period. The Stated Principal Balance of a Liquidated Loan equals zero.

Stepdown Date: The later to occur of (a) the Distribution Date in August 2008 and (b) the first Distribution Date on which the Class A Specified Enhancement Percentage (calculated for this purpose only, prior to distributions on the Certificates but following distributions on the Mortgage Loans for the related Due Period) is greater than or equal to 47.60%.

 



 

Subordinated Certificates: The Class M Certificates, Class CE Certificates and Residual Certificates.

Subsequent Recoveries: As of any Distribution Date, amounts received by the Master Servicer (net of any related expenses permitted to be reimbursed pursuant to Section 4.02) or surplus amounts held by the Master Servicer to cover estimated expenses (including, but not limited to, recoveries in respect of the representations and warranties made by EMC pursuant to the Mortgage Loan Purchase Agreement) specifically related to a Mortgage Loan that was the subject of a liquidation or final disposition of any REO Property prior to the related Prepayment Period that resulted in a Realized Loss.

Subservicing Agreement: Any agreement entered into between the Master Servicer and a subservicer with respect to the subservicing of any Mortgage Loan hereunder by such subservicer.

Substitution Adjustment Amount: The meaning ascribed to such term pursuant to Section 2.03(c).

Successor Master Servicer: The meaning ascribed to such term pursuant to Section 8.02.

Swap Administration Agreement: The swap administration agreement, dated July 29, 2005, pursuant to which the Swap Administrator will make payments to the Swap Provider and the Trust Fund, and certain other payments.

Swap Agreement: The interest rate swap agreement between the Swap Provider and the Swap Administrator, which agreement provides for Net Swap Payments and Swap Termination Payments to be paid, as provided therein, together with any schedules, confirmations or other agreements relating thereto, attached hereto as Exhibit M.

Swap Account: The separate trust account created and maintained by the Swap Administrator pursuant to the Swap Administration Agreement.

Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement.

Swap Provider: The swap provider under the Swap Agreement either (a) entitled to receive payments from the Swap Administrator from amounts payable by the Trust Fund under this Agreement or (b) required to make payments to the Swap Administrator for payment to the Trust Fund, in either case pursuant to the terms of the Swap Agreement, and any successor in interest or assign. Initially, the Swap Provider shall be Bear Stearns Financial Products Inc.

Swap Provider Trigger Event: With respect to any Distribution Date, (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party, (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party, or (iii) an Additional Termination Event under the interest rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

Swap Termination Payment: Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Swap Administrator to the Swap

 



Provider from payments from the Trust Fund, or by the Swap Provider to the Swap Administrator for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

Tax Matters Person: The person designated as “tax matters person” in the manner provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T. The Holder of the greatest Percentage Interest in a Class of Residual Certificates shall be the Tax Matters Person for the related REMIC. The Trustee, or any successor thereto or assignee thereof, shall serve as tax administrator hereunder and as agent for the related Tax Matters Person.

Transfer: Any direct or indirect transfer or sale of any Ownership Interest in a Certificate.

Transfer Affidavit: As defined in Section 6.02.

Trigger Event: With respect to any Distribution Date, a Trigger Event exists if (i) a Delinquency Event shall have occurred and be continuing or (ii) the aggregate amount of Realized Losses on the Mortgage Loans since the Cut-off Date as a percentage of the Cut-off Date Principal Balance exceeds the applicable percentages set forth below with respect to such Distribution Date:

Distribution Date

Percentage

 

 

August 2008 to July 2009

3.25%

August 2009 to July 2010

5.00%

August 2010 to July 2011

6.50%

August 2011 and thereafter

7.50%

 

Trust Fund: The corpus of the trust created hereunder consisting of (i) the Mortgage Loans and all interest accruing and principal due with respect thereto after the Cut-off Date to the extent not applied in computing the Cut-off Date Principal Balance thereof; (ii) the Distribution Account, the Class P Certificate Account, the Reserve Fund and the Protected Account and all amounts deposited therein pursuant to the applicable provisions of this Agreement; (iii) property that secured a Mortgage Loan and has been acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv) the mortgagee’s rights under the Insurance Policies with respect to the Mortgage Loans; (v) the rights under the Swap Administration Agreement; (vi) the rights under the Mortgage Loan Purchase Agreement; and (vii) all proceeds of the foregoing, including proceeds of conversion, voluntary or involuntary, of any of the foregoing into cash or other liquid property.

Trustee: LaSalle Bank National Association, a national banking association, and any successor thereto, and any corporation or national banking association resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee as may from time to time be serving as successor trustee hereunder.

 



 

Trustee Fee: As to each Mortgage Loan and any Distribution Date, a per annum fee equal to 0.0044% multiplied by the Stated Principal Balance of such Mortgage Loan as of the last day of the related Due Period.

Uncertificated Accrued Interest: With respect to each REMIC Regular Interest on each Distribution Date, an amount equal to one month’s interest at the related Uncertificated Pass-Through Rate on the related Uncertificated Principal Balance of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest will be reduced by any Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular Interests as set forth in Section 1.02).

Uncertificated Notional Amount: With respect to the Class CE Interest and any Distribution Date, an amount equal to the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest P) for such Distribution Date.

With respect to REMIC II Regular Interest IO and each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC I Regular Interests ending with the designation “A” listed below:

Distribution Date

REMIC I Regular Interests

1

I-1-A through I-60-A and II-1-A through II-60-A

2

I-2-A through I-60-A and II-2-A through II-60-A

3

I-3-A through I-60-A and II-3-A through II-60-A

4

I-4-A through I-60-A and II-4-A through II-60-A

5

I-5-A through I-60-A and II-5-A through II-60-A

6

I-6-A through I-60-A and II-6-A through II-60-A

7

I-7-A through I-60-A and II-7-A through II-60-A

8

I-8-A through I-60-A and II-8-A through II-60-A

9

I-9-A through I-60-A and II-9-A through II-60-A

10

I-10-A through I-60-A and II-10-A through II-60-A

11

I-11-A through I-60-A and II-11-A through II-60-A

12

I-12-A through I-60-A and II-12-A through II-60-A

13

I-13-A through I-60-A and II-13-A through II-60-A

14

I-14-A through I-60-A and II-14-A through II-60-A

15

I-15-A through I-60-A and II-15-A through II-60-A

16

I-16-A through I-60-A and II-16-A through II-60-A

17

I-17-A through I-60-A and II-17-A through II-60-A

18

I-18-A through I-60-A and II-18-A through II-60-A

19

I-19-A through I-60-A and II-19-A through II-60-A

20

I-20-A through I-60-A and II-20-A through II-60-A

21

I-21-A through I-60-A and II-21-A through II-60-A

22

I-22-A through I-60-A and II-22-A through II-60-A

23

I-23-A through I-60-A and II-23-A through II-60-A

24

I-24-A through I-60-A and II-24-A through II-60-A

25

I-25-A through I-60-A and II-25-A through II-60-A

26

I-26-A through I-60-A and II-26-A through II-60-A

27

I-27-A through I-60-A and II-27-A through II-60-A

28

I-28-A through I-60-A and II-28-A through II-60-A

29

I-29-A through I-60-A and II-29-A through II-60-A

30

I-30-A through I-60-A and II-30-A through II-60-A

31

I-31-A through I-60-A and II-31-A through II-60-A

32

I-32-A through I-60-A and II-32-A through II-60-A

33

I-33-A through I-60-A and II-33-A through II-60-A

34

I-34-A through I-60-A and II-34-A through II-60-A

35

I-35-A through I-60-A and II-35-A through II-60-A

36

I-36-A through I-60-A and II-36-A through II-60-A

 

 



 

 

37

I-37-A through I-60-A and II-37-A through II-60-A

38

I-38-A through I-60-A and II-38-A through II-60-A

39

I-39-A through I-60-A and II-39-A through II-60-A

40

I-40-A through I-60-A and II-40-A through II-60-A

41

I-41-A through I-60-A and II-41-A through II-60-A

42

I-42-A through I-60-A and II-42-A through II-60-A

43

I-43-A through I-60-A and II-43-A through II-60-A

44

I-44-A through I-60-A and II-44-A through II-60-A

45

I-45-A through I-60-A and II-45-A through II-60-A

46

I-46-A through I-60-A and II-46-A through II-60-A

47

I-47-A through I-60-A and II-47-A through II-60-A

48

I-48-A through I-60-A and II-48-A through II-60-A

49

I-49-A through I-60-A and II-49-A through II-60-A

50

I-50-A through I-60-A and II-50-A through II-60-A

51

I-51-A through I-60-A and II-51-A through II-60-A

52

I-52-A through I-60-A and II-52-A through II-60-A

53

I-53-A through I-60-A and II-53-A through II-60-A

54

I-54-A through I-60-A and II-54-A through II-60-A

55

I-55-A through I-60-A and II-55-A through II-60-A

56

I-56-A through I-60-A and II-56-A through II-60-A

57

I-57-A through I-60-A and II-57-A through II-60-A

58

I-58-A through I-60-A and II-58-A through II-60-A

59

I-59-A through I-60-A and II-59-A through II-60-A

60

I-60-A and II-60-A

thereafter

$0.00

 

With respect to the Class IO Interest and any Distribution Date, an amount equal to the Uncertificated Notional Amount of the REMIC II Regular Interest IO. With respect to REMIC VI Regular Interest IO, an amount equal to the Uncertificated Notional Amount of the Class IO Interest.

Uncertificated Pass-Through Rate: The Uncertificated REMIC I Pass-Through Rate and Uncertificated REMIC II Pass-Through Rate.

Uncertificated Principal Balance: The amount of REMIC Regular Interests and Class P Interest outstanding as of any date of determination. As of the Closing Date, the Uncertificated Principal Balance of each REMIC Regular Interest and Class P Interest shall equal the amount set forth in the Preliminary Statement hereto as its initial uncertificated principal balance. On each Distribution Date, the Uncertificated Principal Balance of the REMIC Regular Interests and Class P Interest shall be reduced by all distributions of principal made on such REMIC Regular Interests and Class P Interest on such Distribution Date pursuant to Section 5.07 and, if and to the extent necessary and appropriate, shall be further reduced on such Distribution Date by Realized Losses as provided in Section 5.05, and the Uncertificated Principal Balance of REMIC II Regular Interest ZZ shall be increased by interest deferrals as provided in Section 5.07(c)(1)(ii). The Uncertificated Principal Balance of each REMIC Regular Interest and Class P Interest shall never be less than zero. With respect to the Class CE Interest as of any date of determination, an amount equal to the excess, if any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC II Regular Interests over (B) the then aggregate Certificate Principal Balance of the Class A Certificates and the Class M Certificates and the Uncertificated Principal Balance of the Class P Interest then outstanding.

Uncertificated REMIC I Pass-Through Rate: With respect to each REMIC I Group I Regular Interest ending with the designation “A”, a per annum rate equal to the weighted average

 



Net Mortgage Rate of Loan Group I multiplied by 2, subject to a maximum rate of 7.8850%. With respect to each REMIC I Group I Regular Interest ending with the designation “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of Loan Group I over (ii) 7.8850% and (y) 0.00%. With respect to each REMIC I Group II Regular Interest ending with the designation “A”, a per annum rate equal to the weighted average Net Mortgage Rate of Loan Group II multiplied by 2, subject to a maximum rate of 7.8850%. With respect to each REMIC I Group II Regular Interest ending with the designation “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of Loan Group II over (ii) 7.8850% and (y) 0.00%. With respect to REMIC I Regular Interest P, 0.00%.

Uncertificated REMIC II Pass-Through Rate: With respect to REMIC II Regular Interest AA, REMIC II Regular Interest I-A-1, REMIC II Regular Interest I-A-2, REMIC II Regular Interest I-A-3, REMIC II Regular Interest II-A-1, REMIC II Regular Interest II-A-2, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest ZZ, REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 2-Sub and REMIC II Regular Interest XX, a per annum rate (but not less than zero) equal to the weighted average of (x) with respect to REMIC I Regular Interests ending with the designation “B”, the weighted average of the Uncertificated REMIC I Pass-Through Rates for such REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balances of such REMIC I Regular Interests for each such Distribution Date and (y) with respect to REMIC I Regular Interests ending with the designation “A”, for each Distribution Date listed below, the weighted average of the rates listed below for each such REMIC I Regular Interest listed below, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest for each such Distribution Date:

Distribution Date

REMIC I Regular Interest

Rate

1

I-1-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

2

I-2-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-2-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate Uncertificated REMIC I Pass-Through Rate

 

I-1-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A

Uncertificated REMIC I Pass-Through Rate

3

I-3-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-3-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A and I-2-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A and II-2-A

Uncertificated REMIC I Pass-Through Rate

4

I-4-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-4-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-3-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-3-A

Uncertificated REMIC I Pass-Through Rate

5

I-5-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-5-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-4-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-4-A

Uncertificated REMIC I Pass-Through Rate

 

 



 

 

6

I-6-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-6-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-5-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-5-A

Uncertificated REMIC I Pass-Through Rate

7

I-7-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-7-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-6-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-6-A

Uncertificated REMIC I Pass-Through Rate

8

I-8-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-8-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-7-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-7-A

Uncertificated REMIC I Pass-Through Rate

9

I-9-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-9-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-8-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-8-A

Uncertificated REMIC I Pass-Through Rate

10

I-10-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-10-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-9-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-9-A

Uncertificated REMIC I Pass-Through Rate

11

I-11-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-11-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-10-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-10-A

Uncertificated REMIC I Pass-Through Rate

12

I-12-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-12-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-11-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-11-A

Uncertificated REMIC I Pass-Through Rate

13

I-13-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-13-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-12-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-12-A

Uncertificated REMIC I Pass-Through Rate

14

I-14-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-14-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-13-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-13-A

Uncertificated REMIC I Pass-Through Rate

15

I-15-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-15-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-14-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-14-A

Uncertificated REMIC I Pass-Through Rate

16

I-16-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-16-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-15-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-15-A

Uncertificated REMIC I Pass-Through Rate

17

I-17-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

 



 

 

 

II-17-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-16-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-16-A

Uncertificated REMIC I Pass-Through Rate

18

I-18-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-18-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-17-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-17-A

Uncertificated REMIC I Pass-Through Rate

19

I-19-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-19-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-18-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-18-A

Uncertificated REMIC I Pass-Through Rate

20

I-20-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-20-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-19-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-19-A

Uncertificated REMIC I Pass-Through Rate

21

I-21-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-21-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-20-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-20-A

Uncertificated REMIC I Pass-Through Rate

22

I-22-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-22-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-21-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-21-A

Uncertificated REMIC I Pass-Through Rate

23

I-23-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-23-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-22-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-22-A

Uncertificated REMIC I Pass-Through Rate

24

I-24-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-24-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-23-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-23-A

Uncertificated REMIC I Pass-Through Rate

25

I-25-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-25-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-24-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-24-A

Uncertificated REMIC I Pass-Through Rate

26

I-26-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-26-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-25-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-25-A

Uncertificated REMIC I Pass-Through Rate

27

I-27-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-27-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-26-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-26-A

Uncertificated REMIC I Pass-Through Rate

28

I-28-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-28-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-27-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-27-A

Uncertificated REMIC I Pass-Through Rate

 

 



 

 

29

I-29-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-29-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-28-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-28-A

Uncertificated REMIC I Pass-Through Rate

30

I-30-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-30-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-29-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-29-A

Uncertificated REMIC I Pass-Through Rate

31

I-31-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-31-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-30-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-30-A

Uncertificated REMIC I Pass-Through Rate

32

I-32-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-32-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-31-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-31-A

Uncertificated REMIC I Pass-Through Rate

33

I-33-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-33-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-32-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-32-A

Uncertificated REMIC I Pass-Through Rate

34

I-34-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-34-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-33-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-33-A

Uncertificated REMIC I Pass-Through Rate

35

I-35-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-35-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-34-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-34-A

Uncertificated REMIC I Pass-Through Rate

36

I-36-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-36-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-35-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-35-A

Uncertificated REMIC I Pass-Through Rate

37

I-37-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-37-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-36-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-36-A

Uncertificated REMIC I Pass-Through Rate

38

I-38-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-38-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-37-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-37-A

Uncertificated REMIC I Pass-Through Rate

39

I-39-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-39-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-38-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-38-A

Uncertificated REMIC I Pass-Through Rate

40

I-40-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

 



 

 

 

II-40-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-39-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-39-A

Uncertificated REMIC I Pass-Through Rate

41

I-41-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-41-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-40-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-40-A

Uncertificated REMIC I Pass-Through Rate

42

I-42-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-42-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-41-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-41-A

Uncertificated REMIC I Pass-Through Rate

43

I-43-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-43-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-42-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-42-A

Uncertificated REMIC I Pass-Through Rate

44

I-44-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-44-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-43-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-43-A

Uncertificated REMIC I Pass-Through Rate

45

I-45-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-45-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-44-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-44-A

Uncertificated REMIC I Pass-Through Rate

46

I-46-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-46-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-45-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-45-A

Uncertificated REMIC I Pass-Through Rate

47

I-47-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-47-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-46-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-46-A

Uncertificated REMIC I Pass-Through Rate

48

I-48-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-48-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-47-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-47-A

Uncertificated REMIC I Pass-Through Rate

49

I-49-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-49-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-48-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-48-A

Uncertificated REMIC I Pass-Through Rate

50

I-50-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-50-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-49-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-49-A

Uncertificated REMIC I Pass-Through Rate

51

I-51-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-51-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-50-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-50-A

Uncertificated REMIC I Pass-Through Rate

 

 



 

 

52

I-52-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-52-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-51-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-51-A

Uncertificated REMIC I Pass-Through Rate

53

I-53-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-53-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-52-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-52-A

Uncertificated REMIC I Pass-Through Rate

54

I-54-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-54-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-53-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-53-A

Uncertificated REMIC I Pass-Through Rate

55

I-55-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-55-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-54-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-54-A

Uncertificated REMIC I Pass-Through Rate

56

I-56-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-56-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-55-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-55-A

Uncertificated REMIC I Pass-Through Rate

57

I-57-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-57-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-56-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-56-A

Uncertificated REMIC I Pass-Through Rate

58

I-58-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-58-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-57-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-57-A

Uncertificated REMIC I Pass-Through Rate

59

I-59-A and I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-59-A and II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-58-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-58-A

Uncertificated REMIC I Pass-Through Rate

60

I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-59-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-59-A

Uncertificated REMIC I Pass-Through Rate

thereafter

I-1-A through I-60-A

Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-60-A

Uncertificated REMIC I Pass-Through Rate

 

With respect to REMIC II Regular Interest 1-Grp, a per annum rate (but not less than zero) equal to the weighted average of (x) with respect to REMIC I Group I Regular Interests ending with the designation “B”, the weighted average of the Uncertificated REMIC I Pass-Through Rates for such REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest for each such Distribution Date and (y) with respect to REMIC I Group I Regular Interests ending with the designation “A”, for each Distribution Date listed below, the weighted average of the rates listed below for such REMIC I

 



Regular Interests listed below, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest for each such Distribution Date:

Distribution Date

REMIC I Regular Interest

Rate

1

I-1-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

 

 

2

I-2-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

3

I-3-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A and I-2-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

4

I-4-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-3-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

5

I-5-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-4-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

6

I-6-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-5-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

7

I-7-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-6-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

8

I-8-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-7-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

9

I-9-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-8-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

10

I-10-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-9-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

11

I-11-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-10-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

12

I-12-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-11-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

13

I-13-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-12-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

14

I-14-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-13-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

15

I-15-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-14-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

16

I-16-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-15-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

 

 



 

 

17

I-17-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-16-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

18

I-18-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-17-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

19

I-19-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-18-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

20

I-20-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-19-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

21

I-21-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-20-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

22

I-22-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-21-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

23

I-23-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-22-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

24

I-24-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-23-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

25

I-25-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-24-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

26

I-26-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-25-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

27

I-27-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-26-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

28

I-28-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-27-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

29

I-29-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-28-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

30

I-30-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-29-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

31

I-31-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-30-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

32

I-32-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-31-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

33

I-33-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-32-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

34

I-34-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-33-A

Uncertificated REMIC I Pass-Through Rate

 

 



 

 

 

 

 

35

I-35-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-34-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

36

I-36-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-35-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

37

I-37-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-36-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

38

I-38-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-37-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

39

I-39-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-38-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

40

I-40-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-39-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

41

I-41-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-40-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

42

I-42-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-41-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

43

I-43-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-42-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

44

I-44-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-43-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

45

I-45-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-44-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

46

I-46-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-45-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

47

I-47-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-46-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

48

I-48-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-47-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

49

I-49-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-48-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

50

I-50-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-49-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

51

I-51-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-50-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

 

 



 

 

52

I-52-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-51-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

53

I-53-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-52-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

54

I-54-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-53-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

55

I-55-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-54-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

56

I-56-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-55-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

57

I-57-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-56-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

58

I-58-A through I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-57-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

59

I-59-A and I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-58-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

60

I-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

I-1-A through I-59-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

thereafter

I-1-A through I-60-A

Uncertificated REMIC I Pass-Through Rate

 

With respect to REMIC II Regular Interest 2-Grp, a per annum rate (but not less than zero) equal to the weighted average of (x) with respect to REMIC I Group II Regular Interests ending with the designation “B”, the weighted average of the Uncertificated REMIC I Pass-Through Rates for such REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest for each such Distribution Date and (y) with respect to REMIC I Group II Regular Interests ending with the designation “A”, for each Distribution Date listed below, the weighted average of the rates listed below for such REMIC I Regular Interests listed below, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest for each such Distribution Date:

Distribution Date

REMIC I Regular Interest

Rate

1

II-1-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

 

 

2

II-2-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

3

II-3-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A and II-2-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

4

II-4-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-3-A

Uncertificated REMIC I Pass-Through Rate

 

 



 

 

 

 

 

5

II-5-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-4-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

6

II-6-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-5-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

7

II-7-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-6-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

8

II-8-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-7-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

9

II-9-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-8-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

10

II-10-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-9-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

11

II-11-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-10-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

12

II-12-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-11-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

13

II-13-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-12-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

14

II-14-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-13-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

15

II-15-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-14-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

16

II-16-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-15-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

17

II-17-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-16-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

18

II-18-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-17-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

19

II-19-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-18-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

20

II-20-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-19-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

21

II-21-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-20-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

 

 



 

 

22

II-22-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-21-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

23

II-23-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-22-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

24

II-24-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-23-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

25

II-25-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-24-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

26

II-26-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-25-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

27

II-27-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-26-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

28

II-28-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-27-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

29

II-29-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-28-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

30

II-30-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-29-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

31

II-31-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-30-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

32

II-32-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-31-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

33

II-33-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-32-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

34

II-34-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-33-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

35

II-35-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-34-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

36

II-36-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-35-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

37

II-37-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-36-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

38

II-38-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-37-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

 

 



 

 

39

II-39-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-38-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

40

II-40-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-39-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

41

II-41-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-40-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

42

II-42-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-41-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

43

II-43-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-42-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

44

II-44-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-43-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

45

II-45-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-44-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

46

II-46-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-45-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

47

II-47-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-46-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

48

II-48-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-47-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

49

II-49-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-48-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

50

II-50-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-49-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

51

II-51-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-50-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

52

II-52-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-51-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

53

II-53-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-52-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

54

II-54-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-53-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

55

II-55-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate

 

II-1-A through II-54-A

Uncertificated REMIC I Pass-Through Rate

 

 

 

56

II-56-A through II-60-A

2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC I Pass-Through Rate