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RESIDENTIAL ACCREDIT LOANS, INC.,
as Company,
RESIDENTIAL FUNDING CORPORATION,
as Certificate Administrator,
and
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
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TRUST AGREEMENT
Dated as of November 29, 2004
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Mortgage Trust Certificates, Series 2004-QR1
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TABLE OF CONTENTS
PAGE
ARTICLE I DEFINITIONS...............................................................4
Section 1.01. Defined Terms.....................................................4
ARTICLE II CONVEYANCE OF THE UNDERLYING CERTIFICATES; ORIGINAL ISSUANCE OF
TRUST CERTIFICATES.......................................................19
Section 2.01. Conveyance of the Underlying Certificates........................19
Section 2.02. Issuance of Trust Certificates...................................20
Section 2.03. Conveyance of Uncertificated REMIC I and REMIC II Regular
Interests; Acceptance by the Trustee.............................21
Section 2.04. Execution and Authentication of Certificates/Issuance of
Certificates Evidencing Interests in REMIC I Certificates........21
Section 2.05. Conveyance of Uncertificated REMIC I and REMIC II Regular
Interests; Acceptance by the Trustee.............................21
Section 2.06. Purposes and Powers of the Trust Fund............................21
ARTICLE III ADMINISTRATION OF THE UNDERLYING CERTIFICATES; PAYMENTS AND REPORTS
TO CERTIFICATEHOLDERS....................................................21
Section 3.01. Collection of Monies.............................................25
Section 3.02. Establishment of Trust Certificate Account; Deposits in
Trust Certificate Account........................................25
Section 3.03. Permitted Withdrawals From the Trust Certificate Account.........26
Section 3.04. Distributions....................................................26
Section 3.05. Statements to Certificateholders.................................29
Section 3.06. Access to Certain Documentation and Information..................31
Section 3.07. Sale of Defective Assets.........................................31
Section 3.08. Modification of Underlying Certificates..........................31
Section 3.09. Allocation of Class A Loss Amounts...............................31
Section 3.10. Compliance with Withholding Requirements.........................31
ARTICLE IV THE TRUST CERTIFICATES...................................................32
Section 4.01. The Trust Certificates...........................................32
Section 4.02. Registration of Transfer and Exchange of Trust Certificates......33
Section 4.03. Mutilated, Destroyed, Lost or Stolen Trust Certificates..........36
Section 4.04. Persons Deemed Owners............................................36
ARTICLE V THE TRUSTEE..............................................................37
Section 5.01. Duties of the Trustee............................................37
Section 5.02. Certain Matters Affecting the Trustee............................38
i
Section 5.03. Trustee Not Liable for Trust Certificates or Underlying
Certificates.....................................................39
Section 5.04. Trustee May Own Trust Certificates...............................40
Section 5.05. Eligibility Requirements for Trustee.............................40
Section 5.06. Resignation and Removal of the Trustee...........................40
Section 5.07. Successor Trustee................................................41
Section 5.08. Merger or Consolidation of Trustee...............................41
Section 5.09. Appointment of Co-Trustee or Separate Trustee....................42
Section 5.10. Appointment of Office or Agency..................................43
Section 5.11. Certificate Administrator to Pay Trustee's Fees and
Expenses; Indemnification........................................43
Section 5.12. Certain Actions Relating to Underlying Certificates..............44
Section 5.13. U.S.A. Patriot Act Compliance....................................44
ARTICLE VI TERMINATION..............................................................44
Section 6.01. Termination......................................................44
Section 6.02. Additional Termination Requirements..............................45
ARTICLE VII THE COMPANY AND THE CERTIFICATE ADMINISTRATOR............................45
Section 7.01. Liability of the Company.........................................45
Section 7.02. Merger, Consolidation or Conversion of the Company...............45
Section 7.03. Limitation on Liability of the Company and Others................46
Section 7.04. Company and Certificate Administrator Not to Resign..............47
Section 7.05. Successor Certificate Administrator..............................47
Section 7.06. Representation and Warranty of Company...........................47
ARTICLE VIII MISCELLANEOUS PROVISIONS.................................................48
Section 8.01. Amendment........................................................48
Section 8.02. Counterparts.....................................................49
Section 8.03. Limitation on Rights of Certificateholders.......................49
Section 8.04. Governing Law....................................................50
Section 8.05. Notices..........................................................50
Section 8.06. Notices to the Rating Agencies...................................50
Section 8.07. Severability of Provisions.......................................51
Section 8.08. Successors and Assigns...........................................51
Section 8.09. Article and Section Headings.....................................51
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TABLE OF CONTENTS
PAGE
Exhibit A......Form of Class A Certificate
Exhibit B......Form of Class R Certificate
Exhibit C-1....Form of Transfer Affidavit and Agreement
Exhibit C-2....Form of Transferor Certificate
Exhibit D......Pooling and Servicing Agreement
Exhibit E......Form of Form 10K Certification
Exhibit F......Form of Back-up Certification to Form 10K Certification
iii
This TRUST AGREEMENT (this "Agreement"), dated as of November 29, 2004,
is among RESIDENTIAL ACCREDIT LOANS, INC., a Delaware corporation, as the
company (together with its permitted successors and assigns, the "Company"),
RESIDENTIAL FUNDING CORPORATION, a Delaware corporation, as certificate
administrator (together with its permitted successors and assigns, the
"Certificate Administrator"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New
York banking corporation, as Trustee (together with its permitted successors and
assigns, the "Trustee").
PRELIMINARY STATEMENT
The Company intends to sell the Trust Certificates (as defined herein),
to be issued hereunder in seven classes, which in the aggregate will evidence
the entire beneficial ownership interest in the Underlying Certificates (as
defined herein). As provided herein, the REMIC Administrator shall make an
election for the assets constituting REMIC I to be treated for federal income
tax purposes as a REMIC. On the Closing Date, the REMIC I Regular Interests will
be designated "regular interests" in such REMIC and the Class R-I Certificate
will be designated the sole class of "residual interests" in such REMIC.
REMIC Administrator shall make an election for the REMIC I Regular
Interests, which constitute REMIC II to be treated for federal income tax
purposes as a REMIC. On the Closing Date, the REMIC II Regular Interests will be
designated "regular interests" in such REMIC and the Class R-II Certificate will
be designated the "residual interests" in such REMIC.
The following table sets forth the designation, type, Pass-Through Rate
(as defined herein), aggregate initial Certificate Principal Balance (as defined
herein), initial ratings and certain other features of each Class of Trust
Certificate comprising the interests in the Trust Fund (as defined herein).
1
AGGREGATE
INITIAL
CERTIFICATE
PASS-THROUGH PRINCIPAL MINIMUM
DESIGNATION RATE BALANCE FEATURES(1) MOODY'S/S&P DENOMINATIONS(2)
Class A-1 5.25% $ 160,432,988.95 Senior/Super Aaa/AAA $25,000.00
Senior/Fixed Rate
Class A-2 6.00% $ 5,000,000.00 Senior/Senior Aa1/AAA $25,000.00
Support/Fixed
Rate
Class A-3 6.00% $ 18,000,000.00 Senior/Fixed Rate Aaa/AAA $25,000.00
Class A-4 6.00% $ 13,000,000.00 Senior/Fixed Rate Aaa/AAA $25,000.00
Class A-5 6.00% $ 0.00 (3) Senior/Interest Aaa/AAA $25,000.00
Only/Fixed Rate
Class R-I 6.00% $ 50.00 Senior/Residual/ Aaa/AAA (4)
Fixed Rate
Class R-II 6.00% $ 50.00 Senior/Residual/ Aaa/AAA (4)
Fixed Rate
_________________
(1) The Class A Certificates shall be Book-Entry Certificates. The Class R
Certificates shall be delivered to the Holders thereof in physical form.
(2) The Trust Certificates, other than the Class R Certificates, shall be
issuable in minimum dollar denominations as indicated above (by Certificate
Principal Balance) and integral multiples of $1 in excess thereof.
(3) The Class A-5 Certificates do not have a Certificate Principal Balance. For
the purpose of calculating interest payments, interest on the Class A-5
Certificates will accrue on a notional amount equal to the product of 12.5%
and the Certificate Principal Balance of the Class A-1 Certificates
immediately prior to the related distribution date.
(4) The Class R Certificates shall be issuable in minimum denominations of not
less than a 20% Percentage Interest, other than the de minimis portion
transferred to the REMIC Administrator on the Closing Date.
The Underlying Certificates have an outstanding Certificate Principal
Balance as of the Closing Date of $196,433,088.95.
In consideration for its services hereunder, the Certificate
Administrator and the Trustee have been paid an upfront fee.
All things necessary to make this Agreement a valid declaration of trust
by the Company in accordance with its terms have been done.
In consideration of the premises and the mutual agreements herein
contained, the Company, the Certificate Administrator and the Trustee agree as
follows:
ARTICLE I
DEFINITIONS
Section 1.01. Defined Terms.
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Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:
Accrued Certificate Interest: With respect to any Distribution
Date, an amount equal to interest accrued during the related Interest Accrual
Period on the Certificate Principal Balance or, in the case of the Class A-5
Certificates, Notional Amount of the Trust Certificates of a Class immediately
prior to such Distribution Date at the related Pass-Through Rate, less such
Class' pro rata share of interest shortfalls, if any, allocated to the
Underlying Certificates immediately preceding such Distribution Date; including:
2
(1) any Prepayment Interest Shortfall to the extent not covered
by the Master Servicer pursuant to the terms of the Pooling and Servicing
Agreement;
(2) the interest portions of Realized Losses allocated to the
Underlying Certificates;
(3) the interest portion of any advances that were made with
respect to delinquencies on the Mortgage Loans that were ultimately determined
to be not recoverable by the Servicer in accordance with the Pooling and
Servicing Agreement; and
(4) any other interest shortfalls on the Mortgage Loans not
covered by subordination (as set forth in the Pooling and Servicing Agreement),
including interest shortfalls relating to the Servicemembers Civil Relief Act,
or similar legislation or regulations.
Such interest shortfalls will be allocated among all of the Trust
Certificates in proportion to their respective amounts of Accrued Certificate
Interest payable on such Distribution Date.
Accrued Certificate Interest on each Class of Trust Certificates
will be calculated on the basis of a 360 day year consisting of twelve 30-day
months and will be carried out to at least three decimal places.
Adverse REMIC Event: Shall have the meaning set forth in Section
9.01(f) hereof.
Affiliate: An "affiliate" of, or person "affiliated" with, a
specific person, is a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with,
the person specified.
Agreement: This Trust Agreement and all amendments hereof and
supplements hereto.
Available Funds: With respect to any Distribution Date, an amount
equal to the amount received on the Underlying Certificates on such Distribution
Date less amounts withdrawn from the Trust Certificate Account pursuant to
Section 3.03(ii).
Book-Entry Certificate: Any Trust Certificate registered in the
name of the Depository or its nominee, and designated as such in the Preliminary
Statement hereto.
Business Day: Any day other than (i) a Saturday or a Sunday or
(ii) a day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Trust Certificate Account are at
the time located) are required or authorized by law or executive order to be
closed.
3
Certificate Administrator: Residential Funding Corporation, in
its capacity as certificate administrator under this Agreement, or any successor
certificate administrator appointed under the terms of this Agreement.
Certificate Owner: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Book-Entry Certificate, as reflected
on the books of an indirect participating brokerage firm for which a Depository
Participant acts as agent, if any, and otherwise on the books of a Depository
Participant, if any, and otherwise on the books of the Depository.
Certificate Principal Balance: For any Class of Trust
Certificates, other than the Class A-5 Certificates, as of any date of
determination, an amount equal to the initial Certificate Principal Balance of
such Trust Certificate, reduced by the aggregate of (a) all amounts allocable to
principal previously distributed with respect to such Trust Certificate and (b)
any reductions in the Certificate Principal Balance of such Trust Certificate
due to allocations of the Class A Loss Amounts to such Class of Trust
Certificates. The Class A-5 Certificates do not have a Certificate Principal
Balance.
Certificate Register: The register maintained pursuant to Section
4.02 hereof which shall provide for the registration of Trust Certificates and
of transfers and exchanges of Trust Certificates, as herein provided.
Certificate Registrar: The Trustee.
Certificateholder or Holder: The person in whose name a Trust
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent or exercising any Voting Rights pursuant to
this Agreement, any Trust Certificate registered in the name of the Company or
any Affiliate shall be deemed not to be an Outstanding Certificate or taken into
account when calculating the Voting Rights of any Certificateholder.
All references herein to "Holder" or "Certificateholder" shall
reflect the rights of Certificate Owners as they may indirectly exercise such
rights through the Depository and participating members thereof, except as
otherwise specified herein; provided, however, that the Trustee shall be
required to recognize as a "Holder" or "Certificateholder" only the Person in
whose name a Trust Certificate is registered in the Certificate Register.
Class: Collectively, all of the Trust Certificates bearing the same
designation.
Class A Certificate: Any one of the Class X-0, Xxxxx X-0, Class
A-3, Class A-4 and Class A-5 Certificates executed and delivered by the Trustee
substantially in the form annexed hereto as Exhibit A evidencing an interest
designated as a "regular interest" in the REMIC for purposes of the REMIC
Provisions.
Class A Loss Amount: With respect to the Class A Certificates and
on each Distribution Date, the excess of the Certificate Principal Balance of
the Class A Certificates over the Underlying Certificate Balance, in each case
after giving effect to distributions on or prior to such Distribution Date.
Class R Certificate: Any one of the Class R-I Certificates and
Class R-II Certificates.
4
Class R-I Certificate: Any one of the Class R-I Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B and evidencing an interest
designated as a "residual interest" in REMIC I for purposes of the REMIC
Provisions.
Class R-II Certificate: Any one of the Class R-II Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B and evidencing an interest
designated as a "residual interest" in REMIC II for purposes of the REMIC
Provisions.
Closing Date: November 29, 2004.
Code: The Internal Revenue Code of 1986, as amended.
Company: Residential Accredit Loans, Inc. or any successors in interest.
Corporate Trust Office: The principal office of the Trustee at which 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
instrument is located at 0000 Xxxx Xx. Xxxxxx Xxxxx, Xxxxx Xxx, Xxxxxxxxxx
00000-0000, Attention: Residential Funding Corporation Series 2004-QR1.
Credit Support Depletion Date: The date on which the principal balances
of the 2004-QS14 Certificates, Class M and Class B, have been reduced to zero.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 of the Pooling and Servicing Agreement in
the name of a depository institution, as custodian for the holders of the
Underlying Certificates, for the holders of certain other interests in mortgage
loans serviced or sold by the Certificate Administrator or owned by the
Certificate Administrator, into which the amounts set forth in Section 3.07 of
the Pooling and Servicing Agreement shall be deposited directly. Any such
account or accounts shall be an Eligible Account.
Definitive Certificate: Any definitive, fully registered Trust
Certificate.
Depository: The Depository Trust Company, or any successor
Depository hereafter named. The nominee of the initial Depository for purposes
of registering those Trust Certificates that are to be Book-Entry Certificates
is Cede & Co. 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 and a "clearing agency" registered pursuant to the provisions of
Section 17A of the Exchange Act.
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.
Distribution Date: The 25th day of each month, or if such 25th
day is not a Business Day, the next succeeding Business Day, commencing on the
First Distribution Date.
5
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Trust Certificates
have a claim with respect to the funds in such account or a perfected first
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 with which such account is
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of U.S. Bank National
Association, or (iv) in the case of the Trust Certificate Account, a trust
account or accounts maintained in the corporate trust division of the Trustee,
or (v) an account or accounts of a depository institution acceptable to each
Rating Agency (as evidenced in writing by each Rating Agency that use of any
such account as the Custodial Account or the Trust Certificate Account will not
reduce the rating assigned to any Class of Trust Certificate by such Rating
Agency below the lower of the then-current rating or the rating assigned to such
Trust Certificates as of the Closing Date by such Rating Agency).
ERISA: The Employment Retirement Income Security Act of 1974, as
amended.
Exchange Act: Securities Exchange Act of 1934, as amended.
FDIC: The Federal Deposit Insurance Corporation or any successor.
First Distribution Date: December 27, 2004.
Independent: When used with respect to any specified Person, such
a Person who (i) is in fact independent of the Company, (ii) does not have any
direct financial interest in the Company or in an Affiliate, and (iii) is not
connected with the Company as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.
Initial Certificate Principal Balance: With respect to each Class
of Trust Certificates, the Certificate Principal Balance of such Class of Trust
Certificates as of the Closing Date, as set forth in the Preliminary Statement
hereto.
Interest Accrual Period: With respect to any Distribution Date
and for all Classes of Trust Certificates, the calendar month preceding the
month in which such Distribution Date occurs.
Interest Distribution Amount: With respect to any Distribution
Date, the aggregate amount of Accrued Certificate Interest to be paid to the
Certificateholders for such Distribution Date.
Master Servicer: Residential Funding Corporation, in its capacity
as master servicer under the Pooling and Servicing Agreement, or any successor
master servicer appointed under the terms of the Pooling and Servicing
Agreement.
Maturity Date: With respect to each Class of Trust Certificates,
the Distribution Date in October of 2034.
6
Moody's: Xxxxx'x Investors Service, Inc. or any successor thereto.
Mortgage Loans: The mortgage loans in which the Underlying Certificates
evidence a beneficial ownership interest.
Non-United States Person: Any Person other than a United States Person.
Notice of Final Distribution: With respect to the Underlying
Certificates, the notice to be provided pursuant to the Pooling and Servicing
Agreement to the effect that final distribution on the Underlying Certificates
shall be made only upon presentation and surrender thereof.
Notice of Termination: Any of the notices given by the Trustee
pursuant to Section 6.01(b).
Notional Amount:-- With respect to the Class A-5 Certificates and
any Distribution Date the product of 12.5% and the Certificate Principal Balance
of the Class A-1 Certificates immediately prior to that Distribution Date.
Officer's Certificate: A certificate signed by the Chairman of
the Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the
Certificate Administrator, as the case may be, and delivered to the Trustee, as
required by this Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to
the Trustee and the Certificate Administrator, who may be counsel for the
Company or the Certificate Administrator, provided that any opinion of counsel
(i) referred to in the definition of "Disqualified Organization" in the Pooling
and Servicing Agreement or (ii) relating to the qualification of any REMIC
formed under the Pooling and Servicing Agreement, this Agreement or in
compliance with the REMIC Provisions must, unless otherwise specified, be an
opinion of Independent counsel.
Outstanding Certificates: With respect to any of the Trust
Certificates, as of the date of determination, all Trust Certificates
theretofore executed and delivered under this Agreement except:
(i) Trust Certificates theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; and
(ii) Trust Certificates in exchange for which or in lieu of which
other Trust Certificates have been executed and delivered pursuant to this
Agreement unless proof satisfactory to the Trustee is presented that any such
Trust Certificates are held by a holder in due course.
Ownership Interest: As to any Trust Certificate, any ownership or
security interest in such Trust Certificate, including any interest in such
Trust Certificate as the Holder thereof and any other interest therein, whether
direct or indirect, legal or beneficial, as owner or as pledgee.
Pass-Through Rate: For all Classes of Trust Certificates, the per
annum rate set forth in the Pass-Through Rate column in the first table in the
Preliminary Statement hereto.
7
Percentage Interest: With respect to any Trust Certificate (other
than a Class R Certificate), the undivided percentage ownership interest in the
related Class evidenced by such Trust Certificate, which percentage ownership
interest shall be equal to the Initial Certificate Principal Balance thereof
divided by the aggregate Initial Certificate Principal Balance of all the Trust
Certificates of the same Class. With respect to a Class R Certificate, the
interest in distributions to be made with respect to such Class evidenced
thereby, expressed as a percentage, as stated on the face of each such Trust
Certificate.
Permitted Investments: Has the meaning ascribed thereto in the Pooling
and Servicing Agreement.
Permitted Transferee: Any Transferee of a Class R Certificate
other than (i) the United States, any state or any political subdivision
thereof, any possession of the United States, or any agency or instrumentality
of any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of its board of directors is not selected by
any such governmental unit), (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) which is exempt from tax imposed by Chapter 1 of the Code (unless
such organization is subject to the tax imposed by Section 511 of the Code on
unrelated business taxable income), (iv) rural electric and telephone
cooperatives described in Section 1381 of the Code, (v) an electing large
partnership under Section 775 of the Code and (vi) any other Person so
designated by the Trustee based upon an Opinion of Counsel that the holding of
an Ownership Interest in a Class R Certificate by such Person may cause the
Trust Fund or any Person having an Ownership Interest in any Class of Trust
Certificates, other than such Person, to incur a liability for any tax imposed
under the Code that would not otherwise be imposed but for the Transfer of an
Ownership Interest in a Class R Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
Pooling and Servicing Agreement: The Series Supplement, dated as
of November 1, 2004 together with the Standard Terms of Pooling and Servicing
Agreement, dated as of August 1, 2004, and attached as Exhibit D hereto, among
the Company, the Certificate Administrator, and the Trustee, as such agreement
is amended from time to time.
Prepayment Assumption: The blended percentage of the standard
prepayment assumption and the constant prepayment rate set forth in the
following sentence with respect to the Mortgage Loans. The Prepayment Assumption
assumes a constant prepayment rate of the Mortgage Loans of 10.0% per annum of
the then outstanding principal balance of such Mortgage Loans in the first month
of the life of the mortgage loans, increasing by an additional 0.0000000000% per
annum in each succeeding month until the twelfth month, and a constant 20.0% per
annum rate of prepayment thereafter for the life of the Underlying Certificate.
Prepayment Interest Shortfall: As to any Distribution Date and
the Underlying Certificates that received an interest distribution on the
related Distribution Date that was reduced pursuant to the terms of the Pooling
and Servicing Agreement because of a principal prepayment in full on a Mortgage
Loan or Mortgage Loans relating to the Underlying Certificates, the amount of
such reduction.
8
Principal Distribution Amount: With respect to any Distribution
Date, the balance of the Available Funds remaining after the Interest
Distribution Amount has been distributed.
Rating Agencies: Xxxxx'x and S&P.
Realized Losses: Losses on the Mortgage Loans applied in
reduction of the aggregate principal balance of a 2004-QS14 Certificate that is
not accompanied by a cash payment in respect of such reduction.
Record Date: With respect to any Distribution Date, the close of
business on the last day of the month preceding such Distribution Date.
REMIC: A "real estate mortgage investment conduit" within the
meaning of Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation, provided
that if Residential Funding Corporation is found by a court of competent
jurisdiction to no longer be able to fulfill its obligations as REMIC
Administrator under this Agreement, the Certificate Administrator or Trustee
acting as Certificate Administrator shall appoint a successor REMIC
Administrator, subject to assumption of the REMIC Administrator obligations
under this Agreement.
REMIC Provisions: Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of Subchapter M of Chapter 1 of the Code, and related
provisions, and temporary and final regulations (or, to the extent not
inconsistent with such temporary or final regulations, proposed regulations) and
published rulings, notices and announcements promulgated thereunder, as the
foregoing may be in effect from time to time.
REMIC I: The segregated pool of assets, with respect to which a
real estate mortgage investment conduit election is made pursuant to this
Agreement, consisting of:
(a) the Underlying Certificates,
(b) all payments on and collections in respect of the Underlying
Certificates due after the Closing Date as shall be on deposit in the Trust
Certificate Account and identified as belonging to the Trust Fund, and
(c) all proceeds of clauses (a) and (b) above.
REMIC I Certificates: The Class R-I Certificates.
REMIC II: The segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of each Class of Certificates (other than the Class
R-I Certificates) pursuant to Section 2.06, with respect to which a separate
REMIC election is to be made.
9
REMIC II Certificates: Any Trust Certificate (other than the Class R-I
Certificates).
REMIC II Regular Interest: Any Trust Certificate, other than a
Class R Certificate.
Responsible Officer: When used with respect to the Trustee, any
officer of the Corporate Trust Office of the Trustee, including any managing
director, senior vice president, any vice president, any assistant vice
president, any assistant secretary, any associate with particular responsibility
for this transaction, or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers to
whom, with respect to a particular matter, such matter is referred.
S&P: Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx
Companies, Inc., or its successor in interest.
Super Senior Optimal Percentage: As to any Distribution Date on
and after the Credit Support Depletion Date, a percentage expressed as a
fraction, the numerator of which is the Certificate Principal Balance of the
Class A-1 Certificates immediately prior to that distribution date and the
denominator of which is the aggregate Certificate Principal Balance of the Class
A Certificates immediately prior to that Distribution Date.
Super Senior Optimal Principal Distribution Amount: As to any
Distribution Date on and after the Credit Support Depletion Date, an amount
equal to the product of (a) the then applicable Super Senior Optimal Percentage
and (b) the aggregate amount described in clause (b) of the definition of Senior
Principal Distribution Amount set forth in Pooling and Servicing Agreement.
Tax Returns: The federal income tax return on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax
Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of any REMIC formed under the Pooling and Servicing
Agreement and under the REMIC Provisions, together with any and all other
information, reports or returns that may be required to be furnished to the
Certificateholders or filed with the Internal Revenue Service or any other
governmental taxing authority under any applicable provisions of federal, state
or local tax laws.
Termination Date: The Distribution Date following the
Distribution Date on which the Underlying Certificate Balance has been reduced
to zero.
Transfer: Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership Interest in a Trust
Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership
Interest in a Trust Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Trust Certificate.
10
Trust Certificate: Any Class A Certificate or Class R Certificate.
Trust Certificate Account: The separate account or accounts
created and maintained pursuant to Section 3.02 hereof, which shall be entitled
"Deutsche Bank Trust Company Americas, as trustee, in trust for the registered
holders of Residential Accredit Loans, Inc., Mortgage Trust Certificates, Series
2004-QR1" and which must be an Eligible Account. Funds deposited in the Trust
Certificate Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in Article III hereof.
Trust Fund: The corpus of the trust created by and to be
administered under this Agreement consisting of: (i) the Underlying
Certificates, (ii) all distributions thereon after but not including the
Distribution Date occurring in November 2004, and (iii) the Trust Certificate
Account and such assets that are deposited therein from time to time, together
with any and all income, proceeds and payments with respect thereto.
Trustee: Deutsche Bank Trust Company Americas or its successor in
interest, or any successor trustee appointed as herein provided.
2004-QS14 Certificates: Residential Accredit Loans, Inc. Mortgage
Asset-Backed Pass-Through Certificates, Series 2004-QS14.
Uncertificated Accrued Interest: With respect to each
Distribution Date, as to each Uncertificated REMIC I Regular Interest, an amount
equal to the aggregate amount of Accrued Certificate Interest that would result
under the terms of the definition thereof on the Related Classes of Certificates
(excluding any Interest Only Certificates) if the Pass-Through Rate on such
Classes were equal to the Uncertificated Pass-Through Rate on such
Uncertificated REMIC I Regular Interest.
Uncertificated Pass-Through Rate: With respect to each of the
Uncertificated REMIC I Regular Interests the per annum rate specified in the
definition of Uncertificated REMIC I Regular Interests.
Uncertificated Principal Balance: With respect to each
Uncertificated REMIC I Regular Interest, as defined in the definition of
Uncertificated REMIC I Regular Interest.
Uncertificated REMIC I Regular Interests: The Uncertificated
REMIC I Regular Interests identified in the table below, each representing an
undivided beneficial ownership interest in REMIC I, and having the following
characteristics:
1. The principal balance from time to time of each Uncertificated
REMIC I Regular Interest identified in the table below shall be the
amount identified as the Initial Principal Balance thereof in such
table, minus the sum of (x) the aggregate of all amounts previously
deemed distributed with respect to such interest and applied to reduce
the Uncertificated Principal Balance thereof pursuant to Section
9.04(a)(ii) and (y) the aggregate of all reductions in Certificate
Principal Balance deemed to have occurred in connection with Class A
Loss Amounts that were previously deemed allocated to the Uncertificated
Principal Balance of such Uncertificated REMIC I Regular Interest
pursuant to Section 9.04(d), which equals the aggregate principal
balance of the Classes of Certificates identified as related to such
Uncertificated REMIC I Regular Interest in such table.
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2. The Uncertificated Pass-Through Rate for each Uncertificated
REMIC I Regular Interest identified in the table below shall be the per
annum rate set forth in the Pass-Through Rate column of such table.
3. The Uncertificated REMIC I Distribution Amount for each REMIC
I Regular Interest identified in the table below shall be, for any
Distribution Date, the amount deemed distributed with respect to such
Uncertificated REMIC I Regular Interest on such Distribution Date
pursuant to the provisions of Section 9.04(a).
---------------------- -------------------------------- ------------------ ------------------
Uncertificated REMIC Related Classes of Certificates Pass-Through Rate Initial
I Regular Interest Principal Balance
---------------------- -------------------------------- ------------------ ------------------
X Class A-1, Class A-5 6.00% $ 160,432,988.95
---------------------- -------------------------------- ------------------ ------------------
Y Class R-II, Class A-2, Class 6.00% $ 36,000,000.00
A-3, Class A-4
---------------------- -------------------------------- ------------------ ------------------
Uncertificated REMIC I Regular Interest Distribution Amounts:
With respect to each Uncertificated REMIC I Regular Interest, the amount
specified as the Uncertificated REMIC I Regular Interest Distribution Amount
with respect thereto in the definition of Uncertificated REMIC I Regular
Interests.
Underlying Certificates: A certificate that represents a 100.0%
interest in the Residential Accredit Loans, Inc. Series 2004-QS14 Mortgage
Asset-Backed Certificates, Class A-1. The outstanding certificate principal
balance, as of the Closing Date, of the Residential Accredit Loans, Inc. Series
2004-QS14 Mortgage Asset-Backed Certificates, Class A-1 is $196,433,088.95.
Underlying Certificate Balance: With respect to the Underlying
Certificates, as of any Distribution Date (following all distributions to be
made with respect to the Underlying Certificate on such Distribution Date), and
as of any date of determination thereafter until the next succeeding
Distribution Date, the aggregate outstanding principal balance of the Underlying
Certificates, determined by reference to the Underlying Distribution Date
Statement sent to the Trustee as Underlying Certificateholder, relating to such
Distribution Date, which is to be determined in accordance with the terms of the
Pooling and Servicing Agreement.
Underlying Certificateholder: The registered owner of the Underlying
Certificates.
Underlying Distribution Date Statement: With respect to the
Underlying Certificates and any Distribution Date, the monthly remittance report
forwarded to the holder thereof with respect to such Distribution Date pursuant
to the terms of the Pooling and Servicing Agreement.
United States Person: A citizen or resident of the United States,
a corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust 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.
12
U.S.A. Patriot Act: Uniting and Strengthening America by
Providing Appropriate Tools to Intercept and Obstruct Terrorism Act of 2001, as
amended.
Voting Rights: 98% of all of the Voting Rights shall be allocated
among Holders of Trust Certificates, other than the Class R Certificates and the
Class A-5 Certificates, in proportion to the outstanding Certificate Principal
Balances of their respective Trust Certificates; 1.0% of all voting rights will
be allocated among the holders of the Class A-5 Certificates; and 0.5% and 0.5%
of all voting rights will be allocated among the holders of the Class R-I
Certificates and Class R-II Certificates, respectively, in accordance with their
respective Percentage Interests.
Additionally, all references to the words "real estate mortgage
investment conduit" herein shall have the meaning assigned to such words in
Section 860D of the Code.
ARTICLE II
CONVEYANCE OF THE UNDERLYING CERTIFICATES;
ORIGINAL ISSUANCE OF TRUST CERTIFICATES
Section 2.01. Conveyance of the Underlying Certificates.
-----------------------------------------
(a) The Company, concurrently with the execution and delivery hereof, does
hereby sell, transfer, assign, set-over and otherwise convey to the Trustee, in
trust, for the use and benefit of the Certificateholders, without recourse, all
the right, title and interest of the Company in and to the Underlying
Certificates and all other assets constituting the Trust Fund. Such assignment
includes, without limitation, all amounts payable to and all rights of the
Underlying Certificateholder pursuant to the Pooling and Servicing Agreement.
In connection with such transfer and assignment, on the Closing
Date the Company will deliver to, and deposit with, the Trustee the Underlying
Certificates, together with a duly issued and authenticated certificate or
certificates for the Underlying Certificates, evidencing the entire interest in
such Underlying Certificates, with appropriate endorsements and other
documentation sufficient under the Pooling and Servicing Agreement to transfer
such Underlying Certificates to the Trustee.
Notwithstanding the foregoing, to the extent that the Underlying
Certificates are Book-Entry Certificate, delivery of the Underlying Certificates
will be satisfied if the Company meets the requirements of the Depository to
sell, transfer, assign, set-over and otherwise convey to the Trustee the
Underlying Certificates in accordance with the rules of the Depository and
applicable provisions of the Uniform Commercial Code as in force in the relevant
jurisdiction from time to time.
The Trustee hereby acknowledges the receipt by it of the
Underlying Certificates and the other documents and instruments referenced
above, and declares that it holds and will hold the Underlying Certificates, and
such other documents and instruments, and all other assets and documents
included in the Trust Fund, in trust for the exclusive use and benefit of all
present and future Certificateholders.
(b) It is intended that the conveyance by the Company to the Trustee of the
Underlying Certificates as provided for in this Section 2.01 be construed as a
sale by the Company to the Trustee of the Underlying Certificates for the
benefit of the Certificateholders. Further, it is not intended that such
conveyance be deemed to be a pledge of the Underlying Certificates by the
Company to the Trustee to secure a debt or other obligation of the Company.
Nonetheless, (a) this Agreement is intended to be and hereby is a security
agreement within the meaning of Articles 8 and 9 of the New York Uniform
13
Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be, and hereby is, a grant by the Company to the Trustee of a security interest
in all of the Company's right (including the power to convey title thereto),
title and interest, whether now owned or hereafter acquired, in and to any and
all general intangibles, payment intangibles, accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit and investment property and other property
of whatever kind or description now existing or hereafter acquired consisting
of, arising from or relating to any of the following: (A) Underlying
Certificates, (B) all amounts payable pursuant to the holders of the Underlying
Certificates in accordance with the terms thereof of the Pooling and Servicing
Agreement, and (C) all proceeds of the conversion, voluntary or involuntary, of
the foregoing into cash, instruments, securities or other property, including
without limitation all amounts from time to time held or invested in the Trust
Certificate Account, whether in the form of cash, instruments, securities or
other property; (c) the possession by the Trustee or any agent of the Trustee of
the Underlying Certificates or such other items of property as constitute
instruments, money, payment intangibles, negotiable documents, goods, deposit
accounts, letters of credit, advices of credit, investment property,
certificated securities or chattel paper shall be deemed to be "possession by
the secured party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest pursuant to the
Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction as in effect (including, without limitation, Sections
8-106, 9-313 and 9-106 thereof); and (d) notifications to persons holding such
property, and acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries, bailees or agents of, or persons
holding for (as applicable) the Trustee for the purpose of perfecting such
security interest under applicable law.
(c) The Company, the Certificate Administrator and the Trustee shall, to the
extent consistent with this Agreement, take such reasonable actions as may be
necessary to ensure that, if this Agreement were determined to create a security
interest in the Underlying Certificates and the other property described above,
such security interest would be determined to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. Without limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing, or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect the Trustee's
security interest in or lien on the Underlying Certificates, as evidenced by an
Officers' Certificate of the Company, including without limitation (x)
continuation statements, and (y) such other statements as may be occasioned by
(1) any change of name of the Company or the Trustee (such preparation and
filing shall be at the expense of the Trustee, if occasioned by a change in the
Trustee's name) or (2) any change of location of the place of business or the
chief executive office of the Company.
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Section 2.02. Issuance of Trust Certificates.
------------------------------
The Trustee acknowledges the transfer, delivery and assignment to
it of the Underlying Certificates, together with the assignment to it of all
other assets included in the Trust Fund, and declares that it holds and will
hold the Underlying Certificates and all other assets included in the Trust Fund
in trust for the benefit of all present and future Certificateholders.
Concurrently with such transfer and delivery, the Trustee has duly executed,
authenticated and delivered, to or upon the order of the Company, the Trust
Certificates in authorized denominations, registered in such names as the
Company has requested, and such Trust Certificates evidence the beneficial
interest in the entire REMIC.
Section 2.03. Conveyance of Uncertificated REMIC I and REMIC II Regular
Interests; Acceptance by the Trustee.
The Company, as of the Closing Date, and concurrently with the
execution and delivery hereof, does hereby assign without recourse all the
right, title and interest of the Company in and to the Uncertificated REMIC I
Regular Interests to the Trustee for the benefit of the Holders of each Class of
Trust Certificates (other than the Class R-I Certificates). The Trustee
acknowledges receipt of the Uncertificated REMIC I Regular Interests and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of all present and future Holders of each Class of Trust Certificates
(other than the Class R-I Certificates). The rights of the Holders of each Class
of Trust Certificates (other than the Class R-I Certificates) to receive
distributions from the proceeds of REMIC II in respect of such Classes, and all
ownership interests of the Holders of such Classes in such distributions, shall
be as set forth in this Agreement.
Section 2.04. Execution and Authentication of Certificates/Issuance of
Certificates Evidencing Interests in REMIC I Certificates.
The Trustee acknowledges the assignment to it of the Underlying
Certificates, together with the assignment to it of all other assets included in
the Trust Fund and/or the applicable REMIC, receipt of which is hereby
acknowledged. Concurrently with such delivery and in exchange therefor, the
Trustee, pursuant to the written request of the Company executed by an officer
of the Company, has executed and caused to be authenticated and delivered to or
upon the order of the Company the Class R-I Certificates in authorized
denominations which together with the Uncertificated REMIC I Regular Interests,
evidence the beneficial interest in REMIC I.
Section 2.05. Issuance of Certificates Evidencing Interest in REMIC II.
The Trustee acknowledges the assignment to it of the
Uncertificated REMIC I Regular Interests and, concurrently therewith and in
exchange therefor, pursuant to the written request of the Company executed by an
officer of the Company, the Trustee has executed and caused to be authenticated
and delivered to or upon the order of the Company, all Classes of Certificates
(other than the Class R-I Certificates) in authorized denominations, which
evidence the beneficial interest in the entire REMIC II.
Section 2.06. Purposes and Powers of the Trust Fund.
The purpose of the trust, as created hereunder, is to engage in
the following activities:
15
(a) to sell the Trust Certificates to the Company in exchange for
the Underlying Certificates;
(b) to enter into and perform its obligations under this
Agreement;
(c) to engage in those activities that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and
(d) subject to compliance with this Agreement, to engage in such
other activities as may be required in connection with conservation of the Trust
Fund and the making of distributions to the Certificateholders.
The trust is hereby authorized to engage in the foregoing
activities. The trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement while any Trust Certificate is outstanding without the consent of the
Certificateholders evidencing a majority of the aggregate Voting Rights of the
Trust Certificates.
ARTICLE III
ADMINISTRATION OF THE UNDERLYING CERTIFICATES;
PAYMENTS AND REPORTS TO CERTIFICATEHOLDERS
Section 3.01. Collection of Monies.
Except as otherwise provided in Section 6.01, upon its receipt of
a Notice of Final Distribution, the Trustee shall present and surrender the
Underlying Certificates, for final payment thereon in accordance with the terms
and conditions of Pooling and Servicing Agreement and such Notice of Final
Distribution. The Trustee shall promptly deposit in the Trust Certificate
Account the final distribution received upon presentation and surrender of the
Underlying Certificates.
Section 3.02. Establishment of Trust Certificate Account; Deposits in
Trust Certificate Account.
(a) The Trustee shall establish and maintain the Trust Certificate Account. The
Trustee shall cause the following payments and collections in respect of the
Underlying Certificates to be deposited directly into the Trust Certificate
Account:
(i) all distributions due and received on the Underlying Certificates subsequent
to the Closing Date;
(ii) any amounts received in connection with the sale of the Underlying
Certificates pursuant to Section 6.01 in accordance with a plan of complete
liquidation of the Trust Fund; and
(iii) any other amounts specifically required to be deposited in the Trust
Certificate Account hereunder.
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The foregoing requirements for deposit in the Trust Certificate
Account shall be exclusive.
(b) Funds in the Trust Certificate Account shall be held uninvested.
Section 3.03. Permitted Withdrawals From the Trust Certificate Account.
--------------------------------------------------------
The Trustee may from time to time withdraw funds from the Trust
Certificate Account for the following purposes:
(i) to make distributions in the amounts and in the manner provided for in
Section 3.04;
(ii) to reimburse the Certificate Administrator, Company or the Trustee for
expenses incurred by and reimbursable to the Certificate Administrator, Company
or the Trustee pursuant to Section 9.01(c) or 7.03 or as otherwise permitted
under this Agreement; and
(iii) to clear and terminate the Trust Certificate Account upon the termination
of this Agreement.
Section 3.04. Distributions.
-------------
(a) On each Distribution Date the Trustee shall distribute, based on information
received from the Certificate Administrator, to each Certificateholder of record
on the related Record Date (other than as provided in Section 6.01 respecting
the final distribution) either in immediately available funds (by wire transfer
or otherwise) to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder has so
notified the Trustee, or, if such Certificateholder has not so notified the
Trustee by the Record Date, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register such
Certificateholder's share (which shall be based on the aggregate of the
Percentage Interests represented by Trust Certificates of the applicable Class
held by such Holder) of the following amounts, in the following order of
priority (subject to the provisions of Section 3.04(a)(iii) below), in each case
to the extent of the Available Funds remaining:
(i) To the Class A Certificates and the Class R Certificates, on
a pro rata basis, any Accrued Certificate Interest payable on such Trust
Certificates with respect to such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous Distribution
Date;
(ii) Prior to the occurrence of the Credit Support Depletion
Date, the Principal Distribution Amount for that Distribution Date shall be
applied in the following order of priority:
(A) first, to the Class R-I Certificates and Class R-II
Certificates, on a pro rata basis in accordance with their
respective Certificate Principal Balances, until the Certificate
Principal Balances of the Class R-I Certificates and Class R-II
Certificates have been reduced to
zero;
(B) second, to the Class A-1 Certificates and Class A-2
Certificates, on a pro rata basis in accordance with their
respective Certificate Principal Balances, until the Certificate
Principal Balances of the Class A-1 Certificates and Class A-2
Certificates have been reduced to
zero;
17
(C) third, to the Class A-3 Certificates until the
Certificate Principal Balance of the Class A-3 Certificates has
been reduced to zero; and
(D) fourth, to the Class A-4 Certificates until the
Certificate Principal Balance of the Class A-4 Certificates has
been reduced to zero.
(iii) On or after the occurrence of the Credit Support Depletion
Date, all priorities relating to distributions as described in clause (a)(ii)
above relating to principal among the Class A Certificates, will be disregarded.
Instead, the Principal Distribution Amount will be distributed to the Trust
Certificates remaining, pro rata, in accordance with their respective
outstanding Certificate Principal Balances; provided, however, that until the
reduction of the Certificate Principal Balance of the Class A-2 Certificates to
zero, the aggregate amount distributable to the Class A-1 Certificates and Class
A-2 Certificates in respect of their aggregate pro rata portion of the Principal
Distribution Amount will be distributed among those Trust Certificates in the
following priority: first, to the Class A-1 Certificates, up to an amount equal
to the Super Senior Optimal Principal Distribution Amount, in reduction of the
Certificate Principal Balance thereof, until the Certificate Principal Balance
thereof has been reduced to zero; and second, to the Class A-2 Certificates, the
remainder, until the Certificate Principal Balance thereof has been reduced to
zero.
(b) Each distribution with respect to a Book-Entry Certificate shall be paid to
the Depository, as Holder thereof, and the Depository shall be solely
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents. None of the Trustee, the Certificate Registrar, the Company or the
Certificate Administrator shall have any responsibility therefor.
(c) Except as otherwise provided in Section 6.01, if the Certificate
Administrator anticipates that a final distribution with respect to any Class of
Trust Certificates will be made on the next Distribution Date, the Certificate
Administrator shall, no later than the fifteen days prior to such final
distribution, notify the Trustee and the Trustee shall, no later than two (2)
Business Days after such notification, mail on such date to each Holder of such
Class of Trust Certificates a notice to the effect that: (i) the Trustee
anticipates that the final distribution with respect to such Class of Trust
Certificates will be made on such Distribution Date but only upon presentation
and surrender of such Trust Certificates at the office of the Trustee specified
therein or as otherwise specified therein, and (ii) no interest shall accrue on
such Trust Certificates from and after the end of the related Interest Accrual
Period. In the event that Certificateholders required to surrender their Trust
Certificates pursuant to Section 6.01(b) do not surrender their Trust
Certificates for final cancellation, the Trustee shall cause funds distributable
with respect to such Trust Certificates to be withdrawn from the Trust
Certificate Account and credited to a separate escrow account for the benefit of
such Certificateholders as provided in Section 6.01(b). The funds in such escrow
account shall not be invested.
18
Section 3.05. Statements to Certificateholders.
--------------------------------
(a) Concurrently with each distribution charged to the Trust
Certificate Account and with respect to each Distribution Date the Certificate
Administrator shall forward to the Trustee and the Trustee shall either forward
by mail or make available to each Holder and the Company, via the Trustee's
internet website, a statement (and at its option, any additional files
containing the same information in an alternative format) setting forth the
following information as to each Class of Trust Certificates:
(i) the Available Funds for such Distribution Date;
(ii) with respect to such Distribution Date, the aggregate amount of Accrued
Certificate Interest, the Pass-Through Rate and the aggregate Principal
Distribution Amount and the amounts of principal and interest distributed to the
Certificateholders of each Class of Trust Certificates on such Distribution Date
pursuant to Section 3.04;
(iii) the aggregate amount of distributions on each class of the Class R
Certificate on such Distribution Date pursuant to Section 3.04, if any;
(iv) the Certificate Principal Balance of each Class of the Class A Certificates
after giving effect to distributions of principal of such Trust Certificates on
such Distribution Date;
(v) the Underlying Certificate Balance as of such Distribution Date, after
giving effect to the distribution of principal made thereon and the amount of
any Realized Losses with respect to the Underlying Certificates applied to
reduce the Underlying Certificate Balance thereof on such Distribution Date; and
(vi) the amount of any reductions in the Certificate Principal Balance of the
Class A Certificates by the Class A Loss Amount.
The Trustee shall mail to each Holder that requests a paper copy
by telephone a paper copy via first class mail. The Trustee may modify the
distribution procedures set forth in this Section 3.05 provided that such
procedures are no less convenient for the Certificateholders. The Trustee shall
provide prior notification to the Company, the Certificate Administrator and the
Certificateholders regarding any such modification. In addition, the Certificate
Administrator shall provide to any manager of a trust fund consisting of some or
all of the Trust Certificates, upon reasonable request, such additional
information as is reasonably obtainable by the Certificate Administrator at no
additional expense to the Certificate Administrator.
(b) In addition, the Trustee promptly will furnish to
Certificateholders copies of any notices, statements, reports or other
communications including, without limitation, the Underlying Distribution Date
Statements, received by the Trustee as the Underlying Certificateholder.
(c) Within a reasonable period of time after the end of each
calendar year, the Certificate Administrator shall prepare, or cause to be
prepared, and shall forward, or cause to be forwarded, to each Person who at any
time during the calendar year was the Holder of a Trust Certificate, other than
a Class R Certificate, a statement containing the information set forth in
clause (a)(ii) above aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Certificate Administrator shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Certificate
Administrator pursuant to any requirements of the Code.
19
(d) Within a reasonable period of time after the end of each
calendar year, the Certificate Administrator shall prepare, or cause to be
prepared, and shall forward, or cause to be forwarded, to each Person who at any
time during the calendar year was the Holder of a Class R Certificate, a
statement containing the applicable distribution information provided pursuant
to this Section 3.05 (a)(iii) aggregated for such calendar year or applicable
portion thereof during which such Person was the Holder of a Class R
Certificate. Such obligation of the Certificate Administrator shall be deemed to
have been satisfied to the extent that substantially comparable information
shall be provided by the Certificate Administrator pursuant to any requirements
of the Code.
(e) The Certificate Administrator shall, on behalf of the Company
and in respect of the Trust Fund, sign and cause to be filed with the Securities
and Exchange Commission any periodic reports required to be filed under the
provisions of the Exchange Act, and the rules and regulations of the Commission
thereunder. In connection with the preparation and filing of such periodic
reports, the Trustee shall timely provide to the Certificate Administrator (i) a
list of Certificateholders as shown on the Certificate Register as of the end of
each calendar year, (ii) copies of all pleadings, other legal process and any
other documents relating to any claims, charges or complaints involving the
Trustee, as trustee hereunder, or the Trust Fund that are received by the
Trustee, (iii) notice of all matters that, to the actual knowledge of a
Responsible Officer of the Trustee, have been submitted to a vote of the
Certificateholders, other than those matters that have been submitted to a vote
of the Certificateholders at the request of the Company or the Certificate
Administrator, and (iv) notice of any failure of the Trustee to make any
distribution to the Certificateholders as required pursuant to this Agreement.
Neither the Certificate Administrator nor the Trustee shall have any liability
with respect to the Certificate Administrator's failure to properly prepare or
file such periodic reports resulting from or relating to the Certificate
Administrator's inability or failure to obtain any information not resulting
from the Certificate Administrator's own negligence or willful misconduct. Any
Form 10-K filed with the Commission in connection with this Section 3.05(e)
shall include a certification, signed by the senior officer in charge of the
servicing functions of the Certificate Administrator, in the form attached as
Exhibit E hereto or such other form as may be required or permitted by the
Commission (the "Form 10-K Certification"), in compliance with Rules 13a-14 and
15d-14 under the Exchange Act and any additional directives of the Commission.
In connection with the Form 10-K Certification, the Trustee shall provide the
Certificate Administrator with a back-up certification substantially in the form
attached hereto as Exhibit F. This Section 3.05(e) may be amended in accordance
with this Agreement without the consent of the Certificateholders.
Section 3.06. Access to Certain Documentation and Information.
-----------------------------------------------
The Trustee shall provide to the Certificateholders access to the
Trust Certificates and all reports, documents and records maintained by the
Trustee in respect of its duties hereunder, such access being afforded without
charge but only upon reasonable written request no less than two Business Days
prior to such access and during normal business hours at offices designated by
the Trustee.
20
Section 3.07. Sale of Defective Assets.
------------------------
Upon the discovery by, or written notice to, the Company or the
Trustee that the Underlying Certificates are not regular interests of the REMIC
or that any other asset of the REMIC is not a permitted asset of the REMIC, the
party discovering such fact shall give prompt written notice to the other party.
The Trustee shall sell the Underlying Certificates (or other asset, as the case
may be) upon the terms and at the direction of the Company within 90 days of
such discovery and any tax resulting therefrom not borne by the Trustee pursuant
to Article V hereof shall be payable out of the Trust Fund.
Section 3.08. Modification of Underlying Certificates
Notwithstanding any contrary provision herein, the Trustee will
not permit the modification of the Underlying Certificates unless (a) such
modification is in accordance with the Pooling and Servicing Agreement and (b)
the Trustee has received an Opinion of Counsel (which shall not be an expense of
the Trustee) that such modification would not endanger the status of the REMIC
as a real estate mortgage investment conduit.
Section 3.09. Allocation of Class A Loss Amounts.
----------------------------------
Class A Loss Amounts will be allocated to the Trust Certificates
on a pro rata basis in accordance with their respective Certificate Principal
Balances; provided, however, that on and after a Credit Support Depletion Date,
any Class A Loss Amounts allocable to the Class A-1 Certificates will be
allocated to the Class A-2 Certificates until the Certificate Principal Balance
of the Class A-2 Certificates has been reduced to zero.
Section 3.10. Compliance with Withholding Requirements.
----------------------------------------
Notwithstanding any other provision of this Agreement, the
Trustee shall comply with all federal withholding requirements respecting
payments to Certificateholders, including interest or original issue discount
payments or advances thereof that the Trustee reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding. In the event the Trustee does withhold any amount from interest or
original issue discount payments or advances thereof to any Certificateholder
pursuant to federal withholding requirements, the Trustee shall indicate the
amount withheld to such Certificateholder pursuant to the terms of such
requirements.
21
ARTICLE IV
THE TRUST CERTIFICATES
Section 4.01. The Trust Certificates.
----------------------
The Class A and Class R Certificates shall be substantially in
the forms set forth in Exhibits A and B, respectively, and shall, on original
issue, be executed and delivered by the Trustee to the Certificate Registrar for
authentication and delivery to or upon the order of the Company upon receipt by
the Trustee of the documents specified in Section 2.01. The Trust Certificates
shall be issuable in the minimum denominations designated in the Preliminary
Statement hereto.
The Trust Certificates shall be executed by manual or facsimile
signature on behalf of an authorized officer of the Trustee. Trust Certificates
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Trustee shall bind the Trustee, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Trust Certificate or did not hold such
offices at the date of such Trust Certificates. No Trust Certificate shall be
entitled to any benefit under this Agreement, or be valid for any purpose,
unless there appears on such Trust Certificate a certificate of authentication
substantially in the form provided for herein executed by the Certificate
Registrar by manual signature, and such certificate upon any Trust Certificate
shall be conclusive evidence, and the only evidence, that such Trust Certificate
has been duly authenticated and delivered hereunder. All Trust Certificates
shall be dated the date of their authentication.
The Class A Certificates shall initially be issued as one or more
Trust Certificates registered in the name of the Depository or its nominee and,
except as provided below, registration of such Trust Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Trust Certificates for the respective Certificate Owners with Ownership
Interests therein. The Holders of the Book-Entry Certificates shall hold their
respective Ownership Interests in and to each of the Book-Entry Certificates
through the book-entry facilities of the Depository and, except as provided
below, shall not be entitled to Definitive Certificates in respect of such
Ownership Interests. All transfers by Certificate Owners of their respective
Ownership Interests in the Book-Entry Certificates shall be made in accordance
with the procedures established by the Depository Participant or brokerage firm
representing such Certificate Owner. Each Depository Participant shall transfer
the Ownership Interests only in the Book-Entry Certificates of Certificate
Owners it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures.
Except as provided below, registration of Book-Entry Certificates
may not be transferred by the Trustee except to another Depository that agrees
to hold such Trust Certificates for the respective Certificate Owners with
Ownership Interests therein. The Holders of the Book-Entry Certificates shall
hold their respective Ownership Interests in and to each of such Trust
Certificates through the book-entry facilities of the Depository and, except as
provided below, shall not be entitled to Definitive Certificates in respect of
such Ownership Interests. All transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing such Certificate Owner. Each Depository Participant
shall transfer the Ownership Interests only in the Book-Entry Certificates of
Certificate Owners it represents or of brokerage firms for which it acts as
agent in accordance with the Depository's normal procedures.
22
The Trustee, the Certificate Administrator and the Company may
for all purposes (including the making of payments due on the respective Classes
of Book-Entry Certificates) deal with the Depository as the authorized
representative of the Certificate Owners with respect to the respective Classes
of Book-Entry Certificates for the purposes of exercising the rights of
Certificateholders hereunder. The rights of Certificate Owners with respect to
the respective Classes of Book-Entry Certificates shall be limited to those
established by law and agreements between such Certificate Owners and the
Depository Participants and brokerage firms representing such Certificate
Owners. Multiple requests and directions from, and votes of, the Depository as
Holder of any Class of Book-Entry Certificates with respect to any particular
matter shall not be deemed inconsistent if they are made with respect to
different Certificate Owners. The Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Company is unable to locate a
qualified successor or (ii) the Company at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the
Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates. Neither the
Company, the Certificate Administrator nor the Trustee shall be liable for any
actions taken by the Depository or its nominee, including, without limitation,
any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
Definitive Certificates all references herein to obligations imposed upon or to
be performed by the Company in connection with the issuance of the Definitive
Certificates pursuant to this Section 4.01 shall be deemed to be imposed upon
and performed by the Trustee, and the Trustee and the Certificate Administrator
shall recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.
Section 4.02. Registration of Transfer and Exchange of Trust Certificates.
-----------------------------------------------------------
(a) The Trustee shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in accordance with the provisions of this Section 4.02,
a Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Trustee shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein
provided. Upon satisfaction of the conditions set forth below, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Trust
Certificates of a like Class and aggregate Percentage Interest. In addition, the
Trustee shall notify the Company of each transfer or exchange of the Trust
Certificates.
(b) At the option of the Certificateholders, Trust Certificates may be exchanged
for other Trust Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Trust Certificates to be
exchanged at any such office or agency. Whenever any Trust Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Trust Certificates of such Class which the
23
Certificateholder making the exchange is entitled to receive. Every Trust
Certificate presented or surrendered for transfer or exchange shall (if so
required by the Trustee or the Certificate Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by, the Holder thereof or
his attorney duly authorized in writing.
(c) (i) Each Person who has or who acquires any Ownership Interest in a Class R
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions. The rights of
each Person acquiring any Ownership Interest in a Class R Certificate are
expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall be a United States Person and a Permitted Transferee and shall
promptly notify the Trustee of any change or impending change in its status as a
Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership Interest in a
Class R Certificate to a United States Person, the Trustee shall require
delivery to it, and shall not register the Transfer of any Class R Certificate
until its receipt of, (I) an affidavit and agreement (a "Transfer Affidavit and
Agreement" attached hereto as Exhibit C-1) from the proposed Transferee,
representing and warranting, among other things, that it is a United States
Person, that such Transferee is a Permitted Transferee, that it is not acquiring
its Ownership Interest in the Class R Certificate that is the subject of the
proposed Transfer as a nominee, trustee or agent for any Person who is not a
Permitted Transferee, that for so long as it retains its Ownership Interest in a
Class R Certificate, it will endeavor to remain a Permitted Transferee, and that
it has reviewed the provisions of this Section 4.02(c) and agrees to be bound by
them and (II) a certificate, attached hereto as Exhibit C-2, from the Holder
wishing to transfer the Class R Certificate, representing and warranting, among
other things, that no purpose of the proposed Transfer is to impede the
assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit and Agreement by a
proposed Transferee under clause (B) above, if the Trustee has actual knowledge
that the proposed Transferee is not a Permitted Transferee, no Transfer of an
Ownership Interest in a Class R Certificate to such proposed Transferee shall be
effected.
(D) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
in a Class R Certificate and (y) not to transfer its Ownership Interest unless
it provides a certificate to the Trustee in the form attached hereto as Exhibit
C-2.
(E) Each Person holding or acquiring an Ownership Interest in a Class R
Certificate, by purchasing an Ownership Interest in such Trust Certificate,
agrees to give the Trustee written notice that it is a "pass-through interest
holder" within the meaning of Temporary Treasury Regulations 1.67-3T(a)(2)(A)
immediately upon acquiring an Ownership Interest in a Class R Certificate, if it
is, or is holding an Ownership Interest in a Class R Certificate on behalf of, a
"pass-through interest holder."
24
(ii) The Trustee will register the Transfer of any Class R Certificate only if
it shall have received the Transfer Affidavit and Agreement, a certificate of
the Holder requesting such transfer in the form attached hereto as Exhibit C-2
and all of such other documents as shall have been reasonably required by the
Trustee as a condition to such registration. Transfers of the Class R
Certificate to Non-United States Persons and Persons other than Permitted
Transferees are prohibited.
(iii) The Trustee shall be under no liability to any Person for any registration
of Transfer of a Class R Certificate that is in fact not permitted by this
Section 4.02(c) or for making any payments due on such Trust Certificate to the
holder thereof or for taking any other action with respect to such holder under
the provisions of this Agreement.
(iv) The Certificate Administrator, on behalf of the Trustee, shall make
available all information necessary to compute any tax imposed (A) as a result
of the Transfer of an Ownership Interest to any Person who is not a Permitted
Transferee, including the information regarding "excess inclusions" of such
Class R Certificate required to be provided to the Internal Revenue Service and
certain Persons as described in Treasury Regulation Sections 1.860D-1(b)(5) and
1.860E-2(a)(5), and (B) as a result of any regulated investment company, real
estate investment trust, common trust fund, partnership, trust, estate or
organizations described in Section 1381 of the Code having as among its record
holders at any time any Person who is not a Permitted Transferee. Reasonable
compensation for providing such information may be required by the Certificate
Administrator.
(v) The provisions of this Section 4.02(c) set forth prior to this Section (v)
may be modified, added or eliminated, provided that the following shall have
been delivered to the Trustee:
(A) a written notification from the Rating Agency to the effect that the
modification, addition or elimination of such provisions will not cause such
Rating Agency to downgrade its then-current ratings of the Trust Certificates;
and
(B) subject to Section 9.01(f) hereof, an Opinion of Counsel, which shall not be
an expense of the Trustee, to the effect that such modification, addition or
absence of such provisions will not cause the Trust Fund to cease to qualify as
a real estate mortgage investment conduit and will not cause (x) the Trust Fund
to be subject to an entity-level tax caused by the Transfer of any Class R
Certificate to a Person that is not a Permitted Transferee or (y) a
Certificateholder or another Person to be subject to a real estate mortgage
investment conduit related tax caused by the Transfer of a Class R Certificate
to a Non-United States Person or a Person that is not a Permitted Transferee.
(d) In the case of any Class R Certificate presented for registration in the
name of any Person, either (A) the Trustee shall require an Opinion of Counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Certificate Administrator to the effect that the purchase or holding of
such Class R Certificate is permissible under applicable law, will not
constitute or result in any non-exempt prohibited transaction under Section 406
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), and will not subject the Trustee, the Company or the Certificate
Administrator to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trustee, the Company or the Certificate Administrator or (B) the
prospective Transferee shall be required to provide the Trustee, the Company and
25
the Certificate Administrator with a certification to the effect set forth in
paragraph fifteen of Exhibit C-1, which the Trustee may rely upon without
further inquiry or investigation, or such other certifications as the Trustee
may deem desirable or necessary in order to establish that such Transferee or
the Person in whose name such registration is requested is not an employee
benefit plan or other plan or arrangement subject to the prohibited transaction
provisions of ERISA or Section 4975 of the Code a ("Plan"), or any Person
(including an investment manager, a named fiduciary or a trustee of any Plan)
who is using "plan assets" of any Plan to effect such acquisition, within the
meaning of the Department of Labor regulation 29 C.F.R. Section 2510.3-101.
(e) No service charge shall be made for any transfer or exchange of Trust
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Trust Certificates.
(f) All Trust Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar in accordance with its customary
procedures.
Section 4.03. Mutilated, Destroyed, Lost or Stolen Trust Certificates.
-------------------------------------------------------
If (i) any mutilated Trust Certificate is surrendered to the
Certificate Registrar, or the Trustee and the Certificate Registrar receive
evidence to their satisfaction of the destruction, loss or theft of any Trust
Certificate, and (ii) there is delivered to the Trustee and the Certificate
Registrar such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice to the Trustee or the Certificate
Registrar that such Trust Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute and the Certificate Registrar shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like
tenor, Class and Percentage Interest but bearing a number not contemporaneously
outstanding. Upon the issuance of any new Trust Certificate under this Section,
the Trustee may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee and the Certificate
Registrar) connected therewith. Any duplicate Trust Certificate issued pursuant
to this Section shall constitute complete and indefeasible evidence of ownership
in the Trust Fund, as if originally issued, whether or not the lost, stolen or
destroyed Trust Certificate shall be found at any time.
Section 4.04. Persons Deemed Owners.
---------------------
Prior to due presentation of a Trust Certificate for registration
of transfer, the Company, the Trustee, the Certificate Registrar and any agent
of the Company, the Trustee or the Certificate Registrar may treat the Person in
whose name any Trust Certificate is registered as the owner of such Trust
Certificate for the purpose of receiving distributions pursuant to Section 3.04
and for all other purposes whatsoever, and neither the Company, the Trustee, the
Certificate Registrar nor any agent of the Company, the Trustee or the
Certificate Registrar shall be affected by notice to the contrary.
26
ARTICLE V
THE TRUSTEE
Section 5.01. Duties of the Trustee.
---------------------
(a) The Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement.
(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement and, if applicable, the Pooling
and Servicing Agreement. The Trustee shall notify the Certificateholders of any
such documents which do not materially conform to the requirements of this
Agreement or the Pooling and Servicing Agreement in the event that the Trustee,
after so requesting, does not receive satisfactorily corrected documents or a
satisfactory explanation regarding any such nonconformities.
The Trustee shall forward or cause to be forwarded in a timely
fashion the notices, reports and statements required to be forwarded by the
Trustee pursuant to this Agreement. The Trustee shall furnish in a timely
fashion to the Certificate Administrator such information as the Certificate
Administrator may reasonably request from time to time for the Certificate
Administrator to fulfill its duties as set forth in this Agreement. The Trustee
covenants and agrees that it shall perform its obligations hereunder in a manner
so as to maintain the status of any portion of the REMIC as a real estate
mortgage investment conduit under the REMIC Provisions and (subject to Section
9.01(f) hereof) to prevent the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on the Trust Fund to the
extent that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:
(i) The duties and obligations of the Trustee shall be determined solely by the
express provisions of this Agreement, the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set forth in
this Agreement, no implied covenants or obligations shall be read into this
Agreement against the Trustee and, in the absence of bad faith on the part of
the Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished by the Company to the Trustee and which on
their face, do not contradict the requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an error of judgment made in
good faith by a Responsible Officer or Responsible Officers of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining the
pertinent facts;
27
(iii) The Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with
the direction of Certificateholders of any Class holding Trust Certificate which
evidence, as to such Class, Percentage Interests aggregating not less than 25%
as to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Agreement;
(iv) The Trustee shall not be charged with knowledge of any default under the
Pooling and Servicing Agreement unless a Responsible Officer of the Trustee
assigned to and working in the Corporate Trust Office obtains actual knowledge
of such failure or event or the Trustee receives written notice of such failure
or event at its Corporate Trust Office from the Company or any
Certificateholder; and
(v) No provision in this Agreement shall require the Trustee to expend or risk
its own funds or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the exercise of any
of its rights or powers, if the Trustee shall have reasonable grounds for
believing that repayment of funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
(d) The Trustee shall timely pay, from its own funds, the amount of any and all
federal, state and local taxes imposed on the Trust Fund or its assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code, if, when and as the same shall be
due and payable, (B) any tax on contributions to the REMIC after the Closing
Date imposed by Section 860G(d) of the Code and (C) any tax on "net income from
foreclosure property" as defined in Section 860G(c) of the Code, but only if
such taxes arise out of a breach by the Trustee of its obligations hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.
Section 5.02. Certain Matters Affecting the Trustee.
-------------------------------------
(a) Except as otherwise provided in Section 5.01:
(i) The Trustee may request and may rely and shall be protected in acting or
refraining from acting upon any resolution, Officer's Certificate, certificate
of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;
(ii) The Trustee may consult with counsel and any written advice of its counsel
or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance with such advice or Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Agreement or to institute, conduct or defend any
litigation hereunder or in relation hereto at the request, order or direction of
any of the Certificateholders, pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which may be
incurred therein or thereby;
28
(iv) The Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Agreement;
(v) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing so to do by Holders of Trust Certificates
of any Class evidencing, as to such Class, Percentage Interests aggregating not
less than 50%; provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Agreement, the Trustee may require reasonable indemnity against such
expense or liability as a condition to so proceeding. The reasonable expense of
every such examination shall be paid by the Certificateholder requesting the
investigation; and
(vi) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys.
(b) Following the issuance of the Trust Certificates, the Trustee shall not
accept any contribution of assets to the Trust Fund unless it shall have
obtained or been furnished with an Opinion of Counsel from the party seeking to
contribute assets and at such party's expense to the effect that such
contribution will not (i) cause the Trust Fund to fail to qualify as a real
estate mortgage investment conduit at any time that any Trust Certificates are
outstanding or (subject to Section 9.01(f) hereof) (ii) cause the Trust Fund to
be subject to any tax as a result of such contribution (including the imposition
of any tax on "prohibited transactions" of the Trust Fund imposed under Section
860F(a) of the Code).
Section 5.03. Trustee Not Liable for Trust Certificates or Underlying
Certificates.
The recitals contained herein and in the Trust Certificates
(other than the execution of the Trust Certificates and relating to the
acceptance and receipt of the Underlying Certificates) shall be taken as the
statements of the Company or the Certificate Administrator as the case may be,
and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Agreement or
of the Trust Certificates (except that the Trust Certificates shall be duly and
validly executed by it as Trustee and authenticated by it as Certificate
Registrar) or of the Underlying Certificates of any related document. Except as
otherwise provided herein, the Trustee shall not be accountable for the use or
application by the Company or the Certificate Administrator of any of the Trust
Certificates or of the proceeds of such Trust Certificates, or for the use or
application of any funds paid to the Company in respect of the Underlying
Certificates deposited in or withdrawn from the Trust Certificate Account by the
Company.
29
Section 5.04. Trustee May Own Trust Certificates.
----------------------------------
The Trustee in its individual or any other capacity may become
the owner or pledgee of Trust Certificates and may transact business with the
Company and the parties to the Pooling and Servicing Agreement with the same
rights it would have if it were not Trustee.
Section 5.05. Eligibility Requirements for Trustee.
------------------------------------
The Trustee hereunder shall at all times be a banking corporation
or a national banking association having its principal office in a state and
city acceptable to the Company and organized and doing business under the laws
of such state or the United States of America, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or state
authority. If such corporation or national banking association publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 5.06.
Section 5.06. Resignation and Removal of the Trustee.
--------------------------------------
(a) The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Company. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may appoint or may petition any court of competent jurisdiction for the
appointment of a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions of Section 5.05 and shall fail to resign after written request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee. In addition, in the event that the Company
determines that the Trustee has failed (i) to distribute or cause to be
distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee for distribution or (ii) to
otherwise observe or perform in any material respect any of its covenants,
agreements or obligations hereunder, and such failure shall continue unremedied
for a period of 5 days (in respect of clause (i) above) or 30 days (in respect
of clause (ii) above) after the date on which written notice of such failure,
requiring that the same be remedied, shall have been given to the Trustee by the
30
Company, then the Company may remove the Trustee and appoint a successor trustee
by written instrument delivered as provided in the preceding sentence. In
connection with the appointment of a successor trustee pursuant to the preceding
sentence, the Company shall, on or before the date on which any such appointment
becomes effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Class A Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Company, one complete set to the Trustee so removed
and one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
5.07.
Section 5.07. Successor Trustee.
-----------------
(a) Any successor trustee appointed as provided in Section 5.06 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor
trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor trustee the Underlying Certificates and related documents and
statements held by it hereunder, and the Company, the Certificate Administrator
and the predecessor trustee shall execute and deliver such instruments and do
such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor trustee all such rights, powers, duties
and obligations.
(b) No successor trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 5.05.
(c) Upon acceptance of appointment by a successor trustee as provided in this
Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Trust Certificates at their addresses as shown in
the Certificate Register. If the Company fails to mail such notice within 10
days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be mailed at the expense of the Company.
Section 5.08. Merger or Consolidation of Trustee.
----------------------------------
Any corporation or national banking association into which the
Trustee may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to all or substantially
all of the corporation trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation or national banking association
shall be eligible under the provisions of Section 5.05, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding. The Trustee shall mail notice
of any such merger or consolidation to the Certificateholders at their address
as shown in the Certificate Register.
31
Section 5.09. Appointment of Co-Trustee or Separate Trustee.
---------------------------------------------
(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the
Certificate Administrator and the Trustee acting jointly shall have the power
and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of
this Section 5.09, such powers, duties, obligations, rights and trusts as the
Certificate Administrator and the Trustee may consider necessary or desirable.
If the Certificate Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, the Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 5.05 hereunder and no notice to Holders of Trust
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 5.07 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 5.09 all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee, and such separate trustee or co-trustee jointly,
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed, the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article V. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
32
Section 5.10. Appointment of Office or Agency.
-------------------------------
The Trustee will maintain an office or agency in the City of New
York where Trust Certificates may be surrendered for registration of transfer or
exchange, or presented for final distribution, and where the office of the
Certificate Registrar is located. The Trustee initially designates such office
to be located at DTC Transfer Services, 00 Xxxxx Xxxxxx, Xxxxxxxx Xxxx Xxxxxxxx,
Xxx Xxxx, Xxx Xxxx 00000.
Section 5.11. Certificate Administrator to Pay Trustee's Fees and Expenses;
Indemnification.
(a) The Certificate Administrator covenants and agrees to pay to
the Trustee and any co-trustee from time to time, and the Trustee and any
co-trustee shall be entitled to, reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by each of them in the execution of the
trusts hereby created and in the exercise and performance of any of the powers
and duties hereunder of the Trustee and any co-trustee, and the Certificate
Administrator will pay or reimburse the Trustee and any co-trustee upon request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustee or any co-trustee in accordance with any of the provisions of this
Agreement (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ, and
the expenses incurred by the Trustee or any co-trustee in connection with the
appointment of an office or agency pursuant to Section 5.10) except any such
expense, disbursement or advance as may arise from its negligence or bad faith.
(b) The Certificate Administrator agrees to indemnify the Trustee
for, and to hold the Trustee harmless against, any loss, liability or expense
incurred without negligence or willful misconduct on the Trustee's part, arising
out of, or in connection with, the acceptance and administration of the Trust
Fund, including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against any claim in connection with the exercise
or performance of any of its powers or duties under this Agreement, provided
that:
(i) with respect to any such claim, the Trustee shall have given
the Certificate Administrator written notice thereof promptly after the Trustee
shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the Trustee
shall cooperate and consult fully with the Certificate Administrator in
preparing such defense; and
(iii) notwithstanding anything in this Agreement to the contrary,
the Certificate Administrator shall not be liable for settlement of any claim by
the Trustee entered into without the prior consent of the Certificate
Administrator which consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations
created by this Section 5.11(b) of the Certificate Administrator to indemnify
the Trustee under the conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by
the Certificate Administrator in this Section 5.11(b) shall not pertain to any
loss, liability or expense of the Trustee, including the costs and expenses of
defending itself against any claim, incurred in connection with any actions
taken by the Trustee at the direction of the Certificateholders pursuant to the
terms of this Agreement.
33
Section 5.12. Certain Actions Relating to Underlying Certificates. In the event
that there are any matters arising under the Pooling and Servicing Agreement or
the operative documents relating to transactions contemplated by the Pooling and
Servicing Agreement which require the vote, consent or direction of the holders
of the Underlying Certificates, the Trustee, as holder of the Underlying
Certificates, shall vote the Underlying Certificates in accordance with the
written instructions received from the Certificateholders evidencing at least a
majority of the Percentage Interest in the Trust Certificates. Any
Certificateholder that provides instructions to the Trustee pursuant to the
preceding sentence shall also provide the Trustee and its officers, directors,
agents and employees with an indemnity (which shall be satisfactory to the
Trustee) for any loss, liability or expense incurred by the Trustee that arises
out of, or in connection with, such instructions. In the absence of any
instruction from the Certificateholders, the Trustee will abstain from taking
any action with respect to any matter described in the first sentence of this
Section 5.12. The Trustee shall forward to each Certificateholder copies of any
communications received regarding matters that require action by holders of the
Underlying Certificates.
Section 5.13. U.S.A. Patriot Act Compliance. In order for it to comply with its
duties under the U.S.A. Patriot Act, the Trustee shall obtain and verify certain
information from the other parties hereto, including but not limited to such
parties' name, address and other identifying information.
ARTICLE VI
TERMINATION
Section 6.01. Termination.
(a) Subject to Section 6.02, the respective obligations and responsibilities of
the Company, the Certificate Administrator and the Trustee created hereby with
respect to the Trust Certificates (other than the obligation to make certain
payments and to send certain notices to Certificateholders as hereinafter set
forth) shall terminate immediately upon the occurrence of the last action
required to be taken by the Trustee on the Termination Date; provided, however,
that in no event shall the trust created hereby continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of
Xxxxxx X. Xxxxxxx, the late ambassador of the United States to the United
Kingdom, living on the date hereof.
(b) Upon presentation and surrender of the Trust Certificates by the
Certificateholders on the Termination Date, the Trustee shall distribute to the
Certificateholders the amounts otherwise distributable on such Distribution Date
pursuant to Section 3.04(a). Any funds not distributed on the Termination Date
because of the failure of any Certificateholders to tender their Trust
Certificates shall be set aside and held in trust for the account of the
appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate, and such funds shall not be invested. If any Trust Certificates as to
which notice of the Termination Date has been given pursuant to this Section
6.01 shall not have been surrendered for cancellation within six months after
the time specified in such notice, the Trustee shall mail a second notice to the
remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Trust Certificates for cancellation in order to
receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Trust Certificate shall not have
been surrendered for cancellation, the Trustee shall so notify the Company who
34
steps to contact the remaining Certificateholders concerning surrender of their
Trust Certificates. The costs and expenses of maintaining such funds and of
contacting Certificateholders shall be paid out of the assets which remain held.
If within two years after the second notice any Trust Certificates shall not
have been surrendered for cancellation, the Trustee shall pay to the Company all
amounts distributable to the Holders thereof and the Company shall thereafter
hold such amounts for the benefit of such Holders. No interest shall accrue or
be payable to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 6.01.
Section 6.02. Additional Termination Requirements.
-----------------------------------
(a) Within 90 days prior to the anticipated Termination Date, the Certificate
Administrator shall adopt and the Certificate Administrator shall sign a plan of
complete liquidation of the Trust Fund meeting the requirements of Section
860F(a)(4)(A) of the Code pursuant to which the Trustee shall sell or otherwise
dispose of all the remaining assets of the Trust Fund, unless the Trustee and
the Certificate Administrator has received an Opinion of Counsel to the effect
that the failure of the Trust Fund to comply with the requirements of this
Section 6.02(a) will not (i) result in the imposition of taxes on "prohibited
transactions" of the Trust Fund as described in Section 860F of the Code, or
(subject to Section 9.01(f) hereof) (ii) cause the Trust Fund to fail to qualify
as a real estate mortgage investment conduit at any time that any Trust
Certificate is outstanding.
(b) Each Holder of a Trust Certificate hereby irrevocably approves and appoints
the Certificate Administrator as its attorney-in-fact for the purposes of,
adoption of the plan of complete liquidation in accordance with the terms and
conditions of this Agreement.
ARTICLE VII
THE COMPANY AND THE CERTIFICATE ADMINISTRATOR
Section 7.01. Liability of the Company.
------------------------
The Company and the Certificate Administrator shall each be
liable in accordance herewith only to the extent of the obligations specifically
and respectively imposed upon and undertaken by the Company and the Certificate
Administrator herein.
Section 7.02. Merger, Consolidation or Conversion of the Company.
--------------------------------------------------
(a) The Company and the Certificate Administrator will each keep
in full effect its existence, rights and franchises as a corporation under the
laws of the state of its incorporation, and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Trust Certificates, the Underlying
Certificates or any of the Mortgage Loans and to perform its respective duties
under this Agreement.
35
(b) Any Person into which the Company or the Certificate
Administrator may be merged or consolidated, or any corporation resulting from
any merger or consolidation to which the Company or the Certificate
Administrator shall be a party, or any Person succeeding to the business of the
Company or the Certificate Administrator, shall be the successor of the Company
or the Certificate Administrator, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided,
however, that each Rating Agency's ratings, if any, of the Trust Certificates in
effect immediately prior to such merger or consolidation will not be qualified,
reduced or withdrawn as a result thereof (as evidenced by a letter to such
effect from each Rating Agency).
(c) Notwithstanding anything else in this Section 7.02 and
Section 7.04 to the contrary, the Certificate Administrator may assign its
rights and delegate its duties and obligations under this Agreement; provided
that the Person accepting such assignment or delegation shall execute and
deliver to the Company and the Trustee an agreement, in form and substance
reasonably satisfactory to the Company and the Trustee, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Certificate
Administrator under this Agreement; provided further that each Rating Agency's
rating of the Classes of Trust Certificates that have been rated in effect
immediately prior to such assignment and delegation will not be qualified,
reduced or withdrawn as a result of such assignment and delegation (as evidenced
by a letter to such effect from each Rating Agency). In the case of any such
assignment and delegation, the Certificate Administrator shall be released from
its obligations under this Agreement, except that the Certificate Administrator
shall remain liable for all liabilities and obligations incurred by it as
Certificate Administrator hereunder prior to the satisfaction of the conditions
to such assignment and delegation set forth in the preceding sentence.
Section 7.03. Limitation on Liability of the Company and Others.
-------------------------------------------------
(a) Neither the Company, the Certificate Administrator nor any of the directors,
officers, employees or agents of the Company or the Certificate Administrator
shall be under any liability to the Trust Fund or the Certificateholders for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Company, the Certificate Administrator or
any such Person against any breach of warranties or representations made herein
or any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Company,
the Certificate Administrator and any director, officer, employee or agent of
the Company or the Certificate Administrator may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Company, the Certificate
Administrator and any director, officer, employee or agent of the Company or the
Certificate Administrator shall be indemnified by the Trust Fund and held
harmless against any loss, liability or expense incurred in connection with any
legal action relating to this Agreement or the Trust Certificates, other than
any loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder and the Company and the Certificate
Administrator shall be entitled to be reimbursed therefor out of amounts
36
attributable to the Underlying Certificates on deposit in the Trust Certificate
Account as provided by Section 3.03 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
(b) Neither the Company nor the Certificate Administrator shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Certificate
Administrator may in its discretion undertake any such action, proceeding,
hearing or examination that it may deem necessary or desirable in respect to
this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders hereunder. In such event, the legal expenses and costs
of such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Certificate Administrator shall be entitled to be reimbursed
therefor out of amounts attributable to the Underlying Certificates on deposit
in the Trust Certificate Account as provided by Section 3.03 and, on the
Distribution Date(s) following such reimbursement, the aggregate of such
expenses and costs shall be allocated in reduction of the Accrued Certificate
Interest on each Class entitled thereto in the same manner as if such expenses
and costs constituted a Prepayment Interest Shortfall.
Section 7.04. Company and Certificate Administrator Not to Resign.
---------------------------------------------------
Subject to the provisions of Section 7.02, neither the Company
nor the Certificate Administrator shall resign from its respective obligations
and duties hereby imposed on it except upon determination that its duties
hereunder are no longer permissible under applicable law. Any such determination
permitting the resignation of the Company or the Certificate Administrator shall
be evidenced by an Opinion of Counsel to such effect delivered to the Trustee.
No such resignation by the Certificate Administrator shall become effective
until the Trustee or a successor certificate administrator shall have assumed
the Certificate Administrator's responsibilities and obligations hereunder.
Section 7.05. Successor Certificate Administrator.
-----------------------------------
In the event that the Master Servicer is removed or replaced in
accordance with the terms of the Pooling and Servicing Agreement, the Trustee
shall become the successor certificate administrator hereunder. The Certificate
Administrator agrees to cooperate with the Trustee in effecting the termination
of the Certificate Administrator's responsibilities and rights hereunder. No
such termination shall release the Certificate Administrator for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
Section 7.06. Representation and Warranty of Company.
--------------------------------------
Immediately prior to the conveyance of the Underlying
Certificates to the Trustee pursuant to Section 2.01, the Company had good title
to, and was the sole owner of, the Underlying Certificates free and clear of any
pledge, lien, encumbrance or security interest and such conveyance validly
transfers ownership of the Underlying Certificates to the Trustee free and clear
of any pledge, lien, encumbrance or security interest.
37
ARTICLE VIII
MISCELLANEOUS PROVISIONS
Section 8.01. Amendment.
---------
(a) This Agreement may be amended from time to time by the Certificate
Administrator, the Company and the Trustee, without the consent of any of the
Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein, which may be
inconsistent with any other provisions herein or therein or to correct any
error,
(iii) to modify, eliminate or add to any of its provisions to such extent as
shall be necessary or desirable to maintain the qualification of the Trust Fund
as a real estate mortgage investment conduit at all times that any Trust
Certificate is outstanding or to avoid or minimize the risk of the imposition of
any tax on the Trust Fund pursuant to the Code that would be a claim against the
Trust Fund, provided that the Trustee has received an Opinion of Counsel to the
effect that (A) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax
and (B) such action will not adversely affect in any material respect the
interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into the Trust Certificate
Account, provided that (A) such change shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder and (B) such change shall not adversely affect the
then-current rating of the Trust Certificates, as evidenced by a letter from
each Rating Agency then rating the Trust Certificates to such effect,
(v) to modify, eliminate or add to the provisions of Section 4.02(c) or any
other provision hereof restricting transfer of the Class R Certificate by virtue
of their being the "residual interest" in the REMIC, provided that (A) such
change shall not adversely affect the then current ratings of the Trust
Certificates, as evidenced by a letter from the Rating Agency to such effect,
and (B) such change shall not, as evidenced by an Opinion of Counsel, cause
either the Trust Fund or any of the Certificateholders (other than the
transferor) to be subject to a tax caused by a transfer to a Non-United States
Person or a Person that is not a Permitted Transferee, or
(vi) to make any other provisions with respect to matters or questions arising
under this Agreement which shall not be materially inconsistent with the
provisions of this Agreement, provided that such action shall not, as evidenced
by an Opinion of Counsel, adversely affect in any material respect the interests
of any Certificateholder.
(b) This Agreement may also be amended from time to time by the Certificate
Administrator, the Company and the Trustee with the consent of the Holders of
Trust Certificates evidencing in the aggregate not less than 66% of the
Percentage Interests of each Class of Trust Certificates affected thereby for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Holders of Trust Certificates of such Class; provided, however, that no
such amendment shall:
38
(i) reduce in any manner the amount of, or delay the timing of, payments which
are required to be distributed on any Trust Certificate without the consent of
the Holder of such Trust Certificate, or
(ii) reduce the aforesaid percentage of Trust Certificates of any Class the
Holders of which are required to consent to any such amendment, in any such case
without the consent of the Holders of all Trust Certificates of such Class then
outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the Trustee shall
not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel to the effect that such amendment or the exercise
of any power granted to the Company or the Trustee in accordance with such
amendment will not result in the imposition of a tax on the Trust Fund or cause
the Trust Fund to fail to qualify as a real estate mortgage investment conduit
at any time that any Trust Certificate is outstanding.
(d) Promptly after the execution of any such amendment the Trustee shall furnish
written notification of the substance of such amendment to each
Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 8.01 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.
Section 8.02. Counterparts.
------------
For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.
Section 8.03. Limitation on Rights of Certificateholders.
------------------------------------------
(a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.
(b) No Certificateholder shall have any right to vote (except as expressly
provided for herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Trust
Certificates, be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third party by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, unless such Holder previously shall
have given to the Trustee a notice of a default by the Company or the Trustee in
the performance of any obligation hereunder, and of the continuance thereof, as
hereinbefore provided, and unless also the Holders of Trust Certificates
entitled to at least 33% of the Voting Rights shall have made written request
39
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law
or in equity.
Section 8.04. Governing Law.
-------------
This Agreement and the Trust Certificates shall be construed in
accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 8.05. Notices.
-------
All demands and notices hereunder shall be in writing and shall
be deemed to have been duly given if personally delivered at or mailed by
registered mail, postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Company, 0000 Xxxxxxxxxx Xxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxxx
00000, Attention: President, or such other address as may hereafter be furnished
to the Trustee and the Certificate Administrator in writing by the Company, (b)
in the case of the Certificate Administrator, 0000 X. Xxxxxxx Xxxxxx, Xxxxx 000,
Xxxxxxx, Xxxxxxxxxx 00000-0000, Attention: Managing Director/Master Servicing or
such other address as may hereafter be furnished to the Trustee and the Company
in writing by the Certificate Administrator, (c) in the case of the Trustee (i)
for the purposes of Section 5.10 hereof, c/o DTC Transfer Services, 00 Xxxxx
Xxxxxx, Xxxxxxxx Xxxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000, and (ii) for all other
purposes, Corporate Trust Office, 0000 Xxxx Xx. Xxxxxx Xxxxx, Xxxxx Xxx,
Xxxxxxxxxx 00000-0000, Attention: Residential Accredit Loans, Inc. Series
2004-QR1 or such other address as may hereafter be furnished to the Company and
the Certificate Administrator in writing by the Trustee, (d) in the case of
Xxxxx'x, 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, and (e) in the case of S&P,
00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000. Any notice required or permitted to
be mailed to a Certificateholder shall be given by first-class mail, postage
prepaid, at the address of such holder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 8.06. Notices to the Rating Agencies.
------------------------------
The Company or the Trustee, as applicable, shall notify each
Rating Agency at such time as it is otherwise required pursuant to this
Agreement to give notice of the occurrence of any of the events described in
clauses (a), (b), (d), (e) or (f) below or provide a copy to the Rating Agency
at such time as otherwise required to be delivered pursuant to this Agreement of
any of the statements described in clause (c) below:
(a) a material change or amendment to this Agreement,
40
(b) the termination or appointment of a successor Trustee or a change in the
majority ownership of the Trustee,
(c) the statement required to be delivered to the Holders of each Class of Trust
Certificates pursuant to Section 3.05,
(d) a change in the location of the Trust Certificate Account,
(e) the occurrence of the final Distribution Date, and
(f) the repurchase of the Underlying Certificates.
Section 8.07. Severability of Provisions.
--------------------------
If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Trust Certificates or the rights of the Holders
thereof.
Section 8.08. Successors and Assigns.
----------------------
The provisions of this Agreement shall be binding upon and inure
to the benefit of the respective successors and assigns of the parties hereto,
and all such provisions shall inure to the benefit of the Certificateholders.
Section 8.09. Article and Section Headings,
----------------------------
The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.
ARTICLE IX
REMIC PROVISIONS
Section 9.01. REMIC Administration.
-------------------- --
(a) The REMIC Administrator shall make an election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in this Agreement. Such election
will be made on Form 1066 or other appropriate federal tax or information return
(including Form 8811) or any appropriate state return for the taxable year
ending on the last day of the calendar year in which the Trust Certificates are
issued. For the purposes of each REMIC election in respect of the Trust Fund,
Certificates and interests to be designated as the "regular interests" and the
sole class of "residual interests" in the REMIC will be set forth in Section
9.03. The REMIC Administrator and the Trustee shall not permit the creation of
any "interests" (within the meaning of Section 860G of the Code) in any REMIC
elected in respect of the Trust Fund other than the "regular interests" and
"residual interests" so designated.
41
(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate representing a
0.01% Percentage Interest each Class of the Class R Certificates and shall be
designated as "the tax matters person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in relation to any tax matter or controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto. The legal expenses, including without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability resulting therefrom shall be expenses of the Trust Fund and the
REMIC Administrator shall be entitled to reimbursement therefor out of amounts
attributable to the Underlying Certificates on deposit in the Trust Certificate
Account as provided by Section 3.03 unless such legal expenses and costs are
incurred by reason of the REMIC Administrator's willful misfeasance, bad faith
or gross negligence. If the REMIC Administrator is no longer the Master Servicer
hereunder, at its option the REMIC Administrator may continue its duties as
REMIC Administrator and shall be paid reasonable compensation not to exceed
$3,000 per year by any successor Master Servicer hereunder for so acting as the
REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns that it determines are required with respect to each REMIC created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing such returns shall be borne by the REMIC Administrator without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability arising from the
Trustee's signing of Tax Returns that contain errors or omissions. The Trustee
and Certificate Administrator shall promptly provide the REMIC Administrator
with such information as the REMIC Administrator may from time to time request
for the purpose of enabling the REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of each REMIC.
(f) The Certificate Administrator and the REMIC Administrator shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Certificate Administrator's or the REMIC Administrator's
control and the scope of its duties more specifically set forth herein as shall
be necessary or desirable to maintain the status of each REMIC created hereunder
as a REMIC under the REMIC Provisions (and the Trustee shall assist the
Certificate Administrator and the REMIC Administrator, to the extent reasonably
requested by the Certificate Administrator and the REMIC Administrator to do
so). The Certificate Administrator and the REMIC Administrator shall not
knowingly or intentionally take any action, cause the Trust Fund to take any
action or fail to take (or fail to cause to be taken) any action reasonably
within their respective control that, under the REMIC Provisions, if taken or
not taken, as the case may be, could (i) endanger the status of any portion of
42
any REMIC created hereunder as a real estate mortgage investment conduit or (ii)
result in the imposition of a tax upon the any REMIC created hereunder
(including but not limited to the tax on prohibited transactions as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a real estate
mortgage investment conduit set forth in Section 860G(d) of the Code) (either
such event, in the absence of an Opinion of Counsel or the indemnification
referred to in this sentence, an "Adverse REMIC Event") unless the Certificate
Administrator or the REMIC Administrator, as applicable, has received an Opinion
of Counsel (at the expense of the party seeking to take such action or, if such
party fails to pay such expense, and the Certificate Administrator or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Certificate Administrator, the
REMIC Administrator or the Trustee) to the effect that the contemplated action
will not, with respect to the each REMIC created hereunder, endanger such status
or, unless the Certificate Administrator, the REMIC Administrator or both, as
applicable, determine in its or their sole discretion to indemnify the Trust
Fund against the imposition of such a tax, result in the imposition of such a
tax. Wherever in this Agreement a contemplated action may not be taken because
the timing of such action might result in the imposition of a tax on the Trust
Fund, or may only be taken pursuant to an Opinion of Counsel that such action
would not impose a tax on the Trust Fund, such action may nonetheless be taken
provided that the indemnity given in the preceding sentence with respect to any
taxes that might be imposed on the Trust Fund has been given and that all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Certificate Administrator or the REMIC Administrator, as
applicable, has advised it in writing that it has received an Opinion of Counsel
to the effect that an Adverse REMIC Event could occur with respect to such
action. In addition, prior to taking any action with respect to any REMIC
created hereunder or any related assets thereof, or causing any such REMIC to
take any action, which is not expressly permitted under the terms of this
Agreement, the Trustee will consult with the Certificate Administrator or the
REMIC Administrator, as applicable, or its designee, in writing, with respect to
whether such action could cause an Adverse REMIC Event to occur with respect to
any REMIC created hereunder, and the Trustee shall not take any such action or
cause the REMIC to take any such action as to which the Certificate
Administrator or the REMIC Administrator, as applicable, has advised it in
writing that an Adverse REMIC Event could occur. The Certificate Administrator
or the REMIC Administrator, as applicable, may consult with counsel to make such
written advice, and the cost of the same shall be borne by the party seeking to
take the action not expressly permitted by this Agreement, but in no event at
the expense of the Certificate Administrator or the REMIC Administrator. At all
times as may be required by the Code, the Certificate Administrator will to the
extent within its control and scope of its duties more specifically set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined under Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of any
REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on "net
income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Certificate Administrator, if such tax
arises out of or results from a breach by the Certificate Administrator of any
of its obligations under this Agreement or the Certificate Administrator has in
43
its sole discretion determined to indemnify the Trust Fund against such tax,
(ii) to the Trustee, if such tax arises out of or results from a breach by the
Trustee of any of its obligations under this Article III, (iii) to the REMIC
Administrator, if in its sole discretion it has determined to indemnify the
Trust Fund for such tax; or (iv) otherwise against amounts on deposit in the
Trust Certificate Account as provided hereunder and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Certificate Administrator shall, for federal income tax
purposes, maintain books and records with respect to the REMIC on a calendar
year and on an accrual basis or as otherwise may be required by the REMIC
Provisions.
(i) Following the startup day for the REMIC, neither the Certificate
Administrator nor the Trustee shall accept any contributions of assets to the
REMIC unless (subject to Section 9.01(f) hereof) the Certificate Administrator
and the Trustee shall have received an Opinion of Counsel (at the expense of the
party seeking to make such contribution) to the effect that the inclusion of
such assets in the REMIC will not cause the REMIC to fail to qualify as a real
estate mortgage investment conduit at any time that any Trust Certificates are
outstanding or subject the REMIC to any tax under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.
(j) Neither the Certificate Administrator nor the Trustee shall (subject to
Section 9.01(f) hereof) enter into any arrangement by which the REMIC will
receive a fee or other compensation for services nor permit the REMIC to receive
any income from assets other than "qualified mortgages" as defined in Section
860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
Regulations, the "latest possible maturity date" by which the Certificate
Principal Balance of each Class of Trust Certificates (other than the Class A-5
Certificates) representing a regular interest in the applicable REMIC, the
Uncertificated Principal Balance of each Uncertificated REMIC Regular Interest
and the Notional Amount of the Class A-5 Certificates would be reduced to zero
is the Maturity Date for each such Certificate and Uncertificated REMIC Regular
Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal Revenue Service Form 8811, "Information Return for
Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.
(m) Neither the Certificate Administrator nor the Trustee shall (i) sell,
dispose of or substitute for the Underlying Certificates (except in connection
with (A) the default, imminent default or foreclosure of the Underlying
Certificates, (B) the bankruptcy of any REMIC created hereunderor (C) the
termination of the trust fund relating to the Underlying Certificates pursuant
to Article IX of the Pooling and Servicing Agreement), (ii) acquire any assets
for any such REMIC, (iii) sell or dispose of any investments in the Trust
Certificate Account for gain nor accept any contributions to the REMIC after the
Closing Date unless it has received an Opinion of Counsel that such sale,
44
disposition, substitution or acquisition will not (a) affect adversely the
status of such REMIC as a REMIC or (b) unless the Certificate Administrator has
determined in its sole discretion to indemnify the Trust Fund against such tax,
cause such REMIC to be subject to a tax on "prohibited transactions" or
"contributions" pursuant to the REMIC Provisions.
Section 9.02. Certificate Administrator, REMIC Administrator and Trustee
Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the REMIC
Administrator and the Certificate Administrator for any taxes and costs
including, without limitation, any reasonable attorneys fees imposed on or
incurred by the Trust Fund, the Company or the Certificate Administrator, as a
result of a breach of the Trustee's covenants set forth in Article V or this
Article IX.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Certificate Administrator and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Certificate Administrator or the Trustee, as a
result of a breach of the REMIC Administrator's covenants set forth in Article
IX and this Article III with respect to compliance with the REMIC Provisions,
including without limitation, any penalties arising from the Trustee's execution
of Tax Returns prepared by the REMIC Administrator that contain errors or
omissions; provided, however, that such liability will not be imposed to the
extent such breach is a result of an error or omission in information provided
to the REMIC Administrator by the Certificate Administrator in which case
Section 9.02(c) will apply.
(c) The Certificate Administrator agrees to indemnify the Trust Fund, the
Company, the REMIC Administrator and the Trustee for any taxes and costs
(including, without limitation, any reasonable attorneys' fees) imposed on or
incurred by the Trust Fund, the Company, the REMIC Administrator or the Trustee,
as a result of a breach of the Certificate Administrator's covenants set forth
in Article IX and this Article III with respect to compliance with the REMIC
Provisions, including without limitation, any penalties arising from the
Trustee's execution of Tax Returns prepared by the Certificate Administrator
that contain errors or omissions.
Section 9.03. Designation of REMICs.
(a) The REMIC Administrator shall make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") and
shall make an election to treat the pool of assets comprised of the
Uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") for federal
income tax purposes.
(b) The Uncertificated REMIC I Regular Interests will be "regular interests" in
REMIC I and the Class R-I Certificates will be the sole class of "residual
interests" in REMIC I for purposes of the REMIC Provisions (as defined herein)
under the federal income tax law.
45
(c) The Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates
will be "regular interests" in REMIC II, and the Class R-II Certificates will be
the sole class of "residual interests" therein for purposes of the REMIC
Provisions (as defined herein) under federal income tax law.
Section 9.04. Distributions on the Uncertificated REMIC I Regular Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the Uncertificated REMIC I Regular Interests, the
Uncertificated REMIC I Regular Interest Distribution Amounts in the following
order of priority to the extent of the Available Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 3.04(a):
(i) Uncertificated Accrued Interest on the Uncertificated REMIC I Regular
Interests for such Distribution Date, plus any Uncertificated Accrued Interest
thereon remaining unpaid from any previous Distribution Date; and
(ii) In accordance with the priority set forth in Section 9.04(b), an amount
equal to the sum of the amounts in respect of principal distributable on each
Class of Certificates (other than the Class R-I Certificates) under Section
3.04(a).
(b) The amount described in Section 9.04(a)(ii) shall be deemed distributed to
(i) Uncertificated REMIC I Regular Interest X and (ii) Uncertificated REMIC I
Regular Interest Y with the amount to be distributed allocated among such
interests in accordance with the priority assigned to each Related Class of
Certificates (other than the Class R-I Certificates), respectively, under
Section 3.04(a) until the Uncertificated Principal Balance of each such interest
is reduced to zero.
(c) The portion of the Uncertificated REMIC I Regular Interest Distribution
Amounts described in Section 9.04(a)(ii) shall be deemed distributed by REMIC I
to REMIC II in accordance with the priority assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
3.04(a).
(d) In determining from time to time the Uncertificated REMIC I Regular Interest
Distribution Amounts and Uncertificated REMIC II Regular Interest Distribution
Amounts:
(i) Class A Loss Amounts allocated to the Class A-1 and Class A-5 Certificates
under Section 3.09 shall be deemed allocated to Uncertificated REMIC I Regular
Interest X; and
(ii) Class A Loss Amounts allocated to the Class A-2, Class A-3 and Class A-4
Certificates under Section 3.09 shall be deemed allocated to Uncertificated
REMIC I Regular Interest Y.
(e) On each Distribution Date the Trustee shall be deemed to distribute from
REMIC II, in the priority set forth in Sections 3.04(a), to the Holders of each
Class of Certificates (other than the Class R-I Certificates) the amounts
distributable thereon from the Uncertificated REMIC I Regular Interest
Distribution Amounts deemed to have been received by REMIC II from REMIC I under
this Section 9.04.
46
(f) Notwithstanding the deemed distributions on the Uncertificated REMIC I
Regular Interests described in this Section 9.01, distributions of funds from
the Certificate Account shall be made only in accordance with Section 3.04.
Section 9.05. Compliance with Withholding Requirements.
-----------------------------------------
Notwithstanding any other provision of this Agreement, the
Trustee or any Paying Agent, as applicable, shall comply with all federal
withholding requirements respecting payments to Certificateholders, including
interest or original issue discount payments or advances thereof that the
Trustee or any Paying Agent, as applicable, reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding. In the event the Trustee or any Paying Agent, as applicable, does
withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount withheld to such Certificateholder pursuant to the terms of such
requirements.
47
IN WITNESS WHEREOF, the Company, the Certificate Administrator
and the Trustee have caused their names to be signed hereto by their respective
officers thereunto duly authorized and their respective seals, if required, duly
attested, to be hereunto affixed, all as of the day and year first above
written.
RESIDENTIAL ACCREDIT LOANS, INC.,
as Company
By: /s/ Xxxx Xxxxxx
------------------------------
Name: Xxxx Xxxxxx
Title: Vice President
RESIDENTIAL FUNDING CORPORATION,
as Certificate Administrator
By: /s/ Xxxxx Xxx
-------------------------------
Name: Xxxxx Xxx
Title: Director
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
By: /s/ Xxxxx Xxxxxx
-------------------------------
Name: Xxxxx Xxxxxx
Title: Associate
By: /s/ Xxxxxxx Xxxxxxxx
-------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Assistant Vice President
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
Certificate No. 1 [ ]% Pass-Through Rate
Class A-[___] Senior
Date of Trust Agreement: November 29, 2004 Percentage Interest: [___]%
Certificate Administrator: Aggregate Initial Certificate Principal
Residential Funding Corporation Balance of the Class A-[__] Certificates:
$[---------]
First Distribution Date: Initial Certificate Principal Balance of this
December 27, 2004 Certificate: $[__________]
Assumed Final Distribution Date: CUSIP 76110H B[ ]
October 25, 2034
MORTGAGE TRUST CERTIFICATE
SERIES 2004-QR1
Evidencing a percentage interest in the distributions allocable to the
Class A-[__] Certificates with respect to a Trust Fund consisting
primarily of senior classes of mortgage pass-through certificates issued
by a trust established by RESIDENTIAL ACCREDIT LOANS, INC.
This Certificate is payable solely from the assets of the Trust Fund (as
defined in the Agreement referred to below), and does not represent an
obligation of or interest in Residential Accredit Loans, Inc., the Certificate
Administrator, the Trustee referred to below or GMAC Mortgage Group, Inc. or any
of their affiliates. Neither this Certificate nor the Underlying Certificates
(as defined below) are guaranteed or insured by any governmental agency or
instrumentality or by Residential Accredit Loans, Inc. (hereinafter called the
"Company," which term includes any successor entity under the Agreement referred
to below), the Certificate Administrator, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. Neither the Company, the Certificate
Administrator, GMAC Mortgage Group, Inc. nor any of their affiliates will have
any obligation with respect to any certificate or other obligation secured by or
payable from payments on this Certificate.
This certifies that CEDE & CO. is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the Initial
Certificate Principal Balance of this Certificate by the aggregate Initial
Certificate Principal Balance of all Class A-[__] Certificates, both as
specified above) in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a portion of the Residential Accredit
Loans, Inc. Mortgage Asset-Backed Pass-Though Certificates, Series 2004-QS14,
Class A-1 (collectively, the "Underlying Certificates"). The Trust Fund was
created pursuant to the Trust Agreement dated as specified above (the
"Agreement") among the Company, the Certificate Administrator and Deutsche Bank
Trust Company Americas, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the "Record Date"), from
Available Funds in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount (of interest and principal, if any)
required to be distributed to Holders of Class A-[___] Certificates on such
Distribution Date.
Distributions on this Certificate will be made by the Certificate
Administrator acting on behalf of the Trustee (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Certificate Administrator, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Class A Loss Amounts allocable
hereto.
This Certificate is one of a duly authorized issue of certificates
issued in several Classes designated as Mortgage Trust Certificates of the
Series specified hereon.
The Trust Certificates are limited in right of payment to certain
distributions made to the Underlying Certificates, all as more specifically set
forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Trust Certificate
Account created for the benefit of Certificateholders may be made by the
Certificate Administrator from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement of certain expenses incurred by the Certificate Administrator, the
Company or the Trustee.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Certificate Administrator and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the
Certificate Administrator and the Trustee with the consent of the Holders of
Certificates evidencing in the aggregate not less than 66% of the Percentage
Interests of each Class of Trust Certificates affected thereby. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof in certain circumstances without the consent of
the Holders of any of the Certificates and, in certain additional circumstances,
without the consent of the Holders of certain Classes of Trust Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Trust
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Trust Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Trust Certificates are exchangeable for new Trust Certificates of authorized
denominations evidencing the same Class and aggregate Percentage Interest, as
requested by the Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Certificate Administrator, the Trustee and the
Certificate Registrar and any agent of the Company, the Certificate
Administrator, the Trustee or the Certificate Registrar may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and neither the Company, the Certificate Administrator, the Trustee nor any such
agent shall be affected by notice to the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject to the
Underlying Certificates or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (ii) the
purchase by the Master Servicer from the trust fund relating to the Underlying
Certificates of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Underlying Certificates. The Pooling and Servicing Agreement permits, but does
not require, the Master Servicer to (i) purchase at a price determined as
provided in the Pooling and Servicing Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the 2004-QS14 Certificates from the holders thereof;
provided, that any such option may only be exercised if the Pool Stated
Principal Balance (as defined in the Pooling and Servicing Agreement) of the
Mortgage Loans as of the Distribution Date upon which the proceeds of any such
purchase are distributed is less than ten percent of the Cut-off Date Principal
Balance (as defined in the Pooling and Servicing Agreement) of the Mortgage
Loans.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
Dated: November 29, 2004 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
By:
---------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-[___] Certificates referred to in the
within-mentioned Agreement.
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Certificate Registrar
By:
---------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto _________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage Trust
Certificate and hereby authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
_____________________________________________________________________________
_____________________________________
Signature by or on behalf of assignor
_____________________________________
Signature Guaranteed
Dated:___________________
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________ for the account of
___________________ account number ______________, or, if mailed by check, to
_________________________________.
Applicable statements should be mailed to
______________________________.
This information is provided by _____________________, the assignee
named above, or ___________________ as its agent.
EXHIBIT B
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 4.02(d) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE CERTIFICATE ADMINISTRATOR, THE COMPANY
AND THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE CODE AND WILL NOT SUBJECT THE CERTIFICATE ADMINISTRATOR, THE COMPANY OR THE
TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE CERTIFICATE
ADMINISTRATOR AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) 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 (OTHER THAN AN
INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES DESCRIBED IN SECTION
521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN
SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER
SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
(A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE
OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
Certificate No. [___] 6.00% Pass-Through Rate
Class R-[ ] Senior Aggregate Initial Certificate
Principal Balance of the
Date of Trust Agreement: Class R Certificates:
November 29, 2004 $50.00
First Distribution Date: Initial Certificate Principal
December 27, 2004 Balance of this Certificate:
$[-----]
Certificate Administrator:
Residential Funding Corporation Percentage Interest: [_____]%
Assumed Final Distribution Date: CUSIP: 76110H C[ ]
October 25, 2034
MORTGAGE TRUST CERTIFICATE,
SERIES 2004-QR1
evidencing a percentage interest in any distributions allocable to the
Class R Certificates with respect to the Trust Fund consisting primarily
of senior classes of mortgage pass-through certificates issued by a
trust established by RESIDENTIAL ACCREDIT LOANS, INC.
This Certificate is payable solely from the assets of the Trust
Fund (as defined in the Agreement referred to below), and does not represent an
obligation of or interest in Residential Accredit Loans, Inc., the Certificate
Administrator, the Trustee referred to below or GMAC Mortgage Group, Inc. or any
of their affiliates. Neither this Certificate nor the Underlying Certificates
(as defined below) are guaranteed or insured by any governmental agency or
instrumentality or by Residential Accredit Loans, Inc. (hereinafter called the
"Company," which term includes any successor entity under the Agreement referred
to below), the Certificate Administrator, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. Neither the Company, the Certificate
Administrator, GMAC Mortgage Group, Inc. nor any of their affiliates will have
any obligation with respect to any certificate or other obligation secured by or
payable from payments on this Certificate.
This certifies that [_________________________] is the registered
owner of the Percentage Interest evidenced by this Certificate (obtained by
dividing the Initial Certificate Principal Balance of this Certificate by the
aggregate Initial Certificate Principal Balance of all Class R Certificates,
both as specified above) in certain distributions with respect to the Trust Fund
consisting primarily of the Residential Accredit Loans, Inc. Mortgage
Asset-Backed Pass-Through Series 2004-QS14, Class A-1 (collectively, the
"Underlying Certificates"). The Trust Fund was created pursuant to the Trust
Agreement dated as specified above (the "Agreement") among the Company, the
Certificate Administrator and Deutsche Bank Trust Company Americas, as trustee
(the "Trustee"), a summary of certain of the pertinent provisions of which is
set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the meanings assigned in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding the month of such distribution (the "Record Date"), from
the Available Funds in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount (of interest and principal, if any)
required to be distributed to Holders of Class R Certificates on such
Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to
be bound by the restrictions set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Class A Loss Amounts allocable
hereto. Notwithstanding the reduction of the Certificate Principal Balance
hereof to zero, this Certificate will remain outstanding under the Agreement and
the Holder hereof may have additional obligations with respect to this
Certificate, including tax liabilities, and may be entitled to certain
additional distributions hereon, in accordance with the terms and provisions of
the Agreement.
No transfer of this Class R Certificate will be made unless the
Trustee has received either (i) an opinion of counsel acceptable to and in form
and substance satisfactory to the Trustee, the Company and the Certificate
Administrator with respect to the permissibility of such transfer under the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
Section 4975 of the Internal Revenue Code (the "Code") and stating, among other
things, that the transferee's acquisition of a Class R Certificate will not
constitute or result in a non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code or (ii) a representation letter, in the form
as described by the Agreement, stating that the transferee is not an employee
benefit or other plan subject to the prohibited transaction provisions of ERISA
or Section 4975 of the Code (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan.
This Certificate is one of a duly authorized issue of the
certificates issued in several Classes designated as Mortgage Trust Certificates
of the Series specified hereon.
The Trust Certificates are limited in right of payment to certain
distributions made to the Underlying Certificates.
As provided in the Agreement, withdrawals from the Trust
Certificate Account created for the benefit of Certificateholders may be made by
the Certificate Administrator from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement of certain expenses incurred by the Certificate Administrator, the
Company or the Trustee.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Certificate Administrator and the Trustee and
the rights of the Certificateholders under the Agreement at any time by the
Company, the Certificate Administrator and the Trustee with the consent of the
Holders of Certificates evidencing in the aggregate not less than 66% of the
Percentage Interests of each Class of Trust Certificates affected thereby. Any
such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof in certain circumstances
without the consent of the Holders of any of the Certificates and, in certain
additional circumstances, without the consent of the Holders of certain Classes
of Trust Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Trust Certificates of authorized denominations evidencing the same Class and
aggregate Percentage Interest will be issued to the designated transferee or
transferees.
The Trust Certificates are issuable only as registered
Certificates without coupons in Classes and in denominations specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Trust Certificates are exchangeable for new Trust
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Certificate Administrator, the Trustee and the
Certificate Registrar and any agent of the Company, the Certificate
Administrator, the Trustee or the Certificate Registrar may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and neither the Company, the Certificate Administrator, the Trustee nor any such
agent shall be affected by notice to the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject to the
Underlying Certificates or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (ii) the
purchase by the Master Servicer from the trust fund relating to the Underlying
Certificates of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Underlying Certificates. The Pooling and Servicing Agreement permits, but does
not require, the Master Servicer to (i) purchase at a price determined as
provided in the Agreement all remaining Mortgage Loans and all property acquired
in respect of any Mortgage Loan or (ii) purchase in whole, but not in part, all
of the 2004-QS14 Certificates from the holders thereof; provided, that any such
option may only be exercised if the Pool Stated Principal Balance (as defined in
the Pooling and Servicing Agreement) of the Mortgage Loans as of the
Distribution Date upon which the proceeds of any such purchase are distributed
is less than ten percent of the Cut-off Date Principal Balance (as defined in
the Pooling and Servicing Agreement) of the Mortgage Loans.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purpose have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: November 29, 2004 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
By:
-------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R Certificates referred to in the within-mentioned
Agreement.
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Certificate Registrar
By:
-------------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto _________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee) a Percentage Interest evidenced by the within Mortgage Trust
Certificate and hereby authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
_____________________________________________________________________________
_____________________________________
Signature by or on behalf of assignor
_____________________________________
Signature Guaranteed
Dated:___________________
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________ for the account of
___________________ account number ______________, or, if mailed by check, to
_________________________________.
Applicable statements should be mailed to
______________________________.
This information is provided by _____________________, the assignee
named above, or ___________________ as its agent.
EXHIBIT C-1
TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
)ss.
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or beneficial owner
of the Mortgage Trust Certificates, Series ____-___, Class R (the "Owner")), a
[savings institution] [corporation] duly organized and existing under the laws
of [the State of ] [the United States], on behalf of which he makes this
affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing large partnership as of [date of transfer] within the meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code, (ii) will endeavor to remain other than a disqualified organization
for so long as it retains its ownership interest in the Class R Certificates,
and (iii) is acquiring the Class R Certificates for its own account or for the
account of another Owner from which it has received an affidavit and agreement
in substantially the same form as this affidavit and agreement. (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States, any state or political subdivision
thereof, any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of whose board of
directors is not selected by any such governmental entity) or any foreign
government, international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on transfers of
Class R Certificates to disqualified organizations or electing large
partnerships, under the Code, that applies to all transfers of Class R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or, with respect to transfers to electing large partnerships, on each such
partnership), or, if such transfer is through an agent (which person includes a
broker, nominee or middleman) for a disqualified organization, on the agent;
(iii) that the person (other than with respect to transfers to electing large
partnerships) otherwise liable for the tax shall be relieved of liability for
the tax if the transferee furnishes to such person an affidavit that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the
transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R Certificates if either the pass-through entity is an electing large
partnership under Section 775 of the Code or if at any time during the taxable
year of the pass-through entity a disqualified organization is the record holder
of an interest in such entity. (For this purpose, a "pass through entity"
includes a regulated investment company, a real estate investment trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)
5. The Owner is either (i) a citizen or resident of the United States, (ii) a
corporation, partnership or other entity treated as a corporation or a
partnership for U.S. federal income tax purposes and created or organized in or
under the laws of the United States, any state thereof or the District of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.
6. The Owner hereby agrees that it will not cause income from the Class R
Certificates to be attributable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of the Owner or
another United States taxpayer.
7. That the Owner is aware that the Trustee will not register the transfer of
any Class R Certificates unless the transferee, or the transferee's agent,
delivers to it an affidavit and agreement, among other things, in substantially
the same form as this affidavit and agreement. The Owner expressly agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.
8. That the Owner has reviewed the restrictions set forth on the face of the
Class R Certificates and the provisions of Section 4.02(c) of the Trust
Agreement under which the Class R Certificates were issued. The Owner expressly
agrees to be bound by and to comply with such restrictions and provisions.
9. That the Owner consents to any additional restrictions or arrangements that
shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.
10. The Owner's Taxpayer Identification Number is .
11. This affidavit and agreement relates only to the Class R Certificates held
by the Owner and not to any other holder of the Class R Certificates. The Owner
understands that the liabilities described herein relate only to the Class R
Certificates.
12. That no purpose of the Owner relating to the transfer of any of the Class R
Certificates by the Owner is or will be to impede the assessment or collection
of any tax; in making this representation, the Owner warrants that the Owner is
familiar with (i) Treasury Regulation Section 1.860E-1(c) and recent amendments
thereto, effective as of July 19, 2002, and (ii) the preamble describing the
adoption of the amendments to such regulation, which is attached hereto as Annex
1.
13. That the Owner has no present knowledge or expectation that it will be
unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R Certificate
that the Owner intends to pay taxes associated with holding such Class R
Certificate as they become due, fully understanding that it may incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.
14. That the Owner has no present knowledge or expectation that it will become
insolvent or subject to a bankruptcy proceeding for so long as any of the Class
R Certificates remain outstanding.
15. The Owner is not an employee benefit plan or other plan or arrangement
subject to the prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Code
(a "Plan"), or an investment manager, named fiduciary or a trustee of any Plan,
or any other Person acting, directly or indirectly, on behalf of or purchasing
any Certificate with "plan assets" of any Plan.
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this day of , 200 .
[NAME OF OWNER]
By:
---------------------------------
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:__________________________
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed the same as his free act and deed and the free act and deed of
the Owner.
Subscribed and sworn before me this day of __________, 200___.
NOTARY PUBLIC
COUNTY OF
---------------------------
STATE OF
----------------------------
My Commission expires the day of _____,
20___.
ANNEX 1 TO EXHIBIT C-1
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9004]
RIN 1545-AW98
Real Estate Mortgage Investment Conduits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations relating to safe harbor
transfers of noneconomic residual interests in real estate mortgage investment
conduits (REMICs). The final regulations provide additional limitations on the
circumstances under which transferors may claim safe harbor treatment.
DATES: Effective Date: These regulations are effective July 19, 2002.
Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).
FOR FURTHER INFORMATION CONTACT: Xxxxxxxx Xxxxxxxxxx at (000) 000-0000
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information in this final rule has been reviewed and,
pending receipt and evaluation of public comments, approved by the Office of
Management and Budget (OMB) under 44 U.S.C. 3507 and assigned control number
1545-1675.
The collection of information in this regulation is in Sec. 1.860E-
1(c)(5)(ii). This information is required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation. The collection of
information is mandatory and is required. Otherwise, the taxpayer will not
receive the benefit of safe harbor treatment as provided in the regulation. The
likely respondents are businesses and other for-profit institutions.
Comments on the collection of information should be sent to the Office of
Management and Budget, Attn: Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Xxxxxxxxxx, XX, 00000, with copies
to the Internal Revenue Service, Attn: IRS Reports Clearance Officer,
W:CAR:MP:FP:S, Xxxxxxxxxx, XX 00000. Comments on the collection of information
should be received by September 17, 2002. Comments are specifically requested
concerning:
Whether the collection of information is necessary for the proper
performance of the functions of the Internal Revenue Service, including whether
the information will have practical utility;
The accuracy of the estimated burden associated with the collection of
information (see below);
How the quality, utility, and clarity of the information to be
collected may be enhanced;
How the burden of complying with the collection of information may be
minimized, including through the application of automated collection techniques
or other forms of information technology; and
Estimates of capital or start-up costs and costs of operation, maintenance,
and purchase of service to provide information.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a valid control
number assigned by the Office of Management and Budget.
The estimated total annual reporting burden is 470 hours, based on an
estimated number of respondents of 470 and an estimated average annual burden
hours per respondent of one hour.
Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.
Background
This document contains final regulations regarding the proposed amendments
to 26 CFR part 1 under section 860E of the Internal Revenue Code (Code). The
regulations provide the circumstances under which a transferor of a noneconomic
REMIC residual interest meeting the investigation and representation
requirements may avail itself of the safe harbor by satisfying either the
formula test or the asset test.
Final regulations governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests. In general, a transfer of
a noneconomic residual interest is disregarded for all tax purposes if a
significant purpose of the transfer is to
[[Page 47452]]
enable the transferor to impede the assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor, at the time of the transfer, either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.
Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful purpose if two requirements are satisfied:
(1) the transferor conducts a reasonable investigation of the transferee's
financial condition (the investigation requirement); and (2) the transferor
secures a representation from the transferee to the effect that the transferee
understands the tax obligations associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
The IRS and Treasury have been concerned that some transferors of
noneconomic residual interests claim they satisfy the safe harbor even in
situations where the economics of the transfer clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest. For
this reason, on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula test," an economic test. The
proposed regulation provides that the safe harbor is unavailable unless the
present value of the anticipated tax liabilities associated with holding the
residual interest does not exceed the sum of: (1) The present value of any
consideration given to the transferee to acquire the interest; (2) the present
value of the expected future distributions on the interest; and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
The notice of proposed rulemaking also contained rules for FASITs. Section
1.860H-6(g) of the proposed regulations provides requirements for transfers of
FASIT ownership interests and adopts a safe harbor by reference to the safe
harbor provisions of the REMIC regulations.
In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative safe harbor that taxpayers could use while the IRS and
the Treasury considered comments on the proposed regulations. Under the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation requirement but the transfer fails to meet the formula test,
the transferor may invoke the safe harbor if the transferee meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of transfer, the transferee's gross assets exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a domestic, taxable corporation and agrees in writing not to
transfer the interest to any person other than another domestic, taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the transferor knows, or has reason to know,
that the transferee will not comply with its written agreement to limit the
restrictions on subsequent transfers of the residual interest.
Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise eligible transferee. If such a transfer or assignment
were permitted, a corporate taxpayer might seek to claim that the provisions of
an applicable income tax treaty would resource excess inclusion income as
foreign source income, and that, as a consequence, any U.S. tax liability
attributable to the excess inclusion income could be offset by foreign tax
credits. Such a claim would impede the assessment or collection of U.S. tax on
excess inclusion income, contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1), (b),
(e) and 860G(b) of the Code.
The Treasury and the IRS have learned that certain taxpayers transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula test to obtain safe harbor treatment in an effort to impede the
assessment or collection of U.S. tax on excess inclusion income. Accordingly,
the final regulations provide that if a noneconomic residual interest is
transferred to a foreign permanent establishment or fixed base of a U.S.
taxpayer, the transfer is not eligible for safe harbor treatment under either
the asset test or the formula test. The final regulations also require a
transferee to represent that it will not cause income from the noneconomic
residual interest to be attributable to a foreign permanent establishment or
fixed base.
Section 1.860E-1(c)(8) provides computational rules that a taxpayer may use
to qualify for safe harbor status under the formula test. Section
1.860E-1(c)(8)(i) provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b). Some commentators
were concerned that this presumed rate of taxation was too high because it does
not take into consideration taxpayers subject to the alternative minimum tax
rate. In light of the comments received, this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative minimum tax rate to use the alternative minimum tax rate
applicable to corporations.
Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present values in
the formula test are to be computed using a discount rate equal to the
applicable Federal short-term rate prescribed by section 1274(d). This is a
change from the proposed regulation and Rev. Proc. 2001-12. In those
publications the provision stated that "present values are computed using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded semiannually" and that "[a] lower discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or business, substantial funds at such lower rate from an unrelated third
party." The IRS and the Treasury Department have learned that, based on this
provision, certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test, frustrating the intent of the
test. Furthermore, the Treasury Department and the IRS believe that a rule
allowing for a rate other than a rate based on an objective index would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations that permits a transferee to use a lower discount rate, if the
transferee can demonstrate that it regularly borrows substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate has been substituted for the applicable Federal rate. To simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term rates, provided that the present values are computed with a
corresponding period of compounding. With the exception of the provisions
relating to transfers to foreign branches, these changes generally have the
proposed applicability date of February 4, 2000, but taxpayers may choose to
apply the interest rate formula set forth in the proposed regulation and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
It is anticipated that when final regulations are adopted with respect to
[[Page 47453]]
FASITs, Sec. 1.860H-6(g) of the proposed regulations will be adopted in
substantially its present form, with the result that the final regulations
contained in this document will also govern transfers of FASIT ownership
interests with substantially the same applicability date as is contained in this
document.
Effect on Other Documents
Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.
Special Analyses
It is hereby certified that these regulations will not have a significant
economic impact on a substantial number of small entities. This certification is
based on the fact that it is unlikely that a substantial number of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis under the Regulatory Flexibility Act (5 U.S.C. chapter 6) is not
required. It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the Administrative Procedure Act (5 U.S.C. chapter 5) do
not apply to these regulations.
Drafting Information
The principal author of these regulations is Xxxxxxxx Xxxxxxxxxx. However,
other personnel from the IRS and Treasury Department participated in their
development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and record keeping requirements.
26 CFR Part 602
Reporting and record keeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR parts 1 and 602 are amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in part as
follows:
Authority: 26 U.S.C. 7805 * * *
EXHIBIT C-2
Form of Transferor Certificate
_____, 2___
Residential Accredit Loans, Inc.
0000 Xxxxxxxxxx Xxxx Xxxxxxxxx Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
Residential Funding Corporation
0000 X. Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxxx 00000-0000
Deutsche Bank Trust Company Americas
Corporate Trust Xxxxxx
0000 Xxxx Xx. Xxxxxx Xxxxx
Xxxxx Xxx, Xxxxxxxxxx 00000-0000
Re: Residential Accredit Loans, Inc., Mortgage Trust Certificates, Series
2004-QR1 , Class R Certificates
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer
by ________ (the "Seller") to (the "Purchaser") of a % Percentage Interest in
Residential Accredit Loans, Inc., Mortgage Trust Certificates, Series 2004-QR1 ,
Class R (the "Certificates"), pursuant to Section 4.02 of the Trust Agreement
(the "Trust Agreement"), dated as of November 29, 2004 among Residential
Accredit Loans, Inc., as depositor (the "Company"), Residential Funding
Corporation, as certificate administrator (the "Certificate Administrator") and
Deutsche Bank Trust Company Americas, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement. The Seller hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to transfer of the
Certificate by the Seller to the Purchaser is or will be to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee a transfer affidavit and agreement in the form attached to the Trust
Agreement as Exhibit C-1. The Seller does not know or believe that any
representation contained therein is false.
3. The Seller has no actual knowledge that the proposed
Transferee is not both a United States Person and a Permitted Transferee.
4. The Seller has at the time of the transfer conducted a
reasonable investigation of the financial condition of the Purchaser as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result
of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they become due and has found no significant
evidence to indicate the Purchaser will not continue to pay its debts as they
become due in the future. The Seller understands that the transfer of the
Certificate may not be respected for United States income tax purposes (and the
Seller may continue to be liable for United States income taxes associated
therewith) unless the Seller has conducted such an investigation.
5. Neither the Seller nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar security with any person in any manner,
(d) has made any general solicitation by means of general advertising or in any
other manner, or (e) has taken any other action, that (as to any of (a) through
(e) above) would constitute a distribution of the Certificates under the
Securities Act of 1933 (the "Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Act or any state securities law, or
that would require registration or qualification pursuant thereto. The Seller
will not act, in any manner set forth in the foregoing sentence with respect to
any Certificate. The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Trust
Agreement.
Very truly yours,
By:
-------------------------
Name:
Title:
EXHIBIT D
Pooling and Servicing Agreement
EXECUTION COPY
================================================================================
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
DEUTSCHE BANK TRUST COMPANY AMERICAS,
Trustee
SERIES SUPPLEMENT,
DATED AS OF OCTOBER 1, 2004,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
dated as of August 1, 2004
Mortgage Asset-Backed Pass-Through Certificates
Series 2004-QS14
================================================================================
Article I DEFINITIONS.....................................................................3
Section 1.01. Definitions...........................................................3
Section 1.02. Use of Words and Phrases.............................................11
Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL
ISSUANCE OF CERTIFICATES............................................................12
Section 2.01. Conveyance of Mortgage Loans.
(See Section 2.01 of the Standard Terms)..............................12
Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard Terms)....12
Section 2.03. Representations, Warranties and Covenants of the
Master Servicer and the Company.......................................12
Section 2.04. Representations and Warranties of Sellers.............................15
Section 2.05. Execution and Authentication of Certificates/Issuance of Certificates .15
Section 2.06. [Reserved]............................................................15
Section 2.07. [Reserved]............................................................15
Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the Standard
Terms)................................................................15
Article III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS.................................16
Article IV PAYMENTS TO CERTIFICATEHOLDERS..................................................17
Section 4.01. Certificate Account. .................................................17
Section 4.02. Distributions. .......................................................17
Section 4.03. Statements to Certificateholders; Statements to the Rating Agencies;
Exchange Act Reporting (See Section 4.03 of the Standard Terms).......23
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by
the Master Servicer (See Section 4.04 of the Standard Terms)..........23
Section 4.05. Allocation of Realized Losses. .......................................23
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property. (See
Section 4.06 of the Standard Terms)...................................25
Section 4.07. Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07 of
the Standard Terms)...................................................25
Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms).................25
Article V THE CERTIFICATES.................................................................25
Article VI THE COMPANY AND THE MASTER SERVICER...........................................26
i
Article VII DEFAULT.......................................................................27
Article VIII CONCERNING THE TRUSTEE........................................................28
Article IX TERMINATION...................................................................29
Article X REMIC PROVISIONS.............................................................31
Section 10.01.REMIC Administration. (See Section 10.01 of the Standard Terms)......31
Section 10.02.Master Servicer; REMIC Administrator and Trustee Indemnification.
(See Section 10.02 of the Standard Terms).............................31
Section 10.03.Designation of REMIC..................................................31
Section 10.04.[Reserved]............................................................31
Section 10.05.Compliance with Withholding Requirements..............................31
Article XI MISCELLANEOUS PROVISIONS.......................................................32
Section 11.01.Amendment. (See Section 11.01 of the Standard Terms).................32
Section 11.02.Recordation of Agreement; Counterparts. (See Section 11.02 of the
Standard Terms).......................................................32
Section 11.03.Limitation on Rights of Certificateholders. (See Section 11.03 of the
Standard Terms).......................................................32
Section 11.04.Governing Laws. (See Section 11.04 of the Standard Terms)............32
Section 11.05.Notices...............................................................32
Section 11.06.Required Notices to Rating Agency and Subservicer. (See Section 11.06
of the Standard Terms)................................................33
Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard Terms).33
Section 11.08.Supplemental Provisions for Resecuritization. (See Section 11.08 of
theStandard Terms)....................................................33
Section 11.09.Allocation of Voting Rights...........................................33
Section 00.00.Xx Petition...........................................................33
ii
EXHIBITS
Exhibit One: Mortgage Loan Schedule
Exhibit Two: Schedule of Discount Fractions
Exhibit Three: Information to be Included in
Monthly Distribution Date Statement
Exhibit Four: Standard Terms of Pooling and Servicing
Agreement Dated as of August 1, 2004
iii
This is a Series Supplement, dated as of October 1, 2004 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2004 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), among RESIDENTIAL ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Trustee (together with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage asset-backed pass-through
certificates (collectively, the "Certificates"), to be issued hereunder in
multiple classes, which in the aggregate will evidence the entire beneficial
ownership interest in the Mortgage Loans (as defined herein). As provided
herein, the REMIC Administrator will make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans), as one real estate mortgage
investment conduit (a "REMIC") for federal income tax purposes.
The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. All capitalized terms not otherwise defined herein
shall have the meanings set forth in the Standard Terms. The Pooling and
Servicing Agreement shall be dated as of the date of this Series Supplement.
1
The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, Maturity Date, initial ratings
and certain features for each Class of Certificates comprising the interests in
the Trust Fund created hereunder.
AGGREGATE
INITIAL
CERTIFICATE S&P/
PASS-THROUGH PRINCIPAL MATURITY -------- MINIMUM
DESIGNATION RATE BALANCE FEATURES(1) DATE XXXXX'X DENOMINATIONS(2)
Class A-1 6.00% $199,487,100.00 Senior/Fixed Rate October 25, 2034 AAA/Aaa $25,000.00
Class A-P 0.00% $2,452,306.01 Senior/Principal Only October 25, 2034 AAA/Aaa $25,000.00
Class A-V Variable $0.00 Senior/Interest October 25, 2034 AAA/Aaa $2,000,000.00
Rate3 Only/Variable Rate
Class R 6.00% $100.00 Senior/Residual/Fixed October 25, 2034 AAA/Aaa 4
Rate
Class M-1 6.00% $4,897,300.00 Mezzanine/Fixed Rate October 25, 2034 AA/NA $25,000.00
Class M-2 6.00% $2,129,000.00 Mezzanine/Fixed Rate October 25, 2034 A/NA $250,000.00
Class M-3 6.00% $1,596,800.00 Mezzanine/Fixed Rate October 25, 2034 BBB/NA $250,000.00
Class B-1 6.00% $745,200.00 Subordinate/Fixed October 25, 2034 BB/NA $250,000.00
Rate
Class B-2 6.00% $851,600.00 Subordinate/Fixed October 25, 2034 B/NA $250,000.00
Rate
Class B-3 6.00% $745.223.92 Subordinate/Fixed October 25, 2034 NA/NA $250,000.00
Rate
1 The Certificates, other than the Class B and Class R Certificates shall
be Book-Entry Certificates. The Class B Certificates and the Class R
Certificates shall be delivered to the holders thereof in physical form.
2 The Certificates, other than the Class R Certificates, shall be issuable
in minimum dollar denominations as indicated above (by Certificate
Principal Balance or Notional Amount, as applicable) and integral
multiples of $1 (or $1,000 in the case of the Class B-1, Class B-2 and
Class B-3 Certificates) in excess thereof, except that one Certificate
of any of the Class B-1, Class B-2 and Class B-3 Certificates that
contain an uneven multiple of $1,000 shall be issued in a denomination
equal to the sum of the related minimum denomination set forth above and
such uneven multiple for such Class or the sum of such denomination and
an integral multiple of $1,000.
3 The initial Pass-Through Rate on the Class A-V Certificates is 0.2372%.
4 The Class R Certificates shall be issuable in minimum denominations of
not less than a 20% Percentage Interest; provided, however, that one
Class R Certificate will be issuable to Residential Funding as "tax
matters person" pursuant to Section 10.01(c) and (e) in a minimum
denomination representing a Percentage Interest of not less than 0.01%.
The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $212,904,630.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
2
ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) if the aggregate principal balance of the Non-Primary
Residence Loans as of the Relevant Anniversary is less than 10%
of the Stated Principal Balance of the Mortgage Loans as of the
Relevant Anniversary, $0.00, or (ii) if the aggregate principal
balance of the Non-Primary Residence Loans as of the Relevant
Anniversary is equal to or greater than 10% of the Stated
Principal Balance of the Mortgage Loans as of the Relevant
Anniversary, the sum of (I) the aggregate principal balance of
the Non-Primary Residence Loans with a Loan-to-Value Ratio of
greater than 80.00% but less than or equal to 90.00% (other than
Additional Collateral Loans), times 0.25%, (II) the aggregate
principal balance of the Non-Primary Residence Loans with a
Loan-to-Value Ratio of greater than 90.00% but less than or equal
to 95.00% (other than Additional Collateral Loans), times 0.50%,
and (III) the aggregate principal balance of the Non-Primary
Residence Loans with a Loan-to-Value Ratio of greater than 95.00%
(other than Additional Collateral Loans) times 0.75%, in each
case as of the Relevant Anniversary; and
(B) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary having a Loan-to-Value Ratio
(other than Additional Collateral Loans) at origination which
exceeds 75% and (ii) $100,000,
over (2) the aggregate amount of Bankruptcy Losses allocated
solely to one or more specific Classes of Certificates in accordance
with Section 4.05 since the Relevant Anniversary.
3
The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Certificate: Any Class A, Class M, Class B or Class R Certificate.
Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "Deutsche Bank Trust Company Americas, as trustee, in trust for the
registered holders of Residential Accredit Loans, Inc., Mortgage Asset-Backed
Pass-Through Certificates, Series 2004-QS14" and which must be an Eligible
Account.
Certificate Policy: None.
Class A Certificate: Any one of the Class A-1, Class A-V or Class A-P
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A.
Class R Certificate: Any one of the Class R Certificates executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit D and evidencing an interest designated
as a "residual interest" in the Trust Fund for purposes of the REMIC Provisions.
Closing Date: October 28, 2004.
Corporate Trust Office: The principal office of the Trustee at which 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
instrument is located at 0000 Xxxx Xx. Xxxxxx Xxxxx, Xxxxx Xxx, Xxxxxxxxxx
00000-0000, Attention: Residential Funding Corporation Series 2004-QS14.
Cut-off Date: October 1, 2004.
Determination Date: With respect to any Distribution Date, the second
Business Day prior to each Distribution Date.
Discount Net Mortgage Rate: 6.00% per annum.
Due Period: With respect to each Distribution Date, the calendar month in
which such Distribution Date occurs.
Eligible Funds: On any Distribution Date, the excess, if any, of the
Available Distribution Amount over the sum of (i) the aggregate amount of
Accrued Certificate Interest on the Senior Certificates, (ii) the Senior
Principal Distribution Amount (determined without regard to Section
4.02(a)(ii)(Y)(D) hereof), (iii) the Class A-P Principal Distribution Amount
(determined without regard to clause (E) of the definition of Class A-P
Principal Distribution Amount) and (iv) the aggregate amount of Accrued
Certificate Interest on the Class M, Class B-1 and Class B-2 Certificates.
4
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.25% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination, (Y) from the first to, but not including, the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and
(b) 1.50% of the aggregate outstanding principal balance of all of the Mortgage
Loans as of the most recent anniversary of the Cut-off Date minus (2) the
aggregate amount of Fraud Losses allocated solely to one or more specific
Classes of Certificates in accordance with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of determination, and (Z) from
the second to, but not including, the fifth anniversary of the Cut-off Date, an
amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most
recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 since the most recent anniversary of the Cut-off Date up to
such date of determination. On and after the fifth anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Initial Monthly Payment Fund: $1,398,455 representing scheduled
principal amortization and interest at the Net Mortgage Rate payable during the
November 2004 Due Period, for those Mortgage Loans for which the Trustee will
not be entitled to receive such payment.
Initial Notional Amount: With respect to the Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c) of the Standard Terms, the
aggregate Cut-off Date Principal Balance of the Mortgage Loans corresponding to
the Uncertificated Class A-V REMIC Regular Interests represented by such Class
or Subclass on such date.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:
5
Class M-1: 2.30% Class B-1: 0.35%
Class M-2: 1.00% Class B-2: 0.40%
Class M-3: 0.75% Class B-3: 0.35%
Interest Accrual Period: With respect to any Class of Certificates and
any Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Interest Only Certificates: Any one of the Class A-V Certificates. The
Interest Only Certificates will have no Certificate Principal Balance.
Maturity Date: October 25, 2034, the Distribution Date immediately
following the latest scheduled maturity date of any Mortgage Loan.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended from time to time to reflect the addition of
Qualified Substitute Mortgage Loans), which list or lists shall set forth the
following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
(ii) the maturity of the Mortgage Note ("MATURITY DATE");
(iii) the Mortgage Rate ("ORIG RATE");
(iv) the Subservicer pass-through rate ("CURR NET");
(v) the Net Mortgage Rate ("NET MTG RT");
(vi) the Pool Strip Rate ("STRIP");
(vii) the initial scheduled monthly payment of principal, if any,
and interest ("ORIGINAL P & I");
(viii) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(ix) the Loan-to-Value Ratio at origination ("LTV");
(x) the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
and at which the Servicing Fee accrues ("MSTR SERV FEE");
(xi) a code "T," "BT" or "CT" under the column "LN FEATURE,"
indicating that the Mortgage Loan is secured by a second or
vacation residence; and
(xii) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
6
Notional Amount: As of any Distribution Date, with respect to any Class
A-V Certificates or Subclass thereof issued pursuant to Section 5.01(c) of the
Standard Terms, the aggregate Stated Principal Balance of the Mortgage Loans
corresponding to the Uncertificated Class A-V REMIC Regular Interests
represented by such Class or Subclass immediately prior to such date.
Pass-Through Rate: With respect to the Senior Certificates (other than
the Class A-V and Class A-P Certificates), Class M Certificates and Class B
Certificates and any Distribution Date, the per annum rates set forth in the
Preliminary Statement hereto.
With respect to the Class A-V Certificates (other than any Subclass
thereof) and any Distribution Date, a rate equal to the weighted average,
expressed as a percentage, of the Pool Strip Rates of all Mortgage Loans as of
the Due Date in the related Due Period, weighted on the basis of the respective
Stated Principal Balances of such Mortgage Loans as of the day immediately
preceding such Distribution Date (or, with respect to the initial Distribution
Date, at the close of business on the Cut-off Date). With respect to the Class
A-V Certificates and the initial Distribution Date the Pass-Through Rate is
equal to 0.2372% per annum. With respect to any Subclass of Class A-V
Certificates and any Distribution Date, a rate equal to the weighted average,
expressed as a percentage, of the Pool Strip Rates of all Mortgage Loans
corresponding to the Uncertificated Class A-V REMIC Regular Interests
represented by such Subclass as of the Due Date in the related Due Period,
weighted on the basis of the respective Stated Principal Balances of such
Mortgage Loans as of the day immediately preceding such Distribution Date (or
with respect to the initial Distribution Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to timely payment of principal and interest
by the United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United States;
(ii) repurchase agreements on obligations specified in clause (i) maturing not
more than one month from the date of acquisition thereof, provided that the
unsecured short-term debt obligations of the party agreeing to repurchase
such obligations are at the time rated by each Rating Agency in its highest
short-term rating available;
(iii)federal funds, certificates of deposit, demand deposits, time deposits and
bankers' acceptances (which shall each have an original maturity of not
more than 90 days and, in the case of bankers' acceptances, shall in no
event have an original maturity of more than 365 days or a remaining
maturity of more than 30 days) denominated in United States dollars of any
U.S. depository institution or trust company incorporated under the laws of
the United States or any state thereof or of any domestic branch of a
foreign depository institution or trust company; provided that the
short-term debt obligations of such depository institution or trust company
(or, if the only Rating Agency is Standard & Poor's, in the case of the
principal depository institution in a depository institution holding
7
company, debt obligations of the depository institution holding company) at
the date of acquisition thereof have been rated by each Rating Agency in
its highest short-term rating available; and provided further that, if the
only Rating Agency is Standard & Poor's and if the depository or trust
company is a principal subsidiary of a bank holding company and the debt
obligations of such subsidiary are not separately rated, the applicable
rating shall be that of the bank holding company; and, provided further
that, if the original maturity of such short-term debt obligations of a
domestic branch of a foreign depository institution or trust company shall
exceed 30 days, the short-term rating of such institution shall be A-1+ in
the case of Standard & Poor's if Standard & Poor's is the Rating Agency;
(iv) commercial paper and demand notes (having original maturities of not
more than 365 days) of any corporation incorporated under the laws of
the United States or any state thereof which on the date of acquisition
has been rated by each Rating Agency in its highest short-term rating
available; provided that such commercial paper shall have a remaining
maturity of not more than 30 days;
(v) any mutual fund, money market fund, common trust fund or other pooled
investment vehicle, the assets of which are limited to instruments that
otherwise would constitute Permitted Investments hereunder and have been
rated by each Rating Agency in its highest short-term rating available
(in the case of Standard & Poor's such rating shall be either AAAm or
AAAm-G), including any such fund that is managed by the Trustee or any
affiliate of the Trustee or for which the Trustee or any of its
affiliates acts as an adviser; and
(vi) other obligations or securities that are acceptable to each Rating
Agency as a Permitted Investment hereunder and will not reduce the
rating assigned to any Class of Certificates by such Rating Agency
(without giving effect to any Certificate Policy (as defined in the
Series Supplement) in the case of Insured Certificates (as defined in
the Series Supplement) below the lower of the then-current rating or the
rating assigned to such Certificates as of the Closing Date by such
Rating Agency, as evidenced in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term rating category available shall mean AAA in the case of Standard &
Poor's and Fitch and Aaa in the case of Moody's, and references herein to the
highest rating available on unsecured commercial paper and short-term rating
category available obligations shall mean A-1 in the case of Standard & Poor's,
P-1 in the case of Moody's and either A-+ by Standard & Poor's, P-1 by Moody's
or F-1 by Fitch in the case of Fitch; provided, further, that any Permitted
Investment that is a short-term debt obligation rated A-1 by Standard & Poor's
must satisfy the following additional conditions: (i) the total amount of debt
from A-1 issuers must be limited to the investment of monthly principal and
interest payments (assuming fully amortizing collateral); (ii) the total amount
of A-1 investments must not represent more than 20% of the aggregate outstanding
Certificate Principal Balance of the Certificates and each investment must not
mature beyond 30 days; (iii) the terms of the debt must have a predetermined
fixed dollar amount of principal due at maturity that cannot vary; and (iv) if
the investments may be liquidated prior to their maturity or are being relied on
to meet a certain yield, interest must be tied to a single interest rate index
plus a single fixed spread (if any) and must move proportionately with that
index.
8
Prepayment Assumption: The prepayment assumption to be used for
determining the accrual of original issue discount and premium and market
discount on the Certificates for federal income tax purposes, which assumes a
constant prepayment rate of 8.0% per annum of the then outstanding principal
balance of the related Mortgage Loans in the first month of the life of such
Mortgage Loans and an additional approximately 0.0000000000% per annum in each
month thereafter until the twelfth month, and beginning in the twelfth month and
in each month thereafter during the life of the Mortgage Loans, a constant
prepayment rate of 18.0% per annum.
Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates, under the applicable
circumstances set forth below, the respective percentages set forth below:
(i) For any Distribution Date prior to the Distribution Date in November 2009
(unless the Certificate Principal Balances of the Senior Certificates
(other than the Class A-P Certificates) have been reduced to zero), 0%.
(ii) For any Distribution Date not discussed in clause (i) above on which any
Class of Subordinate Certificates are outstanding:
(a) in the case of the Class of Subordinate Certificates
then outstanding with the Highest Priority and each other Class
of Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
(b) in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers have
not been satisfied, 0%; and
(iii)Notwithstanding the foregoing, if the application of the foregoing
percentages on any Distribution Date as provided in Section 4.02 of this
Series Supplement (determined without regard to the proviso to the
definition of "Subordinate Principal Distribution Amount") would result in
a distribution in respect of principal of any Class or Classes of
Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing Class"),
then: (a) the Prepayment Distribution Percentage of each Maturing Class
shall be reduced to a level that, when applied as described above, would
exactly reduce the Certificate Principal Balance of such Class to zero; (b)
the Prepayment Distribution Percentage of each other Class of Subordinate
Certificates (any such Class, a "Non-Maturing Class") shall be recalculated
in accordance with the provisions in paragraph (ii) above, as if the
Certificate Principal Balance of each Maturing Class had been reduced to
zero (such percentage as recalculated, the "Recalculated Percentage"); (c)
the total amount of the reductions in the Prepayment Distribution
9
Percentages of the Maturing Class or Classes pursuant to clause (a) of this
sentence, expressed as an aggregate percentage, shall be allocated among
the Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes of
such Distribution Date, the Prepayment Distribution Percentage of each
Non-Maturing Class shall be equal to the sum of (1) the Prepayment
Distribution Percentage thereof, calculated in accordance with the
provisions in paragraph (ii) above as if the Certificate Principal Balance
of each Maturing Class had not been reduced to zero, plus (2) the related
Adjustment Percentage.
Principal Only Certificates: Any one of the Class A-P Certificates.
Record Date: With respect to each Distribution Date and each Class of
Certificates , the close of business on the last Business Day of the month
preceding the month in which the related Distribution Date occurs.
Related Classes: As to any Uncertificated Class A-V REMIC Regular
Interest, those classes of Certificates identified as "Related Classes of
Certificates" to such Uncertificated Class A-V REMIC Regular Interest in the
definition of Uncertificated Class A-V REMIC Regular Interest.
REMIC: The segregated pool of assets, with respect to which a REMIC
election is to be made, consisting of:
(i) the Mortgage Loans and the related Mortgage Files,
(ii) all payments and collections in respect of the Mortgage
Loans due after the Cut-off Date (other than Monthly
Payments due in the month of the Cut-off Date) as shall be
on deposit in the Custodial Account or in the Certificate
Account and identified as belonging to the Trust Fund,
including the proceeds from the liquidation of Additional
Collateral for any Additional Collateral Loan, but not
including amounts on deposit in the Initial Monthly
Payment Fund,
(iii) property which secured a Mortgage Loan and which has been
acquired for the benefit of the Certificateholders by
foreclosure or deed in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance
Policies, if any, the Pledged Assets with respect to each
Pledged Asset Mortgage Loan, and the interest in the
Surety Bond transferred to the Trustee pursuant to Section
2.01 herein, and
10
(v) all proceeds of clauses (i) through (iv) above.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan
Group, 100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on or
prior to the 72nd Distribution Date, the related Senior Percentage for
such Distribution Date plus 70% of the related Subordinate Percentage
for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on or
prior to the 84th Distribution Date, the related Senior Percentage for
such Distribution Date plus 60% of the related Subordinate Percentage
for such Distribution Date;
(iii) for any Distribution Date after the 84th Distribution Date but on or
prior to the 96th Distribution Date, the related Senior Percentage for
such Distribution Date plus 40% of the related Subordinate Percentage
for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on or
prior to the 108th Distribution Date, the related Senior Percentage for
such Distribution Date plus 20% of the related Subordinate Percentage
for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for such
Distribution Date;
provided, however,
-------- -------
(i) that any scheduled reduction to the Senior Accelerated Distribution
Percentage described above shall not occur as of any Distribution Date unless
either
(a)(1)(X) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more (including Mortgage Loans which are in
foreclosure, have been foreclosed or otherwise liquidated, or with
respect to which the Mortgagor is in bankruptcy and any REO Property)
averaged over the last six months, as a percentage of the aggregate
outstanding Certificate Principal Balance of the Subordinate
Certificates, is less than 50% or (Y) the outstanding principal balance
of Mortgage Loans delinquent 60 days or more (including Mortgage Loans
which are in foreclosure, have been foreclosed or otherwise liquidated,
or with respect to which the Mortgagor is in bankruptcy and any REO
Property) averaged over the last six months, as a percentage of the
aggregate outstanding principal balance of all Mortgage Loans averaged
over the last six months, does not exceed 2% and (2) Realized Losses on
the Mortgage Loans to date for such Distribution Date if occurring
during the sixth, seventh, eighth, ninth or tenth year (or any year
thereafter) after the Closing Date are less than 30%, 35%, 40%, 45% or
50%, respectively, of the sum of the Initial Certificate Principal
Balances of the Subordinate Certificates or
11
(b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more (including Mortgage Loans which are in
foreclosure, have been foreclosed or otherwise liquidated, or with
respect to which the Mortgagor is in bankruptcy and any REO Property)
averaged over the last six months, as a percentage of the aggregate
outstanding principal balance of all Mortgage Loans averaged over the
last six months, does not exceed 4% and (2) Realized Losses on the
Mortgage Loans to date for such Distribution Date, if occurring during
the sixth, seventh, eighth, ninth or tenth year (or any year thereafter)
after the Closing Date are less than 10%, 15%, 20%, 25% or 30%,
respectively, of the sum of the Initial Certificate Principal Balances
of the Subordinate Certificates, and
(ii) that for any Distribution Date on which the Senior Percentage is
greater than the Senior Percentage as of the Closing Date, the Senior
Accelerated Distribution Percentage for such Distribution Date shall be 100%,
or, if the Mortgage Pool is comprised of two or more Loan Groups, for any
Distribution Date on which the weighted average of the Senior Percentages for
each Loan Group, weighted on the basis of the Stated Principal Balances of the
Mortgage Loans in the related Loan Group (excluding the Discount Fraction of the
Discount Mortgage Loans in such Loan Group) exceeds the weighted average of the
initial Senior Percentages (calculated on such basis) for each Loan Group, each
of the Senior Accelerated Distribution Percentages for such Distribution Date
will equal 100%.
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class A-P
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: Any one of the Class A Certificates or Class R
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D.
Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Senior Certificates (other than the Class
A-P Certificates) immediately prior to such Distribution Date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Senior Principal Distribution Amount: With respect to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount
remaining after the distribution of all amounts required to be distributed
therefrom pursuant to Section 4.02(a)(i) and Section 4.02(a)(ii)(X) (excluding
any amount distributable pursuant to clause (E) of the definition of "Class A-P
Principal Distribution Amount") and (b) the sum of the amounts required to be
distributed to the Senior Certificateholders on such Distribution Date pursuant
to Sections 4.02(a)(ii)(Y), 4.02(a)(xvi) and 4.02(a)(xvii).
12
Special Hazard Amount: As of any Distribution Date, an amount equal to
$2,129,046 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut-off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greater of (i) the product of the Special Hazard
Percentage for such anniversary multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution Date immediately preceding such
anniversary and (ii) twice the outstanding principal balance of the Mortgage
Loan with the largest outstanding principal balance as of the Distribution Date
immediately preceding such anniversary and (B) the greatest of (i) twice the
outstanding principal balance of the Mortgage Loan in the Trust Fund which has
the largest outstanding principal balance on the Distribution Date immediately
preceding such anniversary, (ii) the product of 1.00% multiplied by the
outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary and (iii) the aggregate outstanding
principal balance (as of the immediately preceding Distribution Date) of the
Mortgage Loans in any single five-digit California zip code area with the
largest amount of Mortgage Loans by aggregate principal balance as of such
anniversary.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Special Hazard Percentage: As of each anniversary of the Cut-off Date,
the greater of (i) 1.0% and (ii) the largest percentage obtained by dividing the
aggregate outstanding principal balance (as of immediately preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a single, five-digit zip code area in the State of California by the
outstanding principal balance of all the Mortgage Loans as of the immediately
preceding Distribution Date.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related Subordinate Class Percentage for such Class and
(y) the aggregate of the amounts calculated (without giving effect to the
related Senior Percentages) for such Distribution Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A) to the extent not payable to the Senior
Certificates; (ii) such Class's pro rata share, based on the Certificate
Principal Balance of each Class of Subordinate Certificates then outstanding, of
the principal collections described in Section 4.02(a)(ii)(Y)(B)(b) (without
giving effect to the Senior Accelerated Distribution Percentage) to the extent
such collections are not otherwise distributed to the Senior Certificates; (iii)
the product of (x) the related Prepayment Distribution Percentage and (y) the
aggregate of all Principal Prepayments in Full received in the related
13
Prepayment Period and Curtailments received in the preceding calendar month
(other than the related Discount Fraction of such Principal Prepayments in Full
and Curtailments with respect to a Discount Mortgage Loan) to the extent not
payable to the Senior Certificates; (iv) if such Class is the Class of
Subordinate Certificates with the Highest Priority, any Excess Subordinate
Principal Amount for such Distribution Date not paid to the Senior Certificates;
and (v) any amounts described in clauses (i), (ii) and (iii) as determined for
any previous Distribution Date, that remain undistributed to the extent that
such amounts are not attributable to Realized Losses which have been allocated
to a Class of Subordinate Certificates; minus (b) the sum of (i) with respect to
the Class of Subordinate Certificates with the Lowest Priority, any Excess
Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization Reimbursement Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage Loan, multiplied by a fraction, the numerator of which is the
Subordinate Principal Distribution Amount for such Class of Subordinate
Certificates, without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the principal distribution amounts for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.
Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: Each of the 1,174 uncertificated partial undivided beneficial
ownership interests in the Trust Fund, numbered sequentially from 1 to 1,174,
each relating to the particular Mortgage Loan identified by such sequential
number on the Mortgage Loan Schedule, each having no principal balance, and each
bearing interest at the respective Pool Strip Rate on the Stated Principal
Balance of the related Mortgage Loan.
Underwriters: Greenwich Capital Markets, Inc. and Residential Funding
Securities Corporation.
Section 1.02. Use of Words and Phrases.
"Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.
14
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)
Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
Section 2.03. Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) For representations, warranties and covenants of the Master
Servicer, see Section 2.03(a) of the Standard Terms.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders that as of the Closing Date (or, if otherwise
specified below, as of the date so specified):
(i) No Mortgage Loan is 30 or more days Delinquent in payment of principal
and interest as of the Cut-off Date and no Mortgage Loan has been so
Delinquent more than once in the 12-month period prior to the Cut-off
Date;
(ii) The information set forth in Exhibit One hereto with respect to each
Mortgage Loan or the Mortgage Loans, as the case may be, is true and
correct in all material respects at the date or dates respecting which
such information is furnished;
(iii) The Mortgage Loans are fully-amortizing, fixed-rate mortgage loans with
level Monthly Payments due, with respect to a majority of the Mortgage
Loans, on the first day of each month and terms to maturity at
origination or modification of not more than 30 years;
(iv) To the best of the Company's knowledge, except with respect to three
Mortgage Loans representing approximately 0.2% of the principal balance
of the Mortgage Loans at origination, if a Mortgage Loan is secured by a
Mortgaged Property with a Loan-to-Value Ratio at origination in excess
of 80%, such Mortgage Loan is the subject of a Primary Insurance Policy
that insures (a) at least 35% of the Stated Principal Balance of the
Mortgage Loan at origination if the Loan-to-Value Ratio is between
100.00% and 95.01%, (b) at least 30% of the Stated Principal Balance of
the Mortgage Loan at origination if the Loan-to-Value Ratio is between
95.00% and 90.01%, (c) at least 25% of such balance if the Loan-to-Value
Ratio is between 90.00% and 85.01% and (d) at least 12% of such balance
if the Loan-to-Value Ratio is between 85.00% and 80.01%. To the best of
the Company's knowledge, each such Primary Insurance Policy is in full
force and effect and the Trustee is entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies are insurance companies
whose claims-paying abilities are currently acceptable to each Rating
Agency;
15
(vi) No more than 0.6% of the Mortgage Loans by aggregate Stated Principal
Balance as of the Cut-off Date are secured by Mortgaged Properties
located in any one zip code area in California and no more than 0.5% of
the Mortgage Loans by aggregate Stated Principal Balance as of the
Cut-off Date are secured by Mortgaged Properties located in any one zip
code area outside California;
(vii) The improvements upon the Mortgaged Properties are insured against loss
by fire and other hazards as required by the Program Guide, including
flood insurance if required under the National Flood Insurance Act of
1968, as amended. The Mortgage requires the Mortgagor to maintain such
casualty insurance at the Mortgagor's expense, and on the Mortgagor's
failure to do so, authorizes the holder of the Mortgage to obtain and
maintain such insurance at the Mortgagor's expense and to seek
reimbursement therefor from the Mortgagor;
(viii) Immediately prior to the assignment of the Mortgage Loans to the
Trustee, the Company had good title to, and was the sole owner of, each
Mortgage Loan free and clear of any pledge, lien, encumbrance or
security interest (other than rights to servicing and related
compensation) and such assignment validly transfers ownership of the
Mortgage Loans to the Trustee free and clear of any pledge, lien,
encumbrance or security interest;
(ix) Approximately 50.13% of the Mortgage Loans by aggregate Stated Principal
Balance as of the Cut-off Date were underwritten under a reduced loan
documentation program, approximately 13.93% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date were
underwritten under a no-stated income program, and approximately 3.82%
of the Mortgage Loans by aggregate Stated Principal Balance as of the
Cut-off Date were underwritten under a no income/no asset program;
(x) Except with respect to approximately 40.6% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
represented in its loan application with respect to the related Mortgage
Loan that the Mortgaged Property would be owner-occupied;
(xi) None of the Mortgage Loans is a Buy-Down Mortgage Loan;
(xii) Each Mortgage Loan constitutes a qualified mortgage under Section
860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as of the closing of each
Mortgage Loan and is valid and binding and remains in full force and
effect, unless the Mortgaged Properties are located in the State of Iowa
and an attorney's certificate has been provided as described in the
Program Guide;
(xiv) None of the Mortgage Loans is a Cooperative Loan; with respect to a
Mortgage Loan that is a Cooperative Loan, the Cooperative Stock that is
pledged as security for the Mortgage Loan is held by a person as a
tenant-stockholder (as defined in Section 216 of the Code) in a
cooperative housing corporation (as defined in Section 216 of the Code);
16
(xv) With respect to each Mortgage Loan originated under a "streamlined"
Mortgage Loan program (through which no new or updated appraisals of
Mortgaged Properties are obtained in connection with the refinancing
thereof), the related Seller has represented that either (a) the value
of the related Mortgaged Property as of the date the Mortgage Loan was
originated was not less than the appraised value of such property at the
time of origination of the refinanced Mortgage Loan or (b) the
Loan-to-Value Ratio of the Mortgage Loan as of the date of origination
of the Mortgage Loan generally meets the Company's underwriting
guidelines;
(xvi) Interest on each Mortgage Loan is calculated on the basis of a 360-day
year consisting of twelve 30-day months;
(xvii) None of the Mortgage Loans contain in the related Mortgage File a
Destroyed Mortgage Note;
(xviii) One Mortgage Loan, representing 0.1% of the aggregate principal balance
of the Mortgage Loans, has been made to an International Borrower, and
no such Mortgagor is a member of a foreign diplomatic mission with
diplomatic rank;
(xix) No Mortgage Loan provides for payments that are subject to reduction by
withholding taxes levied by any foreign (non-United States) sovereign
government; and
(xx) None of the Mortgage Loans are Additional Collateral Loans and none of
the Mortgage Loans are Pledged Asset Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
17
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.
Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
the Standard Terms)
Section 2.05. Execution and Authentication of Certificates/Issuance of
Certificates
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund and/or the applicable REMIC, receipt of which
is hereby acknowledged. Concurrently with such delivery and in exchange
therefor, the Trustee, pursuant to the written request of the Company executed
by an officer of the Company, has executed and caused to be authenticated and
delivered to or upon the order of the Company all Classes of the Certificates in
authorized denominations which together evidence the entire ownership interest
in the Trust Fund.
Section 2.06. [Reserved].
Section 2.07. [Reserved] .
Section 2.08. Purposes and Powers of the Trust. (See Section 2.08 of the
Standard Terms).
18
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
(SEE ARTICLE III OF THE STANDARD TERMS)
19
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account. (See Section 4.01 of the Standard Terms)
(a) (See Section 4.01(a) of the Standard Terms)
(b) (See Section 4.01(b) of the Standard Terms)
(c) Notwithstanding anything herein to the contrary, on the Closing
Date, the Master Servicer shall deposit with the Trustee, and the Trustee shall
cause to be deposited into the Certificate Account, an amount equal to $241,900,
which amount will be included in the Available Distribution Amount on the first
Distribution Date and treated as the principal portion of the Purchase Price for
a Mortgage Loan purchased in the month of October 2004. Notwithstanding anything
herein to the contrary, on the Certificate Account Deposit Date in November
2004, the Master Servicer shall deposit with the Trustee, and the Trustee shall
cause to be deposited into the Certificate Account, an additional amount equal
to $247,900, which amount will be included in the Available Distribution Amount
on the first Distribution Date and treated as the interest portion of the
Purchase Price for a Mortgage Loan purchased in the month of October 2004.
Section 4.02. Distributions.
(a) On each Distribution Date the Master Servicer on behalf of the
Trustee (or the Paying Agent appointed by the Trustee) shall distribute to the
Master Servicer, in the case of a distribution pursuant to Section 4.02(a)(iii)
below, and to each Certificateholder of record on the next preceding Record Date
(other than as provided in Section 9.01 of the Standard Terms respecting the
final distribution) either in immediately available funds (by wire transfer or
otherwise) to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder has so
notified the Master Servicer or the Paying Agent, as the case may be, or, if
such Certificateholder has not so notified the Master Servicer or the Paying
Agent by the Record Date, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register such
Certificateholder's share (which share (A) with respect to each Class of
Certificates (other than any Subclass of the Class A-V Certificates), shall be
based on the aggregate of the Percentage Interests represented by Certificates
of the applicable Class held by such Holder or (B) with respect to any Subclass
of the Class A-V Certificates, shall be equal to the amount (if any) distributed
pursuant to Section 4.02(a)(i) below to each Holder of a Subclass thereof) of
the following amounts, in the following order of priority (subject to the
provisions of Section 4.02(b), (c) and (e) below), in each case to the extent of
the Available Distribution Amount remaining:
(i) to the Senior Certificates (other than the Class A-P
Certificates), on a pro rata basis based on Accrued Certificate Interest
payable on such Certificates with respect to such Distribution Date,
Accrued Certificate Interest on such Classes of Certificates (or
Subclasses, if any, with respect to the Class A-V Certificates) for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date except as provided
in the last paragraph of this Section 4.02(a); and
20
(ii) (X) to the Class A-P Certificates, the Class A-P Principal
Distribution Amount (applied to reduce the Certificate Principal Balance
of such Senior Certificates); and
(Y) to the Senior Certificates (other than the Class A-P
Certificates and the Class A-V Certificates), in the priorities and
amounts set forth in Section 4.02(b) and (c), the sum of the following
(applied to reduce the Certificate Principal Balances of such Senior
Certificates, as applicable):
(A) the Senior Percentage for such Distribution Date times the sum of
the following:
(1) the principal portion of each Monthly Payment due during the related Due
Period on each Outstanding Mortgage Loan (other than the related
Discount Fraction of the principal portion of such payment with respect
to a Discount Mortgage Loan), whether or not received on or prior to the
related Determination Date, minus the principal portion of any Debt
Service Reduction (other than the related Discount Fraction of the
principal portion of such Debt Service Reductions with respect to each
Discount Mortgage Loan) which together with other Bankruptcy Losses
exceeds the Bankruptcy Amount;
(2) the Stated Principal Balance of any Mortgage Loan repurchased during the
preceding calendar month (or deemed to have been so repurchased in
accordance with Section 3.07(b) of the Standard Terms) pursuant to
Section 2.02, 2.03, 2.04 or 4.07 and the amount of any shortfall
deposited in the Custodial Account in connection with the substitution
of a Deleted Mortgage Loan pursuant to Section 2.03 or 2.04 during the
preceding calendar month (other than the related Discount Fraction of
such Stated Principal Balance or shortfall with respect to each Discount
Mortgage Loan); and
(3) the principal portion of all other unscheduled collections (other than
Principal Prepayments in Full and Curtailments and amounts received in
connection with a Cash Liquidation or REO Disposition of a Mortgage Loan
described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement,
including without limitation Insurance Proceeds, Liquidation Proceeds
and REO Proceeds), including Subsequent Recoveries, received during the
preceding calendar month (or deemed to have been so received in
accordance with Section 3.07(b) of the Standard Terms) to the extent
applied by the Master Servicer as recoveries of principal of the related
Mortgage Loan pursuant to Section 3.14 of the Standard Terms (other than
the related Discount Fraction of the principal portion of such
unscheduled collections, with respect to each Discount Mortgage Loan);
21
(B) with respect to each Mortgage Loan for which a Cash Liquidation
or a REO Disposition occurred during the preceding calendar
month (or was deemed to have occurred during such period in
accordance with Section 3.07(b) of the Standard Terms) and did
not result in any Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses or Extraordinary Losses, an
amount equal to the lesser of (a) the Senior Percentage for such
Distribution Date times the Stated Principal Balance of such
Mortgage Loan (other than the related Discount Fraction of such
Stated Principal Balance, with respect to each Discount Mortgage
Loan) and (b) the Senior Accelerated Distribution Percentage for
such Distribution Date times the related unscheduled collections
(including without limitation Insurance Proceeds, Liquidation
Proceeds and REO Proceeds) to the extent applied by the Master
Servicer as recoveries of principal of the related Mortgage Loan
pursuant to Section 3.14 of the Standard Terms (in each case
other than the portion of such unscheduled collections, with
respect to a Discount Mortgage Loan, included in clause (C) of
the definition of Class A-P Principal Distribution Amount);
(C) the Senior Accelerated Distribution Percentage for such
Distribution Date times the aggregate of all Principal
Prepayments in Full received in the related Prepayment Period and
Curtailments received in the preceding calendar month (other than
the related Discount Fraction of such Principal Prepayments in
Full and Curtailments, with respect to each Discount Mortgage
Loan);
(D) any Excess Subordinate Principal Amount for such Distribution
Date; and
(E) any amounts described in subsection (ii)(Y), clauses (A), (B) and
(C) of this Section 4.02(a), as determined for any previous
Distribution Date, which remain unpaid after application of
amounts previously distributed pursuant to this clause (E) to the
extent that such amounts are not attributable to Realized Losses
which have been allocated to the Subordinate Certificates; minus
(F) the Capitalization Reimbursement Amount for such Distribution
Date, other than the related Discount Fraction of any portion of
that amount related to each Discount Mortgage Loan, multiplied
by a fraction, the numerator of which is the Senior Principal
Distribution Amount, without giving effect to this clause (F),
and the denominator of which is the sum of the principal
distribution amounts for all Classes of Certificates other than
the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount;
(iii) if the Certificate Principal Balances of the Subordinate
Certificates have not been reduced to zero, to the Master Servicer or a
Sub-Servicer, by remitting for deposit to the Custodial Account, to the
extent of and in reimbursement for any Advances or Sub-Servicer Advances
previously made with respect to any Mortgage Loan or REO Property which
remain unreimbursed in whole or in part following the Cash Liquidation
or REO Disposition of such Mortgage Loan or REO Property, minus any such
Advances that were made with respect to delinquencies that ultimately
constituted Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses;
22
(iv) to the Holders of the Class M-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an amount equal
to (x) the Subordinate Principal Distribution Amount for such Class of
Certificates for such Distribution Date, minus (y) the amount of any
Class A-P Collection Shortfalls for such Distribution Date or remaining
unpaid for all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(vii), (ix), (xi),
(xiii), (xiv) and (xv) of this Series Supplement are insufficient
therefor, applied in reduction of the Certificate Principal Balance of
the Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date, minus (y) the amount
of any Class A-P Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a) (ix), (xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount of
any Class A-P Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount of
any Class A-P Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xiii),
(xiv) and (xv) are insufficient therefor, applied in reduction of the
Certificate Principal Balance of the Class B-1 Certificates;
23
(xii) to the Holders of the Class B-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount of
any Class A-P Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xiv) and
(xv) are insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an amount
equal to (x) the Accrued Certificate Interest thereon for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date, except as provided
below, minus (y) the amount of any Class A-P Collection Shortfalls for
such Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Section 4.02(a)(xv) are insufficient therefor;
(xv) to the Holders of the Class B-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount of
any Class A-P Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates applied in
reduction of the Certificate Principal Balance of the Class B-3
Certificates;
(xvi) to the Senior Certificates, on a pro rata basis in
accordance with their respective outstanding Certificate Principal
Balances, the portion, if any, of the Available Distribution Amount
remaining after the foregoing distributions, applied to reduce the
Certificate Principal Balances of such Senior Certificates, but in no
event more than the aggregate of the outstanding Certificate Principal
Balances of each such Class of Senior Certificates, and thereafter, to
each Class of Subordinate Certificates then outstanding beginning with
such Class with the Highest Priority, any portion of the Available
Distribution Amount remaining after the Senior Certificates have been
retired, applied to reduce the Certificate Principal Balance of each
such Class of Subordinate Certificates, but in no event more than the
outstanding Certificate Principal Balance of each such Class of
Subordinate Certificates; and
(xvii) to the Class R Certificates, the balance, if any, of the
Available Distribution Amount.
24
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that (1) a shortfall in the amounts available to pay Accrued
Certificate Interest on any Class of Certificates results from an interest rate
reduction in connection with a Servicing Modification, or (2) such unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the failure of the Master Servicer to make any required Advance, or the
determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition or the related Liquidation Proceeds, Insurance Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.
(b) Distributions of principal on the Senior Certificates on each
Distribution Date will be made as follows:
(i) an amount equal Class A-P Principal Distribution Amount shall be
distributed to the Class A-P Certificates, until the Certificate
Principal Balance thereof has been reduced to zero; and
(ii) the Senior Principal Distribution Amount shall be distributed in
the following manner and priority:
(A) first, to the Class R Certificates until the Certificate
Principal Balance of the Class R Certificates has been reduced to
zero; and
(B) second, the Senior Principal Distribution Amount remaining
after the distribution described in Section 4.02(b)(iii)(A) above
shall be distributed to the Class A-1 Certificates until the
Certificate Principal Balance of the Class A-1 Certificates has been
reduced to zero.
(c) Notwithstanding Section 4.02(b), on or after the Credit Support
Depletion Date, an amount equal to the Class A-P Distribution Amount will be
distributed to the Class A-P Certificates and then the Senior Principal
Distribution Amount will be distributed to the remaining Senior Certificates
(other than the Class A-P Certificates and the Class A-V Certificates) pro rata
in accordance with their respective outstanding Certificate Principal Balances.
(d) After the reduction of the Certificate Principal Balances of all
classes of the Senior Certificates (other than the Class A-P Certificates) to
zero but prior to the Credit Support Depletion Date, the Senior Certificates
(other than the Class A-P Certificates) will be entitled to no further
distributions of principal thereon and the Available Distribution Amount will be
distributed solely to the holders of the Class A-P, Class A-V and Subordinate
Certificates, in each case as described herein.
(e) In addition to the foregoing distributions, with respect to any
Subsequent Recoveries, the Master Servicer shall deposit such funds into the
Custodial Account pursuant to Section 3.07(b)(iii) of the Standard Terms. If,
after taking into account such Subsequent Recoveries, the amount of a Realized
Loss is reduced, the amount of such Subsequent Recoveries will be applied to
increase the Certificate Principal Balance of the Class of Subordinate
Certificates with a Certificate Principal Balance greater than zero with the
highest payment priority to which Realized Losses, other than Excess Bankruptcy
Losses, Excess Fraud Losses, Excess Special Hazard Losses and Extraordinary
Losses, have been allocated, but not by more than the amount of Realized Losses
previously allocated to that Class of Certificates pursuant to Section 4.05. The
25
amount of any remaining Subsequent Recoveries will be applied to increase from
zero the Certificate Principal Balance of the Class of Certificates with the
next lower payment priority, up to the amount of Realized Losses previously
allocated to that Class of Certificates pursuant to Section 4.05. Any remaining
Subsequent Recoveries will in turn be applied to increase from zero the
Certificate Principal Balance of the Class of Certificates with the next lower
payment priority up to the amount of Realized Losses previously allocated to
that Class of Certificates pursuant to Section 4.05, and so on. Holders of such
Certificates will not be entitled to any payment in respect of Accrued
Certificate Interest on the amount of such increases for any Interest Accrual
Period preceding the Interest Accrual Period that relates to the Distribution
Date on which such increase occurs. Any such increases shall be applied to the
Certificate Principal Balance of each Certificate of such Class in accordance
with its respective Percentage Interest.
(f) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be solely
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents. None of the Trustee, the Certificate Registrar, the Company or the
Master Servicer shall have any responsibility therefor.
(g) Except as otherwise provided in Section 9.01 of the Standard Terms,
if the Master Servicer anticipates that a final distribution with respect to any
Class of Certificates will be made on the next Distribution Date, the Master
Servicer shall, no later than the Determination Date in the month of such final
distribution, notify the Trustee and the Trustee shall, no later than two (2)
Business Days after such Determination Date, mail on such date to each Holder of
such Class of Certificates a notice to the effect that: (i) the Trustee
anticipates that the final distribution with respect to such Class of
Certificates will be made on such Distribution Date but only upon presentation
and surrender of such Certificates at the office of the Trustee or as otherwise
specified therein, and (ii) no interest shall accrue on such Certificates from
and after the end of the related Interest Accrual Period. In the event that
Certificateholders required to surrender their Certificates pursuant to Section
9.01(c) of the Standard Terms do not surrender their Certificates for final
cancellation, the Trustee shall cause funds distributable with respect to such
Certificates to be withdrawn from the Certificate Account and credited to a
separate escrow account for the benefit of such Certificateholders as provided
in Section 9.01(d) of the Standard Terms.
26
Section 4.03. Statements to Certificateholders; Statements to the Rating
Agencies; Exchange Act Reporting. (See Section 4.03 of the Standard
Terms)
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
by the Master Servicer. (See Section 4.04 of the Standard Terms)
Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced by an Officers' Certificate. All Realized
Losses, other than Excess Special Hazard Losses, Extraordinary Losses, Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows: first,
to the Class B-3 Certificates, until the Certificate Principal Balance thereof
has been reduced to zero; second, to the Class B-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; third, to the
Class B-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; fourth, to the Class M-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; fifth, to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; sixth, to the Class M-1 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and, thereafter, if any such Realized
Loss is on a Discount Mortgage Loan, to the Class A-P Certificates in an amount
equal to the related Discount Fraction of the principal portion of the Realized
Loss until the Certificate Principal Balance of the Class A-P Certificates has
been reduced to zero, and the remainder of such Realized Losses on the Discount
Mortgage Loans and the entire amount of such Realized Losses on the Non-Discount
Mortgage Loans shall be allocated among all Senior Certificates (other than the
Class A-P Certificates) on a pro rata basis, as described below. The principal
portion of any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess
Fraud Losses and Extraordinary Losses on the Discount Mortgage Loans shall be
allocated to the Class A-P Certificates in an amount equal to the related
Discount Fraction thereof and the remainder of the principal portion and the
entire interest portion of such Realized Losses on the Discount Mortgage Loans
and the entire principal and interest portion of such Realized Losses on
Non-Discount Mortgage Loans will be allocated among the Senior Certificates
(other than the Class A-P Certificates) and the Subordinate Certificates, on a
pro rata basis, as described below.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates, on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date; provided
that no such reduction shall reduce the aggregate Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans. Any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to the Subordinate Certificates then outstanding with
27
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal Balance" and by operation of the provisions of Section 4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate reduction resulting from a Servicing Modification) shall be made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate Interest" and by operation of the provisions
of Section 4.02(a). Allocations of the interest portion of a Realized Loss
resulting from an interest rate reduction in connection with a Servicing
Modification shall be made by operation of the provisions of Section 4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the provisions of Section 4.02(a). All Realized Losses and all
other losses allocated to a Class of Certificates hereunder will be allocated
among the Certificates of such Class in proportion to the Percentage Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued pursuant to Section 5.01(c) of the Standard Terms, such
Realized Losses and other losses allocated to the Class A-V Certificates shall
be allocated among such Subclasses in proportion to the respective amounts of
Accrued Certificate Interest payable on such Distribution Date that would have
resulted absent such reductions.
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
(See Section 4.06 of the Standard Terms)
Section 4.07. Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07
of the Standard Terms)
Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)
28
ARTICLE V
THE CERTIFICATES
(SEE ARTICLE V OF THE STANDARD TERMS)
29
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
(SEE ARTICLE VI OF THE STANDARD TERMS)
30
ARTICLE VII
DEFAULT
(SEE ARTICLE VII OF THE STANDARD TERMS)
31
ARTICLE VIII
CONCERNING THE TRUSTEE
(SEE ARTICLE VIII OF THE STANDARD TERMS)
32
ARTICLE IX
TERMINATION
(SEE ARTICLE IX OF THE STANDARD TERMS)
REMIC PROVISIONS
Section 10.01. REMIC Administration. (See Section 10.01 of the Standard Terms)
Section 10.02. Master Servicer; REMIC Administrator and Trustee Indemnification.
(See Section 10.02 of the Standard Terms)
Section 10.03. Designation of REMIC.
The REMIC Administrator shall make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC for federal income
tax purposes.
The Class A-1, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates and the Uncertificated Class A-V REMIC
Regular Interests, the rights in and to which will be represented by the Class
A-V Certificates, will be "regular interests" in the REMIC, and the Class R
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law. On and
after the date of issuance of any Subclass of Class A-V Certificates pursuant to
Section 5.01(c) of the Standard Terms, any such Subclass will represent the
Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to said Section.
Section 10.04. [Reserved]
Section 10.05. Compliance with Withholding Requirements.
Notwithstanding any other provision of this Agreement, the
Trustee or any Paying Agent, as applicable, shall comply with all federal
withholding requirements respecting payments to Certificateholders, including
interest or original issue discount payments or advances thereof that the
Trustee or any Paying Agent, as applicable, reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding. In the event the Trustee or any Paying Agent, as applicable, does
withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount withheld to such Certificateholder pursuant to the terms of such
requirements.
33
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment. (See Section 11.01 of the Standard Terms)
Section 11.02. Recordation of Agreement; Counterparts. (See Section 11.02 of the
Standard Terms)
Section 11.03. Limitation on Rights of Certificateholders. (See Section 11.03 of
the Standard Terms)
Section 11.04. Governing Law. (See Section 11.04 of the Standard Terms)
Section 11.05. Notices. All demands and notices hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered mail, postage prepaid (except for notices to the Trustee which
shall be deemed to have been duly given only when received), to the appropriate
address for each recipient listed in the table below or, in each case, such
other address as may hereafter be furnished in writing to the Master Servicer,
the Trustee and the Company, as applicable:
RECIPIENT ADDRESS
Company 0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxxx 00000,
Attention: President
Master Servicer 0000 X. Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxxx 00000-0000,
Attention: Managing Director/Master Servicing
Trustee Corporate Trust Xxxxxx
0000 Xxxx Xx. Xxxxxx Xxxxx
Xxxxx Xxx, Xxxxxxxxxx 00000-0000,
Attention: Residential Accredit Loans, Inc. Series 2004-QS14
The Trustee designates its offices located at
c/o DTC Transfer Services, 00 Xxxxx Xxxxxx,
Xxxxxxxx Xxxxxx Xxxx Xxxxxxxx, Xxx Xxxx, Xxx
Xxxx 00000, for the purposes of Section 8.12
of the Standard Terms
Xxxxx'x Investors Service, Inc. 00 Xxxxxx Xxxxxx, 0xx xxxxx
Xxx Xxxx, Xxx Xxxx 10004
Standard & Poor's Ratings 00 Xxxxx Xxxxxx
Services, a division of Xxx Xxx Xxxx, Xxx Xxxx 00000
XxXxxx-Xxxx Companies, Inc.
34
Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Certificateholder receives such notice.
Section 11.06. Required Notices to Rating Agency and Subservicer. (See Section
11.06 of the Standard Terms)
Section 11.07. Severability of Provisions. (See Section 11.07 of the Standard
Terms)
Section 11.08. Supplemental Provisions for Resecuritization. (See Section 11.08
of the Standard Terms)
Section 11.09. Allocation of Voting Rights.
98% of all of the Voting Rights shall be allocated among Holders
of Certificates, other than the Class A-V and Class R Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates, 1% of all Voting Rights shall be allocated among the Holders of
the Class A-V Certificates, in accordance with their respective Percentage
Interests; and 1.0% of all Voting Rights shall be allocated among the Holders of
the Class R Certificates, in accordance with their respective Percentage
Interests.
Section 11.10. No Petition.
The Depositor, Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against the Trust
Fund, or join in any institution against the Trust Fund of, any bankruptcy
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligation with respect to the Certificates or this
Agreement.
35
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]
By: /s/ Xxxxxxx Xxxxxxxx
---------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Vice President
Attest: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By: /s/ Xxxx Xxxxxx
---------------------------------
Name: Xxxx Xxxxxx
Title: Associate
Attest:/s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Associate
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]
By: /s/ Xxxxx Xxxxxx
---------------------------------
Name: Xxxxx Xxxxxx
Title: Associate
By: /s/ Xxxxxxx Xxxxxxxx
---------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Assistant Vice President
Attest:/s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Assistant Vice President
36
STATE OF MINNESOTA
)
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of October, 2004 before me, a notary public in
and for said State, personally appeared Xxxxxxx Xxxxxxxx, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
/s/ Xxxxx X. Xxxxxxxx
Notary Public
[Notarial Seal]
STATE OF MINNESOTA
)
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of October, 2004 before me, a notary public in
and for said State, personally appeared Xxxx Xxxxxx, known to me to be an
Associate of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
/s/ Xxxxx X. Xxxxxxxx
Notary Public
[Notarial Seal]
STATE OF CALIFORNIA
)
) ss.:
COUNTY OF ORANGE )
On the 28th day of October, 2004 before me, a notary public in
and for said State, personally appeared Xxxxx Xxxxxx, known to me to be a(n)
Associate of Deutsche Bank Trust Company Americas, the New York banking
corporation that executed the within instrument, and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
/s/ Xxx Xxxxxxxx
Notary Public
[Notarial Seal]
STATE OF CALIFORNIA )
) ss.:
COUNTY OF ORANGE )
On the 28th day of October, 2004 before me, a notary public in
and for said State, personally appeared Xxxxxxx Xxxxxxxx known to me to be a(n)
Assistant Vice President of Deutsche Bank Trust Company Americas, the New York
banking corporation that executed the within instrument, and also known to me to
be the person who executed it on behalf of said banking corporation and
acknowledged to me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
/s/ Xxxxx X. Xxxxxxxx
Notary Public
[Notarial Seal]
EXHIBIT ONE
MORTGAGE LOAN SCHEDULE
Fixed Rate Loan
Loan Number S/S Code Payment Type Original Bal Loan Feature
Orig Term Principal Bal # of Units
Orig Rate Original PI LTV
Net Curr Current PI
City State Zip Loan Purp Note Date MI Co Code
Servicer Loan # Prop Type First Pay Date MI Coverage
Seller Loan # Occup Code Maturity Date
Investor Loan #
8930748 N67/G02 F 307,000.00 ZZ
360 303,946.73 1
6.1250 1865.36 77
5.8750 1865.36
XXX XXXXX XX 00000 5 11/12/03 00
0437136831 03 01/01/04 0.0000
1162003214 O 12/01/33
0
8972319 Y21/G02 F 130,000.00 ZZ
360 129,281.97 1
5.5000 738.13 67
5.2500 738.13
XXXXXXX XX 00000 2 04/02/04 00
0437806441 05 06/01/04 0.0000
204213851 O 05/01/34
0
9048547 E86/G02 F 214,000.00 ZZ
360 212,578.38 1
5.5000 1215.07 49
5.2500 1215.07
XXXXXXX ESTATEIL 60010 2 03/29/04 00
0437911290 05 05/01/04 0.0000
521698 O 04/01/34
0
9050377 Y65/G02 F 150,000.00 ZZ
360 149,042.39 1
5.0000 805.23 44
4.7500 805.23
XXXXXXXX XX 00000 2 04/20/04 00
0437914872 05 06/01/04 0.0000
40145451 O 05/01/34
0
9051709 Y65/G02 F 150,000.00 ZZ
360 149,171.54 1
5.5000 851.68 32
5.2500 851.68
XXXXX XXXXXXX XX 00000 5 04/22/04 00
0437916000 05 06/01/04 0.0000
40142763 O 05/01/34
0
9065025 L14/G02 F 204,000.00 ZZ
360 202,104.75 1
5.3750 1142.35 37
5.1250 1142.35
XXXXXXXXXX XX 00000 2 04/09/04 00
0437923931 05 06/01/04 0.0000
215759015 O 05/01/34
0
9066541 L14/G02 F 156,100.00 ZZ
360 155,237.83 1
5.5000 886.32 44
5.2500 886.32
XXXX XX 00000 5 04/06/04 00
0437925498 05 06/01/04 0.0000
204028980 O 05/01/34
0
9099093 Y36/G02 F 127,900.00 ZZ
360 127,497.29 1
7.2500 872.50 100
7.0000 872.50
XXXXXXX XX 00000 1 05/25/04 01
0438161655 05 07/01/04 35.0000
5300908 O 06/01/34
0
9101252 956/G02 F 139,000.00 ZZ
360 137,790.95 1
5.6250 800.16 80
5.3750 800.16
XXXXXXXX XX 00000 5 01/23/04 00
0438306318 05 03/01/04 0.0000
4614010023 O 02/01/34
0
9112055 E22/G02 F 160,000.00 ZZ
360 159,702.83 1
6.3750 998.19 80
6.1250 998.19
XXXXXXX XX 00000 1 06/02/04 00
0420668436 05 08/01/04 0.0000
0420668436 O 07/01/34
0
9114697 E22/G02 F 116,000.00 ZZ
360 115,675.97 1
6.3750 723.69 54
6.1250 723.69
XXXXXXXX XXXXXXX 00000 2 06/07/04 00
0421062530 01 08/01/04 0.0000
0421062530 O 07/01/34
0
9119743 956/G02 F 175,500.00 ZZ
360 174,596.54 1
5.8750 1038.15 63
5.6250 1038.15
XXXXXXXX XX 00000 5 04/29/04 00
0438200867 05 06/01/04 0.0000
1314040082 O 05/01/34
0
9119769 956/G02 F 280,000.00 ZZ
360 278,474.53 2
5.8750 1656.31 64
5.6250 1656.31
XXXXXXXX XX 00000 2 04/22/04 00
0438200842 05 06/01/04 0.0000
1914040030 N 05/01/34
0
9120289 286/286 F 112,720.00 ZZ
360 112,153.27 1
6.0000 675.82 80
5.7500 675.82
XXXXXXXXX XX 00000 1 04/27/04 00
3060454 05 06/01/04 0.0000
3060454 O 05/01/34
0
9120417 286/286 F 170,000.00 ZZ
360 169,317.94 1
6.0000 1019.24 68
5.7500 1019.24
XXX XXXX XX 00000 2 05/14/04 00
3221220 01 07/01/04 0.0000
3221220 N 06/01/34
0
9120617 286/286 F 100,000.00 ZZ
360 99,598.76 1
6.0000 599.56 80
5.7500 599.56
XXXXXXXXX XX 00000 1 05/14/04 00
3233782 05 07/01/04 0.0000
3233782 N 06/01/34
0
9121347 286/286 F 101,500.00 ZZ
360 101,014.05 1
6.0000 608.54 80
5.7500 608.54
XXXXXXXXX XX 00000 1 05/10/04 00
3179195 05 07/01/04 0.0000
3179195 N 06/01/34
0
9121419 286/286 F 129,000.00 ZZ
360 128,404.21 1
5.2500 712.35 31
5.0000 712.35
XXXXXXXXX XX 00000 2 04/29/04 00
3209913 05 07/01/04 0.0000
3209913 N 06/01/34
0
9121423 286/286 F 222,000.00 ZZ
360 220,974.70 1
5.2500 1225.90 33
5.0000 1225.90
XXXXXX XX 00000 2 04/29/04 00
3209928 05 07/01/04 0.0000
3209928 N 06/01/34
0
9121427 286/286 F 190,000.00 ZZ
360 189,122.51 1
5.2500 1049.19 34
5.0000 1049.19
XXXXXX XX 00000 2 04/29/04 00
3209955 05 07/01/04 0.0000
3209955 N 06/01/34
0
9121549 286/286 F 130,000.00 T
360 129,426.89 1
5.5000 738.13 40
5.2500 738.13
XXXX XXXX XX 00000 1 05/03/04 00
3190437 05 07/01/04 0.0000
3190437 O 06/01/34
0
9121651 286/286 F 161,700.00 ZZ
360 160,987.13 1
5.5000 918.12 48
5.2500 918.12
XXXXX XX 00000 2 05/03/04 00
3228643 05 07/01/04 0.0000
3228643 N 06/01/34
0
9121731 286/286 F 104,000.00 ZZ
360 103,552.11 1
5.6250 598.69 45
5.3750 598.69
XXXXXX XX 00000 2 04/27/04 00
3143635 01 07/01/04 0.0000
3143635 N 06/01/34
0
9121947 286/286 F 108,000.00 ZZ
360 107,456.89 1
6.0000 647.52 80
5.7500 647.52
XXXX XXXXX XX 00000 1 05/12/04 00
3254659 05 07/01/04 0.0000
3254659 O 06/01/34
0
9122109 286/286 F 190,800.00 ZZ
360 189,679.62 1
5.5000 1083.35 47
5.2500 1083.35
XXX XXXXXXX XX 00000 2 04/30/04 00
3206759 05 06/01/04 0.0000
3206759 O 05/01/34
0
9122763 286/286 F 110,000.00 ZZ
360 109,537.25 4
5.7500 641.94 55
5.5000 641.94
XXXXXXXXXXXXX XX 00000 2 05/10/04 00
3142553 05 07/01/04 0.0000
3142553 N 06/01/34
0
9122819 286/286 F 126,750.00 ZZ
360 126,059.42 1
5.8750 749.78 52
5.6250 749.78
XXXXXX XX 00000 2 04/29/04 00
3212041 05 06/01/04 0.0000
3212041 N 05/01/34
0
9122891 286/286 F 109,678.00 ZZ
360 109,237.95 1
6.0000 657.58 80
5.7500 657.58
XXXXXXXX XX 00000 1 05/13/04 00
3225415 05 07/01/04 0.0000
3225415 O 06/01/34
0
9122929 286/286 F 134,400.00 ZZ
360 133,860.77 3
6.0000 805.80 69
5.7500 805.80
NORTH LAUDERDAFL 33068 2 05/14/04 00
2538451 05 07/01/04 0.0000
2538451 N 06/01/34
0
9123045 286/286 F 98,600.00 ZZ
327 98,116.39 1
6.0000 613.00 75
5.7500 613.00
XXXXXXX XX 00000 2 05/10/04 00
3224623 05 07/01/04 0.0000
3224623 N 09/01/31
0
9123053 286/286 F 95,400.00 ZZ
336 94,957.37 1
6.0000 586.83 75
5.7500 586.83
XXXXXXX XX 00000 2 05/10/04 00
3224699 05 07/01/04 0.0000
3224699 N 06/01/32
0
9123059 286/286 F 109,600.00 ZZ
360 109,048.97 1
6.0000 657.11 80
5.7500 657.11
XXXXXXXXX XX 00000 1 04/29/04 00
3209612 03 06/01/04 0.0000
3209612 N 05/01/34
0
9123067 286/286 F 203,000.00 ZZ
360 201,954.93 1
5.8750 1200.83 60
5.6250 1200.83
XXXXXXXXX XX 00000 2 04/30/04 00
3201251 05 06/01/04 0.0000
3201251 N 05/01/34
0
9123235 286/286 F 112,500.00 ZZ
360 112,048.63 1
6.0000 674.50 75
5.7500 674.50
XXXXXXXXX XX 00000 5 05/10/04 00
3262737 05 07/01/04 0.0000
3262737 N 06/01/34
0
9123601 286/286 F 175,000.00 ZZ
360 173,628.79 1
5.5000 993.64 68
5.2500 993.64
XXXXXXXXXX XX 00000 2 04/26/04 00
3167003 05 06/01/04 0.0000
3167003 O 05/01/34
0
9123681 286/286 F 112,000.00 ZZ
360 111,423.39 1
5.8750 662.53 80
5.6250 662.53
XXXXXXX XX 00000 1 04/29/04 00
3246522 05 06/01/04 0.0000
3246522 N 05/01/34
0
9123763 286/286 F 146,181.00 ZZ
360 141,029.36 1
5.5000 830.00 70
5.2500 830.00
XXXXXX XXXXX XX 00000 2 03/12/04 00
3092378 03 05/01/04 0.0000
3092378 O 04/01/34
0
9123771 286/286 F 144,000.00 ZZ
360 143,309.53 2
5.3750 806.36 46
5.1250 806.36
XXXXXX XX 00000 2 05/04/04 00
3168204 05 07/01/04 0.0000
3168204 N 06/01/34
0
9123787 286/286 F 104,250.00 ZZ
360 103,725.84 1
6.0000 625.04 75
5.7500 625.04
XXXXXX XX 00000 1 04/29/04 00
3233169 05 06/01/04 0.0000
3233169 N 05/01/34
0
9123789 286/286 F 100,000.00 ZZ
360 99,497.19 1
6.0000 599.56 79
5.7500 599.56
XXXXXX XX 00000 1 04/29/04 00
3233205 05 06/01/04 0.0000
3233205 N 05/01/34
0
9123843 286/286 F 166,450.00 ZZ
360 165,613.04 1
6.0000 997.96 75
5.7500 997.96
XXXX XXXXX XX 00000 1 04/29/04 00
3218966 05 06/01/04 0.0000
3218966 N 05/01/34
0
9123989 286/286 F 119,950.00 ZZ
360 119,332.51 1
5.8750 709.55 80
5.6250 709.55
XXXXXXX XX 00000 1 04/24/04 00
3272723 05 06/01/04 0.0000
3272723 N 05/01/34
0
9124017 286/286 F 156,000.00 ZZ
360 155,215.69 2
6.0000 935.30 87
5.7500 935.30
XXXXX XX 00000 2 04/29/04 11
3133280 05 06/01/04 25.0000
3133280 N 05/01/34
0
9124079 286/286 F 150,000.00 ZZ
360 149,209.42 1
5.7500 875.36 75
5.5000 875.36
XXXXXXXXX XX 00000 2 04/30/04 00
3218963 05 06/01/04 0.0000
3218963 N 05/01/34
0
9124175 286/286 F 475,000.00 ZZ
360 472,554.78 3
5.8750 2809.80 56
5.6250 2809.80
XXXXXXX XX 00000 2 04/16/04 00
3173068 05 06/01/04 0.0000
3173068 N 05/01/34
0
9124213 286/286 F 138,400.00 ZZ
360 137,844.73 1
6.0000 829.78 80
5.7500 829.78
XXXXXXXX XX 00000 5 05/13/04 00
3237922 05 07/01/04 0.0000
3237922 N 06/01/34
0
9124315 286/286 F 260,000.00 ZZ
360 258,563.93 1
5.5000 1476.26 48
5.2500 1476.26
XXXXXXXXXX XX 00000 2 05/03/04 00
3169928 05 06/01/04 0.0000
3169928 N 05/01/34
0
9124353 286/286 F 111,960.00 ZZ
360 111,397.09 1
6.0000 671.26 80
5.7500 671.26
XXXXXXX XX 00000 1 04/29/04 00
3210279 05 06/01/04 0.0000
3210279 O 05/01/34
0
9124409 286/286 F 153,375.00 ZZ
360 152,585.39 1
5.8750 907.28 75
5.6250 907.28
XXXXXXXXX XX 00000 1 04/28/04 00
3226038 05 06/01/04 0.0000
3226038 N 05/01/34
0
9124441 286/286 F 157,000.00 ZZ
360 156,231.01 1
5.2500 866.96 57
5.0000 866.96
XXXXXXXXXX XX 00000 2 05/04/04 00
3185371 05 07/01/04 0.0000
3185371 O 06/01/34
0
9124513 286/286 F 151,500.00 ZZ
360 150,832.11 1
5.5000 860.20 61
5.2500 860.20
XXXXXXXXX XX 00000 2 05/04/04 00
3225193 05 07/01/04 0.0000
3225193 O 06/01/34
0
9124531 286/286 F 132,550.00 ZZ
360 132,005.43 2
5.8750 784.09 61
5.6250 784.09
XXXXXXXX XX 00000 2 05/10/04 00
3201557 05 07/01/04 0.0000
3201557 N 06/01/34
0
9124735 286/286 F 146,250.00 ZZ
360 145,663.22 1
6.0000 876.85 75
5.7500 876.85
XXXXXX XXXX XX 00000 1 05/05/04 00
3249223 05 07/01/04 0.0000
3249223 N 06/01/34
0
9124751 286/286 F 131,000.00 ZZ
360 130,259.39 1
5.3750 733.57 34
5.1250 733.57
XXXXXXXX XX 00000 2 04/09/04 00
3153465 01 06/01/04 0.0000
3153465 N 05/01/34
0
9124753 286/286 F 113,000.00 ZZ
360 112,361.19 1
5.3750 632.77 36
5.1250 632.77
XX XXXXX XX 00000 5 04/15/04 00
3166938 05 06/01/04 0.0000
3166938 N 05/01/34
0
9124775 286/286 F 262,000.00 ZZ
360 260,789.97 1
5.2500 1446.78 36
5.0000 1446.78
XXXXXX XX 00000 2 04/29/04 00
3209857 05 07/01/04 0.0000
3209857 N 06/01/34
0
9142087 X64/G02 F 120,650.00 ZZ
360 120,344.18 1
6.8750 792.58 95
6.6250 792.58
XXXXXX XX 00000 2 06/18/04 11
0438051849 05 08/01/04 30.0000
0000029886 O 07/01/34
0
9155579 J40/G02 F 120,000.00 ZZ
360 119,703.20 1
7.0000 798.36 64
6.7500 798.36
XXXXXXXXXX XX 00000 5 06/14/04 00
0438060147 05 08/01/04 0.0000
7820444 O 07/01/34
0
9156205 E22/G02 F 110,700.00 ZZ
360 110,451.99 1
7.5000 774.03 90
7.2500 774.03
XXXXXXX XX 00000 1 06/30/04 01
0421229956 03 08/01/04 25.0000
0421229956 N 07/01/34
0
9176749 E86/G02 F 202,500.00 ZZ
360 202,057.52 2
7.6250 1433.28 90
7.3750 1433.28
XXXXXXXXXX XX 00000 1 06/08/04 40
0438487779 05 08/01/04 25.0000
0000577079 N 07/01/34
0
9227411 U05/G02 F 154,300.00 ZZ
360 154,058.53 4
7.2500 1052.60 90
7.0000 1052.60
XXXXXXXXXXXX XX 00000 1 07/09/04 10
0438436479 05 09/01/04 25.0000
3000638764 N 08/01/34
0
9238093 168/168 F 74,000.00 ZZ
360 73,812.41 1
6.8750 486.13 69
6.6250 486.13
XXXXXXXXXX XX 00000 5 06/17/04 00
0529424762 01 08/01/04 0.0000
0529424762 N 07/01/34
0
9240007 944/G02 F 382,300.00 ZZ
360 380,331.96 1
5.8750 2261.45 80
5.6250 2261.45
XXXX XXXXXXX XX 00000 1 04/30/04 00
0438199432 05 06/01/04 0.0000
W03043467 O 05/01/34
0
9240761 168/168 F 168,000.00 ZZ
360 167,305.76 1
6.0000 1007.24 80
5.7500 1007.24
XXXXXXXX XX 00000 1 05/21/04 00
0519520211 05 07/01/04 0.0000
0519520211 N 06/01/34
0
9240979 168/168 F 97,500.00 ZZ
360 97,080.10 1
5.6250 561.27 45
5.3750 561.27
XXXXXXX XX 00000 5 05/25/04 00
0389769355 05 07/01/04 0.0000
0389769355 N 06/01/34
0
9240985 168/168 F 99,200.00 ZZ
360 98,801.99 1
6.0000 594.76 80
5.7500 594.76
XXXXXXXXX XX 00000 2 06/07/04 00
0519700155 05 07/01/04 0.0000
0519700155 N 06/01/34
0
9440337 A52/G02 F 195,124.00 ZZ
360 194,770.25 1
6.5000 1233.32 90
6.2500 1233.32
XXXXXXXXXX XX 00000 1 07/28/04 04
0438180416 03 09/01/04 25.0000
30291 O 08/01/34
0
9449943 286/286 F 70,800.00 ZZ
360 70,662.02 1
6.1250 430.19 80
5.8750 430.19
XXXXXX XX 00000 1 07/16/04 00
3449845 01 09/01/04 0.0000
3449845 O 08/01/34
0
9450205 286/286 F 133,450.00 ZZ
360 133,240.89 1
7.2500 910.37 85
7.0000 910.37
XXXXXXXXXX XX 00000 1 07/06/04 12
3407109 05 09/01/04 12.0000
3407109 O 08/01/34
0
9450245 286/286 F 134,190.00 ZZ
360 133,388.80 1
6.0000 804.54 80
5.7500 804.54
XXXXXXXXX XX 00000 1 06/25/04 00
3187976 05 08/01/04 0.0000
3187976 O 07/01/34
0
9450741 286/286 F 148,750.00 ZZ
360 148,292.78 1
5.8750 879.92 80
5.6250 879.92
XX XXXXXX XX 00000 1 06/28/04 00
3187522 05 08/01/04 0.0000
3187522 O 07/01/34
0
9457835 E47/G02 F 162,000.00 ZZ
360 161,746.48 4
7.2500 1105.13 90
7.0000 1105.13
XXXXXX XX 00000 1 07/20/04 11
0438227324 05 09/01/04 25.0000
7331016526 N 08/01/34
0
9461591 225/225 F 419,000.00 ZZ
360 415,965.41 1
5.8750 2478.54 70
5.6250 2478.54
XXXXXXXXXX XX 00000 2 02/27/04 00
6966759 05 04/01/04 0.0000
6966759 O 03/01/34
0
9468967 Y65/G02 F 257,000.00 ZZ
360 256,511.03 1
6.2500 1582.39 46
6.0000 1582.39
XXXXX XXXXXX XX 00000 2 07/15/04 00
0438276412 05 09/01/04 0.0000
F009246 O 08/01/34
0
9469141 Y65/G02 F 1,000,000.00 ZZ
360 995,793.64 1
5.7500 5835.73 67
5.5000 5835.73
XXX XXXXXXX XX 00000 5 05/17/04 00
0438284184 01 07/01/04 0.0000
40148455 O 06/01/34
0
9474993 Y36/G02 F 136,000.00 ZZ
360 135,177.43 1
6.0000 815.39 80
5.7500 815.39
XXXXXXX XXXXXXXX 00000 5 03/26/04 00
0438380651 05 05/01/04 0.0000
58000689 O 04/01/34
0
9478765 T29/G02 F 132,720.00 ZZ
360 132,602.90 1
6.6250 849.82 80
6.3750 849.82
XXXXXXX XX 00000 1 08/11/04 00
0438391088 03 10/01/04 0.0000
0001606300 O 09/01/34
0
9479137 W68/G02 F 212,000.00 TX
360 211,817.47 1
6.7500 1375.03 80
6.5000 1375.03
XXXXXXXX XXXX XX 00000 5 08/02/04 00
0438446536 03 10/01/04 0.0000
4071217 O 09/01/34
0
9485761 Y65/G02 F 130,500.00 ZZ
360 130,269.08 1
6.6250 835.61 78
6.3750 835.61
XXXXX XX 00000 5 07/14/04 00
0438276891 05 09/01/04 0.0000
40175122 O 08/01/34
0
9497154 A21/A21 F 375,200.00 ZZ
360 374,852.49 1
6.3750 2340.76 80
6.1250 2340.76
XXXXX XXXX XX 00000 1 09/01/04 00
0100136217 05 10/01/04 0.0000
0100136217 O 09/01/34
0
9503866 696/G02 F 550,000.00 ZZ
360 549,502.80 1
6.5000 3476.37 80
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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3010012296 O 09/01/24
0
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0
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0
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0
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3430902 N 07/01/34
0
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0
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3348558 05 08/01/04 25.0000
3348558 N 07/01/34
0
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3431890 N 08/01/34
0
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3449917 03 09/01/04 0.0000
3449917 N 08/01/34
0
9546999 286/286 F 111,960.00 ZZ
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3484896 01 09/01/04 25.0000
3484896 N 08/01/34
0
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3452493 N 08/01/34
0
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XX XXXXXXXXXX XX 00000 5 07/08/04 00
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3490615 N 08/01/34
0
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3428391 N 08/01/34
0
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3430889 N 08/01/34
0
9547071 286/286 F 169,800.00 ZZ
360 169,527.61 1
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XX XXXX XX 00000 1 07/30/04 11
3503141 05 09/01/04 25.0000
3503141 N 08/01/34
0
9547073 286/286 F 154,000.00 ZZ
360 153,812.51 1
6.0000 923.31 53
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XXX XXXXX XX 00000 1 08/16/04 00
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3510187 N 09/01/34
0
9547077 286/286 F 92,100.00 ZZ
360 91,937.03 1
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3458432 05 09/01/04 0.0000
3458432 N 08/01/34
0
9547079 286/286 F 125,720.00 ZZ
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6.1250 763.89 80
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3509961 N 09/01/34
0
9547081 286/286 F 325,743.00 ZZ
360 325,475.99 1
7.0000 2167.18 80
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3387628 03 10/01/04 0.0000
3387628 N 09/01/34
0
9547087 286/286 F 133,200.00 ZZ
360 132,958.51 1
6.5000 841.92 80
6.2500 841.92
XXX XXXXX XX 00000 1 07/29/04 00
3465125 05 09/01/04 0.0000
3465125 N 08/01/34
0
9547089 286/286 F 280,000.00 ZZ
360 279,721.25 1
6.0000 1678.75 70
5.7500 1678.75
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3481197 05 10/01/04 0.0000
3481197 N 09/01/34
0
9547093 286/286 F 252,000.00 ZZ
360 251,564.84 1
6.7500 1634.47 80
6.5000 1634.47
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3433426 01 09/01/04 0.0000
3433426 N 08/01/34
0
9547095 286/286 F 108,000.00 ZZ
360 107,902.36 2
6.5000 682.64 78
6.2500 682.64
XXX XXXXXXX XX 00000 2 08/20/04 00
3529302 05 10/01/04 0.0000
3529302 N 09/01/34
0
9547103 286/286 F 235,000.00 ZZ
360 234,807.36 1
7.0000 1563.47 40
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3513922 05 10/01/04 0.0000
3513922 N 09/01/34
0
9547105 286/286 F 178,400.00 ZZ
360 178,250.11 1
6.8750 1171.97 80
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3497097 05 10/01/04 0.0000
3497097 N 09/01/34
0
9547107 286/286 F 164,000.00 ZZ
360 163,523.87 1
7.0000 1091.10 80
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3439999 01 09/01/04 0.0000
3439999 N 08/01/34
0
9547109 286/286 F 246,400.00 ZZ
360 245,924.16 1
6.6250 1577.73 80
6.3750 1577.73
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3396628 05 09/01/04 0.0000
3396628 N 08/01/34
0
9547111 286/286 F 120,400.00 ZZ
360 120,298.84 1
6.8750 790.95 80
6.6250 790.95
XXX XXXXX XX 00000 1 08/20/04 00
3537032 01 10/01/04 0.0000
3537032 N 09/01/34
0
9547113 286/286 F 150,000.00 ZZ
360 149,842.14 1
6.5000 948.11 59
6.2500 948.11
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3471408 05 10/01/04 0.0000
3471408 N 09/01/34
0
9547117 286/286 F 315,000.00 ZZ
360 314,469.20 2
6.8750 2069.33 90
6.6250 2069.33
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3431823 05 09/01/04 25.0000
3431823 N 08/01/34
0
9547125 286/286 F 187,000.00 ZZ
360 186,652.68 1
6.3750 1166.64 75
6.1250 1166.64
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3423594 05 09/01/04 0.0000
3423594 N 08/01/34
0
9547131 286/286 F 147,750.00 ZZ
360 147,468.87 1
6.2500 909.73 75
6.0000 909.73
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3472110 05 09/01/04 0.0000
3472110 N 08/01/34
0
9547135 286/286 F 100,000.00 ZZ
360 99,814.27 1
6.3750 623.87 80
6.1250 623.87
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3176392 05 09/01/04 0.0000
3176392 N 08/01/34
0
9547139 286/286 F 125,000.00 ZZ
360 124,881.39 1
6.2500 769.65 80
6.0000 769.65
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3494905 05 10/01/04 0.0000
3494905 N 09/01/34
0
9547141 286/286 F 84,000.00 ZZ
360 83,847.71 1
6.5000 530.94 70
6.2500 530.94
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3315470 01 09/01/04 0.0000
3315470 N 08/01/34
0
9547143 286/286 F 190,500.00 ZZ
360 190,171.04 1
6.7500 1235.58 75
6.5000 1235.58
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3389904 05 09/01/04 0.0000
3389904 N 08/01/34
0
9547145 286/286 F 221,000.00 ZZ
360 220,790.30 1
6.2500 1360.74 65
6.0000 1360.74
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3517656 05 10/01/04 0.0000
3517656 N 09/01/34
0
9547147 286/286 F 155,700.00 ZZ
360 155,228.39 1
6.5000 984.14 90
6.2500 984.14
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3426140 01 09/01/04 25.0000
3426140 N 08/01/34
0
9547149 286/286 F 154,800.00 ZZ
360 154,660.05 1
6.5000 978.45 90
6.2500 978.45
XXXXXXXX XXX XX 00000 1 08/26/04 11
3477687 01 10/01/04 25.0000
3477687 N 09/01/34
0
9547151 286/286 F 142,400.00 ZZ
360 142,280.36 1
6.8750 935.47 80
6.6250 935.47
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3387677 03 10/01/04 0.0000
3387677 N 09/01/34
0
9547153 286/286 F 199,500.00 ZZ
360 199,163.82 1
6.8750 1310.58 70
6.6250 1310.58
XXXXXXXXXXXX XX 00000 1 07/29/04 00
3486897 05 09/01/04 0.0000
3486897 N 08/01/34
0
9547159 286/286 F 85,000.00 ZZ
360 84,913.34 1
5.8750 502.81 53
5.6250 502.81
XXX XXXXX XX 00000 2 08/16/04 00
3528926 05 10/01/04 0.0000
3528926 N 09/01/34
0
9547161 286/286 F 133,000.00 ZZ
360 132,882.65 1
6.6250 851.62 45
6.3750 851.62
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3496297 05 10/01/04 0.0000
3496297 N 09/01/34
0
9547165 286/286 F 73,000.00 ZZ
360 72,937.15 1
6.7500 473.48 90
6.5000 473.48
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3483822 05 10/01/04 25.0000
3483822 N 09/01/34
0
9547167 286/286 F 106,000.00 ZZ
360 105,901.82 1
6.3750 661.31 65
6.1250 661.31
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3476344 05 10/01/04 0.0000
3476344 N 09/01/34
0
9547169 286/286 F 27,500.00 ZZ
360 27,450.14 1
6.5000 173.82 69
6.2500 173.82
XXXXXXXXXX XX 00000 5 07/13/04 00
3161327 05 09/01/04 0.0000
3161327 N 08/01/34
0
9547171 286/286 F 173,200.00 ZZ
360 172,927.57 1
6.0000 1038.43 43
5.7500 1038.43
XXXXXXXXX XX 00000 5 08/24/04 00
3471477 05 10/01/04 0.0000
3471477 N 09/01/34
0
9547175 286/286 F 220,000.00 ZZ
360 219,801.12 1
6.5000 1390.55 79
6.2500 1390.55
XX XXXXXX XX 00000 5 08/12/04 00
3498521 05 10/01/04 0.0000
3498521 N 09/01/34
0
9547187 286/286 F 201,400.00 ZZ
360 201,068.86 1
7.0000 1339.92 80
6.7500 1339.92
XXXXXXX XX 00000 1 07/23/04 00
3433914 05 09/01/04 0.0000
3433914 N 08/01/34
0
9547193 286/286 F 306,000.00 ZZ
360 305,417.79 1
6.2500 1884.10 56
6.0000 1884.10
XXX XXXXXXX XX 00000 5 07/30/04 00
3451497 05 09/01/04 0.0000
3451497 N 08/01/34
0
9547195 286/286 F 118,400.00 ZZ
360 118,302.95 1
7.0000 787.72 80
6.7500 787.72
XXXXXXX XX 00000 1 08/09/04 00
3472980 05 10/01/04 0.0000
3472980 N 09/01/34
0
9547197 286/286 F 102,000.00 ZZ
360 101,905.52 1
6.3750 636.35 75
6.1250 636.35
XXXXXXX XX 00000 1 08/04/04 00
3503581 05 10/01/04 0.0000
3503581 N 09/01/34
0
9547207 286/286 F 97,500.00 ZZ
360 97,418.08 1
6.8750 640.51 75
6.6250 640.51
XXXXXXXXX XX 00000 1 08/05/04 00
3420870 05 10/01/04 0.0000
3420870 N 09/01/34
0
9547209 286/286 F 159,300.00 ZZ
360 159,031.57 1
6.8750 1046.49 90
6.6250 1046.49
XXXXXX XX 00000 1 08/04/04 04
3444069 01 09/01/04 25.0000
3444069 N 08/01/34
0
9547213 286/286 F 94,600.00 ZZ
360 94,432.60 1
6.6250 605.74 90
6.3750 605.74
XXXXXXXXX XX 00000 1 07/27/04 11
3445552 01 09/01/04 25.0000
3445552 N 08/01/34
0
9547215 286/286 F 94,600.00 ZZ
360 94,432.60 1
6.6250 605.74 90
6.3750 605.74
XXXXXXXXX XX 00000 1 07/27/04 11
3445570 01 09/01/04 25.0000
3445570 N 08/01/34
0
9547217 286/286 F 175,500.00 ZZ
360 175,211.44 1
7.0000 1167.61 90
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0
9547219 286/286 F 191,900.00 ZZ
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6.0000 1181.57
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3552603 05 10/01/04 0.0000
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0
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3079428 05 09/01/04 25.0000
3079428 N 08/01/34
0
9547225 286/286 F 135,100.00 ZZ
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3491348 05 10/01/04 0.0000
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0
9547231 286/286 F 80,000.00 ZZ
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3481307 01 10/01/04 0.0000
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0
9547233 286/286 F 333,600.00 ZZ
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6.6250 2136.08 80
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3536179 05 10/01/04 0.0000
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0
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3491183 05 10/01/04 0.0000
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0
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3451989 05 09/01/04 0.0000
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0
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3481541 05 10/01/04 0.0000
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0
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3461411 05 09/01/04 0.0000
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0
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3408419 03 10/01/04 0.0000
3408419 N 09/01/34
0
9547259 286/286 F 174,400.00 ZZ
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6.0000 1073.82
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3439074 05 09/01/04 0.0000
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0
9547269 286/286 F 22,500.00 ZZ
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6.8750 151.59
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3479831 05 10/01/04 25.0000
3479831 N 09/01/34
0
9547279 286/286 F 80,000.00 ZZ
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3405484 01 09/01/04 0.0000
3405484 N 08/01/34
0
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2892844 N 08/01/34
0
9547285 286/286 F 152,500.00 ZZ
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3475148 05 10/01/04 0.0000
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0
9547287 286/286 F 99,000.00 ZZ
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6.6250 633.91 90
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0
9547291 286/286 F 100,100.00 ZZ
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3478329 05 10/01/04 0.0000
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0
9547301 286/286 F 172,800.00 ZZ
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3458022 05 09/01/04 0.0000
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0
9547307 286/286 F 120,000.00 ZZ
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3399301 05 09/01/04 0.0000
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0
9547313 286/286 F 126,800.00 ZZ
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7.0000 843.61 80
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3426901 01 09/01/04 0.0000
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0
9547315 286/286 F 100,000.00 ZZ
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6.2500 632.07
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3468804 05 09/01/04 0.0000
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0
9547317 286/286 F 157,500.00 ZZ
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6.8750 1034.67 90
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3433509 N 08/01/34
0
9547321 286/286 F 112,000.00 ZZ
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6.2500 689.61 80
6.0000 689.61
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3475260 05 09/01/04 0.0000
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0
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6.6250 1015.06 80
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3457553 05 09/01/04 0.0000
3457553 N 08/01/34
0
9547337 286/286 F 120,800.00 ZZ
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6.3750 753.64 80
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3539164 05 10/01/04 0.0000
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0
9547341 286/286 F 107,200.00 ZZ
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6.5000 677.58 80
6.2500 677.58
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3469747 05 10/01/04 0.0000
3469747 N 09/01/34
0
9547345 286/286 F 152,910.00 ZZ
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6.5000 991.78
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3444167 01 09/01/04 25.0000
3444167 N 08/01/34
0
9547347 286/286 F 153,900.00 ZZ
360 153,653.11 1
7.1250 1036.86 90
6.8750 1036.86
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3488190 05 09/01/04 25.0000
3488190 N 08/01/34
0
9547351 286/286 F 100,000.00 ZZ
360 99,831.50 1
6.8750 656.93 66
6.6250 656.93
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3302986 05 09/01/04 0.0000
3302986 N 08/01/34
0
9547353 286/286 F 98,650.00 ZZ
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6.7500 639.85 80
6.5000 639.85
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3465536 01 10/01/04 0.0000
3465536 N 09/01/34
0
9547357 286/286 F 94,500.00 ZZ
360 94,408.14 1
6.1250 574.20 70
5.8750 574.20
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3391893 05 10/01/04 0.0000
3391893 N 09/01/34
0
9547359 286/286 F 200,000.00 ZZ
360 199,810.23 1
6.2500 1231.44 80
6.0000 1231.44
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3441450 05 10/01/04 0.0000
3441450 N 09/01/34
0
9547361 286/286 F 100,000.00 ZZ
360 99,900.44 1
6.0000 599.56 77
5.7500 599.56
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3452413 05 10/01/04 0.0000
3452413 N 09/01/34
0
9547365 286/286 F 90,900.00 ZZ
360 90,754.17 1
7.1250 612.42 90
6.8750 612.42
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3455083 05 09/01/04 25.0000
3455083 N 08/01/34
0
9547371 286/286 F 22,500.00 ZZ
360 22,448.07 1
7.0000 149.70 90
6.7500 149.70
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3479199 05 10/01/04 30.0000
3479199 N 09/01/34
0
9547375 286/286 F 138,600.00 ZZ
360 138,477.71 1
6.6250 887.48 90
6.3750 887.48
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3457689 05 10/01/04 25.0000
3457689 N 09/01/34
0
9547379 286/286 F 105,750.00 ZZ
360 105,548.78 1
6.2500 651.13 75
6.0000 651.13
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3477405 05 09/01/04 0.0000
3477405 N 08/01/34
0
9547381 286/286 F 76,500.00 ZZ
360 76,380.28 1
7.2500 521.87 90
7.0000 521.87
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3396595 05 09/01/04 25.0000
3396595 N 08/01/34
0
9547387 286/286 F 81,600.00 ZZ
360 81,531.44 1
6.8750 536.06 80
6.6250 536.06
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3454150 05 10/01/04 0.0000
3454150 N 09/01/34
0
9547389 286/286 F 125,000.00 ZZ
360 124,379.50 2
6.6250 800.39 63
6.3750 800.39
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3400454 05 09/01/04 0.0000
3400454 N 08/01/34
0
9547391 286/286 F 175,000.00 ZZ
360 174,726.14 1
7.2500 1193.81 77
7.0000 1193.81
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3412073 01 09/01/04 0.0000
3412073 N 08/01/34
0
9547397 286/286 F 125,950.00 ZZ
360 125,844.18 1
6.8750 827.41 90
6.6250 827.41
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3513831 01 10/01/04 25.0000
3513831 N 09/01/34
0
9547403 286/286 F 165,000.00 ZZ
360 164,227.25 4
7.0000 1097.75 75
6.7500 1097.75
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3437830 05 09/01/04 0.0000
3437830 N 08/01/34
0
9547437 286/286 F 124,950.00 ZZ
360 124,712.26 1
6.2500 769.34 76
6.0000 769.34
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3216883 05 09/01/04 0.0000
3216883 N 08/01/34
0
9547441 286/286 F 216,350.00 ZZ
360 215,948.15 1
6.3750 1349.75 71
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3368355 05 09/01/04 0.0000
3368355 N 08/01/34
0
9547443 286/286 F 79,200.00 ZZ
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6.9760 538.99
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3414144 05 09/01/04 25.0000
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0
9547445 286/286 F 80,000.00 ZZ
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7.0000 532.25 80
6.7500 532.25
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2911408 05 09/01/04 0.0000
2911408 N 08/01/34
0
9547447 286/286 F 137,600.00 ZZ
360 137,350.53 1
6.5000 869.73 80
6.2500 869.73
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3467861 05 09/01/04 0.0000
3467861 N 08/01/34
0
9547451 286/286 F 198,750.00 ZZ
360 198,380.84 1
6.3750 1239.95 75
6.1250 1239.95
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3437594 07 09/01/04 0.0000
3437594 N 08/01/34
0
9547455 286/286 F 106,000.00 ZZ
360 105,904.17 1
6.5000 670.00 80
6.2500 670.00
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3484903 05 10/01/04 0.0000
3484903 N 09/01/34
0
9547457 286/286 F 165,000.00 ZZ
360 164,847.17 2
6.3750 1029.39 71
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3446945 05 10/01/04 0.0000
3446945 N 09/01/34
0
9547461 286/286 F 112,500.00 ZZ
360 112,296.04 1
6.5000 711.08 90
6.2500 711.08
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3433688 05 09/01/04 25.0000
3433688 N 08/01/34
0
9547463 286/286 F 110,800.00 ZZ
360 110,687.03 1
5.8750 655.43 80
5.6250 655.43
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3523598 05 10/01/04 0.0000
3523598 N 09/01/34
0
9547467 286/286 F 148,080.00 ZZ
360 147,785.65 1
6.7500 960.45 80
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3417143 01 09/01/04 0.0000
3417143 N 08/01/34
0
9547471 286/286 F 125,000.00 ZZ
360 124,794.48 1
7.0000 831.63 66
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3423684 05 09/01/04 0.0000
3423684 N 08/01/34
0
9547473 286/286 F 100,000.00 ZZ
360 99,898.04 1
5.8750 591.54 80
5.6250 591.54
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3532788 05 10/01/04 0.0000
3532788 N 09/01/34
0
9547479 286/286 F 134,000.00 ZZ
360 133,887.42 1
6.8750 880.29 75
6.6250 880.29
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3505426 05 10/01/04 0.0000
3505426 N 09/01/34
0
9547481 286/286 F 132,750.00 ZZ
360 132,629.98 1
6.5000 839.08 75
6.2500 839.08
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3484286 05 10/01/04 0.0000
3484286 N 09/01/34
0
9547487 286/286 F 112,000.00 ZZ
360 111,891.14 1
6.1250 680.53 80
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3499393 05 10/01/04 0.0000
3499393 N 09/01/34
0
9547489 286/286 F 90,000.00 ZZ
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6.8750 591.24 90
6.6250 591.24
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3447013 05 09/01/04 25.0000
3447013 N 08/01/34
0
9547495 286/286 F 175,000.00 ZZ
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6.5000 1106.12 60
6.2500 1106.12
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3449877 05 09/01/04 0.0000
3449877 N 08/01/34
0
9547499 286/286 F 91,350.00 ZZ
360 91,273.25 1
6.8750 600.11 90
6.6250 600.11
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3500237 05 10/01/04 25.0000
3500237 N 09/01/34
0
9547501 286/286 F 140,000.00 ZZ
360 139,876.48 1
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3497376 05 10/01/04 0.0000
3497376 N 09/01/34
0
9547503 286/286 F 138,000.00 ZZ
360 137,875.24 1
6.5000 872.26 80
6.2500 872.26
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3440951 05 10/01/04 0.0000
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0
9547505 286/286 F 95,200.00 ZZ
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3417105 05 10/01/04 0.0000
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0
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3443085 05 09/01/04 25.0000
3443085 N 08/01/34
0
9547513 286/286 F 122,800.00 ZZ
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3465819 01 09/01/04 25.0000
3465819 N 08/01/34
0
9547527 286/286 F 110,250.00 ZZ
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3165060 05 09/01/04 25.0000
3165060 N 08/01/34
0
9547529 286/286 F 98,400.00 ZZ
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6.7500 638.23 80
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3352847 05 09/01/04 0.0000
3352847 N 08/01/34
0
9547531 286/286 F 350,000.00 ZZ
360 349,627.54 4
6.8750 2299.26 40
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3457176 05 10/01/04 0.0000
3457176 N 09/01/34
0
9547533 286/286 F 164,800.00 ZZ
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5.7500 961.73 80
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3498396 05 09/01/04 0.0000
3498396 N 08/01/34
0
9547549 286/286 F 59,120.00 ZZ
360 58,984.90 1
7.0000 393.33 80
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3429407 05 09/01/04 0.0000
3429407 N 08/01/34
0
9547557 286/286 F 234,250.00 ZZ
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6.2500 1442.32 67
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3474206 05 10/01/04 0.0000
3474206 N 09/01/34
0
9547561 286/286 F 70,500.00 ZZ
360 70,433.10 1
6.2500 434.09 74
6.0000 434.09
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3517862 05 10/01/04 0.0000
3517862 N 09/01/34
0
9547569 286/286 F 200,000.00 ZZ
360 199,827.80 1
6.7500 1297.20 80
6.5000 1297.20
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3491881 05 10/01/04 0.0000
3491881 N 09/01/34
0
9547571 286/286 F 156,000.00 ZZ
360 155,730.60 4
6.7500 1011.82 75
6.5000 1011.82
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3448002 05 09/01/04 0.0000
3448002 N 08/01/34
0
9547575 286/286 F 136,000.00 ZZ
360 135,753.43 1
6.5000 859.62 80
6.2500 859.62
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3445612 05 09/01/04 0.0000
3445612 N 08/01/34
0
9547581 286/286 F 120,000.00 ZZ
360 119,899.18 1
6.8750 788.32 90
6.6250 788.32
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3441947 01 10/01/04 25.0000
3441947 N 09/01/34
0
9547585 286/286 F 179,000.00 ZZ
360 178,611.70 1
6.3750 1116.73 80
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3410635 05 09/01/04 0.0000
3410635 N 08/01/34
0
9547587 286/286 F 80,000.00 ZZ
360 79,651.71 1
6.7500 518.88 90
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3225758 01 06/01/04 25.0000
3225758 N 05/01/34
0
9547589 286/286 F 200,000.00 ZZ
360 199,637.40 1
6.5000 1264.14 80
6.2500 1264.14
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3459580 05 09/01/04 0.0000
3459580 N 08/01/34
0
9547591 286/286 F 105,750.00 ZZ
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3486123 01 10/01/04 25.0000
3486123 N 09/01/34
0
9547593 286/286 F 150,000.00 ZZ
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6.1250 911.42 57
5.8750 911.42
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3445054 05 10/01/04 0.0000
3445054 N 09/01/34
0
9547595 286/286 F 172,800.00 ZZ
360 172,496.26 1
6.6250 1106.46 80
6.3750 1106.46
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3491267 05 09/01/04 0.0000
3491267 N 08/01/34
0
9547601 286/286 F 164,000.00 ZZ
360 163,862.21 1
6.8750 1077.37 80
6.6250 1077.37
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3479656 03 10/01/04 0.0000
3479656 N 09/01/34
0
9547605 286/286 F 124,000.00 ZZ
360 123,890.59 1
6.6250 793.99 80
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3441267 05 10/01/04 0.0000
3441267 N 09/01/34
0
9547607 286/286 F 115,900.00 ZZ
360 115,795.22 1
6.5000 732.57 80
6.2500 732.57
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3528963 05 10/01/04 0.0000
3528963 N 09/01/34
0
9547609 286/286 F 104,400.00 ZZ
360 104,300.94 1
6.2500 642.81 90
6.0000 642.81
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3512162 05 10/01/04 25.0000
3512162 N 09/01/34
0
9547613 286/286 F 100,000.00 ZZ
360 99,814.27 1
6.3750 623.87 62
6.1250 623.87
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3444705 01 09/01/04 0.0000
3444705 N 08/01/34
0
9547615 286/286 F 90,500.00 ZZ
360 90,300.74 1
6.8750 594.53 76
6.6250 594.53
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3498284 05 10/01/04 0.0000
3498284 N 09/01/34
0
9547617 286/286 F 140,000.00 ZZ
360 139,733.62 1
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6.0000 862.01
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3484369 03 09/01/04 0.0000
3484369 N 08/01/34
0
9547621 286/286 F 142,200.00 ZZ
360 141,966.18 1
7.0000 946.07 90
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3411325 03 09/01/04 25.0000
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0
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0
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3452761 N 08/01/34
0
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3442010 01 10/01/04 0.0000
3442010 N 09/01/34
0
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3393690 05 10/01/04 0.0000
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0
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6.2500 804.89
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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3408655 N 09/01/34
0
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3472329 05 10/01/04 25.0000
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0
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3345828 05 09/01/04 25.0000
3345828 N 08/01/34
0
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3436595 N 09/01/34
0
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0
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0
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0
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0
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3365198 05 09/01/04 0.0000
3365198 N 08/01/34
0
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0
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0
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0
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3457131 N 09/01/34
0
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0
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0
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0
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3540186 05 10/01/04 25.0000
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0
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0
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0
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0
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3462198 N 08/01/34
0
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0
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3450565 05 09/01/04 25.0000
3450565 N 08/01/34
0
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0
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0
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0
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3547013 N 09/01/34
0
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0
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0
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0
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0
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0
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3457132 07 09/01/04 25.0000
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0
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0
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2911210 05 09/01/04 0.0000
2911210 N 08/01/34
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3446018 05 09/01/04 25.0000
3446018 N 08/01/34
0
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3405277 N 08/01/34
0
9547895 286/286 F 100,000.00 ZZ
360 99,907.38 1
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3459789 05 10/01/04 0.0000
3459789 N 09/01/34
0
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360 147,357.31 1
7.0000 981.99 90
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3432967 05 09/01/04 25.0000
3432967 N 08/01/34
0
9547909 286/286 F 220,100.00 ZZ
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XXX XXXXX XX 00000 5 07/30/04 00
3433315 01 09/01/04 0.0000
3433315 N 08/01/34
0
9547911 286/286 F 186,000.00 ZZ
360 185,678.80 1
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3200198 05 09/01/04 0.0000
3200198 N 08/01/34
0
9547915 286/286 F 122,400.00 ZZ
360 122,246.18 1
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6.0000 753.64
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3494139 05 10/01/04 0.0000
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0
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3498612 05 10/01/04 25.0000
3498612 N 09/01/34
0
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3454473 05 09/01/04 0.0000
3454473 N 08/01/34
0
9547925 286/286 F 143,600.00 ZZ
360 143,339.66 1
6.5000 907.65 80
6.2500 907.65
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3449304 05 09/01/04 0.0000
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0
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360 147,731.67 1
6.5000 935.47 80
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3468454 01 09/01/04 0.0000
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0
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3401844 05 09/01/04 0.0000
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0
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0
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0
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6.2500 991.31 65
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3309315 05 09/01/04 0.0000
3309315 N 08/01/34
0
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3505718 01 10/01/04 25.0000
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0
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0
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0
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0
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0
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0
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3493526 05 09/01/04 0.0000
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0
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0
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0
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0
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0
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0
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3433968 05 09/01/04 0.0000
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0
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3479915 05 10/01/04 0.0000
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0
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3416766 05 09/01/04 0.0000
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0
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0
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0
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3416793 05 09/01/04 0.0000
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0
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0
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3416807 05 09/01/04 0.0000
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0
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2847092 05 09/01/04 0.0000
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0
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3470399 05 09/01/04 0.0000
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0
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7.1250 1454.90 90
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0
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7.1250 1443.11 90
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3459468 03 09/01/04 25.0000
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0
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3472073 05 09/01/04 25.0000
3472073 N 08/01/34
0
9548085 286/286 F 107,200.00 ZZ
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3380065 05 10/01/04 0.0000
3380065 N 09/01/34
0
9548091 286/286 F 104,000.00 ZZ
360 103,802.12 1
6.2500 640.35 80
6.0000 640.35
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3457588 05 09/01/04 0.0000
3457588 N 08/01/34
0
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3464721 05 09/01/04 0.0000
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0
9548099 286/286 F 124,000.00 ZZ
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3470313 05 09/01/04 0.0000
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0
9548101 286/286 F 100,000.00 ZZ
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3405474 01 09/01/04 0.0000
3405474 N 08/01/34
0
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7.2500 707.96
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3447478 05 09/01/04 25.0000
3447478 N 08/01/34
0
9548113 286/286 F 319,200.00 ZZ
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3447212 05 09/01/04 0.0000
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0
9548115 286/286 F 79,146.00 ZZ
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6.5000 500.26 76
6.2500 500.26
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3482799 05 10/01/04 0.0000
3482799 N 09/01/34
0
9548117 286/286 F 150,000.00 ZZ
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3312687 05 09/01/04 0.0000
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0
9548119 286/286 F 150,200.00 ZZ
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3421046 05 09/01/04 0.0000
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9548123 286/286 F 200,000.00 ZZ
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3475393 05 10/01/04 0.0000
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0
9548125 286/286 F 154,000.00 ZZ
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3448135 01 09/01/04 0.0000
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0
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3448142 01 09/01/04 0.0000
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0
9548131 286/286 F 133,200.00 ZZ
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3471751 05 10/01/04 25.0000
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0
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3439359 01 10/01/04 0.0000
3439359 N 09/01/34
0
9548141 286/286 F 296,000.00 ZZ
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3459390 05 10/01/04 0.0000
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0
9548143 286/286 F 82,300.00 ZZ
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6.2500 506.74 80
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3487538 01 10/01/04 0.0000
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0
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3506530 05 10/01/04 0.0000
3506530 N 09/01/34
0
9548151 286/286 F 84,600.00 ZZ
360 84,396.91 1
7.1250 569.97 90
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3439285 05 09/01/04 25.0000
3439285 N 08/01/34
0
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6.7500 601.26 90
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3384774 05 09/01/04 25.0000
3384774 N 08/01/34
0
9548157 286/286 F 119,920.00 ZZ
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6.6250 767.87 80
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3493385 01 10/01/04 0.0000
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0
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3412052 01 10/01/04 0.0000
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0
9548167 286/286 F 117,000.00 ZZ
360 116,495.51 1
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0
9548169 286/286 F 105,200.00 ZZ
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3382765 05 10/01/04 0.0000
3382765 N 09/01/34
0
9548173 286/286 F 123,200.00 ZZ
360 122,982.02 1
6.6250 788.87 80
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3370442 05 09/01/04 0.0000
3370442 N 08/01/34
0
9548179 286/286 F 129,000.00 ZZ
360 128,888.93 1
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3454889 05 10/01/04 0.0000
3454889 N 09/01/34
0
9548181 286/286 F 73,000.00 ZZ
360 72,934.01 1
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6.2500 461.41
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3479521 05 10/01/04 0.0000
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0
9548187 286/286 F 92,268.00 ZZ
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3408897 05 09/01/04 0.0000
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0
9548191 286/286 F 200,000.00 ZZ
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6.5000 1264.14 80
6.2500 1264.14
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3424350 03 10/01/04 0.0000
3424350 N 09/01/34
0
9548199 286/286 F 303,900.00 ZZ
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6.2500 1871.17 80
6.0000 1871.17
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3441260 05 09/01/04 0.0000
3441260 N 08/01/34
0
9548205 286/286 F 195,000.00 ZZ
360 194,671.40 4
6.8750 1281.02 75
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3431502 05 09/01/04 0.0000
3431502 N 08/01/34
0
9548207 286/286 F 148,000.00 ZZ
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5.8750 875.48 80
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3523540 05 10/01/04 0.0000
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0
9548209 286/286 F 281,000.00 ZZ
360 280,752.07 3
6.6250 1799.28 75
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3475894 05 10/01/04 0.0000
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0
9548211 286/286 F 144,000.00 ZZ
360 143,763.23 1
7.0000 958.04 80
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3368197 05 09/01/04 0.0000
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0
9548213 286/286 F 80,000.00 ZZ
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3391800 05 09/01/04 0.0000
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0
9548219 286/286 F 174,000.00 ZZ
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3448790 01 09/01/04 0.0000
3448790 N 08/01/34
0
9548225 286/286 F 111,000.00 ZZ
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3509991 01 10/01/04 0.0000
3509991 N 09/01/34
0
9548229 286/286 F 166,500.00 ZZ
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3456239 05 09/01/04 25.0000
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0
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3390571 05 09/01/04 25.0000
3390571 N 08/01/34
0
9548237 286/286 F 148,000.00 ZZ
360 147,756.66 1
7.0000 984.65 78
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3436002 05 09/01/04 0.0000
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0
9548239 286/286 F 135,000.00 ZZ
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3449881 05 10/01/04 25.0000
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0
9548241 286/286 F 168,000.00 ZZ
360 167,583.90 1
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3296638 03 09/01/04 0.0000
3296638 N 08/01/34
0
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3401025 05 09/01/04 0.0000
3401025 N 08/01/34
0
9548253 286/286 F 110,000.00 ZZ
360 109,898.12 1
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3356732 05 10/01/04 0.0000
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0
9548255 286/286 F 140,000.00 ZZ
360 139,860.62 1
6.0000 839.38 80
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3539526 05 10/01/04 0.0000
3539526 N 09/01/34
0
9548263 286/286 F 87,000.00 ZZ
360 86,919.42 1
6.3750 542.77 75
6.1250 542.77
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3438324 05 10/01/04 0.0000
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0
9548269 286/286 F 120,000.00 ZZ
360 119,891.51 1
6.5000 758.49 80
6.2500 758.49
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3489439 05 10/01/04 0.0000
3489439 N 09/01/34
0
9548271 286/286 F 190,800.00 ZZ
360 190,631.65 1
6.6250 1221.72 90
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3527893 05 10/01/04 25.0000
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0
9548277 286/286 F 116,000.00 ZZ
360 115,895.13 1
6.5000 733.20 80
6.2500 733.20
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3503332 05 10/01/04 0.0000
3503332 N 09/01/34
0
9548279 286/286 F 260,000.00 ZZ
360 259,490.47 1
6.5000 1643.38 56
6.2500 1643.38
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3447761 05 09/01/04 0.0000
3447761 N 08/01/34
0
9548287 286/286 F 94,200.00 ZZ
360 94,112.75 1
6.3750 587.69 80
6.1250 587.69
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3515240 05 10/01/04 0.0000
3515240 N 09/01/34
0
9548289 286/286 F 94,400.00 ZZ
360 94,224.66 1
6.3750 588.94 80
6.1250 588.94
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3313930 05 09/01/04 0.0000
3313930 N 08/01/34
0
9548297 286/286 F 163,800.00 ZZ
360 163,563.73 1
6.3750 1021.90 90
6.1250 1021.90
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3515848 05 10/01/04 25.0000
3515848 N 09/01/34
0
9548299 286/286 F 162,000.00 ZZ
360 161,699.12 2
6.3750 1010.67 90
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3487227 05 09/01/04 25.0000
3487227 N 08/01/34
0
9548303 286/286 F 320,000.00 ZZ
360 319,072.78 1
6.3750 1996.39 80
6.1250 1996.39
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3495982 05 10/01/04 0.0000
3495982 N 09/01/34
0
9548309 286/286 F 92,000.00 ZZ
360 91,844.96 1
6.8750 604.38 80
6.6250 604.38
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3433375 05 09/01/04 0.0000
3433375 N 08/01/34
0
9548323 286/286 F 180,000.00 ZZ
360 179,689.17 1
6.7500 1167.48 75
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3401060 05 09/01/04 0.0000
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0
9548329 286/286 F 127,000.00 ZZ
360 126,758.35 1
6.2500 781.97 59
6.0000 781.97
XXXXXXXXXX XX 00000 1 07/28/04 00
3461138 05 09/01/04 0.0000
3461138 N 08/01/34
0
9548331 286/286 F 172,500.00 ZZ
360 172,187.27 1
6.5000 1090.32 75
6.2500 1090.32
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3452725 05 09/01/04 0.0000
3452725 N 08/01/34
0
9548347 286/286 F 90,000.00 ZZ
360 89,855.59 1
7.1250 606.35 90
6.8750 606.35
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3439570 01 09/01/04 25.0000
3439570 N 08/01/34
0
9548349 286/286 F 196,000.00 ZZ
360 195,669.71 1
6.8750 1287.59 80
6.6250 1287.59
XXXX XXXXX XX 00000 1 07/28/04 00
3493772 05 09/01/04 0.0000
3493772 N 08/01/34
0
9548351 286/286 F 164,000.00 ZZ
360 163,743.35 1
7.2500 1118.77 80
7.0000 1118.77
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3396916 05 09/01/04 0.0000
3396916 N 08/01/34
0
9548355 286/286 F 206,400.00 ZZ
360 206,007.28 1
6.2500 1270.85 80
6.0000 1270.85
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3469771 05 09/01/04 0.0000
3469771 N 08/01/34
0
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