OPTEUM MORTGAGE ACCEPTANCE CORPORATION, COMPANY, WELLS FARGO BANK, N.A. MASTER SERVICER AND SECURITIES ADMINISTRATOR, AND HSBC BANK USA, NATIONAL ASSOCIATION TRUSTEE POOLING AND SERVICING AGREEMENT DATED AS OF NOVEMBER 1, 2005 ASSET- BACKED...
OPTEUM MORTGAGE ACCEPTANCE CORPORATION,
COMPANY,
XXXXX FARGO BANK, N.A.
MASTER SERVICER AND SECURITIES ADMINISTRATOR,
AND
HSBC BANK USA, NATIONAL ASSOCIATION
TRUSTEE
POOLING AND SERVICING AGREEMENT
DATED AS OF NOVEMBER 1, 2005
________________________
ASSET-BACKED PASS-THROUGH CERTIFICATES
SERIES 2005-5
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
|
|
Section 1.01 |
Defined Terms. |
Accepted Master Servicing Practices
Accrual Period
Accrued Certificate Interest
Adjustable Rate Mortgage Loans
Advance
Affected Party
Affiliate
Aggregate Stated Principal Balance
Agreement
Allocated Realized Loss Amount
Assignment
Assignment Agreement
Available Distribution Amount
Bankruptcy Code
Basic Principal Distribution Amount
Basis Risk Shortfall
Basis Risk Shortfall Carry-Forward Amount
Basis Risk Shortfall Reserve Fund
Book-Entry Certificate
Business Day
Cash Liquidation
Cenlar
Cenlar Servicing Agreement
Certificate
Certificate Account
Certificate Account Deposit Date
Certificateholder or Holder
Certificate Insurer
Certificate Insurer Default
Certificate Margin
Certificate Owner
Certificate Principal Balance
Certificate Register
Class
Class A Certificate
Class I-A1 Certificate
Class I-A1A Certificate
Class I-A1B Certificate
Class I-A1C Certificate
Class I-A1D Certificate
Class I-APT Certificate
Class I-A2 Certificate
Class I-A Principal Distribution Amount
Class II-A1 Certificate
Class II-A1A Certificate
Class II-A1B Certificate
Class II-A1C Certificate
Class II-A1D Certificates
Class II-A1D1 Certificate
Class II-A1D2 Certificate
Class II-A1D2 Policy
Class II-A1D2 Principal Parity Amount
Class II-A1D2 Premium
Class II-A Principal Distribution Amount
Class II-AN Certificate
Class IO Distribution Amount
Class IO Interest
Class M Certificates
Class M-1 Certificate
Class M-1 Principal Distribution Amount
Class M-2 Certificate
Class M-2 Principal Distribution Amount
Class M-3 Certificate
Class M-3 Principal Distribution Amount
Class M-4 Certificate
Class M-4 Principal Distribution Amount
Class M-5 Certificate
Class M-5 Principal Distribution Amount
Class M-6 Certificate
Class M-6 Principal Distribution Amount
Class M-7 Certificate
Class M-7 Principal Distribution Amount
Class M-8 Certificate
Class M-8 Principal Distribution Amount
Class M-9 Certificate
Class M-9 Principal Distribution Amount
Class M-10 Certificate
Class M-10 Principal Distribution Amount
Class P Certificate
Class R Certificate
Class R-1 Interest
Class R-2 Interest
Class R-3 Interest
Closing Date
Code
Collateral Value
Commission
Company
Compensating Interest
Corporate Trust Office
Corresponding Certificate
Credit Support Depletion Date
Curtailment
Custodial Account
Custodial Agreement
Custodian
Cut-off Date
Defaulting Party
Deficient Valuation
Definitive Certificate
Deleted Mortgage Loan
Delinquent
Depository
Depository Participant
Determination Date
Disqualified Organization
Distribution Date
Due Date
Due Period
XXXXX
Eligible Account
ERISA Restricted Certificates
Event of Default
Exchange Act
Extra Principal Distribution Amount
Xxxxxx Xxx
FDIC
Fitch
Fixed Rate Mortgage Loans
Xxxxxxx Mac
Group I Loans
Group II Loans
Guaranteed Distributions
Indenture
Indenture Trustee
Initial Certificate Principal Balance
Initial Notional Amount
Insurance Policy
Insurance Proceeds
Interest Carry Forward Amount
Interest Determination Date
Interest Remittance Amount
Late Collections
Lender-Paid Insured Loans
Lender-Paid Primary Insurance Policy
Lender-Paid Primary Insurance Rate
LIBOR
LIBOR Business Day
Liquidated Mortgage Loan
Liquidation Proceeds
Loan-to-Value Ratio
Lockout Distribution Amount
Lost Note Affidavit
Majority Class C Certificateholder
Marker Rate
Master Servicer
Maximum Uncertificated Accrued Interest Deferral Amount
MERS
MERS® System
MIN
MOM Loan
Monthly Payment
Xxxxx’x
Mortgage
Mortgage File
Mortgage Loan
Mortgage Loan Purchase Agreement
Mortgage Loan Schedule
Mortgage Note
Mortgage Rate
Mortgaged Property
Mortgagor
Net Liquidation Proceeds
Net Monthly Excess Cashflow
Net Mortgage Rate
Net Prepayment Interest Shortfall
Net Swap Payment
Net WAC Rate
Nonrecoverable Advance
Non-United States Person
Note Account
Note Administrator
Notional Amount
Offered Certificates
Officers’ Certificate
Opinion of Counsel
Optional Termination Date
OTS
Outstanding Mortgage Loan
Overcollateralization Deficiency Amount
Overcollateralization Floor Amount
Overcollateralization Release Amount
Overcollateralization Target Amount
Overcollateralized Amount
Ownership Interest
Pass-Through Rate
Percentage Interest
Permitted Investment
Permitted Transferee
Person
Prepayment Assumption
Prepayment Charge
Prepayment Interest Shortfall
Prepayment Period
Primary Hazard Insurance Policy
Primary Insurance Policy
Principal Distribution Amount
Principal Parity Deficit
Principal Prepayment
Principal Prepayment in Full
Principal Remittance Amount
Prior Principal Parity Payments
Prospectus Supplement
Protected Account
Purchase Price
Qualified Insurer
Qualified Substitute Mortgage Loan
Rating Agency
Realized Loss
Record Date
Regular Certificate
Regular Interest
Relief Act
Relief Act Interest Shortfall
REMIC
REMIC 1
REMIC 1 Group I Regular Interests
REMIC 1 Group II Regular Interests
REMIC 1 Regular Interest
REMIC 2
REMIC 2 Interest Loss Allocation Amount
REMIC 2 Marker Allocation Percentage
REMIC 2 Overcollateralized Amount
REMIC 2 Principal Loss Allocation Amount
REMIC 2 Overcollateralization Target Amount
REMIC 2 Regular Interests
REMIC 2 Sub WAC Allocation Percentage
REMIC 2 Subordinated Balance Ratio
REMIC 3
REMIC Provisions
REMIC Regular Interest
Remittance Report
REO Acquisition
REO Disposition
REO Imputed Interest
REO Proceeds
REO Property
Request for Release
Residual Certificates
Residual Interest
Responsible Officer
Securities Administrator
Seller
Senior Enhancement Percentage
Servicer
Servicer Remittance Date
Servicing Advances
Servicing Agreement
Servicing Fee
Servicing Fee Rate
Servicing Officer
Single Certificate
Standard & Poor’s
Startup Day
Stated Principal Balance
Stepdown Date
Sub-Group
Subservicer
Subservicer Remittance Date
Subservicing Agreement
Subsequent Recoveries
Substitution Adjustment
Supplemental Interest Trust
Swap Agreement
Swap LIBOR
Swap Principal Payment Amount
Swap Provider
Swap Provider Trigger Event
Swap Termination Payment
Tax Returns
Transfer
Transferor
Trigger Event
Trust Fund
Trust REMIC
Trustee
Uncertificated Accrued Interest
Uncertificated Notional Amount
Uncertificated Principal Balance
Uncertificated Pass-Through Rate
Uncertificated REMIC 1 Pass-Through Rate
Uncertificated REMIC 0 Xxxx-Xxxxxxx Xxxx
Xxxxxxxxx Xxxxx
Xxxxxx Xxxxxx Person
Voting Rights
Weighted Average Net Mortgage Rate
|
|
Section 1.02 |
Determination of LIBOR. |
|
|
Section 1.03 |
Allocation of Certain Interest Shortfalls. |
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
|
|
Section 2.01 |
Conveyance of Mortgage Loans. |
|
|
Section 2.02 |
Acceptance of the Trust Fund by the Trustee. |
|
|
Section 2.03 |
Representations, Warranties and Covenants of the Master Servicer and the |
Company.
|
|
Section 2.04 |
Assignment of Interest in the Mortgage Loan Purchase Agreement. |
|
|
Section 2.05 |
Issuance of Certificates; Conveyance of REMIC Regular Interests and |
Acceptance of REMIC 1, REMIC 2 and REMIC 3 by the Trustee.
|
|
Section 2.06 |
Negative Covenants of the Trustee and Master Servicer. |
ARTICLE III
ADMINISTRATION AND SERVICING OF THE TRUST FUND
|
|
Section 3.01 |
Administration and Servicing of Mortgage Loans. |
|
|
Section 3.02 |
REMIC-Related Covenants. |
|
|
Section 3.03 |
Monitoring of Servicer. |
|
|
Section 3.04 |
Fidelity Bond. |
|
|
Section 3.05 |
Power to Act; Procedures. |
|
|
Section 3.06 |
Due-on-Sale Clauses; Assumption Agreements. |
|
|
Section 3.07 |
Release of Mortgage Files. |
|
|
Section 3.08 |
Documents, Records and Funds in Possession of Master Servicer To |
Be Held for Trustee.
|
|
Section 3.09 |
Standard Hazard Insurance and Flood Insurance Policies. |
|
|
Section 3.10 |
Presentment of Claims and Collection of Proceeds. |
|
|
Section 3.11 |
Maintenance of the Primary Mortgage Insurance Policies. |
|
|
Section 3.12 |
Trustee to Retain Possession of Certain Insurance Policies and |
Documents.
|
|
Section 3.13 |
Realization Upon Defaulted Mortgage Loans. |
|
|
Section 3.14 |
Compensation for the Master Servicer. |
|
|
Section 3.15 |
REO Property. |
|
|
Section 3.16 |
Protected Accounts. |
|
|
Section 3.17 |
Custodial Account. |
|
|
Section 3.18 |
Permitted Withdrawals and Transfers from the Custodial Account. |
|
|
Section 3.19 |
Certificate Account. |
|
|
Section 3.20 |
Permitted Withdrawals and Transfers from the Certificate Account. |
|
|
Section 3.21 |
Annual Officer’s Certificate as to Compliance. |
|
|
Section 3.22 |
Annual Independent Accountant’s Servicing Report. |
|
|
Section 3.23 |
Reports Filed with Securities and Exchange Commission. |
|
|
Section 3.24 |
UCC. |
|
|
Section 3.25 |
Optional Purchase of Defaulted Mortgage Loans. |
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
|
|
Section 4.01 |
Distributions. |
|
|
Section 4.02 |
Statements to Certificateholders. |
|
|
Section 4.03 |
Remittance Reports; Advances by the Master Servicer. |
|
|
Section 4.04 |
Distributions on the REMIC Regular Interests. |
|
|
Section 4.05 |
Allocation of Realized Losses. |
|
|
Section 4.06 |
Information Reports to Be Filed by the Servicer. |
|
|
Section 4.07 |
Compliance with Withholding Requirements. |
|
|
Section 4.08 |
Basis Risk Shortfall Reserve Fund. |
|
|
Section 4.09 |
Supplemental Interest Trust. |
|
|
Section 4.10 |
Tax Treatment of Swap Payments and Swap Termination Payments. |
|
|
Section 4.11 |
Class II-A1D2 Policy Matters. |
|
|
Section 4.12 |
Trustee to Hold the Class II-A1D2 Policy. |
ARTICLE V
THE CERTIFICATES
|
|
Section 5.01 |
The Certificates. |
|
|
Section 5.02 |
Registration of Transfer and Exchange of Certificates. |
|
|
Section 5.03 |
Mutilated, Destroyed, Lost or Stolen Certificates. |
|
|
Section 5.04 |
Persons Deemed Owners. |
|
|
Section 5.05 |
Rule 144A Information. |
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
|
|
Section 6.01 |
Liability of the Company and the Master Servicer. |
|
|
Section 6.02 |
Merger, Consolidation or Conversion of the Company or the Master |
Servicer.
|
|
Section 6.03 |
Limitation on Liability of the Company, the Master Servicer, the Securities |
Administrator and Others.
|
|
Section 6.04 |
Limitation on Resignation of the Master Servicer. |
|
|
Section 6.05 |
Sale and Assignment of Master Servicing. |
ARTICLE VII
DEFAULT
|
|
Section 7.01 |
Events of Default. |
|
|
Section 7.02 |
Trustee to Act; Appointment of Successor. |
|
|
Section 7.03 |
Notification to Certificateholders. |
|
|
Section 7.04 |
Waiver of Events of Default. |
|
|
Section 7.05 |
List of Certificateholders. |
ARTICLE VIII
CONCERNING THE TRUSTEE AND SECURITIES ADMINISTRATOR
|
|
Section 8.01 |
Duties of Trustee and the Securities Administrator. |
|
|
Section 8.02 |
Certain Matters Affecting the Trustee and the Securities Administrator. |
|
|
Section 8.03 |
Trustee and Securities Administrator Not Liable for Certificates or Mortgage |
Loans.
|
|
Section 8.04 |
Trustee and Securities Administrator May Own Certificates. |
|
|
Section 8.05 |
Trustee’s and Securities Administrator’s Fees. |
|
|
Section 8.06 |
Eligibility Requirements for Trustee and the Securities Administrator. |
|
|
Section 8.07 |
Resignation and Removal of the Trustee and the Securities Administrator. |
|
|
Section 8.08 |
Successor Trustee and Successor Securities Administrator. |
|
|
Section 8.09 |
Merger or Consolidation of Trustee or Securities Administrator. |
|
|
Section 8.10 |
Appointment of Co-Trustee or Separate Trustee. |
ARTICLE IX
TERMINATION
|
|
Section 9.01 |
Termination Upon Repurchase or Liquidation of All Mortgage Loans or |
upon Purchase of Certificates.
|
|
Section 9.02 |
Termination of REMIC 2, and REMIC 3. |
|
|
Section 9.03 |
Additional Termination Requirements. |
ARTICLE X
REMIC PROVISIONS
|
|
Section 10.01 |
REMIC Administration. |
|
|
Section 10.02 |
Prohibited Transactions and Activities. |
|
|
Section 10.03 |
Master Servicer, Securities Administrator and Trustee Indemnification. |
ARTICLE XI
MISCELLANEOUS PROVISIONS
|
|
Section 11.01 |
Amendment. |
|
|
Section 11.02 |
Recordation of Agreement; Counterparts. |
|
|
Section 11.03 |
Limitation on Rights of Certificateholders. |
|
|
Section 11.04 |
Governing Law. |
|
|
Section 11.05 |
Notices. |
|
|
Section 11.06 |
Severability of Provisions. |
|
|
Section 11.07 |
Successors and Assigns. |
|
|
Section 11.08 |
Article and Section Headings. |
|
|
Section 11.09 |
Notice to Rating Agencies. |
|
|
Section 11.10 |
Third Party Rights. |
|
|
Section 11.11 |
Certificate Insurer Rights. |
Signatures
Acknowledgments
|
Exhibit A |
Form of Class A Certificate |
| |||||||||||||||||||
|
Exhibit B-1 |
Form of Class M Certificate |
| |||||||||||||||||||
|
Exhibit B-2 |
Form of Class C Certificate |
| |||||||||||||||||||
|
Exhibit B-3 |
Form of Class P Certificate |
| |||||||||||||||||||
|
Exhibit B-4 |
Form of Class R Certificate |
| |||||||||||||||||||
|
Exhibit C |
Form of Custodian Initial Certification |
| |||||||||||||||||||
|
Exhibit D |
Form of Custodian Final Certification |
| |||||||||||||||||||
|
Exhibit E |
Form of Remittance Report |
| |||||||||||||||||||
|
Exhibit F |
Form of Request for Release |
| |||||||||||||||||||
|
Exhibit G-1 |
Form of Investor Representation Letter |
| |||||||||||||||||||
|
Exhibit G-2 |
Form of Transferor Representation Letter |
| |||||||||||||||||||
|
Exhibit G-3 |
Form of Rule 144A Investment Representation |
| |||||||||||||||||||
|
Exhibit G-4 |
Form of Transferor Certificate for Transfers of Residual Certificates |
| |||||||||||||||||||
|
Exhibit G-5 |
Form of Transfer Affidavit and Agreement for Transfers of Residual Certificates | ||||||||||||||||||||
|
Exhibit H |
Mortgage Loan Schedule |
| |||||||||||||||||||
|
Exhibit I |
[Reserved] |
| |||||||||||||||||||
|
Exhibit J |
[Reserved] |
| |||||||||||||||||||
|
Exhibit K |
Form of Assignment Agreement |
| |||||||||||||||||||
|
Exhibit L-1 |
Form 10-K Certification |
| |||||||||||||||||||
|
Exhibit L-2 |
Form 10-K Back-up Certification (Master Servicer) |
| |||||||||||||||||||
|
Exhibit L-3 |
Form 10-K Back-up Certification (Trustee) |
| |||||||||||||||||||
|
Exhibit M-1 |
Cenlar Servicing Agreement |
| |||||||||||||||||||
|
Exhibit N |
Form of Custodial Agreement |
| |||||||||||||||||||
|
Exhibit O |
Interest Rate Swap Agreement |
| |||||||||||||||||||
|
Exhibit P |
Form of Mortgage Loan Purchase Agreement |
| |||||||||||||||||||
Exhibit Q Form of Certificate Insurance Policy
This Pooling and Servicing Agreement, dated and effective as of November 1, 2005, is entered into among Opteum Mortgage Acceptance Corporation, as company (the “Company”), Xxxxx Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”) and as securities administrator (in such capacity, the “Securities Administrator”), and HSBC Bank USA, National Association, as trustee (the “Trustee”).
PRELIMINARY STATEMENT:
The Company intends to sell 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 Trust Fund created hereunder. The Certificates will consist of twenty-five classes of certificates, designated as (i) the Class I-APT, Class I-A1A, Class I-A1B, Class I-A1C, Class I-A1D, Class I-A2, Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 and Class II-AN Certificates, (ii) the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, (iii) the Class C Certificates, (iv) the Class P Certificates and (v) the Class R Certificates.
REMIC 1
As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the Trust Fund (exclusive of the Basis Risk Shortfall Reserve Fund and, for the avoidance of doubt, the Supplemental Interest Trust and the Swap Agreement) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 1”. The Class R-1 Interest will represent the sole class of “residual interests” in REMIC 1 for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal Balance, and for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1 Regular Interests. None of the REMIC 1 Regular Interests will be certificated.
|
Designation |
Uncertificated REMIC 1 |
|
Initial Certificate |
Assumed Final |
|
I |
(2) |
$ |
2,082,614.01 |
December 26, 2035 |
|
I-1-A |
(2) |
$ |
3,701,472.63 |
December 26, 2035 |
|
I-1-B |
(2) |
$ |
3,701,472.63 |
December 26, 2035 |
|
I-2-A |
(2) |
$ |
4,794,947.59 |
December 26, 2035 |
|
I-2-B |
(2) |
$ |
4,794,947.59 |
December 26, 2035 |
|
I-3-A |
(2) |
$ |
5,888,651.77 |
December 26, 2035 |
|
I-3-B |
(2) |
$ |
5,888,651.77 |
December 26, 2035 |
|
I-4-A |
(2) |
$ |
6,973,413.73 |
December 26, 2035 |
|
I-4-B |
(2) |
$ |
6,973,413.73 |
December 26, 2035 |
|
I-5-A |
(2) |
$ |
8,039,643.74 |
December 26, 2035 |
|
I-5-B |
(2) |
$ |
8,039,643.74 |
December 26, 2035 |
|
I-6-A |
(2) |
$ |
9,077,436.05 |
December 26, 2035 |
|
I-6-B |
(2) |
$ |
9,077,436.05 |
December 26, 2035 |
|
I-7-A |
(2) |
$ |
10,076,014.66 |
December 26, 2035 |
|
I-7-B |
(2) |
$ |
10,076,014.66 |
December 26, 2035 |
|
I-8-A |
(2) |
$ |
11,024,836.45 |
December 26, 2035 |
|
I-8-B |
(2) |
$ |
11,024,836.45 |
December 26, 2035 |
|
I-9-A |
(2) |
$ |
11,888,572.23 |
December 26, 2035 |
|
I-9-B |
(2) |
$ |
11,888,572.23 |
December 26, 2035 |
|
I-10-A |
(2) |
$ |
12,595,754.83 |
December 26, 2035 |
|
I-10-B |
(2) |
$ |
12,595,754.83 |
December 26, 2035 |
|
I-11-A |
(2) |
$ |
12,802,912.22 |
December 26, 2035 |
|
I-11-B |
(2) |
$ |
12,802,912.22 |
December 26, 2035 |
|
I-12-A |
(2) |
$ |
12,223,536.34 |
December 26, 2035 |
|
I-12-B |
(2) |
$ |
12,223,536.34 |
December 26, 2035 |
|
I-13-A |
(2) |
$ |
11,664,755.51 |
December 26, 2035 |
|
I-13-B |
(2) |
$ |
11,664,755.51 |
December 26, 2035 |
|
I-14-A |
(2) |
$ |
11,132,212.56 |
December 26, 2035 |
|
I-14-B |
(2) |
$ |
11,132,212.56 |
December 26, 2035 |
|
I-15-A |
(2) |
$ |
10,624,655.84 |
December 26, 2035 |
|
I-15-B |
(2) |
$ |
10,624,655.84 |
December 26, 2035 |
|
I-16-A |
(2) |
$ |
10,140,893.88 |
December 26, 2035 |
|
I-16-B |
(2) |
$ |
10,140,893.88 |
December 26, 2035 |
|
I-17-A |
(2) |
$ |
9,679,792.55 |
December 26, 2035 |
|
I-17-B |
(2) |
$ |
9,679,792.55 |
December 26, 2035 |
|
I-18-A |
(2) |
$ |
9,240,272.32 |
December 26, 2035 |
|
I-18-B |
(2) |
$ |
9,240,272.32 |
December 26, 2035 |
|
I-19-A |
(2) |
$ |
8,821,284.52 |
December 26, 2035 |
|
I-19-B |
(2) |
$ |
8,821,284.52 |
December 26, 2035 |
|
I-20-A |
(2) |
$ |
8,421,894.97 |
December 26, 2035 |
|
I-20-B |
(2) |
$ |
8,421,894.97 |
December 26, 2035 |
|
I-21-A |
(2) |
$ |
8,041,149.36 |
December 26, 2035 |
|
I-21-B |
(2) |
$ |
8,041,149.36 |
December 26, 2035 |
|
I-22-A |
(2) |
$ |
7,678,142.93 |
December 26, 2035 |
|
I-22-B |
(2) |
$ |
7,678,142.93 |
December 26, 2035 |
|
I-23-A |
(2) |
$ |
62,533,334.21 |
December 26, 2035 |
|
I-23-B |
(2) |
$ |
62,533,334.21 |
December 26, 2035 |
|
I-24-A |
(2) |
$ |
4,308,997.58 |
December 26, 2035 |
|
I-24-B |
(2) |
$ |
4,308,997.58 |
December 26, 2035 |
|
I-25-A |
(2) |
$ |
4,125,711.76 |
December 26, 2035 |
|
I-25-B |
(2) |
$ |
4,125,711.76 |
December 26, 2035 |
|
I-26-A |
(2) |
$ |
3,950,641.51 |
December 26, 2035 |
|
I-26-B |
(2) |
$ |
3,950,641.51 |
December 26, 2035 |
|
I-27-A |
(2) |
$ |
3,783,405.65 |
December 26, 2035 |
|
I-27-B |
(2) |
$ |
3,783,405.65 |
December 26, 2035 |
|
I-28-A |
(2) |
$ |
3,623,641.21 |
December 26, 2035 |
|
I-28-B |
(2) |
$ |
3,623,641.21 |
December 26, 2035 |
|
I-29-A |
(2) |
$ |
3,471,002.24 |
December 26, 2035 |
|
I-29-B |
(2) |
$ |
3,471,002.24 |
December 26, 2035 |
|
I-30-A |
(2) |
$ |
3,325,159.25 |
December 26, 2035 |
|
I-30-B |
(2) |
$ |
3,325,159.25 |
December 26, 2035 |
|
I-31-A |
(2) |
$ |
3,185,798.32 |
December 26, 2035 |
|
I-31-B |
(2) |
$ |
3,185,798.32 |
December 26, 2035 |
|
I-32-A |
(2) |
$ |
3,052,642.80 |
December 26, 2035 |
|
I-32-B |
(2) |
$ |
3,052,642.80 |
December 26, 2035 |
|
I-33-A |
(2) |
$ |
2,925,360.69 |
December 26, 2035 |
|
I-33-B |
(2) |
$ |
2,925,360.69 |
December 26, 2035 |
|
I-34-A |
(2) |
$ |
2,803,736.56 |
December 26, 2035 |
|
I-34-B |
(2) |
$ |
2,803,736.56 |
December 26, 2035 |
|
I-35-A |
(2) |
$ |
6,466,300.42 |
December 26, 2035 |
|
I-35-B |
(2) |
$ |
6,466,300.42 |
December 26, 2035 |
|
I-36-A |
(2) |
$ |
2,391,794.87 |
December 26, 2035 |
|
I-36-B |
(2) |
$ |
2,391,794.87 |
December 26, 2035 |
|
I-37-A |
(2) |
$ |
2,294,513.95 |
December 26, 2035 |
|
I-37-B |
(2) |
$ |
2,294,513.95 |
December 26, 2035 |
|
I-38-A |
(2) |
$ |
2,201,456.63 |
December 26, 2035 |
|
I-38-B |
(2) |
$ |
2,201,456.63 |
December 26, 2035 |
|
I-39-A |
(2) |
$ |
2,112,430.90 |
December 26, 2035 |
|
I-39-B |
(2) |
$ |
2,112,430.90 |
December 26, 2035 |
|
I-40-A |
(2) |
$ |
2,027,253.77 |
December 26, 2035 |
|
I-40-B |
(2) |
$ |
2,027,253.77 |
December 26, 2035 |
|
I-41-A |
(2) |
$ |
1,945,750.88 |
December 26, 2035 |
|
I-41-B |
(2) |
$ |
1,945,750.88 |
December 26, 2035 |
|
I-42-A |
(2) |
$ |
1,867,755.87 |
December 26, 2035 |
|
I-42-B |
(2) |
$ |
1,867,755.87 |
December 26, 2035 |
|
I-43-A |
(2) |
$ |
1,793,110.25 |
December 26, 2035 |
|
I-43-B |
(2) |
$ |
1,793,110.25 |
December 26, 2035 |
|
I-44-A |
(2) |
$ |
1,721,662.92 |
December 26, 2035 |
|
I-44-B |
(2) |
$ |
1,721,662.92 |
December 26, 2035 |
|
I-45-A |
(2) |
$ |
1,653,269.72 |
December 26, 2035 |
|
I-45-B |
(2) |
$ |
1,653,269.72 |
December 26, 2035 |
|
I-46-A |
(2) |
$ |
1,587,793.33 |
December 26, 2035 |
|
I-46-B |
(2) |
$ |
1,587,793.33 |
December 26, 2035 |
|
I-47-A |
(2) |
$ |
1,525,102.71 |
December 26, 2035 |
|
I-47-B |
(2) |
$ |
1,525,102.71 |
December 26, 2035 |
|
I-48-A |
(2) |
$ |
1,465,072.99 |
December 26, 2035 |
|
I-48-B |
(2) |
$ |
1,465,072.99 |
December 26, 2035 |
|
I-49-A |
(2) |
$ |
1,407,585.00 |
December 26, 2035 |
|
I-49-B |
(2) |
$ |
1,407,585.00 |
December 26, 2035 |
|
I-50-A |
(2) |
$ |
1,352,525.19 |
December 26, 2035 |
|
I-50-B |
(2) |
$ |
1,352,525.19 |
December 26, 2035 |
|
I-51-A |
(2) |
$ |
1,299,785.19 |
December 26, 2035 |
|
I-51-B |
(2) |
$ |
1,299,785.19 |
December 26, 2035 |
|
I-52-A |
(2) |
$ |
1,249,261.68 |
December 26, 2035 |
|
I-52-B |
(2) |
$ |
1,249,261.68 |
December 26, 2035 |
|
I-53-A |
(2) |
$ |
1,200,856.15 |
December 26, 2035 |
|
I-53-B |
(2) |
$ |
1,200,856.15 |
December 26, 2035 |
|
I-54-A |
(2) |
$ |
1,154,474.57 |
December 26, 2035 |
|
I-54-B |
(2) |
$ |
1,154,474.57 |
December 26, 2035 |
|
I-55-A |
(2) |
$ |
1,110,027.27 |
December 26, 2035 |
|
I-55-B |
(2) |
$ |
1,110,027.27 |
December 26, 2035 |
|
I-56-A |
(2) |
$ |
1,067,426.72 |
December 26, 2035 |
|
I-56-B |
(2) |
$ |
1,067,426.72 |
December 26, 2035 |
|
I-57-A |
(2) |
$ |
1,026,997.60 |
December 26, 2035 |
|
I-57-B |
(2) |
$ |
1,026,997.60 |
December 26, 2035 |
|
I-58-A |
(2) |
$ |
10,483,969.39 |
December 26, 2035 |
|
I-58-B |
(2) |
$ |
10,483,969.39 |
December 26, 2035 |
|
I-59-A |
(2) |
$ |
487,549.89 |
December 26, 2035 |
|
I-59-B |
(2) |
$ |
487,549.89 |
December 26, 2035 |
|
I-60-A |
(2) |
$ |
474,076.34 |
December 26, 2035 |
|
I-60-B |
(2) |
$ |
474,076.34 |
December 26, 2035 |
|
I-61-A |
(2) |
$ |
460,983.67 |
December 26, 2035 |
|
I-61-B |
(2) |
$ |
460,983.67 |
December 26, 2035 |
|
I-62-A |
(2) |
$ |
448,260.65 |
December 26, 2035 |
|
I-62-B |
(2) |
$ |
448,260.65 |
December 26, 2035 |
|
I-63-A |
(2) |
$ |
435,896.44 |
December 26, 2035 |
|
I-63-B |
(2) |
$ |
435,896.44 |
December 26, 2035 |
|
I-64-A |
(2) |
$ |
423,880.48 |
December 26, 2035 |
|
I-64-B |
(2) |
$ |
423,880.48 |
December 26, 2035 |
|
I-65-A |
(2) |
$ |
412,202.60 |
December 26, 2035 |
|
I-65-B |
(2) |
$ |
412,202.60 |
December 26, 2035 |
|
I-66-A |
(2) |
$ |
400,852.90 |
December 26, 2035 |
|
I-66-B |
(2) |
$ |
400,852.90 |
December 26, 2035 |
|
I-67-A |
(2) |
$ |
389,821.82 |
December 26, 2035 |
|
I-67-B |
(2) |
$ |
389,821.82 |
December 26, 2035 |
|
I-68-A |
(2) |
$ |
379,100.07 |
December 26, 2035 |
|
I-68-B |
(2) |
$ |
379,100.07 |
December 26, 2035 |
|
I-69-A |
(2) |
$ |
368,678.65 |
December 26, 2035 |
|
I-69-B |
(2) |
$ |
368,678.65 |
December 26, 2035 |
|
I-70-A |
(2) |
$ |
358,548.87 |
December 26, 2035 |
|
I-70-B |
(2) |
$ |
358,548.87 |
December 26, 2035 |
|
I-71-A |
(2) |
$ |
348,702.27 |
December 26, 2035 |
|
I-71-B |
(2) |
$ |
348,702.27 |
December 26, 2035 |
|
I-72-A |
(2) |
$ |
339,130.66 |
December 26, 2035 |
|
I-72-B |
(2) |
$ |
339,130.66 |
December 26, 2035 |
|
I-73-A |
(2) |
$ |
329,826.10 |
December 26, 2035 |
|
I-73-B |
(2) |
$ |
329,826.10 |
December 26, 2035 |
|
I-74-A |
(2) |
$ |
320,780.90 |
December 26, 2035 |
|
I-74-B |
(2) |
$ |
320,780.90 |
December 26, 2035 |
|
I-75-A |
(2) |
$ |
311,987.60 |
December 26, 2035 |
|
I-75-B |
(2) |
$ |
311,987.60 |
December 26, 2035 |
|
I-76-A |
(2) |
$ |
303,438.94 |
December 26, 2035 |
|
I-76-B |
(2) |
$ |
303,438.94 |
December 26, 2035 |
|
I-77-A |
(2) |
$ |
295,127.95 |
December 26, 2035 |
|
I-77-B |
(2) |
$ |
295,127.95 |
December 26, 2035 |
|
I-78-A |
(2) |
$ |
287,047.79 |
December 26, 2035 |
|
I-78-B |
(2) |
$ |
287,047.79 |
December 26, 2035 |
|
I-79-A |
(2) |
$ |
279,191.86 |
December 26, 2035 |
|
I-79-B |
(2) |
$ |
279,191.86 |
December 26, 2035 |
|
I-80-A |
(2) |
$ |
271,553.76 |
December 26, 2035 |
|
I-80-B |
(2) |
$ |
271,553.76 |
December 26, 2035 |
|
I-81-A |
(2) |
$ |
302,592.16 |
December 26, 2035 |
|
I-81-B |
(2) |
$ |
302,592.16 |
December 26, 2035 |
|
I-82-A |
(2) |
$ |
323,564.48 |
December 26, 2035 |
|
I-82-B |
(2) |
$ |
323,564.48 |
December 26, 2035 |
|
I-83-A |
(2) |
$ |
244,766.98 |
December 26, 2035 |
|
I-83-B |
(2) |
$ |
244,766.98 |
December 26, 2035 |
|
I-84-A |
(2) |
$ |
238,189.13 |
December 26, 2035 |
|
I-84-B |
(2) |
$ |
238,189.13 |
December 26, 2035 |
|
I-85-A |
(2) |
$ |
231,787.73 |
December 26, 2035 |
|
I-85-B |
(2) |
$ |
231,787.73 |
December 26, 2035 |
|
I-86-A |
(2) |
$ |
225,558.04 |
December 26, 2035 |
|
I-86-B |
(2) |
$ |
225,558.04 |
December 26, 2035 |
|
I-87-A |
(2) |
$ |
219,495.44 |
December 26, 2035 |
|
I-87-B |
(2) |
$ |
219,495.44 |
December 26, 2035 |
|
I-89-A |
(2) |
$ |
213,595.43 |
December 26, 2035 |
|
I-88-B |
(2) |
$ |
213,595.43 |
December 26, 2035 |
|
I-89-A |
(2) |
$ |
207,853.64 |
December 26, 2035 |
|
I-89-B |
(2) |
$ |
207,853.64 |
December 26, 2035 |
|
I-90-A |
(2) |
$ |
202,265.83 |
December 26, 2035 |
|
I-90-B |
(2) |
$ |
202,265.83 |
December 26, 2035 |
|
I-91-A |
(2) |
$ |
196,827.84 |
December 26, 2035 |
|
I-91-B |
(2) |
$ |
196,827.84 |
December 26, 2035 |
|
I-92-A |
(2) |
$ |
191,535.65 |
December 26, 2035 |
|
I-92-B |
(2) |
$ |
191,535.65 |
December 26, 2035 |
|
I-93-A |
(2) |
$ |
186,385.36 |
December 26, 2035 |
|
I-94-B |
(2) |
$ |
186,385.36 |
December 26, 2035 |
|
I-94A |
(2) |
$ |
181,373.13 |
December 26, 2035 |
|
I-94-B |
(2) |
$ |
181,373.13 |
December 26, 2035 |
|
I-95-A |
(2) |
$ |
176,495.30 |
December 26, 2035 |
|
I-95-B |
(2) |
$ |
176,495.30 |
December 26, 2035 |
|
I-96-A |
(2) |
$ |
171,748.21 |
December 26, 2035 |
|
I-96-B |
(2) |
$ |
171,748.21 |
December 26, 2035 |
|
I-97-A |
(2) |
$ |
167,128.39 |
December 26, 2035 |
|
I-97-B |
(2) |
$ |
167,128.39 |
December 26, 2035 |
|
I-98-A |
(2) |
$ |
162,632.38 |
December 26, 2035 |
|
I-98-B |
(2) |
$ |
162,632.38 |
December 26, 2035 |
|
I-99-A |
(2) |
$ |
158,256.92 |
December 26, 2035 |
|
I-99-B |
(2) |
$ |
158,256.92 |
December 26, 2035 |
|
I-100-A |
(2) |
$ |
153,998.73 |
December 26, 2035 |
|
I-100-B |
(2) |
$ |
153,998.73 |
December 26, 2035 |
|
I-101-A |
(2) |
$ |
149,854.68 |
December 26, 2035 |
|
I-101-B |
(2) |
$ |
149,854.68 |
December 26, 2035 |
|
I-102-A |
(2) |
$ |
145,821.71 |
December 26, 2035 |
|
I-102-B |
(2) |
$ |
145,821.71 |
December 26, 2035 |
|
I-103-A |
(2) |
$ |
141,896.84 |
December 26, 2035 |
|
I-103-B |
(2) |
$ |
141,896.84 |
December 26, 2035 |
|
I-104-A |
(2) |
$ |
5,089,115.79 |
December 26, 2035 |
|
I-104-B |
(2) |
$ |
5,089,115.79 |
December 26, 2035 |
|
II |
(2) |
$ |
232,519,501.29 |
December 26, 2035 |
|
P |
(2) |
$ |
100.00 |
December 26, 2035 |
_______________
|
(1) |
For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest possible maturity date has been designated as the “latest possible maturity date” for each REMIC 1 Regular Interest. |
|
(2) |
Calculated in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate” herein. |
REMIC 2
As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2”. The Class R-2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation, the Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal Balance, and for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2 Regular Interests. None of the REMIC 2 Regular Interests will be certificated.
|
Designation |
Uncertificated REMIC 2 |
|
Initial Certificate |
Assumed Final |
|
LT-AA |
(2) |
$ |
483,275,528.04 |
December 26, 2035 |
|
LT-I-APT |
(2) |
$ |
1,029,445.00 |
December 26, 2035 |
|
LT-I-A1A |
(2) |
$ |
837,550.00 |
December 26, 2035 |
|
LT-I-A1B |
(2) |
$ |
176,725.00 |
December 26, 2035 |
|
LTl-I-A1C |
(2) |
$ |
584,075.00 |
December 26, 2035 |
|
LT-I-A1D |
(2) |
$ |
460,535.00 |
December 26, 2035 |
|
LT-I-A2 |
(2) |
$ |
343,145.00 |
December 26, 2035 |
|
LT-II-A1A |
(2) |
$ |
292,160.00 |
December 26, 2035 |
|
LT-II-A1B |
(2) |
$ |
359,980.00 |
December 26, 2035 |
|
LT-II-A1C |
(2) |
$ |
37,425.00 |
December 26, 2035 |
|
LT-II-A1D1 |
(2) |
$ |
125,000.00 |
December 26, 2035 |
|
LT-II-A1D2 |
(2) |
$ |
138,125.00 |
December 26, 2035 |
|
LT-II-AN |
(2) |
$ |
105,855.00 |
December 26, 2035 |
|
LT-M-1 |
(2) |
$ |
83,835.00 |
December 26, 2035 |
|
LT-M-2 |
(2) |
$ |
64,110.00 |
December 26, 2035 |
|
LT-M-3 |
(2) |
$ |
46,845.00 |
December 26, 2035 |
|
LT-M-4 |
(2) |
$ |
36,985.00 |
December 26, 2035 |
|
LT-M-5 |
(2) |
$ |
32,055.00 |
December 26, 2035 |
|
LT-M-6 |
(2) |
$ |
29,590.00 |
December 26, 2035 |
|
LT-M-7 |
(2) |
$ |
24,655.00 |
December 26, 2035 |
|
LT-M-8 |
(2) |
$ |
24,660.00 |
December 26, 2035 |
|
LT-M-9 |
(2) |
$ |
24,655.00 |
December 26, 2035 |
|
LT-M-10 |
(2) |
$ |
32,055.00 |
December 26, 2035 |
|
LT-ZZ |
(2) |
$ |
4,973,300.88 |
December 26, 2035 |
|
LT-1SUB |
(2) |
$ |
6,746.21 |
December 26, 2035 |
|
LT-1GRP |
(2) |
$ |
75,375.72 |
December 26, 2035 |
|
LT-2SUB |
(2) |
$ |
2,081.05 |
December 26, 2035 |
|
LT-2GRP |
(2) |
$ |
23,251.95 |
December 26, 2035 |
|
LT-XX |
(2) |
$ |
493,030,838.99 |
December 26, 2035 |
|
LT-IO |
(2) |
|
(3) |
December 26, 0000 |
|
XX-X |
(2) |
$ |
100.00 |
December 26, 2035 |
_______________
|
(1) |
For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest possible maturity date has been designated as the “latest possible maturity date” for each REMIC 1 Regular Interest. |
|
(2) |
Calculated in accordance with the definition of “Uncertificated REMIC 2 Pass-Through Rate” herein. |
|
(3) |
REMIC 2 Regular Interest LT-IO will not have a Certificate Principal Balance, but will accrue interest on its Uncertificated Notional Amount, as defined herein. |
REMIC 3
As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 3”. The Class R-3 Interest will represent the sole class of “residual interests” in REMIC 3 for purposes of the REMIC Provisions.
The following table irrevocably sets forth the Class designation, Pass-Through Rate and Initial Certificate Principal Balance for each Class of Certificates and Interests that represents ownership of one or more of the “regular interests” in REMIC 3 created hereunder.
Each Certificate, other than the Class P Certificate, the Class C Certificate and the Class R Certificates, represents ownership of a regular interest in REMIC 3 and also represents (i) the right to receive payments with respect to the Basis Risk Shortfall Carry-Forward Amount and (ii) the obligation to pay the Class IO Distribution Amount (as defined herein). The entitlement to principal of each REMIC 3 Regular Interest ownership of which is represented by a regular interest which corresponds to each Certificate shall be equal in amount and timing to the entitlement to principal of such Certificate.
|
Class Designation |
|
Initial Certificate |
Pass-Through Rate |
Assumed Final | |
|
Class I-APT(2) |
$ |
205,889,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class I-A1A(2) |
$ |
167,510,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class I-A1B(2) |
$ |
35,345,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class I-A1C(2) |
$ |
116,815,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class I-A1D(2) |
$ |
92,107,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class I-A2(2) |
$ |
68,629,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class II-A1A(2) |
$ |
58,432,000.00 |
5.470% |
December 26, 2035 | |
|
Class II-A1B(2) |
$ |
71,996,000.00 |
5.640% |
December 26, 2035 | |
|
Class II-A1C(2) |
$ |
7,485,000.00 |
5.801% |
December 26, 2035 | |
|
Class II-A1D1(2) |
$ |
25,000,000.00 |
5.850% |
December 26, 2035 | |
|
Class II-A1D2(2) |
$ |
27,625,000.00 |
5.850% |
December 26, 2035 | |
|
Class II-AN(2) |
$ |
21,171,000.00 |
5.675% |
December 26, 2035 | |
|
Class M-1(2) |
$ |
16,767,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-2(2) |
$ |
12,822,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-3(2) |
$ |
9,369,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-4(2) |
$ |
7,397,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-5(2) |
$ |
6,411,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-6(2) |
$ |
5,918,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-7(2) |
$ |
4,931,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-8(2) |
$ |
4,932,000.00 |
Adjustable(3) |
December 26, 2035 | |
|
Class M-9(2) |
$ |
4,931,000.00 |
Adjustable(3) |
December 26, 2035 |
|
Class M-10(2) |
$ |
6,411,000.00 |
Adjustable(3) |
December 26, 2035 |
|
Class C |
$ |
8,383,587.83 |
Variable(4) |
December 26, 2035 |
|
Class P |
$ |
100.00 |
(5) |
December 26, 2035 |
|
Class IO Interest |
|
(6) |
(7) |
December 26, 2035 |
_______________
|
(1) |
For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest possible maturity date has been designated as the “latest possible maturity date” for each REMIC 3 Regular Interest. |
|
(2) |
This Class of Certificates represents ownership of a “regular interest” in REMIC 3. Any amount distributed on this Class of Certificates on any Distribution Date in excess of the amount distributable on the related REMIC 3 Regular Interest on such Distribution Date shall be treated for federal income tax purposes as having been paid from the Basis Risk Shortfall Reserve Fund or the Supplemental Interest Trust, as applicable, and any amount distributable on such REMIC 3 regular interest on such Distribution Date in excess of the amount distributable on such Class of Certificates on such Distribution Date shall be treated as having been paid in respect of such certificate and paid by the holder thereof to the Supplemental Interest Trust, all pursuant to and as further provided in Section 4.09 hereof. |
|
(3) |
Calculated in accordance with the definition of “Pass-Through Rate” herein. Each REMIC 3 Regular Interest the ownership of which is represented by a Class A Certificate or Class M Certificate will have the same Pass-Through Rate as such Certificate, except with respect to the Net WAC Rate. The Net WAC Rate for each such REMIC 3 Regular Interest and Certificate are specified in the definition of Net WAC Rate. |
|
(4) |
The Class C Certificates will accrue interest at its variable Pass-Through Rate on the Notional Amount of the Class C Certificates outstanding from time to time which shall equal the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular Interests (other than REMIC 2 Regular Interest LT-P). The Class C Certificates will not accrue interest on its Certificate Principal Balance. |
|
(5) |
The Class P Certificates do not accrue interest. |
|
(6) |
For federal income tax purposes, the Class IO Interest will not have a Pass-Through Rate, but will be entitled to 100% of the amounts distributed on REMIC 2 Regular Interest LT-IO. |
|
(7) |
For federal income tax purposes, the Class IO Interest will not have an Uncertificated Principal Balance, but will have a notional amount equal to the Uncertificated Notional Amount of REMIC 2 Regular Interest IO. |
ARTICLE I
DEFINITIONS
|
|
Section 1.01 |
Defined Terms. |
Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article. Unless otherwise specified, all calculations in respect of interest on the Class A Certificates and the Class M Certificates shall be made on the basis of a 360-day year consisting of the actual number of days in the related Accrual Period. All calculations of interest with regard to the Class C Certificates, Class IO Interest, REMIC 1 Regular Interests and REMIC 2 Regular Interest shall be on the basis of a 360-day year consisting of twelve 30-days months. The Class P Certificates and Class R Certificates do not accrue interest.
“Accepted Master Servicing Practices”: With respect to any Mortgage Loan, as applicable, either (x) those customary mortgage master servicing practices of prudent mortgage master servicing institutions that master service mortgage loans of the same type and quality as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located, to the extent applicable to the Trustee or the Master Servicer (except in its capacity as successor to the Servicer), or (y) as provided in this Agreement, to the extent applicable to the Master Servicer, but in no event below the standard set forth in clause (x).
“Accrual Period”: With respect to any Distribution Date, the Class I-A Certificates and Class M Certificates, the period commencing on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day immediately preceding the current Distribution Date. With respect to any Distribution Date and the Class II-A Certificates and the Class C Certificates, the calendar month preceding the month in which such Distribution Date occurs. The Class P Certificates and Class R Certificates will not accrue any interest and therefore have no Accrual Period.
“Accrued Certificate Interest”: With respect to the Class A Certificates, Class M Certificates and Class C Certificates and any Distribution Date, the amount of interest accrued during the related Accrual Period at the related Pass-Through Rate on the Certificate Principal Balance (or Notional Amount in the case of the Class C Certificates) of such Class immediately prior to such Distribution Date, in each case, reduced by any Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such Certificate as set forth in Section 1.03). The Accrued Certificate Interest on the Class I-A Certificates and Class M Certificates will be calculated on the basis of a 360-day year and the actual number of days in the related Accrual Period. The Accrued Certificate Interest on the Class II-A Certificates and the Class C Certificates will be calculated on the basis of a 360-day year consisting of twelve 30-days months.
“Adjustable Rate Mortgage Loans”: The Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage Rate which is adjustable at any point during the life of the related Mortgage, including any Mortgage Loans delivered in replacement thereof.
“Advance”: As to any Mortgage Loan, any advance made by the Servicer or the Master Servicer on any Distribution Date pursuant to Section 4.03.
“Affected Party”: As defined in the Swap Agreement.
“Affiliate”: With respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative to the foregoing.
“Aggregate Stated Principal Balance”: As of any date of determination, the aggregate Stated Principal Balance of the Mortgage Loans.
“Agreement”: This Pooling and Servicing Agreement and all amendments hereof.
“Allocated Realized Loss Amount”: With respect to any Distribution Date and any Class of Class M Certificates and the Class I-A2 Certificates, an amount equal to the sum of any Realized Loss allocated to that class of Certificates on that Distribution Date and any Allocated Realized Loss Amount for that class remaining unpaid from any previous Distribution Date.
“Assignment”: An assignment of Mortgage, notice of transfer or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect a record the sale of the Mortgage.
“Assignment Agreement”: The Assignment, Assumption and Recognition Agreement, dated as of the Closing Date, among the Company, the Trustee and the Seller, whereby the Servicing Agreement is being assigned to the Trust, and attached hereto as Exhibit K.
“Available Distribution Amount”: With respect to any Distribution Date and each Sub-Group, an amount equal to the aggregate of the following amounts with respect to the related Mortgage Loans: (a) all previously undistributed payments on account of principal and all previously undistributed payments on account of interest received after the Cut-off Date and on or prior to the related Determination Date, (b) any Advances and Compensating Interest paid by the Servicer or the Master Servicer with respect to such Distribution Date and (c) any reimbursed amount in connection with losses on investments of deposits in an account, except: (i) all payments that were due on or before the Cut-off Date; (ii) all Principal Prepayments, Liquidation Proceeds and Subsequent Recoveries received after the applicable Prepayment Period; (iii) all payments, other than Principal Prepayments, that represent early receipt of scheduled payments due on a date or dates subsequent to the related Due Date; (iv) amounts received on particular Mortgage Loans as late payments of principal or interest and respecting which, and to the extent that, there are any unreimbursed Advances; (v) any investment earnings on amounts on deposit in the Custodial Account and the Certificate Account and amounts permitted to be withdrawn from the Custodial Account and the Certificate Account pursuant to this Agreement; (vi) amounts needed to pay the Servicing Fees or to reimburse the Servicer or the Master Servicer for amounts due under the Servicing Agreement and the Agreement to the extent such amounts have not been retained by, or paid previously to, the Servicer or the Master Servicer; (vii) to pay any fees with respect to either Lender-Paid Primary Insurance Policy; (viii) to pay the Class II-A1D2
Premium, including any past due Class II-A1D2 Premium and (ix) any amounts reimbursable to the Trustee, the Master Servicer, the Securities Administrator and the Custodian pursuant to this Agreement.
“Bankruptcy Code”: The Bankruptcy Code of 1978, as amended.
“Basic Principal Distribution Amount”: With respect to any Distribution Date, the excess, if any, of (x) the Principal Remittance Amount for such Distribution Date, over (y) the Overcollateralization Release Amount.
“Basis Risk Shortfall”: With respect to any Class of the Class A Certificates and Class M Certificates, on each Distribution Date where the clause (ii) of the related definition of “Pass-Through Rate” is less than the related clause (i) of the definition of “Pass-Through Rate”, the excess, if any, of (x) the aggregate Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (i) of the definition of “Pass-Through Rate” over (y) interest accrued on the related Mortgage Loans at the related Net WAC Rate.
“Basis Risk Shortfall Carry-Forward Amount”: With respect to each Class of the Class A Certificates and Class M Certificates and any Distribution Date, as determined separately for each such Class of the Class A Certificates or Class M Certificates, an amount equal to the aggregate amount of Basis Risk Shortfall for such Certificates on such Distribution Date, if any, plus any unpaid Basis Risk Shortfall for such Class of Certificates from prior Distribution Dates, plus interest thereon at the Pass-Through Rate for such Distribution Date, to the extent not previously reimbursed by the Net Monthly Excess Cashflow or the Supplemental Interest Trust.
“Basis Risk Shortfall Reserve Fund”: A reserve fund established by the Securities Administrator on behalf of the Trustee for the benefit of the Holders of the Class A Certificates and Class M Certificates. The Basis Risk Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h), which is not an asset of any REMIC, ownership of which is evidenced by the Class C Certificates, and which is established and maintained pursuant to Section 4.08.
“Book-Entry Certificate”: Any Certificate registered in the name of the Depository or its nominee.
“Business Day”: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which the New York Stock Exchange or Federal Reserve is closed or on which banking institutions in the jurisdiction in which the Trustee, the Master Servicer, the Servicer, any Subservicer or the Corporate Trust Office of the Securities Administrator is located are authorized or obligated by law or executive order to be closed.
“Cash Liquidation”: As to any defaulted Mortgage Loan other than a Mortgage Loan as to which an REO Acquisition occurred, a determination by the Servicer that it has received all Insurance Proceeds, Liquidation Proceeds and other payments or cash recoveries which the Servicer reasonably and in good faith expects to be finally recoverable with respect to such Mortgage Loan.
“Cenlar”: Cenlar FSB.
“Cenlar Servicing Agreement”: The Servicing Agreement dated March 5, 2004, between Xxxxx Fargo Bank, N.A. as master servicer and Opteum Financial Services, LLC (f/k/a Home Star Mortgage Services, LLC) as seller and servicer.
“Certificate”: Any Class A, Class M, Class C, Class P or Class R Certificate.
“Certificate Account”: The trust account or accounts created and maintained pursuant to Section 3.19, which shall be entitled “HSBC Bank USA, National Association, in trust for registered holders of Opteum Mortgage Acceptance Corporation, Asset-Backed Pass-Through Certificates, Series 2005-5”, and which account or accounts must each be an Eligible Account.
“Certificate Account Deposit Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.
“Certificateholder” or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register, except that only a Permitted Transferee shall be a holder of a Residual Certificate for any purposes hereof and, solely for the purposes of giving any consent pursuant to this Agreement, any Certificate registered in the name of the Company or the Master Servicer or any affiliate thereof shall be deemed not to be outstanding and the Voting Rights to which such Certificate is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent has been obtained, except as otherwise provided in Section 11.01. The Trustee and the Securities Administrator shall be entitled to rely upon a certification of the Company or the Master Servicer in determining if any Certificates are registered in the name of the respective affiliate. All references herein to “Holders” or “Certificateholders” 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 and the Securities Administrator shall be required to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered in the Certificate Register.
“Certificate Insurer”: Financial Security Assurance Inc., a subsidiary of Financial Assurance Holdings Ltd., organized and created under the laws of the State of New York, or any successor thereto.
“Certificate Insurer Default”: As defined in Section 4.11(k).
“Certificate Margin”: With respect to the Class I-APT, Class I-A1A, Class I A1B, Class I A1C, Class I A1D, Class I-A2, Class M 1, Class M 2, Class M 3, Class M 4, Class M 5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates and solely for the purposes of the definition of Marker Rate and Maximum Uncertificated Accrued Interest Deferral Amount, the REMIC 2 Regular Interests (other than REMIC 2 Regular Interests LT-AA, LT-ZZ and LT-P), on any Distribution Date prior to the Optional Termination Date, 0.280%, 0.130%, 0.200%, 0.250%, 0.380%, 0.330%, 0.430%, 0.450%, 0.500%, 0.650%, 0.700%, 0.730%, 1.350%, 1.650%, 2.250% and 2.500% per annum, respectively, and on any Distribution Date on and after the Optional Termination Date, 0.560%, 0.260%, 0.400%, 0.500%, 0.760%, 0.660%, 0.645%, 0.675%, 0.750%, 0.975%, 1.050%, 1.095%, 2.025%, 2.475%, 3.375% and 3.750% per annum, respectively.
“Certificate Owner”: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such 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”: With respect to any Class of Class A Certificates or Class M Certificates immediately prior to any Distribution Date, the Initial Certificate Principal Balance thereof, plus any Subsequent Recoveries added to the Certificate Principal Balance of such Certificate, reduced by the sum of (a) all amounts actually distributed in respect of principal of such Class and, (b) in the case of a Class M Certificate and Class I-A2 Certificate, Realized Losses allocated thereto on all prior Distribution Dates. Exclusively for the purpose of determining any subrogation rights of the Certificate Insurer arising under Section 4.11, the “Certificate Principal Balance” of the Class II-A1D2 Certificates will not be reduced by the amount of any payment made by the Certificate Insurer in respect of principal on such Certificates under the Class II-A1D2 Policy and the Certificate Insurer shall be subrogated to such amounts, except to the extent such payment has been reimbursed to the Certificate Insurer pursuant to the provisions of this Agreement. With respect to the Class C Certificates as of any date of determination, an amount equal to the excess, if any, of (A) the then aggregate Uncertificated Principal Balances of the REMIC 2 Regular Interests over (B) the then aggregate Certificate Principal Balances of the Class A Certificates, the Class M Certificates and the Class P Certificates then outstanding.
“Certificate Register”: The register maintained pursuant to Section 5.02.
“Class”: Collectively, all of the Certificates bearing the same designation.
“Class A Certificate”: Class I-APT, Class I-A1A, Class I-A1B, Class I-A1C, Class I-A1D, Class I-A2, Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 or Class II-AN Certificates.
“Class C Certificate”: Any one of the Class C Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-2, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing a REMIC Regular Interest in REMIC 3.
“Class I-A Certificate”: The Class I-APT, Class I-A1A, Class I-A1B, Class I-A1C, Class I-A1D or Class I-A2 Certificates.
“Class I-A1 Certificate”: The Class I-A1A, Class I-A1B, Class I-A1C or Class I-A1D Certificates.
“Class I-A1A Certificate”: Any one of the Class I-A1A Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-A1B Certificate”: Any one of the Class I-A1B Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-A1C Certificate”: Any one of the Class I-A1C Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-A1D Certificate”: Any one of the Class I-A1D Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-APT Certificate”: Any one of the Class I-APT Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-A2 Certificate”: Any one of the Class I-A2 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class I-A Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the aggregate Certificate Principal Balance of the Class I-A Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Group I Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due on the Group I Loans during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received on the Group I Loans during the related Prepayment Period, and after reduction for Realized Losses on the Group I Loans incurred during the related Prepayment Period) multiplied by 82.10% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Group I Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due on the Group I
Loans during the related Due Period, to the extent received or advanced, and unscheduled collections of principal on the Group I Loans received during the related Prepayment Period, and after reduction for Realized Losses on the Group I Loans incurred during the related Prepayment Period) exceeds (ii) the related Overcollateralization Floor Amount.
“Class II-A Certificate”: The Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 or Class II-AN Certificates.
“Class II-A1 Certificate”: The Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 Certificates.
“Class II-A1A Certificate”: Any one of the Class II-A1A Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-A1B Certificate”: Any one of the Class II-A1B Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-A1C Certificate”: Any one of the Class II-A1C Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-A1D Certificates”: The Class II-A1D1 Certificates and Class II-A1D2 Certificates.
“Class II-A1D1 Certificate”: Any one of the Class II-A1D1 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-A1D2 Certificate”: Any one of the Class II-A1D2 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-A1D2 Policy”: The irrevocable Certificate Guaranty Insurance Policy No. 51696-N, including any endorsements thereto, issued by the Certificate Insurer with respect to the Class II-A1D2 Certificates, in the form attached hereto as Exhibit Q.
“Class II-A1D2 Principal Parity Amount”: With respect to any Distribution Date, the product of (i) the Principal Parity Deficit and (ii) a fraction, the numerator of which is the aggregate of the Certificate Principal Balances of the Class II-A1D2 Certificates, and the denominator of which is the aggregate of the Certificate Principal Balances of all Class A Certificates, in each case on such Distribution Date after giving effect to all distributions to be made on such date.
“Class II-A1D2 Premium”: With respect to the Class II-A1D2 Policy and any Distribution Date, the amount payable pursuant to that commitment letter dated as of November 23, 2005 between the Certificate Insurer and the Seller. The Class II-A1D2 Premium due on the first Distribution Date is $2,418.61.
“Class II-A Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the aggregate Certificate Principal Balance of the Class II-A Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Group II Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due on the Group II Loans during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received on the Group II Loans during the related Prepayment Period, and after reduction for Realized Losses on the Group II Loans incurred during the related Prepayment Period) multiplied by 82.10% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Group II Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due on the Group II Loans during the related Due Period, to the extent received or advanced, and unscheduled collections of principal on the Group II Loans received during the related Prepayment Period, and after reduction for Realized Losses on the Group II Loans incurred during the related Prepayment Period) exceeds (ii) the related Overcollateralization Floor Amount.
“Class II-AN Certificate”: Any one of the Class II-AN Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit A, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class II-AN Certificate”: With respect to any Distribution Date, an amount equal to the product of (a) a fraction, the numerator of which is the Certificate Principal Balance of the Class II-AN Certificates immediately prior to that Distribution Date and the denominator of which is the aggregate Certificate Principal Balance of the Class II-A Certificates, immediately prior to that Distribution Date and (b) the Class II-A Principal Distribution Amount.
“Class IO Distribution Amount”: As defined in Section 4.09 hereof. For purposes of clarity, the Class IO Distribution Amount for any Distribution Date shall equal the amount payable to the Supplemental Interest Trust on such Distribution Date in excess of the amount payable on the Class IO Interest on such Distribution Date, all as further provided in Section 4.09 hereof.
“Class IO Interest”: An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC 3 for purposes of the REMIC Provisions.
“Class M Certificates”: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates.
“Class M-1 Certificate”: Any one of the Class M-1 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-1 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Class I-A Principal Distribution Amount and the Class II-A Principal Distribution Amount on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 85.50% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-2 Certificate”: Any one of the Class M-2 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-2 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate
Certificate Principal Balance of the Class A Certificates and Class M-1 Certificates (after taking into account the distribution of the Class I-A, Class II-A and Class M-1 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 88.10% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-3 Certificate”: Any one of the Class M-3 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-3 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1 and Class M-2 Certificates (after taking into account the distributions of the Class I-A, Class II-A, Class M-1 and Class M-2 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 90.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-4 Certificate”: Any one of the Class M-4 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-4 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2 and Class M-3 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2 and Class M-3 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 91.50% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-5 Certificate”: Any one of the Class M-5 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-5 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3 and Class M-4 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-5 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 92.80% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-6 Certificate”: Any one of the Class M-6 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the
right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-6 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-6 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 94.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-7 Certificate”: Any one of the Class M-7 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-7 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-7 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 95.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related
Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-8 Certificate”: Any one of the Class M-8 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-8 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-8 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 96.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-9 Certificate”: Any one of the Class M-9 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-9 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-9 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and
unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 97.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class M-10 Certificate”: Any one of the Class M-10 Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-1, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing (i) a REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution Amount.
“Class M-10 Principal Distribution Amount”: For any applicable Distribution Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Distribution Date, an amount equal to the excess (if any) of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (after taking into account the distribution of the Class I-A, Class II-A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Principal Distribution Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of the Class M-10 Certificates immediately prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) multiplied by 98.30% and (b) the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.
“Class P Certificate”: Any one of the Class P Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-3, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, representing the right to distributions as set forth herein and therein and evidencing a REMIC Regular Interest in REMIC 3.
“Class R Certificate”: Any one of the Class R Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-4, executed by the Securities Administrator and authenticated and delivered by the Securities Administrator, evidencing the ownership of the Class R-1 Interest, Class R-2 Interest and Class R-3 Interest.
“Class R-1 Interest”: The uncertificated Residual Interest in REMIC 1.
“Class R-2 Interest”: The uncertificated Residual Interest in REMIC 2.
“Class R-3 Interest”: The uncertificated Residual Interest in REMIC 3.
“Closing Date”: November 29, 2005.
“Code”: The Internal Revenue Code of 1986, as amended.
“Collateral Value”: The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal obtained at the time of refinancing.
“Commission”: The Securities and Exchange Commission.
“Company”: Opteum Mortgage Acceptance Corporation, or its successor in interest.
“Compensating Interest”: With respect to any Distribution Date, an amount equal to Prepayment Interest Shortfalls resulting from Principal Prepayments during the related Prepayment Period, but not more than the Servicing Fees for the immediately preceding Due Period.
“Corporate Trust Office”: With respect to the Trustee, the principal corporate trust office of the Trustee at which at any particular time its corporate trust business related to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Corporate Trust Services - Opteum, and with respect to the Securities Administrator, for Certificate transfer purposes, Xxxxx Fargo Center, Xxxxx Xxxxxx xxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, Attn: Corporate Trust Services – Opteum 2005-5, and for all other purposes, 0000 Xxx Xxxxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx, 00000, Attn: Corporate Trust Services – Opteum 2005-5.
“Corresponding Certificate”: With respect to:
|
|
(i) |
REMIC 2 Regular Interest LT-I-APT, the Class I-APT Certificates, |
|
|
(ii) |
REMIC 2 Regular Interest LT-I-A1A, the Class I-A1A Certificates, |
|
|
(iii) |
REMIC 2 Regular Interest LT-I-A1B, the Class I-A1B Certificates, |
|
|
(iv) |
REMIC 2 Regular Interest LT-I-A1C, the Class I-A1C Certificates, |
|
|
(v) |
REMIC 2 Regular Interest LT-I-AID, the Class I-AID Certificates, |
|
|
(vi) |
REMIC 2 Regular Interest LT-I-A2, the Class I-A2 Certificates, |
|
|
(vii) |
REMIC 2 Regular Interest LT-II-A1A, the Class II-A1A Certificates, |
|
|
(viii) |
REMIC 2 Regular Interest LT-II-A1B, the Class II-A1B Certificates, |
|
|
(ix) |
REMIC 2 Regular Interest LT-II-A1C, the Class II-A1C Certificates, |
|
|
(x) |
REMIC 2 Regular Interest LT-II-AID1, the Class II-AID1 Certificates, |
|
|
(xi) |
REMIC 2 Regular Interest LT-II-AID2, the Class II-AID2 Certificates, |
|
|
(xii) |
REMIC 2 Regular Interest LT-II-AN, the Class II-AN Certificates, |
|
|
(xiii) |
REMIC 2 Regular Interest LT-M1, the Class M-1 Certificates, |
|
|
(xiv) |
REMIC 2 Regular Interest LT-M2, the Class M-2 Certificates, |
|
|
(xv) |
REMIC 2 Regular Interest LT-M3, the Class M-3 Certificates, |
|
|
(xvi) |
REMIC 2 Regular Interest LT-M4, the Class M-4 Certificates, |
|
|
(xvii) |
REMIC 2 Regular Interest LT-M5, the Class M-5 Certificates, |
|
|
(xviii) |
REMIC 2 Regular Interest LT-M6, the Class M-6 Certificates, |
|
|
(xix) |
REMIC 2 Regular Interest LT-M7, the Class M-7 Certificates, |
|
|
(xx) |
REMIC 2 Regular Interest LT-M8, the Class M-8 Certificates; |
|
|
(xxi) |
REMIC 2 Regular Interest LT-M9, the Class M-9 Certificates; |
|
|
(xxii) |
REMIC 2 Regular Interest LT-M10, the Class M-10 Certificates; and |
|
|
(xxiii) |
REMIC 2 Regular Interest LT-P, the Class P Certificates. |
“Credit Support Depletion Date”: Any Distribution Date on which the aggregate Certificate Principal Balance of the Class M Certificates and the Class I-A2 Certificates has been reduced to zero.
“Curtailment”: Any Principal Prepayment made by a Mortgagor which is not a Principal Prepayment in Full.
“Custodial Account”: The custodial account or accounts created and maintained by the Master Servicer pursuant to Section 3.17 in the name of a depository institution, as custodian for the Holders of the Certificates. Any such account or accounts shall be an Eligible Account.
“Custodial Agreement”: An agreement, dated as of the Closing Date among the Company, the Master Servicer, the Trustee and the Custodian in substantially the form of Exhibit N hereto.
“Custodian”: XX Xxxxxx Chase Bank, National Association, or any successor custodian appointed pursuant to the provisions hereof and of the Custodial Agreement.
“Cut-off Date”: November 1, 2005.
“Defaulting Party”: As defined in the Swap Agreement.
“Deficient Valuation”: With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding indebtedness under the Mortgage Loan, or any reduction in the amount of principal to be paid in connection with any scheduled Monthly Payment that constitutes a permanent forgiveness of principal, which valuation or reduction results from a proceeding under the Bankruptcy Code.
“Definitive Certificate”: Any definitive, fully registered Certificate.
“Deleted Mortgage Loan”: A Mortgage Loan replaced or to be replaced with a Qualified Substitute Mortgage Loan.
“Delinquent”: A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to the terms of such Mortgage Loan by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for “60 days delinquent,” “90 days delinquent” and so on.
“Depository”: The Depository Trust Company, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those 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(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 Securities Exchange Act of 1934, as amended.
“Depository Participant”: A broker, dealer, bank or other financial institutions or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository.
“Determination Date”: The 15th day (or if such 15th day is not a Business Day, the Business Day immediately preceding such 15th day) of the month of the related Distribution Date.
“Disqualified Organization”: Any organization defined as a “disqualified organization” under Section 860E(e)(5) of the Code, which includes any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for the Xxxxxxx Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government, any international organization, or any agency or instrumentality of any of the foregoing, (iii) 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 (including the tax imposed by
Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v) any other Person so designated by the Securities Administrator based upon an Opinion of Counsel that the holding of an Ownership Interest in a Residual Certificate by such Person may cause any REMIC or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Residual 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.
“Distribution Date”: The 25th day of any month, or if such 25th day is not a Business Day, the Business Day immediately following such 25th day, commencing in December 2005.
“Due Date”: With respect to all of the Mortgage Loans, the first day of the month.
“Due Period”: With respect to any Distribution Date, the period commencing on the second day of the month preceding the month of such Distribution Date (or, with respect to the first Due Period, the day following the Cut-off Date) and ending on the first day of the month of the related Distribution Date.
“XXXXX”: The Electronic Data Gathering and Retrieval System of the Commission.
“Eligible Account”: Any of (i) a segregated account maintained with a federal or state chartered depository institution (A) the short-term obligations of which are rated A-1+ or better by Standard & Poor’s and P-1 by Moody’s at the time of any deposit therein or (B) insured by the FDIC (to the limits established by such Corporation), the uninsured deposits in which account are otherwise secured such that, as evidenced by an Opinion of Counsel (obtained by the Person requesting that the account be held pursuant to this clause (ii)) delivered to the Trustee prior to the establishment of such account, the Certificateholders will have a claim with respect to the funds in such account and a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments, each of which shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of investment in such collateral or the Distribution Date if such Permitted Investment is an obligation of the institution that maintains the Certificate Account or Custodial Account) securing such funds that is superior to claims of any other depositors or general creditors of the depository institution with which such account is maintained, (ii) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b), which, in either case, has corporate trust powers, acting in its fiduciary capacity or (iii) a segregated account or accounts of a depository institution acceptable to the Rating Agencies (as evidenced in writing by a letter from the Rating Agencies to the Trustee that use of any such account as the Custodial Account or the Certificate Account will not have an adverse effect on the then-current ratings assigned to the Classes of the Certificates then rated by the Rating Agencies). Eligible Accounts may bear interest.
“ERISA Restricted Certificates”: The Class C, Class P and Class R Certificates.
“Event of Default”: One or more of the events described in Section 7.01.
“Exchange Act”: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Extra Principal Distribution Amount”: With respect to any Distribution Date, is the lesser of (x) the Overcollateralization Deficiency Amount for such Distribution Date and (y) the sum of (i) the Net Monthly Excess Cashflow Amount for such Distribution Date and (ii) amounts available from the Supplemental Interest Trust to pay principal as provided in Section 4.01(g)(2).
“Xxxxxx Xxx”: Federal National Mortgage Association or any successor.
“FDIC”: Federal Deposit Insurance Corporation or any successor.
“Fitch”: Fitch, Inc., or its successor in interest.
“Fixed Rate Mortgage Loans”: The Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage Rate which is fixed for the life of the related Mortgage, including any Mortgage Loans delivered in replacement thereof.
“Xxxxxxx Mac”: Federal Home Loan Mortgage Corporation or any successor.
“Group I Loans”: The Mortgage Loans designated as Group I Loans on the Mortgage Loan Schedule.
“Group II Loans”: The Mortgage Loans designated as Group II Loans on the Mortgage Loan Schedule.
“Guaranteed Distributions”: The meaning assigned to such term in the Class II-A1D2 Policy.
“Indenture”: the Indenture, dated as of December 2, 2005, among Opteum NIM Trust 2005-5, as issuer, Xxxxx Fargo Bank, N.A., a national banking association, not in its individual capacity, but solely as Note Administrator, and HSBC Bank USA, National Association, not in its individual capacity, but solely as Indenture Trustee.
“Indenture Trustee”: The Indenture Trustee as defined in the Indenture.
“Initial Certificate Principal Balance”: With respect to each Class of Regular Certificates, the Initial Certificate Principal Balance of such Class of Certificates as set forth in the Preliminary Statement hereto, or with respect to any single Certificate, the Initial Certificate Principal Balance as stated on the face thereof.
“Initial Notional Amount”: With respect to any Class C Certificates, the aggregate of the initial Uncertificated Principal Balance of the REMIC 2 Regular Interests (other than REMIC 2 Regular Interest LT-P).
“Insurance Policy”: With respect to any Mortgage Loan, any insurance policy (including the Lender-Paid Primary Insurance Policy) which is required to be maintained from time to time under this Agreement in respect of such Mortgage Loan.
“Insurance Proceeds”: Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy, to the extent such proceeds are payable to the mortgagee under the Mortgage, any Subservicer, the Master Servicer or the Trustee and are not applied to the restoration of the related Mortgaged Property or released to the Mortgagor in accordance with the procedures that the Master Servicer would follow in servicing mortgage loans held for its own account.
“Interest Carry Forward Amount”: With respect to each Class of the Class A Certificates and Class M Certificates and each Distribution Date, the excess of (a) the Accrued Certificate Interest for such Class with respect to prior Distribution Dates, over (b) the amount actually distributed to such Class with respect to interest on such prior Distribution Dates, with interest on such excess at the related Pass-Through Rate.
“Interest Determination Date”: With respect to the first Accrual Period, the second LIBOR Business Day preceding the Closing Date, and with respect to each Accrual Period thereafter, the second LIBOR Business Day preceding the related Distribution Date on which such Accrual Period commences.
“Interest Remittance Amount”: With respect to any Distribution Date, that portion of the Available Distribution Amount for such Distribution Date allocable to interest received or advanced on the Mortgage Loans in the related Sub-Group, less an amount equal to the product of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Provider Trigger Event) deposited in the Supplemental Interest Trust for payment to the Swap Provider and (y) a fraction, the numerator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Group as of the first day of the related Due Period and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Group as of the first day of the related Due Period.
“Late Collections”: With respect to any Mortgage Loan, all amounts received during any Due Period, whether as late payments of Monthly Payments or as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late payments or collections of Monthly Payments due but delinquent for a previous Due Period and not previously recovered.
“Lender-Paid Insured Loans”: The Mortgage Loans included in the Trust Fund covered by the Lender-Paid Primary Insurance Policy, as applicable, as indicated on the Mortgage Loan Schedule.
“Lender-Paid Primary Insurance Policy”: The lender-paid Primary Insurance Policy issued by United Guaranty Corporation, as assigned to the Trust on the Closing Date, or any replacement policy therefore.
“Lender-Paid Primary Insurance Rate”: With respect to any Lender-Paid Insured Loan covered by the Lender-Paid Primary Insurance Policy, the rate per annum at which the premium on the Lender-Paid Primary Insurance Policy accrues.
“LIBOR”: With respect to any Distribution Date and the Pass-Through Rates on the Offered Certificates and the Class M-10 Certificates, the arithmetic mean of the Loan interbank offered rate quotations of reference banks (which will be selected by the Securities Administrator) for one-month U.S. dollar deposits, expressed on a per annum basis, determined in accordance with Section 1.02.
“LIBOR Business Day”: A day on which banks are open for dealing in foreign currency and exchange in London and New York City.
“Liquidated Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of which the Servicer has determined, in accordance with the servicing procedures specified in the Servicing Agreement, as of the end of the related Prepayment Period, that all Liquidation Proceeds which it expects to recover with respect to the liquidation of the Mortgage Loan or disposition of the related REO Property have been recovered.
“Liquidation Proceeds”: Amounts (other than Insurance Proceeds) received by the Servicer or Master Servicer in connection with the taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or in connection with the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure sale or otherwise and any Subsequent Recoveries, other than amounts received in respect of any REO Property.
“Loan-to-Value Ratio”: As of any date of determination, the fraction, expressed as a percentage, the numerator of which is the current principal balance of the related Mortgage Loan at the date of determination and the denominator of which is the Collateral Value of the related Mortgaged Property.
“Lockout Distribution Amount”: With respect to any Distribution Date, the least of (i) the product of (a) the Lockout Percentage for that Distribution Date and (b) the Class II-AN Pro Rata Distribution Amount for such Distribution Date, (ii) the Class II-A Principal Distribution Amount, and (iii) the Certificate Principal Balance of the Class II-AN Certificates for such Distribution Date.
“Lockout Percentage”: For each Distribution Date will be as follows:
|
Distribution Date |
Lockout Percentage |
|
1st to 36th |
0% |
|
37th to 60th |
45% |
|
61st to 72nd |
80% |
|
73rd to 84th |
100% |
|
85th and thereafter |
300% |
“Lost Note Affidavit”: With respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost, misplaced or destroyed and has not been replaced, an affidavit from the Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed (together with a copy of the related Mortgage Note) and indemnifying the Trust Fund against any loss, cost or liability resulting from the failure to deliver the original Mortgage Note in the form of Exhibit J hereto.
“Majority Class C Certificateholder”: With respect to the Class C Certificates and any Distribution Date, the Holder of a 50.01% or greater Percentage Interest of the Class C Certificates.
“Marker Rate”: With respect to the Class C Certificates and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest (other than REMIC 2 Regular Interest LT-AA, LT-1SUB, LT-1GRP, LT-2SUB, LT-2GRP, LT-XX, LT-IO and LT-P) subject to a cap (for each such REMIC 2 Regular Interest other than REMIC 2 Regular Interest LT-ZZ) equal to the Pass-Through Rate for the REMIC 3 Regular Interest the ownership of which is represented by the Corresponding Certificate for the purpose of this calculation; with the rate on REMIC 2 Regular Interest LT-ZZ subject to a cap of zero for the purpose of this calculation; provided, however, that solely for this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect to REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 shall be multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period and the denominator of which is 30.
“Master Servicer”: Xxxxx Fargo Bank, N.A., or any successor master servicer appointed as herein provided.
“Maximum Uncertificated Accrued Interest Deferral Amount”: With respect to any Distribution Date, the excess of (a) accrued interest at the Uncertificated REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LT-ZZ for such Distribution Date on a balance equal to the excess of (i) the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ over (ii) the REMIC 2 Overcollateralized Amount, in each case for such Distribution Date over (b) the sum of (I) Uncertificated Accrued Interest on REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 with the rate on each such REMIC 2 Regular Interest subject to a cap equal to the Pass-Through Rate for the REMIC 3 Regular Interest the ownership of which is represented by the Corresponding Certificate; provided, however, that solely for this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect to REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-M1,
REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 shall be multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period and the denominator of which is 30.
“MERS”: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.
“MERS® System”: The system of recording transfers of Mortgages electronically maintained by MERS.
“MIN”: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System.
“MOM Loan”: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.
“Monthly Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of principal and interest on such Mortgage Loan which is payable by a Mortgagor from time to time under the related Mortgage Note as originally executed (after adjustment, if any, for Deficient Valuations occurring prior to such Due Date, and after any adjustment by reason of any bankruptcy or similar proceeding or any moratorium or similar waiver or grace period).
“Moody’s”: Xxxxx’x Investors Service, Inc., or its successor in interest.
“Mortgage”: The mortgage, deed of trust or any other instrument securing the Mortgage Loan.
“Mortgage File”: The mortgage documents listed in Section 2.01 pertaining to a particular Mortgage Loan and any additional documents required to be added to the Mortgage File pursuant to this Agreement; provided, that whenever the term “Mortgage File” is used to refer to documents actually received by the Custodian as agent for the Trustee, such term shall not be deemed to include such additional documents required to be added unless they are actually so added.
“Mortgage Loan”: Each of the mortgage loans, transferred and assigned to the Trustee pursuant to Section 2.01 or 2.04 and from time to time held in the Trust Fund (including any Qualified Substitute Mortgage Loans), the Mortgage Loans so transferred, assigned and held being identified in the Mortgage Loan Schedule. As used herein, the term “Mortgage Loan” includes the related Mortgage Note and Mortgage.
“Mortgage Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement dated as the Cut-off Date, between Opteum Financial Services, LLC as seller and the Company as purchaser, and all amendments thereof and supplements thereto, a form of which is attached hereto as Exhibit P.
“Mortgage Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans included in the Trust Fund. The initial schedule of Mortgage Loans with accompanying information transferred on the Closing Date to the Trustee as part of the Trust Fund for the Certificates, attached hereto as Exhibit H (as amended from time to time to reflect the addition of Qualified Substitute Mortgage Loans) (and, for purposes of the Trustee pursuant to Section 2.02, in computer-readable form as delivered to the Trustee), which list shall set forth the following information with respect to each Mortgage Loan:
|
|
(i) |
the loan number; |
|
|
(ii) |
the city, state and zip code of the Mortgaged Property; |
|
|
(iii) |
the original term to maturity; |
|
|
(iv) |
the original principal balance and the original Mortgage Rate; |
|
|
(v) |
the first Distribution Date; |
|
|
(vi) |
[reserved]; |
|
|
(vii) |
the type of Mortgaged Property; |
|
|
(viii) |
the Monthly Payment in effect as of the Cut-off Date; |
|
|
(ix) |
the principal balance as of the Cut-off Date; |
|
|
(x) |
the Mortgage Rate as of the Cut-off Date; |
|
|
(xi) |
the occupancy status; |
|
|
(xii) |
the purpose of the Mortgage Loan; |
|
|
(xiii) |
the Collateral Value of the Mortgaged Property; |
|
|
(xiv) |
the original term to maturity; |
|
|
(xv) |
the paid-through date of the Mortgage Loan; |
|
|
(xvi) |
[reserved]; |
|
|
(xvii) |
the Servicing Fee Rate; |
|
|
(xviii) |
the Net Mortgage Rate for such Mortgage Loan; |
|
|
(xix) |
whether the Mortgage Loan is covered by a private mortgage insurance policy or an original certificate of private mortgage insurance; |
|
|
(xx) |
the documentation type; |
|
|
(xxi) |
the type and term of the related Prepayment Charge, if any; |
|
|
(xxii) |
whether such Mortgage Loan is a Lender-Paid Insured Loan and, if so, the Lender-Paid Primary Insurance Rate; |
|
|
(xxiii) |
with respect to each Adjustable Rate Mortgage Loan. |
|
|
(a) |
the frequency of each adjustment date; |
|
|
(b) |
the next adjustment date; |
|
|
(c) |
the Maximum Mortgage Rate; |
|
|
(d) |
the Minimum Mortgage Rate; |
|
|
(e) |
the Mortgage Rate as of the Cut-off Date; |
|
|
(f) |
the related Periodic Rate Cap; |
|
|
(g) |
the Gross Margin; and |
|
|
(h) |
the purpose of the Mortgage Loan. |
“Mortgage Note”: The note or other evidence of the indebtedness of a Mortgagor under a Mortgage Loan.
“Mortgage Rate”: With respect to any Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan, as adjusted from time to time in accordance with the provisions of the Mortgage Note.
“Mortgaged Property”: The underlying property securing a Mortgage Loan.
“Mortgagor”: The obligor or obligors on a Mortgage Note.
“Net Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other disposition of related Mortgaged Property (including REO Property) the related Liquidation Proceeds net of Advances, Servicing Advances, Servicing Fees and any other accrued and unpaid servicing fees received and retained in connection with the liquidation of such Mortgage Loan or Mortgaged Property.
“Net Monthly Excess Cashflow”: For any Distribution Date, the excess of (x) the Available Distribution Amount for such Distribution Date over (y) the sum for such Distribution Date of (A) the aggregate Accrued Certificate Interest for the Class A Certificates and Class M Certificates, (B) the aggregate Interest Carry Forward Amount for the Class A Certificates and (C) the Principal Remittance Amount.
“Net Mortgage Rate”: With respect to each Mortgage Loan Due Date, a per annum rate of interest equal to the then-applicable Mortgage Rate on such Mortgage Loan less the sum of (i)
the Servicing Fee Rate and (ii) with respect to the related Lender-Paid Insured Loans, the Lender-Paid Primary Insurance Rate.
“Net Prepayment Interest Shortfall”: With respect to any Distribution Date, the excess, if any, of any Prepayment Interest Shortfalls for such date over the related Compensating Interest.
“Net Swap Payment”: With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Swap Agreement by either the Swap Provider or the Supplemental Interest Trust, which net payment shall not take into account any Swap Termination Payment.
“Net WAC Rate”: With respect to any Distribution Date and (1) the Class I-A Certificates, a per annum rate equal to (x) the excess, if any, of (A) the weighted average of the Net Mortgage Rates of the Group I Loans as of the first day of the calendar month preceding the month in which such Distribution Date occurs over (B) the sum of (i) a per annum rate equal to the Net Swap Payment payable to the Swap Provider on such Distribution Date multiplied by 12, and (ii) any Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs multiplied by 12, multiplied by (y) a fraction equal to 30 divided by the number of days in the related Accrual Period; (2) the Class II-A Certificates, the weighted average of the Net Mortgage Rates of the Group II Loans as of the first day of the calendar month preceding the month in which such Distribution Date occurs, minus solely with respect to the Class II-A1D2 Certificates, the premium payable to the Certificate Insurer; and (3) the Class M Certificates, the weighted average of (in each case, weighted on the basis of the results of subtracting from the aggregate Stated Principal Balance of the Mortgage Loans of each Sub-Group the Certificate Principal Balance of the related Class A Certificates) the Net WAC Rate for the Class I-A Certificates and the Class II-A Certificates. For purposes of the Net WAC Rate with respect to the Class M Certificates, the Net WAC Rate for Class II-A Certificates will be multiplied by a fraction equal to 30 divided by the actual number of days in the Accrual Period for the Class M Certificates. With respect to any Distribution Date and the REMIC 3 Regular Interests the ownership of which is represented by the Class I-A Certificates, the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 2 Pass-Through Rate on REMIC 2 Regular Interest LT-1GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 2 Regular Interest immediately prior to such Distribution Date. With respect to any Distribution Date and the REMIC 3 Regular Interests the ownership of which is represented by the Class II-A Certificates, the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 2 Pass-Through Rate on REMIC 2 Regular Interest LT-2GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 3 Regular Interest immediately prior to such Distribution Date. With respect to any Distribution Date and the REMIC 3 Regular Interests the ownership of which is represented by the Class M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 2 Pass-Through Rates on (a) REMIC 2 Regular Interest LT-1SUB, subject to a cap and a floor equal to the Uncertificated REMIC 2 Pass-Through Rate on REMIC 3 Regular Interest LT-1GRP and (b) REMIC 2 Regular Interest LT-2SUB, subject to a cap and a floor equal to the Uncertificated
REMIC 2 Pass-Through Rate on REMIC 2 Regular Interest LT-2GRP, in each case as determined for such Distribution Date, weighted on the basis of the Uncertificated Principal Balance of each such REMIC 2 Regular Interest immediately prior to such Distribution Date.
“Nonrecoverable Advance”: Any Advance or Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan which, in the good faith judgment of the Servicer or the Master Servicer, will not or, in the case of a proposed Advance or Servicing Advance, would not be ultimately recoverable from related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. The determination by the Servicer or the Master Servicer that it has made a Nonrecoverable Advance or that any proposed Advance or Servicing Advance would constitute a Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing Officer delivered, in the case of the Servicer, to the Company and the Master Servicer, and in the case of the Master Servicer, to the Company and the Trustee.
“Non-United States Person”: Any Person other than a United States Person.
“Note Account”: The Note Account as defined in the Indenture.
“Note Administrator”: The Note Administrator as defined in the Indenture.
“Notional Amount”: With respect to the Class C Certificates, immediately prior to any Distribution Date, the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular Interests, other than REMIC 2 Regular Interest LT-P.
“Offered Certificates”: The Class A Certificates and Class M Certificates (except for the Class M-10 Certificates).
“Officers’ Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a vice president and by the Treasurer, the Secretary, or one of the assistant treasurers or assistant secretaries of the Company, the Seller, the Master Servicer or of any Subservicer and delivered to the Company and Trustee.
“Opinion of Counsel”: A written opinion of counsel, who may be counsel for the Company, the Seller, or the Master Servicer, reasonably acceptable to the Trustee and Securities Administrator; except that any opinion of counsel relating to (a) the qualification of any account required to be maintained pursuant to this Agreement as an Eligible Account, (b) the qualification of each REMIC as a REMICs, (c) compliance with the REMIC Provisions or (d) resignation of the Master Servicer pursuant to Section 6.04 must be an opinion of counsel who (i) is in fact independent of the Company and the Master Servicer, (ii) does not have any direct financial interest or any material indirect financial interest in the Company or the Master Servicer or in an affiliate of either and (iii) is not connected with the Company or the Master Servicer as an officer, employee, director or person performing similar functions.
“Optional Termination Date”: The first Distribution Date following the first Distribution Date on which the Aggregate Stated Principal Balance of the Mortgage Loans, and properties acquired in respect thereof, remaining in the Trust Fund has been reduced to less than or equal to 10% of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.
“OTS”: Office of Thrift Supervision or any successor.
“Outstanding Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property) which was not the subject of a Principal Prepayment in Full, Cash Liquidation or REO Disposition and which was not purchased prior to such Due Date pursuant to Sections 2.02, 2.04 or 3.14.
“Overcollateralization Deficiency Amount”: With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount (calculated for the purpose of this definition only, solely after giving effect to distributions in respect of the Principal Remittance Amount on such Distribution Date) on such Distribution Date.
“Overcollateralization Floor Amount”: An amount equal to approximately 0.50% of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.
“Overcollateralization Release Amount”: With respect to any Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Overcollateralized Amount (after giving effect to distributions in respect of the Principal Remittance Amount to be made on such Distribution Date) for such Distribution Date over (ii) the Overcollateralization Target Amount for such Distribution Date.
“Overcollateralization Target Amount”: With respect to any Distribution Date, (a) prior to the Stepdown Date, approximately 0.85% of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of (i) 1.70% of the then current Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) the Overcollateralization Floor Amount or (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date. Notwithstanding the foregoing, on and after any Distribution Date following the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Class M Certificates to zero, the Overcollateralization Target Amount shall be zero.
“Overcollateralized Amount”: With respect to any Distribution Date, the amount, if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage Loans (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period and any Realized Losses on the Mortgage Loans) exceeds (ii) the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates as of such Distribution Date (after giving effect to distributions on such Distribution Date).
“Ownership Interest”: As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.
“Pass-Through Rate”: With respect to each Distribution Date and each class of the Class I-A Certificates, a floating rate equal to the lesser of (i) One-Month LIBOR plus the related Certificate Margin and (ii) the related Net WAC Rate with respect to such Distribution Date.
With respect to each Distribution Date and the Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 and Class II-AN Certificates will be equal to the lesser of (i) 5.470%, 5.640%, 5.801%, 5.850%, 5.850%, and 5.675% per annum, respectively, and (ii) the related Net WAC Rate. With respect to the Class M Certificates, a floating rate equal to the lesser of (i) One-Month LIBOR plus the related Certificate Margin, and (ii) the related Net WAC Rate with respect to such Distribution Date.
With respect to any Distribution Date and the Class C Interest, a per annum rate equal to the percentage equivalent of a fraction, the numerator of which is (x) the sum of the amounts calculated pursuant to clauses (a) through (y) below, and the denominator of which is (y) the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular Interests (other than REMIC 1 Regular Interests LT-P, LT-ISUB, LT-IGRP, LT-2SUB, LT-2GRP, LT-XX and LT-IO). For purposes of calculating the Pass-Through Rate for the Class C Interest, the numerator is equal to the sum of the following components:
(a) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-AA minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-AA;
(b) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-APT minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-APT;
(c) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-A1A minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-A1A;
(d) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-A1B minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-A1B;
(e) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-A1C minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-A1C;
(f) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-A1D minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-A1D;
(g) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-I-A2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-I-A2;
(h) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-A1A minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-A1A;
(i) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-A1B minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-A1B;
(j) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-A1C minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-A1C;
(k) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-A1D1 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-A1D1;
(l) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-A1D2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-A1D2;
(m) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-II-AN minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-II-AN;
(n) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M1 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M1;
(o) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M2 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M2;
(p) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M3 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M3;
(q) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M4 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M4;
(r) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M5 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M5;
(s) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M6 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M6;
(t) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M7 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M7;
(u) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M8 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M8;
(v) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M9 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M9;
(w) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-M10 minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M10;
(x) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-ZZ minus the Marker Rate, applied to an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ; and
|
|
(y) |
100% of the interest on REMIC 2 Regular Interest LT-P. |
The Class P Certificates and Class R Certificates will not accrue interest and therefore will not have a Pass-Through Rate.
“Percentage Interest”: With respect to any Certificate (other than a Class R Certificate), the undivided percentage ownership interest in the related Class evidenced by such Certificate, which percentage ownership interest shall be equal to the Initial Certificate Principal Balance thereof or Initial Notional Amount, as applicable, thereof divided by the aggregate Initial Certificate Principal Balance or Initial Notional Amount, as applicable, of all of the Certificates of the same Class. With respect to any 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 Certificate.
“Permitted Investment”: One or more of the following:
(i) obligations of or guaranteed as to 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 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 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 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 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 (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 Moody’s and Standard & Poor’s in their highest short-term ratings available; provided that such commercial paper shall have a remaining maturity of not more than 30 days;
(v) a money market fund or a qualified investment fund rated by Moody’s in its highest long-term ratings available and rated AAAm or AAAm-G by Standard & Poor’s, including any such funds for which Xxxxx Fargo Bank, N.A. or any affiliate thereof serves as an investment advisor, manager, administrator, shareholder, servicing agent, and/or custodian or sub-custodian; 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 (without regard to the Class II-A1D2 Policy) 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, as evidenced in writing;
provided, however, that 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.
“Permitted Transferee”: Any transferee of a Residual Certificate other than a Disqualified Organization, a Non-United States Person or an “electing large partnership” (as defined in Section 775 of the Code).
“Person”: Any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Prepayment Assumption”: As defined in the Prospectus Supplement.
“Prepayment Charge”: With respect to any Mortgage Loan, the charges, penalties or premiums, if any, due in connection with a full or partial prepayment of such Mortgage Loan in
accordance with the terms of the related Mortgage Note (or any rider or annex thereto), or any amounts in respect thereof paid by the Seller in accordance with the Mortgage Loan Purchase Agreement or the Servicer in accordance with the Servicing Agreement.
“Prepayment Interest Shortfall”: As to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was the subject of (a) a Principal Prepayment in Full during the related Prepayment Period, an amount equal to the excess of one month’s interest at the Net Mortgage Rate on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor for such Prepayment Period to the date of such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month’s interest at the Mortgage Rate on the amount of such Curtailment.
“Prepayment Period”: As to any Distribution Date, the calendar month preceding the month in which such Distribution Date occurs.
“Primary Hazard Insurance Policy”: Each primary hazard insurance policy required to be maintained pursuant to Section 3.13.
“Primary Insurance Policy”: Any primary policy of mortgage guaranty insurance including the Lender-Paid Primary Insurance Policy or any replacement policy therefor.
“Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of the Basic Principal Distribution Amount plus the Extra Principal Distribution Amount.
“Principal Parity Deficit”: With respect to any Distribution Date, the excess of (i) the aggregate of the Certificate Principal Balances of the Class A Certificates on that Distribution Date, after taking into account any reduction (and, with respect to the Class II-A1D2 Certificates, as reduced by the Prior Principal Parity Payments) of those Certificate Principal Balances on that Distribution Date, less the excess of (a) any Principal Parity Deficit for all prior Distribution Dates over (b) the sum of all Prior Principal Parity Payments for all prior Distribution Dates over (ii) the aggregate of the Stated Principal Balances of the Mortgage Loans for that Distribution Date. For the first Distribution Date, the Principal Parity Deficit will equal zero.
“Principal Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.
“Principal Prepayment in Full”: Any Principal Prepayment made by a Mortgagor of the entire unpaid principal balance of the Mortgage Loan.
“Principal Remittance Amount”: With respect to any Distribution Date, the sum (net of any amounts due the Servicer or Master Servicer) of (i) each scheduled payment of principal collected or advanced on the Mortgage Loans by the Servicer or Master Servicer that was due during the related Due Period, (ii) the principal portion of all partial and full Principal Prepayments of the Mortgage Loans applied by the Servicer or Master Servicer during the
related Prepayment Period, (iii) the principal portion of all Net Liquidation Proceeds, REO Proceeds, Insurance Proceeds and Subsequent Recoveries received during the related Prepayment Period, (iv) the principal portion of proceeds of Mortgage Loan purchases made pursuant to Section 2.02, 2.04 or 3.06, in each case received or made during the related Prepayment Period, (v) the principal portion of any related Substitution Adjustments deposited in the Custodial Account during the related Prepayment Period and (vi) on the Distribution Date on which the Trust Fund is to be terminated pursuant to Section 9.01, the principal portion of the termination price received from the Servicer or the Master Servicer, as applicable, in connection with a termination of the Trust Fund to occur on such Distribution Date, less any Net Swap Payment or Swap Termination Payment (not due to a Swap Provider Trigger Event) deposited in the Supplemental Interest Trust for payment to the Swap Provider on such Distribution Date (to the extent not paid from interest collections).
“Prior Principal Parity Payments”: With respect to any Distribution Date, the sum of all Class II-A1D2 Principal Parity Amounts paid by the Certificate Insurer prior to such Distribution Date.
“Prospectus Supplement”: That certain Prospectus Supplement dated November 23, 2005, relating to the public offering of the Offered Certificates.
“Protected Account”: An account established and maintained for the benefit of Certificateholders by the Servicer with respect to the related Mortgage Loans and with respect to REO Property pursuant to the Servicing Agreement.
“Purchase Price”: With respect to any Mortgage Loan (or REO Property) required to be purchased pursuant to Section 2.02, 2.04 or 3.06, an amount equal to the sum of (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest (or REO Imputed Interest) at the applicable Net Mortgage Rate on the Stated Principal Balance thereof outstanding during each Due Period that such interest was not paid or advanced, from the date through which interest was last paid by the Mortgagor or advanced and distributed to Certificateholders together with unpaid Servicing Fees and, if such Mortgage Loan is a Lender-Paid Insured Loan, the premium payable at the Lender-Paid Primary Insurance Rate, from the date through which interest was last paid by the Mortgagor, in each case to the first day of the month in which such Purchase Price is to be distributed, plus (iii) the aggregate of all Advances and Servicing Advances made in respect thereof that were not previously reimbursed and (iv) costs and damages incurred by the Trust Fund in connection with a repurchase pursuant to Section 2.04 hereof that arises out of a violation of any anti-predatory lending law which also constitutes an actual breach of representations (xxxii), (xxxiii), (xxxiv), (xxxv), (xxxvi) or (xxxviii) of Section 3.1(b) of the Mortgage Loan Purchase Agreement.
“Qualified Insurer”: Any insurance company duly qualified as such under the laws of the state or states in which the related Mortgaged Property or Mortgaged Properties is or are located, duly authorized and licensed in such state or states to transact the type of insurance business in which it is engaged and approved as an insurer by the Master Servicer, so long as the claims paying ability of which is acceptable to the Rating Agencies for pass-through certificates having the same rating as the Certificates rated by the Rating Agencies as of the Closing Date.
“Qualified Substitute Mortgage Loan”: A Mortgage Loan substituted by the Company for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in an Officers’ Certificate of the Seller delivered to the Trustee, (i) have an outstanding principal balance, after deduction of the principal portion of the monthly payment due in the month of substitution (or in the case of a substitution of more than one Mortgage Loan for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after such deduction), not in excess of the Stated Principal Balance of the Deleted Mortgage Loan (the amount of any shortfall to be paid to the Master Servicer for deposit in the Custodial Account in the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and not more than 1% per annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value Ratio at the time of substitution no higher than that of the Deleted Mortgage Loan at the time of substitution; (iv) have a remaining term to stated maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.04 hereof; and, (vi) comply with each non-statistical representation and warranty set forth in the Mortgage Loan Purchase Agreement.
“Rating Agency”: Standard & Poor’s and Moody’s and each of their successors. If such agencies and their successors are no longer in existence, “Rating Agency” shall be such nationally recognized statistical rating agency, or other comparable Person, designated by the Company, notice of which designation shall be given to the Trustee, the Securities Administrator and Master Servicer. References herein to the two highest long term debt ratings of a Rating Agency shall mean “AA” or better in the case of Standard & Poor’s and “Aa2” or better in the case of Moody’s and references herein to the two highest short-term debt ratings of a Rating Agency shall mean “A-1+” in the case of Standard & Poor’s and “P-1” in the case of Moody’s, and in the case of any other Rating Agency such references shall mean such rating categories without regard to any plus or minus.
“Realized Loss”: With respect to each Mortgage Loan or REO Property as to which a Cash Liquidation or REO Disposition has occurred, an amount (not less than zero) equal to (i) the Stated Principal Balance of the Mortgage Loan as of the date of Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed Interest, if any) at the Net Mortgage Rate from the Due Date as to which interest was last paid or advanced to Certificateholders up to the date of the Cash Liquidation or REO Disposition on the Stated Principal Balance of such Mortgage Loan outstanding during each Due Period that such interest was not paid or advanced, minus (iii) the proceeds, if any, received during the month in which such Cash Liquidation or REO Disposition occurred, to the extent applied as recoveries of interest at the Net Mortgage Rate and to principal of the Mortgage Loan, net of the portion thereof reimbursable to the Master Servicer or the Servicer with respect to related Advances or Servicing Advances not previously reimbursed. With respect to each Mortgage Loan which has become the subject of a Deficient Valuation, the difference between the principal balance of the Mortgage Loan outstanding immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation. In addition, to the extent the Servicer or Master Servicer receives Subsequent Recoveries with respect to any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage Loan will be reduced to the extent such recoveries are applied to reduce the Certificate Principal Balance of any Class of Certificates on any Distribution Date.
“Record Date”: With respect to any Book-Entry Certificates, other than the Class II-A Certificates and any Distribution Date, the close of business on the Business Day immediately preceding such Distribution Date. With respect to the Class II-A Certificates and any Certificates that are not Book-Entry Certificates, the close of business on the last Business Day of the calendar month preceding such Distribution Date.
“Regular Certificate”: Any of the Certificates other than a Residual Certificate.
“Regular Interest”: A “regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the Code.
“Relief Act”: The Servicemembers Civil Relief Act, f/k/a Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended.
“Relief Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage Loan with respect to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Due Period as a result of the application of the Relief Act, the amount by which (i) interest collectible on such Mortgage Loan during such Due Period is less than (ii) one month’s interest on the Principal Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before giving effect to the application of the Relief Act.
“REMIC”: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.
“REMIC 1”: The segregated pool of assets subject hereto (exclusive of the Basis Risk Shortfall Reserve Fund and the Supplemental Interest Trust) with respect to which a REMIC election is to be made, conveyed in trust to the Trustee, for the benefit of the Holders of the REMIC 1 Regular Interests and the Holders of the Class R Certificates (as holders of the Class R-1 Interest), consisting of: (i) each Mortgage Loan (exclusive of payments of principal and interest due on or before the Cut-off Date, if any, received by the Master Servicer which shall not constitute an asset of the Trust Fund) as from time to time are subject to this Agreement and all payments under and proceeds of such Mortgage Loans (exclusive of any prepayment fees and late payment charges received on the Mortgage Loans), together with all documents included in the related Mortgage File, subject to Section 2.01; (ii) such funds or assets as from time to time are deposited in the Custodial Account or the Certificate Account and belonging to the Trust Fund; (iii) any REO Property; (iv) the Primary Hazard Insurance Policies, if any, the Primary Insurance Policies, if any, and all other Insurance Policies with respect to the Mortgage Loans; and (v) the Company’s interest in respect of the representations and warranties made by the Seller in the Mortgage Loan Purchase Agreement as assigned to the Trustee pursuant to Section 2.04 hereof. REMIC 1 specifically does not include the Basis Risk Shortfall Reserve Fund and the Supplemental Interest Trust.
“REMIC 1 Group I Regular Interests”: REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through REMIC 1 Regular Interest I-104-B as designated in the Preliminary Statement hereto.
“REMIC 1 Group II Regular Interests”: REMIC 1 Regular Interest II as designated in the Preliminary Statement hereto.
“REMIC 1 Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a “regular interest” in REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC 1 Regular Interests are set forth in the Preliminary Statement hereto. The REMIC 1 Regular Interests consist of the REMIC 1 Group I Regular Interests, REMIC 1 Group II Regular Interests and REMIC 1 Regular Interest P.
“REMIC 2”: The segregated pool of assets consisting of all of the REMIC 1 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of the REMIC 2 Regular Interests and the Holders of the Class R (as holders of the Class R-2 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
“REMIC 2 Interest Loss Allocation Amount”: With respect to any Distribution Date, an amount equal to (a) the product of (i) the 50% of aggregate Principal Balance of the Mortgage Loans and related REO Properties then outstanding and (ii) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LT-AA minus the Marker Rate, divided by (b) 12.
“REMIC 2 Marker Allocation Percentage”: 50% of any amount payable or loss attributable from the Mortgage Loans, which shall be allocated to REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10, REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P.
“REMIC 2 Overcollateralized Amount”: With respect to any date of determination, (i) 1% of the aggregate Uncertificated Principal Balances of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10, REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P, minus (ii) the aggregate of the
Uncertificated Principal Balances of REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10 and REMIC 2 Regular Interest LT-P, in each case as of such date of determination.
“REMIC 2 Principal Loss Allocation Amount”: With respect to any Distribution Date and the Mortgage Loans, an amount equal to (a) the product of (i) 50% of the aggregate Principal Balance of the Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus a fraction, the numerator of which is two times the aggregate of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 and the denominator of which is the aggregate of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10 and REMIC 2 Regular Interest LT-ZZ.
“REMIC 2 Overcollateralization Target Amount”: 0.50% of the Overcollateralization Target Amount.
“REMIC 2 Regular Interests “: Any one of the separate non-certificated beneficial ownership interests in REMIC 2 issued hereunder and designated as a “regular interest” in REMIC 2 and identified in the Preliminary Statement. Each REMIC 2 Regular Interest shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal (other than REMIC 2 Regular Interest LT-IO), subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. REMIC 2
Regular Interest LT-P shall also be entitled to any Prepayment Charges received by the Trust Fund.
“REMIC 2 Sub WAC Allocation Percentage”: 50% of any amount payable or loss attributable from the Mortgage Loans, which shall be allocated to REMIC 2 Regular Interest LT-1SUB, REMIC 2 Regular Interest LT-1GRP, REMIC 2 Regular Interest LT-2SUB, REMIC 2 Regular Interest LT-2GRP and REMIC 2 Regular Interest LT-XX.
“REMIC 2 Subordinated Balance Ratio”: The ratio among the Uncertificated Principal Balances of each REMIC 2 Regular Interest ending with the designation “SUB,” equal to the ratio among, with respect to each such REMIC 2 Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I or the Mortgage Loans in Loan Group II, as applicable over (y) the current Certificate Principal Balance of the related Class A Certificates.
“REMIC 3”: The segregated pool of assets consisting of all of the REMIC 2 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of the Regular Certificates, Class IO Interest and the Holders of the Class R Certificates (as holders of the Class R-3 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
“REMIC 3 Regular Interest”: The Class IO Interest and any “regular interest” in REMIC 3 the ownership of which is represented by a Class A Certificate or Class M Certificate.
“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 proposed, temporary and final regulations and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time.
“REMIC Regular Interest”: A REMIC 1 Regular Interest, REMIC 2 Regular Interest, REMIC 3 Regular Interest or Class IO Interest.
“Remittance Report”: A report prepared by the Master Servicer (and delivered to the Securities Administrator) providing the information set forth in Exhibit E attached hereto.
“REO Acquisition”: The acquisition by the Servicer on behalf of the Trust Fund for the benefit of the Certificateholders of any REO Property pursuant to Section 3.15.
“REO Disposition”: The receipt by the Servicer of Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and other payments and recoveries (including proceeds of a final sale) which the Servicer expects to be finally recoverable from the sale or other disposition of the REO Property.
“REO Imputed Interest”: As to any REO Property, for any period, an amount equivalent to interest (at the Mortgage Rate that would have been applicable to the related Mortgage Loan had it been outstanding) on the unpaid principal balance of the Mortgage Loan as of the date of
acquisition thereof (as such balance is reduced pursuant to Section 3.15 by any income from the REO Property treated as a recovery of principal).
“REO Proceeds”: Proceeds, net of directly related expenses, received in respect of any REO Property (including, without limitation, proceeds from the rental of the related Mortgaged Property and of any REO Disposition), which proceeds are required to be deposited into the Custodial Account as and when received.
“REO Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.
“Request for Release”: A release signed by a Servicing Officer, in the form of Exhibit F attached hereto.
“Residual Certificates”: The Class R Certificates.
“Residual Interest”: The sole class of “residual interests” in a REMIC within the meaning of Section 860G(a)(2) of the Code.
“Responsible Officer”: When used with respect to the Trustee shall mean any officer within the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer of the Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. When used with respect to the Securities Administrator shall mean any officer assigned with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer of the Securities Administrator to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.
“Securities Administrator”: Xxxxx Fargo Bank, N.A., or its successor in interest, or any successor securities administrator appointed as herein provided.
“Seller”: Opteum Financial Services, LLC, or its successor in interest.
“Senior Enhancement Percentage”: For any Distribution Date, the percentage obtained by dividing (x) the sum of (i) the aggregate Certificate Principal Balance of the Class M Certificates and (ii) the related Overcollateralization Amount, in each case prior to the distribution of the Principal Distribution Amount on such Distribution Date, by (y) the Aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions to be made on that Distribution Date.
“Servicer”: Opteum Financial Services, LLC, or its successor in interest.
“Servicer Remittance Date”: The 18th day of any month, or if such 18th day is not a Business Day, the first Business Day immediately preceding such 18th day. The first Remittance Date shall occur on December 18, 2005.
“Servicing Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred in connection with a default, delinquency or other unanticipated event in the performance by the Master Servicer, the Servicer or any Subservicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any enforcement or judicial proceedings, including foreclosures, including any expenses incurred in relation to any such proceedings that result from the Mortgage Loan being registered on the MERS System, (iii) the management and liquidation of any REO Property, including reasonable fees paid to any independent contractor in connection therewith, and (iv) compliance with the obligations under the second paragraph of Section 3.01, Section 3.09 and Section 3.13 (other than any deductible described in the last paragraph thereof).
“Servicing Agreement”: The Cenlar Servicing Agreement, attached hereto as Exhibit M-1.
“Servicing Fee”: With respect to each Mortgage Loan, accrued interest at the Servicing Fee Rate with respect to the Mortgage Loan on the same principal balance on which interest on the Mortgage Loan accrues for the calendar month. The Servicing Fee consists of servicing and other related compensation payable to the Servicer or to the Master Servicer if the Master Servicer is directly servicing the loan, and includes any amount payable to any Subservicer by the Servicer.
“Servicing Fee Rate”: With respect to each Mortgage Loan, the servicing fee rate set forth in the Mortgage Loan Schedule. With respect to each fixed rate Mortgage Loan, the Servicing Fee Rate will equal 0.25% per annum. With respect to each adjustable rate Mortgage Loan, the Servicing Fee Rate will equal 0.25% per annum; provided that, on and after the first interest rate adjustment date, for any such adjustable rate Mortgage Loan, that rate will equal 0.375% per annum.
“Servicing Officer”: Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans, whose name and specimen signature appear on a list of servicing officers furnished to the Trustee by the Master Servicer, as such list may from time to time be amended.
“Single Certificate”: A Regular Certificate of any Class (other than a Class P Certificate) evidencing an Initial Certificate Principal Balance or Initial Notional Amount, as applicable, of $1,000, or, in the case of a Class P Certificate, a Certificate of such Class evidencing an Initial Certificate Principal Balance of $100.
“Standard & Poor’s”: Standard & Poor’s, a division of The XxXxxx-Xxxx Companies, Inc., or its successor in interest.
“Startup Day”: The day designated as such pursuant to Article X hereof.
“Stated Principal Balance”: With respect to any Mortgage Loan or related REO Property at any given time, (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off Date, after application of principal payments due on or before such date, whether or not received, minus (ii) the sum of (a) the principal portion of the Monthly Payments due with respect to such Mortgage Loan or REO Property during each Due Period ending prior to the most recent
Distribution Date which were received or with respect to which an Advance was made, and (b) all Principal Prepayments with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO Proceeds to the extent applied by the Master Servicer as recoveries of principal in accordance with Section 3.15 with respect to such Mortgage Loan or REO Property, which were distributed pursuant to Section 4.01 on any previous Distribution Date, and (c) any Realized Loss with respect thereto allocated pursuant to Section 4.07 for any previous Distribution Date.
“Stepdown Date”: The later to occur of (x) the Distribution Date occurring in December 2008 and (y) the first Distribution Date for which the Senior Enhancement Percentage is greater than or equal to approximately 17.90%.
“Sub-Group”: Each sub-group of the Mortgage Loans referred to as the Group I Loans and the Group II Loans.
“Subservicer”: Any Subservicer appointed by the Servicer pursuant to the Servicing Agreement. Initially, the Subservicer shall be Cenlar.
“Subservicer Remittance Date”: The 18th day of each month, or if such day is not a Business Day, the immediately preceding Business Day.
“Subservicing Agreement”: The written contract between the Servicer and a Subservicer and any successor Subservicer relating to servicing and administration of certain Mortgage Loans as provided in the Servicing Agreement.
“Subsequent Recoveries”: As of any Distribution Date, amounts received by the Servicer or Master Servicer (net of any related expenses permitted to be reimbursed pursuant to Section 4.02) or surplus amounts held by the Servicer or Master Servicer to cover estimated expenses (including, but not limited to, recoveries in respect of the representations and warranties made by the Seller pursuant to the Mortgage Loan Purchase Agreement) specifically related to a Mortgage Loan that was the subject of a liquidation or final disposition of any REO Property prior to the related Prepayment Period that resulted in a Realized Loss.
“Substitution Adjustment”: As defined in Section 2.04 hereof.
“Supplemental Interest Trust”: The corpus of a trust created pursuant to Section 4.09 of this Agreement and designated as the “Supplemental Interest Trust,” consisting of the Swap Agreement, Class IO Interest and the right to receive payments in respect of the Class IO Distribution Amount. For the avoidance of doubt, the Supplemental Interest Trust does not constitute a part of the Trust Fund.
“Swap Agreement”: The interest rate swap agreement, dated November 29, 2005, between HSBC Bank USA, National Association, as trustee on behalf of the Supplemental Interest Trust, and the Swap Provider, which agreement provides for Net Swap Payments and Swap Termination Payments to be paid, as provided therein, together with any schedules, confirmations or other agreements relating thereto, attached hereto as Exhibit O.
“Swap LIBOR”: LIBOR as determined pursuant to the Swap Agreement.
“Swap Principal Payment Amount”: With respect to each Distribution Date, the Swap Principal Payment Amount as defined in the Indenture.
“Swap Provider”: The swap provider under the Swap Agreement either (a) entitled to receive payments from the Supplemental Interest Trust or (b) required to make payments to the Supplemental Interest Trust, in either case pursuant to the terms of the Swap Agreement, and any successor in interest or assign. Initially, the Swap Provider shall be Swiss Re Financial Products Corporation.
“Swap Provider Trigger Event”: A Swap Provider Trigger Event shall have occurred if any of an Event of Default (under the Swap Agreement) with respect to which the Swap Provider is a Defaulting Party, a Termination Event (under the Swap Agreement) with respect to which the Swap Provider is the sole Affected Party or an Additional Termination Event (under the Swap Agreement) with respect to which the Swap Provider is the sole Affected Party has occurred.
“Swap Termination Payment”: Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Supplemental Interest Trust to the Swap Provider, or by the Swap Provider to the Supplemental Interest Trust, as applicable, pursuant to the terms of the Swap 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 each REMIC due to their classification as REMICs 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.
“Transfer”: Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership Interest in a Certificate.
“Transferor”: Any Person who is disposing by Transfer of any Ownership Interest in a Certificate.
“Trigger Event”: A Trigger Event is in effect with respect to any Distribution Date if:
(1) the three-month rolling average of the aggregate principal balance of Mortgage Loans that are 60 or more days Delinquent (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related mortgaged property has been acquired by the trust) as of the close of business on the last day of the preceding calendar month equals or exceeds 35.00% of the Senior Enhancement Percentage; or
(2) in the case of any Distribution Date after the 36th Distribution Date, the cumulative amount of Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the end of the calendar month immediately preceding such Distribution Date exceeds the
applicable percentage set forth below of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date:
|
December 2005 to November 2008 |
N/A |
|
December 2008 to November 2009 |
0.85% |
|
December 2009 to November 2010 |
1.30% |
|
December 2010 to November 2011 |
1.70% |
|
December 2011 and thereafter |
2.00% |
“Trust Fund”: REMIC 1, REMIC 2, REMIC 3, the Basis Risk Shortfall Reserve Fund, the Custodial Account and the Certificate Account.
“Trust REMIC”: Any of REMIC 1, REMIC 2 or REMIC 3.
“Trustee”: HSBC Bank USA, National Association, or its successor in interest, or any successor trustee appointed as herein provided.
“Uncertificated Accrued Interest”: With respect to each REMIC Regular Interest on each Distribution Date, an amount equal to one month’s interest at the related Uncertificated Pass-Through Rate on the Uncertificated Principal Balance or Uncertificated Notional Amount, as applicable, of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular Interests as set forth in Section 1.03).
“Uncertificated Notional Amount”: With respect to REMIC 2 Regular Interest LT-IO and each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC 1 Regular Interests ending with the designation “A” listed below:
|
Distribution Date |
REMIC 1 Regular Interests |
|
1 |
I-1-A through I-104-A |
|
2 |
I-2-A through I-104-A |
|
3 |
I-3-A through I-104-A |
|
4 |
I-4-A through I-104-A |
|
5 |
I-5-A through I-104-A |
|
6 |
I-6-A through I-104-A |
|
7 |
I-7-A through I-104-A |
|
8 |
I-8-A through I-104-A |
|
9 |
I-9-A through I-104-A |
|
10 |
I-10-A through I-104-A |
|
11 |
I-11-A through I-104-A |
|
12 |
I-12-A through I-104-A |
|
13 |
I-13-A through I-104-A |
|
14 |
I-14-A through I-104-A |
|
15 |
I-15-A through I-104-A |
|
16 |
I-16-A through I-104-A |
|
17 |
I-17-A through I-104-A |
|
18 |
I-18-A through I-104-A |
|
19 |
I-19-A through I-104-A |
|
20 |
I-20-A through I-104-A |
|
21 |
I-21-A through I-104-A |
|
22 |
I-22-A through I-104-A |
|
23 |
I-23-A through I-104-A |
|
24 |
I-24-A through I-104-A |
|
25 |
I-25-A through I-104-A |
|
26 |
I-26-A through I-104-A |
|
27 |
I-27-A through I-104-A |
|
28 |
I-28-A through I-104-A |
|
29 |
I-29-A through I-104-A |
|
30 |
I-30-A through I-104-A |
|
31 |
I-31-A through I-104-A |
|
32 |
I-32-A through I-104-A |
|
33 |
I-33-A through I-104-A |
|
34 |
I-34-A through I-104-A |
|
35 |
I-35-A through I-104-A |
|
36 |
I-36-A through I-104-A |
|
37 |
I-37-A through I-104-A |
|
38 |
I-38-A through I-104-A |
|
39 |
I-39-A through I-104-A |
|
40 |
I-40-A through I-104-A |
|
41 |
I-41-A through I-104-A |
|
42 |
I-42-A through I-104-A |
|
43 |
I-43-A through I-104-A |
|
44 |
I-44-A through I-104-A |
|
45 |
I-45-A through I-104-A |
|
46 |
I-46-A through I-104-A |
|
47 |
I-47-A through I-104-A |
|
48 |
I-48-A through I-104-A |
|
49 |
I-49-A through I-104-A |
|
50 |
I-50-A through I-104-A |
|
51 |
I-51-A through I-104-A |
|
52 |
I-52-A through I-104-A |
|
53 |
I-53-A through I-104-A |
|
54 |
I-54-A through I-104-A |
|
55 |
I-55-A through I-104-A |
|
56 |
I-56-A through I-104-A |
|
57 |
I-57-A through I-104-A |
|
58 |
I-58-A through I-104-A |
|
59 |
I-59-A through I-104-A |
|
60 |
I-60-A through I-104-A |
|
61 |
I-61-A through I-104-A |
|
62 |
I-62-A through I-104-A |
|
63 |
I-63-A through I-104-A |
|
64 |
I-64-A through I-104-A |
|
65 |
I-65-A through I-104-A |
|
66 |
I-66-A through I-104-A |
|
67 |
I-67-A through I-104-A |
|
68 |
I-68-A through I-104-A |
|
69 |
I-69-A through I-104-A |
|
70 |
I-70-A through I-104-A |
|
71 |
I-71-A through I-104-A |
|
72 |
I-72-A through I-104-A |
|
73 |
I-73-A through I-104-A |
|
74 |
I-74-A through I-104-A |
|
75 |
I-75-A through I-104-A |
|
76 |
I-76-A through I-104-A |
|
77 |
I-77-A through I-104-A |
|
78 |
I-78-A through I-104-A |
|
79 |
I-79-A through I-104-A |
|
80 |
I-80-A through I-104-A |
|
81 |
I-81-A through I-104-A |
|
82 |
I-82-A through I-104-A |
|
83 |
I-83-A through I-104-A |
|
84 |
I-84-A through I-104-A |
|
85 |
I-85-A through I-104-A |
|
86 |
I-86-A through I-104-A |
|
87 |
I-87-A through I-104-A |
|
88 |
I-88-A through I-104-A |
|
89 |
I-89-A through I-104-A |
|
90 |
I-90-A through I-104-A |
|
91 |
I-91-A through I-104-A |
|
92 |
I-92-A through I-104-A |
|
93 |
I-93-A through I-104-A |
|
94 |
I-94-A through I-104-A |
|
95 |
I-95-A through I-104-A |
|
96 |
I-96-A through I-104-A |
|
97 |
I-97-A through I-104-A |
|
98 |
I-98-A through I-104-A |
|
99 |
I-99-A through I-104-A |
|
100 |
I-100-A through I-104-A |
|
101 |
I-101-A through I-104-A |
|
102 |
I-102-A through I-104-A |
|
103 |
I-103-A and I-104-A |
|
104 |
I-104-A |
|
thereafter |
$0.00 |
With respect to the Class IO Interest and any Distribution Date, an amount equal to the Uncertificated Notional Amount of the REMIC 2 Regular Interest IO.
“Uncertificated Principal Balance”: With respect to each REMIC Regular Interest (other than REMIC 2 Regular Interest LT-IO), the principal amount of such REMIC Regular Interest outstanding as of any date of determination. As of the Closing Date, the Uncertificated Principal Balance of each such REMIC Regular Interest shall equal the amount set forth in the Preliminary Statement hereto as its initial Uncertificated Principal Balance. On each Distribution Date, the Uncertificated Principal Balance of each such REMIC 2 Regular Interest shall be reduced by all distributions of principal made on such REMIC 2 Regular Interest on such Distribution Date pursuant to Section 4.06 and, if and to the extent necessary and appropriate, shall be further reduced on such Distribution Date by Realized Losses as provided in Section 4.07. The Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by interest deferrals as provided in Section 4.06. The Uncertificated Principal Balance of each REMIC Regular Interest shall never be less than zero.
“Uncertificated Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or Uncertificated REMIC 2 Pass-Through Rate.
“Uncertificated REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, a per annum rate equal to the weighted average Net Mortgage Rate of the Group 1 Mortgage Loans. With respect to each REMIC 1 Regular Interest ending with the designation “A”, a per annum rate equal to the weighted average Net Mortgage Rate of the Group 1 Mortgage Loans multiplied by 2, subject to a maximum rate of 10.034%. With respect to each REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of the Group 1 Mortgage Loans over (ii) 10.034% and (y) 0.00%. With respect to REMIC 1 Regular Interest II, a per annum rate equal to the weighted average Net Mortgage Rate of the Group II Mortgage Loans.
“Uncertificated REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C, REMIC 2 Regular Interest LT-I-A1D, REMIC 2 Regular Interest LT-I-A2, REMIC 2 Regular Interest LT-II-A1A, REMIC 2 Regular Interest LT-II-A1B, REMIC 2 Regular Interest LT-II-A1C, REMIC 2 Regular Interest LT-II-A1D1, REMIC 2 Regular Interest LT-II-A1D2, REMIC 2 Regular Interest LT-II-AN, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10, REMIC 2 Regular Interest LT-ZZ, REMIC 2 Regular Interest LT-P, REMIC 2 Regular Interest LT-1SUB, REMIC 2 Regular Interest LT-2SUB, and REMIC 2 Regular Interest LT-XX, a per annum rate (but not less than zero) equal to the weighted average of (w) with respect to REMIC 1 Regular Interest I, REMIC 1 Regular Interest II and REMIC 1 Regular Interest P, the Uncertificated REMIC 1 Pass-Through Rate for such REMIC 1 Regular Interest for each such Distribution Date, (x) with respect to REMIC 1 Regular Interests ending with the designation “B”, the weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests for each such Distribution Date and (y) with respect to REMIC 1 Regular Interests ending with the designation “A”, for each Distribution Date listed below, the weighted average of the rates listed below for each such REMIC 1 Regular Interest listed below, weighted on the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular Interest for each such Distribution Date:
|
Distribution Date |
REMIC 1 Regular Interest |
Rate |
|
1 |
I-1-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
2 |
I-2-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
3 |
I-3-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A and I-2-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
4 |
I-4-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-3-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
5 |
I-5-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-4-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
6 |
I-6-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-5-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
7 |
I-7-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-6-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
8 |
I-8-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-7-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
9 |
I-9-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-8-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
10 |
I-10-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-9-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
11 |
I-11-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-10-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
12 |
I-12-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-11-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
13 |
I-13-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-12-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
14 |
I-14-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-13-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
15 |
I-15-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-14-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
16 |
I-16-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-15-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
17 |
I-17-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-16-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
18 |
I-18-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-17-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
19 |
I-19-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-18-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
20 |
I-20-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-19-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
21 |
I-21-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-20-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
22 |
I-22-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-21-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
23 |
I-23-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-22-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
24 |
I-24-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-23-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
25 |
I-25-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-24-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
26 |
I-26-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-25-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
27 |
I-27-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-26-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
28 |
I-28-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-27-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
29 |
I-29-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-28-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
30 |
I-30-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-29-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
31 |
I-31-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-30-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
32 |
I-32-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-31-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
33 |
I-33-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-32-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
34 |
I-34-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-33-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
35 |
I-35-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-34-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
36 |
I-36-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-35-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
37 |
I-37-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-36-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
38 |
I-38-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-37-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
39 |
I-39-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-38-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
40 |
I-40-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-39-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
41 |
I-41-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-40-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
42 |
I-42-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-41-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
43 |
I-43-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-42-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
44 |
I-44-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-43-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
45 |
I-45-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-44-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
46 |
I-46-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-45-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
47 |
I-47-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-46-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
48 |
I-48-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-47-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
49 |
I-49-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-48-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
50 |
I-50-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-49-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
51 |
I-51-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-50-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
52 |
I-52-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-51-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
53 |
I-53-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-52-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
54 |
I-54-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-53-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
55 |
I-55-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |
|
|
I-1-A through I-54-A |
Uncertificated REMIC 1 Pass-Through Rate |
|
56 |
I-56-A through I-104-A |
2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate |