Common use of PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS Clause in Contracts

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 SECTION 4.01. Priorities of Distribution...............................121 SECTION 4.02. Allocation of Losses.....................................133 SECTION 4.03. Recoveries...............................................134 SECTION 4.04. Reserved.................................................134 SECTION 4.05. Monthly Statements to Certificateholders.................134 SECTION 4.06. Servicer to Cooperate....................................135 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds....................................................136 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 SECTION 4.10. Class 9-A-4 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 SECTION 5.01. Advances by the Master Servicer and Servicers............146 ARTICLE VI THE CERTIFICATES................................................147 SECTION 6.01. The Certificates.........................................147 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 SECTION 6.04. Persons Deemed Owners....................................153 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 SECTION 6.06. Maintenance of Office or Agency..........................153 SECTION 6.07. Book Entry Certificates..................................153 SECTION 6.08. Notices to Clearing Agency...............................154 SECTION 6.09. Definitive Certificates..................................154 ARTICLE VII THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SERVICERS AND THE SPECIAL SERVICER............................

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 73 SECTION 4.01. Priorities of Distribution...............................121 ............................................................73 SECTION 4.02. Allocation of Losses.....................................133 ..................................................................73 SECTION 4.03. Recoveries...............................................134 ............................................................................73 SECTION 4.04. Reserved.................................................134 SECTION 4.05. Monthly Statements to Certificateholders.................134 ..............................................73 SECTION 4.064.05. Servicer to Cooperate....................................135 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds....................................................136 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 Rights of Swap Counterparty...........................................................75 SECTION 4.10. Class 9-A-4 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 Replacement Swap Counterparty.........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers............146 ....................76 ARTICLE VI THE CERTIFICATES................................................147 ......................................................................................78 SECTION 6.01. The Certificates.........................................147 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 .....................................84 SECTION 6.04. Persons Deemed Owners....................................153 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 .............................84 SECTION 6.06. Maintenance of Office or Agency..........................153 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..................................153 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...............................154 ............................................................85 SECTION 6.09. Definitive Certificates..................................154 ...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLERSSELLER, THE MASTER SERVICER, THE SERVICERS SERVICERS, THE SPECIAL SERVICER AND THE SPECIAL SERVICER............................MODIFICATION OVERSIGHT AGENT..................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent..................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing............................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 73 SECTION 4.01. Priorities of Distribution...............................121 ............................................................73 SECTION 4.02. Allocation of Losses.....................................133 ..................................................................73 SECTION 4.03. Recoveries...............................................134 ............................................................................73 SECTION 4.04. Reserved.................................................134 SECTION 4.05. Monthly Statements to Certificateholders.................134 ..............................................73 SECTION 4.064.05. Servicer to Cooperate....................................135 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds....................................................136 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 Rights of Swap Counterparty...........................................................75 SECTION 4.10. Class 9-A-4 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 Replacement Swap Counterparty.........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers............146 ....................76 ARTICLE VI THE CERTIFICATES................................................147 ......................................................................................78 SECTION 6.01. The Certificates.........................................147 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 .....................................84 SECTION 6.04. Persons Deemed Owners....................................153 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 .............................84 SECTION 6.06. Maintenance of Office or Agency..........................153 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..................................153 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...............................154 ............................................................85 SECTION 6.09. Definitive Certificates..................................154 ...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLERSSELLER, THE MASTER SERVICER, THE SERVICERS SERVICERS, THE SPECIAL SERVICER AND THE SPECIAL SERVICER............................MODIFICATION OVERSIGHT AGENT...............................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent.............................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and Others......88 SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing......................................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 104 SECTION 4.01. Priorities of Distribution...............................121 ...........................................104 SECTION 4.02. Allocation of Losses.....................................133 .................................................112 SECTION 4.03. Recoveries...............................................134 ...........................................................113 SECTION 4.04. Reserved.................................................134 .............................................................114 SECTION 4.05. Monthly Statements to Certificateholders.................134 .............................114 SECTION 4.06. Servicer to Cooperate....................................135 ................................................114 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds....................................................136 ..............115 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 Reserved.............................................................116 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 Reserved.............................................................116 SECTION 4.10. Class 9-A-4 Group 5 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 ....................................116 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 ..............................118 SECTION 5.01. Advances by the Master Servicer and Servicers............146 ........................118 ARTICLE VI THE CERTIFICATES................................................147 ...........................................................119 SECTION 6.01. The Certificates.........................................147 .....................................................119 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 ................120 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 ....................125 SECTION 6.04. Persons Deemed Owners....................................153 ................................................125 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 ............125 SECTION 6.06. Maintenance of Office or Agency..........................153 ......................................125 SECTION 6.07. Book Entry Certificates..................................153 ..............................................126 SECTION 6.08. Notices to Clearing Agency...............................154 ...........................................126 SECTION 6.09. Definitive Certificates..................................154 ..............................................127 ARTICLE VII THE DEPOSITOR, THE SELLERSSELLER, THE MASTER SERVICER, THE SERVICERS AND THE SPECIAL SERVICER.............................................................................128 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Back-Up Servicer, the Servicers and the Special Servicer........

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 117 SECTION 4.01. Priorities of Distribution...............................121 4.01 Certificate Account..............................117 SECTION 4.02. 4.02 Distributions....................................118 SECTION 4.03 Allocation of Realized Losses.....................................133 ....................127 SECTION 4.03. Recoveries...............................................134 SECTION 4.04. Reserved.................................................134 SECTION 4.05. 4.04 Monthly Statements to Certificateholders.................134 .........129 SECTION 4.06. Servicer to Cooperate....................................4.05 Prepayment Interest Shortfalls and Relief Act Shortfalls...................................131 SECTION 4.06 Auction Administration Agreement; Swap Agreement........................................132 SECTION 4.07 Deemed Distributions on REMIC Regular Interests........................................133 ARTICLE V ADVANCES.................................................135 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds....................................................136 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 SECTION 4.10. Class 9-A-4 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 SECTION 5.01. 5.01 Monthly Advances by the Master Servicer and Servicers............146 Servicer.................135 SECTION 5.02 Advances for Attorneys' Fees.....................136 SECTION 5.03 Nonrecoverable Advances..........................136 SECTION 5.04 Advance Procedures...............................136 ARTICLE VI THE CERTIFICATES................................................147 .........................................137 SECTION 6.01. 6.01 The Certificates.........................................147 .................................137 SECTION 6.02. 6.02 Registration of Transfer and Exchange of Certificates.............................................148 .....................................139 SECTION 6.03. 6.03 Mutilated, Destroyed, Lost or Stolen Certificates........152 .....................................146 SECTION 6.04. 6.04 Persons Deemed Owners....................................153 ............................146 SECTION 6.05. 6.05 Access to List of Certificateholders' Names and Addresses................................................153 ....................................147 SECTION 6.06. 6.06 Maintenance of Office or Agency..........................153 SECTION 6.07. Book Entry Certificates..................................153 SECTION 6.08. Notices to Clearing Agency...............................154 SECTION 6.09. Definitive Certificates..................................154 ..................147 ARTICLE VII THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SERVICERS SELLER AND THE SPECIAL SERVICER...............................................147 SECTION 7.01 Liabilities of the Depositor, Seller and the Servicer.....................................147 SECTION 7.02 Merger or Consolidation of the Depositor, the Seller or the Servicer...........................148 SECTION 7.03 Limitation on Liability of the Depositor, the Servicer and Others..............................149 SECTION 7.04 Servicer Not to Resign...........................150 -ii- SECTION 7.05 Errors and Omissions Insurance; Fidelity Bonds............................................150 SECTION 7.06 Seller and Servicer May Own Certificates.........150 ARTICLE VIII DEFAULT..................................................150 SECTION 8.01 Events of Default................................150 SECTION 8.02 Trustee to Act; Appointment of Successor.........152 SECTION 8.03 Notification to Certificateholders...............153 SECTION 8.04 Waiver of Events of Default......................153

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 125 SECTION 4.01. Priorities of Distribution...............................121 125 SECTION 4.02. Allocation of Losses.....................................133 138 SECTION 4.03. Recoveries...............................................134 139 SECTION 4.04. Reserved.................................................134 139 SECTION 4.05. Monthly Statements to Certificateholders.................134 140 SECTION 4.06. Servicer to Cooperate....................................135 140 SECTION 4.07. Cross-Collateralization; Adjustments to Available Funds....................................................136 ..141 SECTION 4.08. Group 9 7 Basis Risk Reserve Fund..........................137 142 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 143 SECTION 4.10. Class 97-A-3 Interest Rate Cap Account....................144 SECTION 4.11. Class 7-A-4 Interest Rate Cap Account....................139 145 SECTION 4.114.12. Class 97-A-5 M-4 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 147 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 149 SECTION 5.01. Advances by the Master Servicer and Servicers............146 149 ARTICLE VI THE CERTIFICATES................................................147 150 SECTION 6.01. The Certificates.........................................147 150 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 ....151 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 155 SECTION 6.04. Persons Deemed Owners....................................153 156 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 ......................................156 SECTION 6.06. Maintenance of Office or Agency..........................153 156 SECTION 6.07. Book Entry Certificates..................................153 156 SECTION 6.08. Notices to Clearing Agency...............................154 157 SECTION 6.09. Definitive Certificates..................................154 157 ARTICLE VII THE DEPOSITOR, THE SELLERS, THE MASTER SERVICER, THE SERVICERS AND THE SPECIAL SERVICER...............................................

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 93 SECTION 4.01. Priorities of Distribution...............................121 ............................................................93 SECTION 4.02. Allocation of Losses.....................................133 ..................................................................99 SECTION 4.03. Recoveries...............................................134 ...........................................................................100 SECTION 4.04. Reserved.................................................134 SECTION 4.05. Monthly Statements to Certificateholders.................134 .............................................101 SECTION 4.064.05. Servicer to Cooperate....................................135 ................................................................101 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds....................................................136 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 SECTION 4.10. Class 9-A-4 Funds; Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 Agreement................................102 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 .........................................................104 SECTION 5.01. Advances by the Master Servicer and Servicers............146 ........................................104 ARTICLE VI THE CERTIFICATES................................................147 .....................................................................................105 SECTION 6.01. The Certificates.........................................147 .....................................................................105 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 ................................106 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 ....................................110 SECTION 6.04. Persons Deemed Owners....................................153 ................................................................111 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 ............................111 SECTION 6.06. Maintenance of Office or Agency..........................153 ......................................................111 SECTION 6.07. Book Entry Certificates..................................153 ..............................................................111 SECTION 6.08. Notices to Clearing Agency...............................154 ...........................................................112 SECTION 6.09. Definitive Certificates..................................154 ..............................................................112 ARTICLE VII THE DEPOSITOR, THE SELLERSSELLER, THE MASTER SERVICER, THE SERVICERS AND THE SPECIAL SERVICER.........................................

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS. 121 73 SECTION 4.01. Priorities of Distribution...............................121 ............................................................73 SECTION 4.02. Allocation of Losses.....................................133 ..................................................................73 SECTION 4.03. Recoveries...............................................134 ............................................................................73 SECTION 4.04. Reserved.................................................134 SECTION 4.05. Monthly Statements to Certificateholders.................134 ..............................................73 SECTION 4.064.05. Servicer to Cooperate....................................135 .................................................................74 SECTION 4.074.06. Cross-Collateralization; Adjustments to Available Funds....................................................136 ...............................75 SECTION 4.07. Interest Rate Cap Account(s)..........................................................75 SECTION 4.08. Group 9 Basis Risk Reserve Fund..........................137 Supplemental Interest Trust(s)........................................................75 SECTION 4.09. Class C-B-1 Basis Risk Reserve Fund......................138 Rights of Swap Counterparty...........................................................75 SECTION 4.10. Class 9-A-4 Interest Rate Cap Account....................139 SECTION 4.11. Class 9-A-5 Interest Rate Cap Account....................140 SECTION 4.12. Class 9-A-6 Interest Rate Cap Account....................142 SECTION 4.13. Class 9-A-7 Interest Rate Cap Account....................143 Replacement Swap Counterparty.........................................................75 ARTICLE V ADVANCES BY THE MASTER SERVICER AND SERVICERS....................146 ..........................................................76 SECTION 5.01. Advances by the Trust Administrator, Master Servicer and Servicers............146 ....................76 ARTICLE VI THE CERTIFICATES................................................147 ......................................................................................78 SECTION 6.01. The Certificates.........................................147 ......................................................................78 SECTION 6.02. Registration of Transfer and Exchange of Certificates.............................................148 .................................79 SECTION 6.03. Mutilated, Destroyed, Lost or Stolen Certificates........152 .....................................84 SECTION 6.04. Persons Deemed Owners....................................153 .................................................................84 SECTION 6.05. Access to List of Certificateholders' Names and Addresses................................................153 .............................84 SECTION 6.06. Maintenance of Office or Agency..........................153 .......................................................84 SECTION 6.07. Book Book-Entry Certificates..................................153 ...............................................................85 SECTION 6.08. Notices to Clearing Agency...............................154 ............................................................85 SECTION 6.09. Definitive Certificates..................................154 ...............................................................86 ARTICLE VII THE DEPOSITOR, THE SELLERSSELLER, THE MASTER SERVICER, THE SERVICERS SERVICERS, THE SPECIAL SERVICER AND THE SPECIAL SERVICER............................MODIFICATION OVERSIGHT AGENT..................................................................87 SECTION 7.01. Liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer and the Modification Oversight Agent..................87 SECTION 7.02. Merger or Consolidation of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer or the Modification Oversight Agent...............87 SECTION 7.03. Limitation on Liability of the Seller, the Depositor, the Master Servicer, the Servicers, the Special Servicer, the Modification Oversight Agent and Others................................................................................88 SECTION 7.04. Master Servicer, Servicers, Special Servicer and Modification Oversight Agent Not to Resign; Transfer of Servicing............................................89 SECTION 7.05. Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01. Events of Default.....................................................................91 SECTION 8.02. Master Servicer or Trust Administrator to Act; Appointment of Successor...............93 SECTION 8.03. Notification to Certificateholders....................................................95 SECTION 8.04. Waiver of Events of Default...........................................................95 ARTICLE IX