Class Certificate Balance. With respect to any Class of Offered Certificates and as to any Distribution Date, the aggregate of the Certificate Balances of all Certificates of such Class as of such date. The Class Certificate Balance of the Class R Certificates shall be zero. Class Interest Shortfall ------------------------ As to any Distribution Date and any Class of Offered Certificates, the amount by which the amount described in the definition of Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date. Class M-1 Applied Realized Loss Amount -------------------------------------- As to the Class M-1 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-1 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-2 Applied Realized Loss Amount, the Class M-3 Applied Realized Loss Amount, the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-1 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-1 Certificate. Class M-1 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date) and (ii) the Class Certificate Balance of the Class M-1 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 69.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-1 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-1 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-1 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (v) of Section 4.02(d) for that Distribution Date. Class M-2 Applied Realized Loss Amount -------------------------------------- As to the Class M-2 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-2 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-3 Applied Realized Loss Amount, the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-2 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-2 Certificate. Class M-2 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date) and (iii) the Class Certificate Balance of the Class M-2 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 80.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-2 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-2 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-2 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (viii) of Section 4.02(d) for that Distribution Date. Class M-3 Applied Realized Loss Amount -------------------------------------- As to the Class M-3 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-3 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-3 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-3 Certificate. Class M-3 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date), (iii) the Class Certificate Balance of the M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on that Distribution Date) and (iv) the Class Certificate Balance of the Class M-3 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 83.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-3 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-3 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-3 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (xi) of Section 4.02(d) for that Distribution Date. Class M-4 Applied Realized Loss Amount -------------------------------------- As to the Class M-4 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-4 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-4 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-4 Certificate. Class M-4 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date), (iii) the Class Certificate Balance of the M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on that Distribution Date), (iv) the Class Certificate Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on that Distribution Date) and (v) the Class Certificate Balance of the Class M-4 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 86.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-4 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-4 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-4 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (xiv) of Section 4.02(d) for that Distribution Date. Class R Certificates -------------------- The certificates representing the single "residual interest" in each of REMIC 1 and REMIC 2, substantially in the form attached hereto as Exhibit B-1. Class Unpaid Interest Amounts ----------------------------- As to any Distribution Date and any Class of Offered Certificates, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount of Class Unpaid Interest Amounts distributed on such Class on prior Distribution Dates plus interest on such amount at the related Pass-Through Rate. Class X Certificate ------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit B-2 and designated as a Class X Certificate. Closing Date ------------ January 30, 2004. Closing Place ------------- The offices of Messrs. Stradley, Ronon, Stevens & Young, LLP, 2600 One Commerce Square, Philadelphia, Pennsy▇▇▇▇▇▇ 191▇▇. ▇▇▇▇ ---- ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇ode of 1986, including any successor or amendatory provisions. Collateral ---------- The assets constituting the Loans, Mortgage Files and the Trust Fund, and any and all contractual, legal, equitable or other rights in connection therewith, and all proceeds thereof (but not including payments of interest and principal due and payable with respect to the Loans on or before the Cut-off Date). Collateral Value ---------------- With respect to any Loan, other than Refinance Loans, an amount equal to the lesser of (a) the appraised value of the related Mortgaged Property based on an appraisal obtained by the originator from an independent fee appraiser at the time of the origination of such Loan, and (b) if the Loan was originated either in connection with the acquisition of the Mortgaged Property by the borrower or within one year after acquisition of the Mortgaged Property by the borrower, the purchase price paid by such borrower for the Mortgaged Property. In the case of Refinance Loans, the Collateral Value is the appraised value of the Mortgaged Property based upon the appraisal obtained at the time of refinancing. Combined Loan-to-Value Ratio ---------------------------- With respect to any Loan and as to any date of determination, the fraction, expressed as a percentage, the numerator of which is the principal balance of such Loan at the date of origination plus, in the case of a Second Lien Loan, the outstanding principal balance of the related first lien mortgage loan on the date of origination of such Second Lien Loan, and the denominator of which is the Collateral Value of the related Mortgaged Property. Corporate Trust Office ---------------------- The designated office of the Trustee in the State of New York at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at 4 New York Plaza, 6th Floor, New York, New York 10004 (Attention: ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇/▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ 2004-1, facsimile number: 212-623-5930) and which is the address to which notices to and correspondence with the Trustee should be directed. Corresponding Class ------------------- As defined in the Preliminary Statement. Counterparty ------------ Wachovia Bank, National Association. Custodial Agreement ------------------- As defined in Section 8.13. Custodian --------- As defined in Section 8.13. Cut-off Date ------------ With respect to the Initial Loans, the Initial Cut-off Date. With respect to any Subsequent Loan, the date designated as the Cut-off Date in the related Subsequent Transfer Agreement. Cut-off Date Principal Balance ------------------------------ As to any Loan, the Stated Principal Balance thereof as of the close of business on the applicable Cut-off Date. Defective Loan -------------- Any Loan which is required to be repurchased pursuant to Section 2.02 or 2.03. Deficient Valuation ------------------- With respect to any Loan, a valuation of the related Mortgaged Property by a court of competent jurisdiction in an amount less than the then outstanding principal balance of the Loan, which valuation results from a proceeding initiated under the Bankruptcy Code. Definitive Certificates ----------------------- Any Certificate issued in lieu of a Book-Entry Certificate pursuant to Section 5.02(e). Deleted Loan ------------ As defined in Section 2.03(c). Denomination ------------ With respect to each Offered Certificate, Class X Certificate or Class R Certificate, the amount set forth on the face thereof as the "Initial Certificate Balance of this Certificate" or the "Percentage Interest." Depositor --------- Equity One ABS, Inc., a Delaware corporation, or its successor in interest. Depository ---------- The initial Depository shall be The Depository Trust Company, the nominee of which is Cede & Co., as the registered Holder of the Book-Entry Certificates. The Depository shall at all times be a "clearing corporation" as defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York. Depository Participant ---------------------- A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository. Determination Date ------------------ As to any Distribution Date, the 21st day of each month or, if such day is not a Business Day, the next preceding Business Day; provided, however, that the Determination Date in each month will be at least two Business Days preceding the related Distribution Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equity One Mortgage Pass-Through Trust 2004-1)
Class Certificate Balance. With respect to any Class of Offered Certificates and as to any Distribution Date, the aggregate of the Certificate Balances of all Certificates of such Class as of such date. The Class Certificate Balance of the Class R Certificates shall be zero. Class Interest Shortfall ------------------------ As to any Distribution Date and any Class of Offered Certificates, the amount by which the amount described in the definition of Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date. Class M-1 Applied Realized Loss Amount -------------------------------------- As to the Class M-1 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all the Principal Distribution Amounts Amount on that Distribution Date, but prior to the application of the Class M-1 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Applied Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-2 Applied Realized Loss Amount, the Class M-3 Applied Realized Loss Amount, the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-1 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-1 Certificate. Class M-1 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date) and (ii) the Class Certificate Balance of the Class M-1 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 69.3077.80% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Cut-off Date Pool Principal Balance. Class M-1 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-1 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-1 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (v) of Section 4.02(d) for that Distribution Date. Class M-2 Applied Realized Loss Amount -------------------------------------- As to the Class M-2 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all the Principal Distribution Amounts Amount on that Distribution Date, but prior to the application of the Class M-2 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Applied Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-3 Applied Realized Loss Amount, the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-2 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-2 Certificate. Class M-2 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date) and (iii) the Class Certificate Balance of the Class M-2 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 80.3085.80% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Cut-off Date Pool Principal Balance. Class M-2 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-2 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-2 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (viii) of Section 4.02(d) for that Distribution Date. Class M-3 Applied Realized Loss Amount -------------------------------------- As to the Class M-3 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-3 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class M-4 Applied Realized Loss Amount, the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-3 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-3 Certificate. Class M-3 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date), (iii) the Class Certificate Balance of the M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on that Distribution Date) and (iv) the Class Certificate Balance of the Class M-3 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 83.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-3 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-3 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-3 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (xi) of Section 4.02(d) for that Distribution Date. Class M-4 Applied Realized Loss Amount -------------------------------------- As to the Class M-4 Certificates and as of any Distribution Date, the lesser of (a) the Class Certificate Balance thereof (after taking into account the distribution of all Principal Distribution Amounts on that Distribution Date, but prior to the application of the Class M-4 Applied Realized Loss Amount, if any, on that Distribution Date) and (b) the excess of (i) the Realized Loss Amount as of that Distribution Date over (ii) the sum of the Class B-1 Applied Realized Loss Amount and the Class B-2 Applied Realized Loss Amount, in each case as of that Distribution Date. Class M-4 Certificate --------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit A-3 and designated as a Class M-4 Certificate. Class M-4 Principal Distribution Amount --------------------------------------- As of any Distribution Date on or after the Stepdown Date and as long as a Trigger Event is not in effect, the excess of (a) the sum of (i) the sum of the Class Certificate Balances of the Senior Certificates (after taking into account the payment of the Senior Principal Distribution Amount on that Distribution Date), (ii) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on that Distribution Date), (iii) the Class Certificate Balance of the M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on that Distribution Date), (iv) the Class Certificate Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on that Distribution Date) and (v) the Class Certificate Balance of the Class M-4 Certificates immediately prior to that Distribution Date over (b) the lesser of (i) the product of (A) 86.30% and (B) the Pool Principal Balance as of the last day of the related Due Period and (ii) the Pool Principal Balance as of the last day of the related Due Period minus the product of (A) 0.50% and (B) the Initial Aggregate Trust Fund Principal Balance. Class M-4 Realized Loss Amortization Amount ------------------------------------------- As to the Class M-4 Certificates and as of any Distribution Date, the lesser of (a) the Unpaid Realized Loss Amount for the Class M-4 Certificates as of that Distribution Date and (b) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum of the amounts described in clauses (i) through (xiv) of Section 4.02(d) for that Distribution Date. Class R Certificates -------------------- The certificates representing the single "residual interest" in each of REMIC 1 and REMIC 2, substantially in the form attached hereto as Exhibit B-1. Class Unpaid Interest Amounts ----------------------------- As to any Distribution Date and any Class of Offered Certificates, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount of Class Unpaid Interest Amounts distributed on such Class on prior Distribution Dates plus interest on such amount at the related Pass-Through Rate. Class X Certificate ------------------- Any Certificate executed and authenticated by the Trustee substantially in the form attached hereto as Exhibit B-2 and designated as a Class X Certificate. Closing Date ------------ January 30June 14, 20042002. Closing Place ------------- The offices of Messrs. Stradley, Ronon, Stevens & Young, LLP, 2600 One Commerce Square, Philadelphia, Pennsy▇▇▇▇▇▇▇ 191and ▇▇. ▇▇▇, LLP, ▇▇▇▇ ---- ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇ode ▇▇▇▇. Code ---- The Internal Revenue Code of 1986, including any successor or amendatory provisions. Collateral ---------- The assets constituting the Loans, Mortgage Files and the Trust Fund, and any and all contractual, legal, equitable or other rights in connection therewith, and all proceeds thereof (but not including payments of interest and principal due and payable with respect to the Loans on or before the Cut-off Date). Collateral Value ---------------- With respect to any Loan, other than Refinance Loans, an amount equal to the lesser of (a) the appraised value of the related Mortgaged Property based on an appraisal obtained by the originator from an independent fee appraiser at the time of the origination of such Loan, and (b) if the Loan was originated either in connection with the acquisition of the Mortgaged Property by the borrower or within one year after acquisition of the Mortgaged Property by the borrower, the purchase price paid by such borrower for the Mortgaged Property. In the case of Refinance Loans, the Collateral Value is the appraised value of the Mortgaged Property based upon the appraisal obtained at the time of refinancing. Combined Loan-to-Value Ratio ---------------------------- With respect to any Loan and as to any date of determination, the fraction, expressed as a percentage, the numerator of which is the principal balance of such Loan at the date of origination plus, in the case of a Second Lien Loan, the outstanding principal balance of the related first lien mortgage loan on the date of origination of such Second Lien Loan, and the denominator of which is the Collateral Value of the related Mortgaged Property. Corporate Trust Office ---------------------- The designated office of the Trustee in the State of New York at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at 4 New York Plaza, 6th Floor, New York, New York 10004 (Attention: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇/, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 2004-1(Attention: Institutional Trust Services, facsimile number: 212-623946-59308191) and which is the address to which notices to and correspondence with the Trustee should be directed. However, for purposes of Section 3.20 of this Agreement such term shall mean the office of the Mortgage Insurance Co-Trustee, located at ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or such other office as the Mortgage Insurance Co-Trustee shall designate. Corresponding Class ------------------- As defined in the Preliminary Statement. Counterparty ------------ Wachovia Bank, National Association, a national banking association. Custodial Agreement ------------------- As defined in Section 8.13. Custodian --------- As defined in Section 8.13. Cut-off Date Covered Loan ------------ With respect to the Initial Loans, the Initial Cut-off Date. With respect to any Subsequent Loan, the date designated as the Cut-off Date in the related Subsequent Transfer Agreement. Cut-off Date Principal Balance ------------------------------ As to any Loan, the Stated Principal Balance thereof as of the close of business A mortgage loan identified on the applicable Cut-off Date. Defective Loan -------------- Any Loan which is required to be repurchased pursuant to Section 2.02 or 2.03. Deficient Valuation ------------------- With respect to any Loan, a valuation of Schedule as being covered by the related Mortgaged Property by a court of competent jurisdiction in an amount less than the then outstanding principal balance of the Loan, which valuation results from a proceeding initiated under the Bankruptcy Code. Definitive Certificates ----------------------- Any Certificate issued in lieu of a Book-Entry Certificate pursuant to Section 5.02(e). Deleted Loan ------------ As defined in Section 2.03(c). Denomination ------------ With respect to each Offered Certificate, Class X Certificate or Class R Certificate, the amount set forth on the face thereof as the "Initial Certificate Balance of this Certificate" or the "Percentage InterestMGIC Policy." Depositor --------- Equity One ABS, Inc., a Delaware corporation, or its successor in interest. Depository ---------- The initial Depository shall be The Depository Trust Company, the nominee of which is Cede & Co., as the registered Holder of the Book-Entry Certificates. The Depository shall at all times be a "clearing corporation" as defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York. Depository Participant ---------------------- A broker, dealer, bank or other financial institution or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository. Determination Date ------------------ As to any Distribution Date, the 21st day of each month or, if such day is not a Business Day, the next preceding Business Day; provided, however, that the Determination Date in each month will be at least two Business Days preceding the related Distribution Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equity One Abs Inc Mortgage Pass Thru Cert Series 2002-3)