Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. (b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0% (1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F. (2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate. (c) REMIC II will be evidenced by (x) the Class II-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts accounts (other than the LIBOR Carryover Net WAC Reserve Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) ), other than the Class P Certificates, shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IA and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- P $100 0% (2) IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 45,000,000 (1) IN $ 55,000,000 $955,857,543 (21) R-1 $ $0 0%% -------------
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.Loans.
(2) The Pass-Through Rate on this class Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Regular Interests Certificates. The Prepayment Charges received by the Class P Certificates shall at any time of determination equal not be applied to the weighted average principal balance of the Net Loan Rates of the Mortgage Loans in Loan Group A. Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and realized losses any remaining principal collections on the Mortgage Loans in Loan Group A shall be allocated payable to the Class IN InterestP Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FM-1, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 components of Class II-A-IO BIO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A M Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇M-1, Class II-B, Class II-A-1A M-2 and Class II-A-2A B Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇M-1, Class B, Class A-1A M-2 and Class A-2A II-B Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just describedM Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, M Interest and 1% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, A-2 Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6FA-2, Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class B, Class M-1 and Class A-2A M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1FA-1, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6FA-2, Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A M-1 and Class A-2A M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests M Interest is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- II-A-1 $4,103,500 (1) (5) (6),(7) II-A-2 $4,103,500 (1) (5) (6),(7) II-B $650,575.43 (1) (5) (6),(7) II-M-1 $625,500 (1) (5) (6),(7) II-M-2 $525,500 (1) (5) (6),(7) II-M $90,848,967.57 (1) (5) (6),(7) II-BIO notional (4) N/A Class BIO R-2 $0 0% N/A N/A(8) __________
(1) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests (other than the Class P Certificates), after first subtracting 8.25% from the Pass-Through Rates of each of such regular interests (other than the Class IN Interests) for the Distribution Dates indicated below for each of such regular interests. 8.25% Subtraction REMIC I Distribution Certificates Dates IA 1 - 30
(2) Interest on the Class II-BIO will equal the sum of 1 strip of interest, with such strip being a strip off the principal balance of each REMIC I Regular Interest (other than the Class IN Interests and the Class P Certificates) at 8.25% per annum for the Distribution Dates indicated in the table in note (1) for such regular interest, and 0.0% thereafter.
(3) Principal will be allocated to and apportioned among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class B, Class M-1, and Class M-2 Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class X Certificates, and all principal will be allocated as a payment of interest to the Class X Certificates after the principal balances of the other Regular Certificates (other than the Class P Certificates) have been reduced to zero.
(4) Except as provided in note (7), interest will be allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class B, Class M-1 and Class M-2 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-B, Class II-M-1, Class II-M-2 and Class II-M, where each of such classes, other than the Class II-M Interest is first subject to a cap and floor equal to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class B, Class M-1 and Class M-2 Pass-Through Rates, respectively, and the Class II-M Interest is subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the other Certificates but will be allocated to the Class X Certificates. However, the Class X Certificates shall be subordinated to the extent provided in Section 5.01.
(6) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any distributions on the Class R-2 Certificates.
(d) The Class A-1, Class A-2, Class B, Class M-1, Class M-2, Class IO and Class X Certificates are hereby designated as "regular interests" with respect to REMIC III (the "REMIC III Regular Interests") and the Class R-3 Certificate is hereby designated as the single "residual interest" with respect to REMIC III. On each Distribution Date, Available Funds, if any, remaining in REMIC III after payments of interest and principal as designated herein shall be distributed to the Class R-3 Certificates. It is expected that there will not be any distributions on the Class R-3 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II II, REMIC III and REMIC III IV (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Home Equity Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover FundFunds, the Class B Cap Fund Reserve Funds, the Prepaid Home Equity Loan Account and the Initial Capitalized Interest Coverage Account), any REO Mortgaged Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The ; the REMIC II Regular Interests shall constitute the assets of REMIC IIIIII and the REMIC III Regular Interests shall constitute the assets of REMIC IV.
(b) REMIC I will be evidenced by (x) the Class IAIN1-F, Class IBIN2-F, Class ICIN3-F, Class IDIM-F, Class IEIN1-A, Class IFIN2-A, Class IGIN3-A, Class IH, IM-A Class II, Class IJ, Class IK, Class IL, Class IM P-F and Class IN Interests P-A Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P-F and Class P-A Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The Class IN1-F, Class IN2-F, Class IN3-F, Class IM-F and Class P-F Certificates will be referred to as the "REMIC I Group I Regular Interests" and the Class IN1-A, Class IN2-A, Class IN3-A, Class IM-A and Class P-A Certificates will be referred to as the "REMIC I Group II Regular Interests." The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA P-F $ 22,500,000 100 0% (3) P-A $ 100 0% (3) IN1-F $ 6,000,000 (1) IB IN2-F $ 1,800,000 6,000,000 (1) IC IN3-F $ 10,000,000 (1) ID IM-F $ 5,700,000 206,864,763 (1) IE IN1-A $ 8,600,000 18,722,727 (12) IF IN2-A $ 9,200,000 18,722,727 (12) IG IN3-A $ 11,100,000 30,454,546 (12) IH IM-A $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 633,250,702 (2) R-1 $ 0 0%
(1) The Passpass-Through Rate through rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Adjusted Coupon Rates of the Mortgage Home Equity Loans in Loan Group F.I.
(2) The Passpass-Through Rate through rate on this class of these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Adjusted Coupon Rates of the Mortgage Home Equity Loans in Loan Group A. II.
(3) The Class P-F and Class P-A Certificates shall be entitled to receive all Prepayment Penalties collected with respect to the Home Equity Loans in each of Group I and Group II, respectively. Such Prepayment Penalties shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Penalties received by the Class P-F and Class P-A Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses Realized Losses on the Mortgage Home Equity Loans in Loan Group F I shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Group I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses Realized Losses on the Mortgage Home Equity Loans in Loan Group A II shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Group II Regular Interests until the principal balance of each such class is reduced to zero. Notwithstanding the above, the Class P-F and Class P-A Certificates shall not be entitled to any principal collections so long as the Class IM-F and Class IM-A Interests remain outstanding, respectively. Any principal collections otherwise payable to the Class IN InterestP-F and Class P-A Certificates will instead be payable to the Class IM-F and Class IM-A Interests, respectively, until the principal balance of the Class IM-F and Class IM-A Interests, respectively, have been reduced to zero, and any remaining principal collections on the Home Equity Loans in Group I and Group II, respectively, shall be payable to the Class P-F and Class P-A Certificates, respectively, to the extent of their respective Certificate Principal Balances. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class IIII BIO-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-BF, the 12 Class II M-F, the three components of the Class IIII AIO-F, described in note (2), the Class II BIO-A, the Class II M-IO A and the three components of the Class II AIO-A described in note (4) below(collectively, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The Class II AIO-F, Class II BIO-F and Class II M-F will be referred to as the REMIC II Group I Regular Interests and the Class II AIO-A, Class II BIO-A and Class II M-A will be referred to as the REMIC II Group II Regular Interests. The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest The REMIC II Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC II INITIAL THROUGH CERTIFICATES BALANCE RATE II BIO-F $ 11,000,000 (1) II M-F $ 217,864,763 (1) II AIO-F $ 0 (2) II BIO-A $ 27,000,000 (3) II M-A $ 673,250,702 (3) II AIO-A $ 0 (4) R-2 $ 0 0%
(1) The pass-through rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the pass-through rates of the REMIC I Group I Regular Interests (other than the Class P-F Certificates), after first subtracting 5.5% from the Mortgage Loans pass-through rates of each of such regular interests (other than the Class IM-F Interests) for the following Distribution Dates for each of such regular interests: the Class IN1-F, 1-12; Class IN2-F, 1-24 and the Class IN3-F, 1-30.
(2) Interest on the Class II AIO-F will equal the sum of three strips of interest, with each strip being a strip off the principal balance of a REMIC I Group I Regular Interest (other than the Class IM-F Interests and the Class P-F Certificates) at 5.5% per annum for the Distribution Dates indicated in note (1) for such regular interest, and 0.0% thereafter. Each of the three interest strips comprising the interest on the Class II AIO-F shall constitute a separate component of the Class II AIO-F, which shall each be designated as a separate REMIC II Regular Interest.
(3) The pass-through rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the pass-through rates of the REMIC I Group II Regular Interests (other than the Class P-A Certificates), after first subtracting 5.5% from the pass-through rates of each of such regular interests (other than the Class IM-A Interests) for the following Distribution Dates for each of such regular interests: the Class IN1-A, 1-12; Class IN2-A, 1-24 and the Class IN3-A, 1-3▇.
(4) Interest on the Class I▇ ▇▇▇-▇ ▇▇▇l equal the sum of three strips of interest, with each strip being a strip off the principal balance of a REMIC I Group II Regular Interest (other than the Class IM-A Interests and the Class P-A Certificates) at 5.5% per annum for the Distribution Dates indicated in note (1) for such regular interest, and 0.0% thereafter. Each of the three interest strips comprising the interest on the Class II AIO-A shall constitute a separate component of the Class II AIO-A, which shall each be designated as a separate REMIC II Regular Interest. On each Distribution Date, principal collections and Realized Losses on the Class I BIO-F and Class I M-F Interests shall be allocated sequentially first to the Class I M-F Interests and then to the Class II BIO-F Interests until the principal balance of each such Class is reduced to zero, and on each Distribution Date, principal collections and Realized Losses on the Class II BIO-A and Class II M-A Interests shall be allocated sequentially first to the Class II M-A Interests and then to the Class II BIO-A. The Class R-2 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC II on each Distribution Date after all amounts required to be distributed to the REMIC II Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-2 Certificate.
(d) REMIC III will be evidenced by (x) the Class III A1-F, Class III A2-F, Class III B-1-F, Class III AIO-F, Class III BIO-F, Class III M-F, Class III A3-A, Class III A4-A, Class III A5-A, Class III B-1-A, Class III AIO-A, Class III BIO-A and Class III M-A (the "REMIC III Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC III and (y) the Class R-3 Certificates, which are hereby designated as the single "residual interest" in REMIC III (the REMIC III Regular Interests, together with the Class R-3 Certificates, the "REMIC III Certificates"). The Class III A1-F, Class III A2-F, Class III B-1-F, Class III AIO-F, Class III BIO-F and Class III M-F will be referred to as the REMIC III Group I Regular Interests and the Class III A3-A, Class III A4-A, Class III A5-A, Class III B-1-A, Class III AIO-A, Class III BIO-A and Class III M-A will be referred to as the REMIC III Group II Regular Interests. The REMIC III Regular Interests shall be recorded on the records of REMIC III as being issued to and held by the Trustee on behalf of REMIC IV. Any Total Monthly Excess Cashflow that is allocable used to payments of principal on pay the Certificates (under sections 5.01(a)C.6 and 5.01(b)) Subordination Increase Amount (the "Turbo Amount") and that is payable from interest on the Home Equity Loans in Group I will not be paid directly as principal to the REMIC II III Group I Regular Interests, but instead a portion of the interest payable with respect to the Class IIIII M-M F Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class IIIII A1-A-1FF, Class IIIII A2-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A F and Class IIIII B-1-A-2A F Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-1F, Class ▇-▇▇A-2F, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A B-1F Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-III M-F Interests) and Class II-M-A Interests in that is payable from interest on the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described)Home Equity Loans. Principal payments on the Mortgage Home Equity Loans shall be allocated 99% to the Class II-M, Class II-III M-F and Class II-M-A Interests, and 1% to the Class IIIII A1-A-1FF, Class IIIII A2-A-2FF, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class IIIII B-1-A-2A F Interests, until paid in full. The aggregate amount of principal allocated to the Class IIIII A1-A-1FF, Class IIIII A2-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A F and Class IIIII B-1-A-2A F Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A B-1F Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans REMIC III Group I Regular Interests that are attributable to the Excess Overcollateralization Subordinated Amount shall be allocated to the Class II-M, Class II-III M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class IIIII A1-A-1FF, Class IIIII A2-A-2FF, Class IIIII B-1-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A F Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-2F and Class A-2A B-1F Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-III M-F and Class II-M-A Interests is equal to the sum Loan Balance of the Loan Group F Balance and Loan Group A BalanceI Home Equity Loans, less an amount equal 1% of the aggregate Class Certificate Principal Balances of the Group I Certificates. Losses The Turbo Amount that is payable from interest on the Home Equity Loans in Group II will not be paid directly as principal to the REMIC III Group II Regular Interests, but instead a portion of the interest payable with respect to the Class III M-A Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class III A3-A, Class III A4-A, Class III A5-A and Class III B-1-A Interests in the same manner in which the Turbo Amount is allocated among the Class A-3A, Class A-4A, Class A-5A and Class B-1A Certificates, respectively (and will be accrued and added to principal on the Class III M-A Interests). Principal payments on the Home Equity Loans shall be allocated 99% to the Class III M-A Interests, and 1% to the Class III A3-A, Class III A4-A, Class III A5-A and Class III B-1-A Interests, until paid in full. The aggregate amount of principal allocated to the Class IIIII A3-MA, Class IIIII A4-MA, Class III A5-F A and Class II-MIII B-1-A Interests shall be applied first, apportioned among such classes in the same manner as principal is payable with respect to the Class II-A-3A, Class A-4A, Class A-5A and Class B-1A Certificates, respectively. Notwithstanding the above, principal payments on REMIC III Group II Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class III M-F A Interests. Realized Losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class III A3-A, Class III A4-A, Class III A5-A and Class IIIII B-1-A Interests are each 1% of the principal balances of the Class A-3A, Class A-4A, Class A-5A and Class B-1A Certificates, respectively; and (ii) the aggregate principal balance of the Class III M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, equal to the Class Loan Balance of the Home Equity Loans in Group II-M Interests, less an amount equal 1% of the aggregate Certificate Principal Balances of the Group II Certificates. The REMIC II III Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II III INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------III A1-F $ 1,669,000 (1) (7) (8),(9) III A2-F $ 486,000 (1) (7) (8),(9) III B-1-F $ 133,648 (1) (7) (8),(9) III AIO-F $ 0 (3) N/A A-IOF III BIO-F $ 0 (4) N/A B-IOF III M-F $ 230,066,130 (1) (7) (8),(9) III A3-A $ 2,929,000 (2) (7) (8), (10) III A4-A $ 1,648,500 (2) (7) (8),(10) III A5-A $ 2,000,000 (2) (7) (8),(10) III B-1-A $ 425,007 (2) (7) (8),(10) III AIO-A $ 0 (5) N/A A-IOA III BIO-A $ 0 (6) N/A B-IOA III M-A $ 700,442,517 (2) (7) (8),(10) R-3 $ 0 0% N/A N/A ---------------
(1) The pass-through rate on these REMIC III Regular Interests shall at any time of determination equal the weighted average of the pass-through rates of the REMIC III Group I Regular Interests (other than the Class P-F Certificates), after first subtracting 7.0% from the pass-through rates of each of such regular interests (other than the Class II M-F Interests) for the Distribution Dates 1-36.
(2) The Pass-Through Rate on these REMIC III Regular Interests shall at any time of determination equal the weighted average of the pass-through rates of the REMIC III Group II Regular Interests (other than the Class P-A Certificates), after first subtracting 7.0% from the pass-through rates of each of such regular interests (other than the Class II M-A Interests) for the Distribution Dates 1-36.
(3) Interest on the Class III AIO-F will be 100% of the interest payable on the Class II AIO-F.
(4) Interest on the Class III BIO-F will equal a strip of interest off the principal balance of the Class II BIO-F Interest at 7.0% per annum for the first 36 Distribution Dates and 0% thereafter.
(5) Interest on the Class III AIO-A will be 100% of the interest payable on the Class II AIO-A.
(6) Interest on the Class III BIO-A will equal a strip of interest off the principal balance of the Class II BIO-A I
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Total Monthly Excess Cashflow that is allocable used to payments of principal on the Certificates pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (under sections 5.01(a)C.6 and 5.01(b)G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1.01% of the Turbo Amount (andthat is applied to Group I Certificates will be payable as a reduction of the principal balance of the Class II-A-1 Certificates, and a portion of the interest payable with respect to the extent 1Class II-M-2 Interest which equals .01% of the Turbo Amount exceeds that is applied to the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-2, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests A-3 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-1, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-2 and Class A-2A A-3 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 9999.99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1.01% to the Class II-A-1FA-1 Interests until paid in full. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-A-5F, M-2 Interest and .01% to the Class II-A-6F, Class II-B, Class II-A-1A A-2 and Class II-A-2A Interests, A-3 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-2 and Class II-A-2A A-3 Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal from Group II is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ A-2 and Class A-2A A-3 Certificates, respectively. The aggregate amount of Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A A-3 Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-2 and Class A-2A A-3 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, M-1 Interest is equal to the aggregate Loan Balance of Group I (including any remaining Original Group I Pre-Funded Amount) less the principal balance of the Class II-MA-1 Interests; and (iii) the principal balance of the Class II-F M-2 Interest is equal to the aggregate Loan Balance of Group II (including any remaining Original Group II Pre-Funded Amount) less the sum of the principal balances of the Class II-A-2 and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-3 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Certificate of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- II-A-1 $ 24,600 (1) (3) (4)(5) II-A-2 $ 14,500 (2) (3) (4)(6) II-A-3 $ 2,400 (2) (3) (4)(6) II-M-1 $ 245,975,400 (1) (3) (4)(5) II-M-2 $ 168,985,500 (2) (3) (4)(6) R-2 $ 0 0% N/A N/A(7) ---------------
(1) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates of the Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class A-1, Class A-2 and Class A-3 Certificates in the same proportion as principal from the Home Equity Loans is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to zero.
(4) Except as provided in footnotes (5) and (6), interest will be allocated among the Class A-1, Class A-2 and Class A-3 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1 and Class II-M-1 Interests where the Class II-A-I Interest is subject to a cap and floor equal to the rate on Class A-1 and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-2, Class II-A-3 and Class II-M-2 Interests, where the Class II-A-2 Certificate is subject to a cap and floor equal to the rate on Class A-2, the Class II-A-3 Certificate is subject to a cap and floor equal to the rate on Class A-3 and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. The Class II-A-1 Certificates are the "Group I Marker Classes", and the Class II-A-2 and Class II-A-3 Certificates are the "Group II Marker Classes" (collectively, the "Marker Classes"). It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which which, together with the Net Rate Cap Fund and the Prepayment Charges constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I III shall include the Mortgage LoansLoans (net of the Prepayment Charges), the Accounts (other than the LIBOR Carryover Net Rate Cap Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I III Regular Interests (as defined below) shall constitute the assets of REMIC II. The , and the REMIC II Regular Interests (as defined below) shall constitute the assets of REMIC IIII. The Prepayment Charges and the Net Rate Cap Fund shall not be assets of any REMIC.
(b) REMIC I will be evidenced by The following table sets forth (xor describes) the class designation, interest rate, and initial class principal amount for each class of REMIC III Interests. Each such class, other than the Class IAR-3, Class IBis hereby designated as a class of regular interests in REMIC III (the “REMIC III Regular Interest”), Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are R-3 is hereby designated as the "regular interests" sole class of residual interest in REMIC I and (y) the Class R-1 CertificatesIII, which are hereby designated as the single "residual interest" in REMIC I (for purposes of the REMIC I Regular Interests, together with the Provisions. Only Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests R-3 shall be recorded on certificated and the records of REMIC I other classes shall be uncertificated and shall be held as being issued to and held by the Trustee on behalf assets of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 Class III Pool 1 (1) IB $ 1,800,000 (3) Class III GSA(1) (1) IC $ 10,000,000 (4) Class III GSA(1)-N (1) ID $ 5,700,000 (15) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 Class III Pool 2 (2) (6) Class III GSA(2) (2) (7) Class III GSA(2)-N (2) (8) R-1 $ 0 0%(9) (9) Class Initial Cash 1 0.00% $322.94 Class Initial Cash 2 0.00% $1,291.78
(1) The Pass-Through Rate on these interest rate with respect to any Distribution Date (and the related accrual period) for this REMIC I Regular Interests III Interest shall at any time of determination be a per annum rate equal to the weighted average of the Net Loan Rates Rate of the Mortgage Loans in Loan Group F.I.
(2) The Pass-Through Rate on interest rate with respect to any Distribution Date (and the related accrual period) for this class of REMIC I Regular Interests III Interest shall at any time of determination be a per annum rate equal to the weighted average of the Net Loan Rates Rate of the Mortgage Loans in Loan Group A. II.
(3) This interest will have an initial principal amount equal to the Pool Balance for Loan Group I as of the Cut-off Date minus the aggregate initial principal amount of the Class III GSA(1) and Class III GSA(1)-N Interests.
(4) This interest will have an initial principal amount equal to the Group Subordinate Amount for Loan Group I as of the Cut-off Date minus the initial principal amount of the Class III GSA(1)-N Interest.
(5) This interest will have an initial principal amount equal to 1% of the Group Subordinate Amount for Loan Group I as of the Cut-off Date.
(6) This interest will have an initial principal amount equal to the Pool Balance for Loan Group II as of the Cut-off Date minus the aggregate initial principal amount of the Class III GSA(2) and Class III GSA(2)-N Interests.
(7) This interest will have an initial principal amount equal to the Group Subordinate Amount for Loan Group II as of the Cut-off Date minus the initial principal amount of the Class III GSA(2)-N Interest.
(8) This interest will have an initial principal amount equal to 1% of the Group Subordinate Amount for Loan Group II as of the Cut-off Date.
(9) The Class R-1 Interest does not have a principal balance and does not bear interest. On each Distribution Date, principal collections and realized losses the Available Funds distributable as interest shall be distributed as interest with respect to the REMIC III Interests based on the Mortgage Loans in interest rates described above. On each Distribution Date, the Available Funds distributable as principal shall be distributed as principal on the REMIC III Interests as follows:
(1) First, from the Available Funds for Loan Group F shall be allocated sequentially, in reverse order to which they are listed aboveI, to the REMIC I Regular Interests (other than the Class IN Interests), Initial Cash 1 until the its principal balance of each such class is reduced to zero. All principal collections and realized losses on ;
(2) Second, from the Mortgage Loans in Available Funds for Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F Initial Cash 2 until its principal balance is reduced to zero;
(3) Third, from the Available Funds for Loan Group I, to the Class III GSA(1)-N Interest until its principal balance equals one percent of the Group Subordinate Amount for Loan Group I after such Distribution Date;
(4) Fourth, from the remaining Available Distribution Amount for Loan Group II to the Class III GSA(2)-N Interest until its principal balance equals one percent of the Group Subordinate Amount for Loan Group II after such Distribution Date;
(5) Fifth, to the Class III GSA(1)-N and Class II-M-A Interests III GSA(2)-N Interests, from the least remaining Available Distribution Amount, the minimum amount of principal necessary which can be applied to such Interests so that cause the ratio of the principal balance of such REMIC III Interest to the principal balances of the other such REMIC III Interest to equal the ratio of the Group Subordinate Amount related to such REMIC III Interest to the Group Subordinate Amount related to the other REMIC III Interest immediately after such Distribution Date;
(6) Sixth, from the remaining Available Funds for Loan Group I, to the Class II-M-F Interests to III GSA(1) Interest until the principal balance of such Interest plus the principal balance of the Class II-M-A Interests III GSA(1)-N Interest equals the ratio of the Group Subordinate Amount for Loan Group F Balance I as of such Distribution Date;
(7) Seventh, from the remaining Available Funds for Loan Group I to the Class III Pool 1 Interest, until its balance is reduced to zero;
(8) Eighth, from the remaining Available Funds for Loan Group A Balance (the "Balance Ratio"), and secondII, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests III GSA(2) Interest until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances balance of such Interest plus the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to III GSA(2)-N Interest equals the sum of the Group Subordinate Amount for Loan Group F Balance and II as of such Distribution Date;
(9) Ninth, from the remaining Available Funds for Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied III Pool 2 Interest, until its balance is reduced to such Interests so that the Balance Ratio is maintainedzero. For each Distribution Date, and secondRealized Losses, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to among the Certificates REMIC III Interests in the same manner that principal is allocated among the REMIC III Interests.
(c) The following manner: PASS- ALLOCATION ALLOCATION table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Interests. Each such class, other than the Class R-2, is hereby designated as a class of regular interests in REMIC II (the “REMIC II Regular Interests”), and Class R-2 is hereby designated as the sole class of residual interest in REMIC II, for purposes of the REMIC Provisions. Only Class R-2 shall be certificated and the other classes shall be uncertificated and shall be held as assets of REMIC I.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-2)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover FundPre-Funding Account, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IK and Class IN IL Interests and the Class IQ Certificates (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- IA $ 22,500,000 12,150,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 2,700,000 (1) ID $ 5,700,000 3,600,000 (1) IE $ 8,600,000 3,600,000 (1) IF $ 9,200,000 4,500,000 (1) IG $ 11,100,000 4,500,000 (1) IH $ 13,200,000 4,500,000 (1) II $ 15,900,000 4,500,000 (1) IJ $ 14,900,000 6,300,000 (1) IK $ 11,300,000 4,500,000 (1) IL $ 5,500,000 3,150,000 (1) IM $190,300,000 IQ 109,200,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Loans, provided that the Pass-Through Rate on this class of REMIC I Regular Interests for the first month during the Pre-Funding Period shall at any time of determination equal not exceed the weighted average of the Net Loan Certificate Rates of the Mortgage Loans in Loan Group A. REMIC III Regular Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FM-1, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Q Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Class
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Net Monthly Excess Cashflow that is allocable used to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)pay an Extra Principal Distribution Amount pursuant to Section 7.03(b) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1___% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5 and Class II-A-2A Interests A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5 and Class A-2A A-6 Certificates, respectively respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals_____ % of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 99______% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1___% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans Group I that are attributable to the Excess Overcollateralization Release Amount shall be allocated _____% to the Class II-M, Class II-M-F and Class II-M-A Interests (M-1 Interest. Principal payments on Group II shall be allocated first ______% to the Class II-M M-2 Interest and ______% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, and second the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated _______ % to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6F, Class II-B, Class II-A-1A A-6 and Class II-A-2A A-7 Interests are each 1________% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6 and Class A-2A A-7 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the sum aggregate Loan Balance of Group II less the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balance of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-7 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION :
(1) The Certificate Rate on this REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates of the Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates in the same proportion as principal from the Home Equity Loans is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to zero.
(4) Except as provided in footnotes (5) and (6), interest will be allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 Interests is subject to a cap and floor equal to the rate on each of Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, respectively and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-7 and Class II-M-2 Interests, where the Class II-A-7 Interest is subject to a cap and floor equal to the lesser of the rate on Class A-7 Certificate or the Group II Net WAC Cap, and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2AA-8, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 R- 2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Total Monthly Excess Cashflow that is allocable used to payments of principal on the Certificates pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (under sections 5.01(a)C.6 and 5.01(b)G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1% of the Turbo Amount (and, that is applied to Group I Certificates and a portion of the interest payable with respect to the extent Class II-M-2 Interest which equals 1% of the Turbo Amount exceeds that is applied to the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, ClassII-A-3, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-4, Class II-BA-5, Class II-A-1A A-6, Class II-A-7, and Class II-A-2A A-8 Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5, Class A-6, Class A-7 and Class A-2A A-8 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99% to the Class II-M-2 Interest and 1% to the Class II-A-7 and Class II-A-8 Interests until paid in full. The aggregate amount of principal allocated to the Class II-M, Class II-M-F A-7 and Class II-M-A A-8 Interests shall be allocated and apportioned among such REMIC II Regular Interests firstin the same manner in which principal from Group II is payable with respect to the Class A-7 and Class A-8 Certificates, respectively. Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-B, Class II-A-1A A-7 and Class II-A-2A A-8 Interests are each 1% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6, Class A-7 and Class A-2A A-8 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the aggregate Loan Balance of Group II less the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balances of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F A-7 and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-8 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF Initial Through of of CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- --------------- --------- -------- II-A-1 $ 650,000 (1) (3) (4)(5) II-A-2 $ 200,000 (1) (3) (4)(5) II-A-3 $ 330,000 (1) (3) (4)(5) II-A-4 $ 270,000 (1) (3) (4)(5) II-A-5 $ 192,670 (1) (3) (4)(5) II-A-6 $ 180,000 (1) (3) (4)(5) II-A-7 $ 588,630 (2) (3) (4)(6) II-A-8 $ 200,000 (2) (3) (4)(6) II-M-1 $ 180,444,954.54 (1) (3) (4)(5) II-M-2 $ 78,075,288.70 (2) (3) (4)(6) R-2 $ 0 0% N/A N/A(7) ---------------
(1) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as principal from the Home Equity Loans is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to zero.
(4) Except as provided in footnotes (5) and (6), interest will be allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests, where each of such REMIC II Regular Interests (other than the Class II-M-1 Interests) is subject to a cap and floor equal to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificate Rates, respectively, and the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-7, Class II-A-8 and Class II-M-2 Interests, where the Class II-A-7 and Class II-A-8 Interests are subject to a cap and floor equal to the Class A-7 and Class A-8 Certificate Rates, respectively, and the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there shall not be any distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) belowQ, Class II-M, Class II-MS-F and Class II-MS-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Subordination Increase Amount for either Group that is allocable used to payments of principal on pay an amount to the Offered Certificates (under sections 5.01(a)C.6 and 5.01(b)pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-M Q Interest which equals 1.01% of the Turbo Amount (and, to the extent 1.01% of the Turbo Amount exceeds the interest payable on the Class II-M Q Interest, a pro rata portion of the interest payable on the Class II-MS-F and Class II-MS-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests B Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class A-2A B Certificates, respectively respectively, (and will be accrued and added to principal on the Class II-MQ, Class II-MS-F and Class II-MS-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Home Equity Loans shall be allocated 9999.99% to the Class II-MQ, Class II-MS-F F, and Class II-MS-A Interests, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-BA-5, Class II-A-1A A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests, B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class, II-M-1, Class II-A-1A M-2 and Class II-A-2A B Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 Class M-1, Class M-2 and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be allocated and apportioned among such Interests first, to the Class II-MS-F and Class II-MS-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-MS-F Interests to the principal balance of the Class II-MS-A Interests equals the ratio of the Loan Group F I Balance to the Loan Group A II Balance (the "Balance Ratio"), and second, to the Class II-M Q Interests. Notwithstanding the above, principal payments on Mortgage the Home Equity Loans that are attributable to the Excess Overcollateralization Release Amount shall be allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests (allocated first to the Class II-M Q Interests until paid in full, and second to the Class II-MS-F and Class II-MS-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class II-A-1A M-1, Class II-M-2 and Class II-A-2A B Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6, Class A-7, Class M-1, Class M-2 and Class A-2A B Certificates, respectively; and (ii) the aggregate principal balance of remaining losses shall be allocated to the Class II-MQ, Class II-MS-F A and Class II-MS-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the CertificatesInterests. Losses allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be applied first, to the Class II-MS-F and Class II-MS-A Interests the least amount of realized losses Realized Losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Q Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION :REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Certificate Allocation Allocation Certificates Initial Balance Rate of Principal of Interest ------------ ------- ------- --------------- ------------ ------------ ----------- -----------II-A-1 $11,600.00 (1) (4) (5)(6) II-A-2 4,660.00 (1) (4) (5)(6) II-A-3 4,640.00 (1) (4) (5)(6) II-A-4 2,250.00 (1) (4) (5)(6) II-A-5 2,210.00 (1) (4) (5)(6) II-A-6 3,050.00 (1) (4) (5)(6) II-A-7 16,310.00 (1) (4) (5)(6) II-M-1 3,120.00 (1) (4) (5)(6) II-M-2 2,470.00 (1) (4) (5)(6) II-B 1,690.00 (1) (4) (5)(6) II-Q 519,897,052.62 (1) (4) (5)(6) II-S-F 35,690.00 (2) (4) (5)(6) II-S-A 16,310.00 (3) (4) (5)(6) R-2 0 0% N/A N/A(7)
(1) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Home Equity Loans.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group I.
(3) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group II.
(4) Principal will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates as provided in Section 7.03(b), except that a portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Certificates have been reduced to zero.
(5) Except as provided in footnote (6), interest will be allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the REMIC II Regular Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B Interests, subject to a cap and floor equal to the rate on each of Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates, respectively and each of the Class II-Q, Class II-S-F and Class II-S-A Interests, subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate shall not be allocated to the Offered Certificates but will be allocated to the Class X-IO Certificates, any interest so allocated shall not itself bear interest. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date ----------------- ----------------- ----------------- Class A-1 $116,000,000 June 25, 2019 Class A-2 $46,600,000 February 25, 2025 Class A-3 $46,400,000 March 25, 2029 Class A-4 $22,500,000 February 25, 2030 Class A-5 $22,100,000 October 25, 2032 Class A-6 $30,500,000 October 25, 2032 Class A-7 $163,100,000 October 25, 2032 Class M-1 $31,200,000 October 25, 2032 Class M-2 $24,700,000 October 25, 2032 Class B $16,900,000 October 25, 2032 Class X-IO (1) Class R-1 (1)
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is October 25, 2037.
Appears in 1 contract
Designation of Interests in REMICs. (a) REMIC I ------- The Trustee shall elect that each make an election to treat the segregated pool of assets consisting of the Mortgage Loans and all other assets of the Trust other than the REMIC II Interests, REMIC II Interests and REMIC III (which together constitute the Trust) shall be treated Net Rate Cap Fund as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Propertyfor federal income tax purposes, and any proceeds such segregated pool of the foregoing. The assets will be designated as "REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) I." REMIC I will be evidenced by (x) REMIC I Regular Interests IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK, IL and IN Interests and the Class IAP Certificates (together, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single sole class of "residual interestinterests" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I CertificatesInterests"). The following table irrevocably sets forth the designation, the initial REMIC I Regular Principal Balance, and the REMIC I Pass-Through Rate for each of the REMIC I Interests. Each of the REMIC I Interests (other than the Class P Certificates and the Class R-1 Certificates) shall accrue interest at the related REMIC I Pass-Through Rate in effect from time to time, and shall be recorded on entitled to distributions of principal, subject to the records of terms and conditions hereof, in an aggregate amount equal to its initial REMIC I Principal Balance as being issued to and held by the Trustee on behalf of REMIC IIset forth below. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- :
REMIC I INITIAL THROUGH CERTIFICATES REMIC I REMIC I Principal Pass-Through INTERESTS BALANCE RATE ------------ --------- ------- -------- ------------- P $100 0% (2) IA $ 22,500,000 $12,880,102 (1) IB $ 1,800,000 $1,431,122 (1) IC $ 10,000,000 $4,293,368 (1) ID $ 5,700,000 $2,862,245 (1) IE $ 8,600,000 $4,293,367 (1) IF $ 9,200,000 $4,293,367 (1) IG $ 11,100,000 $4,293,368 (1) IH $ 13,200,000 $2,862,245 (1) II $ 15,900,000 $1,431,122 (1) IJ $ 14,900,000 $1,431,123 (1) IK $ 11,300,000 $1,431,122 (1) IL $ 5,500,000 (1) IM $190,300,000 1,431,122 (1) IN $ 55,000,000 $62,652,855.25 (21) R-1 $ $0 0%
(1) The REMIC I Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.Loans.
(2) The Pass-Through Rate Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Interests. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of the Class P Certificates. On each Distribution Date, the following amounts from Available Funds shall be deemed to be distributed by the Trustee from REMIC I to REMIC II on this class account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-1 Certificates, as the case may be:
(1) first, to the Holders of REMIC I Regular Interest IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK and IL, pro rata in an amount equal to (A) the REMIC I Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest IN in an amount equal to (A) the REMIC I Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(2) second, to the Holders of REMIC I Regular Interests shall at any time of determination (other than the Class P Certificates), in an amount equal to the weighted average remainder of the Net Loan Rates Available Funds for such Distribution Date after the distributions made pursuant to clause (1) above, allocated as follows:
(A) to the Holders of REMIC I Regular Interest IN, until the REMIC I Principal Balance of REMIC I Regular Interest IN is reduced to zero;
(B) to the Holders of REMIC I Regular Interest IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK and IL, in reverse sequential order, until the related REMIC I Principal Balance is reduced to zero; then
(C) any remaining amount to the Holders of the Mortgage Loans in Loan Group A. Class R-1 Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F Applied Realized Loss Amounts shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All Notwithstanding the above, REMIC I will distribute principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN InterestP Certificates at the time and in the amount specified in Section 5.01 and such amounts shall be deducted from the amounts distributed under this Section. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate. REMIC II -------- The Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests (other than the Class P Certificates) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC II.
(c) " REMIC II will be evidenced by (x) the Class II-A- 1FREMIC II Regular Interests IIA, Class II-A-2FIIB, Class II-A-3FIIC, Class II-A-4FIID, Class II-A-5FIIE, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class IIF and II-A-IO described in note (4) belowtogether, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which (i) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single sole class of "residual interestinterests" in REMIC II (the REMIC II Regular Interests, together with the Class R-II CertificatesR-2 Interests, the "REMIC II CertificatesInterests"). The following table irrevocably sets forth the designation, the initial REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to Principal Balance, and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion Pass-Through Rate for each of the REMIC II Interests. Each of the REMIC II Interests (other than the Class R-2 Certificates) shall accrue interest payable with respect at the related REMIC II Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the Class II-M Interest which equals 1% of the Turbo Amount (andterms and conditions hereof, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests in an aggregate amount equal to such excess) will be payable its initial REMIC II Principal Balance as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interestsset forth below. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION :
REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Initial Balance Pass-Through Interests Rate ------------- ---------------- ------------- IA $103,474,797.69 (1) IB $921,250.00 (1) IC $63,350.00 (1) ID $42,230.00 (1) IE $29,030.00 (1) IF $1,055,870.56 (1) II-A-IO (2) (3) R-2 $0 0%
(1) The REMIC II Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests (other than the Class P Certificates), after first subtracting 7.00% from the Pass-Through Rates of each of such regular interests (other than the Class IN Interest) for the Distribution Dates indicated below for each of such regular interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- IA $ 22,500,000 (1) IB $ 1,800,000 $18,000,000 (1) IC $ 10,000,000 1,500,000 (1) ID $ 5,700,000 1,000,000 (1) IE $ 8,600,000 5,500,000 (1) IF $ 9,200,000 4,500,000 (1) IG $ 11,100,000 5,000,000 (1) IH $ 13,200,000 5,500,000 (1) II $ 15,900,000 5,000,000 (1) IJ $ 14,900,000 6,000,000 (1) IK $ 11,300,000 3,000,000 (1) IL $ 5,500,000 3,500,000 (1) Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- IM $190,300,000 97,697,829.20 (1) IN $ 55,000,000 $49,200,417.05 (2) R-1 $ $0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-1, Class II-BM-2, Class II-B the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 5.01(a)C.7 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇II-▇A-4F, Class II-▇▇A-5F, ▇▇Class II-▇-▇▇, ▇▇-▇-▇▇A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇II-▇▇A-3F, ▇▇▇▇▇ ▇▇Class II-▇-▇▇A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇- -▇▇ ▇, Class B, Class A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage AccountNet Rate Cap Fund), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ------- P $100 0% (3) IA $ 22,500,000 $13,800,000 (1) IB $ 1,800,000 1,700,000 (1) IC $ 10,000,000 2,000,000 (1) ID $ 5,700,000 2,800,000 (1) IE $ 8,600,000 2,700,000 (1) IF $ 9,200,000 3,000,000 (1) IG $ 11,100,000 3,600,000 (1) IH $ 13,200,000 4,400,000 (1) II $ 15,900,000 4,400,000 (1) IJ $ 14,900,000 5,200,000 (1) IK $ 11,300,000 2,800,000 (1) IL $ 5,500,000 2,400,000 (1) IM $190,300,000 96,200,000 (1) IN $ $55,000,000 (2) R-1 $ $0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. A.
(3) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of the Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 5.01(a)C.7 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇II-▇A-4F, Class II-▇▇A-5F, ▇▇Class II-▇-▇▇, ▇▇-▇-▇▇A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇II-▇▇A-3F, ▇▇▇▇▇ ▇▇Class II-▇-▇▇A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇- -▇▇ ▇, Class B, Class A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Supplemental Interest Reserve Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FAF-1, Class II-A-2FAF-2, Class II-A-3FAF-3, Class II-A-4FAF-4, Class II-A-5FAF-5, Class II-A-6FAF-6, Class II-A-1AMF-1, Class II-A-2AMF-2 and Class II-BF, and Class II-QF Interests (the "Group I REMIC II Regular Interests") and the Class II-AV, Class II-B, the 12 components of Class II-A-IO described in note (4) belowMV-1, Class II-MMV-2, Class II-M-F BV and Class II-M-A QV Interests (the "Group II REMIC II Regular Interests") (collectively, the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from I. Any Subordination Increase Amount for the Mortgage Group I Home Equity Loans that is allocable used to payments of principal on pay an amount to the Group I Offered Certificates (under sections 5.01(a)C.6 and 5.01(b)pursuant to Section 7.03(b)(C)(1) (the "Turbo Amount") and that is payable from interest on the Group I Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-M QF Interest which equals 1.01% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Group I REMIC II Regular Interests (other than the Class II-A-1FQF Interests), Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group I Offered Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A QF Interests in the same proportion as interest otherwise payable on such Group I REMIC II Regular Interests is used to reduce principal on other Group I REMIC II Regular Interests as just described). Any Subordination Increase Amount for the Group II Home Equity Loans that is used to pay an amount to the Group II Offered Certificates pursuant to Section 7.03(b)(C)(1) (the "Turbo Amount") and that is payable from interest on the Group II Home Equity Loans will not be paid as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-QV Interest which equals .01% of the Turbo Amount will be payable as a reduction of the principal balances of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), in the same manner in which the Turbo Amount is allocated among the Group II Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QV Interests in the same proportion as interest otherwise payable on such Group II REMIC II Regular Interests is used to reduce principal on other Group II REMIC II Regular Interests as just described). Principal payments on the Mortgage Group I Home Equity Loans shall be allocated 9999.99% to the Class II-M, Class II-M-F QF Interests and Class II-M-A Interests, and 1.01% to the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A QF Interests, ) until paid in full. The aggregate amount of principal allocated to the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests QF Interests) shall be apportioned among such classes Group I REMIC II Regular Interests in the same manner as in which principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Group I Offered Certificates, respectively. Notwithstanding the above, principal payments on the Group I Home Equity Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QF Interests. Principal payments on the Group II Home Equity Loans shall be allocated 99.99% to the Class II-QV Interests and .01% to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) until paid in full. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Group II REMIC II Regular Interests shall be allocated and apportioned among such Interests first, to (other than the Class II-M-F and Class II-M-A QV Interests) shall be apportioned among such Group II REMIC II Regular Interests in the least amount of same manner in which principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests is payable with respect to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio")II offered Certificates, and second, to the Class II-M Interestsrespectively. Notwithstanding the above, principal payments on Mortgage the Group II Home Equity Loans that are attributable to the Excess Overcollateralization Release Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A QV Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of each of the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests QF Interests) are each 1.01% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group I Offered Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses remaining losses shall be allocated to the Class II-M, QF Interests. Realized Losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group II REMIC II Regular Interests (other than the Class II-M-F QV Interests) are each .01% of the principal balances of the Group II Offered Certificates, respectively; and Class II-M-A Interests (ii) the remaining losses shall be applied first, allocated to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M QV Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Certificates Initial Balance Certificate Rate Allocation of Principal Allocation of Interest II-AF-1 $8,050.00 (1) (3) (4)(5) II-AF-2 $4,000.00 (1) (3) (4)(5) II-AF-3 $3,600.00 (1) (3) (4)(5) II-AF-4 $4,050.00 (1) (3) (4)(5) II-AF-5 $904.00 (1) (3) (4)(5) II-AF-6 $2,280.00 (1) (3) (4)(5) II-MF-1 $1,530.00 (1) (3) (4)(5) II-MF-2 $1,197.40 (1) (3) (4)(5) II-BF $998.00 (1) (3) (4)(5) II-QF $266,067,390.60 (1) (3) (4)(5) II-AV $20,410.30 (2) (3) (4)(6) II-MV-1 $1,804.60 (2) (3) (4)(6) II-MV-2 $1,057.80 (2) (3) (4)(6) II-BV $1,617.90 (2) (3) (4)(6) II-QV $248,901,519.70 (2) (3) (4)(6) R-2 0 0% N/A N/A(7) ----------------
(1) The Certificate Rate on this Group I REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Group I Home Equity Loans.
(2) The Certificate Rate on this Group II REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Group II Home Equity Loans.
(3) Principal will be allocated to and apportioned among the Offered Certificates as provided in Section 7.03(b), except that a portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Certificates have been reduced to zero.
(4) Except as provided in footnote (5) and (6), interest will be allocated among the Offered Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this Group I REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group I REMIC II Regular Interests where each of the Group I REMIC II Regular Interests (other than the Class II-QF Interests), is subject to a cap and floor equal to the rate on each of the Group I Offered Certificates of the same letter designation, respectively, and the Class II-QF Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group I REMIC II Certificate shall not be allocated to the Group I Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this Group II REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group II REMIC II Regular Interests where each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), is subject to a cap and floor equal to the rate on each of the Group II Offered Certificates of the same letter designation, respectively, and the Class II-QV Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group II REMIC II Certificate shall not be allocated to the Group II Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AV and Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date ----------------- ------------------- ------------------ Class AF-1 $80,500,000 December 25, 2016 Class AF-2 $40,000,000 February 25, 2020 Class AF-3 $36,000,000 August 25, 2026 Class AF-4 $40,500,000 August 25, 2030 Class AF-5 $9,040,000 January 25, 2032 Class AF-6 $22,800,000 January 25, 2032 Class MF-1 $15,300,000 January 25, 2032 Class MF-2 $11,974,000 January 25, 2032 Class BF $9,980,000 January 25, 2032 Class AV $204,103,000 January 25, 2032 Class MV-1 $18,046,000 January 25, 2032 Class MV-2 $10,578,000 January 25, 2032 Class BV $16,179,000 January 25, 2032 Class X-IO (1) Class R-1 (1) ----------------
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is January 25, 2036.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, Initial Interest Coverage Account and REMIC III (which together Interest Rate Cap Agreement constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Net Rate Cap Fund, the Class B Cap Fund and Pre-Funding Account, the Initial Interest Coverage AccountAccount and the Interest Rate Cap Agreement), any REO Property, and any proceeds of the foregoing. The REMIC I II Regular Interests (as defined below) ), other than the Class P Certificates, shall constitute the assets of REMIC II. I. The REMIC II Regular Interests Interest Rate Cap Agreement, the Pre-Funding Account, the Initial Interest Coverage Account and the Net Rate Cap Fund shall constitute the not be assets of REMIC IIIany REMIC.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA, Class II-A-2FM-1, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Q Interests and the Class II-M, Class II-M-F and Class II-M-A Interests P Certificates (the "“REMIC II Regular Interests"”), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the "“regular interests" ” in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "“residual interest" ” in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "“REMIC II Interests Certificates"”). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC IIII. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. Class II-A (1) $102,500,000.00 Class A Class II-M-1 (1) $ 8,437,500.00 Class M-1 Class II-M-2 (1) $ 7,500,000.00 Class M-2 Class II-B (1) $ 5,000,000.00 Class B-1 Class II-Q (1) $126,562,500.06 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest from Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans that is allocable Loans. Such Prepayment Charges shall not be available for distribution with respect to payments any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the Certificates first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(under sections 5.01(a)C.6 and 5.01(b)3) (The Class R-2 Certificate is the "Turbo Amount") will sole class of residual interest in REMIC II. It does not be paid directly as have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Regular Interests, but instead a portion of Interests have been made in the interest payable manner described below shall be distributed with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------R-2
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund Pre-Funding Account and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IE and Class IN IF Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will Class IA, Class IB, Class IC, Class ID, Class IE and Class IF Interests shall have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 equal to $20,396,000, $35,229,000, $18,541,000, $38,938,000, $331,896,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal i.e., the weighted average excess of the Net Loan Rates of the Mortgage Loans in initial Loan Group F.
F Balance over $113,104,000) and $30,000,000 (2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal i.e., the weighted average of the Net Loan Rates of the Mortgage Loans in initial Loan Group A. A Balance), respectively. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, sequentially to the REMIC I Regular Class IE, Class IA, Class IB, Class IC, and Class ID Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN IF Interest. The Class IA, Class IB, Class IC, Class ID and Class IE Interests shall each have pass-through rates equal to the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F. The Class IF Interest shall have a pass-through rate equal to the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Class IA, Class IB, Class IC, Class ID, Class IE and Class IF Interests and applicable Trust expenses have been paid. It is expected that there will shall not be any distributions on the Class R-1 R- 1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1AA-IA, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-MIO, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Any Excess Interest from up to an amount equal to the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) Subordination Increase Amount (the "Turbo Amount") that is payable from interest on the Mortgage Loans will not be paid directly as principal interest to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-F Interests which equals 1% of the Turbo Amount that is applied to Group F Certificates and a portion of the interest payable with respect to the Class II-M-A Interest which equals 1% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-Group A Interests equal to such excess) Certificates will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-II- ▇-▇▇, ▇▇-▇-▇▇, ▇ ▇▇-▇-▇▇, Class II-BA-3F, Class II-A-1A A-4F, Class II-A-5F, Class II-A-6F, and Class II-A-2A A-1A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-- ▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4F, Class BA-5F, Class A-1A A-6F and Class A-2A A-1A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans Loan Group F shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A InterestsInterest, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇▇-▇-▇▇, ▇▇▇▇▇ ▇▇-▇- ▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5FA-4F, Class II-A-6F, Class II-B, Class II-A-1A A-5F and Class II-A-2A Interests, A-6F Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A A-6F Interests shall be apportioned among such classes in the same manner as principal on Loan Group F is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class BA-4F, Class A-1A A-5F and Class A-2A A-6F Certificates, respectively; and (ii) . Notwithstanding the aggregate above, principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the payments on Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated that are attributable to the Class II-M, Class II-M-F and Class II-M-A Interests Excess Overcollateralization Amount shall be applied first, allocated to the Class II-M-F and Interest. Principal payments on Loan Group A shall be allocated 99% to the Class II-M-A Interests Interest and 1% to the least amount of realized losses necessary which can Class II- A-1A Interest until paid in full. Notwithstanding the above, the principal payments on Loan Group A that are attributable to the Excess Overcollateralization Amount shall be applied to such Interests so that the Balance Ratio is maintained, and second, allocated to the Class II-M InterestsM-A Interest. The REMIC II Certificates will Realized losses shall be applied such that after all distributions have been made on such Distribution Date: (i) the following designations and pass- through ratesprincipal balances of the Class ▇▇-▇-▇▇, ▇▇▇▇▇ ▇▇-▇- ▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-4F, Class II-A-5F, Class II-A-6F, and distributions Class II-A-1A Interests are each 1% of the principal and interest thereon shall be allocated to balances of the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Class A-1F, Class A-2F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests (as defined below) shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IM-1, IM-2 and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- P $ 100 0%(5) IA $ 22,500,000 42,800,000 (1) IB $ 1,800,000 7,100,000 (1) IC $ 10,000,000 8,300,000 (1) ID $ 5,700,000 9,800,000 (1) IE $ 8,600,000 11,400,000 (1) IF $ 9,200,000 13,300,000 (1) IG $ 11,100,000 15,500,000 (1) IH $ 13,200,000 18,200,000 (1) II $ 15,900,000 21,200,000 (1) -52- Pass- REMIC I Initial Through Certificates Balance Rate ------------ ------- ---- IJ $ 14,900,000 21,900,000 (1) IK $ 11,300,000 17,900,000 (1) IL $ 5,500,000 12,800,000 (1) IM IM-1 $190,300,000 324,360,000 (12) IM-2 $ 25,440,000 (3) IN $ 55,000,000 $150,000,000 (24) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Subgroup F1.
(3) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Subgroup F2.
(4) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. A.
(5) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentiallyfirst, in reverse order to which they are listed abovethe Class IM-1 and Class IM-2 Interests (and allocated between the two interests such that the ratio of the principal balance of the Class IM-1 Interest to the principal balance of the Class IM-2 Interest is always the same as the ratio of the principal balance of Subgroup F1 to the principal balance of Subgroup F2 ("the Subgroup Ratio"), and then, to the REMIC I Regular Interests (other than the Class IM-1, Class IM-2 and Class IN Interests), sequentially, in reverse order to which they are listed above, until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-MQ, Class II-MQ-F F1, Class II-Q-F2 and Class II-MQ-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. The Class II-Q, Class II-Q-F1, Class II-Q-F2 and Class II-Q-A Interests are referred to below collectively as the Q Classes. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 5.01(a)C.7 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Q Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Q Interest, a pro rata portion of the interest payable on the Class II-MQ-F F1, Class II-Q-F2 and Class II-MQ-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-1F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-2F, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests Q Classes in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A InterestsQ Classes, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3FB, Class A-4FA-1A, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ M-1 and Class A-2A M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests Q Classes shall be allocated and apportioned among such Interests first, to the Class II-MQ-F F1, Class II-Q-F2 and Class II-MQ-A Interests the least amount of principal necessary which can be applied to such Interests so that both the ratio of the sum of the principal balance balances of the Class II-MQ-F F1 and Class II-Q-F2 Interests to the principal balance of the Class II-MQ-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), ) and second, to the Class II-M Interests. Notwithstanding the Subgroup Ratio (as defined in Section 2.07(b) above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------II-
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Net Monthly Excess Cashflow for either Group that is allocable used to payments of principal on pay an amount to the Class A Certificates pursuant to Section 7.03(b) (under sections 5.01(a)C.6 vii), (viii) and 5.01(b)(xii) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1.01% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5 and Class II-A-2A Interests A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5 and Class A-2A A-6 Certificates, respectively respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 9999.99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans Group I that are attributable to the Excess Overcollateralization Release Amount shall be allocated 100% to the Class II-M, Class II-M-F and Class II-M-A Interests (M-1 Interest. Principal payments on Group II shall be allocated first 99.99% to the Class II-M M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, and second the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6F, Class II-B, Class II-A-1A A-6 and Class II-A-2A A-7 Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6 and Class A-2A A-7 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the sum aggregate Loan Balance of Group II less the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balance of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-7 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Credit Corp Home Eq Ln Asset Backed Cert Ser 2000 B)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2AA-8, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Total Monthly Excess Cashflow that is allocable used to payments of principal on the Certificates pay a Subordination Increase Amount pursuant to Section 7.03(b)(ii)(E) or (under sections 5.01(a)C.6 and 5.01(b)G) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1.01% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5 and Class II-A-2A Interests A-6 Certificates, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7, and Class II-A-8 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5, Class A-6, Class A-7 and Class A-2A A-8 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 9999.99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. Notwithstanding the above, principal payments on Group I that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-1 Interest. Principal payments on Group II shall be allocated 99.99% to the Class II-M-2 Interest and .01% to the Class II-A-7 and Class II-A-8 Interests until paid in full. The aggregate amount of principal allocated to the Class II-M, Class II-M-F A-7 and Class II-M-A A-8 Interests shall be allocated and apportioned among such REMIC II Regular Interests firstin the same manner in which principal from Group II is payable with respect to the Class A-7 and Class A-8 Certificates, respectively. Notwithstanding the above, the principal payments on Group II that are attributable to the Subordination Reduction Amount shall be allocated 100% to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-B, Class II-A-1A A-7 and Class II-A-2A A-8 Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6, Class A-7 and Class A-2A A-8 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the aggregate Loan Balance of Group II less the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balances of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F A-7 and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-8 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Certificate of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- II-A-1 $ 7,342.70 5.91% (3) (4)(5) II-A-2 $ 1,336.60 6.10% (3) (4)(5) II-A-3 $ 3,118.50 6.26% (3) (4)(5) II-A-4 $ 2,991.60 6.60% (3) (4)(5) II-A-5 $ 1,950.60 (8) (3) (4)(5) II-A-6 $ 1,860.00 6.60% (3) (4)(5) II-A-7 $ 8,400.00 (8) (3) (4)(6) II-A-8 $ 1,500.00 6.04% (3) (4)(6) II-M-1 $185,981,598.89 (1) (3) (4)(5) II-M-2 $ 98,992,001.65 (2) (3) (4)(6) R-2 $ 0 0% N/A N/A(7) ---------------
(1) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates of the Home Equity Loans in Group I.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Net Coupon Rates (each calculated without regard to the subtraction of the Minimum Spread) of the Home Equity Loans in Group II.
(3) Principal will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as principal from the Home Equity Loans is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Subordination Reduction Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Group I and Group II Certificates have been reduced to zero.
(4) Except as provided in footnotes (5) and (6), interest will be allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6 and Class II-M-1 Interests where the Class II-M-1 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-A-7, Class II-A-8 and Class II-M-2 Interests, where the Class II-M-2 Interest is subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate, shall not be allocated to the Group I or Group II Certificates, but will be allocated to the Class X-IO Certificates. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 1999-2)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover FundPre-Funding Account, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IK and Class IN IL Interests and the Class IQ Certificates (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- IA $ 22,500,000 18,500,000 (1) IB $ 1,800,000 6,000,000 (1) IC $ 10,000,000 1,000,000 (1) ID $ 5,700,000 4,500,000 (1) IE $ 8,600,000 5,000,000 (1) IF $ 9,200,000 5,750,000 (1) IG $ 11,100,000 6,000,000 (1) IH $ 13,200,000 6,500,000 (1) II $ 15,900,000 6,750,000 (1) IJ $ 14,900,000 13,700,000 (1) IK $ 11,300,000 6,325,000 (1) IL $ 5,500,000 4,125,000 (1) IM $190,300,000 IQ 95,850,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Loans, provided that the Pass-Through Rate on this class of REMIC I Regular Interests for the first month during the Pre-Funding Period shall at any time of determination equal not exceed the weighted average of the Net Loan Certificate Rates of the Mortgage Loans in Loan Group A. REMIC III Regular Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6FA-1F, Class II-A-1A, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (42) below, Class II-M, Class II-M-F and Class II-M-A Q Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Q Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2FA-1A, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇M-1, Class II-B, Class II-A-1A M-2 and Class II-A-2A B Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class M-2 and Class B Certificates, respectively (and will be accrued and added to principal on the Class II-Q Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-Q Interest and 1% to the Class II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-1A, Class II-M-1, Class II-M-2 and Class II-B Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A M-2 and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)Q Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2FA-1A, Class II-A-3FM-1, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A M-2 and Class II-A-2A B Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A M-2 and Class A-2A B Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests Q Interest is equal to the sum of the Loan Group F aggregate Principal Balance of the Mortgage Loans and Loan Group A Balancethe Pre-Funded Amount, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- II-A-1F $ 1,079,000 (1) (3) (4),(5) II-A-2 415,000 (1) (3) (4),(5) II-M-1 126,000 (1) (3) (4),(5) II-M-2 90,000 (1) (3) (4),(5) II-B 90,000 (1) (3) (4),(5) II-Q 178,200,000 (1) (3) (4),(5) II-A-IO Notional (2) N/A Class IO R-2 0 0% N/A N/A(6)
(1) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests, after first subtracting 6.0% from the Pass-Through Rates of each of such regular interests (other than the Class IQ Interest) for the Distribution Dates indicated below for each of such regular interests, but for the first month during the Pre- Funding Period such Pass-Through Rate shall not exceed the weighted average of the Certificate Rates on the REMIC III Regular Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Net Rate Cap Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I II Regular Interests (as defined below) ), other than the Class P Certificates, shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FAF-1, Class II-A-2FAF-2, Class II-A-3FA-VI, Class II-A-4FM-1, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Q Interest and the Class II-M, Class II-M-F and Class II-M-A Interests P Certificates (the "REMIC II Regular Interests"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. I. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) Mortgage Loans (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Q Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of each of the REMIC II Regular Interests, other than the Class IIQ-A-1FII Interest, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇AF-1, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇AF-2, Class BAV-1, Class A-1A M-1, Class M-2 and Class A-2A B Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just describedQ Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, Q Interest and 1% to each of the REMIC II Regular Interests, other than the Class IIQ-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A InterestsII Interest, until paid in full. The aggregate amount of principal allocated to each of the REMIC II Regular Interests, other than the Class IIQ-A-1FII Interest, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1FAF-1, Class A-2FAF-2, Class A-3FAV-1, Class A-4FM-1, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ M-2 and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)Q Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of each of the REMIC II Regular Interests, other than the Class IIQ-A-1FII Interest, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1FAF-1, Class A-2FAF-2, Class A-3FAV-1, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇M-1, Class B, Class A-1A M-2 and Class A-2A B Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests Q Interest is equal to the sum of the Loan Group F aggregate Principal Balance and Loan Group A Balanceof the Mortgage Loans, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- II-AF-1 $ 305,500 (1) (2) (3),(4) II-AF-2 641,600 (1) (2) (3),(4) II-AV-1 487,900 (1) (2) (3),(4) II-M-1 122,500 (1) (2) (3),(4) II-M-2 87,500 (1) (2) (3),(4) II-B 70,000 (1) (2) (3),(4) II-Q 169,785,000 (1) (2) (3),(4) P 100 0% (5) N/A R-2 0 0% N/A N/A(6)
(1) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests.
(2) Principal will be allocated to and apportioned among the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class BIO Certificates, and all principal will be allocated as a payment of interest to the Class BIO Certificates after the principal balances of the other Regular Certificates have been reduced to zero.
(3) Except as provided in note (4), interest will be allocated among the Class AF-1, Class A-F-2, Class AV-1, Class M-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(4) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of each of the REMIC II Regular Interests, where each of such classes, other than the Class II-Q Interest is first subject to a cap and floor equal to the Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2 and Class B Pass-Through Rates, respectively, and the Class II-Q Interest is subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the other Certificates but will be allocated to the Class BIO Certificates. However, the Class BIO Certificates shall be subordinated to the extent provided in Section 5.01.
(5) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such prepayment charges shall not be available for distribution with respect to any other Class of REMIC II Certificates and shall not be applied to the Principal Balance of the Class P Certificates. The Class P Deposit may be added to principal and interest collections on the Mortgage Loans on the first Distribution Date and allocated pursuant to Section 5.01. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal distributions until there are no Mortgage Loans with respect to which prepayment penalties are applicable left in the Trust, at which time the P Certificates shall be entitled to receive their Class Principle Balance.
(6) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any distributions on the Class R-2 Certificates.
(c) The Class AF-1, Class AF-2, Class AV-1, Class M-1, Class M-2, Class B, and Class BIO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Interests") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, Available Funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1 Certificates. It is expected that there will not be any distributions on the Class R-1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Renaissance Home Equity Loan Asset-BKD Cert Series 2002-1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- -50- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- P $ 100 0% (3) IA $ 22,500,000 34,662,000 (1) IB $ 1,800,000 5,003,000 (1) IC $ 10,000,000 2,789,000 (1) ID $ 5,700,000 2,981,000 (1) IE $ 8,600,000 3,186,000 (1) IF $ 9,200,000 3,447,000 (1) IG $ 11,100,000 3,641,000 (1) IH $ 13,200,000 3,892,000 (1) II $ 15,900,000 29,519,000 (1) IJ $ 14,900,000 5,776,000 (1) IK $ 11,300,000 13,033,000 (1) IL $ 5,500,000 3,583,000 (1) IM $190,300,000 258,488,000 (1) IN $ 55,000,000 50,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. A.
(3) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans in each Loan Group. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and any remaining principal collections on the Mortgage Loans shall be payable to the Class P Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-A-1A, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 5.01(a)C.7 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇II-▇A-4F, Class II-▇▇A-5F, ▇▇Class II-▇A-6F, Class II-▇▇, ▇▇-▇-▇▇A-7F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class A-4F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇II-▇▇A-3F, ▇▇▇▇▇ ▇▇Class II-▇-▇▇A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇- -▇▇ ▇, Class B, Class A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-7F, Class II-B, Class II-A-1A A-1A, Class II-M-1 and Class II-A-2A M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A A-1A, Class M-1 and Class A-2A M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which which, together with the Net Rate Cap Fund, constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Net Rate Cap Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I II Regular Interests (as defined below) ), other than the Class P Certificates, shall constitute the assets of REMIC II. I. The REMIC II Regular Interests Interest Rate Cap Agreement and the Net Rate Cap Fund shall constitute the not be assets of REMIC IIIany REMIC.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA, Class II-A-2FM-1, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Q Interests and the Class II-M, Class II-M-F and Class II-M-A Interests P Certificates (the "REMIC II Regular Interests"), which (except in the case of the Class P Certificates) will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Interests Certificates"). The REMIC II Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC IIII. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each class of REMIC II Interests. REMIC II Class Designation REMIC 2 Interest from Rate Initial Class Principal Amount Corresponding Class of Certificates Class II-A (1) $ 82,000,000.00 Class A Class II-M-1 (1) $ 7000,000.00 Class M-1 Class II-M-2 (1) $ 5,250,000.00 Class M-2 Class II-2-B (1) $ 4,250,000.00 Class B-1 Class II-Q (1) $101,500,000.00 N/A Class P 0.00% $ 100.00(2) N/A Class R-2 (3) (3) N/A ___________________________
(1) The interest rate with respect to any Distribution Date (and the related Interest Period) for each of these REMIC II Interests is a per annum rate equal to the Net Rate Cap in effect for such Distribution Date (computed without regard to the adjustment for the actual/360 day count convention).
(2) The Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans that is allocable Loans. Such Prepayment Charges shall not be available for distribution with respect to payments any other Class of REMIC II Interests and shall not be applied in reduction of the Class P Class Principal Balance. The Class P Certificates shall be entitled to a principal payment in an amount equal to the Class P Deposit on the Certificates first Distribution Date following date on which there are no Mortgage Loans to which a Prepayment Charge would apply remaining in the Trust.
(under sections 5.01(a)C.6 and 5.01(b)3) (The Class R-2 Certificate is the "Turbo Amount") will sole class of residual interest in REMIC II. It does not be paid directly as have an interest rate or a principal balance. On each Distribution Date, Available Funds remaining after all distributions with respect to the other REMIC II Regular Interests, but instead a portion of Interests have been made in the interest payable manner described below shall be distributed with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------R-2
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Net Monthly Excess Cashflow for either Group that is allocable used to payments of principal on pay an amount to the Class A Certificates pursuant to Section 7.03(b) (under sections 5.01(a)C.6 vii), (viii) and 5.01(b)(xii) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1.01% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5 and Class II-A-2A Interests A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5 and Class A-2A A-6 Certificates, respectively respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balance of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 9999.99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans Group I that are attributable to the Excess Overcollateralization Release Amount shall be allocated 100% to the Class II-M, Class II-M-F and Class II-M-A Interests (M-1 Interest. Principal payments on Group II shall be allocated first 99.99% to the Class II-M M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, and second the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6F, Class II-B, Class II-A-1A A-6 and Class II-A-2A A-7 Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6 and Class A-2A A-7 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the sum aggregate Loan Balance of Group II less the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balance of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-7 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover FundPre-Funding Account, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) [the Class IAREMIC I classes] (together, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates[___________], which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates[_____________], the "REMIC I Certificates"). The REMIC I Regular Interests (other than the [Class ___] Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- IA $ 22,500,000 ---- [(1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) )] [The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Loans, provided that the Pass-Through Rate on this class of REMIC I Regular Interests for the first month during the Pre-Funding Period shall at any time of determination equal not exceed the weighted average of the Net Loan Certificate Rates of the Mortgage Loans in Loan Group A. REMIC III Regular Certificates.] On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 [R-1] Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 [R-1] Certificate.
(c) REMIC II will be evidenced by (x) [the REMIC II Classes] (2) below, [Class II-A- 1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Q] Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 [R-2] Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class [R-II II] Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans REMIC I Regular Interests that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) Mortgage Loans (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class [II-M Q] Interest which equals 1% [1]% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class [II-A-1F, Class II-A-2FA-1A, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇M-1, Class II-B, Class II-A-1A M-2 and Class II-A-2A B] Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇[A-1F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-1A, Class BM-1, Class A-1A M-2 and Class A-2A B] Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just describedQ Interest). Principal payments on the Mortgage Loans REMIC I Regular Interests shall be allocated 99% [99]% to the Class [II-M, Class II-M-F Q] Interest and Class II-M-A Interests, and 1% [1]% to the Class [II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-1A, Class II-A-5FM-1, Class II-A-6F, M-2 and Class II-B, Class II-A-1A and Class II-A-2A ] Interests, until paid in full. The aggregate amount of principal allocated to the Class [II-A-1F, Class II-A-2FA-1A, Class II-A-3FM-1, Class II-A-4F, Class II-A-5F, Class II-A-6F, M-2 and Class II-B, Class II-A-1A and Class II-A-2A ] Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class [A-1F, Class A-2FA-1A, Class A-3FM-1, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ M-2 and Class A-2A B] Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans REMIC I Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class [II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)Q] Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class [II-A-1F, Class II-A-2FA-1A, Class II-A-3FM-1, Class II-A-4F, Class II-A-5F, Class II-A-6F, M-2 and Class II-B, Class II-A-1A and Class II-A-2A ] Interests are each 1% [1]% of the principal balances of the Class [A-1F, Class A-2FA-1A, Class A-3FM-1, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, M-2 and Class B, Class A-1A and Class A-2A ] Certificates, respectively; and (ii) the aggregate principal balance of the Class [II-M, Class II-M-F and Class II-M-A Interests Q] Interest is equal to the sum of the Loan Group F aggregate Principal Balance of the Mortgage Loans and Loan Group A Balancethe Pre-Funded Amount, less an amount equal 1% [1]% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- -------- [_____] $ [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] [_____] [_______] [(1)] [(3)] [(4),(5)] ---------------
(1) [The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the Pass-Through Rates of the REMIC I Regular Interests, after first subtracting [___]% from the Pass-Through Rates of each of such regular interests (other than the Class IQ Interest) for the Distribution Dates indicated below for each of such regular interests, but for the first month during the Pre-Funding Period such Pass-Through Rate shall not exceed the weighted average of the Certificate Rates on the REMIC III Regular Certificates.] 6.00% Subtraction 6.00% Subtraction REMIC I Distribution REMIC I Distribution Certificates Dates Certificates Dates ------------ ----- ------------ ----- [____] [1 - 36] [____] [1 - 18] [____] [1 - 33] [____] [1 - 15] [____] [1 - 30] [____] [1 - 12] [____] [1 - 27] [____] [1 - 9] [____] [1 - 24] [____] [1 - 6] [____] [1 - 21] [____] [1 - 3] [(2)] [Interest on the Class II-A-IO will equal the sum of 12 strips of interest, with each strip being a strip off the principal balance of a REMIC I Regular Interest at [___]% per annum for the Distribution Dates indicated in the table in note (1) for such regular interest, and 0.0% thereafter. Each of the 12 interest strips comprising the interest on the Class II-A-IO shall constitute 12 separate components of the Class II-A-IO, each of which shall be designated as a separate REMIC II Regular Interest.] [(3)] [Principal will be allocated to and apportioned among the Class A-1F Class A-1A, Class M-1, Class M-2 and Class B Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class BIO Certificates, and all principal will be allocated as a payment of interest to the Class BIO Certificates after the principal balances of the other Regular Certificates have been reduced to zero.]
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together with the Supplemental Interest Reserve Fund constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Supplemental Interest Reserve Fund, the Class B Cap Fund and the Initial Interest Coverage Account), any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FAF-1A, Class II-A-2FAF-1B, Class II-A-3FAF-2, Class II-A-4FAF-3, Class II-A-5FAF-4, Class II-A-6FAF-5, Class II-A-1AAF-6, Class II-A-2AAF-7, Class II-B, the 12 components of Class II-A-IO described in note (4) belowMF-1, Class II-MMF-2 and Class II-BF, and Class II-QF Interests (the "Group I REMIC II Regular Interests") and the Class II-AV, Class II-MMV-1, Class II-F MV-2, Class II-BV and Class II-M-A QV Interests (the "Group II REMIC II Regular Interests") (collectively, the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II ▇▇▇▇▇ ▇▇ as being issued to and held by the Trustee on behalf of REMIC III. Interest from I. Any Subordination Increase Amount for the Group I Mortgage Loans that is allocable paid to payments of principal on the Group I Offered Certificates (under sections 5.01(a)C.6 and 5.01(b)) pursuant to Section 8.03 (the "Turbo I Amount") and that is payable from interest on the Group I Mortgage Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-M QF Interest which equals 1..01% of the Turbo I Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Group I REMIC II Regular Interests (other than the Class II-A-1FQF Interests), Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo I Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group I Offered Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A QF Interests in the same proportion as interest otherwise payable on such Group I REMIC II Regular Interests is used to reduce principal on other Group I REMIC II Regular Interests as just described). Any Subordination Increase Amount for the Group II Mortgage Loans that is paid to the Group II Offered Certificates pursuant to Section 8.03 (the "Turbo II Amount") and that is payable from interest on the Group II Mortgage Loans will not be paid as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-QV Interest which equals .01% of the Turbo II Amount will be payable as a reduction of the principal balances of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), in the same manner in which the Turbo II Amount is allocated among the Group II Offered Certificates, respectively (and will be accrued and added to principal on the Class II-QV Interests in the same proportion as interest otherwise payable on such Group II REMIC II Regular Interests is used to reduce principal on other Group II REMIC II Regular Interests as just described). Principal payments on the Group I Mortgage Loans shall be allocated 9999.99% to the Class II-M, Class II-M-F QF Interests and Class II-M-A Interests, and 1.01% to the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A QF Interests, ) until paid in full. The aggregate amount of principal allocated to the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests QF Interests) shall be apportioned among such classes Group I REMIC II Regular Interests in the same manner as in which principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Group I Offered Certificates, respectively. Notwithstanding the above, principal payments on the Group I Mortgage Loans that are attributable to the Overcollateralization Release Amount shall be allocated to the Class II-QF Interests. Principal payments on the Group II Mortgage Loans shall be allocated 99.99% to the Class II-QV Interests and .01% to the Group II REMIC II Regular Interests (other than the Class II-QV Interests) until paid in full. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Group II REMIC II Regular Interests shall be allocated and apportioned among such Interests first, to (other than the Class II-M-F and Class II-M-A QV Interests) shall be apportioned among such Group II REMIC II Regular Interests in the least amount of same manner in which principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests is payable with respect to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio")II offered Certificates, and second, to the Class II-M Interestsrespectively. Notwithstanding the above, principal payments on the Group II Mortgage Loans that are attributable to the Excess Overcollateralization Release Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A QV Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses on the Group I Mortgage Loans shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of each of the Group I REMIC II Regular Interests (other than the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests QF Interests) are each 1.01% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group I Offered Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses remaining losses shall be allocated to the Class II-M, QF Interests. Realized Losses on the Group II Mortgage Loans shall be applied such that after all distributions have been made on such Distribution Date: (i) the principal balances of each of the Group II REMIC II Regular Interests (other than the Class II-M-F QV Interests) are each .01% of the principal balances of the Group II Offered Certificates, respectively; and Class II-M-A Interests (ii) the remaining losses shall be applied first, allocated to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M QV Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Remic II Certificates Initial Balance Certificate Rate Allocation of Principal Allocation of Interest ------------ --------------- ---------------- ----------------------- ---------------------- II-AF-1A $ 10,932 (1) (3) (4)(5) II-AF-1B 9,831 (1) (3) (4)(5) II-AF-2 6,773 (1) (3) (4)(5) II-AF-3 6,859 (1) (3) (4)(5) II-AF-4 5,019 (1) (3) (4)(5) II-AF-5 3,121 (1) (3) (4)(5) II-AF-6 4,726 (1) (3) (4)(5) II-AF-7 22,500 (1) (3) (4)(5) II-MF-1 3,567 (1) (3) (4)(5) II-MF-2 3,369 (1) (3) (4)(5) II-BF 2,576 (1) (3) (4)(5) II-QF 792,657,228.80 (1) (3) (4)(5) II-AV 17,203 (2) (3) (4)(6) II-MV-1 1,347 (2) (3) (4)(6) II-MV-2 1,088 (2) (3) (4)(6) II-BV 1,089 (2) (3) (4)(6) II-QV 207,243,154.10 (2) (3) (4)(6) R-2 0 0% N/A N/A(7)
(1) The Certificate Rate on this Group I REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Group I Mortgage Loans.
(2) The Certificate Rate on this Group II REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Group II Mortgage Loans.
(3) Principal will be allocated to and apportioned among the Offered Certificates as provided in Section 8.03, except that a portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Certificates have been reduced to zero.
(4) Except as provided in footnote (5) and (6), interest will be allocated among the Offered Certificates in the same proportion as interest is payable on such Certificates.
(5) Any interest with respect to this Group I REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group I REMIC II Regular Interests where each of the Group I REMIC II Regular Interests (other than the Class II-QF Interests), is subject to a cap and floor equal to the rate on each of the Group I Offered Certificates of the same letter designation, respectively, and the Class II-QF Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group I REMIC II Certificate shall not be allocated to the Group I Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 8.03.
(6) Any interest with respect to this Group II REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the Group II REMIC II Regular Interests where each of the Group II REMIC II Regular Interests (other than the Class II-QV Interests), is subject to a cap and floor equal to the rate on each of the Group II Offered Certificates of the same letter designation, respectively, and the Class II-QV Interests, are subject to a cap equal to 0% and (ii) the principal balance of this Group II REMIC II Certificate shall not be allocated to the Group II Offered Certificates but will be allocated to the Class X-IO Certificates (any interest so allocated shall not itself bear interest). However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 8.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any significant distributions on the Class R-2 Certificates.
(c) Each class of Offered Certificates and the Class X-IO Certificates are hereby designated as "regular interests" with respect to REMIC I (the "REMIC I Regular Certificates") and the Class R-1 Certificate is hereby designated as the single "residual interest" with respect to REMIC I. On each Distribution Date, available funds, if any, remaining in REMIC I after payments of interest and principal as designated herein shall be distributed to the Class R-1 Certificates. The beneficial ownership interest in the REMIC I created hereunder shall be evidenced by the interests having the following characteristics and terms: Initial Certificate Final Scheduled Class Designation Principal Balance Distribution Date Class AF-1A $109,320,000 February 25, 2017 Class AF-1B $98,310,000 February 25,2017 Class AF-2 $67,730,000 January 25, 2023 Class AF-3 $68,590,000 January 25, 2027 Class AF-4 $50,190,000 March 25, 2029 Class AF-5 $31,210,000 February 25, 2033 Class AF-6 $47,260,000 February 25, 2030 Class AF-7 $225,000,000 February 25, 2033 Class MF-1 $35,670,000 January 25, 2030 Class MF-2 $33,690,000 December 25, 2029 Class BF $25,760,000 February 25, 2033 Class AV $172,030,000 March 25, 2033 Class MV-1 $13,470,000 September 25, 2030 Class MV-2 $10,880,000 August 25, 2030 Class BV $10,890,000 March 25, 2033 Class X-IO (1) Class R-1 (1)
(1) The Class X-IO and Class R-1 Certificates do not have a Certificate Principal Balance.
(d) For federal income tax purposes, the "latest possible maturity date" for each of the REMIC I Regular Certificates and the REMIC II Regular Interests is February 25, 2032.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2002-1)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover FundPre-Funding Account, the Class B Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) ), other than the Class P Certificates, shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM IK and Class IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests (other than the Class P Certificates) shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- -49- Pass- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Through Certificates Balance Rate ------------ ------- -------- ---- P $100 0%(2) IA $ 22,500,000 $12,972,973 (1) IB $ 1,800,000 $1,729,730 (1) IC $ 10,000,000 $2,594,594 (1) ID $ 5,700,000 $2,162,162 (1) IE $ 8,600,000 $3,891,892 (1) IF $ 9,200,000 $3,027,027 (1) IG $ 11,100,000 $2,162,163 (1) IH $ 13,200,000 $864,864 (1) II $ 15,900,000 $864,865 (1) IJ $ 14,900,000 $2,248,649 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 908,108 (1) IN $ 55,000,000 81,572,973 (21) R-1 $ $0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.Loans.
(2) The Pass-Through Rate on this class Class P Certificates shall be entitled to receive all Prepayment Charges collected with respect to the Mortgage Loans. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Regular Interests Certificates. The Prepayment Charges received by the Class P Certificates shall at any time of determination equal not be applied to the weighted average principal balance of the Net Loan Rates of the Mortgage Loans in Loan Group A. Class P Certificates. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F and, on the first Distribution Date, the Class P Deposit shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All Notwithstanding the above, the Class P Certificates shall not be entitled to any principal collections so long as the Class IN Interests remain outstanding. Any principal collections otherwise payable to the Class P Certificates will then instead be payable to the Class IN Interests, until the principal balance of the Class IN Interests has been reduced to zero, and realized losses any remaining principal collections on the Mortgage Loans in Loan Group A shall be allocated payable to the Class IN InterestP Certificates to the extent of their Class Principal Balance. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA, Class II-A-2FM-1, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-A-1A, Class II-A-2AM-2, Class II-B, the 12 11 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A M Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1FA, Class II-A-2FM-1, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A M-2 and Class II-A-2A B Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A M-1 and Class A-2A M-2 Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just describedM Interest). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, M Interest and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6FA, Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6FA, Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1FA, Class A-2FB, Class A-3FM-1, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ M-2 and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6FA, Class II-B, Class II-A-1A M-1 and Class II-A-2A M-2 Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A, Class B, Class A-1A M-1 and Class A-2A M-2 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests M Interest is equal to the sum of the Loan Group F aggregate Principal Balance of the Mortgage Loans and Loan Group A Balancethe Pre-Funded Amount, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ----------- --------------- --------- --------
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Trust 2000-4)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) belowQ, Class II-M, Class II-MS-F and Class II-MS-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Subordination Increase Amount for either Group that is allocable used to payments of principal on pay an amount to the Offered Certificates (under sections 5.01(a)C.6 and 5.01(b)pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-M Q Interest which equals 1.01% of the Turbo Amount (and, to the extent 1.01% of the Turbo Amount exceeds the interest payable on the Class II-M Q Interest, a pro rata portion of the interest payable on the Class II-MS-F and Class II-MS-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests B Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A lass M-2 and Class A-2A B Certificates, respectively respectively, (and will be accrued and added to principal on the Class II-MQ, Class II-MS-F and Class II-MS-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Home Equity Loans shall be allocated 9999.99% to the Class II-MQ, Class II-MS-F F, and Class II-MS-A Interests, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-BA-5, Class II-A-1A A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests, B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class, II-M-1, Class II-A-1A M-2 and Class II-A-2A B Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal is payable with respect to the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class A-4FA-4, Class A-5FA-5, Class ▇-▇▇A-6, Class A-7 ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ ass M-2 and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be allocated and apportioned among such Interests first, to the Class II-MS-F and Class II-MS-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-MS-F Interests to the principal balance of the Class II-MS-A Interests equals the ratio of the Loan Group F I Balance to the Loan Group A II Balance (the "Balance Ratio"), and second, to the Class II-M Q Interests. Notwithstanding the above, principal payments on Mortgage the Home Equity Loans that are attributable to the Excess Overcollateralization Release Amount shall be allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests (allocated first to the Class II-M Q Interests until paid in full, and second to the Class II-MS-F and Class II-MS-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class II-A-1A M-1, Class II-M-2 and Class II-A-2A B Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6, Class A-7, Class M-1, Class M-2 and Class A-2A B Certificates, respectively; and (ii) the aggregate principal balance of remaining losses shall be allocated to the Class II-MQ, Class II-MS-F A and Class II-MS-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the CertificatesInterests. Losses allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be applied first, to the Class II-MS-F and Class II-MS-A Interests the least amount of realized losses Realized Losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Q Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II CERTIFICATES INITIAL THROUGH BALANCE CERTIFICATE RATE ALLOCATION OF PRINCIPAL ALLOCATION OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -------------------------- ---------------- ----------------------- ---------------------- II-A-1 $___________ (1) (4) (5)(6) II-A-2 (1) (4) (5)(6) II-A-3 (1) (4) (5)(6) II-A-4 (1) (4) (5)(6) II-A-5 (1) (4) (5)(6) II-A-6 (1) (4) (5)(6) II-A-7 (1) (4) (5)(6) II-M-1 (1) (4) (5)(6) II-M-2 (1) (4) (5)(6) II-B (1) (4) (5)(6) II-Q (1) (4) (5)(6) II-S-F (2) (4) (5)(6) II-S-A (3) (4) (5)(6) R-2 0 0% N/A N/A(7) ---------------
(1) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of the Home Equity Loans.
(2) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group I.
(3) The Certificate Rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the Certificate Rates of those Home Equity Loans corresponding to Group II.
(4) Principal will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2 and Class B Certificates as provided in Section 7.03(b), except that a portion of such principal in an amount equal to the Overcollateralization Release Amount shall first be allocated to the Class X-IO Certificates, and all principal will be allocated to the Class X-IO Certificates after the principal balances of the Certificates have been reduced to zero.
(5) Except as provided in footnote (6), interest will be allocated among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Clas▇ ▇-▇, ▇▇▇▇▇ ▇-1, Class M-2 and Class B Certificates in the same proportion as interest is payable on such Certificates.
(6) Any interest with respect to this REMIC II Certificate in excess of the product of (i) 10,000 times the weighted average coupon of the REMIC II Regular Interests where each of the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-M-1, Class II-M-2, Class II-B Interests, subject to a cap and floor equal to the rate on each of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Clas▇ ▇-▇, ▇▇▇▇▇ ▇-1, Class M-2 and Class B Certificates, respectively and each of the Class II-Q, Class II-S-F and Class II-S-A Interests, subject to a cap equal to 0% and (ii) the principal balance of this REMIC II Certificate shall not be allocated to the Offered Certificates but will be allocated to the Class X-IO Certificates, any interest so allocated shall not itself bear interest. However, the Class X-IO Certificates shall be subordinated to the extent provided in Section 7.03.
(7) On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal and expenses of the Trust, as designated above, will be distributed to the Class R-2
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, the LIBOR Carryover Fund, the Class B Cap Carryover Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- Pass- REMIC I INITIAL THROUGH Initial Through CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 32,000,000 (1) IB $ 1,800,000 7,500,000 (1) IC $ 10,000,000 9,500,000 (1) ID $ 5,700,000 11,500,000 (1) IE $ 8,600,000 5,000,000 (1) IF $ 9,200,000 10,500,000 (1) IG $ 11,100,000 2,000,000 (1) IH $ 13,200,000 4,000,000 (1) II $ 15,900,000 19,000,000 (1) IJ $ 14,900,000 2,500,000 (1) IK $ 11,300,000 9,500,000 (1) IL $ 5,500,000 4,000,000 (1) IM $190,300,000 251,000,000 (1) IN $ 55,000,000 32,000,000 (2) R-1 $ 0 0%
(1) The Passpass-Through Rate through rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Passpass-Through Rate through rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will shall not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class IIA-A-6F, Class II-A-1A, Class II-A-2AIA, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F and Class II-M-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans that is allocable to payments of principal on the Certificates (either under sections 5.01(a)C.3, 5.01(a)C.5, or 5.01(a)C.6 and 5.01(b)) (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇II-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-4F, Class II-B, and Class II-A-1A and Class II-A-2A Interests in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-1F, Class ▇-▇▇A-2F, ▇▇▇▇▇ ▇-▇▇Class A-3F, ▇▇▇▇▇ ▇-▇▇Class A-4F, Class B, and Class A-1A and Class A-2A Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-M-F and Class II-M-A Interests in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Principal payments on the Mortgage Loans shall be allocated 99% to the Class II-M, Class II-M-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇II-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-3F, Class II-A-5F, Class II-A-6FA-4F, Class II-B, and Class II-A-1A and Class II-A-2A Interests, until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, and Class II-A-1A and Class II-A-2A Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ B and Class A-2A A-1A Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-M-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, and Class II-A-1A and Class II-A-2A Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4F, Class B, and Class A-1A and Class A-2A Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-M-F and Class II-M-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Interests. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF Initial Through of of Certificates Balance Rate Principal Interest II-A-1F $ (1) (5) (6),(7) 1,088,800 II-A-2F $ (1) (5) (6),(7) 751,200 II-A-3F $ (1) (5) (6),(7) 1,332,000 II-A-4F $ (1) (5) (6),(7) 368,000 II-B $ (1) (5) (6),(7) 140,000 II-A-1A $ (1) (5) (6),(7) 320,000 II-M $ 392,000,000 (1) (5) (6),(7) II-M-F $ (2) (5) (6),(7) 3,680,000 II-M-A $ (3) (5) (6),(7) 320,000 II-A-IO $ (4) N/A Class IOF 0 R-2 $ 0% N/A N/A(8) 0 ---------------
(1) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the weighted average of the REMIC I Regular Interests, after first subtracting 6.0% from each of such regular interests (other than the Class IM and Class IN Interests) for the Distribution Dates indicated below for each such regular interest, and 0.0% thereafter. REMIC I 6.0% Subtraction REMIC I 6.0% Subtraction CERTIFICAT DISTRIBUTION DISTRIBUTION ES DATES CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------DATES IA 1 - 36 IG 1 - 17 IB 1 - 33 IH 1 - 15 IC 1 - 30 II 1 - 12 ID 1 - 27 IJ 1 - 11 IE 1 - 24 IK 1 - 6 IF 1 - 18 IL 1 - 3
(2) The pass-through rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the REMIC I Regular Interests (other than the Class IN Interest), after first subtracting 6.0% from each such regular interest (other than the Class IM Interests) for the Distribution Dates indicated in the table in note (1), and 0.0% thereafter
(3) The pass-through rate on this REMIC II Regular Interest shall at any time of determination equal the pass-through rate on the Class IN Interest issued by REMIC I.
(4) Interest on the Class II-A-IO will equal the sum of 12 strips of interest, with each strip being a strip off the principal balance of a REMIC I Regular Interest (other than the Class IM and Class IN Interests) at 6.0% per annum for the Distribution Dates indicated in the table in note (1) for such regular interest, and 0.0% thereafter. Each of the 12 interest strips comprising the interest on the Class II-A-IO shall constitute 12 separate components of the Class II-A-IO, each of which shall be designated as a separate REMIC II Regular Interest.
(5) Principal will be allocated to and apportioned among the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-1A Certificates, in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Excess Overcollateralization Amount shall first be allocated as a payment of interest to the Class BIO Certificates, and all principal will be allocated as a payment of interest to the Class BIO Certificates after the principal balances of the Group F and Group A Certificates have been reduced to zero.
(6) Except as provided in note (7), interest will be allocated among the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-1A ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ proportion as interest is payable on such Certificates.
(7) Any interest with respect to this REMIC II Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-B, Class II-A-IA, Class II-M, Class II-M-F, and Class II-M-A Interests, where each of such classes, other than the Class II-M, Class II-M-F, and Class II-M-A Interests is first subject to a cap and floor equal to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B and Class A-IA pass-through rates, respectively, and the Class II-M, Class II-M-F, and Class II-M-A Interest are each subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, shall not be allocated to the Group F or Group A Certificates but will be allocated to the Class BIO Certificates. However, the Class BIO Certificates shall be subordinated to the extent provided in Section 5.01.
(8) On each Distribution Date, Available Funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate. It is expected that there will not be any distributions on the Class R-2 Certificates.
(d) The Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class B, Class A-1A, Class IOF and Cl▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇eby designated as "regular interests" with respect to REMIC III (the "REMIC III Regular Interests") and the Class R-3 Certificate is hereby designated as the single "residual interest" with respect to REMIC III. On each Distribution Date, Available Funds, if any, remaining in REMIC III after payments of interest and principal as designated herein shall be distributed to the Class R-3 Certificates. It is expected that there will not be any distributions on the Class R-3 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I II shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IA, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 (2) R-1 $ 0 0%
(1) The Pass-Through Rate on these REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group F.
(2) The Pass-Through Rate on this class of REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2A, Class II-B, the 12 components of Class II-A-IO described in note (4) below, Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Net Monthly Excess Cashflow for either Group that is allocable used to payments of principal on the Certificates (under sections 5.01(a)C.6 and 5.01(b)pay an Extra Principal Distribution Amount pursuant to Section 7.03(b) (the "Turbo Amount") and that is payable from interest on the Home Equity Loans will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-M M-1 Interest which equals 1.01% of the Turbo Amount (and, that is applied to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) Group I Certificates will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5 and Class II-A-2A Interests A-6 Interests, in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-3, Class BA-4, Class A-1A A-5 and Class A-2A A-6 Certificates, respectively respectively, and a portion of the interest payable with respect to the Class II-M-2 Interest which equals .01% of the Turbo Amount that is applied to the Group II Certificates will be payable as a reduction of the principal balances of the Class II-A-7 Interests (and will be accrued and added to principal on the Class II-M, Class II-M-F M-1 and Class II-M-A M-2 Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans Group I shall be allocated 9999.99% to the Class II-M, Class II-M-F and Class II-M-A InterestsM-1 Interest, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-B, Class II-A-1A A-5 and Class II-A-2A Interests, A-6 Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A A-5 and Class II-A-2A A-6 Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal from Group I is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇- ▇▇ Class A-3, Class A-4, Class A-5 and Class A-2A A-6 Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans Group I that are attributable to the Excess Overcollateralization Release Amount shall be allocated 100% to the Class II-M, Class II-M-F and Class II-M-A Interests (M-1 Interest. Principal payments on Group II shall be allocated first 99.99% to the Class II-M M-2 Interest and .01% to the Class II-A-7 Interests until paid in full. Notwithstanding the above, and second the principal payments on Group II that are attributable to the Overcollateralization Release Amount shall be allocated 100% to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full)M-2 Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6F, Class II-B, Class II-A-1A A-6 and Class II-A-2A A-7 Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6 and Class A-2A A-7 Certificates, respectively; and (ii) the aggregate principal balance of the Class II-MM-1 Interest is equal to the aggregate Loan Balance of Group I less the sum of the principal balances of the Class II-A-1, Class II-MA-2, Class II-F A-3, Class II-A-4, Class II-A-5 and Class II-MA-6 Interests; and (iii) the principal balance of the Class II-A Interests M-2 Interest is equal to the sum aggregate Loan Balance of Group II less the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% principal balance of the aggregate Class Principal Balances of the Certificates. Losses allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be applied first, to the Class II-M-F and Class II-M-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M A-7 Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2000-A)
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and each of the Fifty REMIC III IIIs described in subsection (b) (which together with the assets of the Supplemental Interest Reserve Fund constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of the Fifty REMIC I IIIs shall include the Mortgage Home Equity Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property allocable to each of such Fifty REMIC IIIs and any proceeds of the foregoing. The separate assets of each of the Fifty REMIC I IIIs are separately identified on Schedule I-F attached hereto. The Fifty REMIC III Regular Interests (as defined below) shall constitute the assets of REMIC IIII Regular Interests. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) Fifty (50) lower-tier REMICs (the "Fifty REMIC I IIIs" and each a "REMIC III") will be established and evidenced by (x) the Class IAone hundred classes of REMIC III numbered REMIC regular interest certificates listed below (together, Class IB, Class IC, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM and Class IN Interests (the "REMIC I III Regular Interests"), which will be uncertificated and non-transferable transferable, and are will hereby designated as the "regular interests" in each of the Fifty REMIC I IIIs and (y) the Class R-1 Certificates, fifty classes of REMIC III numbered REMIC residual interest certificates listed below which are hereby designated as the single "residual interest" in each of the Fifty REMIC I (IIIs. Principal payments and losses realized on mortgages in each of the Fifty REMIC IIIs will be paid or allocated to the REMIC I III Regular Interests, together Interest that is issued by the appropriate REMIC III with the Class R-1 Certificates, pool designation corresponding to the "mortgage's pool. REMIC I Certificates"). The IIIs REMIC I IIIs REMIC IIIs REMIC IIIs Regular Interests shall be recorded on the records of Interest Regular Interest Regular Interest Residual Interest Certificate Certificate Initial Certificates Certificate REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and passIIIs Designations Balances Pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE ------------ ------- -------- IA $ 22,500,000 (1) IB $ 1,800,000 (1) IC $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 Through Rates Designations (2) R-1 $ 0 0%)
(1) The Pass-Through Certificate Rate on these REMIC I III Regular Interests shall at any time of determination equal the weighted average of the Net Loan Coupon Rates of the Mortgage Home Equity Loans in Loan the specific REMIC III in which such Regular Interest evidences an interest, with those REMIC III Regular Interests designated "Q-F" corresponding to Group F.I and those REMIC III Regular Interests designated "Q-A" corresponding to Group II.
(2) The Pass-Through Rate on this class of This REMIC I Regular Interests shall at any time of determination equal the weighted average of the Net Loan Rates of the Mortgage Loans in Loan Group A. On each Distribution Date, principal collections III residual interest does not have a Certificate Principal Balance and realized losses on the Mortgage Loans in Loan Group F shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses on the Mortgage Loans in Loan Group A shall be allocated to the Class IN Interest. The Class R-1 Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificatepay interest.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-A-1AA-7, Class II-A-2AM-1, Class II-M-2, Class II-B, the 12 components of Class II-A-IO described in note (4) belowQ, Class II-M, Class II-MS-F and Class II-MS-A Interests (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II R-2 Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans I. Any Net Monthly Excess Cashflow for either Group that is allocable used to payments of principal on pay an amount to the Offered Certificates (under sections 5.01(a)C.6 and 5.01(b)pursuant to Section 7.03(b)(C)(7) (the "Turbo Amount") and that is payable from interest on the REMIC II Regular Interests will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-M Q Interest which equals 1.01% of the Turbo Amount (and, to the extent 1.01% of the Turbo Amount exceeds the interest payable on the Class II-M Q Interest, a pro rata portion of the interest payable on the Class II-MS-F and Class II-MS-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇A-3, Class II-BA-4, Class II-A-1A A-5, Class II-A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests B Interests, in the same manner in which the Turbo Amount is allocated among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Cla▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇M-1, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A M-2 and Class A-2A B Certificates, respectively respectively, (and will be accrued and added to principal on the Class II-MQ, Class II-MS-F and Class II-MS-A Interests in the same proportion as interest otherwise payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the Mortgage Loans REMIC III Regular Interests shall be allocated 9999.99% to the Class II-MQ, Class II-MS-F F, and Class II-MS-A Interests, and 1.01% to the Class II-A-1FA-1, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇A-2, Class II-A-5FA-3, Class II-A-6FA-4, Class II-BA-5, Class II-A-1A A-6, Class II-A-7, Class, II-M-1, Class II-M-2 and Class II-A-2A Interests, B Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class, II-M-1, Class II-A-1A M-2 and Class II-A-2A B Interests shall be apportioned among such classes REMIC II Regular Interests in the same manner as in which principal is payable with respect to the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class A-4FA-4, Class A-5FA-5, Class A-6, Cla▇▇ ▇-▇▇, ▇ ▇▇▇▇▇ ▇-1, ▇▇▇▇▇ ▇- ▇▇ Class M-2 and Class A-2A B Certificates, respectively. The aggregate amount of principal allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be allocated and apportioned among such Interests first, to the Class II-MS-F and Class II-MS-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-MS-F Interests to the principal balance of the Class II-MS-A Interests equals the ratio of the Loan Group F I Balance to the Loan Group A II Balance (the "Balance Ratio"), and second, to the Class II-M Q Interests. Notwithstanding the above, principal payments on Mortgage Loans REMIC III Regular Interests that are attributable to the Excess Overcollateralization Release Amount shall be allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests (allocated first to the Class II-M Q Interests until paid in full, and second to the Class II-MS-F and Class II-MS-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses shall be applied such that after all distributions have been made on such Distribution Date Date: (i) the principal balances of the Class II-A-1FA-1, Class II-A-2FA-2, Class II-A-3FA-3, Class II-A-4FA-4, Class II-A-5FA-5, Class II-A-6FA-6, Class II-BA-7, Class II-A-1A M-1, Class II-M-2 and Class II-A-2A B Interests are each 1.01% of the principal balances of the Class A-1FA-1, Class A-2FA-2, Class A-3FA-3, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇A-4, Class BA-5, Class A-1A A-6, Class A-7, Class M-1, Class M-2 and Class A-2A B Certificates, respectively; and (ii) the aggregate principal balance of remaining losses shall be allocated to the Class II-MQ, Class II-MS-F A and Class II-MS-A Interests is equal to the sum of the Loan Group F Balance and Loan Group A Balance, less an amount equal 1% of the aggregate Class Principal Balances of the CertificatesInterests. Losses allocated to the Class II-MQ, Class II-MS-F and Class II-MS-A Interests shall be applied first, to the Class II-MS-F and Class II-MS-A Interests the least amount of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to the Class II-M Q Interests. The REMIC II Certificates will have the following designations and pass- through ratesCertificate Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST ------------ ------- ------- ----------- -----------:
Appears in 1 contract
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the LIBOR Carryover Fund, the Class B Cap Fund Fees and the Initial Interest Coverage Account), any REO Property, and any proceeds expenses of the foregoing. The Trust Fund shall be paid from REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.
(b) REMIC I will be evidenced by (x) the Class IAIB-IOF, Class IQ-F, Class IB-IOV, Class ICIQ-V, Class ID, Class IE, Class IF, Class IG, Class IH, Class II, Class IJ, Class IK, Class IL, Class IM P-F and Class IN Interests P-V Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of Class P-F and Class P-V Certificates) will be uncertificated and non-transferable transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 R-I Certificates, which are hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 R-I Certificates, the "REMIC I Certificates"). The Class IB-IOF, Class IQ-F and Class P-F Certificates will be referred to as the "REMIC I Group 1 Regular Interests" and the Class IB-IOV, Class IQ-V and Class P-V Certificates will be referred to as the "REMIC I Group 2 Regular Interests." The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: PASS- REMIC I INITIAL THROUGH CERTIFICATES BALANCE RATE Initial Pass-Through Certificates Balance Rate ------------ ------- -------- IA -------------- ------------ P-F $ 22,500,000 100 0% (3) P-V $ 100 0% (3) IB-IOF $ 31,000,000 (1) IB IQ-F $ 1,800,000 343,999,900 (1) IC IB-IOV $ 10,000,000 (1) ID $ 5,700,000 (1) IE $ 8,600,000 (1) IF $ 9,200,000 (1) IG $ 11,100,000 (1) IH $ 13,200,000 (1) II $ 15,900,000 (1) IJ $ 14,900,000 (1) IK $ 11,300,000 (1) IL $ 5,500,000 (1) IM $190,300,000 (1) IN $ 55,000,000 90,000,000 (2) R-1 IQ-V $1,034,999,900 (2) R-I $ 0 0%
(1) The Passpass-Through Rate through rate on these REMIC I Regular Interests shall for the first four Interest Accrual Periods shall be 8.60% and at any time of determination thereafter shall equal the weighted average Net WAC Pass-Through Rate of the Net Loan Rates of the Mortgage Home Equity Loans in Loan Group F.1.
(2) The Passpass-Through Rate through rate on this class of these REMIC I Regular Interests for the first four Interest Accrual Periods shall be 9.35% and at any time of determination thereafter shall equal the weighted average Net WAC Pass-Through Rate of the Net Loan Rates of the Mortgage Home Equity Loans in Loan Group A. 2.
(3) The Class P-F and Class P-V Certificates shall not be entitled to interest but shall be entitled to receive all Prepayment Charges collected with respect to the Home Equity Loans in each of Group 1 and Group 2, respectively. Such Prepayment Charges shall not be available for distribution with respect to any other Class of REMIC I Certificates. The Prepayment Charges received by the Class P-F and Class P-V Certificates shall not be applied to the principal balance of those Certificates. On each Distribution Date, principal collections and realized losses Realized Losses on the Mortgage Home Equity Loans in Loan Group F 1 shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Group 1 Regular Interests (other than the Class IN Interests), until the principal balance of each such class is reduced to zero. All principal collections and realized losses Realized Losses on the Mortgage Home Equity Loans in Loan Group A 2 shall be allocated sequentially, in reverse order to which they are listed above, to the REMIC I Group 2 Regular Interests until the principal balance of each such class is reduced to zero. Notwithstanding the above, the Class P-F and Class P-V Certificates shall not be entitled to any principal collections so long as the Class IQ-F and Class IQ-V Interests remain outstanding, respectively. Any principal collections otherwise payable to the Class IN InterestP-F and Class P-V Certificates will instead be payable to the Class IQ-F and Class IQ-V Interests, respectively, until the principal balance of the Class IQ-F and Class IQ-V Interests, respectively, have been reduced to zero, and any remaining principal collections on the Home Equity Loans in Group 1 and Group 2, respectively, shall be payable to the Class P-F and Class P-V Certificates, respectively, to the extent of their respective Certificate Principal Balances. The Class R-1 R-I Certificates shall have no principal balance and no pass-through rate and shall be entitled to only those distributable assets, if any, remaining in REMIC I on each Distribution Date after all amounts required to be distributed to the REMIC I Regular Interests and applicable Trust Fund expenses have been paid. It is expected that there will not be any distributions on the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-A- 1FIIAF1, Class II-A-2FIIAF2, Class II-A-3FIIAF3, Class II-A-4FIIAF4, Class II-A-5FIIAF5, Class II-A-6FIIAF6, Class II-A-1AIIM1F, Class II-A-2AIIM2F, Class II-B, the 12 components of Class II-A-IO described in note (4) belowIIBF, Class IIIIB-MIOF, Class IIIIQ-MF, Class IIAV, Class IIM1V, Class IIM2V, Class IIBV, Class IIB-F IOV and Class IIIIQ-M-A Interests V (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-2 R-II Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The Class IIAF1, Class IIAF2, Class IIAF3, Class IIAF4, Class IIAF5, Class IIAF6, Class IIM1F, Class IIM2F, Class IIBF, Class IIB-IOF, Class IIQ-F will be referred to as the REMIC II Group 1 Regular Interests and the Class IIAV, Class IIM1V, Class IIM2V, Class IIBV, Class IIB-IOV and Class IIQ-V will be referred to as the REMIC II Group 2 Regular Interests. The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Interest from the Mortgage Loans Any Net Monthly Excess Cashflow that is allocable used to payments of principal on pay the Certificates (under sections 5.01(a)C.6 and 5.01(b)) Overcollateralization Increase Amount (the "Turbo Amount") and that is payable from interest on the Home Equity Loans in Group 1 will not be paid directly as principal to the REMIC II Group 1 Regular Interests, but instead a portion of the interest payable with respect to the Class IIIIQ-M F Interest which equals 1% of the Turbo Amount (and, to the extent 1% of the Turbo Amount exceeds the interest payable on the Class II-M Interest, a pro rata portion of the interest payable on the Class II-M-F and Class II-M-A Interests equal to such excess) will be payable as a reduction of the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class ▇▇-▇-▇▇, ▇▇-▇-▇▇, ▇▇-▇-▇▇, Class II-B, Class II-A-1A and Class II-A-2A REMIC II Group 1 Regular Interests which are entitled to receive principal ("REMIC II Group 1 Offered Interests") in the same manner in which the Turbo Amount is allocated among the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group 1 Offered Certificates, respectively (and will be accrued and added to principal on the Class II-M, Class II-MIIQ-F Interests) and Class II-M-A Interests in that is payable from interest on the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described)Home Equity Loans. Principal payments on the Mortgage Home Equity Loans shall be allocated 99% to the Class II-M, Class II-MIIQ-F and Class II-M-A Interests, and 1% to the Class II-A-1F, Class II-A-2F, Class II- ▇-▇▇, ▇▇▇▇▇ ▇▇-▇-▇▇, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A Interests, REMIC II Group 1 Offered Interests until paid in full. The aggregate amount of principal allocated to the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A REMIC II Group 1 Offered Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class ▇-▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇- ▇▇ and Class A-2A Group 1 Offered Certificates, respectively. The aggregate amount of principal allocated to the Class II-M, Class II-M-F and Class II-M-A Interests shall be allocated and apportioned among such Interests first, to the Class II-M-F and Class II-M-A Interests the least amount of principal necessary which can be applied to such Interests so that the ratio of the principal balance of the Class II-M-F Interests to the principal balance of the Class II-M-A Interests equals the ratio of the Loan Group F Balance to the Loan Group A Balance (the "Balance Ratio"), and second, to the Class II-M Interests. Notwithstanding the above, principal payments on Mortgage Loans the REMIC II Group 1 Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-M, Class II-MIIQ-F and Class II-M-A Interests (allocated first to the Class II-M Interests until paid in full, and second to the Class II-M-F and Class II-M-A Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). Realized losses Losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1F, Class II-A-2F, Class II-A-3F, Class II-A-4F, Class II-A-5F, Class II-A-6F, Class II-B, Class II-A-1A and Class II-A-2A REMIC II Group 1 Offered Interests are each 1% of the principal balances of the Class A-1F, Class A-2F, Class A-3F, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class B, Class A-1A and Class A-2A Group 1 Offered Certificates, respectively; and (ii) the aggregate principal balance of the Class II-M, Class II-MIIQ-F and Class II-M-A Interests is equal to the sum Loan Balance of the Loan Group F Balance and Loan Group A Balance, 1 Home Equity Loans less an amount equal 1% of the aggregate Class Certificate Principal Balances of the Group 1 Certificates. Losses The Turbo Amount that is payable from interest on the Home Equity Loans in Group 2 will not be paid directly as principal to the REMIC II Group 2 Regular Interests, but instead a portion of the interest payable with respect to the Class IIQ-V Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of the REMIC II Group 2 Regular Interests which are entitled to receive principal ("REMIC II Group 2 Offered Interests") in the same manner in which the Turbo Amount is allocated among the Group 2 Offered Certificates, respectively (and will be accrued and added to principal on the Class IIQ-V Interests) and that is payable from interest on the Home Equity Loans. Principal payments on the Home Equity Loans shall be allocated 99% to the Class IIQ-V Interests, and 1% to the REMIC II Group 2 Offered Interests until paid in full. The aggregate amount of principal allocated to the REMIC II Group 2 Offered Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Group 2 Offered Certificates, respectively. Notwithstanding the above, principal payments on the REMIC II Group 2 Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class IIIIQ-M, Class II-M-F and Class II-M-A Interests V Interests. Realized Losses shall be applied firstsuch that after all distributions have been made on such Distribution Date (i) the principal balances of the REMIC II Group 2 Offered Interests are each 1% of the principal balances of the Group 2 Offered Certificates, respectively; and (ii) the aggregate principal balance of the Class IIQ-V Interests is equal to the Class II-M-F and Class II-M-A Interests Loan Balance of the least Group 2 Home Equity Loans less an amount equal 1% of realized losses necessary which can be applied to such Interests so that the Balance Ratio is maintained, and second, to aggregate Certificate Principal Balances of the Class II-M InterestsGroup 2 Certificates. The REMIC II Certificates will have the following designations and pass- pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: PASS- ALLOCATION ALLOCATION Pass- Allocation Allocation REMIC II INITIAL THROUGH OF OF CERTIFICATES BALANCE RATE PRINCIPAL INTEREST Initial Through of of Certificates Balance Rate Principal Interest ------------ ------- ------- ---------- ---------- IIA1F $ 1,048,000 (1) (5) (6), (7) IIA2F $ 735,000 (1) (5) (6), (7) IIA3F $ 347,000 (1) (5) (6), (7) IIA4F $ 422,000 (1) (5) (6), (7) IIAF5 $ 223,000 (1) (5) (6), (7) IIAF6 $ 375,000 (1) (5) (6), (7) IIM1F $ 253,130 (1) (5) (6), (7) IIM2F $ 196,870 (1) (5) (6), (7) IIBF $ 140,620 (1) (5) (6), (7) IIB-IOF $ 0 (3) N/A B-IOF IIQ-F $ 371,259,280 (1) (5) (6), (7) IIAV $ 9,112,500 (2) (5) (6), (8) IIM1V $ 843,750 (2) (5) (6), (8) IIM2V $ 646,870 (2) (5) (6), (8) IIBV $ 562,500 (2) (5) (6), (8) IIB-IOV $ 0 (4) N/A B-IOV IIQ-V $1,113,834,280 (2) (5) (6), (8) R-II $ 0 0% N/A N/A _______________
(1) The pass-through rate on these REMIC II Regular Interests shall at any time of determination equal the Net WAC Pass-Through Rates of the REMIC I Group 1 Regular Interests, after first subtracting 4.125% from the pass-through rates of each of such regular interests (other than the Class IQ-F Interests) for the Distribution Dates 1-30.
(2) The Pass-Through Rate on these REMIC II Regular Interests shall at any time of determination equal the Net WAC Pass-Through Rates of the REMIC I Group 2 Regular Interests, after first subtracting 4.125% from the pass-through rates of each of such regular interests (other than the Class IQ-V Interests) for the Distribution Dates 1-30.
(3) Interest on the Class IIB-IOF will equal a strip of interest off the principal balance of the Class IB-IOF Interest at 4.125% per annum for the first 30 Distribution Dates and 0% thereafter.
(4) Interest on the Class IIB-IOV will equal a strip of interest off the principal balance of the Class IB-IOV Interest at 4.125% per annum for the first 30 Distribution Dates and 0% thereafter.
(5) Principal will be allocated to and apportioned among the Offered Certificates in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount up to the Excess Overcollateralization Amount for each of the Group 1 and Group 2 Certificates shall first be allocated as a payment of interest to the Class X-F and Class X-V Certificates, respectively, and all of the principal of each respective Group will be allocated as a payment of interest to the Class X-F and Class X-V Certificates, respectively, after the principal balances of the Group 1 and Group 2 Certificates, respectively, have each been reduced to zero.
(6) Except as provided in note (7), interest will be allocated among the Offered Certificates in the same proportion as interest is payable on such Certificates.
(7) Any interest with respect to this REMIC II Group 1 Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the REMIC II Group 1 Offered Interests, where each of such classes, other than the Class IIQ-F Interests is first subject to a cap and floor equal to the Group 1 Offered Certificates Pass-Through Rates, respectively, and the Class IIQ-F Interests are subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, will be allocated to the Class X-F Certificates and not allocated to the Group 1 Certificates. However, the Class X-F Certificates shall be subordinated to the extent provided in Section 4.04.
(8) Any interest with respect to this REMIC II Group 2 Regular Interest in excess of the product of (i) 100 times the weighted average coupon of the REMIC II Group 2 Offered Interests, where each of such classes, other than the Class IIQ-V Interests is first subject to a cap and floor equal to the lesser of the Group 2 Offered Certificates Pass-Through Rates, respectively, or Group 2 Net WAC Cap and the Class IIQ-V Interests are subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest, will be allocated to the Class X-V Certificates and not allocated to the Group 2 Certificates. However, the Class X-V Certificates shall be subordinated to the extent provided in Section 4.04. On each Distribution Date, available funds, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-II Certificate. It is expected that there will not be any distributions on the Class R-II Certificates.
(d) The Group 1 Certificates and the Group 2 Certificates are hereby designated as "regular interests" with respect to REMIC III (the "REMIC III Regular Interests") and the Class R-III Certificate is hereby designated as the single "residual interest" with respect to REMIC III. On each Distribution Date, Available Distribution Amount, if any, remaining in REMIC III after payments of interest and principal as designated herein shall be distributed to the Class R-III Certificates. Solely for the purposes of satisfying Treasury Regulation 1.860G-1(a)(4)(iii) the "latest possible maturity date" for each REMIC Certificate is September 20, 2034. The beneficial ownership interests in REMIC III created hereunder shall be evidenced by the interests having the following characteristics and terms as follows: Initial Aggregate Scheduled Final Designation Pass-Through Rate Certificate Principal Balance Distribution Date ----------- ---------------------------- ----------------------------- ----------------- Class AF1 7.701% $ 104,800,000 September 2030 Class AF2 7.570% $ 73,500,000 September 2030 Class AF3 7.610% $ 34,700,000 September 2030 Class AF4 7.825% $ 42,200,000 September 2030 Class AF5 8.050%(1)(2) $ 22,300,000 September 2030 Class AF6 7.615%(1) $ 37,500,000 September 2030 Class M1F 8.240%(1) $ 25,313,000 September 2030 Class M2F 8.700%(1) $ 19,687,000 September 2030 Class BF 9.290%(1) $ 14,062,000 September 2030 Class AV Adjustable(1)(3) $ 911,250,000 August 2030 Class M1V Adjustable(1)(3) $ 84,375,000 August 2030 Class M2V Adjustable(1)(3) $ 64,687,000 August 2030 Class BV Adjustable(1)(3) $ 56,250,000 August 2030 Class B-IOF 4.125% (4) September 2030 Class B-IOV 4.125% (4) August 2030 Class X-F -- 937,900 September 2030 Class X-V -- 8,437,900 August 2030 Class R-III -- (5) September 2030 _____________________________
(1) The Pass-Through Rate of these Certificates are subject to a rate cap.
(2) The Pass-Through Rate will increase to 8.55% after the Distribution Date on which the aggregate Stated Principal Balance of the Home Equity Loans (and properties acquired in respect thereof) remaining in the Trust Fund is reduced to less than 10% of the aggregate Stated Principal Balance of the Home Equity Loans as of the related Cut-off Date.
(3) The Pass-Through Rate will increase to One-Month LIBOR plus 0.52% for the Class AV Certificates, One-Month LIBOR plus 0.90% for the Class MV1 Certificates, One-Month LIBOR plus 1.65% for the M2V Certificates and One-Month LIBOR plus 3.15% for the Class BV Certificates after the Distribution Date on which the aggregate Stated Principal Balance of the Home Equity Loans (and properties acquired in respec
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Series 2000 Lb1)