Common use of Regular Interests Clause in Contracts

Regular Interests. REMIC II Initial Uncertificated Designation Remittance Rate Principal Balance ------------------------------------------------------------------------------- A-1 7.233% $203,500,000 ------------------------------------------------------------------------------- A-2 7.233% 547,759,000 ------------------------------------------------------------------------------- B 7.233% 52,906,000 ------------------------------------------------------------------------------- C 7.233% 52,905,000 ------------------------------------------------------------------------------- D 7.233% 58,196,000 ------------------------------------------------------------------------------- E 7.233% 21,163,000 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- F 7.233% 23,807,000 ------------------------------------------------------------------------------- G 7.233% 18,517,000 ------------------------------------------------------------------------------- H 7.233% 10,581,000 ------------------------------------------------------------------------------- J 7.233% 21,162,000 ------------------------------------------------------------------------------- K 7.233% 10,582,000 ------------------------------------------------------------------------------- L 7.233% 15,871,000 ------------------------------------------------------------------------------- M 7.233% 10,581,000 ------------------------------------------------------------------------------- N 7.233% 10,581,956 ------------------------------------------------------------------------------- REMIC III As provided herein, the Trustee will make the election described in Section 12.1 for the segregated pool of assets hereof consisting of the REMIC II Regular Interests to be treated for federal income tax purposes as a separate REMIC (such particular pool of assets, "REMIC III"). The REMIC III Regular Certificates (and, in the case of the Class N Certificates, the Class N REMIC Interest represented by the Class N Certificates) will be designated as representing the "regular interests" in REMIC III and the Class R-III Certificates will be designated as representing the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions. Fifteen separate Classes of REMIC III Regular Certificates will be issued. The following table irrevocably sets forth the designation, the pass-through rate (the "PASS-THROUGH RATE") and the initial aggregate principal balance (the "CLASS PRINCIPAL BALANCE") for each Class of REMIC III Regular Certificates. For purposes of Treasury regulation Section 1.860G-1 (a)(4)(iii), the "latest possible maturity date" of each Class of REMIC III Regular Certificates shall be the Final Rated Distribution Date. The Class R-III Certificates will have no principal balances and no pass-through rate, but will be entitled to receive on each Distribution Date any portion of the REMIC III Distribution Amount for such Distribution Date not otherwise deemed distributed on the REMIC III Regular Certificates. REMIC III REGULAR CERTIFICATES ------------------------------------------------------------------------------- Initial Class Designation Pass-Through Rate Principal Balance ------------------------------------------------------------------------------- Class A-1 6.01% per annum $203,500,000 ------------------------------------------------------------------------------- Class A-2 6.48% per annum $547,759,000 ------------------------------------------------------------------------------- Class X 0.75% per annum1 $1,058,111,956(2) ------------------------------------------------------------------------------- Class B 6.71% per annum1 $52,906,000 -------------------------------------------------------------------------------

Regular Interests. REMIC II Initial Uncertificated Designation Remittance Rate Principal Balance ------------------------------------------------------------------------------- ----------- --------------- ----------------- -------------------------------------------------------------------------------- A-1 7.2337.1748% $203,500,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- A-2 7.2337.1748% 547,759,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- B 7.2337.1748% 52,906,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- C 7.2337.1748% 52,905,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- D 7.2337.1748% 58,196,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- E 7.2337.1748% 21,163,000 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- REMIC II Initial Uncertificated Designation Remittance Rate Principal Balance ----------- --------------- ----------------- -------------------------------------------------------------------------------- F 7.2337.1748% 23,807,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- G 7.2337.1748% 18,517,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- H 7.2337.1748% 10,581,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- J 7.2337.1748% 21,162,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- K 7.2337.1748% 10,582,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- L 7.2337.1748% 15,871,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- M 7.2337.1748% 10,581,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- N 7.2337.1748% 10,581,956 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- REMIC III As provided herein, the Trustee will make the election described in Section 12.1 for the segregated pool of assets hereof consisting of the REMIC II Regular Interests to be treated for federal income tax purposes as a separate REMIC (such particular pool of assets, "REMIC III"). The REMIC III Regular Certificates (and, in the case of the Class N Certificates, the Class N REMIC Interest represented by the Class N Certificates) will be designated as representing the "regular interests" in REMIC III and the Class R-III Certificates will be designated as representing the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions. Fifteen separate Classes of REMIC III Regular Certificates will be issued. The following table irrevocably sets forth the designation, the pass-through rate (the "PASS-THROUGH RATE") and the initial aggregate principal balance (the "CLASS PRINCIPAL BALANCE") for each Class of REMIC III Regular Certificates. For purposes of Treasury regulation Section 1.860G-1 (a)(4)(iii), the "latest possible maturity date" of each Class of REMIC III Regular Certificates shall be the Final Rated Distribution Date. The Class R-III Certificates will have no principal balances and no pass-through rate, but will be entitled to receive on each Distribution Date any portion of the REMIC III Distribution Amount for such Distribution Date not otherwise deemed distributed on the REMIC III Regular Certificates. REMIC III REGULAR CERTIFICATES ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Initial Class Designation Pass-Through Rate Principal Balance ------------------------------------------------------------------------------- ----------- ----------------- ----------------- -------------------------------------------------------------------------------- Class A-1 6.01% per annum $203,500,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class A-2 6.48% per annum $547,759,000 ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class X 0.75% per annum1 annum(1) $1,058,111,956(2) ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class B 6.71% per annum1 annum(1) $52,906,000 ---------------------------------------------------------------------------------------------------------------------------------------------------------------