GSR MORTGAGE LOAN TRUST 2006-8F MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-8F MASTER SERVICING and TRUST AGREEMENT among GS MORTGAGE SECURITIES CORP., as Depositor U.S. BANK NATIONAL ASSOCIATION, as Trustee and as a Custodian WELLS FARGO BANK,...
EXECUTION
MORTGAGE
PASS-THROUGH CERTIFICATES
SERIES
2006-8F
MASTER
SERVICING
and
among
GS
MORTGAGE SECURITIES CORP.,
as
Depositor
U.S.
BANK NATIONAL ASSOCIATION,
as
Trustee and as a Custodian
▇▇▇▇▇
FARGO BANK, NATIONAL ASSOCIATION,
as
Master Servicer and Securities Administrator
JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION,
as
a Custodian
and
DEUTSCHE
BANK NATIONAL TRUST COMPANY,
as
a Custodian
Dated
as of
August
1, 2006
TABLE
OF CONTENTS
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Page
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ARTICLE
I. DEFINITIONS
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2
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Section
1.01.
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Standard
Terms.
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2
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Section
1.02.
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Defined
Terms.
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2
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ARTICLE
II. FORMATION OF TRUST; CONVEYANCE OF MORTGAGE LOANS
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22
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Section
2.01.
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Conveyance
to the Trustee.
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22
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Section
2.02.
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Acceptance
by the Trustee and Securities Administrator.
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23
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Section
2.03.
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REMIC
Elections and REMIC Interests Designations.
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24
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ARTICLE
III. REMITTING TO CERTIFICATEHOLDERS
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28
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Section
3.01.
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Distributions
to Certificateholders.
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28
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Section
3.02.
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Allocation
of Realized Losses and Shortfalls.
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34
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Section
3.03.
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The
Separate Interest Trust.
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35
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Section
3.04.
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The
Basis Risk Reserve Funds.
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36
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Section
3.05.
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The
Interest Rate Cap Agreements.
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37
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ARTICLE
IV. THE SECURITIES
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39
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Section
4.01.
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The
Certificates.
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39
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Section
4.02.
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Denominations.
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40
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Section
4.03.
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Redemption
of Certificates.
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40
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Section
4.04.
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Securities
Laws Restrictions.
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41
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Section
4.05.
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Deposit
of Exchangeable REMIC Certificates.
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41
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ARTICLE
V. MISCELLANEOUS PROVISIONS
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41
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Section
5.01.
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Request
for Opinions.
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41
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Section
5.02.
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Schedules
and Exhibits.
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42
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Section
5.03.
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Governing
Law.
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42
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Section
5.04.
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Counterparts.
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42
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Section
5.05.
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Notices.
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42
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i
SCHEDULES
AND EXHIBITS
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Schedule
I
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Mortgage
Loans
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Schedule
II
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[Reserved]
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Schedule
III
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PAC
Scheduled Amounts
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Exhibit
A
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Forms
of Certificates
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ii
MASTER
SERVICING AND TRUST AGREEMENT
THIS
MASTER SERVICING AND TRUST AGREEMENT (this “Trust
Agreement”),
dated
as of August 1, 2006, is hereby executed by and among GS MORTGAGE SECURITIES
CORP., a Delaware corporation (the “Depositor”),
U.S.
BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”)
and as
a custodian (a “Custodian”),
DEUTSCHE BANK NATIONAL TRUST COMPANY, as custodian (a “Custodian”),
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a custodian (a “Custodian”)
and
▇▇▇▇▇ FARGO BANK, N.A., as securities administrator (in such capacity, the
“Securities
Administrator”)
and
master servicer (in such capacity, the “Master
Servicer”).
All
of the provisions of the Standard Terms to Master Servicing and Trust Agreement
(August 2006 Edition) (the “Standard Terms”), unless otherwise specified herein,
are hereby incorporated herein by reference and shall be a part of this Trust
Agreement as if set forth herein in full.
PRELIMINARY
STATEMENT
The
Board
of Directors of the Depositor has duly authorized the formation of GSR Mortgage
Loan Trust 2006-8F as a trust (the “Trust”)
to
issue a series of securities with an aggregate initial outstanding principal
balance of $622,239,465 to be known as the Mortgage Pass-Through Certificates,
Series 2006-8F (the “Certificates”).
The
Trust is formed by this Trust Agreement. The Certificates in the aggregate
evidence the entire beneficial ownership in the Trust. The Certificates consist
of the Classes set forth herein.
Pursuant
to Section 12.01 of the Standard Terms, the Securities Administrator, on
behalf
of the Trustee, shall make an election to treat all of the Trust Estate as
three
real estate mortgage investment conduits (each, a “REMIC”
and,
individually, “REMIC
LT1,”
“REMIC
MT”
and
“REMIC
UT”)
for
federal income tax purposes. The “startup day” of each REMIC for purposes of the
REMIC Provisions is the Closing Date.
For
purposes of naming the REMIC Interests and the Certificates, the first number
of
the Senior Certificates (“1,” “2,” “3,” “4” or “5”), if any, refers to the
Collateral Group, the letter (“A,” “M” or “B”), refers to the status of the
interest (“A” for senior or “M” or “B” for subordinate) and the final character
or characters (“1,” “2,” “3,” “4,” “5,” “6,” “7,” “8,” “9,” “10,” “11,” “12,”
“13,” “14,” “15,” “16,” “17,” “18,” “19,” “20,” “21,” “X,” “R” or “RC”) refers
to the specific Class.
NOW,
THEREFORE, in consideration of the mutual promises, covenants, representations
and warranties hereinafter set forth, the Depositor, the Trustee, the Securities
Administrator, each Custodian and the Master Servicer agree as
follows:
ARTICLE
I.
DEFINITIONS
Section
1.01. Standard
Terms.
The
Depositor, the Trustee, the Securities Administrator, each Custodian and
the
Master Servicer acknowledge that the Standard Terms prescribe certain
obligations of each such entity with respect to the Certificates. The Depositor,
the Trustee, the Securities Administrator, each Custodian and the Master
Servicer agree to observe and perform such prescribed duties, responsibilities
and obligations, pursuant to the terms and conditions thereof and of this
Trust
Agreement, except to the extent inconsistent with the provisions of this
Trust
Agreement, the Standard Terms are and shall be a part of this Trust Agreement
to
the same extent as if set forth herein in full.
Section
1.02. Defined
Terms.
Capitalized
terms used but not defined herein shall have the respective meanings assigned
to
them in Section 1.01 of the Standard Terms or in the applicable Sale and
Servicing Agreement. In the event of a conflict between the Standard Terms
and
the applicable Sale and Servicing Agreement, such Sale and Servicing Agreement
shall govern. In the event of a conflict between the Standard Terms and this
Trust Agreement, this Trust Agreement shall govern. In addition, the following
provisions shall govern the defined terms set forth below for this Trust
Agreement:
“Accrual
Certificates”:
The
Class 3A-3 Certificates.
“Accrued
Certificate Interest”:
Interest to be distributed to each Class of Certificates entitled to interest
on
any Distribution Date consisting of the sum of (i) interest accrued during
the
related Interest Accrual Period at the applicable Certificate Rate for such
Class of Certificates on the Certificate Balance (or Notional Amount) of
such
Class of Certificates immediately preceding such Distribution Date and (ii)
accrued but unpaid Accrued Certificate Interest from prior Distribution Dates
(on a cumulative basis, but without interest on such unpaid Accrued Certificate
Interest).
“Aggregate
Subordinate Percentage”:
For
any Certificate Group at any time, the sum of the Class Principal Balances
of
the Subordinate Certificates divided by the sum of the outstanding principal
balances for all the Mortgage Loans in the related Collateral
Groups.
“Applicable
Fraction”:
For
each Mortgage Loan and REMIC LT1, shall be calculated as follows:
| · |
For
Collateral Group 2 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.00% per annum, but less than 6.25% per
annum:
|
6.25%
minus
the
Net
Rate
on
such Mortgage
Loan
0.25%;
2
| · |
For
Collateral Group 3 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.00% per annum, but less than 6.25% per
annum:
|
1
minus é6.25%
minus the
Net
Rate
on
such Mortgage
Loanù
ë 0.25%
û;
|
·
|
For
Collateral Group 3 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.25% per annum, but less than 6.50% per
annum:
|
6.50%
minus
the
Net Rate
on
such Mortgage
Loan
0.25%;
|
·
|
For
Collateral Group 4 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.25% per annum, but less than 6.50% per
annum:
|
1
minus é6.50%
minus the
Net
Rate
on
such Mortgage
Loanù
ë 0.25%
û;
|
·
|
For
Collateral Group 4 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.50% per annum, but less than 7.50% per
annum:
|
7.50%
minus
the
Net Rate
on
such Mortgage
Loan
1.00%;
| · |
For
Collateral Group 5 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 6.50% per annum, but less than 7.50% per
annum:
|
1
minus é7.50%
minus the
Net
Rate
on
such Mortgage
Loanù
ë 1.00%
û;
|
·
|
For
Collateral Group 5 and each Mortgage Loan in Loan Group 1 with
a Net Rate
greater than or equal to 7.50% per annum,
100%;
|
| · |
For
Collateral Group 1 and each Mortgage Loan in Loan Group 2 with
a Net Rate
greater than or equal to 5.00% per annum, but less than 6.00% per
annum:
|
6.00%
minus
the
Net
Rate
on
such Mortgage
Loan
1.00%;
| · |
For
Collateral Group 2 and each Mortgage Loan in Loan Group 2 with
a Net Rate
greater than or equal to 5.00% per annum, but less than 6.00% per
annum:
|
3
1
minus é6.00%
minus
the
Net
Rate
on
such Mortgage
Loanù
ë 1.00%
û;
|
·
|
For
Collateral Group 3 and each Mortgage Loan in Loan Group 2 with
a Net Rate
greater than or equal to 6.25% per annum, but less than 7.50% per
annum:
|
7.50%
minus
the
Net
Rate
on
such Mortgage
Loan
1.25%;
|
·
|
For
Collateral Group 5 and each Mortgage Loan in Loan Group 2 with
a Net Rate
greater than or equal to 6.25% per annum, but less than 7.50% per
annum:
|
1
minus é7.50%
minus
the
Net
Rate
on
such Mortgage
Loanù
ë 1.25%
û;
“Apportioned
Principal Balance”:
For
any Class of Subordinate Certificates and any Distribution Date, the Class
Principal Balance of such Class immediately prior to such Distribution Date
multiplied by a fraction, the numerator of which is the related Group
Subordinate Amount for such date and the denominator of which is the sum
of the
Group Subordinate Amounts for all of the related Collateral Groups for such
date.
“Assignment
Agreements”:
(i)
the Assignment, Assumption and Recognition Agreement dated as of August 1,
2006,
by and among GSMC, the Depositor and Countrywide Servicing, as servicer,
(ii)
the Assignment, Assumption and Recognition Agreement dated as of August 1,
2006,
by and among GSMC, the Depositor and Countrywide, as seller, (iii) the
Assignment, Assumption and Recognition Agreement dated as of August 1, 2006,
by
and among the Depositor, the Trustee, Countrywide and Countrywide Servicing,
and
as acknowledged by the Master Servicer, (iv) the Assignment, Assumption and
Recognition Agreement dated as of August 1, 2006, by and among GSMC, the
Depositor and Avelo, as servicer, (v) the Assignment, Assumption and Recognition
Agreement dated as of August 1, 2006, by and among the Depositor and the
Trustee, and as acknowledged by the Master Servicer, (vi) the Assignment,
Assumption and Recognition Agreement dated as of August 1, 2006, by and among
GSMC, the Depositor and Nat City, as seller and servicer, (vii) the Assignment,
Assumption and Recognition Agreement dated as of August 1, 2006, by and among
the Depositor, the Trustee and Nat City, and as acknowledged by the Master
Servicer, (viii) the Assignment, Assumption and Recognition Agreement dated
as
of August 1, 2006, by and among GSMC, the Depositor and PHH, as seller and
servicer, (ix) the Assignment, Assumption and Recognition Agreement dated
as of
August 1, 2006, by and among the Depositor, the Trustee and PHH, and as
acknowledged by the Master Servicer, (x) the Assignment, Assumption and
Recognition Agreement dated as of August 1, 2006, by and among GSMC, the
Depositor and WaMu, as seller and servicer, (xi) the Assignment, Assumption
and
Recognition Agreement dated as of August 1, 2006, by and among the Depositor,
the Trustee and WaMu, and as acknowledged by the Master Servicer.
4
“Available
Distribution Amount”:
For
any Distribution Date and any Collateral Group, the sum of the Applicable
Fractions for each Mortgage Loan contributing to such Collateral Group of
the
following amounts:
(i) the
total
amount of all cash received from or on behalf of the Mortgagors or advanced
by
the Servicer (or the Master Servicer in the event the Servicer fails to make
such required advances, or by the Trustee in the event the Master Servicer
fails
to make any such required advances, in each case pursuant to Section 3.05
of the
Standard Terms) on the Mortgage Loans contributing to such Collateral Group
and
not previously distributed (including Monthly Advances made by the Servicer
(or
by the Master Servicer in the event the Servicer fails to make such required
advances, or by the Trustee in the event the Master Servicer fails to make
any
such required advances, in each case pursuant to Section 3.05 of the Standard
Terms), Compensating Interest Payments made by the Servicer (or the Master
Servicer or other successor servicer, as the case may be) and proceeds of
Mortgage Loans that are liquidated), except:
(a) all
Scheduled Payments collected but due on a Due Date after such Distribution
Date;
(b) all
Curtailments received after the previous calendar month;
(c) all
Payoffs received after the previous calendar month (together with each interest
payment received with such Payoffs to the extent that it represents the payment
of interest accrued on the Mortgage Loans contributing to such Collateral
Group
for the period after the previous calendar month);
(d) Liquidation
Proceeds, Condemnation Proceeds and Insurance Proceeds received on the Mortgage
Loans contributing to such Collateral Group after the previous calendar
month;
(e) all
amounts in the Certificate Account from Mortgage Loans contributing to such
Collateral Group that are then due and payable to the Servicer under the
Sale
and Servicing Agreement;
(f) the
Servicing Fee and the Master Servicing Fee for each Mortgage Loan in such
Collateral Group, net of any amounts payable as compensating interest by
the
Servicer on that Distribution Date;
(g) any
amounts payable in respect of any primary mortgage insurance
policy;
(h) all
related indemnification amounts and other amounts reimbursable on such
Distribution Date to the Securities Administrator, the Custodians or the
Trustee
or the Master Servicer; and
5
(i) all
expenses of the Trust Estate paid after the immediately preceding Distribution
Date;
(ii) the
total
amount of any cash received by the Securities Administrator or the Servicer
(or
the Master Servicer) from the repurchase by the applicable Loan Seller of
any
Mortgage Loans contributing to such Collateral Group as a result of defective
documentation or breach of representations and warranties (provided that
the
obligation to repurchase arose before the related Due Date); provided further
that the Available Distribution Amount for REMIC UT shall be the amounts
distributed by REMIC MT and the Available Distribution Amount for REMIC MT
shall
be the amounts distributed by REMIC LT1.
provided
that
interest with respect to any Mortgage Loan that relates to two Collateral
Groups
shall be included in the Available Distribution Amount for each related
Collateral Group as follows: first,
to the
Collateral Group with the lower Effective Net Rate, interest to the extent
accrued on the Applicable Fraction of the principal of such Mortgage Loan
at the
Effective Net Rate for such Collateral Group; and second,
to the
other Collateral Group related to such Mortgage Loan.
“Avelo”:
Avelo
Mortgage L.L.C., or any successor in interest.
“B
Average Rate”:
For
each Distribution Date, an annual rate equal to the weighted average of the
Designated Rates applicable to Collateral Group 1, Collateral Group 2,
Collateral Group 3, Collateral Group 4 and Collateral Group 5, and weighted
on
the basis of the Group Subordinate Amounts for such Collateral
Groups.
“Basis
Risk Reserve Fund”:
Any of the Class 3A-1 Reserve Fund or the Class 4A-2 Reserve Fund.
“Basis
Risk Shortfalls”:
For the Class 3A-1 or Class 4A-2 Certificates and any Distribution Date,
the
excess, if any, of the aggregate amount of interest that such Class would
have
been entitled to receive if the Certificate Rate for each such Class was
calculated without regard to the related Maximum Rate for such Certificates,
over the actual aggregate amount of interest such Class is entitled to receive
for such Distribution Date.
“Book-Entry
Certificates”:
The
Senior Certificates and the Senior Subordinate Certificates.
“Certificate
Account Property”:
The
Certificate Account, all amounts, investments and other property held from
time
to time in the Certificate Account, and all proceeds of the
foregoing.
“Certificate
Balance”:
As to
any Class of Certificates (other than any Interest Only Certificate) or
Interests as of the close of business on each Distribution Date, the initial
Certificate Balance thereof (as shown on the charts in Section 2.03) reduced
by
(i) all principal payments previously distributed to such Class and (ii)
all
Realized Losses previously allocated to such Class and increased (a) in the
case
of any Class of Certificates for which the Certificate Balance thereof has
been
reduced by any Realized Loss, by the amount of any Subsequent Recoveries
allocated to such Class in accordance with Section 3.02(e) and (b) in the
case
of any Accrual Certificates, by any Accrued Certificate Interest previously
added to the Certificate Balance thereof.
6
“Certificate
Group”:
The
Group 1 Certificates, the Group 2 Certificates, the Group 3 Certificates,
the
Group 4 Certificates and the Group 5 Certificates, as applicable.
“Certificate
Rate”:
With
respect to each Class of Certificates on any Distribution Date, the percentage
per annum or other entitlement to interest described in Section 2.03. With
respect to each REMIC Interest on any Distribution Date, the Certificate
Rates
described in Section 2.03.
“Certificates”:
The
Class 1A-1, Class 2A-1, Class 3A-1, Class 3A-2, Class 3A-3, Class 3A-4,
Class 3A-5, Class 3A-6, Class 3A-7, Class 3A-8, Class 3A-9, Class 4A-1, Class
4A-2, Class 4A-3, Class 4A-4, Class 4A-5, Class 4A-6, Class 4A-7, Class 4A-8,
Class 4A-9, Class 4A-10, Class 4A-12, Class 5A-1, Class 5A-2, Class A-X,
Class
M-1, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class
X,
Class RC and Class R Certificates.
“Class”:
Each
Class of Certificates or REMIC Interests.
"Class
3A-2 Notional Amount":
With
respect to each Distribution Date, an amount equal to the Class Principal
Balance of the Class 3A-1 Certificates on such Distribution Date.
"Class
3A-9 Notional Amount":
With
respect to each Distribution Date, an amount equal to (a) 0.50% of the Class
Principal Balance of the Class 3A-6 Certificates on such Distribution Date,
divided by (b) 6.50%.
"Class
4A-6 Notional Amount":
With
respect to each Distribution Date, an amount equal to (a) 0.50% of the Class
Principal Balance of the Class 4A-5 Certificates on such Distribution Date,
divided by (b) 6.50%.
"Class
4A-8 Notional Amount":
With
respect to each Distribution Date, an amount equal to (a) 0.50% of the Class
Principal Balance of the Class 4A-7 Certificates on such Distribution Date,
divided by (b) 6.50%.
"Class
4A-10 Notional Amount":
With
respect to each Distribution Date, an amount equal to (a) 0.50% of the Class
Principal Balance of the Class 4A-9 Certificates on such Distribution Date,
divided by (b) 6.50%.
"Class
4A-21 Notional Amount":
With
respect to each Distribution Date, an amount equal to the sum of the Class
Principal Balances of the Class 4A-6, Class 4A-8 and Class 4A-10 Certificates
on
such Distribution Date.
"Class
5A-2 Notional Amount":
With
respect to each Distribution Date, an amount equal to the Class Principal
Balance of the Class 5A-1 Certificates on such Distribution Date.
“Class
A Certificates”:
The
Class 1A-1, Class 2A-1, Class 3A-1, Class 3A-2, Class 3A-3, Class 3A-4,
Class 3A-5, Class 3A-6, Class 3A-7, Class 3A-8, Class 3A-9, Class 4A-1, Class
4A-2, Class 4A-3, Class 4A-4, Class 4A-5, Class 4A-6, Class 4A-7, Class 4A-8,
Class 4A-9, Class 4A-10, Class 4A-12, Class 5A-1, Class 5A-2 and Class A-X
Certificates.
7
“Class
A-X Notional Amount”:
Initially shall be $35,064, and for each Distribution Date, the product of
(x) a
fraction, the numerator of which is the weighted average of the Net Rates
of the
Premium Loans at the beginning of the related Due Period minus 7.50% and
the
denominator of which is 7.00% and (y) the total principal balance of the
Premium
Loans as of the first day of the related Interest Accrual Period.
“Class
B Certificates”:
The
Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates.
“Class
M Certificates”:
The
Class M-1 Certificates.
“Class
3A-1 Interest Rate Cap Agreement”:
The interest rate cap agreement dated August 25, 2006, by and between the
Interest Rate Cap Counterparty and GSMC, which was transferred by GSMC to
the
Depositor and transferred by the Depositor to the Trustee on the Closing
Date
for the benefit of the Holders of the Class 3A-1 Certificates pursuant to
a
separate novation agreement dated such date and pursuant to Section
3.05.
“Class
3A-1 Interest Rate Cap Amount”:
For the Class 3A-1 Interest Rate Cap Agreement and any Distribution Date,
the
amount, if any, to be paid by the Interest Rate Cap Counterparty to the Trustee
for the account of the Separate Interest Trust pursuant to such Class 3A-1
Interest Rate Cap Agreement, as calculated by the Interest Rate Cap Counterparty
based in part on information in the Distribution Date Statement delivered
to it
pursuant to Section 4.01 of the Standard Terms.
“Class
3A-1 Reserve Fund”:
A fund for the benefit of the Holders of the Class 3A-1 Certificates created
as
part of the Separate Interest Trust pursuant to Section 3.04 of this Agreement,
which is not an asset of any REMIC or of the Trust Estate.
“Class
4A-2 Interest Rate Cap Agreement”:
The interest rate cap agreement dated August 25, 2006, by and between the
Interest Rate Cap Counterparty and GSMC, which was transferred by GSMC to
the
Depositor and transferred by the Depositor to the Trustee on the Closing
Date
for the benefit of the Holders of the Class 4A-2 Certificates pursuant to
a
separate novation agreement dated such date and pursuant to Section
3.05.
“Class
4A-2 Interest Rate Cap Amount”:
For the Class 4A-2 Interest Rate Cap Agreement and any Distribution Date,
the
amount, if any, to be paid by the Interest Rate Cap Counterparty to the Trustee
for the account of the Separate Interest Trust pursuant to such Class 4A-2
Interest Rate Cap Agreement, as calculated by the Interest Rate Cap Counterparty
based in part on information in the Distribution Date Statement delivered
to it
pursuant to Section 4.01 of the Standard Terms.
“Class
4A-2 Reserve Fund”:
A fund
for the benefit of the Holders of the Class 4A-2 Certificates created as
part of
the Separate Interest Trust pursuant to Section 3.04 of this Agreement, which
is
not an asset of any REMIC or of the Trust Estate.
8
“Class
Principal Balance”:
As to
any Class of Certificates on each Distribution Date, the total Certificate
Balance of all Certificates of such Class on that Distribution
Date.
“Closing
Date”:
August
25, 2006.
“Collateral
Group”:
Any of
Collateral Group 1, Collateral Group 2, Collateral Group 3, Collateral Group
4
and Collateral Group 5, as applicable.
“Collateral
Group 1”:
The
Mortgage Loans in Subgroup 2-A or portions thereof that have been stripped
to an
Effective Net Rate of 5.00%.
“Collateral
Group 2”:
The
Mortgage Loans in Subgroup 1-A and Subgroup 2-A or portions thereof that
have
been stripped to an Effective Net Rate of 6.00%.
“Collateral
Group 3”:
The
Mortgage Loans in Subgroup 1-A, Subgroup 1-B and Subgroup 2-B or portions
thereof that have been stripped to an Effective Net Rate of 6.25%.
“Collateral
Group 4”:
The
Mortgage Loans in Subgroup 1-B and Subgroup 1-C or portions thereof that
have
been stripped to an Effective Net Rate of 6.50%.
“Collateral
Group 5”:
The
Mortgage Loans in Subgroup 1-C, Subgroup 1-D and Subgroup 2-B or portions
thereof that have been stripped to an Effective Net Rate of 7.50%.
“Combination
Group”:
Any
combination of Exchangeable REMIC Certificates set forth on Appendix A to
the
Exchange Agreement .
“Corresponding
Class”:
For
each Class of REMIC Interests or Certificates, the Class or Classes indicated
as
such in the tables set forth in Section 2.03.
“Countrywide”:
Countrywide Home Loans, Inc., or any successor in interest.
“Countrywide
Servicing”:
Countrywide Home Loans Servicing LP, or any successor in interest.
“Credit
Support Depletion Date”:
The
first Distribution Date (if any) on which the aggregate Certificate Balance
of
the Subordinate Certificates has been or shall be reduced to zero.
“Current
Shortfall”:
Any
amount included in the Principal Distribution Amount for which cash is not
available to make distributions as a result of the Servicer’s decision not to
Advance a delinquent payment, other than a Realized Loss.
“Curtailment”:
Any
partial prepayment on any Mortgage Loan.
“Custodians”:
Each
of Deutsche Bank, U.S. Bank and JPMC, in their respective capacities as a
custodian under the Custodial Agreement.
9
“Custodial
Agreement”:
The
Master Custodial Agreement, dated as of August 1, 2006 among GSMC, the
Custodians and the Servicers.
“Cut-Off
Date”:
August
1, 2006.
“Data
Collection Schedule”:
As
defined in the Custodial Agreement.
“Depositor”:
GS
Mortgage Securities Corp., in its capacity as depositor under this Trust
Agreement.
“Designated
Rate”:
With
respect to Collateral Group 1, 5.00% per annum. With respect to Collateral
Group
2, 6.00% per annum. With respect to Collateral Group 3, 6.25% per annum.
With
respect to Collateral Group 4, 6.50% per annum. With respect to Collateral
Group
5, 7.50% per annum.
“Deutsche
Bank”:
Deutsche Bank National Trust Company, or any successor in interest.
“Distribution
Date”:
The
25th day of each month, or if such day is not a Business Day, the next Business
Day following such day. The first Distribution Date shall be September 25,
2006.
“Due
Date”:
For
any Mortgage Loan, the first day in each calendar month.
“Due
Period”:
For
any Distribution Date, the period beginning on the second day of the month
immediately preceding the month in which such Distribution Date occurs and
ending on the first day of the month in which such Distribution Date
occurs.
“Effective
Net Rate”:
For any Mortgage Loan and any Collateral Group to which such Mortgage Loan
contributes interest, the effective Net Rate at which such Mortgage Loan
contributes interest to such Collateral Group.
“Exchangeable
REMIC Class”
or “Exchangeable
REMIC Certificates”:
The Class 3A-6, Class 3A-9, Class
4A-5, Class 4A-6, Class 4A-7, Class 4A-8, Class 4A-9 and Class 4A-10
Certificates.
“Exchange
Classes”
or “Exchange
Certificates”:
The Class 3A-10, Class 3A-11, Class 4A-11, Class 4A-13, Class 4A-14, Class
4A-15, Class 4A-16, Class 4A-17, Class 4A-18, Class 4A-19, Class 4A-20 and
Class
4A-21 Certificates issued or issuable pursuant to the Exchange Agreement
in
exchange and in accordance with the Exchange Agreement for the Exchangeable
REMIC Certificates, or the Certificates of each such Class, as the context
may
require.
“Exchange
Agreement”:
The
Trust Agreement dated as of August 1, 2006, entered into by and among the
Depositor, the Trustee, the Master Servicer and the Securities Administrator
for
the issuance of the Exchange Certificates.
“Exchange
Trustee”:
U.S.
Bank National Association, in its capacity as trustee under the Exchange
Agreement.
10
“Fair
Market Value Excess”:
An
amount equal to the excess, if any, of the amount in clause (y) of the
definition of “Termination Price”, over the amount in clause (x) of the
definition of “Termination Price.”
“Fitch”:
Fitch
Ratings, or any successor in interest.
“Group
1 Certificate”:
Any
Class 1A-1 Certificate.
“Group
1 Mortgage Loan”:
Any
Mortgage Loan in Loan Group 1.
“Group
2 Certificate”:
Any
Class 2A-1 Certificate.
“Group
2 Mortgage Loan”:
Any
Mortgage Loan in Loan Group 2.
“Group
3 Certificate”:
Any
Class 3A-1, Class 3A-2, Class 3A-3, Class 3A-4, Class 3A-5, Class 3A-6, Class
3A-7, Class 3A-8 or Class 3A-9 Certificate.
"Group
3 NAS Percentage":
With
respect to any Distribution Date, an amount equal to the
lesser of (i) 100% and (ii) the percentage obtained by dividing (x) the
aggregate Class Principal Balance of the Class 3A-6,
Class 3A-7 and Class 3A-8 Certificates
immediately prior to such date by (y) the aggregate Class Principal Balance
of
the Class 3A-1,
Class 3A-3, Class 3A-4, Class 3A-5, Class
3A-6,
Class 3A-7 and Class 3A-8
Certificates immediately prior to such date.
“Group
3 NAS Priority Amount”:
With
respect to any Distribution Date, the
lesser of (i) the sum of (x) the product of the Group 3 NAS Percentage for
such
date, the NAS Scheduled Principal Percentage for such date and the Scheduled
Principal Amount for Collateral Group 3 and such date and (y) the product
of the
Group 3 NAS Percentage for such date, the NAS Prepayment Shift Percentage
for
such date and the Unscheduled Principal Amount for Collateral Group 3 and
such
date and (ii) the aggregate Class Principal Balance of the Class 3A-6,
Class 3A-7 and Class 3A-8 Certificates
immediately prior to such date. Notwithstanding
the foregoing, (i) on and after the Credit Support Depletion Date, the
Class
3A-6,
Class 3A-7 and Class 3A-8 Certificates shall be entitled to their aggregate
pro
rata
share of
all scheduled and unscheduled payments of principal related to Collateral
Group
3 and (ii) on the date on which the aggregate Class Principal Balance of
the
Class 3A-1, Class 3A-3, Class 3A-4 and Class 3A-5 Certificates has been reduced
to zero, the Class
3A-6,
Class 3A-7 and Class 3A-8 Certificates shall be entitled, pro
rata,
to any
remaining Senior Principal Distribution Amount for Collateral Group 3 allocable
to the Class 3A-1, Class 3A-3, Class 3A-4 and Class 3A-5 Certificates and
thereafter, the Group 3 NAS Priority
Amount will equal of the Senior Principal Distribution Amount for Collateral
Group 3.
“Group
4 Certificate”:
Any
Class 4A-1, Class 4A-2, Class 4A-3, Class 4A-4, Class 4A-5, Class 4A-6, Class
4A-7, Class 4A-8, Class 4A-9, Class 4A-10 or Class
4A-12 Certificate.
11
"Group
4 NAS Percentage":
With
respect to any Distribution Date, an amount equal to the
lesser of (i) 100% and (ii) the percentage obtained by dividing (x) the Class
Principal Balance of the Class 4A-3
Certificates
immediately prior to such date by (y) the aggregate Class Principal Balance
of
the Class 4A-2,
Class 4A-3, Class 4A-4, Class 4A-5, Class 4A-7, Class 4A-9 and Class
4A-12 Certificates immediately prior to such date.
“Group
4 NAS Priority Amount”:
With
respect to any Distribution Date, the
lesser of (i) (i) the sum of (x) the product of the Group 4 NAS Percentage
for
such date, the NAS Scheduled Principal Percentage for such date and
68.3398492041329% of the Scheduled Principal Amount for Collateral Group
4 and
such date and (y) the product of the Group 4 NAS Percentage for such date,
the
NAS Prepayment Shift Percentage for such date and 68.3398492041329% of the
Unscheduled Principal Amount for Collateral Group 4 and such date and (ii)
the
aggregate Class Principal Balance of the Class 4A-3
Certificates
immediately prior to such date. Notwithstanding
the foregoing, (i) on and after the Credit Support Depletion Date, the
Class
4A-3
Certificates shall be entitled to their aggregate pro
rata
share of
all scheduled and unscheduled payments of principal related to Collateral
Group
4 and (ii) on the date on which the aggregate Class Principal Balance of
the
Class
4A-2,
Class 4A-4, Class 4A-5, Class 4A-7, Class 4A-9
and Class
4A-12 Certificates has been reduced to zero, the Class
4A-3
Certificates shall be entitled, pro
rata,
to any
remaining Senior Principal Distribution Amount for Collateral Group 4 allocable
to the Class
4A-2,
Class 4A-4, Class 4A-5, Class 4A-7, Class 4A-9
and Class
4A-12 Certificates and thereafter, the Group 4 NAS Priority
Amount shall equal 68.3398492041329%
of
the
Senior Principal Distribution Amount for Collateral Group 4.
“Group
Subordinate Amount”:
With
respect to each Collateral Group and any Distribution Date, the excess of
the
sum of the Applicable Fractions of the Scheduled Principal Balance of the
Mortgage Loans contributing to such Collateral Group for the immediately
preceding Distribution Date for that Collateral Group over the total Certificate
Balance of the Senior Certificates of the related Certificate Group immediately
prior to such Distribution Date.
“GSMC”:
▇▇▇▇▇▇▇ ▇▇▇▇▇ Mortgage Company, or any successor in interest.
“Interest
Accrual Period”:
For
any Distribution Date (other than the first Distribution Date) and any regular
interest in any REMIC created hereby or any Class of Certificates entitled
to
interest (other than the Class 3A-1, Class 3A-2, Class 4A-2, Class 4A-12,
Class
5A-1 and Class 5A-2 Certificates), the calendar month immediately preceding
the
calendar month in which such Distribution Date occurs. For any Distribution
Date
(other than the first Distribution Date) and the Class 3A-1, Class 3A-2,
Class
4A-2, Class 4A-12, Class 5A-1 and Class 5A-2 Certificates is the period
beginning on and including the 25th day of the month immediately preceding
the
month in which such Distribution Date occurs and ending on and including
the
24th day of the month in which such Distribution Date occurs. For the first
Distribution Date and any regular interest in any REMIC created hereby or
any
Class of Certificates entitled to interest (other than the Class 3A-1, Class
3A-2, Class 4A-2, Class 4A-12, Class 5A-1 and Class 5A-2 Certificates) will
accrue from August 1, 2006. For the first Distribution Date, interest on
the
Class 3A-1, Class 3A-2, Class 4A-2, Class 4A-12, Class 5A-1 and Class 5A-2
Certificates will accrue from August 25, 2006. The Principal Only Certificate
shall not be entitled to any interest.
12
“Interest
Only Certificate”:
Any
Class 3A-2, Class 3A-9, Class 4A-6, Class 4A-8, Class 4A-10, Class 4A-21,
Class
5A-2 or Class A-X Certificate.
“Interest
Rate Cap Agreements”:
Any of the Class 3A-1 Interest Rate Cap Agreement or the Class 4A-2 Interest
Rate Cap Agreement.
“Interest
Rate Cap Counterparties”:
Bear ▇▇▇▇▇▇▇ Financial Products Inc. and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Capital Markets, L.P.
“Interests”:
Each
Class of REMIC Interests.
“JPMC”:
JPMorgan Chase Bank, National Association, or any successor in interest.
“Junior
Subordinate Certificates”:
The
Class B-4, Class B-5 and Class B-6 Certificates.
“Liquidation
Principal”:
For
any Distribution Date, the principal portion of Liquidation Proceeds received
from each Mortgage Loan that became a Liquidated Mortgage Loan during the
calendar month preceding the month of such Distribution Date.
“Loan
Group 1”:
The
Mortgage Loans identified on Schedule I as being in Loan Group 1.
“Loan
Group 2”:
The
Mortgage Loans identified on Schedule I as being in Loan Group 2.
“Loan
Seller”:
Each
of Countrywide, Nat City, PHH and WaMu.
“Master
Servicer”:
▇▇▇▇▇
Fargo Bank, N.A., in its capacity as Master Servicer, or any successor master
servicer.
“Master
Servicing Fee”:
With
respect to any Distribution Date, all income and gain realized from the
investment of funds in the Master Servicer Account during the period from
and
including the Servicer Remittance Date relating to such Distribution Date,
to
but excluding the Master Servicer Remittance Date relating to such Distribution
Date.
“Maximum
Rate”:
With
respect to any Distribution Date and any Class of Floating Rate Certificates,
the amount set forth in the table in footnote 6 to the table in Section
2.03(d).
“Moody’s”:
▇▇▇▇▇’▇ Investors Service, Inc.
“Mortgage
Loans”:
The
mortgage loans identified on Schedule I hereto.
“NAS
Prepayment Shift Percentage”:
With
respect to any Distribution Date during the five years beginning on the first
Distribution Date, 0%. Thereafter, for any Distribution Date occurring on
or
after the fifth anniversary of the first Distribution Date, as follows: for
any
Distribution Date in the first year thereafter, 30%; for any Distribution
Date
in the second year thereafter, 40%; for any Distribution Date in the third
year
thereafter, 60%; for any Distribution Date in the fourth year thereafter,
80%;
and for any subsequent Distribution Date, 100%.
13
“NAS
Scheduled Principal Percentage”:
With
respect to any Distribution Date during the five years beginning on the first
Distribution Date, 0%. Thereafter, for any Distribution Date occurring on
or
after the fifth anniversary of the first Distribution Date, 100%.
“Nat
City”:
National City Mortgage Corporation, or any successor in interest.
“Net
Rate”:
With
respect to each Mortgage Loan, the Note Rate of such Mortgage Loan less the
Servicing Fee Rate and the rate on any primary mortgage insurance applicable
to
such Mortgage Loan.
“Note
Rate”:
For
each Mortgage Loan, the rate at which the related promissory note accrues
interest. For purposes of calculating the Certificate Rates on the Interests
and
Certificates, the Note Rate of a Mortgage Loan shall be calculated without
regard to any modification, waiver or amendment of the interest rate of the
Mortgage Loan, whether agreed to by the Servicer or resulting from a bankruptcy,
insolvency or similar proceeding involving the related Mortgagor.
“Notional
Amount”:
The
Class 3A-2 Notional Amount, the Class 3A-9 Notional Amount, the Class 4A-6
Notional Amount, the Class 4A-8 Notional Amount, the Class 4A-10 Notional
Amount, the Class 4A-12 Notional Amount, the Class 5A-2 Notional Amount or
the
Class A-X Notional Amount, as applicable. For the avoidance of doubt, the
Notional Amount is used to calculate distributions on the related Class of
Certificates, but is not a principal amount or other amount to which a
Certificateholder is entitled.
“PAC(A)
Certificates”
The
Class 3A-5 Certificates.
“PAC(A)
Scheduled Amount”:
With
respect to any Distribution Date and the PAC(A) Certificates, the amount
set
forth on Schedule III attached hereto for such Distribution Date and such
Certificates.
“PAC(B)
Certificates”
The
Class 4A-4, Class 4A-5, Class 4A-7 and Class 4A-9 Certificates.
“PAC(B)
Scheduled Amount”:
With
respect to any Distribution Date and the PAC(B) Certificates, the amount
set
forth on Schedule III attached hereto for such Distribution Date and such
Certificates.
“PHH”:
PHH
Mortgage Corporation, or any successor in interest.
“P&I
Certificates”:
All
Classes of Certificates
other
than the Principal Only Certificates, the
Interest
Only Certificates and the Residual
Certificates.
“Payoffs”:
Any
prepayment in full on any Mortgage Loan.
14
“Pool
Balance”:
For
any Distribution Date and any Collateral Group, the sum of the products,
for
each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
the
outstanding principal balance of such Mortgage Loan as of the Due Date of
the
month in which such Distribution Date occurs.
“Premium
Loan”:
Any
Group 1 Mortgage Loan with a Net Rate greater than or equal to 7.50% per
annum.
“Prepayment
Period”:
With
respect to each Distribution Date, the preceding calendar month.
“Principal
Distribution Amount”:
For
each Collateral Group and any Distribution Date, the sum of:
(1) the
Principal Payment Amount for such Collateral Group;
(2) the
Principal Prepayment Amount for such Collateral Group; and
(3) the
Applicable Fraction for each Mortgage Loan contributing to such Collateral
Group
of the Liquidation Principal derived from such Mortgage Loan.
“Principal
Only Certificate”:
None.
“Principal
Payment Amount”:
For
each Collateral Group and any Distribution Date, the sum of the products,
for
each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
the
sum of the following amounts:
(a) the
principal portion of Scheduled Payments on such Mortgage Loan due on the
related
Due Date and received or advanced during the related Due Period;
(b) the
principal portion of repurchase proceeds received on such Mortgage Loan if
such
Mortgage Loan was repurchased as permitted or required by this Trust Agreement
during the calendar month preceding the month of such Distribution Date;
and
(c) any
other
unscheduled payments of principal which were received on such Mortgage Loan
during the period beginning on and including the second day of the preceding
calendar month and ending on and including the first day of the current calendar
month, other than Payoffs, Curtailments, or Liquidation Principal.
“Principal
Prepayment Amount”:
For
any Distribution Date and any Collateral Group, the sum of the products,
for
each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
all
Payoffs and Curtailments for such Mortgage Loan that were received during
the
preceding calendar month or received during the period beginning on and
including the second day of the preceding calendar month and ending on and
including the first day of the current calendar month (as specified in the
related Servicing Agreement).
15
“Private
Certificates”:
The
Junior Subordinate Certificates.
“Qualified
Institutional Buyer”:
Any
“qualified institutional buyer” as defined in clause 7(a) of Rule 144A
promulgated under the Securities Act.
“Rating
Agency”:
Each
of Fitch, S&P and Moody’s.
“Record
Date”:
For
each Class of Certificates, the last Business Day of the related Interest
Accrual Period.
“REMIC”:
As
specified in the preliminary statement.
“REMIC
Class”
or
“REMIC
Certificate”:
Each
Class of Certificates or Certificate, as applicable, issued by REMIC UT pursuant
to Section 2.03 and the Class RC and Class R Certificates.
“REMIC
Interests”:
Each
Class of REMIC interests issued pursuant to Section 2.03.
“REMIC
LT1”:
One of
the real estate mortgage investment conduits created hereunder, which consists
of the Mortgage Loans and the REMIC LT1 Distribution Account.
“REMIC
LT1 Regular Interests”:
The
regular interests issued by REMIC LT1 as specified in Section 2.03.
“REMIC
MT”:
One of
the real estate mortgage investment conduits created hereunder, which consists
of the REMIC LT1 Regular Interests and the REMIC MT Distribution
Account.
“REMIC
MT Regular Interests”:
The
regular interests issued by REMIC MT as specified in Section 2.03.
“REMIC
UT”:
One of
the real estate mortgage investment conduits created hereunder, which consists
of the REMIC MT Regular Interests and the REMIC UT Distribution
Account.
“REMIC
UT Regular Interests”:
The
regular interests issued by REMIC UT as specified in Section 2.03.
“Remittance
Date”:
For
each Mortgage Loan and any Distribution Date, as set forth in the related
Servicing Agreement.
“Residual
Certificates”:
The
Class RC and Class R Certificates.
“Rule
144A Certificates”:
The
Junior Subordinate Certificates.
“S&P”:
Standard & Poor’s Ratings Services, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies,
Inc.
16
“Sale
and Servicing Agreement”:
collectively, (i) the Flow Servicing Agreement dated as of January 1, 2006,
between GSMC, as owner, and Avelo, as servicer; (ii) the Servicing Agreement
dated as of July 1, 2004, between GSMC, as owner, and Countrywide Servicing,
as
servicer, as amended by Amendment Reg AB, dated as of January 1, 2006 by
and
between GSMC and Countrywide; (iii) the Master Mortgage Loan Purchase Agreement
dated as of July 1, 2004 between GSMC, as purchaser, and Countrywide, as
seller,
as amended by Amendment Reg AB, dated as of January 1, 2006 by and between
GSMC
and Countrywide; (iv) the Second Amended and Restated Flow Seller’s Warranties
and Servicing Agreement dated as of January 1, 2006, between GSMC, as purchaser,
and National City, as seller and servicer, as amended; (v) the Amended and
Restated Mortgage Loan Flow Purchase, Sale & Servicing Agreement dated as of
May 1, 2006, between GSMC, as purchaser, and PHH, as seller, as amended;
(vi)
the Mortgage Loan Purchase and Sale Agreement, dated as of December 1, 2003,
among Washington Mutual Bank, FA, Washington Mutual Bank, fsb and Washington
Mutual Bank, as sellers, and GSMC, as purchaser, as amended and (vii) the
Servicing Agreement, dated as of December 1, 2003, between Washington Mutual
Bank, FA, as Servicer and GSMC, as Owner, as amended.
“Scheduled
Final Distribution Date”:
For
each Class of Certificates, the respective dates specified in Section
2.03(e).
“Scheduled
Payments”:
With
respect to any Mortgage Loan, the monthly payments of principal and interest
payable by the related Mortgagor pursuant to the related amortization
schedule.
“Scheduled
Principal Amount”:
With
respect to each Collateral Group and any Distribution Date, an amount equal
to
the amount described in clause (i) of the definition of Senior Principal
Distribution Amount.
“Securities
Administrator”:
▇▇▇▇▇
Fargo Bank, National Association in its capacity as Securities Administrator
under this Trust Agreement, or any successor securities
administrator.
“Senior
Certificates”:
The
Class A Certificates.
“Senior
Collateral Group Percentage”:
For
Collateral Group 1, Collateral Group 2, Collateral Group 3, Collateral Group
4
and Collateral Group 5 shall equal (i) as of the Closing Date, 96.69%, 96.70%,
96.70%, 96.70% and 96.70%, respectively, and (ii) for any Distribution Date
thereafter shall be a fraction expressed as a percentage equal to (a) the
sum of
the Certificate Balances of the Senior Certificates related to such Collateral
Group immediately preceding such Distribution Date, over (b) the sum of the
products, for each Mortgage Loan contributing to such Collateral Group, of
(x)
the Applicable Fraction for such Mortgage Loan in respect of such Collateral
Group and (y) the outstanding principal balance of such Mortgage Loan as
of the
Due Date of the month in which such Distribution Date occurs.
“Senior
Interests”:
All of
the REMIC M-T Regular Interests except those corresponding to a Class B
Certificate.
17
“Senior
Liquidation Amount”:
For
any Distribution Date and any Collateral Group, the aggregate, for each Mortgage
Loan contributing to such Collateral Group that became a Liquidated Mortgage
Loan during the calendar month preceding the month of such Distribution Date,
of
the Applicable Fraction of the lesser of (i) the related Senior Collateral
Group
Percentage of the scheduled principal balance of such Mortgage Loan and (ii)
the
applicable Senior Prepayment Percentage of the Liquidation Principal derived
from such Mortgage Loan.
“Senior Prepayment Percentage”:
For
each Collateral Group, as follows: (i) on any Distribution Date occurring
before
the Distribution Date in the month of September 2011, 100%; (ii) on any other
Distribution Date on which the related Senior Collateral Group Percentage
for
such Distribution Date exceeds the initial Senior Collateral Group Percentage
as
of the Cut-Off Date, 100% (in which case, the Senior Prepayment Percentage
for
each other Collateral Group shall also equal 100% for such Distribution Date);
and (iii) on any other Distribution Date in the month of September 2011,
and
thereafter, 100%, unless:
(a) the
mean
of the sum of the Applicable Fractions of the Scheduled Principal Balances
of
the Mortgage Loans contributing to each related Collateral Group that are
60 or
more days delinquent (including Mortgage Loans in foreclosure or bankruptcy
and
property held by the Trust) for each of the immediately preceding three calendar
months is less than or equal to 50% of the Group Subordinate Amount for such
Collateral Group as of such Distribution Date, and
(b) the
sum
of the Applicable Fractions of the cumulative Realized Losses on the Mortgage
Loans contributing to each related Collateral Group are less than or equal
to
the following percentage of the aggregate Group Subordinate Amount for such
Collateral Group:
|
Distribution
Date Occurring In
|
Percentage
of the aggregate Group Subordination
Amount as of the Cut-Off Date
|
|
|
September
2011 through August 2012
|
30%
|
|
|
September
2012 through August 2013
|
35%
|
|
|
September
2013 through August 2014
|
40%
|
|
|
September
2014 through August 2015
|
45%
|
|
|
September
2015 and thereafter
|
50%
|
in
which
case, the Senior Prepayment Percentage for each Collateral Group shall
be as
follows:
|
Distribution
Date Occurring In or On
|
Senior
Prepayment Percentage
|
|
|
September
2006 through August 2011
|
100%
|
|
|
September
2011 through August 2012
|
Senior
Collateral Group Percentage for such Collateral Group + 70% of
the related
Subordinate Percentage
|
|
|
September
2012 through August 2013
|
Senior
Collateral Group Percentage for such Collateral Group + 60% of
the related
Subordinate Percentage
|
|
|
September
2013 through August 2014
|
Senior
Collateral Group Percentage for such Collateral Group + 40% of
the related
Subordinate Percentage
|
18
|
September
2014 through August 2015
|
Senior
Collateral Group Percentage for such Collateral Group + 20% of
the related
Subordinate Percentage
|
|
|
September
2015 through the Distribution Date immediately preceding the
Final
Distribution Date
|
Senior
Collateral Group Percentage for such Collateral Group
|
|
|
Final
Distribution Date
|
100%
|
If
on any
Distribution Date the allocation to the P&I Certificates of Principal
Prepayments in the percentage required would reduce the sum of the Certificate
Balances of the P&I Certificates below zero, the Senior Prepayment
Percentage for such Distribution Date shall be equal to the percentage
necessary
to reduce such sum to zero.
“Senior
Principal Distribution Amount”:
For
any Distribution Date and each Collateral Group shall equal the sum
of:
|
(i)
|
the
related Senior Collateral Group Percentage of the related Principal
Payment Amount for such Distribution
Date;
|
|
(ii)
|
the
related Senior Prepayment Percentage of the related Principal
Prepayment
Amount for such Distribution Date;
and
|
|
(iii)
|
the
related Senior Liquidation Amount for such Distribution
Date.
|
“Senior
Subordinate Certificates”:
The
Class M-1, Class B-1, Class B-2 and Class B-3 Certificates.
“Servicer”:
Countrywide Servicing and its respective successors or assigns, in its
capacity
as servicer under the related Sale and Servicing Agreement.
“Servicing
Fee Rate”:
For
each Mortgage Loan, the per annum fee described in Schedule I
hereto.
“Servicemembers
Shortfall”:
Any
shortfall in amounts paid by any Mortgagors on the related Mortgage Loan
that
occurs pursuant to the Servicemembers Civil Relief Act, as amended, or
comparable state or local laws affording relief to members of the armed
forces.
“Subgroup
1-A”:
The
Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to
6.00% and
less than 6.25%.
“Subgroup
1-B”:
The
Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to
6.25% and
less than 6.50%.
“Subgroup
1-C”:
The
Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to
6.50% and
less than 7.50%.
19
“Subgroup
1-D”:
The
Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to
7.50.
“Subgroup
2-A”:
The
Mortgage Loans in Loan Group 2 with Net Rates greater than or equal to
5.00% and
less than 6.00%.
“Subgroup
2-B”:
The
Mortgage Loans in Loan Group 2 with Net Rates greater than or equal to
6.25% and
less than 7.50%.
“Subordinate
Certificates”:
The
Class M and Class B Certificates.
“Subordinate
Class Percentage”:
For
each Class of Subordinate Certificates and each Distribution Date, the
percentage obtained by dividing the Class Principal Balance of such Class
immediately prior to such Distribution Date by the aggregate Certificate
Principal Balance of all related Subordinate Certificates immediately prior
to
such date.
“Subordinate
Interests”:
The
Interest corresponding to the Subordinate Certificates.
“Subordinate
Liquidation Amount”:
For any
Distribution Date and Collateral Group, the Applicable Fraction of the
related
Liquidation Principal in respect of each Mortgage Loan contributing to
such
Collateral Group which became a Liquidated
Mortgage Loan
during
the calendar month preceding the month of such Distribution Date, minus
the
related Senior
Liquidation Amount for
such
Distribution Date.
“Subordinate
Percentage”:
For
any Collateral Group and any Distribution Date, 100% minus the Senior Collateral
Group Percentage for such Collateral Group. The Subordinate Percentages
as of
the Closing Date shall be 3.31%, 3.30%, 3.30%, 3.30% and 3.30% for Collateral
Group 1, Collateral Group 2, Collateral Group 3, Collateral Group 4 and
Collateral Group 5 respectively.
“Subordinate
Prepayment Percentage”:
For
any Distribution Date and any Collateral Group, the excess of 100% over
the
Senior Prepayment Percentage for such Collateral Group. Initially, the
Subordinate Prepayment Percentage for each Collateral Group shall be
0%.
“Subordinate
Principal Distribution Amount”:
For
any Distribution Date and any Collateral Group, the sum of:
|
(i)
|
the
related Subordinate Percentage of the related Principal Payment
Amount;
|
|
(ii)
|
the
related Subordinate Principal Prepayment Amount;
and
|
|
(iii)
|
the
related Subordinate Liquidation
Amount.
|
Any
reduction in the Subordinate Principal Distribution Amount for any Collateral
Group pursuant to the proviso above shall reduce the amount calculated
pursuant
to clause (i), clause (iii) and clause (ii), in that order in each case
of the
definition thereof, and such amounts shall nevertheless reduce the Certificate
Balance of the applicable Class of Subordinate Certificates.
20
“Subordinate
Principal Prepayment Amount”:
For
each Distribution Date and each Collateral Group, the Subordinate Prepayment
Percentage of the related Principal Prepayment Amount.
“Subordination
Levels”:
For
any Class of Subordinate Certificates and any specified date, a fraction
expressed as a percentage equal to (i) the sum of the Class Principal Balances
of all Classes of Subordinate Certificates that are subordinate to such
Class,
over (ii) the sum of the Class Principal Balances of all related Classes
of
Certificates as of such date, before giving effect to distributions on
such
date, and allocations of Realized Losses on such date.
“Subsequent
Recovery”:
With
respect to any Liquidated Mortgage Loan on which a Realized Loss has occurred,
any amount that the related Servicer ultimately recovers in respect of
such
Liquidated Mortgage Loan, net of the reasonable fees of the Servicer associated
with such recovery.
“Trust
Estate”:
As
defined in Section 2.01 hereof.
“Trust
Agreement”:
This
Master Servicing and Trust Agreement, dated as of August 1, 2006, which
incorporates by reference the Standard Terms to Master Servicing and Trust
Agreement (August 2006 edition); provided that any references in any documents
required to be provided pursuant to the terms of this Trust Agreement,
including
references in documents within the Trustee Mortgage Loan File, to a Trust
Agreement dated as of August 1, 2006, shall be deemed to refer to this
Trust
Agreement.
“Trustee”:
U.S.
Bank National Association, not in its individual capacity but solely as
Trustee
under this Trust Agreement, or its successor in interest, or any successor
trustee appointed as herein provided.
“UCC”:
The
Uniform Commercial Code as in effect in the State of New York.
“Undercollateralization
Distribution”:
As
defined in Section 3.01 hereof.
“Undercollateralized
Group”:
On any
Distribution Date, any Collateral Group for which the total Certificate
Balance
of the Senior Certificates of the related Certificate Group is greater
than the
Pool Balance of such Collateral Group.
“Unscheduled
Principal Amount”:
With
respect to each Collateral Group and any Distribution Date, an amount equal
to
the sum of the amounts described in clauses (ii) and (iii) of the definition
of
Senior Principal Distribution Amount.
“Verified
Information”:
As
defined in the Custodial Agreement.
“WaMu”:
Washington Mutual Bank, or any successor in interest.
21
ARTICLE
II.
FORMATION
OF TRUST; CONVEYANCE OF MORTGAGE LOANS
Section
2.01. Conveyance
to the Trustee.
(a) To
provide for the distribution of the principal of and interest on the
Certificates and Interests in accordance with their terms, all of the sums
distributable under this Trust Agreement with respect to the Certificates
and
the Interests and the performance of the covenants contained in this Trust
Agreement, the Depositor hereby bargains, sells, conveys, assigns and transfers
to the Trustee, in trust, without recourse and for the exclusive benefit
of the
Holders of the Certificates, all of the Depositor’s right, title and interest in
and to any and all benefits accruing to the Depositor from: (i) the Mortgage
Loans, the related Trustee Mortgage Loan Files, and all Monthly Payments
due
thereon after the Cut-Off Date and all principal prepayments collected
with
respect to the Mortgage Loans and paid by a Borrower on or after the Cut-Off
Date, and proceeds of the conversion, voluntary or involuntary, of the
foregoing; (ii) the Sale and Servicing Agreements; provided
that the
Depositor hereby reserves its right to indemnification under the Sale and
Servicing Agreements; (iii) the Custodial Agreement; (iv) the Assignment
Agreements; (v) the Distribution Account, the Master Servicer Account,
the
Certificate Account and the Collection Accounts and (vi) proceeds of all
of the
foregoing (including, without limitation, all amounts, other than investment
earnings, from time to time held or invested in the Collection Account
and the
Certificate Account, whether in the form of cash, instruments, securities
or
other property, all proceeds of any mortgage insurance, mortgage guarantees,
hazard insurance, or title insurance policy relating to the Mortgage Loans,
cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, rights to payment of any and every kind,
and
other forms of obligations and receivables, which at any time constitute
all or
part or are included in the proceeds of any of the foregoing) to pay the
REMIC
Interests and the Certificates as specified herein. In addition, the Seller
hereby bargains, sells, conveys, assigns and transfers to the Trustee,
in trust,
without recourse and for the exclusive benefit of the Holders of the
Certificates, all of the Seller’s right, title and interest in and to any and
all benefits accruing to the Seller from the Class 3A-1 Interest Rate Cap
Agreement and the Class 4A-2 Interest Rate Cap Agreement (together, the
“Cap
Agreements” and collectively with items (i) through (v) in the immediately
preceding sentence, the “Trust Estate”).
(b) It
is
intended that the conveyance of the Trust Estate by the Depositor to the
Trustee
as provided in this Section be, and be construed as, a sale of the Trust
Estate
by the Depositor to the Trustee for the benefit of the Certificateholders.
It
is, further, not intended that such conveyance be deemed a pledge of the
Trust
Estate by the Depositor to the Trustee to secure a debt or other obligation
of
the Depositor. However, in the event that the Trust Estate is held to be
the
property of the Depositor, or if for any reason this Agreement is held
or deemed
to create a security interest in the Trust Estate, then it is intended
that this
Agreement shall also be deemed to be a security agreement within the meaning
of
Articles 8 and 9 of the UCC and the corresponding articles of the Uniform
Commercial Code of any other applicable jurisdiction; and the Depositor
hereby
grants to the Trustee for the benefit of the Certificateholders a security
interest in all of the Depositor’s right, title and interest, whether now owned
or existing or hereafter acquired or arising, in and to the Trust Estate.
The
Depositor and the Trustee, at the Depositor’s direction and expense, shall, to
the extent consistent with this Agreement, take such actions as may be
necessary
to ensure that, if this Agreement were deemed to create a security interest
in
assets constituting the Trust Estate described above, such security interest
would be deemed to be a perfected security interest of first priority under
applicable law and will be maintained as such throughout the term of the
Agreement.
22
(c) The
foregoing sale, transfer, assignment, set-over and conveyance does not
and is
not intended to result in the creation of an assumption by the Trustee
of any
obligation of the Depositor, the Seller or any other person in connection
with
the Mortgage Loans, the Sale and Servicing Agreements, the Assignment Agreements
or under any agreement or instrument relating thereto except as specifically
set
forth herein.
(d) It
is
agreed and understood by the Depositor and the Trustee (and the Depositor
so
represents and recognizes) that it is not intended that any Mortgage Loan
to be
included in the Trust Estate be (i) a “High-Cost Home Loan” as defined in the
New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost
Home Loan” as defined in the New Mexico Home Loan Protection Act effective
January 1, 2004, (iii) a “High-Cost Home Mortgage Loan” as defined in the
Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
or
(iv) a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act
effective February 1, 2005.
Section
2.02. Acceptance
by the Trustee and Securities Administrator.
By
its
execution of this Trust Agreement, the Trustee acknowledges and declares
that it
holds and shall hold or has agreed to hold (in each case through the applicable
Custodian) all documents delivered to any such person from time to time
with
respect to the Mortgage Loans and all assets included in the definition
of Trust
Estate herein in trust for the exclusive use and benefit of all present
and
future Holders of the Certificates. The Trustee has not created and shall
not
create, and no Officer of the Trustee has any actual knowledge or has received
actual notice of, any interest in the Trust Estate contrary to the interests
created by this Trust Agreement. The Trustee has not entered, nor intends
to
enter, into any subordination agreement or intercreditor agreement with
respect
to any assets included in the Trust Estate.
Pursuant
to Section 2.02(f) of the Standard Terms, the Depositor acknowledges the
appointment of each Custodian and agrees to deliver, or cause to be delivered,
to each Custodian all Mortgage Loan documents that are to be included in
the
Trustee Mortgage Loan File for each Mortgage Loan for which each Custodian
shall
act as custodian. The Depositor and each Custodian acknowledge that, pursuant
to
the Custodial Agreement and in connection with the formation of the Trust,
the
Depositor hereby assigns each Custodial Agreement to the Trustee and agrees
to
cause a receipt to be issued in the name of the Trustee. It is understood
that
each Custodian will charge for its services under this Agreement as set
forth in
a separate agreement between such Custodian and the Securities Administrator,
the payment of which fees and expenses (as set forth in such separate agreement)
shall be the sole obligation of the Securities Administrator. The Securities
Administrator will further pay or reimburse the Custodian upon its request
for
all reasonable expenses, disbursements and advances incurred or made by
the
Custodian in accordance with this Agreement, the Custodial Agreement and
any
document executed in connection herewith or therewith.
23
Pursuant
to a separate agreement, the Master Servicer shall pay the Trustee fee
and the
Securities Administrator fee from the Master Servicing Fee.
Section
2.03. REMIC
Elections and REMIC Interests Designations.
(a) REMIC
Elections. Elections shall be made by the Securities Administrator to treat
the
assets of the Trust Estate described in the definition of the term “REMIC LT1,”
the assets of the Trust Estate described in the definition of the term
“REMIC
MT,” and the assets of the Trust Estate described in the definition of the term
“REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1
Regular Interests shall constitute the regular interests in REMIC LT1;
the REMIC
MT Regular Interests shall constitute the REMIC regular interests in REMIC
MT;
and the REMIC UT Regular Interests shall constitute the regular interests
in
REMIC UT. The Class RC Certificates shall represent ownership of the sole
Class
of residual interest in REMIC LT1. The Class R Certificates shall represent
ownership of the sole Class of residual interests in REMIC MT and REMIC
UT.
References in the Standard Terms to REMIC I and REMIC II shall be deemed,
for
purposes of this Trust Agreement, to refer to REMIC LT1, REMIC MT and REMIC
UT
referred to herein, as modified by this Trust Agreement.
(b) REMIC
LT1
Interests. REMIC LT1 shall issue each of the following Classes of Interests
in
book-entry form, each of which shall be a Class of REMIC LT1 Interests,
having
the following Certificate Rates and initial principal balances:
|
Class
|
Initial
Certificate Balance
Or
Notional Amount
|
Certificate
Rate
|
||
|
LT1-Pool
|
(1)
|
(2)
|
||
|
LT1-Sub-A
|
(3)
|
(2)
|
||
|
LT1-Sub-B
|
(3)
|
(2)
|
||
|
LT1-AX
|
(4)
|
7.00%
|
||
|
RC
|
(5)
|
(5)
|
|
(1)
|
This
interest shall have an initial principal balance equal to the
excess of
(i) the aggregate principal balance of the Mortgage Loans as
of the
Cut-Off Date, over (ii) the aggregate initial principal balance
of each
other regular interest in REMIC
LT1.
|
|
(2)
|
This
Interest shall bear interest for any Interest Accrual Period
equal to (i)
the weighted average of the Net Rates of all the Mortgage Loans
as of the
beginning of such Interest Accrual Period, weighted on the
Scheduled
Principal Balance of each such Mortgage Loan as of the first
day of the
preceding calendar month and determined by subjecting the Net
Rate of each
such Mortgage Loan to a cap equal to the Designated Rate for
the related
Collateral Group over (ii) (x) the sum of any expenses payable
to the
Securities Administrator or to the Trustee (to the extent such
expenses
were not taken into account in computing the Net Rate of any
Mortgage Loan
and do not constitute “unanticipated expenses” of a REMIC within the
meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii))
divided by (y)
the aggregate Scheduled Principal Balance of the Mortgage Loans
as of the
beginning of such Interest Accrual
Period.
|
24
|
(3)
|
This
Interest shall have an initial principal balance of 1% of the
aggregate
Scheduled Principal Balance of the Mortgage Loans as of the
Cut-Off
Date.
|
|
(4)
|
This
Interest shall have a notional balance, which for any Distribution
Date
shall be equal to the Class A-X Notional Amount.
|
|
(5)
|
The
Class RC Certificate shall not be entitled to payments of principal
or
interest.
|
(c) REMIC
MT.
REMIC MT shall issue the following Classes of Interests in book-entry
form, with
the designations, initial principal balances and Certificate Rates
indicated,
each of which shall be a Class of REMIC MT Interests:
|
Class
|
Initial
Class
Principal
Balance
|
Certificate
Rate
|
Corresponding
Class
of Certificates
|
|||
|
MT-1A-1
|
(1)
|
5.00%
|
1A-1
|
|||
|
MT-2A-1
|
(1)
|
6.00%
|
2
|
|||
|
MT-3A-1
|
(1)
|
6.25%
|
3A-1,
3A-2
|
|||
|
MT-3A-3
|
(1)
|
6.25%
|
3A-3
|
|||
|
MT-3A-4
|
(1)
|
6.25%
|
3A-4
|
|||
|
MT-3A-5
|
(1)
|
6.25%
|
3A-5
|
|||
|
MT-3A-6
|
(1)
|
6.25%
|
3A-6,
3A-9
|
|||
|
MT-3A-7
|
(1)
|
6.25%
|
3A-7
|
|||
|
MT-3A-8
|
(1)
|
6.25%
|
3A-8
|
|||
|
MT-4A-1
|
(1)
|
6.50%
|
4A-1
|
|||
|
MT-4A-2
|
(1)
|
6.50%
|
4A-2
|
|||
|
MT-4A-3
|
(1)
|
6.50%
|
4A-3
|
|||
|
MT-4A-4
|
(1)
|
6.50%
|
4A-4
|
|||
|
MT-4A-5
|
(1)
|
6.50%
|
4A-5,
4A-6
|
|||
|
MT-4A-7
|
(1)
|
6.50%
|
4A-7,
4A-8
|
|||
|
MT-4A-9
|
(1)
|
6.50%
|
4A-9,
4A-10
|
|||
|
MT-4A-12
|
(1)
|
6.50%
|
4A-12
|
|||
|
MT-5A-1
|
(1)
|
7.50%
|
5A-1,
5A-2
|
|||
|
MT-A-X
|
(2)
|
7.00%
|
A-X
|
|||
|
MT-M-1
|
(1)
|
(3)
|
M-1
|
|||
|
MT-B-1
|
(1)
|
(3)
|
B-1
|
|||
|
MT-B-2
|
(1)
|
(3)
|
B-2
|
|||
|
MT-B-3
|
(1)
|
(3)
|
B-3
|
|||
|
MT-B-4
|
(1)
|
(3)
|
B-4
|
|||
|
MT-B-5
|
(1)
|
(3)
|
B-5
|
|||
|
MT-B-6
|
(1)
|
(3)
|
B-6
|
|||
|
II-R
|
(4)
|
(4)
|
R
|
25
|
(1)
|
This
initial Class principal balance for this Interest shall equal
the Initial
Class Principal Balance of its Corresponding Class of Certificates,
but
shall not include the Notional Amount of any Interest Only
Certificate.
|
|
(2)
|
This
interest shall have a notional balance, which for any Distribution
Date
shall be equal to the Class A-X Notional
Amount.
|
|
(3)
|
For
each Distribution Date (and the related Interest Accrual
Period) this
Interest shall bear interest at a per annum rate equal to
the B Average
Rate, adjusted to take into account the sum of any expenses
payable to the
Securities Administrator or the Trustee (to the extent (i)
not taken into
account in computing the Net Rate of any Mortgage Loan, (ii)
such expense
is not an “unanticipated expense” within the meaning of the Treasury
Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense
was not taken
into account in computing the interest rate of an interest
with a greater
level of subordination).
|
|
(4)
|
The
Class II-R interest shall not be entitled to payments of
principal or
interest.
|
(d) REMIC
UT.
REMIC UT shall issue the following Classes of Certificates (other than
the Class
RC and Class R Certificates), with the designations, initial Certificate
Balances and Certificate Rates indicated, each of which (other than
the Class RC
and Class R Certificates) shall be a Class of REMIC UT Regular
Interests.
26
|
Class
|
Initial
Certificate Balance
Or
Notional Amount
|
Certificate
Rate
|
||
|
1A-1
|
$
3,388,000
|
5.00%
|
||
|
2A-1
|
$
76,066,000
|
6.00%
|
||
|
3A-1
|
$
86,973,000
|
(6)
|
||
|
3A-2
|
$
86,973,000(2)
|
(6)
|
||
|
3A-3
|
$
5,000,000
|
6.25%
|
||
|
3A-4
|
$
20,000,000
|
6.25%
|
||
|
3A-5
|
$102,876,000
|
6.25%
|
||
|
3A-6(1)
|
$
47,130,000
|
5.75%
|
||
|
3A-7
|
$
3,509,000
|
6.25%
|
||
|
3A-8
|
$
3,073,000
|
6.25%
|
||
|
3A-9
|
$
3,770,400(2)
|
6.25%
|
||
|
3A-10(1)
|
$
47,130,000
|
6.00%
|
||
|
3A-11
|
$
47,130,000
|
6.25%
|
||
|
4A-1
|
$
54,420,000
|
6.50%
|
||
|
4A-2
|
$
50,000,000
|
(6)
|
||
|
4A-3
|
$
830,000
|
6.50%
|
||
|
4A-4
|
$
2,409,000
|
6.50%
|
||
|
4A-5(1)
|
$
3,635,000
|
6.00%
|
||
|
4A-6(1)
|
$
279,615(2)
|
6.50%
|
||
|
4A-7(1)
|
$
58,422,000
|
6.00%
|
||
|
4A-8(1)
|
$
4,494,000(2)
|
6.50%
|
||
|
4A-9(1)
|
$
2,164,000
|
6.00%
|
||
|
4A-10(1)
|
$
166,461(2)
|
6.50%
|
||
|
4A-11(1)
|
$
3,635,000
|
6.25%
|
||
|
4A-12
|
$
8,000
|
6.50%
|
||
|
4A-13
|
$
58,422,000
|
6.25%
|
||
|
4A-14
|
$
58,422,000
|
6.50%
|
||
|
4A-15
|
$
2,164,000
|
6.25%
|
||
|
4A-16
|
$
2,164,000
|
6.50%
|
||
|
4A-17
|
$
64,221,000
|
6.00%
|
||
|
4A-18
|
$
64,221,000
|
6.25%
|
||
|
4A-19
|
$
64,221,000
|
6.50%
|
||
|
4A-20
|
$
66,630,000
|
6.50%
|
||
|
4A-21
|
$
4,940,076(2)
|
6.50%
|
||
|
5A-1
|
$
81,799,000
|
(6)
|
||
|
5A-2
|
$
81,799,000(2)
|
(6)
|
||
|
A-X
|
$
35,064(2)
|
7.00%
|
||
|
M-1
|
$
1,870,000
|
(3)
|
||
|
B-1
|
$
8,711,000
|
(3)
|
||
|
B-2
|
$
3,733,000
|
(3)
|
||
|
B-3
|
$
2,488,000
|
(3)
|
||
|
B-4
|
$
1,244,000
|
(3)
|
||
|
B-5
|
$
1,244,000
|
(3)
|
||
|
B-6
|
$
1,247,465
|
(3)
|
||
|
X
|
(4)
|
(4)
|
||
|
RC
|
(5)
|
(5)
|
||
|
R
|
(5)
|
(5)
|
|
(1)
|
The
Exchangeable REMIC Certificates shall be issued in uncertificated
form to
the Exchange Trustee and held in trust pursuant to terms
of the Exchange
Agreement. Pursuant to the terms of the Exchange Agreement,
each Class of
Exchange Certificates shall be issuable in exchange for a
certificated
interest in the Classes of Exchangeable REMIC Certificates
in the related
Combination Group pursuant to the terms of the Exchange
Agreement.
|
27
| (2) |
Notional
Amount.
|
| (3) |
For
each Distribution Date (and the related Interest Accrual
Period) each of
the Class M-1, Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and
Class B-6 Certificates shall accrue interest at a per annum
rate equal to
the B Average Rate.
|
| (4) |
The
Class X Certificate shall have no Certificate Balance and
shall not be
entitled to distributions of interest or principal. The Class
X
Certificate does not represent an interest in any REMIC created
hereby.
|
| (5) |
REMIC
UT shall also issue the Class III-R Interest, which shall
represent the
sole Class of residual interest in REMIC UT. The Class R
Certificate shall
represent beneficial ownership of the Class II-R and Class
III-R
Interests.
|
|
(6)
|
The
annual certificate interest rate for certificates with floating
rates of
interest are set forth in the table
below:
|
|
Class
|
Formula
|
Initial
|
Maximum
|
Minimum
|
|
3A-1
|
1
mo. LIBOR + 0.45%
|
5.85%
|
0.45%
|
6.25%
|
|
3A-2
|
5.80%
- 1 mo. LIBOR
|
0.40%
|
0.00%
|
5.80%
|
|
4A-2
|
1
mo. LIBOR + 0.65%
|
6.50%
|
6.50%
|
6.50%
|
|
5A-1
|
1
mo. LIBOR + 0.35%
|
5.75%
|
0.35%
|
7.50%
|
|
5A-2
|
7.15%
- 1 mo. LIBOR
|
1.75%
|
0.00%
|
7.15%
|
(e) REMIC
Scheduled Final Distribution. The Scheduled Final Distribution Date
for the
Regular Interests in REMIC LT1, REMIC MT and REMIC UT is the Distribution
Date
following the third anniversary of the scheduled maturity date of the
Mortgage
Loan having the latest scheduled maturity as of the Closing Date.
ARTICLE
III.
REMITTING
TO CERTIFICATEHOLDERS
Section
3.01. Distributions
to Certificateholders.
(a) REMIC
UT
Distributions. In accordance with Section 3.01(d) of the Standard Terms
and
subject to the exceptions set forth below and to Section 3.02, on each
Distribution Date, the Securities Administrator shall withdraw the
aggregate
Available Distribution Amount for each Collateral Group from the Certificate
Account, and shall distribute it in the following manner and order
of
priority:
|
(b)
|
to
each class of Senior Certificates related to such Collateral
Group,
Accrued Certificate Interest thereon, pro
rata in
proportion to the amount of Accrued Certificate Interest
owing to each
such class; provided
that,
Accrued Certificate Interest on the Class 3A-3 Certificates
will be added
to the Class Principal Balance thereof and will be distributed
in the
following order of priority:
|
28
| (a) |
to
the Class 3A-1 Certificates, until the Class Principal Balance
thereof is
reduced to zero; and
|
|
(b)
|
to
the Class 3A-3 Certificates, until the Class Principal Balance
thereof is
reduced to zero;
|
|
(c)
|
to
the Senior Certificates (other than the Interest Only Certificates)
related to such Collateral Group, to the extent of the remaining
Available
Distribution Amount for such Collateral Group, as
follows:
|
|
(a)
|
to
the Class 1A-1 Certificates, in reduction of their Class
Principal
Balance, from the Available Distribution Amount for Collateral
Group 1 in
an amount up to the Senior Principal Distribution Amount
for Collateral
Group 1 for such Distribution Date, until the Class Principal
Balance
thereof is reduced to zero;
|
|
(b)
|
to
the Class 2A-1 Certificates, in reduction of their Class
Principal
Balance, from the Available Distribution Amount for Collateral
Group 2 in
an amount up to the Senior Principal Distribution Amount
for Collateral
Group 2 for such Distribution Date, until the Class Principal
Balance
thereof is reduced to zero;
|
|
(c)
|
to
the Class 3A-1, Class 3A-3, Class 3A-4, Class 3A-5, Class
3A-6, Class 3A-7
and Class 3A-8 Certificates, in reduction of their respective
Class
Principal Balances, from the Available Distribution Amount
for Collateral
Group 3 in an amount up to the Senior Principal Distribution
Amount for
Collateral Group 3 for such Distribution Date, in the following
order of
priority:
|
|
(i)
|
to
the Class 3A-6, Class 3A-7 and Class 3A-8 Certificates, pro
rata,
in proportion to the Class Principal Balance of each such
class, the Group
3 NAS Priority Amount for such Distribution Date, until the
Class
Principal Balance of each such class is reduced to
zero;
|
|
(ii)
|
to
the Class 3A-5 Certificates, until the Class Principal Balance
thereof is
reduced to the PAC(A) Scheduled Amount for such Distribution
Date;
|
|
(iii)
|
to
the Class 3A-1 Certificates, until the Class Principal Balance
thereof is
reduced to zero;
|
|
(iv)
|
to
the Class 3A-3 Certificates, until the Class Principal Balance
thereof is
reduced to zero;
|
29
|
(v)
|
to
the Class 3A-5 Certificates, without regard to the PAC(A)
Scheduled Amount
for such Distribution Date, until the Class Principal Balance
thereof is
reduced to zero;
|
|
(vi)
|
to
the Class 3A-4 Certificates, until the Class Principal Balance
thereof is
reduced to zero; and
|
|
(vii)
|
to
the Class 3A-6, Class 3A-7 and Class 3A-8 Certificates, pro
rata,
in proportion to the Class Principal Balance of each such
class, until the
Class Principal Balance of each such class is reduced to
zero;
|
|
(d)
|
to
the Class 4A-1, Class 4A-2, Class 4A-3, Class 4A-4, Class
4A-5, Class
4A-7, Class 4A-9 and Class 4A-12 Certificates, in reduction
of their
respective Class Principal Balances, from the Available Distribution
Amount for Collateral Group 4 in an amount up to the Senior
Principal
Distribution Amount for Collateral Group 4 for such Distribution
Date,
concurrently as follows:
|
|
(i)
|
31.6601507958671%
of the amount distributable pursuant to clause (2)(d) above,
to the Class
4A-1 Certificates, until the Class Principal Balance thereof
is reduced to
zero; and
|
|
(ii)
|
68.3398492041329%
of the amount distributable pursuant to clause (2)(d) above,
to the Class
4A-2, Class 4A-3, Class 4A-4, Class 4A-5, Class 4A-7, Class
4A-9 and Class
4A-12 Certificates, in the following order of
priority:
|
|
(A)
|
to
the Class 4A-3 Certificates, the Group 4 NAS Priority Amount
for such
Distribution Date, until the Class Principal Balance thereof
is reduced to
zero;
|
|
(B)
|
sequentially,
to the Class 4A-5, Class 4A-7, Class 4A-9 and Class 4A-4
Certificates, in
that order, until the aggregate Class Principal Balance of
such classes is
reduced to the PAC(B) Scheduled Amount for such Distribution
Date;
|
|
(C)
|
to
the Class 4A-2 and Class 4A-12 Certificates, pro
rata,
in proportion to the Class Principal Balance of each such
class, until the
Class Principal Balance of each such class is reduced to
zero;
|
|
(D)
|
sequentially,
to the Class 4A-5, Class 4A-7, Class 4A-9 and Class 4A-4
Certificates, in
that order, without regard to the PAC(B) Scheduled Amount
for such
Distribution Date, until the Class Principal Balance of each
such class is
reduced to zero; and
|
30
|
(E)
|
to
the Class 4A-3 Certificates until the Class Principal Balance
thereof is
reduced to zero;
|
|
(e)
|
to
the Class 5A-1 Certificates, in reduction of their Class
Principal
Balance, from the Available Distribution Amount for Collateral
Group 5 in
an amount up to the Senior Principal Distribution Amount
for Collateral
Group 5 for such Distribution Date, until the Class Principal
Balance
thereof is reduced to zero;
|
|
(iv)
|
to
the extent of the remaining Available Distribution Amount
for Collateral
Group 1, Collateral Group 2, Collateral Group 3, Collateral
Group 4 and
Collateral Group 5, but subject to the prior distribution
of amounts
described under Section 3.01(c) below, to the related classes
of
Subordinate Certificates, in their order of seniority the
sum of (i)
Accrued Certificate Interest pro
rata on
the basis of the amount owing to each such Class, and (ii)
their
pro
rata shares,
based on their outstanding Certificate Balances, of the Subordinate
Principal Distribution Amount for each such Collateral Group,
as
applicable; provided,
however,
that on any Distribution Date on which the Subordination
Level for any
Class of Subordinate Certificates is less than its Subordination
Level as
of the Closing Date, the portion of the related Subordinate
Principal
Prepayment Amount otherwise allocable to the Class or Classes
of the
Subordinate Certificates junior to such class will be allocated
pro
rata
to
the most senior Class of Subordinate Certificates for which
the
Subordination Level on such Distribution Date is less than
the
Subordination Level as of the Closing Date and all Classes
of Subordinate
Certificates senior thereto;
|
|
(v)
|
to
each related Class of Certificates, in the order of their
seniority, the
amount of any unreimbursed Realized Losses previously allocated
to such
Certificates; and
|
|
(vi)
|
after
all of the other Classes of Certificates (other than the
Residual
Certificates) have been paid in full, the remainder, if any,
which is
expected to be zero, of the Available Distribution Amount
for all
Collateral Groups (other than any Fair Market Value Excess
remaining after
an optional termination of the Trust Estate) to the Class
RC Certificates
to the extent such remainder is applicable to REMIC LT1 and
otherwise to
the Class R Certificates.
|
(d) On
each
Distribution Date on or after the Credit Support Depletion Date, to
the extent
of the Available Distribution Amount allocable to each Collateral Group
on such
Distribution Date, distributions shall be made to the Senior Certificates
related to each such Collateral Group, in respect of interest (pro
rata
according to Accrued Certificate Interest for such Distribution Date)
and then
with respect to principal (pro
rata
according to their outstanding principal balances; and the remainder
(other than
any Fair Market Value Excess remaining after the optional termination
of the
Trust Estate), if any, which is expected to be zero, of the Available
Distribution Amount for each such Collateral Group shall be distributed
to the
holders of the Class RC Certificates to the extent such remainder is
applicable
to REMIC LT1 and otherwise to the holder of the Class R
Certificates.
31
On
each
Distribution Date on which the aggregate Certificate Principal Balance
of the
Senior Certificates of two or more related Certificate Groups has been
reduced
to zero, any amounts distributable pursuant to this Section 3.01(b)
shall be
allocated, as to each applicable related Class of Subordinate Certificates,
in
proportion to such Class’s Subordinate Class Percentage of the Subordinate
Principal Distribution Amount for the Collateral Group relating to
each such
retired Certificate Group.
On
each
Distribution Date on which the Senior Certificates of two or more related
Certificate Groups remain outstanding, any amounts distributable pursuant
to
this Section 3.01(b) shall be distributed in proportion to the aggregate
Certificate Principal Balances of such Certificates of each such Certificate
Group.
(e) On
any
Distribution Date on which any Certificate Group constitutes an
Undercollateralized Group, all amounts with respect to the related
Mortgage
Loans otherwise distributable as principal on the related Subordinate
Certificates, in reverse order of priority (other than amounts necessary
to pay
Deferred Principal Amounts or unpaid Current Shortfalls) (or, following
the
related Credit Support Depletion Date, such other amounts described
in the
immediately following sentence), shall be distributed as principal
to the Senior
Certificates (other than any Interest Only Certificates) of such
Undercollateralized Group pursuant to Section 3.01(a)(ii), until the
aggregate
Certificate Principal Balance of such Senior Certificates equals the
Pool
Balance of the related Collateral Group (such distribution, an “Undercollateralization
Distribution”).
In
the event that any Certificate Group constitutes an Undercollateralized
Group on
any Distribution Date following the related Credit Support Depletion
Date,
Undercollateralization Distributions shall be made from any Available
Distribution Amount for each related Collateral Group that does not
constitute
an Undercollateralized Group remaining after all required amounts have
been
distributed to the Senior Certificates of such other Certificate Groups.
In
addition, the amount of any unpaid Current Shortfalls with respect
to an
Undercollateralized Group on any Distribution Date (including any Current
Shortfalls for such Distribution Date) shall be distributed to the
REMIC
Certificates that are Senior Certificates of such Undercollateralized
Group
prior to the payment of any Undercollateralization Distributions from
amounts
otherwise distributable as principal on the related Subordinate Certificates,
in
reverse order of priority (or, following the Credit Support Depletion
Date, as
provided in the preceding sentence).
If
on any
Distribution Date two or more related Certificate Groups are Undercollateralized
Groups, the distribution described in the immediately preceding paragraph
shall
be made in proportion to the amount by which the aggregate Certificate
Principal
Balance of the REMIC Certificates that are Senior Certificates of each
such
Certificate Group, after giving effect to distributions pursuant to
Section
3.01(a) on such Distribution Date, exceeds the Pool Balance of the
related
Collateral Group for such Distribution Date.
32
(f) REMIC
LT1
Distributions. On each Distribution Date, the Securities Administrator
shall
apply amounts in the REMIC LT1 Distribution Account to the REMIC LT1
Regular
Interests in the same manner that amounts are distributed on any Corresponding
Classes of Certificates on such Distribution Date.
On
each
Distribution Date, the Securities Administrator shall apply remaining
amounts in
the REMIC LT1 Distribution Account in respect of interest to the Class
LT1 Pool,
Class LT1-Sub-A and Class LT1-Sub-B Interests in accordance with their
interest
rates set forth above. In addition, on each Distribution Date, the
Trustee shall
apply amounts in the REMIC LT1 Distribution Account in respect of principal
to
the Class LT1-Pool, Class LT1-Sub-A and Class LT1-Sub-B Interests as
follows:
|
(i)
|
first,
to the Class LT1-Sub-A and Class LT1-Sub-B Interests, the
minimum amounts
to each such that following that allocation the weighted
average rate of
the Class LT1-Sub-A and Class LT1-Sub-B Interests, weighted
on the
principal balances thereof and determined by subjecting the
Class
LT1-Sub-A Interest to a floor of 8.9054% and subjecting the
Class
LT1-Sub-B Interest to a cap of 4.000%, equals the interest
rate on the
Class B Certificates for the following Distribution
Date;
|
|
(ii)
|
second,
to the Class LT1-Pool Interest until its principal balance
is reduced to
zero; and
|
|
(iii)
|
third,
pro rata to the Class LT1-Sub-A and Class LT1-Sub-B Interests
in
accordance with their principal balances following clause
(i)
above.
|
Realized
Losses and Shortfalls shall be allocated in the same manner.
The
Securities Administrator shall withdraw all amounts allocated to the
various
REMIC LT1 Regular Interests and deposit such amounts in the Certificate
Account
for distribution pursuant to Section 3.01(a) above on such Distribution
Date.
Any amount remaining in the REMIC LT1 Distribution Account after making
all
other payments required under this Section 3.01(d) shall be distributed
to the
holder of the Class RC Certificates.
(g) REMIC
MT
Distributions. On each Distribution Date, the Securities Administrator
shall
apply amounts in the REMIC MT Distribution Account to the REMIC MT
Regular
Interests in the same manner that amounts are distributed on the Corresponding
Classes of Certificates on such Distribution Date. Realized Losses
and
Shortfalls shall be allocated in the same manner. The Securities Administrator
shall withdraw all amounts allocated to the various REMIC MT Regular
Interests
and deposit such amounts in the Certificate Account for distribution
pursuant to
Section 3.01(a) above on such Distribution Date. Any amount remaining
in the
REMIC MT Distribution Account after making all other payments required
under
this Section 3.01(e) shall be distributed to the holder of the Class
R
Certificates.
(h) On
each
Distribution Date on which any Fair Market Value Excess is on deposit
in the
Certificate Account and such Fair Market Value Excess has not been
previously
distributed in accordance with this Section 3.01(f), the Securities
Administrator shall withdraw such Fair Market Value Excess, from the
Certificate
Account, and shall distribute it to the Holder of the Class RC
Certificates.
33
Section
3.02. Allocation
of Realized Losses and Shortfalls.
(a) Realized
Losses of Principal.
(i) On
each
Distribution Date, the respective Applicable Fractions of each Realized
Loss on
a Mortgage Loan, to the extent allocable to principal, shall be allocated
to the
related Collateral Groups for further allocation to the Class or Classes
of
REMIC Interests supported by such Collateral Groups in reduction of
the
Certificate Balance thereof; provided,
however,
that
any Realized Loss allocated to a Collateral Group shall be allocated
first to
the Subordinate Interests related to such Collateral Group, in reverse
numerical
order, until the Certificate Balance thereof is reduced to zero, and
then
pro
rata
to the
Senior Interests related to such Collateral Group; provided
further,
that
(a) Realized Losses otherwise allocable to the Class 3A-1 Certificates
will
instead be allocated to the Class 3A-8 Certificates, until the Class
Principal
Balance of the Class 3A-8 Certificates is reduced to zero, (b) Realized
Losses
otherwise allocable to the Class 3A-6 Certificates will instead be
allocated to
the Class 3A-7 Certificates, until the Class Principal Balance of the
Class 3A-7
Certificates is reduced to zero, and (c) Realized Losses otherwise
allocable to
the Class 4A-2 Certificates will instead be allocated to the Class
4A-3
Certificates, until the Class Principal Balance of the Class 4A-3 Certificates
is reduced to zero.
(ii) The
distribution of any Current Realized Losses and Deferred Principal
Amounts to a
Class of Senior Interests on any Distribution Date shall not result
in a further
reduction of the Certificate Balance of such Class of Senior Interests,
but
instead shall result in the reduction of the Certificate Balance of
the
Subordinate Interests in REMIC MT, until the Certificate Balance thereof
has
been reduced to zero. The Current Realized Losses and Deferred Principal
Amounts
shall be paid from the amounts otherwise payable to the Classes of
Subordinate
Interests related to the applicable REMIC, beginning with the Class
having the
highest numerical designation. Any Current Realized Losses and Deferred
Principal Amounts not paid on the Distribution Date relating to the
Due Period
in which the Realized Loss was incurred shall be carried forward and
shall be
included in the Current Realized Losses and Deferred Principal Amounts
for the
next Distribution Date.
(iii) Any
Realized Losses allocated to a Class of REMIC MT Interests pursuant
to Section
3.02(a)(i) and not reimbursed on the same Distribution Date shall be
allocated
on the same date to the Corresponding Class or Classes of REMIC UT
Certificates.
(b) Realized
Losses Allocable to Interest. On each Distribution Date, the portion
of each
Realized Loss on a Mortgage Loan that exceeds the outstanding principal
amount
of such Mortgage Loan shall be allocated pro rata to the related Collateral
Group or Groups, on the basis of the amount of interest due to such
Collateral
Group from such Mortgage Loan. On each Distribution Date, the interest
portion
of each Realized Loss allocated to a Collateral Group in accordance
with the
preceding sentence shall be further allocated pro rata, on the basis
of Accrued
Certificate Interest, on the Class Principal Balance thereof, in the
case of the
Senior Certificates, and the related Apportioned Principal Balance,
in the case
of the Subordinated Interests, to each Class of related REMIC Interests;
provided that the interest portion of any Realized Losses allocated
to the
related Subordinate Interests in a REMIC as provided in this Section
3.02(b)
shall be allocated to such Subordinate Interests in reverse order of
seniority.
34
(c) Interest
Shortfall. Notwithstanding anything in the Standard Terms to the contrary,
on
each Distribution Date, before any distributions are made on the REMIC
Interests
and the Certificates, Month End Interest Shortfall not covered by compensating
interest from Monthly Advances and Servicemembers Shortfall with respect
to any
Mortgage Loan shall be allocated pro
rata
among
the Classes of the related REMIC based on the amount of interest otherwise
owing
thereto in reduction of that amount. Such amounts shall be allocated
in the
following order of priority: (1) sequentially, to the Subordinate Certificates,
in the inverse order of their priority and (2) to the related Classes
of Senior
Certificates, pro
rata,
in
proportion to the Accrued Certificate Interest otherwise distributable
thereon.
(d) Modification
Losses. In the event that the Note Rate on a Mortgage Loan is reduced
as a
result of a modification of the terms of such Mortgage Loan, such modification
shall be disregarded for purposes of calculating the Certificate Rate
on any
Class of Certificates or Class of REMIC Interest. Any shortfall resulting
from
any such modifications, however, shall be treated as a Realized Loss
occurring
on each Distribution Date and shall be applied to reduce the Certificate
Balances of the Certificates and REMIC Interests in the manner and
order of
priority set forth above.
(e) In
the
event of any Subsequent Recovery, (i) such amount shall be treated
as a
Principal Prepayment Amount and shall be included in the related Available
Distribution Amount for the Distribution Date occurring in the month
following
the month in which such recovery is received and (ii) the Certificate
Balance of
the Class or Classes to which the related Realized Loss had previously
been
allocated, whether or not such Class or Classes remain outstanding,
shall be
increased in direct order of priority, in each case by an amount equal
to the
lesser of (x) the amount of such recovery and (y) the aggregate amount
of
Realized Losses previously allocated to such Classes less amounts previously
allocated to such Classes pursuant to this paragraph.
Section
3.03. The
Separate Interest Trust.
The
Depositor hereby assigns and conveys to the Securities Administrator
on behalf
of the Trustee, and the Securities Administrator on behalf of the Trustee
is
hereby directed by the Depositor to accept and does accept, the Interest
Rate
Cap Agreements on behalf of a trust, separate from the Trust Estate,
for the
benefit of the Class 3A-1, Class 4A-2 and Class X Certificateholders
(referred
to herein as a “Separate
Interest Trust”)
in the
forms presented to it by the Depositor and shall have no responsibility
for the
contents, adequacy or sufficiency of the Interest Rate Cap Agreements
including
without limitation, the representations and warranties contained
therein.
35
Section
3.04. The
Basis Risk Reserve Funds.
(a) On
the
Closing Date, the Securities Administrator shall establish and maintain
in the
name of the Trustee, in the Separate Interest Trust for the benefit
of the
holders of the Class 3A-1 and Class X Certificates, the Class 3A-1
Reserve Fund
into which the Depositor shall deposit $1,000. The Securities Administrator
on
behalf of the Trustee shall hold the Class 3A-1 Interest Rate Cap Agreement
as
an asset in the Class 3A-1 Reserve Fund. The Class 3A-1 Reserve Fund
shall be an
Eligible Account, and funds on deposit therein shall be held separate
and apart
from, and shall not be commingled with, any other moneys, including
without
limitation other moneys of the Securities Administrator held pursuant
to this
Agreement. The Class 3A-1 Reserve Fund shall not be an asset of any
REMIC or the
Trust Estate established hereby.
(b) On
each
Distribution Date, after deposit of any portion of Class 3A-1 Interest
Rate Cap
Amounts remaining after distributions to the Holders of the Class 3A-1
Certificates pursuant to Section 3.05(c), the Securities Administrator
shall
distribute the amounts then on deposit in the Class 3A-1 Reserve Fund,
including
any earnings thereon, on behalf of the Trust Estate for distribution
to the
Class 3A-1 Certificates in the amount of (i) any remaining Basis Risk
Shortfalls
for such Class and such Distribution Date and (ii) any Basis Risk Shortfalls
for
such Class that remain unpaid from prior Distribution Dates. On any
Distribution
Date, any amounts that the Securities Administrator is not required
to
distribute from the Class 3A-1 Reserve Fund pursuant to this Section
3.04(b)
shall remain on deposit in the Class 3A-1 Reserve Fund.
(c) Upon
the
earlier to occur of (i) the Distribution Date on which the Class Principal
Balance of each of the Class 3A-1 Certificates is reduced to zero and
(ii) the
termination of the Trust Estate, any amounts remaining in the Class
3A-1 Reserve
Fund shall be distributed to the Class X Certificateholder.
(d) On
the
Closing Date, the Securities Administrator shall establish and maintain
in the
name of the Trustee, in the Separate Interest Trust for the benefit
of the
holders of the Class 4A-2, and Class X Certificates, the Class 4A-2
Reserve Fund
into which the Depositor shall deposit $1,000. The Securities Administrator
on
behalf of the Trustee shall hold the Class 4A-2 Interest Rate Cap Agreement
as
an asset in the Class 4A-2 Reserve Fund. The Class 4A-2 Reserve Fund
shall be an
Eligible Account, and funds on deposit therein shall be held separate
and apart
from, and shall not be commingled with, any other moneys, including
without
limitation other moneys of the Securities Administrator held pursuant
to this
Agreement. The Class 4A-2 Reserve Fund shall not be an asset of any
REMIC or the
Trust Estate established hereby.
(e) On
each
Distribution Date, after deposit of any portion of Class 4A-2 Interest
Rate Cap
Amounts remaining after distributions to the Holders of the Class 4A-2
Certificates pursuant to Section 3.05(h), the Securities Administrator
shall
distribute the amounts then on deposit in the Class 4A-2 Reserve Fund,
including
any earnings thereon, on behalf of the Trust Estate for distribution
to the
Class 4A-2 Certificates in the amount of (i) any remaining Basis Risk
Shortfalls
for such Class and such Distribution Date and (ii) any Basis Risk Shortfalls
for
such Class that remain unpaid from prior Distribution Dates. On any
Distribution
Date, any amounts that the Securities Administrator is not required
to
distribute from the Class 4A-2 Reserve Fund pursuant to this Section
3.04(e)
shall remain on deposit in the Class 4A-2 Reserve Fund.
36
(f) Upon
the
earlier to occur of (i) the Distribution Date on which the Class Principal
Balance of each of the Class 4A-2 Certificates is reduced to zero and
(ii) the
termination of the Trust Estate, any amounts remaining in the Class
4A-2 Reserve
Fund shall be distributed to the Class X Certificateholder.
(g) Funds
in
the Basis Risk Reserve Funds shall be invested in the ▇▇▇▇▇ Fargo Prime
Advantage Money Market Fund. Any earnings on amounts in the Basis Risk
Reserve
Funds shall be for the benefit of the Class X Certificateholder. The
Class X
Certificate shall evidence ownership of the Basis Risk Reserve Funds
for federal
income tax purposes.
(h)
For
federal income tax purposes, the Securities Administrator shall treat
the
holders of the Class 3A-1 and Class 4A-2 Certificates as having entered
into a
notional principal contract with the holders of the Class X Certificates.
Pursuant to such notional principal contract, all holders of the Class
X
Certificates shall be treated as having agreed to pay Basis Risk Shortfalls
to
the holders of the Class 3A-1 and Class 4A-2 Certificates. Any payments
to the
Class 3A-1 and Class 4A-2 Certificates in light of the foregoing shall
not be
payments with respect to a “regular interest” in a REMIC within the meaning of
Code Section 860G(a)(1). Notwithstanding the priority and sources of
payments
set forth in Article III hereof or otherwise, the Securities Administrator
shall
account for all distributions on the Certificates as set forth in this
section.
For purposes of providing tax information reporting with respect to
the Class
3A-1 and Class 4A-2 Certificates, the Securities Administrator shall
treat the
notional principal contract described in this paragraph as having a
value of
$310,000 and $213,500, respectively, as of the Closing Date.
Section
3.05. The
Interest Rate Cap Agreements.
(a) Each
Holder of a Class 3A-1 or Class X Certificate is deemed, by acceptance
of such
Class 3A-1 or Class X Certificate, to authorize the Trustee to accept
the Class
3A-1 Interest Rate Cap Agreement.
(b) Pursuant
to the Class 3A-1 Interest Rate Cap Agreement, the Interest Rate Cap
Counterparty shall have provided the Trustee and the Securities Administrator
with notice of the Class 3A-1 Interest Rate Cap Amount, if any, to
be paid by
the Interest Rate Cap Counterparty to the Securities Administrator
on behalf of
the Trustee for the account of the Separate Interest Trust pursuant
to such
Class 3A-1 Interest Rate Cap Agreement for each Distribution Date.
Any Class
3A-1 Interest Rate Cap Amounts received by the Securities Administrator
on
behalf of the Trustee pursuant to the Class 3A-1 Interest Rate Cap
Agreement in
connection with each such Distribution Date shall be deposited by the
Securities
Administrator on behalf of the Trustee into the Class 3A-1 Reserve
Fund.
37
(c) On
each
Distribution Date, the Securities Administrator on behalf of the Separate
Interest Trust shall distribute amounts on deposit in the Class 3A-1
Reserve
Fund representing the Class 3A-1 Interest Rate Cap Amount for such
Distribution
Date first, to the Holders of the Class 3A-1 Certificates, in an amount
equal to
the product of (i) one-twelfth and (ii) the excess, if any, of LIBOR
for such
Distribution Date (up to a maximum of 9.55% per annum) over 5.80% and
(iii) the
lesser of (x) an amount equal to the applicable notional amount under
the Class
3A-1 Interest Rate Cap Agreement for such Distribution Date and (y)
the
aggregate Certificate Principal Balance of the Class 3A-1 Certificates
for such
Distribution Date and second, to the Holders of the Class 3A-1 Certificates,
in
an amount up to any Basis Risk Shortfalls on the Class 3A-1 Certificates
remaining unpaid from prior Distribution Dates. Any portion of the
Class 3A-1
Interest Rate Cap Amount remaining after such distributions shall be
retained in
the Class 3A-1 Reserve Fund for distribution pursuant to Section
3.04.
(d) Upon
termination of the Class 3A-1 Interest Rate Cap Agreement and payment
of all
amounts owed by the Interest Rate Cap Counterparty thereunder, following
application by the Securities Administrator on behalf of the Trustee
of funds in
the Class 3A-1 Reserve Fund on the next succeeding Distribution Date
to pay
amounts owed pursuant to this Section and Section 3.04, the Securities
Administrator on behalf of the Trustee shall terminate the Class 3A-1
Reserve
Fund.
(e) In
the
event of an early termination of the Class 3A-1 Interest Rate Cap Agreement,
any
termination payment made by the Interest Rate Cap Counterparty to the
Separate
Interest Trust (“Termination
Receipts”)
shall
be deposited in a segregated non-interest bearing account which shall
be an
Eligible Account established by the Securities Administrator on behalf
of the
Trustee of the Separate Interest Trust (the “Termination
Receipts Account”).
The
Securities Administrator shall invest, or cause to be invested, funds
held in
the Termination Receipts Account in time deposits of the Securities
Administrator. All such investments must be payable on demand or mature
on a
Distribution Date or such other date as directed by a majority of the
Class 3A-1
Certificateholders. All such Permitted Investments shall be made in
the name of
the Trustee of the Separate Interest Trust (in its capacity as such)
or its
nominee. All income and gain realized from any such investment shall
be
deposited in the Termination Receipts Account.
(f) Each
Holder of a Class 4A-2 or Class X Certificate is deemed, by acceptance
of such
Class 4A-2 or Class X Certificate, to authorize the Trustee to accept
the Class
4A-2 Interest Rate Cap Agreement.
(g) Pursuant
to the Class 4A-2 Interest Rate Cap Agreement, the Interest Rate Cap
Counterparty shall have provided the Trustee and the Securities Administrator
with notice of the Class 4A-2 Interest Rate Cap Amount, if any, to
be paid by
the Interest Rate Cap Counterparty to the Securities Administrator
on behalf of
the Trustee for the account of the Separate Interest Trust pursuant
to such
Class 4A-2 Interest Rate Cap Agreement for each Distribution Date.
Any Class
4A-2 Interest Rate Cap Amounts received by the Securities Administrator
on
behalf of the Trustee pursuant to the Class 4A-2 Interest Rate Cap
Agreement in
connection with each such Distribution Date shall be deposited by the
Securities
Administrator on behalf of the Trustee into the Class 4A-2 Reserve
Fund.
38
(h) On
each
Distribution Date, the Securities Administrator on behalf of the Separate
Interest Trust shall distribute amounts on deposit in the Class 4A-2
Reserve
Fund representing the Class 4A-2 Interest Rate Cap Amount for such
Distribution
Date first, to the Holders of the Class 4A-2 Certificates, in an amount
equal to
the product of (i) one-twelfth and (ii) the excess, if any, of LIBOR
for such
Distribution Date (up to a maximum of 8.85% per annum) over 5.85% and
(iii) the
lesser of (x) an amount equal to the applicable notional amount under
the Class
4A-2 Interest Rate Cap Agreement for such Distribution Date and (y)
the
aggregate Certificate Principal Balance of the Class 4A-2 Certificates
for such
Distribution Date and second, to the Holders of the Class 4A-2 Certificates,
in
an amount up to any Basis Risk Shortfalls on the Class 4A-2 Certificates
remaining unpaid from prior Distribution Dates. Any portion of the
Class 4A-2
Interest Rate Cap Amount remaining after such distributions shall be
retained in
the Class 4A-2 Reserve Fund for distribution pursuant to Section
3.04.
(i) Upon
termination of the Class 4A-2 Interest Rate Cap Agreement and payment
of all
amounts owed by the Interest Rate Cap Counterparty thereunder, following
application by the Securities Administrator on behalf of the Trustee
of funds in
the Class 4A-2 Reserve Fund on the next succeeding Distribution Date
to pay
amounts owed pursuant to this Section and Section 3.04, the Securities
Administrator on behalf of the Trustee shall terminate the Class 4A-2
Reserve
Fund.
(j) In
the
event of an early termination of the Class 4A-2 Interest Rate Cap Agreement,
any
termination payment made by the Interest Rate Cap Counterparty to the
Separate
Interest Trust (“Termination
Receipts”)
shall
be deposited in a segregated non-interest bearing account which shall
be an
Eligible Account established by the Securities Administrator on behalf
of the
Trustee of the Separate Interest Trust (the “Termination
Receipts Account”).
The
Securities Administrator shall invest, or cause to be invested, funds
held in
the Termination Receipts Account in time deposits of the Securities
Administrator. All such investments must be payable on demand or mature
on a
Distribution Date or such other date as directed by a majority of the
Class 4A-2
Certificateholders. All such Permitted Investments shall be made in
the name of
the Trustee of the Separate Interest Trust (in its capacity as such)
or its
nominee. All income and gain realized from any such investment shall
be
deposited in the Termination Receipts Account.
(k) Unless
otherwise permitted by the Rating Agencies, the Securities Administrator
shall
promptly, with the assistance and cooperation of the Depositor, use
amounts on
deposit in the Termination Receipts Account, if necessary, to enter
into
replacement Interest Rate Cap Agreements which shall be executed and
delivered
by the Trustee of the Separate Interest Trust upon receipt of written
confirmation from each Rating Agency that such replacement Interest
Rate Cap
Agreement(s) shall not result in the reduction or withdrawal of the
rating of
the Class 3A-1 or Class 4A-2 Certificates.
ARTICLE
IV.
THE
SECURITIES
39
Section
4.01. The
Certificates.
The
Certificates shall be designated generally as the Mortgage Pass-Through
Certificates, Series 2006-8F. The aggregate principal amount of Certificates
or
Interests, as applicable, that may be executed and delivered under
this Trust
Agreement is limited to $622,239,465, except for Certificates executed
and
delivered upon registration of transfer of, or in exchange for, or
in lieu of,
other Certificates pursuant to Section 4.05 hereof or Sections 5.03
or 5.05 of
the Standard Terms. On the Closing Date, the Trustee shall execute,
and the
Certificate Registrar shall authenticate and deliver Mortgage Pass-Through
Certificates in the names and amounts and to the Persons as directed
by the
Depositor. The table in Section 2.03 sets forth the Classes of Certificates,
the
initial Certificate Balance and the Certificate Rate for each Class
of the
Certificates. The Certificates authorized by this Trust Agreement shall
consist
of the Certificates having the designations, Initial Certificate Balances
or
Notional Amounts and Certificate Rates specified in the table in Section
2.03(d).
Section
4.02. Denominations.
Each
of
the Class A and Senior Subordinate Certificates shall be issued in
fully
registered, book-entry form and shall be Book-Entry Certificates. Each
Class of
Residual Certificates and Class B-4, Class B-5, and Class B-6 Certificates
shall
be issued in fully registered, certificated form. The Class A Certificates
(other than the Class 3A-2, Class 3A-9, Class 4A-6, Class 4A-8, Class
4A-10,
Class 5A-2 and Class A-X Certificates) are offered in minimum denominations
of
$25,000 initial Certificate Balance each and multiples of $1 in excess
of
$25,000 or, if the Class Principal Balance of such Class of Certificates
is less
than $25,000, the Class Principal Balance thereof. The Class 3A-2,
Class 3A-9,
Class 4A-8 and Class 5A-2 Certificates are offered in minimum denominations
of
$1,000,000 initial Notional Amount each and multiples of $1 in excess
of
$1,000,000. The Class 4A-6, Class 4A-8 and Class A-X Certificates are
offered in
the form of a single Certificate representing the entire Notional Amount
thereof. The Subordinate Certificates are offered in minimum denominations
of
$250,000 initial Certificate Balance each and multiples of $1 in excess
of
$250,000. In addition, one Certificate of each Class (other than the
Class A-X
and the Residual Certificates) may be issued evidencing the sum of
an authorized
denomination thereof and the remainder of the initial Class Principal
Balance
(or, in the case of the Interest Only Certificates, the Notional Amount)
of such
Class. The Class X Certificate shall be issued in a percentage interest
of 100%.
Each Class of Residual Certificates shall be issued in percentage interests
of
99.99% and 0.01%.
Section
4.03. Redemption
of Certificates.
(a) There
shall be no right to redemption pursuant to Section 10.01 of the Standard
Terms.
Moreover, notwithstanding anything to the contrary in Section 10.02
of the
Standard Terms, the obligations created by this Trust Agreement shall
terminate
upon payment to the Certificateholders of all amounts held in the Collection
Account, the Certificate Account and the Distribution Account required
to be
paid to the Certificateholders pursuant to this Trust Agreement, following
the
final payment or other liquidation (or any Advance with respect thereto)
of the
last Mortgage Loan remaining in the Trust Estate or the disposition
of all
property acquired upon foreclosure of any such Mortgage Loan.
40
(b) On
or after the date on which the aggregate Scheduled Principal Balance
of the
Mortgage Loans
is less than or equal to 1% of the aggregate Scheduled Principal Balance
of such
Mortgage Loans as of the Cut-Off Date the Master Servicer shall have
the right
to purchase the remaining Mortgage Loans and any other assets in REMIC
LT1 at
the Termination Price and thereby cause the retirement of the related
Certificates.
Notwithstanding
anything to the contrary contained herein, the obligations created
by the Trust
Agreement shall terminate upon payment to the Certificateholders of
all amounts
held in the Certificate Account and the REMIC LT1 Distribution Account
and the
REMIC MT Distribution Account required to be paid to the Certificateholders
pursuant to the Trust Agreement, following the earlier of: (i) the
final payment
or other liquidation (or any Advance with respect thereto) of the last
Mortgage
Loan remaining in the Trust Estate or the disposition of all property
acquired
upon foreclosure of any such Mortgage Loan and (ii) the purchase of
all of the
assets of the Trust Estate as provided above. Written notice of termination
shall be given to each Certificateholder, and the final distribution
shall be
made only upon surrender and cancellation of the Certificates at an
office or
agency appointed by the Securities Administrator, which shall be specified
in
the notice of termination. Any repurchase of the assets of the Trust
Estate
pursuant to this Section 4.03 shall be made at a price equal to the
Termination
Price.
Section
4.04. Securities
Laws Restrictions.
Each
of
the Junior Subordinate Certificates is a Private Certificate subject
to the
restrictions on transfer contained in Section 5.05(a) of the Standard
Terms.
Furthermore, each of the Private Certificates is a Rule 144A Certificate.
The
Class R and Class RC Certificates are Residual Certificates subject
to Section
5.05(c) of the Standard Terms.
Section
4.05. Deposit
of Exchangeable REMIC Certificates.
The
Exchangeable REMIC Certificates shall be issued in uncertificated form
to the
Underwriter pursuant to Section 4I of the Underwriting Agreement and
transferred
by the Underwriter to the Exchange Trustee to be held in trust pursuant
to terms
of the Exchange Agreement.
ARTICLE
V.
MISCELLANEOUS
PROVISIONS
Section
5.01. Request
for Opinions.
(a) The
Depositor hereby requests and authorizes ▇▇▇▇▇ ▇▇▇▇▇▇ LLP, as its counsel
in
this transaction, to issue on behalf of the Depositor such legal opinions
to the
Trustee, the Securities Administrator and each Rating Agency as may
be (i)
required by any and all documents, certificates or agreements executed
in
connection with the Trust, or (ii) requested by the Trustee, the Securities
Administrator, any such Rating Agency or their respective counsels.
41
(b) Each
of
the Trustee, the Securities Administrator and the Master Servicer hereby
requests and authorizes its counsel to issue on behalf of such Person
such legal
opinions to the Depositor, GSMC and ▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co. as may be required
by any and all documents, certificates or agreements executed in connection
with
the establishment of the Trust and the issuance of the
Certificates.
Section
5.02. Schedules
and Exhibits.
Each
of
the Schedules and Exhibits attached hereto or referenced herein are
incorporated
herein by reference as contemplated hereby and by the Standard Terms.
Each Class
of Certificates shall be in substantially the form attached hereto,
as set forth
in the Exhibit index.
Section
5.03. Governing
Law.
THIS
TRUST AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS
(OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE
WITH SUCH LAWS.
Section
5.04. Counterparts.
This
Trust Agreement may be executed in any number of counterparts, each
of which so
executed shall be deemed to be an original but all of such counterparts
shall
together constitute but one and the same instrument.
Section
5.05. Notices.
All
demands and notices hereunder shall be in writing and shall be deemed
to have
been duly given if personally delivered at or mailed by first class
mail,
postage prepaid, or by express delivery service, to (a) in the case
of the
Depositor, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: President
(telecopy number (▇▇▇) ▇▇▇-▇▇▇▇ and email addresses: ▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇.▇▇▇
and
▇▇▇▇▇▇▇▇.▇▇▇▇@▇▇.▇▇▇)
or such
other address, telecopy number or email address as may hereafter be
furnished to
each party to this Trust Agreement in writing by the Depositor; (b)
in the case
of the Trustee, U.S. Bank National Association, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇
▇▇▇▇, ▇▇▇
▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention:
Structured Finance Department, GSR 2006-8F,
or such
other address or telecopy number as may hereafter be furnished to each
party to
this Trust Agreement in writing by the Trustee; (c) in the case of
the Master
Servicer, ▇▇▇▇▇ Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046,
Attention: Corporate Trust Group (GSR 2006-8F) (or in the case of overnight
deliveries, ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇) Telephone:
(▇▇▇)
▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇, or such other address, telecopy
number or
email address as may hereafter be furnished to each party to this Trust
Agreement in writing by the Master Servicer; (d) in the case of the
Securities
Administrator, ▇▇▇▇▇ Fargo Bank, N.A., Sixth Street and Marquette Avenue,
Minneapolis, Minnesota 55479, Attention: GSR 2006-8F, or such other
address,
telecopy number or email address as may hereafter be furnished to each
party to
this Trust Agreement in writing by the Securities Administrator; and
(e) in the
case of the Custodians, the addresses set forth in the Custodial Agreement.
The
addresses of the rating agencies required to be stated herein pursuant
to
Section 13.08(d) of the Standard Terms are Fitch Ratings, ▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇,
Standard & Poor’s Ratings Services, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇
▇▇▇▇▇ and ▇▇▇▇▇’▇ Investors Service, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇
▇▇▇▇▇.
42
[Signature
page follows]
43
IN
WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer, the
Securities
Administrator and each Custodian have caused this Trust Agreement to
be duly
executed by their respective officers thereunto duly authorized and
their
respective signatures duly attested all as of the day and year first
above
written.
GS
MORTGAGE SECURITIES CORP.,
as
Depositor
By:
_______________________
Name:
Title:
U.S.
BANK, NATIONAL ASSOCIATION,
not
in
its individual capacity, but solely in its
capacity as Trustee and Custodian under this Trust Agreement
By:
_______________________
Name:
Title:
▇▇▇▇▇
FARGO BANK, N.A.,
not
in
its individual capacity, but solely in its capacity as Securities
Administrator
and Master Servicer
By:
_______________________
Name:
Title:
DEUTSCHE
BANK NATIONAL TRUST COMPANY,
not
in
its individual capacity, but solely in its capacity as Custodian
By:
_______________________
Name:
Title:
JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION,
not
in
its individual capacity, but solely in its capacity as Custodian
By:
_______________________
Name:
Title:
Solely
for purposes of Section 2.01(a),
accepted
and agreed to by:
▇▇▇▇▇▇▇
▇▇▇▇▇ MORTGAGE COMPANY
By: ▇▇▇▇▇▇▇
▇▇▇▇▇ Real Estate Funding Corp.,
its General Partner
By:
__________________________________
Name:
Title:
SCHEDULE
I
Mortgage
Loan Schedule
S-I-1
SCHEDULE
II
[Reserved]
S-II-1
SCHEDULE
III
PAC
SCHEDULED AMOUNTS
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
||
|
August
25, 2006
|
102,876,000.00
|
66,630,000.00
|
||
|
September
25, 2006
|
102,526,412.31
|
66,511,175.23
|
||
|
October
25, 2006
|
102,129,472.32
|
66,371,685.46
|
||
|
November
25, 2006
|
101,685,285.59
|
66,211,559.33
|
||
|
December
25, 2006
|
101,193,982.07
|
66,030,836.10
|
||
|
January
25, 2007
|
100,655,716.06
|
65,829,565.60
|
||
|
February
25, 2007
|
100,070,666.22
|
65,607,808.24
|
||
|
March
25, 2007
|
99,439,035.45
|
65,365,635.01
|
||
|
April
25, 2007
|
98,761,050.84
|
65,103,127.44
|
||
|
May
25, 2007
|
98,036,963.54
|
64,820,377.58
|
||
|
June
25, 2007
|
97,267,048.65
|
64,517,487.94
|
||
|
July
25, 2007
|
96,451,605.05
|
64,194,571.47
|
||
|
August
25, 2007
|
95,590,955.25
|
63,851,751.47
|
||
|
September
25, 2007
|
94,685,445.19
|
63,489,161.55
|
||
|
October
25, 2007
|
93,735,444.03
|
63,106,945.51
|
||
|
November
25, 2007
|
92,741,343.93
|
62,705,257.33
|
||
|
December
25, 2007
|
91,703,559.78
|
62,284,260.99
|
||
|
January
25, 2008
|
90,622,528.94
|
61,844,130.42
|
||
|
February
25, 2008
|
89,498,710.94
|
61,385,049.36
|
||
|
March
25, 2008
|
88,332,587.18
|
60,907,211.28
|
||
|
April
25, 2008
|
87,124,660.60
|
60,410,819.19
|
||
|
May
25, 2008
|
85,875,455.33
|
59,896,085.56
|
||
|
June
25, 2008
|
84,585,516.31
|
59,363,232.13
|
||
|
July
25, 2008
|
83,255,408.90
|
58,812,489.77
|
S-III-1
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
August
25, 2008
|
81,885,718.52
|
58,244,098.35
|
||
|
September
25, 2008
|
80,477,050.17
|
57,658,306.51
|
||
|
October
25, 2008
|
79,030,028.05
|
57,055,371.54
|
||
|
November
25, 2008
|
77,545,295.03
|
56,435,559.15
|
||
|
December
25, 2008
|
76,023,512.26
|
55,799,143.30
|
||
|
January
25, 2009
|
74,509,574.71
|
55,151,920.42
|
||
|
February
25, 2009
|
73,003,442.50
|
54,508,011.66
|
||
|
March
25, 2009
|
71,505,075.95
|
53,867,400.12
|
||
|
April
25, 2009
|
70,014,435.58
|
53,230,069.01
|
||
|
May
25, 2009
|
68,531,482.12
|
52,596,001.60
|
||
|
June
25, 2009
|
67,056,176.52
|
51,965,181.28
|
||
|
July
25, 2009
|
65,588,479.91
|
51,337,591.50
|
||
|
August
25, 2009
|
64,128,353.64
|
50,713,215.80
|
||
|
September
25, 2009
|
62,675,759.26
|
50,092,037.82
|
||
|
October
25, 2009
|
61,230,658.50
|
49,474,041.28
|
||
|
November
25, 2009
|
59,793,013.32
|
48,859,209.97
|
||
|
December
25, 2009
|
58,362,785.85
|
48,247,527.77
|
||
|
January
25, 2010
|
56,939,938.44
|
47,638,978.67
|
||
|
February
25, 2010
|
55,524,433.63
|
47,033,546.72
|
||
|
March
25, 2010
|
54,116,234.15
|
46,431,216.04
|
||
|
April
25, 2010
|
52,715,302.93
|
45,831,970.85
|
||
|
May
25, 2010
|
51,321,603.08
|
45,235,795.47
|
||
|
June
25, 2010
|
49,935,097.92
|
44,642,674.27
|
||
|
July
25, 2010
|
48,555,750.96
|
44,052,591.71
|
||
|
August
25, 2010
|
47,183,525.90
|
43,465,532.34
|
||
|
September
25, 2010
|
45,818,386.61
|
42,881,480.79
|
||
|
October
25, 2010
|
44,460,297.17
|
42,300,421.76
|
||
|
November
25, 2010
|
43,109,221.84
|
41,722,340.05
|
S-III-2
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
December
25, 2010
|
41,765,125.08
|
41,147,220.50
|
||
|
January
25, 2011
|
40,427,971.51
|
40,575,048.08
|
||
|
February
25, 2011
|
39,097,725.96
|
40,005,807.80
|
||
|
March
25, 2011
|
37,774,353.43
|
39,439,484.76
|
||
|
April
25, 2011
|
36,457,819.10
|
38,876,064.14
|
||
|
May
25, 2011
|
35,148,088.34
|
38,315,531.20
|
||
|
June
25, 2011
|
33,845,126.71
|
37,757,871.27
|
||
|
July
25, 2011
|
32,548,899.92
|
37,203,069.77
|
||
|
August
25, 2011
|
31,259,373.90
|
36,651,112.17
|
||
|
September
25, 2011
|
30,136,998.35
|
36,109,967.86
|
||
|
October
25, 2011
|
29,021,218.94
|
35,571,618.68
|
||
|
November
25, 2011
|
27,912,002.84
|
35,036,050.29
|
||
|
December
25, 2011
|
26,809,317.40
|
34,503,248.43
|
||
|
January
25, 2012
|
25,713,130.13
|
33,973,198.94
|
||
|
February
25, 2012
|
24,623,408.72
|
33,445,887.69
|
||
|
March
25, 2012
|
23,540,121.05
|
32,921,300.66
|
||
|
April
25, 2012
|
22,463,235.16
|
32,399,423.89
|
||
|
May
25, 2012
|
21,392,719.26
|
31,880,243.48
|
||
|
June
25, 2012
|
20,328,541.72
|
31,363,745.62
|
||
|
July
25, 2012
|
19,270,671.11
|
30,849,916.57
|
||
|
August
25, 2012
|
18,219,076.15
|
30,338,742.65
|
||
|
September
25, 2012
|
17,205,079.29
|
29,832,540.51
|
||
|
October
25, 2012
|
16,197,101.51
|
29,328,953.29
|
||
|
November
25, 2012
|
15,195,112.15
|
28,827,967.54
|
||
|
December
25, 2012
|
14,199,080.69
|
28,329,569.88
|
||
|
January
25, 2013
|
13,208,976.78
|
27,833,746.99
|
||
|
February
25, 2013
|
12,224,770.23
|
27,340,485.62
|
||
|
March
25, 2013
|
11,246,431.00
|
26,849,772.60
|
S-III-3
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
April
25, 2013
|
10,273,929.24
|
26,361,594.82
|
||
|
May
25, 2013
|
9,307,235.23
|
25,875,939.23
|
||
|
June
25, 2013
|
8,346,319.42
|
25,392,792.86
|
||
|
July
25, 2013
|
7,391,152.43
|
24,912,142.81
|
||
|
August
25, 2013
|
6,441,705.01
|
24,433,976.23
|
||
|
September
25, 2013
|
5,647,920.12
|
23,962,759.49
|
||
|
October
25, 2013
|
4,871,855.71
|
23,493,967.92
|
||
|
November
25, 2013
|
4,113,168.35
|
23,027,588.95
|
||
|
December
25, 2013
|
3,371,520.81
|
22,563,610.09
|
||
|
January
25, 2014
|
2,646,581.96
|
22,102,018.91
|
||
|
February
25, 2014
|
1,938,026.61
|
21,642,803.05
|
||
|
March
25, 2014
|
1,245,535.46
|
21,185,950.20
|
||
|
April
25, 2014
|
568,794.98
|
20,731,448.12
|
||
|
May
25, 2014
|
0.00
|
20,279,284.65
|
||
|
June
25, 2014
|
0.00
|
19,835,736.70
|
||
|
July
25, 2014
|
0.00
|
19,401,504.02
|
||
|
August
25, 2014
|
0.00
|
18,976,396.25
|
||
|
September
25, 2014
|
0.00
|
18,572,925.72
|
||
|
October
25, 2014
|
0.00
|
18,177,830.91
|
||
|
November
25, 2014
|
0.00
|
17,790,940.93
|
||
|
December
25, 2014
|
0.00
|
17,412,088.32
|
||
|
January
25, 2015
|
0.00
|
17,041,108.99
|
||
|
February
25, 2015
|
0.00
|
16,677,842.17
|
||
|
March
25, 2015
|
0.00
|
16,322,130.32
|
||
|
April
25, 2015
|
0.00
|
15,973,819.10
|
||
|
May
25, 2015
|
0.00
|
15,632,757.25
|
||
|
June
25, 2015
|
0.00
|
15,298,796.59
|
||
|
July
25, 2015
|
0.00
|
14,971,791.92
|
S-III-4
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
August
25, 2015
|
0.00
|
14,651,600.95
|
||
|
September
25, 2015
|
0.00
|
14,348,328.85
|
||
|
October
25, 2015
|
0.00
|
14,051,208.32
|
||
|
November
25, 2015
|
0.00
|
13,760,116.21
|
||
|
December
25, 2015
|
0.00
|
13,474,931.84
|
||
|
January
25, 2016
|
0.00
|
13,195,536.87
|
||
|
February
25, 2016
|
0.00
|
12,921,815.36
|
||
|
March
25, 2016
|
0.00
|
12,653,653.65
|
||
|
April
25, 2016
|
0.00
|
12,390,940.33
|
||
|
May
25, 2016
|
0.00
|
12,133,566.21
|
||
|
June
25, 2016
|
0.00
|
11,881,424.27
|
||
|
July
25, 2016
|
0.00
|
11,629,210.04
|
||
|
August
25, 2016
|
0.00
|
11,380,467.43
|
||
|
September
25, 2016
|
0.00
|
11,136,874.60
|
||
|
October
25, 2016
|
0.00
|
10,898,327.09
|
||
|
November
25, 2016
|
0.00
|
10,664,722.50
|
||
|
December
25, 2016
|
0.00
|
10,435,960.51
|
||
|
January
25, 2017
|
0.00
|
10,211,942.79
|
||
|
February
25, 2017
|
0.00
|
9,992,572.99
|
||
|
March
25, 2017
|
0.00
|
9,777,756.67
|
||
|
April
25, 2017
|
0.00
|
9,567,401.32
|
||
|
May
25, 2017
|
0.00
|
9,361,416.25
|
||
|
June
25, 2017
|
0.00
|
9,159,712.60
|
||
|
July
25, 2017
|
0.00
|
8,962,203.29
|
||
|
August
25, 2017
|
0.00
|
8,768,803.00
|
||
|
September
25, 2017
|
0.00
|
8,579,428.10
|
||
|
October
25, 2017
|
0.00
|
8,393,996.65
|
||
|
November
25, 2017
|
0.00
|
8,212,428.35
|
S-III-5
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
December
25, 2017
|
0.00
|
8,034,644.52
|
||
|
January
25, 2018
|
0.00
|
7,860,568.05
|
||
|
February
25, 2018
|
0.00
|
7,690,123.38
|
||
|
March
25, 2018
|
0.00
|
7,523,236.47
|
||
|
April
25, 2018
|
0.00
|
7,359,834.76
|
||
|
May
25, 2018
|
0.00
|
7,199,847.16
|
||
|
June
25, 2018
|
0.00
|
7,043,204.00
|
||
|
July
25, 2018
|
0.00
|
6,889,837.01
|
||
|
August
25, 2018
|
0.00
|
6,739,679.30
|
||
|
September
25, 2018
|
0.00
|
6,592,665.31
|
||
|
October
25, 2018
|
0.00
|
6,448,730.82
|
||
|
November
25, 2018
|
0.00
|
6,307,812.88
|
||
|
December
25, 2018
|
0.00
|
6,169,849.82
|
||
|
January
25, 2019
|
0.00
|
6,034,781.21
|
||
|
February
25, 2019
|
0.00
|
5,902,547.83
|
||
|
March
25, 2019
|
0.00
|
5,773,091.66
|
||
|
April
25, 2019
|
0.00
|
5,646,355.83
|
||
|
May
25, 2019
|
0.00
|
5,522,284.65
|
||
|
June
25, 2019
|
0.00
|
5,400,823.52
|
||
|
July
25, 2019
|
0.00
|
5,281,918.95
|
||
|
August
25, 2019
|
0.00
|
5,165,518.54
|
||
|
September
25, 2019
|
0.00
|
5,051,570.92
|
||
|
October
25, 2019
|
0.00
|
4,940,025.78
|
||
|
November
25, 2019
|
0.00
|
4,830,833.83
|
||
|
December
25, 2019
|
0.00
|
4,723,946.73
|
||
|
January
25, 2020
|
0.00
|
4,619,317.18
|
||
|
February
25, 2020
|
0.00
|
4,516,898.77
|
||
|
March
25, 2020
|
0.00
|
4,416,646.08
|
S-III-6
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
April
25, 2020
|
0.00
|
4,318,514.58
|
||
|
May
25, 2020
|
0.00
|
4,222,460.64
|
||
|
June
25, 2020
|
0.00
|
4,128,441.51
|
||
|
July
25, 2020
|
0.00
|
4,036,415.32
|
||
|
August
25, 2020
|
0.00
|
3,946,341.03
|
||
|
September
25, 2020
|
0.00
|
3,858,178.44
|
||
|
October
25, 2020
|
0.00
|
3,771,888.15
|
||
|
November
25, 2020
|
0.00
|
3,687,431.56
|
||
|
December
25, 2020
|
0.00
|
3,604,770.88
|
||
|
January
25, 2021
|
0.00
|
3,523,869.04
|
||
|
February
25, 2021
|
0.00
|
3,444,689.74
|
||
|
March
25, 2021
|
0.00
|
3,367,197.43
|
||
|
April
25, 2021
|
0.00
|
3,291,357.26
|
||
|
May
25, 2021
|
0.00
|
3,217,135.08
|
||
|
June
25, 2021
|
0.00
|
3,144,497.46
|
||
|
July
25, 2021
|
0.00
|
3,073,411.62
|
||
|
August
25, 2021
|
0.00
|
3,003,845.47
|
||
|
September
25, 2021
|
0.00
|
2,935,767.54
|
||
|
October
25, 2021
|
0.00
|
2,869,147.02
|
||
|
November
25, 2021
|
0.00
|
2,803,953.72
|
||
|
December
25, 2021
|
0.00
|
2,740,158.07
|
||
|
January
25, 2022
|
0.00
|
2,677,731.08
|
||
|
February
25, 2022
|
0.00
|
2,616,644.38
|
||
|
March
25, 2022
|
0.00
|
2,556,870.14
|
||
|
April
25, 2022
|
0.00
|
2,498,381.12
|
||
|
May
25, 2022
|
0.00
|
2,441,150.62
|
||
|
June
25, 2022
|
0.00
|
2,385,152.50
|
||
|
July
25, 2022
|
0.00
|
2,330,361.14
|
S-III-7
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
August
25, 2022
|
0.00
|
2,276,751.44
|
||
|
September
25, 2022
|
0.00
|
2,224,298.81
|
||
|
October
25, 2022
|
0.00
|
2,172,979.17
|
||
|
November
25, 2022
|
0.00
|
2,122,768.92
|
||
|
December
25, 2022
|
0.00
|
2,073,644.94
|
||
|
January
25, 2023
|
0.00
|
2,025,584.59
|
||
|
February
25, 2023
|
0.00
|
1,978,565.68
|
||
|
March
25, 2023
|
0.00
|
1,932,566.49
|
||
|
April
25, 2023
|
0.00
|
1,887,565.73
|
||
|
May
25, 2023
|
0.00
|
1,843,542.54
|
||
|
June
25, 2023
|
0.00
|
1,800,476.49
|
||
|
July
25, 2023
|
0.00
|
1,758,347.58
|
||
|
August
25, 2023
|
0.00
|
1,717,136.19
|
||
|
September
25, 2023
|
0.00
|
1,676,823.13
|
||
|
October
25, 2023
|
0.00
|
1,637,389.58
|
||
|
November
25, 2023
|
0.00
|
1,598,817.13
|
||
|
December
25, 2023
|
0.00
|
1,561,087.71
|
||
|
January
25, 2024
|
0.00
|
1,524,183.65
|
||
|
February
25, 2024
|
0.00
|
1,488,087.64
|
||
|
March
25, 2024
|
0.00
|
1,452,782.70
|
||
|
April
25, 2024
|
0.00
|
1,418,252.22
|
||
|
May
25, 2024
|
0.00
|
1,384,479.92
|
||
|
June
25, 2024
|
0.00
|
1,351,449.85
|
||
|
July
25, 2024
|
0.00
|
1,319,146.41
|
||
|
August
25, 2024
|
0.00
|
1,287,554.30
|
||
|
September
25, 2024
|
0.00
|
1,256,658.52
|
||
|
October
25, 2024
|
0.00
|
1,226,444.41
|
||
|
November
25, 2024
|
0.00
|
1,196,897.59
|
S-III-8
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
December
25, 2024
|
0.00
|
1,168,003.98
|
||
|
January
25, 2025
|
0.00
|
1,139,749.79
|
||
|
February
25, 2025
|
0.00
|
1,112,121.51
|
||
|
March
25, 2025
|
0.00
|
1,085,105.91
|
||
|
April
25, 2025
|
0.00
|
1,058,690.03
|
||
|
May
25, 2025
|
0.00
|
1,032,861.19
|
||
|
June
25, 2025
|
0.00
|
1,007,606.95
|
||
|
July
25, 2025
|
0.00
|
982,915.14
|
||
|
August
25, 2025
|
0.00
|
958,773.83
|
||
|
September
25, 2025
|
0.00
|
935,171.34
|
||
|
October
25, 2025
|
0.00
|
912,096.24
|
||
|
November
25, 2025
|
0.00
|
889,537.33
|
||
|
December
25, 2025
|
0.00
|
867,483.62
|
||
|
January
25, 2026
|
0.00
|
845,924.39
|
||
|
February
25, 2026
|
0.00
|
824,849.09
|
||
|
March
25, 2026
|
0.00
|
804,247.44
|
||
|
April
25, 2026
|
0.00
|
784,109.33
|
||
|
May
25, 2026
|
0.00
|
764,424.88
|
||
|
June
25, 2026
|
0.00
|
745,184.40
|
||
|
July
25, 2026
|
0.00
|
726,378.43
|
||
|
August
25, 2026
|
0.00
|
707,997.67
|
||
|
September
25, 2026
|
0.00
|
690,033.03
|
||
|
October
25, 2026
|
0.00
|
672,475.61
|
||
|
November
25, 2026
|
0.00
|
655,316.69
|
||
|
December
25, 2026
|
0.00
|
638,547.73
|
||
|
January
25, 2027
|
0.00
|
622,160.36
|
||
|
February
25, 2027
|
0.00
|
606,146.40
|
||
|
March
25, 2027
|
0.00
|
590,497.84
|
S-III-9
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
April
25, 2027
|
0.00
|
575,206.81
|
||
|
May
25, 2027
|
0.00
|
560,265.63
|
||
|
June
25, 2027
|
0.00
|
545,666.76
|
||
|
July
25, 2027
|
0.00
|
531,402.84
|
||
|
August
25, 2027
|
0.00
|
517,466.65
|
||
|
September
25, 2027
|
0.00
|
503,851.12
|
||
|
October
25, 2027
|
0.00
|
490,549.31
|
||
|
November
25, 2027
|
0.00
|
477,554.46
|
||
|
December
25, 2027
|
0.00
|
464,859.93
|
||
|
January
25, 2028
|
0.00
|
452,459.22
|
||
|
February
25, 2028
|
0.00
|
440,345.97
|
||
|
March
25, 2028
|
0.00
|
428,513.94
|
||
|
April
25, 2028
|
0.00
|
416,957.03
|
||
|
May
25, 2028
|
0.00
|
405,669.28
|
||
|
June
25, 2028
|
0.00
|
394,644.83
|
||
|
July
25, 2028
|
0.00
|
383,877.95
|
||
|
August
25, 2028
|
0.00
|
373,363.05
|
||
|
September
25, 2028
|
0.00
|
363,094.62
|
||
|
October
25, 2028
|
0.00
|
353,067.30
|
||
|
November
25, 2028
|
0.00
|
343,275.83
|
||
|
December
25, 2028
|
0.00
|
333,715.05
|
||
|
January
25, 2029
|
0.00
|
324,379.92
|
||
|
February
25, 2029
|
0.00
|
315,265.50
|
||
|
March
25, 2029
|
0.00
|
306,366.96
|
||
|
April
25, 2029
|
0.00
|
297,679.57
|
||
|
May
25, 2029
|
0.00
|
289,198.69
|
||
|
June
25, 2029
|
0.00
|
280,919.79
|
||
|
July
25, 2029
|
0.00
|
272,838.42
|
S-III-10
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
August
25, 2029
|
0.00
|
264,950.24
|
||
|
September
25, 2029
|
0.00
|
257,251.00
|
||
|
October
25, 2029
|
0.00
|
249,736.52
|
||
|
November
25, 2029
|
0.00
|
242,402.74
|
||
|
December
25, 2029
|
0.00
|
235,245.65
|
||
|
January
25, 2030
|
0.00
|
228,261.36
|
||
|
February
25, 2030
|
0.00
|
221,446.03
|
||
|
March
25, 2030
|
0.00
|
214,795.92
|
||
|
April
25, 2030
|
0.00
|
208,307.37
|
||
|
May
25, 2030
|
0.00
|
201,976.79
|
||
|
June
25, 2030
|
0.00
|
195,800.67
|
||
|
July
25, 2030
|
0.00
|
189,775.57
|
||
|
August
25, 2030
|
0.00
|
183,898.12
|
||
|
September
25, 2030
|
0.00
|
178,165.03
|
||
|
October
25, 2030
|
0.00
|
172,573.09
|
||
|
November
25, 2030
|
0.00
|
167,119.12
|
||
|
December
25, 2030
|
0.00
|
161,800.06
|
||
|
January
25, 2031
|
0.00
|
156,612.87
|
||
|
February
25, 2031
|
0.00
|
151,554.59
|
||
|
March
25, 2031
|
0.00
|
146,622.34
|
||
|
April
25, 2031
|
0.00
|
141,813.28
|
||
|
May
25, 2031
|
0.00
|
137,124.63
|
||
|
June
25, 2031
|
0.00
|
132,553.68
|
||
|
July
25, 2031
|
0.00
|
128,097.78
|
||
|
August
25, 2031
|
0.00
|
123,754.33
|
||
|
September
25, 2031
|
0.00
|
119,520.78
|
||
|
October
25, 2031
|
0.00
|
115,394.64
|
||
|
November
25, 2031
|
0.00
|
111,373.49
|
S-III-11
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
December
25, 2031
|
0.00
|
107,454.93
|
||
|
January
25, 2032
|
0.00
|
103,636.63
|
||
|
February
25, 2032
|
0.00
|
99,916.31
|
||
|
March
25, 2032
|
0.00
|
96,291.74
|
||
|
April
25, 2032
|
0.00
|
92,760.73
|
||
|
May
25, 2032
|
0.00
|
89,321.14
|
||
|
June
25, 2032
|
0.00
|
85,970.88
|
||
|
July
25, 2032
|
0.00
|
82,707.90
|
||
|
August
25, 2032
|
0.00
|
79,530.21
|
||
|
September
25, 2032
|
0.00
|
76,435.83
|
||
|
October
25, 2032
|
0.00
|
73,422.85
|
||
|
November
25, 2032
|
0.00
|
70,489.39
|
||
|
December
25, 2032
|
0.00
|
67,633.63
|
||
|
January
25, 2033
|
0.00
|
64,853.75
|
||
|
February
25, 2033
|
0.00
|
62,148.01
|
||
|
March
25, 2033
|
0.00
|
59,514.69
|
||
|
April
25, 2033
|
0.00
|
56,952.09
|
||
|
May
25, 2033
|
0.00
|
54,458.59
|
||
|
June
25, 2033
|
0.00
|
52,032.56
|
||
|
July
25, 2033
|
0.00
|
49,672.44
|
||
|
August
25, 2033
|
0.00
|
47,376.68
|
||
|
September
25, 2033
|
0.00
|
45,143.77
|
||
|
October
25, 2033
|
0.00
|
42,972.25
|
||
|
November
25, 2033
|
0.00
|
40,860.66
|
||
|
December
25, 2033
|
0.00
|
38,807.60
|
||
|
January
25, 2034
|
0.00
|
36,811.70
|
||
|
February
25, 2034
|
0.00
|
34,871.59
|
||
|
March
25, 2034
|
0.00
|
32,985.96
|
S-III-12
|
Distribution
Date
|
PAC(A)
Scheduled
Amount ($)
|
PAC(B)
Scheduled
Amount ($)
|
|
April
25, 2034
|
0.00
|
31,153.52
|
||
|
May
25, 2034
|
0.00
|
29,373.00
|
||
|
June
25, 2034
|
0.00
|
27,643.18
|
||
|
July
25, 2034
|
0.00
|
25,962.83
|
||
|
August
25, 2034
|
0.00
|
24,330.79
|
||
|
September
25, 2034
|
0.00
|
22,745.90
|
||
|
October
25, 2034
|
0.00
|
21,207.02
|
||
|
November
25, 2034
|
0.00
|
19,713.05
|
||
|
December
25, 2034
|
0.00
|
18,262.91
|
||
|
January
25, 2035
|
0.00
|
16,855.55
|
||
|
February
25, 2035
|
0.00
|
15,489.92
|
||
|
March
25, 2035
|
0.00
|
14,165.03
|
||
|
April
25, 2035
|
0.00
|
12,879.88
|
||
|
May
25, 2035
|
0.00
|
11,633.50
|
||
|
June
25, 2035
|
0.00
|
10,424.95
|
||
|
July
25, 2035
|
0.00
|
9,253.31
|
||
|
August
25, 2035
|
0.00
|
8,117.68
|
||
|
September
25, 2035
|
0.00
|
7,017.17
|
||
|
October
25, 2035
|
0.00
|
5,950.91
|
||
|
November
25, 2035
|
0.00
|
4,918.07
|
||
|
December
25, 2035
|
0.00
|
3,917.82
|
||
|
January
25, 2036
|
0.00
|
2,949.35
|
||
|
February
25, 2036
|
0.00
|
2,011.87
|
||
|
March
25, 2036
|
0.00
|
1,104.62
|
||
|
April
25, 2036
|
0.00
|
340.85
|
||
|
May
25, 2036
|
0.00
|
0.00
|
S-III-13
EXHIBIT
A
Form
of
Certificates
A-1