RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
U.S. BANK NATIONAL ASSOCIATION,
Trustee
SERIES SUPPLEMENT,
DATED AS OF FEBRUARY 1, 2005,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
DATED AS OF DECEMBER 1, 2004
Mortgage Pass-Through Certificates
Series 2005-SA1
TABLE OF CONTENTS
PAGE
ARTICLE I DEFINITIONS 4
Section 1.01 Definitions..............................................................4
Section 1.02 Use of Words and Phrases................................................18
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES 19
Section 2.01 Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)..................................................................19
Section 2.02 Acceptance by Trustee. (See Section 2.02 of the Standard Terms)........19
Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.........................................................19
Section 2.04 Representations and Warranties of Sellers...............................22
Section 2.05 Execution and Authentication of Certificates............................24
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS (SEE ARTICLE III OF THE STANDARD
TERMS) 25
ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS 26
Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)..........26
Section 4.02 Distributions...........................................................26
Section 4.03 Statements to Certificateholders; Statements to Rating Agencies;
Exchange Act Reporting. (See Section 4.03 of the Standard Terms).......33
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances
by the Master Servicer. (See Section 4.04 of the Standard Terms)........33
Section 4.05 Allocation of Realized Losses...........................................33
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged
Property. (See Section 4.06 of the Standard Terms).....................34
Section 4.07 Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07
of the Standard Terms)..................................................34
ARTICLE V THE CERTIFICATES (SEE ARTICLE V OF THE STANDARD TERMS) 35
ARTICLE VI THE COMPANY AND THE MASTER SERVICER (SEE ARTICLE VI OF THE STANDARD TERMS) 36
ARTICLE VII DEFAULT (SEE ARTICLE VII OF THE STANDARD TERMS) 37
ARTICLE VIII CONCERNING THE TRUSTEE (SEE ARTICLE VIII OF THE STANDARD TERMS) 38
ARTICLE IX TERMINATION 39
Section 9.01 Optional Purchase by Residential Funding of All Certificates;
Termination Upon Purchase by Residential Funding or Liquidation of
All Mortgage Loans......................................................39
Section 9.02 Additional Termination Requirements. (See Section 9.02 of the
Standard Terms).........................................................40
Section 9.03 Termination of Multiple REMICs. (See Section 9.03 of the Standard
Terms)..................................................................40
ARTICLE X REMIC PROVISIONS 41
Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)........41
Section 10.02 Master Servicer; REMIC Administrator and Trustee
Indemnification. (See Section 10.02 of the Standard Terms).............41
Section 10.03 Designation of REMIC(s).................................................41
Section 10.04 Distributions on the Uncertificated REMIC I Regular Interests...........41
Section 10.05 Compliance with Withholding Requirements................................42
ARTICLE XI MISCELLANEOUS PROVISIONS 43
Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)...................43
Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of
the Standard Terms).....................................................43
Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of
the Standard Terms).....................................................43
Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)..............43
Section 11.05 Notices.................................................................43
Section 11.06 Required Notices to Rating Agency and Subservicer.......................44
Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard
Terms)..................................................................45
Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08
of the Standard Terms)..................................................45
Section 11.09 Allocation of Voting Rights.............................................45
EXHIBITS
Exhibit One: Mortgage Loan Schedule for Loan Group I
Exhibit Two: Mortgage Loan Schedule for Loan Group II
Exhibit Three: Mortgage Loan Schedule for Loan Group III
Exhibit Four: Information to be Included in
Monthly Distribution Date Statement
Exhibit Five: Standard Terms of Pooling and Servicing
Agreement dated as of December 1, 2004
This is a Series Supplement, dated as of February 1, 2005 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of December 1, 2004 and attached as Exhibit Five hereto (the "Standard Terms"
and, together with this Series Supplement, the "Pooling and Servicing Agreement"
or "Agreement"), among RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the
company (together with its permitted successors and assigns, the "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors and assigns, the "Master Servicer"), and U.S. BANK NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").
PRELIMINARY STATEMENT
The Company intends to sell Mortgage Pass-Through Certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund. As provided herein, the REMIC Administrator will make an
election to treat the entire segregated pool of assets described in the
definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I." The
Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I
and the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions (as defined herein). A segregated
pool of assets consisting of the Uncertificated REMIC I Regular Interests will
be designated as "REMIC II" and the REMIC Administrator will make a separate
REMIC election with respect thereto. The Class I-A-1 Certificates, Class I-A-2
Certificates, Class I-A-3 Certificates, Class II-A Certificates, Class III-A
Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3
Certificates, Class B-1 Certificates, Class B-2 Certificates and Class B-3
Certificates, will be "regular interests" in REMIC II and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions.
The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. Any cross-reference to a section of the Pooling and
Servicing Agreement, to the extent the terms of the Standard Terms and Series
Supplement conflict with respect to that section, shall be a cross-reference to
the related section of the Series Supplement. All capitalized terms not
otherwise defined herein shall have the meanings set forth in the Standard
Terms. The Pooling and Servicing Agreement shall be dated as of the date of the
Series Supplement.
The following table irrevocably sets forth the designation, the
Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal
Balance, and for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the
Uncertificated REMIC I Regular Interests. None of the Uncertificated REMIC I
Regular Interests will be certificated.
1
INITIAL
UNCERTIFICATED REMIC I UNCERTIFICATED LATEST
DESIGNATION PASS-THROUGH RATE PRINCIPAL BALANCE POSSIBLE MATURITY(1)
Uncertificated REMIC I Regular Variable(2) $ 263.21 February 25, 2035
Interest I-A
Uncertificated REMIC I Regular Variable(2) $ 7,519.21 February 25, 2035
Interest I-B
Uncertificated REMIC I Regular Variable(2) $ 262.55 February 25, 2035
Interest II-A
Uncertificated REMIC I Regular Variable(2) $ 7,500.16 February 25, 2035
Interest II-B
Uncertificated REMIC I Regular Variable(2) $ 507.65 February 25, 2035
Interest III-A
Uncertificated REMIC I Regular Variable(2) $ 14,502.35 February 25, 2035
Interest III-B
Uncertificated REMIC I Regular Variable(2) $295,186,507.17 February 25, 2035
Interest ZZZ
Uncertificated REMIC I Regular Variable(2) $ 50.00 February 25, 2035
Interest R-II
-------------------
(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
the Distribution Date immediately following the maturity date for the
Mortgage Loan with the latest maturity date has been designated as the
"latest possible maturity date" for each Uncertificated REMIC I Regular
Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC I
Pass-Through Rate" herein.
The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, Maturity Date, initial ratings
and certain features for each Class of Certificates comprising the interests in
the Trust Fund created hereunder.
AGGREGATE INITIAL
PASS-THROUGH CERTIFICATE MATURITY ▇▇▇▇▇'▇/ MINIMUM
DESIGNATION RATE PRINCIPAL BALANCE FEATURES1 DATE S&P DENOMINATIONS2
Class I-A-1 Variable $50,000,000.00 Senior February 25, Aaa/AAA $ 25,000
Rate3 2035
Class I-A-2 Variable $21,040,000.00 Super Senior February 25, Aaa/AAA $ 25,000
Rate3 2035
Class I-A-3 Variable $ 1,520,000.00 Senior Support February 25, Aa1/AAA $ 25,000
Rate3 2035
Class II-A Variable $72,376,000.00 Senior February 25, Aaa/AAA $ 25,000
Rate3 2035
Class III-A Variable $139,947,000.00 Senior February 25, Aaa/AAA $ 25,000
Rate3 2035
Class R-I Variable Rate $ 50.00 Senior/Residual February 25, Aaa/AAA 20%
2035
Class R-II Variable Rate $ 50.00 Senior/Residual February 25, Aaa/AAA 20%
2035
Class M-1 Variable $ 3,837,000.00 Mezzanine February 25, Aa2/AA $ 25,000
Rate4 2035
Class M-2 Variable $ 2,805,000.00 Mezzanine February 25, A2/A $250,000
Rate4 2035
Class M-3 Variable $ 1,328,000.00 Mezzanine February 25, Baa2/BBB $250,000
Rate4 2035
Class B-1 Variable $ 1,033,000.00 Subordinate February 25, NA/BB $250,000
Rate4 2035
Class B-2 Variable $ 738,000.00 Subordinate February 25, NA/B $250,000
Rate4 2035
Class B-3 Variable $ 593,062.29 Subordinate February 25, NA/NA $250,000
Rate4 2035
_________
1 The Class I-A-1, Class I-A-2, Class I-A-3, Class II-A , Class III-A and
Class M Certificates shall be Book-Entry Certificates. The Class R and
Class B Certificates shall be delivered to the holders thereof in
physical form.
2 The Certificates shall be issuable in minimum dollar denominations as
indicated above (by Certificate Principal Balance) and integral
multiples of $1 (or $1,000 in the case of the Class B-1, Class B-2 and
Class B-3 Certificates) in excess thereof, except that one Certificate
of any of the Class B Certificates that contains an uneven multiple of
$1,000 shall be issued in a denomination equal to the sum of the related
minimum denomination set forth above and such uneven multiple for such
Class or the sum of such denomination and an integral multiple of
$1,000. The Class R Certificates shall be issuable in minimum
denominations of not less than a 20% Percentage Interest; provided,
however, that one Class R Certificate will be issuable to Residential
Funding as "tax matters person" pursuant to Section 10.01(c) and (e) in
a minimum denomination representing a Percentage Interest of not less
than 0.01%.
3 Varies according to the weighted average of the Net Mortgage Rates on
the related Mortgage Loans.
4 For any Distribution Date, the interest rate will be equal to (i) the
sum of (a) the weighted average of the Net Mortgage Rates of the Group I
Loans multiplied by the Group I Subordinate Amount on such Distribution
Date, (b) the weighted average of the Net Mortgage Rates of the Group II
Loans multiplied by the Group II Subordinate Amount on such Distribution
Date and (c) the weighted average of the Net Mortgage Rates of the Group
III Loans multiplied by the Group III Subordinate Amount on such
Distribution Date, divided by (ii) the sum of (x) the Group I
Subordinate Amount, (y) the Group II Subordinate Amount and (z) the
Group III Subordinate Amount for such Distribution Date.
2
The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $$295,217,162.29.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
ARTICLE I
3
DEFINITIONS
Section 1.01 Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Adjustment Date: As to each Mortgage Loan, each date set forth in the
related Mortgage Note on which an adjustment to the interest rate on such
Mortgage Loan becomes effective.
Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary (other than Additional Collateral
Loans, if any) having a Loan-to-Value Ratio at origination which
exceeds 75% and (ii) $100,000; and
(B) the greater of (i) the product of (x) an amount equal
to the largest difference in the related Monthly Payment for any
Non-Primary Residence Loan remaining in the Mortgage Pool (other
than Additional Collateral Loans, if any) which had an original
Loan-to-Value Ratio of 80% or greater that would result if the
Net Mortgage Rate thereof was equal to the weighted average
(based on the principal balance of the Mortgage Loans as of the
Relevant Anniversary) of the Net Mortgage Rates of all Mortgage
Loans as of the Relevant Anniversary less 1.25% per annum, (y) a
number equal to the weighted average remaining term to maturity,
in months, of all Non-Primary Residence Loans remaining in the
Mortgage Pool as of the Relevant Anniversary, and (z) one plus
the quotient of the number of all Non-Primary Residence Loans
remaining in the Mortgage Pool divided by the total number of
Outstanding Mortgage Loans in the Mortgage Pool as of the
Relevant Anniversary, and (ii) $50,000, over (2) the aggregate
amount of Bankruptcy Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05
since the Relevant Anniversary.
The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
4
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Certificate: Any Class A, Class M, Class B or Class R Certificate.
-----------
Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled U.S. Bank National Association, as trustee, in trust for the registered
holders of Residential Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 2005-SA1" and which must be an Eligible
Account.
Class A Certificate: Any one of the Group I Certificates, the Group II
Certificates (other than the Class R Certificates)or the Group III Certificates,
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed to the Standard Terms as Exhibit A.
Class R Certificate: Any one of the Class R-I Certificates and Class
R-II Certificates executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.
Closing Date: February 25, 2005.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
Agreement is located at U.S. Bank National Association, U.S. Bank Corporate
Trust Services, EP-MN-WS3D, ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇,
Attention: RFMSI 2005-SA1.
Cut-off Date: February 1, 2005.
Determination Date: With respect to any Distribution Date, the second
Business Day prior to such Distribution Date.
Due Period: With respect to each Distribution Date and any Mortgage
Loan, the calendar month of such Distribution Date.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
5
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of U.S. Bank National
Association, or (iv) in the case of the Certificate Account, a trust account or
accounts maintained in the corporate trust division of the Trustee, or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as evidenced in writing by each Rating Agency that use of any such account as
the Custodial Account or the Certificate Account will not reduce the rating
assigned to any Class of Certificates by such Rating Agency below the lower of
the then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency)
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off
Date, an amount equal to 3.0% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination, (Y) from the first to the second anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most recent anniversary of the Cut-off Date and (b) 2.0% of the
aggregate outstanding principal balance of all of the Mortgage Loans as of the
most recent anniversary of the Cut-off Date minus (2) the aggregate amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the most recent
anniversary of the Cut-off Date up to such date of determination and (Z) from
the second to the fifth anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) 1.0% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the aggregate amount of Fraud Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05 of this Series
Supplement since the most recent anniversary of the Cut-off Date up to such date
of determination. On and after the fifth anniversary of the Cut-off Date, the
Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Group I Certificate: The Class I-A-1, Class I-A-2 and Class I-A-3
Certificates executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A,
each such Certificate evidencing an interest designated as a "regular interest"
in REMIC II for purposes of the REMIC Provisions and representing an undivided
interest in Loan Group I.
Group I Loans: The Mortgage Loans designated in Exhibit One.
6
Group I Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group I Certificates immediately
prior to such Distribution Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group I immediately prior to such Distribution Date.
Group I Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group I remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i)(X) of this
Series Supplement, and (b) the sum of the amounts required to be distributed
therefrom to the Group I Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group I Subordinate Amount: On any date of determination, the excess of
the aggregate Stated Principal Balance of the Group I Loans as of such date over
the aggregate Certificate Principal Balance of the Group I Certificates then
outstanding.
Group II Certificate: The Class II-A, Class R-I and Class R-II
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, each such Certificate (other than the Class R-I Certificates and
Class R-II Certificates) representing an interest designated as a "regular
interest" in REMIC II for purposes of the REMIC Provisions, and representing an
undivided interest in Loan Group II.
Group II Loans: The Mortgage Loans designated in Exhibit Two.
Group II Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group II Certificates immediately
prior to such Distribution Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group II immediately prior to such Distribution Date.
Group II Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group II remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i)(Y) of this
Series Supplement, and (b) the sum of the amounts required to be distributed
therefrom to the Group II Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group II Subordinate Amount: On any date of determination, the excess of
the aggregate Stated Principal Balance of the Group II Loans as of such date
over the aggregate Certificate Principal Balance of the Group II Certificates
then outstanding.
Group III Certificate: The Class III-A Certificates, executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A, each such Certificate representing
an interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions, and representing an undivided interest in Loan Group III.
7
Group III Loans: The Mortgage Loans designated in Exhibit Three.
Group III Senior Percentage: As of each Distribution Date, the lesser of
100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Group III Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) in Loan Group III immediately prior to such Distribution Date.
Group III Senior Principal Distribution Amount: As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group III remaining after the distribution therefrom of all amounts
required to be distributed therefrom pursuant to Section 4.02(a)(i)(Z) of this
Series Supplement, and (b) the sum of the amounts required to be distributed
therefrom to the Group III Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii) and Section 4.02(a)(xvi).
Group III Subordinate Amount: On any date of determination, the excess
of the aggregate Stated Principal Balance of the Group III Loans as of such date
over the aggregate Certificate Principal Balance of the Group III Certificates
then outstanding.
Index: With respect to any Mortgage Loan and as to any Adjustment Date
therefor, the related index as stated in the related Mortgage Note.
Indirect Depository Participant: An institution that is not a Depository
Participant but clears through or maintains a custodial relationship with
Participants and has access to the Depository's clearing system.
Initial Monthly Payment Fund: $1,271 representing scheduled principal
amortization and interest at the Net Mortgage Rate during the month of February
2005, for those Mortgage Loans for which the Trustee will not be entitled to
receive such payment in accordance with the definition of "Trust Fund". The
Initial Monthly Payment Fund will not be part of any REMIC.
Initial Rate Cap: With respect to each Mortgage Loan and the initial
Adjustment Date, the rate cap that limits the increase or the decrease of the
related Mortgage Rate on the initial Adjustment Date pursuant to the terms of
the related Mortgage Note.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of such Class of Subordinate Certificates divided
by the aggregate Stated Principal Balance of all the Mortgage Loans as of the
Cut-off Date as follows:
Class M-1: 1.30% Class B-1: 0.35%
Class M-2: 0.95% Class B-2: 0.25%
Class M-3: 0.45% Class B-3: 0.20%
Interest Accrual Period: With respect to any Certificates and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Loan Group: Loan Group I, Loan Group II or Loan Group III.
8
Loan Group I: The group of Mortgage Loans comprised of the Group I
Loans.
Loan Group II: The group of Mortgage Loans comprised of the Group II
Loans.
Loan Group III: The group of Mortgage Loans comprised of the Group III
Loans.
Maturity Date: With respect to each Class of Certificates, February 25,
2035, the Distribution Date immediately following the latest scheduled maturity
date of any Mortgage Loan.
Maximum Mortgage Rate: As to any Mortgage Loan, the rate indicated in
Exhibit One hereto as the "NOTE CEILING," which rate is the maximum interest
rate that may be applicable to such Mortgage Loan at any time during the life of
such Mortgage Loan.
Maximum Net Mortgage Rate: As to any Mortgage Loan and any date of
determination, the Maximum Mortgage Rate for such Mortgage Loan minus the per
annum rate at which the Servicing Fee is calculated.
Minimum Mortgage Rate: As to any Mortgage Loan, the greater of (i) the
Note Margin for such Mortgage Loan and (ii) the rate indicated in Exhibit One
hereto as the "NOTE FLOOR" for such Mortgage Loan, which rate may be applicable
to such Mortgage Loan at any time during the life of such Mortgage Loan.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (with respect to the Group I Loans), Exhibit Two (with
respect to the Group II Loans) and Exhibit Three (with respect to the Group III
Loans) (as amended from time to time to reflect the addition of Qualified
Substitute Mortgage Loans), which list or lists shall set forth the following
information as to each Mortgage Loan in the related Loan Group:
(a) the Mortgage Loan identifying number ("RFC LOAN #");
(b) the maturity of the Mortgage Note ("MATURITY DATE");
(c) the Mortgage Rate ("ORIG RATE");
(d) the Subservicer pass-through rate ("CURR NET");
(e) the Net Mortgage Rate ("NET MTG RT");
(f) [RESERVED];
(g) the initial scheduled monthly payment of principal, if any, and interest
("ORIGINAL P & I");
(h) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(i) the Loan-to-Value Ratio at origination("LTV");
(j) the rate at which the Subservicing Fee accrues ("SUBSERV FEE") and at
which the Servicing Fee accrues ("MSTR SERV FEE");
(k) a code "T," "BT" or "CT" under the column "LN FEATURE," indicating that
the Mortgage Loan is secured by a second or vacation residence;
(l) a code "N" under the column "OCCP CODE," indicating that the Mortgage
Loan is secured by a non-owner occupied residence;
(m) whether such Mortgage Loan constitutes a Group I Loan, Group II Loan or
Group III Loan;
(n) the Maximum Mortgage Rate ("NOTE CEILING");
9
(o) the maximum Adjusted Mortgage Rate ("NET CEILING");
(p) the Note Margin for the ("NOTE MARGIN");
(q) the first Adjustment Date after the Cut-off Date ("NXT INT CHG DT"); and
(r) the Periodic Cap ("PERIODIC DECR" or "PERIODIC INCR").
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification. The Mortgage Rate on the Mortgage Loans will adjust on each
Adjustment Date to equal the sum (rounded to the nearest multiple of one-eighth
of one percent (0.125%) or up to the nearest one-eighth of one percent, which
are indicated by a "U" on Exhibit One hereto, except in the case of the Mortgage
Loans indicated by an "X" on Exhibit One hereto under the heading "NOTE
METHOD"), of the related Index plus the Note Margin, in each case subject to the
applicable Initial Rate Cap, Periodic Cap, Maximum Mortgage Rate and Minimum
Mortgage Rate.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated; provided that, (i) the Net Mortgage Rate
becoming effective on any Adjustment Date shall not be greater or less than the
Net Mortgage Rate immediately prior to such Adjustment Date plus or minus the
Initial Rate Cap or Periodic Cap applicable to such Mortgage Loan and (ii) the
Net Mortgage Rate for any Mortgage Loan shall not exceed a rate equal to the
Maximum Net Mortgage Rate for such Mortgage Loan.
Net WAC Rate: With respect to any Distribution Date and each Loan Group,
a per annum rate equal to the weighted average of the Net Mortgage Rates of the
related Mortgage Loans weighted on the basis of the respective Stated Principal
Balance of each such Mortgage Loan as of the beginning of the Due Period
immediately preceding the related Distribution Date, using the Net Mortgage
Rates in effect for the scheduled payments due on those Mortgage Loans during
such Due Period.
Note Margin: As to each Mortgage Loan, the fixed percentage set forth in
the related Mortgage Note and indicated in Exhibit One hereto as the "NOTE
MARGIN," which percentage is added to the related Index on each Adjustment Date
to determine (subject to rounding in accordance with the related Mortgage Note,
the Initial Rate Cap, the Periodic Cap, the Maximum Mortgage Rate and the
Minimum Mortgage Rate) the interest rate to be borne by such Mortgage Loan until
the next Adjustment Date.
Pass-Through Rate: With respect to the Class I-A-1, Class I-A-2 and
Class I-A-3 Certificates, the Net WAC Rate of the Group I Loans. For federal
income tax purposes, however, the Class I-A-1, Class I-A-2 and Class I-A-3
Certificates will bear interest at a rate equivalent to the foregoing, expressed
as the weighted average of the Pass-Through Rate on Uncertificated REMIC I
Regular Interest I-B, weighted on the basis of the Uncertificated Principal
Balance of such Uncertificated REMIC I Regular Interest immediately preceding
the related Distribution Date. The Pass-Through Rate on the Class I-A-1, Class
I-A-2 and Class I-A-3 Certificates with respect to the first Interest Accrual
Period is expected to be approximately 4.610% per annum. With respect to the
Class II-A Certificates and the Class R Certificates, the Net WAC Rate of the
10
Group II Loans. For federal income tax purposes, however, the Class II-A
Certificates and the Class R Certificates will bear interest at a rate
equivalent to the foregoing, expressed as the weighted average of the
Pass-Through Rate on Uncertificated REMIC I Regular Interest II-B, weighted on
the basis of the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest immediately preceding the related Distribution Date. The
Pass-Through Rate on the Class II-A Certificates and Class R Certificates with
respect to the first Interest Accrual Period is expected to be approximately
4.916% per annum. With respect to the Class III-A Certificates, the Net WAC Rate
of the Group III Loans. For federal income tax purposes, however, the Class
III-A Certificates will bear interest at a rate equivalent to the foregoing,
expressed as the weighted average of the Pass-Through Rate on Uncertificated
REMIC I Regular Interest III-B, weighted on the basis of the Uncertificated
Principal Balance of such Uncertificated REMIC I Regular Interest immediately
preceding the related Distribution Date. The Pass-Through Rate on the Class
III-A Certificates with respect to the first Interest Accrual Period is expected
to be approximately 4.611% per annum. With respect to the Class M Certificates
and Class B Certificates, the weighted average of the Net WAC Rates for the
Group I Loans, Group II Loans and Group III Loans, weighted on the basis of the
Group I Subordinate Amount, Group II Subordinate Amount and Group III
Subordinate Amount, respectively. This determination will be made as of the
related Distribution Date prior to giving effect to any distributions on the
Certificates on that date. The Pass-Through Rate on the Class M Certificates and
Class B Certificates with respect to the first Interest Accrual period is
expected to be approximately 4.688% per annum. For federal income tax purposes,
however, the Class M Certificates and Class B Certificates will bear interest at
a rate equivalent to the foregoing, expressed as the weighted average of the
Uncertificated REMIC I Pass-Through Rates on Uncertificated REMIC I Regular
Interests I-A, II-A, and III-A, weighted on the basis of the Uncertificated
Principal Balance of each such Uncertificated REMIC I Regular Interest
immediately preceding the related Distribution Date, provided that, for purposes
of such weighted average, the Uncertificated REMIC I Pass-Through Rate of each
such Uncertificated REMIC I Regular Interest shall be subject to a cap and a
floor equal to the Uncertificated REMIC I Pass-Through Rate of the
Uncertificated REMIC I Regular Interest from the related Loan Group ending with
the designation "B".
Periodic Cap: With respect to each Mortgage Loan, the periodic rate cap
that limits the increase or the decrease of the related Mortgage Rate on any
Adjustment Date (other than the initial Adjustment Date) pursuant to the terms
of the related Mortgage Note.
Prepayment Assumption: With respect to the Mortgage Loans, a prepayment
assumption of 25% CPR, used for determining the accrual of original issue
discount and market discount and premium on the Certificates for federal income
tax purposes.
Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates for each Loan Group, under the
applicable circumstances set forth below, the respective percentages set forth
below:
(i) For any Distribution Date prior to the Distribution Date in
March 2010 (unless the Certificate Principal Balances of the related
Senior Certificates have been reduced to zero), 0%.
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(ii) For any Distribution Date for which clause (i) above does
not apply, and on which any Class of Subordinate Certificates is
outstanding with a Certificate Principal Balance greater than zero:
(a) in the case of the Class of Subordinate Certificates
then outstanding with the Highest Priority and each other Class
of Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
(b) in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers have
not been satisfied, 0%.
(iii) Notwithstanding the foregoing, if the application of the
foregoing percentages on any Distribution Date as provided in Section
4.02 of this Series Supplement (determined without regard to the proviso
to the definition of "Subordinate Principal Distribution Amount") would
result in a distribution in respect of principal of any Class or Classes
of Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing
Class"), then: (a) the Prepayment Distribution Percentage of each
Maturing Class shall be reduced to a level that, when applied as
described above, would exactly reduce the Certificate Principal Balance
of such Class to zero; (b) the Prepayment Distribution Percentage of
each other Class of Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with the
provisions in paragraph (ii) above, as if the Certificate Principal
Balance of each Maturing Class had been reduced to zero (such percentage
as recalculated, the "Recalculated Percentage"); (c) the total amount of
the reductions in the Prepayment Distribution Percentages of the
Maturing Class or Classes pursuant to clause (a) of this sentence,
expressed as an aggregate percentage, shall be allocated among the
Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes
of such Distribution Date, the Prepayment Distribution Percentage of
each Non-Maturing Class shall be equal to the sum of (1) the Prepayment
Distribution Percentage thereof, calculated in accordance with the
provisions in paragraph (ii) above as if the Certificate Principal
Balance of each Maturing Class had not been reduced to zero, plus (2)
the related Adjustment Percentage.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, with a copy to the Custodian,
12
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) have a Mortgage Rate that adjusts with the same frequency and
based upon the same Index as that of the Deleted Mortgage Loan;
(vi) have a Note Margin not less than that of the Deleted Mortgage
Loan;
(vii) have a Periodic Rate Cap that is equal to that of the Deleted
Mortgage Loan;
(viii) have an Initial Rate Cap that is not less than that of the
Deleted Mortgage Loan;
(ix) have a next Adjustment Date no later than that of the Deleted
Mortgage Loan;
(x) have a Maximum Rate no less than that of the Deleted Mortgage
Loan;
(xi) have a Minimum Rate no less than that of the Deleted Mortgage
Loan; and
(xii) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
Agreement.
Record Date: With respect to each Distribution Date and each Class of
Certificates, the close of business on the last business day of the month next
preceding the month in which the related Distribution Date occurs.
REMIC I: The segregated pool of assets related to this Series, with
respect to which a REMIC election is to be made (except as provided below)
pursuant to this Agreement, consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral
securing such Mortgage Loans,
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(ii) all payments on and collections in respect of the Mortgage Loans
due after the Cut-off Date (other than Monthly Payments due in
the month of the Cut-off Date) as shall be on deposit in the
Custodial Account or in the Certificate Account and identified as
belonging to the Trust Fund, but not including amounts on deposit
in the Initial Monthly Payment Fund,
(iii) property that secured a Mortgage Loan and that has been acquired
for the benefit of the Certificateholders by foreclosure or deed
in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, and
(v) all proceeds of clauses (i) through (iv) above.
Notwithstanding the foregoing, the REMIC election with respect to REMIC
I specifically excludes the Initial Monthly Payment Fund.
REMIC I Certificates: The Class R-I Certificates.
--------------------
REMIC I Subordinate Balance Ratio: The ratio among the principal
balances of each of the Uncertificated REMIC I Regular Interests ending with the
designation "A," equal to the ratio among: (1) the Group I Subordinate Amount,
(2) the Group II Subordinate Amount, and (3) the Group III Subordinate Amount.
REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular Interests conveyed in trust to the Trustee for the benefit of
the holders of the Class I-A-1, Class I-A-2, Class I-A-3, Class II-A, Class
III-A, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
Class R-II Certificates pursuant to Section 10.04, with respect to which a
separate REMIC election is to be made. The REMIC election with respect to REMIC
II specifically excludes the Initial Monthly Payment Fund.
REMIC II Certificates: Any of the Class I-A-1, Class I-A-2, Class I-A-3,
Class II-A, Class III-A, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificates.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 84th Distribution Date and, with
respect to any Loan Group, 100%. With respect to any Distribution Date
thereafter and any such Loan Group, as follows:
(i) for any Distribution Date after the 84th Distribution Date but on
or prior to the 96th Distribution Date, the related Senior
Percentage for such Distribution Date plus 70% of the related
Subordinate Percentage for such Distribution Date;
(ii) for any Distribution Date after the 96th Distribution Date but on
or prior to the 108th Distribution Date, the related Senior
Percentage for such Distribution Date plus 60% of the related
Subordinate Percentage for such Distribution Date;
14
(iii) for any Distribution Date after the 108th Distribution Date but
on or prior to the 120th Distribution Date, the related Senior
Percentage for such Distribution Date plus 40% of the related
Subordinate Percentage for such Distribution Date;
(iv) for any Distribution Date after the 120th Distribution Date but
on or prior to the 132nd Distribution Date, the related Senior
Percentage for such Distribution Date plus 20% of the related
Subordinate Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for
such Distribution Date.
Any scheduled reduction, as described in the preceding paragraph, shall
not be made as of any Distribution Date unless:
(a) the outstanding principal balance of the Mortgage Loans in
all three Loan Groups delinquent 60 days or more averaged over the last
six months, as a percentage of the aggregate outstanding Certificate
Principal Balance of the Subordinate Certificates, is less than 50% and
(b) Realized Losses on the Mortgage Loans in all three Loan
Groups to date for such Distribution Date, if occurring during the
eighth, ninth, tenth, eleventh or twelfth year, or any year thereafter,
after the Closing Date, are less than 30%, 35%, 40%, 45% or 50%,
respectively, of the sum of the Initial Certificate Principal Balances
of the Subordinate Certificates.
Notwithstanding the foregoing, if (a) the weighted average of the
Subordinate Percentages for all three Loan Groups is equal to or in excess of
twice the initial weighted average of the Subordinate Percentages for all three
Loan Groups, (b) the outstanding principal balance of the Mortgage Loans in all
three Loan Groups delinquent 60 days or more averaged over the last six months,
as a percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, does not exceed 50% and (c)(i) prior to the
Distribution Date in March 2008, cumulative Realized Losses on the Mortgage
Loans in all three Loan Groups do not exceed 20% of the sum of the initial
Certificate Principal Balances of the Subordinate Certificates, and (ii)
thereafter, cumulative Realized Losses on the Mortgage Loans in all three Loan
Groups do not exceed 30% of the sum of the initial Certificate Principal
Balances of the Subordinate Certificates, then (A) on any Distribution Date
prior to the Distribution Date in March 2008, each Senior Accelerated
Distribution Percentage for such Distribution Date will equal the related Senior
Percentage for that Distribution Date plus 50% of the related Subordinate
Percentage for such Distribution Date, and (B) on any Distribution Date on or
after the Distribution Date in March 2008, each Senior Accelerated Distribution
Percentage for that Distribution Date will equal the related Senior Percentage
for that Distribution Date.
Notwithstanding the foregoing, on any Distribution Date on which the
weighted average of the initial Group I Senior Percentage, Group II Senior
Percentage and Group III Senior Percentage, weighted on the basis of the Stated
Principal Balances of the Mortgage Loans in the related Loan Group, exceeds the
weighted average of the initial Group I Senior Percentage, Group II Senior
Percentage and Group III Senior Percentage (calculated on such basis), each of
the Senior Accelerated Distribution Percentages for such Distribution Date will
equal 100%.
15
Notwithstanding the foregoing, upon reduction of the Certificate
Principal Balances of the related Senior Certificates to zero, the related
Senior Accelerated Distribution Percentage will equal 0%.
Senior Certificate: Any one of the Class A Certificates or Class R
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.
Senior Percentage: The Group I Senior Percentage with respect to Loan
Group I, the Group II Senior Percentage with respect to Loan Group II or the
Group III Senior Percentage with respect to Loan Group III.
Senior Principal Distribution Amount: The Group I Senior Principal
Distribution Amount, Group II Senior Principal Distribution Amount or Group III
Senior Principal Distribution Amount.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$8, 856,515 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut-off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greatest of (i) twice the outstanding principal balance
of the Mortgage Loan in the Trust Fund which has the largest outstanding
principal balance on the Distribution Date immediately preceding such
anniversary, (ii) the product of 1.00% multiplied by the outstanding principal
balance of all Mortgage Loans on the Distribution Date immediately preceding
such anniversary and (iii) the aggregate outstanding principal balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate principal balance as of such anniversary and (B) the greater of (i)
the product of 0.50% multiplied by the outstanding principal balance of all
Mortgage Loans on the Distribution Date immediately preceding such anniversary
multiplied by a fraction, the numerator of which is equal to the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Mortgage Loans secured by Mortgaged Properties located in
the State of California divided by the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of all of the Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 32.6%
(which percentage is equal to the percentage of Mortgage Loans initially secured
by Mortgaged Properties located in the State of California) and (ii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the largest Mortgage Loan secured by a Mortgaged Property
(or, with respect to a Cooperative Loan, the related Cooperative Apartment)
located in the State of California.
16
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Subordinate Amount: The Group I Subordinate Amount, the Group II
Subordinate Amount or the Group III Subordinate Amount, as applicable.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of (i) the product of (x) the Class's pro rata share, based on the
Certificate Principal Balance of each such Class then outstanding, and (y) the
aggregate of the amounts calculated for such Distribution Date under clauses
(1), (2) and (3) of Section 4.02(a)(ii)(A) of this Series Supplement (without
giving effect to the related Senior Percentage) to the extent not payable to the
related Senior Certificates; (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the principal collections described in Section 4.02(a)(ii)(B)(b)
of this Series Supplement (without giving effect to the related Senior
Accelerated Distribution Percentage) to the extent such collections are not
otherwise distributed to the related Senior Certificates; (iii) the product of
(x) the related Prepayment Distribution Percentage and (y) the aggregate of all
Principal Prepayments in Full received in the related Prepayment Period and
Curtailments received in the preceding calendar month to the extent not payable
to the Senior Certificates; and (iv) any amounts described in clauses (i), (ii)
and (iii) as determined for any previous Distribution Date, that remain
undistributed to the extent that such amounts are not attributable to Realized
Losses which have been allocated to a Class of Subordinate Certificates; minus
(b) the related Capitalization Reimbursement Amount for such Distribution Date,
multiplied by a fraction, the numerator of which is the Subordinate Principal
Distribution Amount for such Class of Subordinate Certificates, without giving
effect to this clause (b)(ii), and the denominator of which is the sum of the
principal distribution amounts for all related Classes of Class A Certificates
and the related Subordinate Amount, without giving effect to any reductions for
the Capitalization Reimbursement Amount.
Trust Fund: REMIC I, REMIC II and the Initial Monthly Payment Fund.
Uncertificated Accrued Interest: With respect to each Uncertificated
REMIC I Regular Interest on each Distribution Date, an amount equal to one
month's interest at the related Uncertificated REMIC I Pass-Through Rate, on the
Uncertificated Principal Balance of such Uncertificated REMIC I Regular
Interest. Uncertificated Accrued Interest on the Uncertificated REMIC I Regular
Interests will be reduced by any Prepayment Interest Shortfalls and Relief Act
Interest Shortfalls, allocated among such Uncertificated REMIC I Regular
Interests pro rata.
Uncertificated Principal Balance: The principal amount of any
Uncertificated REMIC I Regular Interest outstanding as of any date of
determination. The Uncertificated Principal Balance of each Uncertificated REMIC
I Regular Interest shall be reduced by all distributions of principal made on,
and allocation of Realized Losses to, such Uncertificated REMIC I Regular
Interest on such Distribution Date. The Uncertificated Principal Balance of each
Uncertificated REMIC I Regular Interest shall never be less than zero.
17
Uncertificated REMIC I Regular Interests: The Uncertificated partial
undivided beneficial ownership interests in REMIC I, designated as
Uncertificated REMIC I Regular Interests I-A, I-B, II-A, II-B, III-A, III-B,
III-ZZZ and R-II, each having an Uncertificated Principal Balance as specified
herein and bearing interest at a rate equal to the related Uncertificated REMIC
I Pass-Through Rate.
Uncertificated REMIC I Pass-Through Rate: With respect to each of the
Uncertificated REMIC I Regular Interests I-A, II-A, III-A and ZZZ, the weighted
average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis
of the respective Stated Principal Balances of each such Mortgage Loan as of the
beginning of the Due Period immediately preceding the related Distribution Date.
With respect to Uncertificated REMIC I Regular Interest I-B, the Net WAC Rate of
the Group I Loans. With respect to Uncertificated REMIC I Regular Interests II-B
and R-II, the Net WAC Rate of the Group II Loans. With respect to Uncertificated
REMIC I Regular Interest III-B, the Net WAC Rate of the Group III Loans.
Uncertificated REMIC I Regular Interest Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interests for such
Distribution Date pursuant to Section 10.04(a).
Underwriter: Bear, ▇▇▇▇▇▇▇ & Co. Inc.
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Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.
18
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)
(a) The Company, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee without recourse all the right, title and interest
of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date). In connection with such transfer and assignment,
the Company does hereby deliver to the Trustee the Certificate Policy (as
defined in the Series Supplement), if any. The Company, the Master Servicer and
the Trustee agree that it is not intended that any mortgage loan be included in
the Trust that is (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 Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as
defined in the Indiana House Enrolled Act No. 1229, effective as of January 1,
2005.
(b) - (h) (See Section 2.01(b) - (h) of the Standard Terms)
Section 2.02 Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) For representations, warranties and covenants of the Master Servicer,
see Section 2.03(a) of the Standard Terms.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders that as of the Closing Date (or, if
otherwise specified below, as of the date so specified):
(i) No Mortgage Loan is 30 or more days Delinquent in payment of principal
and interest as of the Cut-off Date and no Mortgage Loan has been so
Delinquent more than once in the 12-month period prior to the Cut-off
Date;
(ii) The information set forth in Exhibits One, Two and Three hereto with
respect to each Mortgage Loan or the Mortgage Loans, as the case may be,
in Loan Group I, Loan Group II and Loan Group III, respectively, is true
and correct in all material respects at the date or dates respecting
which such information is furnished;
(iii) The Mortgage Loans are fully-amortizing (subject to interest only
periods, if applicable), hybrid adjustable-rate mortgage loans with
level Monthly Payments due, with respect to a majority of the Mortgage
Loans, on the first day of each month and terms to maturity at
origination or modification of not more than 30 years;
19
(iv) To the best of the Company's knowledge, if a Mortgage Loan is secured by
a Mortgaged Property with a Loan-to-Value Ratio at origination in excess
of 80%, such Mortgage Loan is the subject of a Primary Insurance Policy
that insures that (a) at least 30% of the Stated Principal Balance of
the Mortgage Loan at origination if the Loan-to-Value Ratio is between
95.00% and 90.01%, (b) at least 25% of such balance if the Loan-to-Value
Ratio is between 90.00% and 85.01%, and (c) at least 12% of such balance
if the Loan-to-Value Ratio is between 85.00% and 80.01%. To the best of
the Company's knowledge, each such Primary Insurance Policy is in full
force and effect and the Trustee is entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies are insurance companies
whose claims-paying abilities are currently acceptable to each Rating
Agency;
(vi) No more than 2.7% of the Group I Loans by aggregate Stated Principal
Balance as of the Cut-off Date are secured by Mortgaged Properties
located in any one zip code area in Illinois, no more than 2.7%of the
Group II Loans by aggregate Stated Principal Balance as of the Cut-off
Date are secured by Mortgaged Properties located in any one zip code
area in California and no more than 1.2% of the Group III Loans, by
aggregate Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area in the Georgia,
and no more than 1.9% of the Group I Loans are secured by Mortgaged
Properties located in any one zip code area outside Illinois, no more
than 1.5% of the Group II Loans are secured by Mortgaged Properties
located in any one zip code area outside California and no more than
1.1% of the Group III Loans, by aggregate Stated Principal Balance as of
the Cut-off Date are secured by Mortgaged Properties located in any one
zip code area outside the California;
(vii) The improvements upon the Mortgaged Properties are insured against loss
by fire and other hazards as required by the Program Guide, including
flood insurance if required under the National Flood Insurance Act of
1968, as amended. The Mortgage requires the Mortgagor to maintain such
casualty insurance at the Mortgagor's expense, and on the Mortgagor's
failure to do so, authorizes the holder of the Mortgage to obtain and
maintain such insurance at the Mortgagor's expense and to seek
reimbursement therefor from the Mortgagor;
(viii) Immediately prior to the assignment of the Mortgage Loans to the
Trustee, the Company had good title to, and was the sole owner of, each
Mortgage Loan free and clear of any pledge, lien, encumbrance or
security interest (other than rights to servicing and related
compensation) and such assignment validly transfers ownership of the
Mortgage Loans to the Trustee free and clear of any pledge, lien,
encumbrance or security interest;
(ix) No more than 34.1% of the Group I Loans, no more than 32.0% of the Group
II Loans and no more than 11.9% of the Group III Loans, by aggregate
Stated Principal Balance as of the Cut-off Date, were underwritten under
a reduced loan documentation program;
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(x) Each Mortgagor represented in its loan application with respect to the
related Mortgage Loan that the Mortgaged Property would be
owner-occupied and therefore would not be an investor property as of the
date of origination of such Mortgage Loan. No Mortgagor is a corporation
or a partnership;
(xi) None of the Group I Loans, the Group II Loans or the Group III Loans as
of the Cut-off Date are Buydown Mortgage Loans;
(xii) Each Mortgage Loan constitutes a qualified mortgage under Section
860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as of the closing of each
Mortgage Loan and is valid and binding and remains in full force and
effect, unless the Mortgaged Properties are located in the State of Iowa
and an attorney's certificate has been provided as described in the
Program Guide;
(xiv) Two Mortgage Loans, representing approximately 1.6% of the Group II
Loans, are Cooperative Loans;
(xv) With respect to each Mortgage Loan originated under a "streamlined"
Mortgage Loan program (through which no new or updated appraisals of
Mortgaged Properties are obtained in connection with the refinancing
thereof), the related Seller has represented that either (a) the value
of the related Mortgaged Property as of the date the Mortgage Loan was
originated was not less than the appraised value of such property at the
time of origination of the refinanced Mortgage Loan or (b) the
Loan-to-Value Ratio of the Mortgage Loan as of the date of origination
of the Mortgage Loan generally meets the Company's underwriting
guidelines;
(xvi) Interest on each Mortgage Loan is calculated on the basis of a 360-day
year consisting of twelve 30-day months;
(xvii) None of the Mortgage Loans contains in the related Mortgage File a
Destroyed Mortgage Note; and
(xviii) None of the Mortgage Loans are Pledged Asset Loans or Additional
Collateral Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
21
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.
Section 2.04 Representations and Warranties of Sellers.
-----------------------------------------
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement (to the extent assigned to the Company pursuant to the
Assignment Agreement) applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's rights under such Seller's Agreement relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies provided thereunder for any
breach of such representations and warranties, such right, title and interest
may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders. Upon the discovery by the Company, the Master Servicer, the
Trustee or any Custodian of a breach of any of the representations and
warranties made in a Seller's Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the representations and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase obligation under
the Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party discovering such breach shall give prompt written notice to the other
parties (any Custodian being so obligated under a Custodial Agreement). The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request that such Seller or Residential
Funding, as the case may be, either (i) cure such breach in all material
respects within 90 days from the date the Master Servicer was notified of such
breach or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that in the case of
a breach under the Assignment Agreement Residential Funding shall have the
option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. If the breach of representation and warranty that gave
rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment Agreement was the representation and warranty set
forth in clause (xxxi) of Section 4 thereof, then the Master Servicer shall
request that Residential Funding pay to the Trust Fund, concurrently with and in
addition to the remedies provided in the preceding sentence, an amount equal to
any liability, penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
In the event that Residential Funding elects to substitute a Qualified
Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this
Section 2.04, Residential Funding shall deliver to the Trustee for the benefit
of the Certificateholders with respect to such Qualified Substitute Mortgage
Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
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and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders will include the Monthly Payment due on a Deleted
Mortgage Loan for such month and thereafter Residential Funding shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this Agreement and the related Subservicing
Agreement in all respects, the related Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential Funding's rights in respect of such representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
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substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC to fail to qualify as such at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing and to make any additional
payments required under the Assignment Agreement in connection with a breach of
the representation and warranty in clause (xxxi) of Section 4 thereof shall
constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential Funding, then the Trustee shall also have the right to
give the notification and require the purchase or substitution provided for in
the second preceding paragraph in the event of such a breach of a representation
or warranty made by Residential Funding in the Assignment Agreement. In
connection with the purchase of or substitution for any such Mortgage Loan by
Residential Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.
Section 2.05 Execution and Authentication of Certificates.
--------------------------------------------
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.
ARTICLE III
24
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
(SEE ARTICLE III OF THE STANDARD TERMS)
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)
Section 4.02 Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee, shall
distribute, to the Master Servicer, in the case of a distribution
pursuant to Section 4.02(a)(iii) below, the amount required to be
distributed to the Master Servicer or a Sub-Servicer pursuant to Section
4.02(a)(iii) below, and to each Certificateholder of record on the next
preceding Record Date (other than as provided in Section 9.01 respecting
the final distribution), either (1) in immediately available funds (by
wire transfer or otherwise) to the account of such Certificateholder at
a bank or other entity having appropriate facilities therefor, if such
Certificateholder has so notified the Master Servicer or the Paying
Agent, as the case may be, or (2) if such Certificateholder has not so
notified the Master Servicer or the Paying Agent by the Record Date, by
check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register, such Certificateholder's share
(which share shall be based on the aggregate of the Percentage Interests
represented by Certificates of the applicable Class held by such Holder)
of the following amounts, in the following order of priority (subject to
the provisions of Section 4.02(b) below), in each case to the extent of
the related Available Distribution Amount:
(i) (X) from the Available Distribution Amount related to the Group I Loans,
to the Group I Certificates, on a pro rata basis based on the Accrued
Certificate Interest payable on such Classes of Certificates for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date except as provided
in the last paragraph of this Section 4.02(a) (the "Group I Senior
Interest Distribution Amount");
(Y) from the Available Distribution Amount related to the
Group II Loans, to the Group II Certificates, on a pro rata basis based
on Accrued Certificate Interest payable on such Classes of Certificates
for such Distribution Date, plus any Accrued Certificate Interest
thereon remaining unpaid from any previous Distribution Date except as
provided in the last paragraph of this Section 4.02(a) (the "Group II
Senior Interest Distribution Amount"); and
(Z) from the Available Distribution Amount related to the
Group III Loans, to the Group III Certificates, on a pro rata basis
based on Accrued Certificate Interest payable on such Classes of
Certificates for such Distribution Date, plus any Accrued Certificate
Interest thereon remaining unpaid from any previous Distribution Date
except as provided in the last paragraph of this Section 4.02(a) (the
"Group II Senior Interest Distribution Amount"); and
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(ii) (X) to the related Senior Certificates, in the priorities and amounts
set forth in Section 4.02(b)(i) through Section 4.02(e), the sum of the
following (applied to reduce the Certificate Principal Balances of such
Senior Certificates, as applicable):
(A) the related Senior Percentage for such Distribution Date times the sum
of the following:
(1) the principal portion of each Monthly Payment due during the related Due
Period on each Outstanding Mortgage Loan in the related Loan Group,
whether or not received on or prior to the related Determination Date,
minus the principal portion of any related Debt Service Reduction which
together with other Bankruptcy Losses exceeds the Bankruptcy Amount;
(2) the Stated Principal Balance of any Mortgage Loan in the related Loan
Group repurchased during the preceding calendar month (or deemed to have
been so repurchased in accordance with Section 3.07(b) of the Standard
Terms) pursuant to Sections 2.02, 2.04 or 4.07 of the Standard Terms and
Section 2.03 of the Standard Terms and this Series Supplement, and the
State Principal Balance of the Mortgage Loans in the related Loan Group
purchased pursuant to Section 9.01 of the Standard Terms and this Series
Supplement in connection with such Distribution Date, if applicable, and
the amount of any shortfall deposited in the Custodial Account in
connection with the substitution of a Deleted Mortgage Loan from the
related Loan Group pursuant to Section 2.04 of the Standard Terms or
Section 2.03 of the Standard Terms and this Series Supplement, during
the preceding calendar month; and
(3) the principal portion of all other unscheduled collections with respect
to the related Loan Group (other than Principal Prepayments in Full and
Curtailments and amounts received in connection with a Cash Liquidation
or REO Disposition of a Mortgage Loan in such Loan Group described in
Section 4.02(a)(ii)(Y)(B) of this Series Supplement, including without
limitation any related Insurance Proceeds, Liquidation Proceeds and REO
Proceeds) received during the preceding calendar month (or deemed to
have been so received in accordance with Section 3.07(b) of the Standard
Terms) to the extent applied by the Master Servicer as recoveries of
principal of the related Mortgage Loan pursuant to Section 3.14 of the
Standard Terms;
(B) with respect to each Mortgage Loan in the related Loan Group for which a
Cash Liquidation or a REO Disposition occurred during the preceding
calendar month (or was deemed to have occurred during such period in
accordance with Section 3.07(b) of the Standard Terms) and did not
result in any Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, an amount equal to the lesser
of (a) the related Senior Percentage for such Distribution Date times
the Stated Principal Balance of such Mortgage Loan and (b) the related
Senior Accelerated Distribution Percentage for such Distribution Date
times the related unscheduled collections (including without limitation
Insurance Proceeds, Liquidation Proceeds and REO Proceeds) to the extent
applied by the Master Servicer as recoveries of principal of the related
Mortgage Loan pursuant to Section 3.14 of the Standard Terms;
27
(C) the related Senior Accelerated Distribution Percentage for such
Distribution Date times the aggregate of all Principal Prepayments in
Full received in the related Prepayment Period and Curtailments with
respect to the related Loan Group received in the preceding calendar
month;
(D) any amounts described in subsection (ii), clauses (A), (B) and (C) of
this Section 4.02(a), as determined for any previous Distribution Date,
which remain unpaid after application of amounts previously distributed
pursuant to this clause (D) to the extent that such amounts are not
attributable to Realized Losses which have been allocated to the
Subordinate Certificates;
(E) to the Holders of the Group I Certificates, Group II Certificates or the
Group III Certificates, as applicable, amounts required to be
distributed pursuant to Section 4.02(c); minus
(F) the related Capitalization Reimbursement Amount for such Distribution
Date, other than the related Discount Fraction of any portion of that
amount related to each Discount Mortgage Loan in the related Loan Group,
multiplied by a fraction, the numerator of which is the related Senior
Principal Distribution Amount, without giving effect to this clause (F),
and the denominator of which is the sum of the principal distribution
amounts for all related Classes of Class A Certificates and the related
Subordinate Amount without giving effect to any reductions for the
related Capitalization Reimbursement Amount;
(iii) if the Certificate Principal Balances of the Subordinate Certificates
have not been reduced to zero, to the Master Servicer or a Sub-Servicer,
by remitting for deposit to the Custodial Account, to the extent of and
in reimbursement for any Advances or Sub-Servicer Advances previously
made with respect to any Mortgage Loan or REO Property which remain
unreimbursed in whole or in part following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property, minus any such
Advances that were made with respect to delinquencies that ultimately
constituted Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses;
(iv) to the Holders of the Class M-1 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class M-1
Certificates;
28
(vi) to the Holders of the Class M-2 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class M-2
Certificates;
(viii) to the Holders of the Class M-3 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class M-3
Certificates;
(x) to the Holders of the Class B-1 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class B-1
Certificates;
(xii) to the Holders of the Class B-2 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class B-2
Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an amount equal to the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(xv) to the Holders of the Class B-3 Certificates, an amount equal to the
Subordinate Principal Distribution Amount derived from each Loan Group
for such Class of Certificates for such Distribution Date, applied in
reduction of the Certificate Principal Balance of the Class B-3
Certificates;
(xvi) to the Senior Certificates, in the priority set forth in Section 4.02(b)
of this Series Supplement, the portion, if any, of the Available
Distribution Amount for the related Loan Group remaining after the
foregoing distributions, applied to reduce the Certificate Principal
Balances of such Senior Certificates, but in no event more than the
aggregate of the outstanding Certificate Principal Balances of each such
29
Class of Senior Certificates, and thereafter, to each Class of
Subordinate Certificates then outstanding beginning with such Class with
the Highest Priority, any portion of the Available Distribution Amount
for each Loan Group remaining after the Senior Certificates have been
retired, applied to reduce the Certificate Principal Balance of each
such Class of Subordinate Certificates, but in no event more than the
outstanding Certificate Principal Balance of each such Class of
Subordinate Certificates; and
(xvii) to the Class R-II Certificates, the balance, if any, of the Available
Distribution Amount for each Loan Group.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that (1) a shortfall in the amounts available to pay Accrued
Certificate Interest on any Class of Certificates results from an interest rate
reduction in connection with a Servicing Modification, or (2) such unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the failure of the Master Servicer to make any required Advance, or the
determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition or the related Liquidation Proceeds, Insurance Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.
(b) Distributions of principal on the Senior Certificates on each
Distribution Date occurring prior to the Credit Support Depletion Date
will be made as follows:
(i) the Group I Senior Principal Distribution Amount shall be distributed to
the Class I-A-1, Class I-A-2 and Class I-A-3 Certificates, concurrently
on a pro rata basis, until the Certificate Principal Balances thereof
have been reduced to zero;
(ii) the Group II Senior Principal Distribution Amount shall be distributed,
concurrently on a pro rata basis, to the Class R-I Certificates and
Class R-II Certificates, until the Certificate Principal Balances
thereof have been reduced to zero;
(iii) the balance of the Group II Senior Principal Distribution Amount
remaining after the distribution, if any, described in clause (ii) above
shall be distributed to the Class II-A Certificates, until the
Certificate Principal Balance thereof has been reduced to zero; and
(iv) the Group III Senior Principal Distribution Amount shall be distributed
to the Class III-A Certificates, until the Certificate Principal Balance
thereof has been reduced to zero;
30
(c) Prior to the occurrence of the Credit Support Depletion Date but after
the reduction of the Certificate Principal Balances of any of the Group
I, Group II or Group III Certificates to zero, the remaining Group I,
Group II or Group III Certificates, as applicable, will be entitled to
receive, on a pro rata basis, based on the Certificate Principal
Balances of the related Certificates, in addition to any Principal
Prepayments in Full and Curtailments related to such Certificates'
respective Loan Group, 100% of the Principal Prepayments in Full and
Curtailments on the Mortgage Loans in the Loan Group related to the
Certificates that have been reduced to zero, and in accordance with the
priorities set forth in clause 4.02(b) above, and in reduction of the
Certificate Principal Balances thereof, on any Distribution Date unless
(i) the weighted average of the initial Subordinate Percentages for each
Loan Group, weighted on the basis of the Stated Principal Balances of
the Mortgage Loans in the related Loan Group, is at least two times the
weighted average of the initial Subordinate Percentages for each Loan
Group (calculated on such basis) and (ii) the outstanding principal
balance of the Mortgage Loans in each Loan Group delinquent 60 days or
more averaged over the last six months, as a percentage of the aggregate
outstanding Certificate Principal Balance of the Class M Certificates
and Class B Certificates, is less than 50%. In addition, on any
Distribution Date prior to the Credit Support Depletion Date on which
the aggregate Certificate Principal Balance of any of the Group I, Group
II or Group III Certificates, as applicable, is greater than the
aggregate Stated Principal Balance of the Mortgage Loans in the related
Loan Group in each case after giving effect to distributions to be made
on such Distribution Date, (1) 100% of the Principal Prepayments in Full
and Curtailments allocable on a pro rata basis to the Class M
Certificates and Class B Certificates on the Mortgage Loans in the other
Loan Groups will be distributed to such Class or Classes of Group I,
Group II or Group III Certificates, as applicable, and in accordance
with the priorities set forth in clause 4.02(b) above, and in reduction
of the Certificate Principal Balances thereof, until the aggregate
Certificate Principal Balance of such Class or Classes of Certificates
equals the aggregate Stated Principal Balance of the Mortgage Loans in
the related Loan Group, and (2) an amount equal to one month's interest
at the applicable Pass-Through Rate for such Class or Classes of
Certificates on the amount of such difference will be distributed from
the Available Distribution Amount for the other Loan Groups allocable on
a pro rata basis to the Class M Certificates and Class B Certificates
first to pay any unpaid interest on such Class or Classes of
Certificates and then to pay principal on such Classes in the manner
described in (1) above.
(d) After the reduction of the Certificate Principal Balances of the Senior
Certificates in a certificate group to zero but prior to the Credit
Support Depletion Date, the related Senior Certificates will be entitled
to no further distributions of principal thereon and the related
Available Distribution Amount will be paid solely to the holders of the
Subordinate Certificates, in each case as described herein.
(e) On or after the occurrence of the Credit Support Depletion Date, all
priorities relating to distributions as described in clauses Section
4.02(b) above in respect of principal among the various classes of
Senior Certificates will be disregarded, and (i) the applicable Senior
Principal Distribution Amount will be distributed to the remaining
Classes of related Senior Certificates pro rata in accordance with their
respective outstanding Certificate Principal Balances, and (ii) the
amount set forth in Section 4.02(a)(i) will be distributed as set forth
therein.
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(f) In addition to the foregoing distributions, with respect to any
Subsequent Recoveries, the Master Servicer shall deposit such funds into
the Custodial Account pursuant to Section 3.07(b)(iii). If, after taking
into account such Subsequent Recoveries, the amount of a Realized Loss
is reduced, the amount of such Subsequent Recoveries will be applied to
increase the Certificate Principal Balance of the Class of Subordinate
Certificates with the Highest Priority to which Realized Losses, other
than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special
Hazard Losses and Extraordinary Losses, have been allocated, but not by
more than the amount of Realized Losses previously allocated to that
Class of Certificates pursuant to Section 4.05. The amount of any
remaining Subsequent Recoveries will be applied to increase the
Certificate Principal Balance of the Class of Certificates with the next
Lower Priority, up to the amount of such Realized Losses previously
allocated to that Class of Certificates pursuant to Section 4.05. Any
remaining Subsequent Recoveries will in turn be applied to increase the
Certificate Principal Balance of the Class of Certificates with the next
Lower Priority up to the amount of such Realized Losses previously
allocated to that Class of Certificates pursuant to Section 4.05, and so
on. Holders of such Certificates will not be entitled to any payment in
respect of Accrued Certificate Interest on the amount of such increases
for any Interest Accrual Period preceding the Distribution Date on which
such increase occurs. Any such increases shall be applied to the
Certificate Principal Balance of each Certificate of such Class in
accordance with its respective Percentage Interest.
(g) Each distribution with respect to a Book-Entry Certificate shall be paid
to the Depository, as Holder thereof, and the Depository shall be solely
responsible for crediting the amount of such distribution to the
accounts of its Depository Participants in accordance with its normal
procedures. Each Depository Participant shall be responsible for
disbursing such distribution to the Certificate Owners that it
represents and to each indirect participating brokerage firm (a
"brokerage firm") for which it acts as agent. Each brokerage firm shall
be responsible for disbursing funds to the Certificate Owners that it
represents. None of the Trustee, the Certificate Registrar, the Company
or the Master Servicer shall have any responsibility therefor.
(h) Except as otherwise provided in Section 9.01, if the Master Servicer
anticipates that a final distribution with respect to any Class of
Certificates will be made on a future Distribution Date, the Master
Servicer shall, no later than 60 days prior to such final distribution,
notify the Trustee and the Trustee shall, not earlier than the 15th day
and not later than the 25th day of the month next preceding the month of
such final distribution, mail to each Holder of such Class of
Certificates a notice to the effect that: (i) the Trustee anticipates
that the final distribution with respect to such Class of Certificates
will be made on such Distribution Date but only upon presentation and
surrender of such Certificates at the office of the Trustee or as
otherwise specified therein, and (ii) no interest shall accrue on such
Certificates from and after the end of the prior calendar month. In the
event that Certificateholders required to surrender their Certificates
pursuant to Section 9.01(c) do not surrender their Certificates for
final cancellation, the Trustee shall cause funds distributable with
respect to such Certificates to be withdrawn from the Certificate
Account and credited to a separate escrow account for the benefit of
such Certificateholders as provided in Section 9.01(d).
32
Section 4.03 Statements to Certificateholders; Statements to Rating Agencies;
Exchange Act Reporting. (See Section 4.03 of the Standard Terms)
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by
the Master Servicer. (See Section 4.04 of the Standard Terms)
Section 4.05 Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due Period. The amount of each
Realized Loss shall be evidenced by an Officers' Certificate. All Realized
Losses, other than Excess Special Hazard Losses, Extraordinary Losses, Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows: first,
to the Class B-3 Certificates until the Certificate Principal Balance thereof
has been reduced to zero; second, to the Class B-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; third, to the
Class B-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; fourth, to the Class M-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; fifth, to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; sixth, to the Class M-1 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and, thereafter, such Realized Losses
(A) in the case of a Group I Loan, to the Group I Certificates in the case of
the principal portion of such loss and in the case of the interest portion of
such loss, except that Realized Losses otherwise allocable to the Class I-A-2
Certificates, will be allocated to the Class I-A-3 Certificates, until the
Certificate Principal Balance of the Class I-A-3 Certificates has been reduced
to zero, (B) in the case of a Group II Loan, among the Group II Certificates in
the case of the principal portion of such loss on a pro rata basis, and among
the Group II Certificates in the case of the interest portion of such loss on a
pro rata basis, and (C) in the case of a Group III Loan, to the Group III
Certificates in the case of the principal portion of such loss and in the case
of the interest portion of such loss (subject to Section 4.02(c)), as described
below. The Group I Senior Percentage, Group II Senior Percentage or Group III
Senior Percentage (as applicable) of any Excess Special Hazard Losses, Excess
Bankruptcy Losses, Excess Fraud Losses or Extraordinary Losses on the Mortgage
Loans will be allocated (A) in the case of a Group I Loan, to the Group I
Certificates in the case of the principal portion of such loss and in the case
of the interest portion of such loss, (B) in the case of a Group II Loan, among
the Group II Certificates in the case of the principal portion of such loss on a
pro rata basis, and among the Group II Certificates in the case of the interest
portion of such loss, on a pro rata basis, and (C) in the case of a Group III
Loan, to the Group III Certificates in the case of the principal portion of such
loss and in the case of the interest portion of such loss; and the remainder of
such Realized Losses will be allocated among the Class M Certificates and Class
B Certificates, on a pro rata basis. The portion allocated to the Class M
Certificates and Class B Certificates will be based on each Certificates'
interest in the related Loan Group.
33
On any Distribution Date, Realized Losses will be allocated as set forth
herein after distributions of principal on the Certificates as set forth herein.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date; provided
that no such reduction shall reduce the aggregate Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans. Any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to the Subordinate Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal Balance" and by operation of the provisions of Section 4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate reduction resulting from a Servicing Modification) shall be made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate Interest" and by operation of the provisions
of Section 4.02(a). Allocations of the interest portion of a Realized Loss
resulting from an interest rate reduction in connection with a Servicing
Modification shall be made by operation of the provisions of Section 4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the provisions of Section 4.02(a). All Realized Losses and all
other losses allocated to a Class of Certificates hereunder will be allocated
among the Certificates of such Class in proportion to the Percentage Interests
evidenced thereby.
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property. (See
Section 4.06 of the Standard Terms).
Section 4.07 Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07 of
the Standard Terms).
34
ARTICLE V
THE CERTIFICATES
(SEE ARTICLE V OF THE STANDARD TERMS)
35
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
(SEE ARTICLE VI OF THE STANDARD TERMS)
36
ARTICLE VII
DEFAULT
(SEE ARTICLE VII OF THE STANDARD TERMS)
37
ARTICLE VIII
CONCERNING THE TRUSTEE
38
(SEE ARTICLE VIII OF THE STANDARD TERMS)
ARTICLE IX
TERMINATION
Section 9.01 Optional Purchase by Residential Funding of All
Certificates; Termination Upon Purchase by Residential
Funding or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and responsibilities
of the Company, the Master Servicer and the Trustee created hereby in
respect of the Certificates (other than the obligation of the Trustee to
make certain payments after the Final Distribution Date to
Certificateholders and the obligation of the Company to send certain
notices as hereinafter set forth) shall terminate upon the last action
required to be taken by the Trustee on the Final Distribution Date
pursuant to this Article IX following the earlier of:
(i) the later of the final payment or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund
or the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by Residential Funding of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust
Fund at a price equal to 100% of the unpaid principal balance of each
Mortgage Loan or, if less than such unpaid principal balance, the fair
market value of the related underlying property of such Mortgage Loan
with respect to Mortgage Loans as to which title has been acquired if
such fair market value is less than such unpaid principal balance on the
day of repurchase plus unpaid accrued interest thereon at the Mortgage
Rate (or Modified Mortgage Rate in the case of any Modified Mortgage
Loan) from the Due Date to which interest was last paid by the Mortgagor
to, but not including, the first day of the month in which such
repurchase price is distributed, provided, however, that in no event
shall the trust created hereby continue beyond the expiration of 21
years from the death of the last survivor of the descendants of ▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇, the late ambassador of the United States to the Court of St.
▇▇▇▇▇, living on the date hereof and provided further that the purchase
price set forth above shall be increased as is necessary, as determined
by the Master Servicer, to avoid disqualification of any portion of any
REMIC formed under the Series Supplement as a REMIC. The purchase price
paid by Residential Funding shall also include any amounts owed by
Residential Funding pursuant to Section 4 of the Assignment Agreement in
respect of any liability, penalty or expense that resulted from a breach
of the representation and warranty set forth in clause (xxxi) of such
Section that remain unpaid on the date of such purchase.
The right of Residential Funding to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance as of the Final Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans. If such right is
exercised by Residential Funding, the Master Servicer shall be entitled to
reimbursement for the full amount of any unreimbursed Advances theretofore made
39
by it with respect to the Mortgage Loans, pursuant to Section 3.10. In addition,
the Master Servicer shall provide to the Trustee the certification required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the purchase price, release to Residential Funding the Mortgage Files
pertaining to the Mortgage Loans being purchased.
In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance, prior to giving effect to distributions to be made on
such Distribution Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans, Residential Funding shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of such Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.
(b) - (f) (See Section 9.01(b) - (f) of the Standard Terms)
Section 9.02 Additional Termination Requirements. (See Section 9.02 of the
Standard Terms)
Section 9.03 Termination of Multiple REMICs. (See Section 9.03 of the Standard
Terms)
40
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)
Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.
(See Section 10.02 of the Standard Terms)
Section 10.03 Designation of REMIC(s).
The REMIC Administrator will make an election to treat the segregated
pool of assets described in the definition of REMIC I (as defined herein), and
subject to this Agreement (including the Mortgage Loans but excluding the
Initial Monthly Payment Fund), as a REMIC for federal income tax purposes. The
REMIC Administrator will make an election to treat the segregated pool of assets
consisting of the Uncertificated REMIC I Regular Interests, and subject to this
Agreement (excluding the Initial Monthly Payment Fund), as a REMIC for federal
income tax purposes.
The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I Certificates will be the sole class of "residual
interests" in REMIC I for purposes of the REMIC Provisions (as defined herein).
The Class I-A-1, Class I-A-2, Class I-A-3, Class II-A, Class III-A,
Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates
will be "regular interests" in REMIC II, and the Class R-II Certificates will be
the sole class of "residual interests" therein for purposes of the REMIC
Provisions (as defined in the Standard Terms) under federal income tax law.
Section 10.04 Distributions on the Uncertificated REMIC I Regular Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the Uncertificated REMIC I Regular Interests and to the
holder of the Class R-I Certificate, Uncertificated Accrued Interest on the
Uncertificated REMIC I Regular Interests and Class R-1 Certificate, pro rata,
for such Distribution Date, plus any Uncertificated Accrued Interest thereon
remaining unpaid from any previous Distribution Date.
(b) Distributions of principal from the Group II Loans shall be deemed to be
made to the Uncertificated REMIC I Regular Interest R-II and Class R-I
Certificate, pro rata, until the Uncertificated Principal Balance of the
Uncertificated REMIC I Regular Interest R-II and the principal balance of the
Class R-I Certificate have been reduced to zero.
(c) Distributions shall be deemed to be made to the Uncertificated REMIC I
Regular Interests (other than Uncertificated REMIC I Regular Interest R-II)
first, so as to keep the Uncertificated Principal Balance of each Uncertificated
REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the
aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
Group; second, so as to keep the principal balance of each Uncertificated REMIC
I Regular Interest ending with the designation "A" equal to 0.01% of the Group I
Subordinate Amount, the Group II Subordinate Amount or the Group III Subordinate
Amount, as the case may be (except that if on any Distribution Date the
Subordinate Amount for any Loan Group is greater than the Subordinate Amount for
such Loan Group on the preceding Distribution Date, the least amount of
41
principal shall be distributed to Uncertificated REMIC I Regular Interests I-A,
II-A and III-A such that the REMIC I Subordinate Balance Ratio is maintained);
and third, any remaining principal shall be distributed to Uncertificated REMIC
I Regular Interest ZZZ. Realized Losses on the Mortgage Loans shall be applied
after all distributions have been made on each Distribution Date first, so as to
keep the Uncertificated Principal Balance of each Uncertificated REMIC I Regular
Interest ending with the designation "B" equal to 0.01% of the aggregate Stated
Principal Balance of the Mortgage Loans in the related Loan Group; second,
Realized Losses shall be applied after all distributions have been made on each
Distribution Date, so as to keep the principal balance of each Uncertificated
REMIC I Regular Interest ending with the designation "A" equal to 0.01% of the
Group I Subordinate Amount, the Group II Subordinate Amount or the Group III
Subordinate Amount, as the case may be (except that if on any Distribution Date
the Subordinate Amount for any Group of Loans is greater than the Subordinate
Amount for such Group of Loans on the preceding Distribution Date, the least
amount of Realized Losses shall be applied to Uncertificated REMIC I Regular
Interests I-A, II-A and III-A such that the REMIC I Subordinate Balance Ratio is
maintained); and third, the remaining Realized Losses shall be allocated to
Uncertificated REMIC I Regular Interest ZZZ.
(d) Notwithstanding the deemed distributions on the Uncertificated REMIC I
Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
Section 10.05 Compliance with Withholding Requirements.
----------------------------------------
Notwithstanding any other provision of this Agreement, the Trustee or
any Paying Agent, as applicable, shall comply with all federal withholding
requirements respecting payments to Certificateholders, including interest or
original interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable, reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying Agent, as applicable, does withhold any
amount from interest or original issue discount payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements, the Trustee
or any Paying Agent, as applicable, shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.
42
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)
Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the
Standard Terms)
Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of
the Standard Terms)
Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)
Section 11.05 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
registered mail, postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to the appropriate
address for each recipient listed in the table below or, in each case, such
other address as may hereafter be furnished in writing to the Master Servicer,
the Trustee and the Company, as applicable:
Recipient Address
Company ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇,
Attention: President
Master Servicer ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇,
Attention: Managing Director/Master Servicing
Trustee Corporate Trust Office
U.S. Bank National Association
U.S. Bank Corporate Trust Services
EP-MN-WS3D
▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: RFMSI 2005-SA1
The Trustee designates its offices located at:
EP-MN-WS3D
▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: Institutional Trust Services Transfer Dept. - RFMSI
2005-SA1, for the purposes of registration of transfer or
exchange of the Certificates
Standard & Poor's ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇'▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
43
Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Certificateholder receives such notice.
Section 11.06 Required Notices to Rating Agency and Subservicer.
-------------------------------------------------
The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency and the Subservicer at such time as it is otherwise
required pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as otherwise required to be
delivered pursuant to this Agreement of any of the statements described in
clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Master Servicer
or Trustee or a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket
fidelity bond and the errors and omissions insurance policy required by
Section 3.12 or the cancellation or modification of coverage under any
such instrument,
(e) the statement required to be delivered to the Holders of each
Class of Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections
3.18 and 3.19,
(g) a change in the location of the Custodial Account or the
Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the
Holders of any Class of Certificates resulting from the failure by the
Master Servicer to make an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage Loan,
44
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer of any such
event known to the Master Servicer.
Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard
Terms)
Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08
of the Standard Terms)
Section 11.09 Allocation of Voting Rights.
99% of all Voting Rights shall be allocated among Holders of
Certificates, other than the Residual Certificates, in proportion to the
outstanding Certificate Principal Balances of their respective Certificates, and
0.5% and 0.5% of all Voting Rights will be allocated among the Holders of the
Class R-I Certificates and Class R-II Certificates, respectively, in accordance
with their respective Percentage Interests.
45
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
[Seal] RESIDENTIAL FUNDING
MORTGAGE SECURITIES I,
INC.
Attest: By:
-------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Vice President Title: Vice President
[Seal] RESIDENTIAL FUNDING CORPORATION
Attest: By:
-------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: ▇▇▇▇ ▇▇▇▇▇▇
Title: Associate Title: Associate
[Seal] U.S. BANK
NATIONAL
ASSOCIATION as
Trustee
Attest: By:
-----------------------------------
Name: Name:
Title: Title:
46
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 25th day of February, 2005 before me, a notary public in
and for said State, personally appeared ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, known to me to be a
Vice President of Residential Funding Mortgage Securities I, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
47
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 25th day of February, 2005 before me, a notary public in
and for said State, personally appeared ▇▇▇▇ ▇▇▇▇▇▇, known to me to be an
Associate of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
48
STATE OF MINNESOTA )
) ss.:
COUNTY OF ▇▇▇▇▇▇ )
On the 25th day of February, 2005 before me, a notary public in
and for said State, personally appeared _________________, known to me to be an
Authorized Officer of U.S. Bank National Association, the entity that executed
the within instrument, and also known to me to be the person who executed it on
behalf of said banking entity and acknowledged to me that such banking entity
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
49
EXHIBIT ONE
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP I
(Available Upon Request)
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
8986963 0.2500 10.0000
403750.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9091065 0.2500 10.3750
516197.87 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9462571 0.2500 10.6250
347600.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9488000 0.2500 10.7500
462394.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9550719 0.2500 10.3750
404000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9562916 0.2500 10.6250
279100.00 0.0500 10.5750
4.8750 0.0000 10.5750
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5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9740753 0.2500 10.6250
420400.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9740763 0.2500 10.7500
410000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9740777 0.2500 10.8750
315000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9740813 0.2500 10.7500
315000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9740817 0.2500 10.6250
172000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9740829 0.2500 10.3750
255000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9740833 0.2500 10.6250
565000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9741767 0.2500 10.6250
955000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9741827 0.2500 10.8750
358400.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9741837 0.2500 11.2500
145350.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9746415 0.2500 10.5000
187000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 2.4500
4.4500 0.0000 2.4500
4.4500 0.0000
9746503 0.2500 10.6250
124525.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9746513 0.2500 11.0000
1000000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9746523 0.2500 11.0000
356000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9746525 0.2500 11.1250
235418.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9746613 0.2500 11.0000
139200.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9746683 0.2500 10.8750
221178.31 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9746819 0.2500 11.3750
150000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9747017 0.2500 11.1250
202719.23 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9747145 0.2500 11.2500
972860.73 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 2.4500
5.2000 0.0000 2.4500
5.2000 0.0000
9747703 0.2500 10.2500
573000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9747837 0.2500 10.7500
549550.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9747889 0.2500 10.8750
185282.22 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9747891 0.2500 10.7500
400000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9748125 0.2500 10.5000
517000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9749685 0.2500 10.5000
380800.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9749985 0.2500 11.1250
170400.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9750775 0.2500 11.0000
119600.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9750805 0.2500 11.2500
129000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9751597 0.2500 10.7500
137500.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9755559 0.2500 10.2500
372000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9756453 0.2500 10.6250
558700.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9756525 0.2500 10.5000
368600.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9757367 0.2500 11.2500
191200.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9757405 0.2500 11.0000
650000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9759723 0.2500 10.6250
189050.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9759915 0.2500 10.3750
236000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9760181 0.2500 10.5000
110200.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9760419 0.2500 10.6250
324600.38 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9761239 0.2500 11.6250
469700.00 0.0500 11.5750
5.8750 0.0000 11.5750
5.6250 0.0000 1.9500
5.5750 0.0000 1.9500
5.5750 0.0000
9762259 0.2500 10.8750
101600.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9762291 0.2500 10.6250
407000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762355 0.2500 10.6250
215000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762369 0.2500 10.6250
325000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762405 0.2500 10.8750
570000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9762491 0.2500 10.7500
188000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9764101 0.2500 10.5000
365000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9764333 0.2500 11.2500
423000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9764417 0.2500 10.6250
295000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9764421 0.2500 10.8750
200000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9764479 0.2500 11.1250
140000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9764487 0.2500 11.2500
333500.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9764489 0.2500 10.5000
337000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9764911 0.2500 10.6250
493192.83 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9765325 0.2500 10.1250
397500.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9765517 0.2500 11.2500
387400.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9766517 0.2500 10.3750
432000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9772105 0.2500 10.8750
121600.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772725 0.2500 10.6250
244000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9772893 0.2500 10.8750
172720.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772899 0.2500 10.6250
384000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9772941 0.2500 10.6250
492000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9773647 0.2500 11.0000
335000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9773875 0.2500 10.6250
348000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9773887 0.2500 11.0000
189600.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9773899 0.2500 10.8750
650000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9774015 0.2500 10.2500
292000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9774037 0.2500 10.6250
136000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9774063 0.2500 11.2500
388000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9774549 0.2500 10.7500
735000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9774559 0.2500 10.6250
487500.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9774563 0.2500 11.1250
191200.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9777751 0.2500 10.7500
152000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9777871 0.2500 11.2500
243000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9781799 0.2500 10.6250
650000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9781927 0.2500 11.0000
956000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9782983 0.2500 11.1250
157600.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9783019 0.2500 10.5000
212000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9783825 0.2500 10.7500
173000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9784109 0.2500 10.7500
304000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9784195 0.2500 10.5000
148000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9784221 0.2500 11.2500
377550.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9784515 0.2500 10.6250
648750.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9784949 0.2500 10.6250
350000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9786365 0.2500 10.7500
650000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9786629 0.2500 10.3750
741000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9786983 0.2500 11.2500
379507.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9787583 0.2500 10.8750
177000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9787837 0.2500 10.6250
428400.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9789251 0.2500 10.6250
225000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9789493 0.2500 10.3750
285000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9789559 0.2500 10.7500
268000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9789801 0.2500 11.1250
430000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9789819 0.2500 10.5000
238360.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9799899 0.2500 11.0000
505000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9800043 0.2500 10.5000
224000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
Total Number of Loans: 214
Total Original Balance: 75,263,852.00
Total Principal Balance: 75,192,056.83
Total Original P+I: 320,445.86
Total Current P+I: 320,380.84
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
8986963 0.2500 10.0000
403750.00 0.0500 9.9500
4.2500 0.0000 9.9500
4.0000 0.0000 1.9500
3.9500 0.0000 1.9500
3.9500 0.0000
9091065 0.2500 10.3750
516197.87 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9462571 0.2500 10.6250
347600.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9488000 0.2500 10.7500
462394.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9550719 0.2500 10.3750
404000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9562916 0.2500 10.6250
279100.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9585394 0.2500 10.7500
232000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9589882 0.2500 10.7500
650000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9594896 0.2500 10.1250
276000.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9598728 0.2500 10.6250
214669.71 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 2.4500
4.5750 0.0000 2.4500
4.5750 0.0000
9598730 0.2500 10.1250
293500.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 2.4500
4.0750 0.0000 2.4500
4.0750 0.0000
9598732 0.2500 10.5000
179546.16 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 2.4500
4.4500 0.0000 2.4500
4.4500 0.0000
9598740 0.2500 10.3750
360000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 2.4500
4.3250 0.0000 2.4500
4.3250 0.0000
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4.5750 0.0000
9741767 0.2500 10.6250
955000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9741827 0.2500 10.8750
358400.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9741837 0.2500 11.2500
145350.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9746415 0.2500 10.5000
187000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 2.4500
4.4500 0.0000 2.4500
4.4500 0.0000
9746503 0.2500 10.6250
124525.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9746513 0.2500 11.0000
1000000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9746523 0.2500 11.0000
356000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9746525 0.2500 11.1250
235418.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9746613 0.2500 11.0000
139200.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9746683 0.2500 10.8750
221178.31 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9746819 0.2500 11.3750
150000.00 0.0500 11.3250
5.6250 0.0000 11.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9747017 0.2500 11.1250
202719.23 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9747145 0.2500 11.2500
972860.73 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 2.4500
5.2000 0.0000 2.4500
5.2000 0.0000
9747703 0.2500 10.2500
573000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9747837 0.2500 10.7500
549550.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9747889 0.2500 10.8750
185282.22 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9747891 0.2500 10.7500
400000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9748125 0.2500 10.5000
517000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9749685 0.2500 10.5000
380800.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9749985 0.2500 11.1250
170400.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9750775 0.2500 11.0000
119600.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9750805 0.2500 11.2500
129000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9751597 0.2500 10.7500
137500.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9755559 0.2500 10.2500
372000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9756453 0.2500 10.6250
558700.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9756525 0.2500 10.5000
368600.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9757367 0.2500 11.2500
191200.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9757405 0.2500 11.0000
650000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9759723 0.2500 10.6250
189050.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9759915 0.2500 10.3750
236000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9760181 0.2500 10.5000
110200.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9760419 0.2500 10.6250
324600.38 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9761239 0.2500 11.6250
469700.00 0.0500 11.5750
5.8750 0.0000 11.5750
5.6250 0.0000 1.9500
5.5750 0.0000 1.9500
5.5750 0.0000
9762259 0.2500 10.8750
101600.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9762291 0.2500 10.6250
407000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762355 0.2500 10.6250
215000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762369 0.2500 10.6250
325000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9762405 0.2500 10.8750
570000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9762491 0.2500 10.7500
188000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9764101 0.2500 10.5000
365000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9764333 0.2500 11.2500
423000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9764417 0.2500 10.6250
295000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9764421 0.2500 10.8750
200000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9764479 0.2500 11.1250
140000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9764487 0.2500 11.2500
333500.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9764489 0.2500 10.5000
337000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9764911 0.2500 10.6250
493192.83 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9765325 0.2500 10.1250
397500.00 0.0500 10.0750
4.3750 0.0000 10.0750
4.1250 0.0000 1.9500
4.0750 0.0000 1.9500
4.0750 0.0000
9765517 0.2500 11.2500
387400.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9766517 0.2500 10.3750
432000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9772105 0.2500 10.8750
121600.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772725 0.2500 10.6250
244000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9772893 0.2500 10.8750
172720.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772899 0.2500 10.6250
384000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9772941 0.2500 10.6250
492000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9773647 0.2500 11.0000
335000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9773875 0.2500 10.6250
348000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9773887 0.2500 11.0000
189600.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9773899 0.2500 10.8750
650000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9774015 0.2500 10.2500
292000.00 0.0500 10.2000
4.5000 0.0000 10.2000
4.2500 0.0000 1.9500
4.2000 0.0000 1.9500
4.2000 0.0000
9774037 0.2500 10.6250
136000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9774063 0.2500 11.2500
388000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9774549 0.2500 10.7500
735000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9774559 0.2500 10.6250
487500.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9774563 0.2500 11.1250
191200.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9777751 0.2500 10.7500
152000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9777871 0.2500 11.2500
243000.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9781799 0.2500 10.6250
650000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9781927 0.2500 11.0000
956000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9782983 0.2500 11.1250
157600.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9783019 0.2500 10.5000
212000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9783825 0.2500 10.7500
173000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9784109 0.2500 10.7500
304000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9784195 0.2500 10.5000
148000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9784221 0.2500 11.2500
377550.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9784515 0.2500 10.6250
648750.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9784949 0.2500 10.6250
350000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9786365 0.2500 10.7500
650000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9786629 0.2500 10.3750
741000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9786983 0.2500 11.2500
379507.00 0.0500 11.2000
5.5000 0.0000 11.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9787583 0.2500 10.8750
177000.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9787837 0.2500 10.6250
428400.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9789251 0.2500 10.6250
225000.00 0.0500 10.5750
4.8750 0.0000 10.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9789493 0.2500 10.3750
285000.00 0.0500 10.3250
4.6250 0.0000 10.3250
4.3750 0.0000 1.9500
4.3250 0.0000 1.9500
4.3250 0.0000
9789559 0.2500 10.7500
268000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9789801 0.2500 11.1250
430000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9789819 0.2500 10.5000
238360.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9799899 0.2500 11.0000
505000.00 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9800043 0.2500 10.5000
224000.00 0.0500 10.4500
4.7500 0.0000 10.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
Total Number of Loans: 214
Total Original Balance: 75,263,852.00
Total Principal Balance: 75,192,056.83
Total Original P+I: 320,445.86
Total Current P+I: 320,380.84
EXHIBIT TWO
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP II
(Available Upon Request)
Non Fixed Rate Loan
Loan Number Orig Rate Original Bal Max Neg Amort
Curr Rate Principal Bal Loan Feature
Net Curr Original PI # of Units
Note Ceiling Current PI LTV
City State Zip Net Ceiling Note Date
Servicer Loan # Note Floor First Pay Date MI Co Code
Seller Loan # Net Floor Maturity Date MI Coverage
Investor Loan # Gross Margin 1st IntChgDate Nxt IntChgDate
S/S Code Net Margin 1st PmtChgDate Nxt PmtChgDate
Int Chg Prior Day 1st Yr Floor Pmt Cap Incr Pmt Cap Decr
Payment Type 1st Yr Ceil Int Chg Freq Mos Pmt Chg Freq Mos
Orig Term Adj Index Period Incr Period Decr
Note Life Incr Note Round Type Note Round Mth Note Round Fctr
Net Life Incr Net Round Type Net Round Mth Net Round Fctr
Note Life Decr Loan Purp Convert Code Convert Prd From
Net Life Decr Prop Type Convert Index Convert Prd To
Occup Code Convert Margin
9228633 5.5000 500000.0000 100.0000
5.5000 500,000.00 ZZ
5.2500 2291.67 1
10.5000 2291.67 45
NEW YORK NY 10004 10.2500 07/12/04
0438187148 0.0000 09/01/04 00
1101170584 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
E84/G01 2.0000 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 10 00
O 0.0000
9228647 5.5000 672800.0000 100.0000
5.5000 668,330.58 ZZ
5.2500 3820.08 1
10.5000 3820.08 80
NEW YORK NY 10024 10.2500 07/12/04
0438187122 0.0000 09/01/04 00
1101173400 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
E84/G01 2.0000 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 12 00
O 0.0000
9473387 5.8750 171000.0000 100.0000
5.8750 171,000.00 ZZ
5.6250 837.19 1
10.8750 837.19 90
WOODBRIDGE VA 22191 10.6250 08/16/04
0421442948 0.0000 10/01/04 10
0421442948 0.0000 09/01/34 25.0000
0 2.2500 09/01/09 09/01/09
E22/G01 2.0000 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9546584 4.8750 524000.0000 100.0000
4.8750 524,000.00 ZZ
4.6250 2128.75 1
9.8750 2128.75 80
CLARKSBURG MD 20871 9.6250 11/05/04
0438611790 0.0000 12/01/04 00
30404256 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
696/G01 2.0000 12/01/09 12/01/09
25 2.2500 0.0000 0.0000
A 9.8750 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9562898 5.2500 300000.0000 100.0000
5.2500 299,310.27 ZZ
5.0000 1656.61 1
10.2500 1656.61 78
ASHBURN VA 20147 10.0000 11/19/04
0438679656 0.0000 01/01/05 00
25004211 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
696/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
A 10.2500 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 09 00
O 0.0000
9589476 5.2500 600000.0000 100.0000
5.2500 600,000.00 ZZ
4.8750 2625.00 1
10.2500 2625.00 43
WOODSIDE CA 94062 9.8750 12/03/04
5314110003 0.0000 02/01/05 00
5314110003 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
956/956 1.8750 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589498 5.0000 400000.0000 100.0000
5.0000 395,182.37 ZZ
4.6250 2147.29 1
10.0000 2147.29 77
RAMSEY MN 55303 9.6250 10/29/04
5714100053 0.0000 12/01/04 00
5714100053 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9589552 4.5000 428000.0000 100.0000
4.5000 426,302.83 ZZ
4.1250 2168.61 1
9.5000 2168.61 79
SAN JOSE CA 95131 9.1250 10/26/04
714100006 0.0000 12/01/04 00
714100006 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9589554 4.5000 591000.0000 100.0000
4.5000 588,655.96 ZZ
4.1250 2994.51 1
9.5000 2994.51 79
CUPERTINO CA 95014 9.1250 10/26/04
714100087 0.0000 12/01/04 00
714100087 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9589560 4.6250 490000.0000 100.0000
4.6250 488,100.48 ZZ
4.2500 2519.28 1
9.6250 2519.28 70
EAST GRAND RAPI MI 49506 9.2500 10/28/04
914100007 0.0000 12/01/04 00
914100007 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9589572 4.5000 356850.0000 100.0000
4.5000 355,280.18 ZZ
4.1250 1808.11 1
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SEATTLE WA 98103 9.1250 10/29/04
1314100047 0.0000 12/01/04 00
1314100047 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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5.6250 700,000.00 ZZ
5.2500 3281.25 1
10.6250 3281.25 80
SAN CLEMENTE CA 92673 10.2500 12/05/04
1914110046 0.0000 02/01/05 00
1914110046 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
956/956 1.8750 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
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4.5000 370,524.87 ZZ
4.1250 1884.87 1
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SIMI VALLEY CA 93065 9.1250 10/29/04
2914100020 0.0000 12/01/04 00
2914100020 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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4.7500 398,991.49 ZZ
4.3750 2086.59 1
9.7500 2086.59 80
PALM DESERT CA 92211 9.3750 11/23/04
614110048 0.0000 01/01/05 00
614110048 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
956/956 2.3750 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
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4.5000 443,227.10 ZZ
4.1250 2251.71 1
9.5000 2251.71 79
FREMONT CA 94555 9.1250 11/12/04
714100182 0.0000 01/01/05 00
714100182 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
956/956 2.3750 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
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360 1 2.0000 2.0000
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9589724 4.8750 425900.0000 100.0000
4.8750 423,930.59 ZZ
4.5000 2253.90 1
9.8750 2253.90 74
ASHBURN VA 20147 9.5000 10/26/04
4414100042 0.0000 12/01/04 00
4414100042 0.0000 11/01/34 0.0000
0 2.7500 11/01/09 11/01/09
956/956 2.3750 12/01/09 12/01/09
45 2.7500 0.0000 0.0000
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9589730 4.8750 422500.0000 100.0000
4.8750 420,403.76 ZZ
4.5000 2235.90 1
9.8750 2235.90 65
COLUMBIA MO 65203 9.5000 10/27/04
4914100046 0.0000 12/01/04 00
4914100046 0.0000 11/01/34 0.0000
0 2.7500 11/01/09 11/01/09
956/956 2.3750 12/01/09 12/01/09
45 2.7500 0.0000 0.0000
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9589732 5.0000 641000.0000 100.0000
5.0000 640,229.80 ZZ
4.6250 3441.03 1
10.0000 3441.03 75
MINNETONKA MN 55345 9.6250 12/03/04
5714110057 0.0000 02/01/05 00
5714110057 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
956/956 2.3750 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
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360 1 2.0000 2.0000
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9589740 4.5000 216000.0000 100.0000
4.5000 215,143.47 ZZ
4.1250 1094.44 1
9.5000 1094.44 75
RICHMOND CA 94805 9.1250 10/26/04
7714090014 0.0000 12/01/04 00
7714090014 0.0000 11/01/34 0.0000
0 2.7500 11/01/09 11/01/09
956/956 2.3750 12/01/09 12/01/09
45 2.7500 0.0000 0.0000
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360 1 2.0000 2.0000
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9597610 5.7500 352000.0000 100.0000
5.7500 350,519.36 ZZ
5.5000 2054.18 1
10.7500 2054.18 54
▇▇▇▇▇▇▇ CO 81137 10.5000 09/20/04
0003290795 0.0000 11/01/04 00
0003290795 0.0000 10/01/34 0.0000
0 2.7500 10/01/09 10/01/09
286/286 2.5000 11/01/09 11/01/09
45 2.7500 0.0000 0.0000
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360 L12 2.0000 2.0000
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0.0000 S N 0.1250
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0.0000 05 00
O 0.0000
9597614 5.2500 265000.0000 100.0000
5.2500 265,000.00 ZZ
5.0000 1159.38 1
10.2500 1159.38 51
WAXHAW NC 28173 10.0000 09/24/04
0003529851 0.0000 11/01/04 00
0003529851 0.0000 10/01/34 0.0000
0 2.7500 10/01/09 10/01/09
286/286 2.5000 11/01/09 11/01/09
45 2.7500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9597616 5.8750 572200.0000 100.0000
5.8750 570,663.61 ZZ
5.6250 3384.78 1
10.8750 3384.78 80
PLAINFIELD NJ 07060 10.6250 11/30/04
0003566904 0.0000 01/01/05 00
0003566904 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.8750 12 12
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0.0000 S N 0.1250
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9597618 5.5000 222500.0000 100.0000
5.5000 222,500.00 ZZ
5.2500 1019.79 1
10.5000 1019.79 71
SUFFOLK VA 23435 10.2500 12/03/04
0003668502 0.0000 02/01/05 00
0003668502 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
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9597620 5.0000 197200.0000 100.0000
5.0000 197,200.00 ZZ
4.7500 821.67 1
10.0000 821.67 80
LAS VEGAS NV 89122 9.7500 11/17/04
0003671321 0.0000 01/01/05 00
0003671321 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9597622 5.3750 212000.0000 100.0000
5.3750 211,999.93 ZZ
5.1250 949.58 1
10.3750 949.58 80
RICHMOND VA 23227 10.1250 11/30/04
0003673787 0.0000 01/01/05 00
0003673787 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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0.0000 05 00
O 0.0000
9597624 4.6250 267000.0000 100.0000
4.6250 267,000.00 ZZ
4.3750 1029.06 1
9.6250 1029.06 80
STERLING VA 20166 9.3750 11/30/04
0003676048 0.0000 01/01/05 00
0003676048 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9597626 5.3750 284000.0000 100.0000
5.3750 283,362.10 ZZ
5.1250 1590.32 1
10.3750 1590.32 67
ANTIOCH CA 94531 10.1250 11/24/04
0003689099 0.0000 01/01/05 00
0003689099 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9597628 5.2500 140250.0000 100.0000
5.2500 139,927.54 ZZ
5.0000 774.47 1
10.2500 774.47 80
MADISON WI 53719 10.0000 12/03/04
0003689244 0.0000 01/01/05 00
0003689244 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9597630 5.7500 178400.0000 100.0000
5.7500 178,400.00 ZZ
5.5000 854.83 1
10.7500 854.83 80
KANSAS CITY MO 64114 10.5000 12/07/04
0003693214 0.0000 02/01/05 00
0003693214 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
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9597632 5.0000 188000.0000 100.0000
5.0000 187,774.10 ZZ
4.7500 1009.23 1
10.0000 1009.23 66
CROFTON MD 21114 9.7500 11/30/04
0003695721 0.0000 02/01/05 00
0003695721 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
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O 0.0000
9597634 5.1250 180000.0000 100.0000
5.1250 179,455.92 ZZ
4.8750 980.08 1
10.1250 980.08 60
SCOTTSDALE AZ 85251 9.8750 11/23/04
0003698523 0.0000 01/01/05 00
0003698523 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
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O 0.0000
9597638 5.0000 273050.0000 100.0000
5.0000 273,042.08 ZZ
4.7500 1137.71 1
10.0000 1137.71 80
RENO NV 89523 9.7500 11/23/04
0003707830 0.0000 01/01/05 00
0003707830 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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O 0.0000
9597640 5.7500 479200.0000 100.0000
5.7500 479,200.00 ZZ
5.5000 2296.17 1
10.7500 2296.17 80
STOCKTON CA 95209 10.5000 12/03/04
0003717308 0.0000 02/01/05 00
0003717308 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
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O 0.0000
9597642 5.3750 288000.0000 100.0000
5.3750 288,000.00 ZZ
5.1250 1290.00 1
10.3750 1290.00 80
HERNDON VA 20171 10.1250 12/08/04
0003721206 0.0000 02/01/05 00
0003721206 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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O 0.0000
9597644 5.3750 225000.0000 100.0000
5.3750 224,300.00 ZZ
5.1250 1007.81 1
10.3750 1007.81 75
RENO NV 89511 10.1250 11/23/04
0003721264 0.0000 01/01/05 00
0003721264 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
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O 0.0000
9597646 5.0000 82733.0000 100.0000
5.0000 82,733.00 ZZ
4.7500 344.72 1
10.0000 344.72 80
DALLAS TX 75254 9.7500 12/03/04
0003721575 0.0000 01/01/05 00
0003721575 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
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9597648 6.0000 264000.0000 100.0000
6.0000 264,000.00 ZZ
5.7500 1320.00 1
11.0000 1320.00 80
LEONARD TX 75452 10.7500 11/24/04
0003725300 0.0000 01/01/05 00
0003725300 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 11.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9597650 5.2500 321000.0000 100.0000
5.2500 321,000.00 ZZ
5.0000 1404.38 1
10.2500 1404.38 54
FREDERICK MD 21704 10.0000 11/24/04
0003726477 0.0000 01/01/05 00
0003726477 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9597652 4.8750 146000.0000 100.0000
4.8750 146,000.00 ZZ
4.6250 593.13 1
9.8750 593.13 80
PUYALLUP WA 98373 9.6250 12/08/04
0003726861 0.0000 02/01/05 00
0003726861 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9597656 5.3750 632000.0000 100.0000
5.3750 630,580.45 ZZ
5.1250 3539.02 1
10.3750 3539.02 80
LONG BEACH TOWN NJ 08008 10.1250 12/01/04
0003729742 0.0000 01/01/05 00
0003729742 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
286/286 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9597658 5.0000 300000.0000 100.0000
5.0000 300,000.00 ZZ
4.7500 1250.00 1
10.0000 1250.00 37
WILLIAMSBURG VA 23185 9.7500 12/03/04
0003730705 0.0000 02/01/05 00
0003730705 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9597660 5.2500 204000.0000 100.0000
5.2500 204,000.00 ZZ
5.0000 892.50 1
10.2500 892.50 79
RICHMOND VA 23226 10.0000 12/03/04
0003741054 0.0000 02/01/05 00
0003741054 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9597662 5.1250 207000.0000 100.0000
5.1250 207,000.00 ZZ
4.8750 884.06 1
10.1250 884.06 68
NORMAL IL 61761 9.8750 12/03/04
0003746969 0.0000 02/01/05 00
0003746969 0.0000 01/01/35 0.0000
0 2.7500 01/01/10 01/01/10
286/286 2.5000 02/01/10 02/01/10
45 2.7500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9599754 5.0000 125000.0000 100.0000
5.0000 125,000.00 ZZ
4.7500 520.83 1
10.0000 520.83 12
CULPEPER VA 22701 9.7500 12/10/04
0438794224 0.0000 02/01/05 00
50104289 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
696/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
A 10.0000 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9600950 5.6250 475000.0000 100.0000
5.6250 475,000.00 ZZ
5.3750 2226.56 1
10.6250 2226.56 52
UPPER MARLBORO MD 20772 10.3750 12/14/04
0438795510 0.0000 02/01/05 00
32904291 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
696/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
A 10.6250 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9613260 5.2500 440000.0000 100.0000
5.2500 440,000.00 ZZ
5.0000 1925.00 1
10.2500 1925.00 80
MIDDLEBURG VA 20117 10.0000 12/29/04
0438835001 0.0000 02/01/05 00
26504051 0.0000 01/01/35 0.0000
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696/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
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5.3750 250,000.00 ZZ
5.1250 1119.79 1
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WELLINGTON FL 33414 10.1250 12/29/04
0438842445 0.0000 02/01/05 00
50104304 0.0000 01/01/35 0.0000
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696/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
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5.1250 1384.06 1
10.3750 1384.06 80
LORTON VA 22079 10.1250 01/14/05
0438881369 0.0000 03/01/05 00
24504435 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
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9623908 5.3750 696000.0000 100.0000
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5.1250 3117.50 1
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BETHESDA MD 20816 10.1250 01/14/05
0438885998 0.0000 03/01/05 00
25604344 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
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4.7500 1954.03 1
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FAIRFAX VA 22033 9.7500 12/13/04
0438882334 0.0000 02/01/05 00
23604151 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
696/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
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5.0000 2149.22 1
10.2500 2149.22 80
KENSINGTON MD 20895 10.0000 01/21/05
0438889107 0.0000 03/01/05 00
30104015 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
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9645591 5.1250 750000.0000 100.0000
5.1250 750,000.00 ZZ
4.8750 3203.12 1
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DALLAS TX 75225 9.8750 10/20/04
0001053347 0.0000 12/01/04 00
0001053347 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
L46/L46 2.0000 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9651559 5.0000 377647.0000 100.0000
5.0000 377,647.00 ZZ
4.7500 1573.53 1
10.0000 1573.53 80
ELK GROVE CA 95757 9.7500 10/19/04
0422275453 0.0000 12/01/04 00
0422275453 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
E22/G01 2.0000 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9657851 5.5000 178400.0000 100.0000
5.5000 177,811.49 ZZ
5.2500 1012.94 1
10.5000 1012.94 80
THORNTON CO 80241 10.2500 10/26/04
0422423194 0.0000 12/01/04 00
0422423194 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
E22/G01 2.0000 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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9685119 5.1250 105000.0000 100.0000
5.1250 104,944.34 ZZ
4.8750 448.44 1
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INDIANAPOLIS IN 46221 10.8750 10/08/04
0438643546 2.2500 12/01/04 00
7700236818 2.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
H29/G01 2.0000 12/01/09 12/01/09
25 2.2500 0.0000 0.0000
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360 E 2.0000 2.0000
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2.8750 2 0
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9685135 5.2500 140000.0000 100.0000
5.2500 139,516.12 ZZ
5.0000 773.09 1
11.2500 773.09 67
BROCKTON MA 02301 11.0000 10/04/04
0438644049 2.2500 12/01/04 00
7700140906 2.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
H29/G01 2.0000 12/01/09 12/01/09
25 2.2500 0.0000 0.0000
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4.7500 2708.33 1
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EUGENE OR 97405 9.7500 11/18/04
0421945726 0.0000 01/01/05 00
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E22/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
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9693047 5.2500 232700.0000 100.0000
5.2500 232,164.99 ZZ
5.0000 1284.98 1
10.2500 1284.98 19
HOUSTON TX 77027 10.0000 11/19/04
0401040019 0.0000 01/01/05 00
0401040019 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
E82/G01 2.5000 01/01/10 01/01/10
45 2.7500 0.0000 0.0000
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5.0000 665,000.00 ZZ
4.7500 2770.83 1
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SCOTTSDALE AZ 85262 9.7500 11/22/04
0422569095 0.0000 01/01/05 00
0422569095 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
E22/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
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9707843 5.0000 286000.0000 100.0000
5.0000 286,000.00 ZZ
4.7500 1191.67 1
11.0000 1191.67 65
WALNUT CREEK CA 94598 10.7500 11/04/04
0438676751 2.2500 01/01/05 00
3347000702 2.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
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9707941 5.1250 384308.0000 100.0000
5.1250 384,308.00 ZZ
4.8750 1641.32 1
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NORTH LAS VEGAS NV 89084 10.8750 07/01/04
0438677239 0.0000 09/01/04 00
1165006729 0.0000 08/01/34 0.0000
0 2.7500 08/01/09 08/01/09
N67/G01 2.5000 09/01/09 09/01/09
25 2.7500 0.0000 0.0000
A 11.1250 6 6
360 E 1.0000 1.0000
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9712463 5.3750 320000.0000 100.0000
5.3750 320,000.00 ZZ
5.1250 1433.33 1
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SOUTH SAN FRANC CA 94080 11.1250 11/19/04
0438764946 0.0000 01/01/05 00
2341713 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
45 3.3750 0.0000 0.0000
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9712477 5.3750 488000.0000 100.0000
5.3750 488,000.00 ZZ
5.1250 2185.83 1
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ORLANDO FL 32804 11.1250 11/24/04
0438727919 0.0000 01/01/05 00
2344272 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
45 3.3750 0.0000 0.0000
A 7.3750 12 12
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9721855 5.0000 735000.0000 100.0000
5.0000 735,000.00 ZZ
4.7500 3062.50 1
10.0000 3062.50 70
FALLBROOK CA 92028 9.7500 12/03/04
0438744542 0.0000 02/01/05 00
11411093 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
X05/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
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9727981 5.2500 310000.0000 100.0000
5.2500 309,287.28 ZZ
5.0000 1711.83 1
11.2500 1711.83 58
LA JOLLA AREA CA 92037 11.0000 11/02/04
0438755878 2.2500 01/01/05 00
3298001583 2.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
A 11.2500 6 6
360 E 2.0000 2.0000
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3.0000 5 0
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O 0.0000
9733255 5.1250 512000.0000 100.0000
5.1250 512,000.00 ZZ
4.8750 2186.67 1
10.1250 2186.67 80
LAKE FOREST IL 60045 9.8750 12/17/04
0438799611 0.0000 02/01/05 00
85283 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
E33/G01 2.0000 02/01/10 02/01/10
25 2.0000 0.0000 0.0000
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O 0.0000
9740673 5.2500 320000.0000 100.0000
5.2500 320,000.00 ZZ
5.0000 1400.00 1
10.2500 1400.00 80
LYNNWOOD WA 98037 10.0000 11/30/04
0438789679 0.0000 01/01/05 00
264423 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
H58/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
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O 0.0000
9740677 5.3750 268150.0000 100.0000
5.3750 268,150.00 ZZ
5.1250 1201.09 1
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HILLSBORO OR 97124 10.1250 11/24/04
0438794687 0.0000 01/01/05 00
265613 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
H58/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
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9740691 5.3750 240000.0000 100.0000
5.3750 240,000.00 ZZ
5.1250 1075.00 1
10.3750 1075.00 63
LITCHFIELD PARK AZ 85340 10.1250 11/17/04
0438793945 0.0000 01/01/05 00
0000263641 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
H58/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
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0.0000 5 0
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O 0.0000
9740747 5.0000 319905.0000 100.0000
5.0000 319,905.00 ZZ
4.7500 1332.94 1
10.0000 1332.94 80
PASO ▇▇▇▇▇▇ CA 93446 9.7500 12/02/04
0438800740 0.0000 02/01/05 00
261463 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
H58/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9740769 5.2500 265000.0000 100.0000
5.2500 264,999.99 ZZ
5.0000 1159.38 1
10.2500 1159.38 58
YORBA LINDA CA 92886 10.0000 12/01/04
0438794257 0.0000 01/01/05 00
264201 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
H58/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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O 0.0000
9740819 5.2500 187200.0000 100.0000
5.2500 187,200.00 ZZ
5.0000 819.00 1
10.2500 819.00 80
PORTLAND OR 97229 10.0000 12/06/04
0438791402 0.0000 02/01/05 00
264407 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
H58/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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O 0.0000
9740831 5.2500 140000.0000 100.0000
5.2500 139,678.12 ZZ
5.0000 773.09 1
10.2500 773.09 77
VANCOUVER WA 98665 10.0000 11/24/04
0438791279 0.0000 01/01/05 00
263298 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
H58/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
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0.0000 5 0
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O 0.0000
9741755 5.8750 150500.0000 100.0000
5.8750 150,500.00 ZZ
5.6250 736.82 1
10.8750 736.82 45
SAN DIEGO CA 92113 10.6250 12/16/04
0422608638 0.0000 02/01/05 00
0422608638 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
E22/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
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O 0.0000
9746245 5.2500 283000.0000 100.0000
5.2500 283,000.00 ZZ
5.0000 1238.13 1
11.2500 1238.13 63
INCLINE VILLAGE NV 89451 11.0000 12/08/04
0438828428 2.2500 02/01/05 00
3298001669 2.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
N67/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
A 11.2500 6 6
360 E 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
3.0000 5 0
0.0000 01 00
O 0.0000
9746301 5.2500 235000.0000 100.0000
5.2500 235,000.00 T
5.0000 1028.13 1
11.2500 1028.13 61
SEATTLE WA 98105 11.0000 11/15/04
0438829053 2.2500 01/01/05 00
3318001607 2.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
A 11.2500 6 6
360 E 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
3.0000 5 0
0.0000 05 00
O 0.0000
9746315 5.2500 35000.0000 100.0000
5.2500 34,919.54 ZZ
5.0000 193.27 1
10.2500 193.27 21
BULLHEAD CITY AZ 86442 10.0000 11/16/04
0438826687 0.0000 01/01/05 00
1070005842 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9746327 5.0000 162000.0000 100.0000
5.0000 162,000.00 T
4.7500 675.00 1
10.0000 675.00 90
BULLHEAD CITY AZ 86442 9.7500 11/11/04
0438827602 0.0000 01/01/05 01
1070006331 0.0000 12/01/34 25.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9746343 5.5000 194000.0000 100.0000
5.5000 194,000.00 ZZ
5.2500 889.17 1
11.5000 889.17 80
GILBERT AZ 85234 11.2500 11/12/04
0438827727 2.7500 01/01/05 00
1161010243 2.5000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
N67/G01 2.5000 01/01/10 01/01/10
25 2.7500 0.0000 0.0000
A 11.5000 6 6
360 E 1.0000 1.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
2.7500 1 0
0.0000 03 00
O 0.0000
9746357 5.2500 332500.0000 100.0000
5.2500 331,735.55 ZZ
5.0000 1836.08 1
11.2500 1836.08 70
MOORPARK CA 93021 11.0000 11/19/04
0438827578 2.2500 01/01/05 00
3318001715 2.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
A 11.2500 6 6
360 E 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
3.0000 5 0
0.0000 03 00
O 0.0000
9746391 5.7500 320000.0000 100.0000
5.7500 320,000.00 ZZ
5.5000 1533.33 1
11.7500 1533.33 69
TEMPE AZ 85283 11.5000 11/29/04
0438832529 2.2500 01/01/05 00
1161010270 2.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
25 2.2500 0.0000 0.0000
A 11.7500 6 6
360 E 2.0000 2.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
3.5000 2 0
0.0000 03 00
O 0.0000
9746469 5.1250 155600.0000 100.0000
5.1250 155,600.00 ZZ
4.8750 664.54 1
11.1250 664.54 80
GILBERT AZ 85297 10.8750 08/20/04
0438830754 2.7500 10/01/04 00
1161200570 2.5000 09/01/34 0.0000
0 2.7500 09/01/09 09/01/09
N67/G01 2.5000 10/01/09 10/01/09
25 2.7500 0.0000 0.0000
A 11.1250 6 6
360 E 1.0000 1.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
2.3750 1 0
0.0000 03 00
O 0.0000
9746479 5.5000 216000.0000 100.0000
5.5000 216,000.00 ZZ
5.2500 990.00 1
10.5000 990.00 90
RENO NV 89503 10.2500 12/03/04
0438875692 0.0000 02/01/05 10
1260300362 0.0000 01/01/35 25.0000
0 2.2500 01/01/10 01/01/10
N67/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9746483 4.8750 640000.0000 100.0000
4.8750 640,000.00 ZZ
4.6250 2600.00 1
9.8750 2600.00 76
RENO NV 89509 9.6250 12/07/04
0438839979 0.0000 02/01/05 00
1260300379 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
N67/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9746487 5.3750 143000.0000 100.0000
5.3750 143,000.00 ZZ
5.1250 640.52 1
10.3750 640.52 61
SPARKS NV 89431 10.1250 12/06/04
0438819435 0.0000 02/01/05 00
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WOODBRIDGE VA 22193 11.2500 12/02/04
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CHICKAMAUGA GA 30707 11.1250 11/24/04
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FREDERICKSBURG VA 22408 11.2500 11/17/04
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HAGERSTOWN MD 21740 10.6250 12/02/04
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EAST PALO ALTO CA 94303 10.1250 12/23/04
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MAYER MN 55360 10.2500 12/29/04
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ALABASTER AL 35007 9.6250 12/27/04
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CARLSBAD CA 92009 10.0000 12/23/04
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BOSTON MA 02127 9.7500 12/27/04
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BULVERDE TX 78163 9.6250 12/27/04
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SAN RAMON CA 94583 10.1250 12/16/04
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ALEXANDRIA VA 22302 10.1250 12/28/04
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WOODBRIDGE TWP NJ 08830 10.0000 12/28/04
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MURPHY TX 75094 10.0000 12/28/04
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SANTA CLARA CA 95050 10.1250 12/27/04
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SANTEE CA 92071 10.2500 12/27/04
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MORAGA CA 94556 10.1250 12/27/04
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▇▇▇▇▇▇▇▇ PARK NJ 07662 10.2500 12/29/04
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PHELAN CA 92371 9.7500 12/28/04
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ELK GROVE CA 95624 10.0000 12/28/04
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LAS VEGAS NV 89128 10.2500 12/28/04
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SUMNER WA 98390 10.1250 12/28/04
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CORONA CA 92880 10.1250 12/13/04
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OCEANSIDE CA 92057 10.0000 12/14/04
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VENTURA CA 93004 10.0000 12/10/04
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TRACY CA 95377 9.7500 12/02/04
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RESTON VA 20194 9.6250 12/29/04
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SAN JOSE CA 95125 9.6250 12/28/04
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WEST HOLLYWOOD CA 90046 10.0000 12/27/04
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ELK GROVE CA 95757 9.6250 12/31/04
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CITY OF BAKERSF CA 93311 10.0000 12/09/04
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BORO OF NORTH H NJ 07508 9.8750 12/21/04
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ROSWELL GA 30075 9.6250 12/23/04
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CHAPIN SC 29036 9.7500 12/21/04
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BRENTWOOD NH 03833 9.8750 12/17/04
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MARBLEHEAD MA 01945 9.5000 12/15/04
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PONTE VEDRA BEA FL 32082 9.7500 12/09/04
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ATTLEBORO MA 02703 10.1250 12/23/04
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FOREST HILL MD 21050 10.2500 12/21/04
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LEESBURG VA 20175 10.3750 12/27/04
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MAMMOTH LAKES CA 93546 10.1250 12/14/04
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5.2500 1022.02 1
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WATERFORD MI 48327 10.2500 01/04/05
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SEATTLE WA 98144 10.3750 12/31/04
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CITRUS HEIGHTS CA 95610 9.7500 12/30/04
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GRASS VALLEY CA 95949 10.1250 01/03/05
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5.1250 1075.00 1
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SACRAMENTO CA 95820 10.1250 01/03/05
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LAS VEGAS NV 89129 10.2500 01/03/05
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4.8750 450,000.00 ZZ
4.6250 1828.13 1
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WHITTIER CA 90601 9.6250 01/05/05
0438860025 2.2500 02/10/05 00
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SAN DIEGO CA 92128 10.1250 01/11/05
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ALEXANDRIA VA 22306 10.0000 01/11/05
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TURLOCK CA 95382 10.2500 01/05/05
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BOULDER CO 80302 10.1250 01/06/05
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VENICE CA 90291 10.2500 01/03/05
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45 2.2500 0.0000 0.0000
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DORAL FL 33178 10.1250 01/10/05
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ROCKLIN CA 95765 10.1250 01/07/05
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5.5000 119,500.00 ZZ
5.2500 547.71 1
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LITCHFIELD PARK AZ 85340 10.2500 01/06/05
0422989657 0.0000 03/01/05 00
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5.2500 305,000.00 ZZ
5.0000 1334.38 1
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MILFORD TOWNSHI MI 48381 10.0000 01/10/05
0422965574 0.0000 03/01/05 00
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0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
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5.1250 1209.38 1
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SOUTH JORDAN UT 84095 10.1250 01/03/05
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9772345 5.6250 237000.0000 100.0000
5.6250 237,000.00 ZZ
5.3750 1364.31 1
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DELTON MI 49046 10.3750 01/12/05
0422885566 0.0000 03/01/05 00
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0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
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4.6250 1881.75 1
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ALPHARETTA GA 30022 9.6250 01/18/05
0438878803 2.2500 03/01/05 00
0954607 2.0000 02/01/35 0.0000
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5.2500 368,000.00 ZZ
5.0000 1610.00 1
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FONTANA CA 92336 11.0000 11/24/04
0438855223 0.0000 01/01/05 00
2001915 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
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5.3750 185,600.00 ZZ
5.1250 831.33 1
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CENTENNIAL CO 80015 11.1250 12/29/04
0438857898 0.0000 02/01/05 00
2002135 0.0000 01/01/35 0.0000
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196/G01 2.0000 02/01/10 02/01/10
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4.8750 560,000.00 ZZ
4.6250 2275.00 1
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LIVERMORE CA 94550 10.6250 11/01/04
0438854846 0.0000 01/01/05 00
2340817 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
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45 2.8750 0.0000 0.0000
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5.1250 632,000.00 ZZ
4.8750 2699.17 1
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CARLSBAD CA 92008 10.8750 11/22/04
0438857500 0.0000 01/01/05 00
2341021 0.0000 12/01/34 0.0000
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196/G01 2.0000 01/01/10 01/01/10
45 3.1250 0.0000 0.0000
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5.0000 578,250.00 ZZ
4.7500 2409.38 1
10.0000 2409.38 80
CORONA CA 92883 9.7500 11/11/04
0438857294 0.0000 01/01/05 00
2341152 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
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5.1250 388,000.00 ZZ
4.8750 1657.08 1
11.1250 1657.08 80
SAN FRANCISCO CA 94112 10.8750 11/19/04
0438854911 0.0000 01/01/05 00
2341389 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
45 3.1250 0.0000 0.0000
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5.1250 1,000,000.00 ZZ
4.8750 4270.83 1
11.1250 4270.83 50
HUNTINGTON BEAC CA 92648 10.8750 11/15/04
0438862146 0.0000 01/01/05 00
2341827 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
196/G01 2.0000 01/01/10 01/01/10
45 3.1250 0.0000 0.0000
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NEWPORT BEACH CA 92660 10.7500 11/16/04
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NEW FAIRFIELD CT 06812 10.7500 12/13/04
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ALTADENA CA 91001 10.8750 12/09/04
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LAKE ARROWHEAD CA 92352 10.7500 12/03/04
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CHARLOTTE NC 28216 10.9750 11/16/04
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GLENDALE CA 91206 11.6000 12/08/04
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SAN BERNARDINO CA 92404 11.3750 12/15/04
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LONG BEACH CA 90806 11.2250 12/13/04
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COLFAX CA 95713 11.3750 12/20/04
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DIVIDE CO 80814 9.6250 01/12/05
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NEWARK CA 94560 10.2500 01/10/05
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GREAT BARRINGTO MA 01230 10.5000 01/11/05
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ISSAQUAH WA 98029 10.1250 01/11/05
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FORT WASHINGTON MD 20744 10.0000 01/13/05
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DIVIDE CO 80814 9.6250 01/13/05
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IRVINE CA 92604 10.3750 01/10/05
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LAKE FOREST IL 60045 9.6250 01/14/05
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SHORELINE WA 98155 10.2500 01/07/05
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TACOMA WA 98407 9.7500 01/10/05
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SCOTTSDALE AZ 85254 10.3750 01/04/05
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GRASS VALLEY CA 95949 10.1250 01/10/05
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SAN FRANCISCO CA 94110 10.0000 01/13/05
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UPPERVILLE VA 20185 9.7500 01/19/05
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PORTLAND OR 97266 9.7500 01/13/05
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KENMORE WA 98028 9.7500 01/13/05
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DISCOVERY BAY CA 94514 10.1250 01/14/05
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MORENO VALLEY CA 92555 10.0000 01/14/05
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KENNESAW GA 30152 9.8750 01/12/05
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NASHUA NH 03064 9.6250 01/07/05
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LODI CA 95242 9.5000 01/14/05
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CONCORD CA 94519 10.0000 01/14/05
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ALBUQUERQUE NM 87120 9.6250 01/20/05
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TUSTIN CA 92782 9.6250 01/19/05
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BIRMINGHAM AL 35235 10.1250 01/21/05
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ROCHESTER MI 48307 10.1250 01/21/05
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4.7500 168,000.00 TX
4.5000 876.37 1
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HOUSTON TX 77065 9.5000 01/20/05
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PARADISE VALLEY AZ 85253 10.3750 01/26/05
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SNOHOMISH WA 98296 10.0000 01/20/05
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PUEBLO CO 81004 9.7500 01/27/05
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5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9786421 5.5000 209600.0000 100.0000
5.5000 209,600.00 ZZ
5.2500 960.67 1
10.5000 960.67 80
COVINGTON WA 98042 10.2500 01/19/05
0423110006 0.0000 03/01/05 00
0423110006 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9786991 5.7500 712500.0000 100.0000
5.7500 712,500.00 T
5.5000 3414.06 1
10.7500 3414.06 75
MCHENRY MD 21541 10.5000 01/27/05
0438893372 0.0000 03/01/05 00
32604340 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
A 10.7500 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9787389 5.6250 280000.0000 100.0000
5.6250 280,000.00 ZZ
5.3750 1312.50 1
10.6250 1312.50 75
FAIRFIELD CA 94533 10.3750 01/20/05
0423090414 0.0000 03/01/05 00
0423090414 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9789339 5.0000 368000.0000 100.0000
5.0000 368,000.00 ZZ
4.7500 1533.33 1
10.0000 1533.33 63
LODI CA 95242 9.7500 01/18/05
0422945170 0.0000 03/01/05 00
0422945170 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9789647 5.2500 475000.0000 100.0000
5.2500 475,000.00 ZZ
5.0000 2078.13 1
10.2500 2078.13 40
KIRKLAND WA 98033 10.0000 01/24/05
0422748848 0.0000 03/01/05 00
0422748848 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9789915 5.3750 162400.0000 100.0000
5.3750 162,400.00 ZZ
5.1250 727.42 1
10.3750 727.42 80
PUYALLUP WA 98374 10.1250 01/25/05
0423152768 0.0000 03/01/05 00
0423152768 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9789917 5.7500 450000.0000 100.0000
5.7500 450,000.00 ZZ
5.5000 2156.25 1
10.7500 2156.25 75
FREMONT CA 94555 10.5000 01/25/05
0423153451 0.0000 03/01/05 00
0423153451 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 09 00
O 0.0000
9790517 5.2500 470000.0000 100.0000
5.2500 470,000.00 ZZ
5.0000 2056.25 1
10.2500 2056.25 34
HILLSBOROUGH CA 94010 10.0000 01/31/05
0438906885 0.0000 03/01/05 00
M5011205 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
893/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9792509 5.2500 480000.0000 100.0000
5.2500 480,000.00 ZZ
5.0000 2100.00 1
10.2500 2100.00 59
LIVERMORE CA 94550 10.0000 01/25/05
0423128313 0.0000 03/01/05 00
0423128313 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9792659 4.7500 270000.0000 100.0000
4.7500 270,000.00 ZZ
4.5000 1068.75 1
9.7500 1068.75 63
CITRUS HEIGHTS CA 95610 9.5000 01/26/05
0422932632 0.0000 03/01/05 00
0422932632 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9796427 5.7500 308000.0000 100.0000
5.7500 308,000.00 ZZ
5.5000 1475.83 1
10.7500 1475.83 65
CHULA VISTA CA 91913 10.5000 01/26/05
0423209261 0.0000 03/01/05 00
0423209261 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9798095 5.2500 450000.0000 100.0000
5.2500 450,000.00 ZZ
5.0000 1968.75 1
10.2500 1968.75 70
CARLSBAD CA 92008 10.0000 01/25/05
0422951939 0.0000 03/01/05 00
0422951939 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9800839 5.5000 162400.0000 100.0000
5.5000 162,400.00 ZZ
5.2500 744.33 1
10.5000 744.33 80
KINGSTON WA 98346 10.2500 01/31/05
0423165430 0.0000 03/01/05 00
0423165430 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
Total Number of Loans: 214
Total Original Balance: 75,043,561.00
Total Principal Balance: 75,001,578.66
Total Original P+I: 345,753.95
Total Current P+I: 345,753.71
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
9228633 0.2500 10.2500
500000.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9228647 0.2500 10.2500
668330.58 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9473387 0.2500 10.6250
171000.00 0.0500 10.5750
5.8750 0.0000 10.5750
5.6250 0.0000 1.9500
5.5750 0.0000 1.9500
5.5750 0.0000
9546584 0.2500 9.6250
524000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9562898 0.2500 10.0000
299310.27 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9589476 0.3750 9.8750
600000.00 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9589498 0.3750 9.6250
395182.37 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9589552 0.3750 9.1250
426302.83 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9589554 0.3750 9.1250
588655.96 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9589560 0.3750 9.2500
488100.48 0.0500 9.2000
4.6250 0.0000 9.2000
4.2500 0.0000 1.8250
4.2000 0.0000 1.8250
4.2000 0.0000
9589572 0.3750 9.1250
355280.18 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9589602 0.3750 10.2500
700000.00 0.0500 10.2000
5.6250 0.0000 10.2000
5.2500 0.0000 1.8250
5.2000 0.0000 1.8250
5.2000 0.0000
9589630 0.3750 9.1250
370524.87 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9589680 0.3750 9.3750
398991.49 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 2.3250
4.3250 0.0000 2.3250
4.3250 0.0000
9589684 0.3750 9.1250
443227.10 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 2.3250
4.0750 0.0000 2.3250
4.0750 0.0000
9589724 0.3750 9.5000
423930.59 0.0500 9.4500
4.8750 0.0000 9.4500
4.5000 0.0000 2.3250
4.4500 0.0000 2.3250
4.4500 0.0000
9589730 0.3750 9.5000
420403.76 0.0500 9.4500
4.8750 0.0000 9.4500
4.5000 0.0000 2.3250
4.4500 0.0000 2.3250
4.4500 0.0000
9589732 0.3750 9.6250
640229.80 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 2.3250
4.5750 0.0000 2.3250
4.5750 0.0000
9589740 0.3750 9.1250
215143.47 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 2.3250
4.0750 0.0000 2.3250
4.0750 0.0000
9597610 0.2500 10.5000
350519.36 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 2.4500
5.4500 0.0000 2.4500
5.4500 0.0000
9597614 0.2500 10.0000
265000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9597616 0.2500 10.6250
570663.61 0.0500 10.5750
5.8750 0.0000 10.5750
5.6250 0.0000 2.4500
5.5750 0.0000 2.4500
5.5750 0.0000
9597618 0.2500 10.2500
222500.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 2.4500
5.2000 0.0000 2.4500
5.2000 0.0000
9597620 0.2500 9.7500
197200.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
9597622 0.2500 10.1250
211999.93 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9597624 0.2500 9.3750
267000.00 0.0500 9.3250
4.6250 0.0000 9.3250
4.3750 0.0000 2.4500
4.3250 0.0000 2.4500
4.3250 0.0000
9597626 0.2500 10.1250
283362.10 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9597628 0.2500 10.0000
139927.54 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9597630 0.2500 10.5000
178400.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 2.4500
5.4500 0.0000 2.4500
5.4500 0.0000
9597632 0.2500 9.7500
187774.10 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
9597634 0.2500 9.8750
179455.92 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9597638 0.2500 9.7500
273042.08 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
9597640 0.2500 10.5000
479200.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 2.4500
5.4500 0.0000 2.4500
5.4500 0.0000
9597642 0.2500 10.1250
288000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9597644 0.2500 10.1250
224300.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9597646 0.2500 9.7500
82733.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
9597648 0.2500 10.7500
264000.00 0.0500 10.7000
6.0000 0.0000 10.7000
5.7500 0.0000 2.4500
5.7000 0.0000 2.4500
5.7000 0.0000
9597650 0.2500 10.0000
321000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9597652 0.2500 9.6250
146000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 2.4500
4.5750 0.0000 2.4500
4.5750 0.0000
9597656 0.2500 10.1250
630580.45 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9597658 0.2500 9.7500
300000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 2.4500
4.7000 0.0000 2.4500
4.7000 0.0000
9597660 0.2500 10.0000
204000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9597662 0.2500 9.8750
207000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9599754 0.2500 9.7500
125000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9600950 0.2500 10.3750
475000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9613260 0.2500 10.0000
440000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9616334 0.2500 10.1250
250000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9618758 0.2500 10.1250
309000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9623908 0.2500 10.1250
696000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9623920 0.2500 9.7500
363562.64 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9630662 0.2500 10.0000
491250.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9645591 0.2500 9.8750
750000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9651559 0.2500 9.7500
377647.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9657851 0.2500 10.2500
177811.49 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9685119 0.2500 10.8750
104944.34 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9685135 0.2500 11.0000
139516.12 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9686839 0.2500 9.7500
650000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9693047 0.2500 10.0000
232164.99 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 2.4500
4.9500 0.0000 2.4500
4.9500 0.0000
9706759 0.2500 9.7500
665000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9707843 0.2500 10.7500
286000.00 0.0500 10.7000
5.0000 0.0000 10.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9707941 0.2500 10.8750
384308.00 0.0500 10.8250
5.1250 0.0000 10.8250
4.8750 0.0000 2.4500
4.8250 0.0000 2.4500
4.8250 0.0000
9712463 0.2500 11.1250
320000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9712477 0.2500 11.1250
488000.00 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9721855 0.2500 9.7500
735000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9727981 0.2500 11.0000
309287.28 0.0500 10.9500
5.2500 0.0000 10.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9733255 0.2500 9.8750
512000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9740673 0.2500 10.0000
320000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9740677 0.2500 10.1250
268150.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9740691 0.2500 10.1250
240000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9740747 0.2500 9.7500
319905.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9740769 0.2500 10.0000
264999.99 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9740819 0.2500 10.0000
187200.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9740831 0.2500 10.0000
139678.12 0.0500 9.9500
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9782985 0.2500 9.7500
350000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9783017 0.2500 9.7500
573000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9783065 0.2500 9.7500
201750.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9783119 0.2500 10.1250
645000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9783455 0.2500 10.0000
288808.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9783843 0.2500 9.8750
227100.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9783871 0.2500 9.6250
174000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9783995 0.2500 9.5000
214500.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9784025 0.2500 10.0000
356000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9784037 0.2500 9.6250
189000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9784255 0.2500 9.6250
648000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9784897 0.2500 10.1250
109000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9785021 0.2500 10.1250
350000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9785055 0.2500 9.5000
168000.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9785979 0.2500 10.3750
1000000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9786261 0.2500 10.0000
231200.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9786287 0.2500 9.7500
154000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9786421 0.2500 10.2500
209600.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9786991 0.2500 10.5000
712500.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9787389 0.2500 10.3750
280000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9789339 0.2500 9.7500
368000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9789647 0.2500 10.0000
475000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9789915 0.2500 10.1250
162400.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9789917 0.2500 10.5000
450000.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9790517 0.2500 10.0000
470000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9792509 0.2500 10.0000
480000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9792659 0.2500 9.5000
270000.00 0.0500 9.4500
4.7500 0.0000 9.4500
4.5000 0.0000 1.9500
4.4500 0.0000 1.9500
4.4500 0.0000
9796427 0.2500 10.5000
308000.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9798095 0.2500 10.0000
450000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9800839 0.2500 10.2500
162400.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
Total Number of Loans: 214
Total Original Balance: 75,043,561.00
Total Principal Balance: 75,001,578.66
Total Original P+I: 345,753.95
Total Current P+I: 345,753.71
EXHIBIT THREE
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP III
(Available Upon Request)
Non Fixed Rate Loan
Loan Number Orig Rate Original Bal Max Neg Amort
Curr Rate Principal Bal Loan Feature
Net Curr Original PI # of Units
Note Ceiling Current PI LTV
City State Zip Net Ceiling Note Date
Servicer Loan # Note Floor First Pay Date MI Co Code
Seller Loan # Net Floor Maturity Date MI Coverage
Investor Loan # Gross Margin 1st IntChgDate Nxt IntChgDate
S/S Code Net Margin 1st PmtChgDate Nxt PmtChgDate
Int Chg Prior Day 1st Yr Floor Pmt Cap Incr Pmt Cap Decr
Payment Type 1st Yr Ceil Int Chg Freq Mos Pmt Chg Freq Mos
Orig Term Adj Index Period Incr Period Decr
Note Life Incr Note Round Type Note Round Mth Note Round Fctr
Net Life Incr Net Round Type Net Round Mth Net Round Fctr
Note Life Decr Loan Purp Convert Code Convert Prd From
Net Life Decr Prop Type Convert Index Convert Prd To
Occup Code Convert Margin
9588924 5.2500 504000.0000 100.0000
5.2500 504,000.00 ZZ
4.8750 2205.00 1
10.2500 2205.00 80
BURLINGAME CA 94010 9.8750 06/16/04
114050049 0.0000 08/01/04 00
114050049 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9588926 5.3750 382500.0000 100.0000
5.3750 382,500.00 ZZ
5.0000 1713.28 1
10.3750 1713.28 75
ROCKLIN CA 95765 10.0000 06/11/04
114060002 0.0000 08/01/04 00
114060002 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588928 5.6250 580400.0000 100.0000
5.6250 575,353.93 ZZ
5.2500 3341.11 1
10.6250 3341.11 80
SAN JOSE CA 95125 10.2500 06/23/04
114060010 0.0000 08/01/04 00
114060010 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588930 5.3750 629300.0000 100.0000
5.3750 629,183.30 ZZ
5.0000 2818.74 1
10.3750 2818.22 70
LIVERMORE CA 94550 10.0000 07/08/04
114060023 0.0000 09/01/04 00
114060023 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588932 4.7500 344250.0000 100.0000
4.7500 344,250.00 ZZ
4.3750 1362.66 1
9.7500 1362.66 85
HERCULES CA 94547 9.3750 03/03/04
214020147 0.0000 04/01/04 01
214020147 0.0000 03/01/34 12.0000
0 2.2500 03/01/09 03/01/09
956/956 1.8750 04/01/09 04/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9588934 5.5000 360000.0000 100.0000
5.5000 359,915.59 ZZ
5.1250 1650.00 1
10.5000 1649.61 64
BENICIA CA 94510 10.1250 06/07/04
214050027 0.0000 08/01/04 00
214050027 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588936 4.7500 377000.0000 100.0000
4.7500 377,000.00 ZZ
4.3750 1492.29 1
9.7500 1492.29 71
HERCULES CA 94547 9.3750 05/28/04
214050039 0.0000 07/01/04 00
214050039 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9588938 5.3750 252000.0000 100.0000
5.3750 251,412.24 ZZ
5.0000 1128.75 1
10.3750 1126.11 66
HAYWARD CA 94541 10.0000 06/16/04
214060009 0.0000 08/01/04 00
214060009 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9588940 4.5000 494900.0000 100.0000
4.5000 487,466.50 ZZ
4.1250 2507.59 1
9.5000 2507.59 70
HERCULES CA 94547 9.1250 02/12/04
314020016 0.0000 04/01/04 00
314020016 0.0000 03/01/34 0.0000
0 2.2500 03/01/09 03/01/09
956/956 1.8750 04/01/09 04/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588942 4.7500 333700.0000 100.0000
4.7500 333,700.00 ZZ
4.3750 1320.90 1
9.7500 1320.90 75
CITRUS HEIGHTS CA 95610 9.3750 06/08/04
314050048 0.0000 08/01/04 00
314050048 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588944 5.5000 445000.0000 100.0000
5.5000 445,000.00 ZZ
5.1250 2039.58 1
10.5000 2039.58 68
SAN RAFAEL CA 94903 10.1250 06/04/04
314050055 0.0000 08/01/04 00
314050055 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9588946 5.2500 360000.0000 100.0000
5.2500 359,835.14 ZZ
4.8750 1575.00 1
10.2500 1574.28 80
FOLSOM CA 95630 9.8750 06/08/04
314060002 0.0000 08/01/04 00
314060002 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588948 4.5000 238000.0000 100.0000
4.5000 233,923.45 ZZ
4.1250 892.50 1
9.5000 877.20 77
CHANDLER AZ 85249 9.1250 03/01/04
414020133 0.0000 05/01/04 00
414020133 0.0000 04/01/34 0.0000
0 2.2500 04/01/09 04/01/09
956/956 1.8750 05/01/09 05/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588950 5.0000 204000.0000 100.0000
5.0000 201,496.31 ZZ
4.6250 850.00 1
10.0000 844.80 80
CHANDLER AZ 85249 9.6250 06/04/04
414050062 0.0000 08/01/04 00
414050062 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588952 4.6250 220000.0000 100.0000
4.6250 219,798.82 ZZ
4.2500 847.92 1
9.6250 847.14 80
PEORIA AZ 85383 9.2500 06/11/04
414050083 0.0000 08/01/04 00
414050083 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588954 5.3750 241000.0000 100.0000
5.3750 239,711.65 ZZ
5.0000 1079.48 1
10.3750 1073.68 80
CAVE CREEK AZ 85331 10.0000 06/17/04
414050085 0.0000 08/01/04 00
414050085 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588956 5.3750 138000.0000 100.0000
5.3750 135,837.89 ZZ
5.0000 618.13 1
10.3750 612.89 59
CHANDLER AZ 85224 10.0000 06/03/04
414050089 0.0000 08/01/04 00
414050089 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9588958 5.0000 655000.0000 100.0000
5.0000 642,643.51 ZZ
4.6250 3516.18 1
10.0000 3516.18 74
SCOTTSDALE AZ 85262 9.6250 06/17/04
414050093 0.0000 08/01/04 00
414050093 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588960 5.3750 293000.0000 100.0000
5.3750 293,000.00 ZZ
5.0000 1312.40 1
10.3750 1312.40 66
SCOTTSDALE AZ 85262 10.0000 06/11/04
414060001 0.0000 08/01/04 00
414060001 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588962 5.6250 300000.0000 100.0000
5.6250 300,000.00 ZZ
5.2500 1406.25 1
10.6250 1406.25 80
SCOTTSDALE AZ 85255 10.2500 06/16/04
414060002 0.0000 08/01/04 00
414060002 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588964 5.3750 131000.0000 100.0000
5.3750 130,853.64 ZZ
5.0000 586.77 1
10.3750 586.12 79
GILBERT AZ 85296 10.0000 06/11/04
414060003 0.0000 08/01/04 00
414060003 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588966 5.6250 136000.0000 100.0000
5.6250 135,996.61 ZZ
5.2500 637.50 1
10.6250 637.48 80
CHANDLER AZ 85225 10.2500 06/17/04
414060004 0.0000 08/01/04 00
414060004 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588968 5.2500 479500.0000 100.0000
5.2500 479,500.00 ZZ
4.8750 2097.81 1
10.2500 2097.81 70
MESA AZ 85213 9.8750 06/14/04
414060016 0.0000 08/01/04 00
414060016 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588970 4.8750 172000.0000 100.0000
4.8750 172,000.00 ZZ
4.5000 698.75 1
9.8750 698.75 80
GLENDALE AZ 85308 9.5000 06/29/04
414060032 0.0000 08/01/04 00
414060032 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588972 5.3750 461500.0000 100.0000
5.3750 461,396.64 ZZ
5.0000 2067.14 1
10.3750 2067.14 77
SCOTTSDALE AZ 85255 10.0000 07/23/04
414070024 0.0000 09/01/04 00
414070024 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588974 5.5000 147750.0000 100.0000
5.5000 146,876.17 ZZ
5.1250 677.19 1
10.5000 676.99 75
MESA AZ 85212 10.1250 07/23/04
414070028 0.0000 09/01/04 00
414070028 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588976 5.5000 220000.0000 100.0000
5.5000 220,000.00 ZZ
5.1250 1008.33 1
10.5000 1008.33 74
MESA AZ 85213 10.1250 07/20/04
414070036 0.0000 09/01/04 00
414070036 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9588978 5.2500 460800.0000 100.0000
5.2500 460,800.00 ZZ
4.8750 2016.00 1
10.2500 2016.00 80
GOODYEAR AZ 85338 9.8750 07/23/04
414070039 0.0000 09/01/04 00
414070039 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588980 5.3750 355700.0000 100.0000
5.3750 355,700.00 ZZ
5.0000 1593.24 1
10.3750 1593.24 75
PHOENIX AZ 85012 10.0000 07/27/04
414070051 0.0000 09/01/04 00
414070051 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9588982 5.3750 376000.0000 100.0000
5.3750 376,000.00 ZZ
5.0000 1684.17 1
10.3750 1684.17 80
PHOENIX AZ 85022 10.0000 08/03/04
414070066 0.0000 10/01/04 00
414070066 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9588984 5.3750 303000.0000 100.0000
5.3750 302,436.18 ZZ
5.0000 1357.19 1
10.3750 1354.66 66
LOS ANGELES CA 91306 10.0000 06/01/04
514050033 0.0000 08/01/04 00
514050033 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9588986 5.0000 476000.0000 100.0000
5.0000 471,946.05 ZZ
4.6250 2555.27 1
10.0000 2555.27 75
SANTA MONICA CA 90405 9.6250 06/28/04
514050034 0.0000 08/01/04 00
514050034 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9588988 5.3750 100000.0000 100.0000
5.3750 99,977.19 ZZ
5.0000 447.92 1
10.3750 447.81 40
COMPTON CA 90220 10.0000 07/15/04
514070009 0.0000 09/01/04 00
514070009 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9588990 5.1250 400000.0000 100.0000
5.1250 395,590.23 ZZ
4.7500 2177.95 1
10.1250 2177.95 71
UPLAND CA 91784 9.7500 04/29/04
614040053 0.0000 06/01/04 00
614040053 0.0000 05/01/34 0.0000
0 2.2500 05/01/09 05/01/09
956/956 1.8750 06/01/09 06/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9588992 4.8750 360000.0000 100.0000
4.8750 358,218.58 ZZ
4.5000 1905.15 1
9.8750 1905.15 69
LOS ALAMITOS CA 90720 9.5000 09/14/04
614090005 0.0000 11/01/04 00
614090005 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9588994 5.0000 158600.0000 100.0000
5.0000 156,826.68 ZZ
4.6250 851.40 1
10.0000 851.40 53
SACRAMENTO CA 95823 9.6250 09/09/04
714080150 0.0000 11/01/04 00
714080150 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9588996 4.7500 333600.0000 100.0000
4.7500 333,600.00 ZZ
4.3750 1320.50 1
9.7500 1320.50 80
FAIRFIELD CA 94533 9.3750 06/04/04
814050028 0.0000 08/01/04 00
814050028 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9588998 4.5000 364000.0000 100.0000
4.5000 362,129.39 ZZ
4.1250 1365.00 1
9.5000 1357.96 80
FAIRFIELD CA 94534 9.1250 06/08/04
814050036 0.0000 08/01/04 00
814050036 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589000 5.2500 393750.0000 100.0000
5.2500 393,750.00 ZZ
4.8750 1722.66 1
10.2500 1722.66 75
NAPA CA 94558 9.8750 06/15/04
814060010 0.0000 08/01/04 00
814060010 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589002 5.3750 303200.0000 100.0000
5.3750 303,200.00 ZZ
5.0000 1358.08 1
10.3750 1358.08 79
FAIRFIELD CA 94534 10.0000 07/16/04
814060024 0.0000 09/01/04 00
814060024 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589004 5.1250 344000.0000 100.0000
5.1250 344,000.00 ZZ
4.7500 1469.17 1
10.1250 1469.17 58
FRESNO CA 93720 9.7500 07/22/04
814070009 0.0000 09/01/04 00
814070009 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589006 4.7500 576000.0000 100.0000
4.7500 572,347.75 ZZ
4.3750 3004.69 1
9.7500 3004.69 80
SAN JOSE CA 95129 9.3750 08/11/04
814080002 0.0000 10/01/04 00
814080002 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589008 5.5000 329000.0000 100.0000
5.5000 328,923.90 ZZ
5.1250 1507.92 1
10.5000 1507.57 75
CLARKSTON MI 48346 10.1250 06/28/04
914060023 0.0000 08/01/04 00
914060023 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
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0.0000 1 0
0.0000 05 00
O 0.0000
9589010 4.8750 149600.0000 100.0000
4.8750 149,599.61 ZZ
4.5000 607.75 1
9.8750 607.75 80
LIVONIA MI 48150 9.5000 07/30/04
914070042 0.0000 09/01/04 00
914070042 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
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O 0.0000
9589012 4.8750 400000.0000 100.0000
4.8750 397,520.79 ZZ
4.5000 2116.83 1
9.8750 2116.83 75
WATERFORD TWP. MI 48327 9.5000 08/16/04
914080011 0.0000 10/01/04 00
914080011 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
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0.0000 1 0
0.0000 05 00
O 0.0000
9589014 5.1250 103000.0000 100.0000
5.1250 102,390.20 ZZ
4.7500 560.82 1
10.1250 560.82 75
MADISON HEIGHTS MI 48071 9.7500 08/17/04
914080012 0.0000 10/01/04 00
914080012 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
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0.0000 1 0
0.0000 05 00
O 0.0000
9589016 4.7500 536000.0000 100.0000
4.7500 531,223.04 ZZ
4.3750 2796.03 1
9.7500 2796.03 80
PHOENIX AZ 85044 9.3750 06/02/04
1114050070 0.0000 08/01/04 00
1114050070 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589018 5.0000 400500.0000 100.0000
5.0000 396,822.41 ZZ
4.6250 2149.97 1
10.0000 2149.97 64
NAPA CA 94558 9.6250 06/11/04
1114050082 0.0000 08/01/04 00
1114050082 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
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0.0000 05 00
O 0.0000
9589020 4.8750 360000.0000 100.0000
4.8750 357,766.92 ZZ
4.5000 1905.15 1
9.8750 1905.15 80
CASTLE ROCK CO 80108 9.5000 08/23/04
1114080126 0.0000 10/01/04 00
1114080126 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
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0.0000 03 00
O 0.0000
9589022 4.6250 448000.0000 100.0000
4.6250 444,389.88 ZZ
4.2500 2303.35 1
9.6250 2303.35 80
MESA AZ 85205 9.2500 07/29/04
1114080129 0.0000 09/01/04 00
1114080129 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
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O 0.0000
9589024 4.8750 600000.0000 100.0000
4.8750 596,281.15 ZZ
4.5000 3175.25 1
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WEST LINN OR 97068 9.5000 08/23/04
1114080271 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589026 4.5000 463000.0000 100.0000
4.5000 460,547.45 ZZ
4.1250 2345.95 1
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CHINO HILLS CA 91709 9.1250 09/02/04
1114080289 0.0000 11/01/04 00
1114080289 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
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9589028 4.8750 364000.0000 100.0000
4.8750 361,285.21 ZZ
4.5000 1926.32 1
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DENVER CO 80247 9.5000 09/07/04
1114080408 0.0000 11/01/04 00
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0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
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9589030 4.8750 405000.0000 100.0000
4.8750 400,959.07 ZZ
4.5000 2143.29 1
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PALM COAST FL 32137 9.5000 05/05/04
1214040045 0.0000 07/01/04 00
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0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
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9589032 5.1250 456000.0000 100.0000
5.1250 453,649.93 ZZ
4.7500 1947.50 1
10.1250 1937.46 61
JACKSONVILLE FL 32256 9.7500 06/01/04
1214050026 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589034 5.3750 80000.0000 100.0000
5.3750 80,000.00 ZZ
5.0000 358.33 1
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TITUSVILLE FL 32780 10.0000 06/09/04
1214050056 0.0000 08/01/04 00
1214050056 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589036 4.8750 207900.0000 100.0000
4.8750 207,362.12 ZZ
4.5000 844.59 1
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COLUMBIA SC 29229 9.5000 06/25/04
1214060014 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589040 5.1250 195700.0000 100.0000
5.1250 195,700.00 ZZ
4.7500 835.80 1
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ORLANDO FL 32819 9.7500 07/30/04
1214070038 0.0000 09/01/04 01
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956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
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9589042 5.5000 91500.0000 100.0000
5.5000 91,334.71 ZZ
5.1250 419.38 1
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ORMOND BEACH FL 32174 10.1250 07/27/04
1214070041 0.0000 09/01/04 00
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0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
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9589044 5.0000 343600.0000 100.0000
5.0000 340,248.60 ZZ
4.6250 1844.52 1
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SEATTLE WA 98102 9.6250 06/01/04
1314050041 0.0000 07/01/04 00
1314050041 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
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9589046 5.3750 429000.0000 100.0000
5.3750 429,000.00 ZZ
5.0000 1921.56 1
10.3750 1921.56 79
CARLSBAD CA 92008 10.0000 06/29/04
1514030211 0.0000 08/01/04 00
1514030211 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
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9589048 4.8750 388300.0000 100.0000
4.8750 384,425.63 ZZ
4.5000 2054.92 1
9.8750 2054.92 51
SAN DIEGO CA 92130 9.5000 05/28/04
1514050030 0.0000 07/01/04 00
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0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589050 4.8750 424000.0000 100.0000
4.8750 424,000.00 ZZ
4.5000 1722.50 1
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SPRING VALLEY CA 91977 9.5000 06/08/04
1514050034 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589052 5.2500 680000.0000 100.0000
5.2500 679,847.97 ZZ
4.8750 2975.00 1
10.2500 2974.33 80
SAN DIEGO CA 92110 9.8750 06/22/04
1514050049 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
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9589054 5.2500 525000.0000 100.0000
5.2500 524,999.32 ZZ
4.8750 2296.88 1
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RAMONA CA 92065 9.8750 06/13/04
1514050057 0.0000 08/01/04 00
1514050057 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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0.0000 S N 0.1250
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9589056 5.5000 191600.0000 100.0000
5.5000 191,600.00 ZZ
5.1250 878.17 1
10.5000 878.17 80
HELENDALE CA 92342 10.1250 06/11/04
1514050059 0.0000 08/01/04 00
1514050059 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589058 5.5000 266500.0000 100.0000
5.5000 262,137.16 ZZ
5.1250 1221.46 1
10.5000 1208.97 57
LONG BEACH CA 90808 10.1250 06/05/04
1514060002 0.0000 08/01/04 00
1514060002 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589060 5.5000 412500.0000 100.0000
5.5000 408,886.80 ZZ
5.1250 2342.13 1
10.5000 2342.13 42
SAN DIEGO CA 92109 10.1250 06/15/04
1514060005 0.0000 08/01/04 00
1514060005 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589062 5.2500 290000.0000 100.0000
5.2500 287,640.72 ZZ
4.8750 1601.39 1
10.2500 1601.39 80
SAN DIEGO CA 92020 9.8750 06/17/04
1514060012 0.0000 08/01/04 00
1514060012 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589064 5.3750 157000.0000 100.0000
5.3750 155,779.66 ZZ
5.0000 703.23 1
10.3750 703.14 47
TEMECULA CA 92592 10.0000 07/14/04
1514070001 0.0000 09/01/04 00
1514070001 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9589066 5.5000 283500.0000 100.0000
5.5000 282,679.74 ZZ
5.1250 1299.38 1
10.5000 1295.61 57
RAMONA CA 92065 10.1250 07/21/04
1514070008 0.0000 09/01/04 00
1514070008 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589068 5.3750 514500.0000 100.0000
5.3750 514,500.00 ZZ
5.0000 2304.53 1
10.3750 2304.53 70
SAN DIEGO CA 92129 10.0000 07/29/04
1514070022 0.0000 09/01/04 00
1514070022 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9589070 4.7500 600000.0000 100.0000
4.7500 550,000.00 ZZ
4.3750 2375.00 1
9.7500 2375.00 80
CALABASAS CA 91302 9.3750 07/26/04
1514070031 0.0000 09/01/04 00
1514070031 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589072 5.5000 363750.0000 100.0000
5.5000 363,750.00 ZZ
5.1250 1667.19 1
10.5000 1667.19 75
LOMPOC CA 93436 10.1250 08/01/04
1514070048 0.0000 09/01/04 00
1514070048 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589074 5.2500 700000.0000 100.0000
5.2500 684,485.64 ZZ
4.8750 3062.50 1
10.2500 2994.92 53
HIGHLAND PARK TX 75205 9.8750 06/16/04
1614050066 0.0000 08/01/04 00
1614050066 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589076 4.6250 383700.0000 100.0000
4.6250 380,202.42 ZZ
4.2500 1972.75 1
9.6250 1972.75 75
DALLAS TX 75219 9.2500 06/17/04
1614050114 0.0000 08/01/04 00
1614050114 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9589078 5.2500 355100.0000 100.0000
5.2500 355,020.96 ZZ
4.8750 1553.56 1
10.2500 1553.22 79
ARGYLE TX 76226 9.8750 06/08/04
1614050143 0.0000 08/01/04 00
1614050143 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589080 5.3750 98000.0000 100.0000
5.3750 97,986.80 ZZ
5.0000 438.96 1
10.3750 438.90 80
LITTLE ELM TX 75068 10.0000 07/09/04
1614060101 0.0000 09/01/04 00
1614060101 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589082 5.1250 470500.0000 100.0000
5.1250 469,478.45 ZZ
4.7500 2009.43 1
10.1250 2005.06 72
COPPELL TX 75019 9.7500 07/17/04
1614070008 0.0000 09/01/04 00
1614070008 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589084 5.2500 149000.0000 100.0000
5.2500 148,730.78 ZZ
4.8750 651.88 1
10.2500 650.70 79
BEAVERTON OR 97008 9.8750 05/26/04
1714050037 0.0000 07/01/04 00
1714050037 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589086 5.0000 197000.0000 100.0000
5.0000 197,000.00 ZZ
4.6250 820.83 1
10.0000 820.83 87
MILWAUKIE OR 97222 9.6250 06/08/04
1714050059 0.0000 08/01/04 04
1714050059 0.0000 07/01/34 25.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589088 5.3750 220000.0000 100.0000
5.3750 219,359.97 ZZ
5.0000 985.42 1
10.3750 982.54 80
HILLSBORO OR 97124 10.0000 06/08/04
1714050101 0.0000 08/01/04 00
1714050101 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589090 5.5000 124500.0000 100.0000
5.5000 124,500.00 ZZ
5.1250 570.63 1
10.5000 570.63 75
PORTLAND OR 97217 10.1250 06/17/04
1714060017 0.0000 08/01/04 00
1714060017 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589092 5.3750 150000.0000 100.0000
5.3750 150,000.00 ZZ
5.0000 671.88 1
10.3750 671.88 74
ESTACADA OR 97023 10.0000 06/23/04
1714060042 0.0000 08/01/04 00
1714060042 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589094 5.6250 130000.0000 100.0000
5.6250 129,811.27 ZZ
5.2500 609.38 1
10.6250 608.49 45
CAMAS WA 98607 10.2500 07/08/04
1714060083 0.0000 09/01/04 00
1714060083 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9589096 5.2500 149400.0000 100.0000
5.2500 149,398.50 ZZ
4.8750 653.63 1
10.2500 653.62 80
PORTLAND OR 97233 9.8750 07/10/04
1714070011 0.0000 09/01/04 00
1714070011 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589100 4.8750 330000.0000 100.0000
4.8750 328,789.22 ZZ
4.5000 1340.63 1
9.8750 1335.71 74
CONCORD CA 94519 9.5000 05/13/04
1814040241 0.0000 07/01/04 00
1814040241 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589102 5.0000 167200.0000 100.0000
5.0000 167,200.00 T
4.6250 696.67 1
10.0000 696.67 80
PENSACOLA FL 32507 9.6250 05/28/04
1814040348 0.0000 07/01/04 00
1814040348 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589106 5.1250 300000.0000 100.0000
5.1250 300,000.00 ZZ
4.7500 1281.25 1
10.1250 1281.25 63
EAST PALO ALTO CA 94303 9.7500 06/08/04
1814040501 0.0000 08/01/04 00
1814040501 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589108 5.0000 340000.0000 100.0000
5.0000 340,000.00 ZZ
4.6250 1416.67 1
10.0000 1416.67 74
LINCOLN CA 95648 9.6250 06/17/04
1814050021 0.0000 08/01/04 00
1814050021 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589110 5.0000 361000.0000 100.0000
5.0000 361,000.00 ZZ
4.6250 1504.17 1
10.0000 1504.17 73
BRIGHTON MI 48114 9.6250 06/26/04
1814050026 0.0000 08/01/04 00
1814050026 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589112 5.6250 570000.0000 100.0000
5.6250 570,000.00 ZZ
5.2500 2671.88 1
10.6250 2671.88 64
CARLSBAD CA 92008 10.2500 07/07/04
1814050157 0.0000 09/01/04 00
1814050157 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589114 5.5000 127200.0000 100.0000
5.5000 127,200.00 ZZ
5.1250 583.00 1
10.5000 583.00 80
ORLANDO FL 32828 10.1250 06/17/04
1814050185 0.0000 08/01/04 00
1814050185 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 09 00
O 0.0000
9589116 4.8750 420000.0000 100.0000
4.8750 417,614.55 ZZ
4.5000 2222.67 1
9.8750 2222.67 68
BELLEVUE WA 98008 9.5000 09/21/04
1814080299 0.0000 11/01/04 00
1814080299 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589118 5.0000 303200.0000 100.0000
5.0000 303,195.95 ZZ
4.6250 1263.33 1
10.0000 1263.32 80
LOS ANGELES (WE CA 91307 9.6250 07/12/04
1914070001 0.0000 09/01/04 00
1914070001 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589120 5.0000 555600.0000 100.0000
5.0000 555,599.00 ZZ
4.6250 2315.00 1
10.0000 2315.00 68
ESCONDIDO CA 92026 9.6250 07/27/04
1914070018 0.0000 09/01/04 00
1914070018 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589122 4.8750 450000.0000 100.0000
4.8750 447,773.22 ZZ
4.5000 2381.44 1
9.8750 2381.44 70
CHINO HILLS CA 91709 9.5000 09/16/04
1914090001 0.0000 11/01/04 00
1914090001 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589124 5.7500 91250.0000 100.0000
5.7500 91,250.00 ZZ
5.3750 437.24 1
10.7500 437.24 80
SPANISH FORK UT 84660 10.3750 06/07/04
2214050048 0.0000 08/01/04 00
2214050048 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9589126 4.7500 400000.0000 100.0000
4.7500 399,993.89 ZZ
4.3750 1583.33 1
9.7500 1583.31 77
NORTH SALT LAKE UT 84054 9.3750 06/15/04
2214050081 0.0000 08/01/04 00
2214050081 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589128 4.7500 196000.0000 100.0000
4.7500 195,771.12 ZZ
4.3750 775.83 1
9.7500 774.93 78
PARK CITY UT 84098 9.3750 06/03/04
2214050100 0.0000 08/01/04 00
2214050100 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589130 5.3750 154500.0000 100.0000
5.3750 154,296.39 ZZ
5.0000 692.03 1
10.3750 691.12 75
PROVO UT 84606 10.0000 06/09/04
2214050184 0.0000 08/01/04 00
2214050184 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589132 4.6250 147900.0000 100.0000
4.6250 147,900.00 ZZ
4.2500 570.03 1
9.6250 570.03 80
FARMINGTON UT 84025 9.2500 06/03/04
2214050189 0.0000 08/01/04 00
2214050189 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589134 4.8750 165000.0000 100.0000
4.8750 165,000.00 ZZ
4.5000 670.31 1
9.8750 670.31 87
SALT LAKE CITY UT 84116 9.5000 06/11/04
2214060004 0.0000 08/01/04 01
2214060004 0.0000 07/01/34 25.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589136 5.2500 217800.0000 100.0000
5.2500 217,800.00 ZZ
4.8750 952.88 1
10.2500 952.88 80
WEST BOUNTIFUL UT 84087 9.8750 06/15/04
2214060019 0.0000 08/01/04 00
2214060019 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589138 5.6250 160500.0000 100.0000
5.6250 160,500.00 ZZ
5.2500 752.34 1
10.6250 752.34 75
SYRACUSE UT 84075 10.2500 06/16/04
2214060027 0.0000 08/01/04 00
2214060027 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589140 5.0000 377000.0000 100.0000
5.0000 377,000.00 ZZ
4.6250 1570.83 1
10.0000 1570.83 70
LINDON UT 84042 9.6250 06/21/04
2214060029 0.0000 08/01/04 00
2214060029 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589142 5.1250 254000.0000 100.0000
5.1250 253,910.69 ZZ
4.7500 1084.79 1
10.1250 1084.41 80
SALT LAKE CITY UT 84121 9.7500 06/25/04
2214060031 0.0000 08/01/04 00
2214060031 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589144 5.7500 385700.0000 100.0000
5.7500 385,700.00 ZZ
5.3750 1848.15 1
10.7500 1848.15 80
NORTH SALT LAKE UT 84054 10.3750 07/09/04
2214060137 0.0000 09/01/04 00
2214060137 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589146 5.2500 344000.0000 100.0000
5.2500 343,998.43 ZZ
4.8750 1505.00 1
10.2500 1504.99 80
DRAPER UT 84020 9.8750 06/28/04
2214060171 0.0000 08/01/04 00
2214060171 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589148 4.8750 333750.0000 100.0000
4.8750 333,631.25 ZZ
4.5000 1355.86 1
9.8750 1355.38 75
DRAPER UT 84020 9.5000 07/07/04
2214070011 0.0000 09/01/04 00
2214070011 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589152 5.2500 650000.0000 100.0000
5.2500 649,855.94 ZZ
4.8750 2843.75 1
10.2500 2843.12 73
PARK CITY UT 84060 9.8750 07/28/04
2214070040 0.0000 09/01/04 00
2214070040 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589154 4.7500 160400.0000 100.0000
4.7500 160,400.00 ZZ
4.3750 634.92 1
9.7500 634.92 75
WEST JORDAN UT 84084 9.3750 07/21/04
2214070084 0.0000 09/01/04 00
2214070084 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589156 4.8750 395000.0000 100.0000
4.8750 391,558.50 ZZ
4.5000 2090.37 1
9.8750 2090.37 47
▇▇▇▇ RIDGE IL 60527 9.5000 06/04/04
2314030100 0.0000 08/01/04 00
2314030100 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589158 5.5000 125000.0000 100.0000
5.5000 124,919.26 ZZ
5.1250 572.92 1
10.5000 572.55 88
TINLEY PARK IL 60477 10.1250 07/09/04
2314060039 0.0000 09/01/04 01
2314060039 0.0000 08/01/34 25.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9589160 5.1250 400000.0000 100.0000
5.1250 396,670.26 ZZ
4.7500 2177.95 1
10.1250 2177.95 80
LAFAYETTE CO 80026 9.7500 06/23/04
2414050060 0.0000 08/01/04 00
2414050060 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589162 5.0000 216000.0000 100.0000
5.0000 216,000.00 ZZ
4.6250 900.00 1
10.0000 900.00 80
FORT ▇▇▇▇▇▇▇ CO 80525 9.6250 06/16/04
2414060007 0.0000 08/01/04 00
2414060007 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589164 5.5000 151000.0000 100.0000
5.5000 150,989.80 ZZ
5.1250 692.08 1
10.5000 692.04 68
ALBUQUERQUE NM 87114 10.1250 06/18/04
2414060016 0.0000 08/01/04 00
2414060016 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589166 4.7500 220000.0000 100.0000
4.7500 220,000.00 ZZ
4.3750 870.83 1
9.7500 870.83 80
DENVER CO 80210 9.3750 06/18/04
2414060018 0.0000 08/01/04 00
2414060018 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589168 5.6250 300000.0000 100.0000
5.6250 294,952.90 ZZ
5.2500 1406.25 1
10.6250 1382.48 64
PARKER CO 80134 10.2500 07/01/04
2414060054 0.0000 09/01/04 00
2414060054 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589170 5.5000 159000.0000 100.0000
5.5000 158,021.41 ZZ
5.1250 728.75 1
10.5000 724.26 61
ALBUQUERQUE NM 87102 10.1250 07/22/04
2414070007 0.0000 09/01/04 00
2414070007 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589172 5.5000 385000.0000 100.0000
5.5000 385,000.00 T
5.1250 1764.58 1
10.5000 1764.58 66
DENVER CO 80202 10.1250 07/27/04
2414070008 0.0000 09/01/04 00
2414070008 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589174 5.0000 188000.0000 100.0000
5.0000 187,552.10 ZZ
4.6250 783.33 1
10.0000 781.46 80
DENVER CO 80211 9.6250 07/28/04
2414070016 0.0000 09/01/04 00
2414070016 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589176 5.2500 176000.0000 100.0000
5.2500 176,000.00 ZZ
4.8750 770.00 1
10.2500 770.00 69
LAS CRUCES NM 88005 9.8750 07/23/04
2414070017 0.0000 09/01/04 00
2414070017 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589178 5.6250 106400.0000 100.0000
5.6250 106,400.00 ZZ
5.2500 498.75 1
10.6250 498.75 80
ARVADA CO 80003 10.2500 07/27/04
2414070022 0.0000 09/01/04 00
2414070022 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9589182 5.0000 365000.0000 100.0000
5.0000 361,891.39 ZZ
4.6250 1959.40 1
10.0000 1959.40 78
MEDWAY MA 02053 9.6250 06/18/04
2814050039 0.0000 08/01/04 00
2814050039 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589184 4.7500 437600.0000 100.0000
4.7500 433,807.42 ZZ
4.3750 2282.73 1
9.7500 2282.73 80
BOSTON MA 02116 9.3750 07/02/04
2814050056 0.0000 09/01/04 00
2814050056 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589186 4.6250 374400.0000 100.0000
4.6250 371,855.04 ZZ
4.2500 1924.94 1
9.6250 1924.94 80
WALPOLE MA 02032 9.2500 08/30/04
2814070050 0.0000 10/01/04 00
2814070050 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589188 4.8750 601500.0000 100.0000
4.8750 598,523.53 ZZ
4.5000 3183.19 1
9.8750 3183.19 75
NEWTON MA 02461 9.5000 09/13/04
2814080081 0.0000 11/01/04 00
2814080081 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9589190 4.8750 423000.0000 100.0000
4.8750 420,906.83 ZZ
4.5000 2238.55 1
9.8750 2238.55 76
ROCHESTER MA 02770 9.5000 09/27/04
2814090012 0.0000 11/01/04 00
2814090012 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589192 5.0000 372000.0000 100.0000
5.0000 368,830.93 ZZ
4.6250 1996.98 1
10.0000 1996.98 75
SIMI VALLEY CA 93065 9.6250 06/07/04
2914050016 0.0000 08/01/04 00
2914050016 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589194 4.8750 392000.0000 100.0000
4.8750 387,860.31 ZZ
4.5000 2074.50 1
9.8750 2074.50 70
SAN DIEGO CA 92115 9.5000 06/09/04
2914050032 0.0000 08/01/04 00
2914050032 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589196 5.3750 350000.0000 100.0000
5.3750 350,000.00 ZZ
5.0000 1567.71 1
10.3750 1567.71 75
CASTAIC CA 91384 10.0000 07/20/04
2914070003 0.0000 09/01/04 00
2914070003 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589198 5.2500 396000.0000 100.0000
5.2500 396,000.00 ZZ
4.8750 1732.50 1
10.2500 1732.50 80
VENTURA CA 93004 9.8750 07/16/04
2914070016 0.0000 09/01/04 00
2914070016 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589200 5.6250 352000.0000 100.0000
5.6250 352,000.00 ZZ
5.2500 1650.00 1
10.6250 1650.00 80
NEW ORLEANS LA 70124 10.2500 06/09/04
3214050085 0.0000 08/01/04 00
3214050085 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589202 5.3750 323000.0000 100.0000
5.3750 323,000.00 ZZ
5.0000 1446.77 1
10.3750 1446.77 66
DUBLIN OH 43017 10.0000 06/02/04
3314040150 0.0000 08/01/04 00
3314040150 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589204 5.5000 385500.0000 100.0000
5.5000 385,500.00 ZZ
5.1250 1766.88 1
10.5000 1766.87 80
LA GRANGE KY 40031 10.1250 06/02/04
3314050072 0.0000 08/01/04 00
3314050072 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589208 4.8750 239500.0000 100.0000
4.8750 238,015.58 ZZ
4.5000 1267.45 1
9.8750 1267.45 73
OWENSBORO KY 42303 9.5000 08/06/04
3314070073 0.0000 10/01/04 00
3314070073 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589210 4.8750 171500.0000 100.0000
4.8750 170,651.36 ZZ
4.5000 907.59 1
9.8750 907.59 66
LEXINGTON KY 40515 9.5000 09/14/04
3314080016 0.0000 11/01/04 00
3314080016 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589212 4.7500 400000.0000 100.0000
4.7500 394,846.02 T
4.3750 2086.59 1
9.7500 2086.59 79
HEBRON OH 43025 9.3750 09/23/04
3314090029 0.0000 11/01/04 00
3314090029 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589214 5.1250 161000.0000 100.0000
5.1250 161,000.00 ZZ
4.7500 687.60 1
10.1250 687.60 54
EAST HAVEN CT 06512 9.7500 06/30/04
3414050048 0.0000 08/01/04 00
3414050048 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589218 5.0000 256000.0000 100.0000
5.0000 256,000.00 ZZ
4.6250 1066.67 1
10.0000 1066.67 77
STRATFORD CT 06614 9.6250 06/25/04
3414060034 0.0000 08/01/04 00
3414060034 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589220 4.5000 208000.0000 100.0000
4.5000 208,000.00 ZZ
4.1250 780.00 1
9.5000 780.00 73
BRANFORD CT 06405 9.1250 07/07/04
3414060069 0.0000 09/01/04 00
3414060069 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589222 4.8750 500000.0000 100.0000
4.8750 496,900.97 ZZ
4.5000 2646.04 1
9.8750 2646.04 68
BURLINGTON CT 06013 9.5000 08/13/04
3414070057 0.0000 10/01/04 00
3414070057 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589224 5.0000 556000.0000 100.0000
5.0000 553,300.96 ZZ
4.6250 2984.73 1
10.0000 2984.73 80
NORTH HAVEN CT 06473 9.6250 09/14/04
3414080018 0.0000 11/01/04 00
3414080018 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589226 4.8750 352000.0000 100.0000
4.8750 349,462.36 ZZ
4.5000 1430.00 1
9.8750 1419.65 80
BIXBY OK 74008 9.5000 06/16/04
3614050126 0.0000 08/01/04 00
3614050126 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
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9589228 5.1250 152700.0000 100.0000
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4.7500 652.16 1
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PARKER CO 80138 9.7500 06/15/04
3614060016 0.0000 08/01/04 00
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45 2.2500 0.0000 0.0000
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9589230 5.7500 252000.0000 100.0000
5.7500 250,356.94 ZZ
5.3750 1207.50 1
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CASTLE ROCK CO 80108 10.3750 06/28/04
3614060055 0.0000 08/01/04 00
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4.7500 493.28 1
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SPARKS NV 89431 9.7500 06/08/04
3714050043 0.0000 08/01/04 00
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4.8750 885.94 1
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LAS VEGAS NV 89139 9.8750 06/11/04
3714060001 0.0000 08/01/04 00
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4.5000 1523.44 1
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LAS VEGAS NV 89138 9.5000 07/12/04
3714060015 0.0000 09/01/04 00
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5.0000 1119.79 1
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HENDERSON NV 89014 10.0000 06/22/04
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5.0000 976.46 1
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LAS VEGAS NV 89131 10.0000 07/22/04
3714070011 0.0000 09/01/04 00
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4.8750 888.13 1
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GARDNERVILLE NV 89410 9.8750 07/21/04
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9589244 4.6250 420000.0000 100.0000
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4.2500 1618.75 1
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CAPE CORAL FL 33904 9.2500 06/02/04
4114040049 0.0000 08/01/04 00
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4.5000 719.06 1
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TRINITY FL 34655 9.5000 05/11/04
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4.8750 468.13 1
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NEW PORT ▇▇▇▇▇▇ FL 34654 9.8750 05/24/04
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9589250 4.8750 480000.0000 100.0000
4.8750 386,190.71 ZZ
4.5000 2540.20 1
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TARPON SPRINGS FL 34688 9.5000 06/30/04
4114050062 0.0000 08/01/04 00
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9589252 5.0000 364000.0000 100.0000
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4.6250 1954.03 1
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SEMINOLE FL 33776 9.6250 06/21/04
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4.8750 1133.13 1
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LUTZ FL 33558 9.8750 07/01/04
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NEW PORT ▇▇▇▇▇▇ FL 34652 10.2500 07/09/04
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0 2.2500 08/01/09 08/01/09
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OVIEDO FL 32766 9.8750 07/26/04
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9589260 5.5000 96000.0000 100.0000
5.5000 95,956.86 ZZ
5.1250 440.00 1
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BRADENTON FL 34203 10.1250 07/30/04
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4.3750 1979.17 1
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WINTER SPRINGS FL 32708 9.3750 05/14/04
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45 2.2500 0.0000 0.0000
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4.8750 436,000.00 ZZ
4.5000 1771.25 1
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BOCA RATON FL 33428 9.5000 06/22/04
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ORLANDO FL 32825 10.0000 07/08/04
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CLERMONT FL 34711 10.0000 07/08/04
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PORT SAINT LUCI FL 34983 9.6250 07/23/04
4214070035 0.0000 09/01/04 01
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4.7500 482,524.75 ZZ
4.3750 2543.03 1
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DENVER CO 80209 9.3750 05/21/04
4314040421 0.0000 07/01/04 00
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45 2.2500 0.0000 0.0000
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9589276 5.2500 602400.0000 100.0000
5.2500 597,499.19 ZZ
4.8750 3326.48 1
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BELLEVUE WA 98006 9.8750 06/01/04
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
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9589278 4.3750 460000.0000 100.0000
4.3750 437,665.57 ZZ
4.0000 2296.71 1
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AVON CT 06001 9.0000 08/30/04
4314080215 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
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45 2.3750 0.0000 0.0000
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9589280 4.7500 424000.0000 100.0000
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4.3750 2211.78 1
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GREENWOOD VILLA CO 80111 9.3750 09/07/04
4314080238 0.0000 11/01/04 00
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45 2.2500 0.0000 0.0000
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9589282 4.7500 427000.0000 100.0000
4.7500 427,000.00 ZZ
4.3750 1690.21 1
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LANHAM MD 20706 9.3750 06/17/04
4414030184 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589284 5.3750 364800.0000 100.0000
5.3750 361,876.33 ZZ
5.0000 2042.78 1
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WOODBRIDGE VA 22193 10.0000 06/10/04
4414050019 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589286 3.6250 560800.0000 100.0000
3.6250 554,700.73 ZZ
3.2500 2557.54 1
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ELLICOTT CITY MD 21043 8.2500 06/07/04
4414050023 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589290 5.7500 690000.0000 100.0000
5.7500 684,431.67 ZZ
5.3750 4026.65 1
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POTOMAC MD 20854 10.3750 06/08/04
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589292 5.3750 417900.0000 100.0000
5.3750 417,393.26 ZZ
5.0000 1871.84 1
10.3750 1869.57 70
RESTON VA 20194 10.0000 07/19/04
4414070010 0.0000 09/01/04 00
4414070010 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
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9589294 5.0000 515000.0000 100.0000
5.0000 513,907.25 ZZ
4.6250 2145.83 1
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ROCKLIN CA 95677 9.6250 05/26/04
4514050007 0.0000 07/01/04 00
4514050007 0.0000 06/01/34 0.0000
0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
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9589296 5.0000 450000.0000 100.0000
5.0000 449,819.64 ZZ
4.6250 1875.00 1
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ROCKLIN CA 95677 9.6250 05/28/04
4514050034 0.0000 07/01/04 00
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0 2.2500 06/01/09 06/01/09
956/956 1.8750 07/01/09 07/01/09
45 2.2500 0.0000 0.0000
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9589298 5.3750 252800.0000 100.0000
5.3750 252,604.70 ZZ
5.0000 1132.33 1
10.3750 1131.45 80
RIO LINDA CA 95673 10.0000 06/29/04
4514050044 0.0000 08/01/04 00
4514050044 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589304 4.8750 225000.0000 100.0000
4.8750 223,886.61 ZZ
4.5000 1190.72 1
9.8750 1190.72 70
SACRAMENTO CA 95828 9.5000 09/17/04
4514080042 0.0000 11/01/04 00
4514080042 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589306 5.3750 112800.0000 100.0000
5.3750 112,800.00 ZZ
5.0000 505.25 1
10.3750 505.25 80
VILLA RICA GA 30180 10.0000 06/01/04
4614050039 0.0000 08/01/04 00
4614050039 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
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9589308 5.3750 431600.0000 100.0000
5.3750 428,168.74 ZZ
5.0000 2416.84 1
10.3750 2416.84 80
MARIETTA GA 30067 10.0000 06/29/04
4614050048 0.0000 08/01/04 00
4614050048 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589310 5.0000 647500.0000 100.0000
5.0000 647,500.00 ZZ
4.6250 2697.92 1
10.0000 2697.92 70
ALPHARETTA GA 30004 9.6250 06/02/04
4614050056 0.0000 08/01/04 00
4614050056 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589312 4.3750 312000.0000 100.0000
4.3750 312,000.00 ZZ
4.0000 1137.50 1
9.3750 1137.50 80
ATLANTA GA 30342 9.0000 07/02/04
4614060012 0.0000 09/01/04 00
4614060012 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589314 5.2500 485000.0000 100.0000
5.2500 485,000.00 ZZ
4.8750 2121.88 1
10.2500 2121.88 43
ATLANTA GA 30327 9.8750 06/25/04
▇▇▇▇▇▇▇▇▇▇ 0.0000 08/01/04 00
▇▇▇▇▇▇▇▇▇▇ 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589316 5.0000 320000.0000 100.0000
5.0000 320,000.00 ZZ
4.6250 1333.33 1
10.0000 1333.33 80
MONTGOMERY AL 36116 9.6250 07/28/04
4614060031 0.0000 09/01/04 00
4614060031 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589318 5.2500 304000.0000 100.0000
5.2500 303,257.75 ZZ
4.8750 1330.00 1
10.2500 1326.75 80
ALPHARETTA GA 30022 9.8750 06/28/04
4614060032 0.0000 08/01/04 00
4614060032 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589320 5.2500 168000.0000 100.0000
5.2500 167,962.77 ZZ
4.8750 735.00 1
10.2500 734.84 80
ROSWELL GA 30075 9.8750 06/25/04
4614060036 0.0000 08/01/04 00
4614060036 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589322 5.1250 412000.0000 100.0000
5.1250 412,000.00 ZZ
4.7500 1759.58 1
10.1250 1759.58 80
SUWANEE GA 30024 9.7500 07/09/04
4614060055 0.0000 09/01/04 00
4614060055 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589324 5.3750 240000.0000 100.0000
5.3750 239,739.85 ZZ
5.0000 1075.00 1
10.3750 1073.83 73
ATLANTA GA 30317 10.0000 07/12/04
4614060060 0.0000 09/01/04 00
4614060060 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589326 4.8750 400000.0000 100.0000
4.8750 400,000.00 ZZ
4.5000 1625.00 1
9.8750 1625.00 75
SUWANEE GA 30024 9.5000 07/28/04
4614070010 0.0000 09/01/04 00
4614070010 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589328 5.1250 269100.0000 100.0000
5.1250 264,296.28 ZZ
4.7500 1149.28 1
10.1250 1136.61 80
DOUGLASVILLE GA 30135 9.7500 07/21/04
4614070045 0.0000 09/01/04 00
4614070045 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589332 4.8750 296000.0000 100.0000
4.8750 296,000.00 ZZ
4.5000 1202.50 1
9.8750 1202.50 75
ROSWELL GA 30075 9.5000 07/30/04
4614070068 0.0000 09/01/04 00
4614070068 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589334 4.7500 410000.0000 100.0000
4.7500 407,924.38 ZZ
4.3750 2138.75 1
9.7500 2138.75 67
ROSWELL GA 30076 9.3750 09/13/04
4614080125 0.0000 11/01/04 00
4614080125 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589336 4.7500 372000.0000 100.0000
4.7500 370,116.74 ZZ
4.3750 1940.53 1
9.7500 1940.53 80
ATLANTA GA 30328 9.3750 09/16/04
4614090024 0.0000 11/01/04 00
4614090024 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589340 5.1250 633450.0000 100.0000
5.1250 628,176.98 ZZ
4.7500 3449.05 1
10.1250 3449.05 68
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ IL 60010 9.7500 06/11/04
4714050046 0.0000 08/01/04 00
4714050046 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589342 5.0000 276000.0000 100.0000
5.0000 275,495.80 ZZ
4.6250 1150.00 1
10.0000 1147.90 70
NAPERVILLE IL 60564 9.6250 07/22/04
4714070012 0.0000 09/01/04 00
4714070012 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589344 4.7500 557000.0000 100.0000
4.7500 556,806.26 ZZ
4.3750 2204.79 1
9.7500 2204.02 70
NAPERVILLE IL 60540 9.3750 08/02/04
4714070021 0.0000 10/01/04 00
4714070021 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589348 4.8750 396000.0000 100.0000
4.8750 393,545.59 ZZ
4.5000 2095.66 1
9.8750 2095.66 80
NORTHBROOK IL 60062 9.5000 08/30/04
4714080019 0.0000 10/01/04 00
4714080019 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 09 00
O 0.0000
9589350 4.6250 590000.0000 100.0000
4.6250 586,173.30 ZZ
4.2500 3033.42 1
9.6250 3033.42 63
NORTHBROOK IL 60062 9.2500 08/27/04
4714080043 0.0000 10/01/04 00
4714080043 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589352 5.0000 555000.0000 100.0000
5.0000 550,273.22 ZZ
4.6250 2979.36 1
10.0000 2979.36 78
FISHERS IN 46038 9.6250 06/11/04
4914050088 0.0000 08/01/04 00
4914050088 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589354 4.7500 440000.0000 100.0000
4.7500 436,078.61 ZZ
4.3750 2295.25 1
9.7500 2295.25 80
CARMEL IN 46032 9.3750 06/25/04
4914060017 0.0000 08/01/04 00
4914060017 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589356 5.0000 500000.0000 100.0000
5.0000 499,853.70 ZZ
4.6250 2083.33 1
10.0000 2082.72 60
MC CORDSVILLE IN 46055 9.6250 08/06/04
4914070012 0.0000 10/01/04 00
4914070012 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589358 4.7500 568000.0000 100.0000
4.7500 565,124.46 ZZ
4.3750 2962.96 1
9.7500 2962.96 80
SUNNYVALE CA 94087 9.3750 09/20/04
5314080007 0.0000 11/01/04 00
5314080007 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589362 4.8750 469500.0000 100.0000
4.8750 469,091.35 ZZ
4.5000 1907.34 1
9.8750 1905.68 74
DARIEN CT 06820 9.5000 07/29/04
5414070006 0.0000 09/01/04 00
5414070006 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589364 5.0000 456000.0000 100.0000
5.0000 456,000.00 ZZ
4.6250 1900.00 1
10.0000 1900.00 80
ARLINGTON VA 22203 9.6250 08/03/04
5414070011 0.0000 10/01/04 00
5414070011 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589366 4.8750 160100.0000 100.0000
4.8750 160,100.00 ZZ
4.5000 650.41 1
9.8750 650.41 77
NORWALK CT 06850 9.5000 08/06/04
5414070012 0.0000 10/01/04 00
5414070012 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589368 4.8750 738000.0000 100.0000
4.8750 738,000.00 ZZ
4.5000 2998.13 1
9.8750 2998.13 41
CHARLESTON SC 29401 9.5000 07/26/04
5414070015 0.0000 09/01/04 00
5414070015 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589370 5.0000 400000.0000 100.0000
5.0000 400,000.00 ZZ
4.6250 1666.67 1
10.0000 1666.67 35
RALEIGH NC 27609 9.6250 08/03/04
5414070016 0.0000 10/01/04 00
5414070016 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589372 4.8750 464000.0000 100.0000
4.8750 461,124.08 ZZ
4.5000 2455.53 1
9.8750 2455.53 80
LEESBURG VA 20175 9.5000 08/20/04
5414080022 0.0000 10/01/04 00
5414080022 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589374 4.8750 492000.0000 100.0000
4.8750 488,816.10 ZZ
4.5000 2603.70 1
9.8750 2603.70 80
ELLICOTT CITY MD 21042 9.5000 08/24/04
5414080048 0.0000 10/01/04 00
5414080048 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589376 4.8750 498000.0000 100.0000
4.8750 494,913.35 ZZ
4.5000 2635.46 1
9.8750 2635.46 80
STAMFORD CT 06905 9.5000 08/24/04
5414080055 0.0000 10/01/04 00
5414080055 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589378 4.6250 392500.0000 100.0000
4.6250 390,467.33 ZZ
4.2500 2018.00 1
9.6250 2018.00 67
BRISTOW VA 20136 9.2500 09/23/04
5414080058 0.0000 11/01/04 00
5414080058 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9589380 4.7500 374500.0000 100.0000
4.7500 372,125.41 ZZ
4.3750 1953.57 2
9.7500 1953.57 68
CHARLESTON SC 29403 9.3750 08/31/04
5414080075 0.0000 10/01/04 00
5414080075 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589382 4.5000 620000.0000 100.0000
4.5000 616,715.79 ZZ
4.1250 3141.45 1
9.5000 3141.45 80
ARLINGTON HEIGH IL 60004 9.1250 09/13/04
5414080079 0.0000 11/01/04 00
5414080079 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589384 5.2500 415840.0000 100.0000
5.2500 415,840.00 ZZ
4.8750 1819.30 1
10.2500 1819.30 80
KIRKLAND WA 98033 9.8750 06/03/04
5514050037 0.0000 08/01/04 00
5514050037 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589386 5.1250 733000.0000 100.0000
5.1250 726,898.28 ZZ
4.7500 3991.09 1
10.1250 3991.09 67
MERCER ISLAND WA 98040 9.7500 06/18/04
5514060005 0.0000 08/01/04 00
5514060005 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589388 4.8750 490000.0000 100.0000
4.8750 486,348.12 ZZ
4.5000 2593.12 1
9.8750 2593.12 80
MINNETONKA MN 55305 9.5000 07/02/04
5714060002 0.0000 09/01/04 00
5714060002 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589390 5.6250 157500.0000 100.0000
5.6250 157,111.38 ZZ
5.2500 738.28 1
10.6250 736.46 61
WOODBURY MN 55125 10.2500 07/14/04
5714060018 0.0000 09/01/04 00
5714060018 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589392 5.3750 336000.0000 100.0000
5.3750 335,995.53 ZZ
5.0000 1505.00 1
10.3750 1504.98 80
PHOENIX AZ 85050 10.0000 07/26/04
5714070007 0.0000 09/01/04 00
5714070007 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589394 4.7500 528000.0000 100.0000
4.7500 525,125.92 ZZ
4.3750 2754.30 1
9.7500 2754.30 58
EDEN PRAIRIE MN 55347 9.3750 09/07/04
5714080017 0.0000 11/01/04 00
5714080017 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589396 4.6250 955000.0000 100.0000
4.6250 938,343.62 ZZ
4.2500 4910.03 1
9.6250 4910.03 61
EDINA MN 55424 9.2500 09/23/04
5714090011 0.0000 11/01/04 00
5714090011 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589398 4.6250 495000.0000 100.0000
4.6250 492,436.52 ZZ
4.2500 2544.99 1
9.6250 2544.99 80
JORDAN MN 55352 9.2500 09/24/04
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CHARDON OH 44024 10.1250 07/15/04
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UPPER ARLINGTON OH 43221 9.2500 06/07/04
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ZEPHYRHILLS FL 33543 9.6250 06/21/04
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MCLEAN VA 22101 9.3750 06/21/04
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OAKTON VA 22124 9.2500 09/07/04
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DENVER CO 80212 10.0000 06/07/04
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BOULDER CO 80305 9.8750 06/09/04
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MORRISON CO 80465 9.7500 07/02/04
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BOULDER CO 80305 9.5000 07/29/04
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SCOTTSDALE AZ 85262 9.3750 09/08/04
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DANVILLE CA 94526 10.0000 07/29/04
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HENDERSON NV 89074 8.3750 03/08/04
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LAS VEGAS NV 89135 9.0000 06/16/04
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BRENTWOOD CA 94513 10.0000 07/08/04
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SAN FRANCISCO CA 94117 10.0000 08/04/04
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WINTER GARDEN FL 34787 9.6250 08/30/04
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BLOOMFIELD HILL MI 48304 10.1250 07/09/04
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ENGLEWOOD CO 80111 9.6250 07/19/04
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BELLEVUE WA 98004 9.8750 07/06/04
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SALISBURY MA 01952 10.0000 08/20/04
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5.2500 151,200.00 ZZ
4.8750 661.50 1
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VIENNA VA 22180 9.8750 06/04/04
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3.6250 1745.43 1
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GAINESVILLE VA 20155 8.6250 10/29/04
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ROSWELL GA 30075 9.7500 07/23/04
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BIRMINGHAM AL 35226 9.6250 08/12/04
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5.0000 398,370.67 ZZ
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ATLANTA GA 30328 9.6250 08/24/04
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4.7500 299,884.01 ZZ
4.3750 1187.50 1
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SMYRNA GA 30082 9.3750 08/16/04
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45 2.2500 0.0000 0.0000
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4.8750 936.25 1
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ATLANTA GA 30318 9.8750 08/16/04
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4.1250 956.25 1
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MCDONOUGH GA 30252 9.1250 08/17/04
4614080032 0.0000 10/01/04 00
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9589460 4.8750 125450.0000 100.0000
4.8750 125,450.00 ZZ
4.5000 509.64 1
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MARIETTA GA 30064 9.5000 08/23/04
4614080082 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
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45 2.2500 0.0000 0.0000
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4.0000 3067.61 1
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ROSWELL GA 30075 9.0000 10/01/04
4614090025 0.0000 12/01/04 00
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0 2.2500 11/01/09 11/01/09
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45 2.2500 0.0000 0.0000
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9589464 4.8750 500000.0000 100.0000
4.8750 500,000.00 ZZ
4.5000 2031.25 1
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LAKE FOREST IL 60045 9.5000 08/30/04
4714080036 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589468 4.8750 525000.0000 100.0000
4.8750 525,000.00 ZZ
4.5000 2132.81 1
9.8750 2132.81 65
INDIANAPOLIS IN 46256 9.5000 08/20/04
4914080073 0.0000 10/01/04 00
4914080073 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589470 5.3750 108000.0000 100.0000
5.3750 108,000.00 ZZ
5.0000 483.75 1
10.3750 483.75 78
WALLED LAKE MI 48390 10.0000 08/24/04
5214070136 0.0000 10/01/04 00
5214070136 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589472 5.2500 355000.0000 100.0000
5.2500 352,946.13 ZZ
4.8750 1960.32 1
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PALO ALTO CA 94306 9.8750 08/06/04
5314070003 0.0000 10/01/04 00
5314070003 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589474 4.5000 343700.0000 100.0000
4.5000 342,945.85 ZZ
4.1250 1288.88 1
9.5000 1286.82 56
VALLEJO CA 94589 9.1250 08/10/04
5314070005 0.0000 10/01/04 00
5314070005 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589478 5.0000 350400.0000 100.0000
5.0000 347,847.43 ZZ
4.6250 1881.02 1
10.0000 1881.02 80
CLARKSVILLE MD 21029 9.6250 07/14/04
5414060032 0.0000 09/01/04 00
5414060032 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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0.0000 S N 0.1250
0.0000 1 0
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O 0.0000
9589480 5.1250 399200.0000 100.0000
5.1250 399,200.00 ZZ
4.7500 1704.92 1
10.1250 1704.92 80
CHICAGO IL 60657 9.7500 08/17/04
5414070032 0.0000 10/01/04 00
5414070032 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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0.0000 1 0
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O 0.0000
9589482 5.2500 410000.0000 100.0000
5.2500 410,000.00 ZZ
4.8750 1793.75 1
10.2500 1793.75 68
ALDIE VA 20105 9.8750 08/19/04
5414080016 0.0000 10/01/04 00
5414080016 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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4.3750 1589.27 1
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DOYLESTOWN PA 18901 9.3750 08/25/04
5414080028 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
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45 2.2500 0.0000 0.0000
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4.8750 316,000.00 ZZ
4.5000 1283.75 1
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COLORADO SPRING CO 80920 9.5000 08/16/04
5414080044 0.0000 10/01/04 00
5414080044 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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4.6250 448,255.53 ZZ
4.2500 2313.63 1
9.6250 2313.63 54
EDEN PRAIRIE MN 55347 9.2500 10/06/04
5414090058 0.0000 12/01/04 00
5414090058 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
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4.5000 480,487.10 ZZ
4.1250 2444.25 1
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ARLINGTON VA 22202 9.1250 10/01/04
5414090073 0.0000 12/01/04 00
5414090073 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
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9589494 4.6250 500000.0000 100.0000
4.6250 497,329.19 ZZ
4.2500 2570.70 1
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EAGAN MN 55123 9.2500 10/01/04
5714090029 0.0000 12/01/04 00
5714090029 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
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4.7500 1295.88 1
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FOREST LAKE MN 55025 9.7500 10/20/04
5714090044 0.0000 12/01/04 00
5714090044 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
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4.7500 4029.20 1
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GULF BREEZE FL 32563 9.7500 07/19/04
6014070004 0.0000 09/01/04 00
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45 2.2500 0.0000 0.0000
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9589502 4.8750 444000.0000 100.0000
4.8750 444,000.00 ZZ
4.5000 1803.75 1
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ARLINGTON MA 02474 9.5000 08/13/04
6514070006 0.0000 10/01/04 00
6514070006 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589506 5.1250 156000.0000 100.0000
5.1250 156,000.00 ZZ
4.7500 666.25 1
10.1250 666.25 80
PARKER CO 80134 9.7500 08/26/04
▇▇▇▇▇▇▇▇▇▇ 0.0000 10/01/04 00
▇▇▇▇▇▇▇▇▇▇ 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
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9589508 4.8750 752000.0000 100.0000
4.8750 752,000.00 ZZ
4.5000 3055.00 1
9.8750 3055.00 73
DENVER CO 80218 9.5000 08/30/04
6914080006 0.0000 10/01/04 00
6914080006 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589510 5.6250 180500.0000 100.0000
5.6250 180,371.93 T
5.2500 846.09 1
10.6250 845.49 63
PEORIA AZ 85383 10.2500 08/02/04
7314070009 0.0000 10/01/04 00
7314070009 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9589512 5.2500 295500.0000 100.0000
5.2500 295,500.00 ZZ
4.8750 1292.81 1
10.2500 1292.81 80
CHANDLER AZ 85249 9.8750 08/16/04
7314080005 0.0000 10/01/04 00
7314080005 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9589514 5.1250 205600.0000 100.0000
5.1250 205,373.41 ZZ
4.7500 878.08 1
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SCOTTSDALE AZ 85260 9.7500 08/27/04
7314080016 0.0000 10/01/04 00
7314080016 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589516 4.7500 520000.0000 100.0000
4.7500 519,713.28 ZZ
4.3750 2058.33 1
9.7500 2057.20 80
SOUTH SAN FRANC CA 94080 9.3750 08/26/04
8014080003 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589518 5.1250 275000.0000 100.0000
5.1250 274,941.03 T
4.7500 1174.48 1
10.1250 1174.23 73
NEVADA CITY CA 95959 9.7500 08/20/04
214080003 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9589520 4.5000 444000.0000 100.0000
4.5000 442,239.38 ZZ
4.1250 2249.68 1
9.5000 2249.68 78
SUNNYVALE CA 94087 9.1250 10/27/04
214090049 0.0000 12/01/04 00
214090049 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
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9589522 5.5000 222000.0000 100.0000
5.5000 222,000.00 ZZ
5.1250 1017.50 1
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GLENDALE AZ 85304 10.1250 08/11/04
414070062 0.0000 10/01/04 00
414070062 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
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9589524 4.8750 358000.0000 100.0000
4.8750 358,000.00 ZZ
4.5000 1454.38 1
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SCOTTSDALE AZ 85255 9.5000 08/16/04
414070069 0.0000 10/01/04 00
414070069 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589526 5.3750 177500.0000 100.0000
5.3750 177,500.00 ZZ
5.0000 795.05 1
10.3750 795.05 78
GLENDALE AZ 85308 10.0000 08/11/04
414070070 0.0000 10/01/04 00
414070070 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589530 4.8750 342000.0000 100.0000
4.8750 338,790.56 ZZ
4.5000 1389.38 1
9.8750 1384.44 73
FOUNTAIN HILLS AZ 85268 9.5000 08/06/04
414070071 0.0000 10/01/04 00
414070071 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589532 5.1250 284000.0000 100.0000
5.1250 284,000.00 ZZ
4.7500 1212.92 1
10.1250 1212.92 80
GLENDALE AZ 85304 9.7500 08/26/04
414080001 0.0000 10/01/04 00
414080001 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
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9589536 5.5000 216000.0000 100.0000
5.5000 216,000.00 ZZ
5.1250 990.00 1
10.5000 990.00 80
CAVE CREEK AZ 85331 10.1250 08/13/04
414080014 0.0000 10/01/04 00
414080014 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
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9589538 5.5000 432000.0000 100.0000
5.5000 421,398.68 ZZ
5.1250 1980.00 1
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PEORIA AZ 85383 10.1250 08/13/04
414080024 0.0000 10/01/04 00
414080024 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9589540 5.2500 239500.0000 100.0000
5.2500 239,500.00 ZZ
4.8750 1047.81 1
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PHOENIX AZ 85085 9.8750 08/19/04
414080030 0.0000 10/01/04 01
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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5.1250 306,893.36 ZZ
4.7500 1315.42 1
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MESA AZ 85206 9.7500 08/25/04
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414080037 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
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9589544 4.8750 500000.0000 100.0000
4.8750 500,000.00 ZZ
4.5000 2031.25 1
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SCOTTSDALE AZ 85259 9.5000 08/25/04
414080068 0.0000 10/01/04 00
414080068 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
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O 0.0000
9589546 5.2500 471000.0000 100.0000
5.2500 467,722.81 ZZ
4.8750 2600.88 1
10.2500 2600.88 80
LOS ANGELES CA 90065 9.8750 07/09/04
514060034 0.0000 09/01/04 00
514060034 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
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0.0000 1 0
0.0000 05 00
O 0.0000
9589548 5.3750 382400.0000 100.0000
5.3750 380,238.23 ZZ
5.0000 2141.33 1
10.3750 2141.33 80
GLENDALE CA 91205 10.0000 08/05/04
514070022 0.0000 10/01/04 00
514070022 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
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O 0.0000
9589550 5.1250 363200.0000 100.0000
5.1250 363,200.00 ZZ
4.7500 1551.17 1
10.1250 1551.17 80
BURBANK CA 91504 9.7500 08/12/04
514080010 0.0000 10/01/04 00
514080010 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
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9589556 5.2500 380000.0000 100.0000
5.2500 380,000.00 ZZ
4.8750 1662.50 1
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ROCHESTER MI 48306 9.8750 08/26/04
914080034 0.0000 10/01/04 00
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0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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9589558 4.7500 275000.0000 100.0000
4.7500 273,957.92 ZZ
4.3750 1434.53 1
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FARMINGTON HILL MI 48331 9.3750 10/04/04
914090073 0.0000 12/01/04 00
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0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
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0.0000 S N 0.1250
0.0000 2 0
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9589564 5.0000 400000.0000 100.0000
5.0000 398,065.45 ZZ
4.6250 2147.29 1
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WEST LINN OR 97068 9.6250 09/09/04
1114080397 0.0000 11/01/04 00
1114080397 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
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9589566 5.3750 637400.0000 100.0000
5.3750 634,523.79 T
5.0000 3569.26 1
10.3750 3569.26 75
FLAGSTAFF AZ 86001 10.0000 09/08/04
1114080423 0.0000 11/01/04 00
1114080423 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
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9589568 4.8750 434000.0000 100.0000
4.8750 432,392.59 ZZ
4.5000 2296.76 1
9.8750 2296.76 80
NAPERVILLE IL 60564 9.5000 10/07/04
1114100186 0.0000 12/01/04 00
1114100186 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
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9589574 5.6250 392000.0000 100.0000
5.6250 388,415.02 ZZ
5.2500 2256.57 1
10.6250 2256.57 70
SAN DIEGO CA 92126 10.2500 06/29/04
1514060045 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9589576 5.5000 365000.0000 100.0000
5.5000 365,000.00 ZZ
5.1250 1672.92 1
10.5000 1672.92 73
OCEANSIDE CA 92057 10.1250 08/10/04
1514080004 0.0000 10/01/04 00
1514080004 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.5000 12 12
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9589578 5.3750 600000.0000 100.0000
5.3750 595,920.58 ZZ
5.0000 3359.83 1
10.3750 3359.83 59
DALLAS TX 75287 10.0000 07/13/04
1614060113 0.0000 09/01/04 00
1614060113 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
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9589580 5.7500 394000.0000 100.0000
5.7500 389,612.55 ZZ
5.3750 2299.28 1
10.7500 2299.28 76
SEATTLE WA 98115 10.3750 06/28/04
1714060014 0.0000 08/01/04 00
1714060014 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
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9589582 5.1250 518000.0000 100.0000
5.1250 517,887.98 ZZ
4.7500 2212.29 1
10.1250 2211.81 78
OCEANSIDE CA 92054 9.7500 08/07/04
1814060002 0.0000 10/01/04 00
1814060002 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
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360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589584 5.0000 464000.0000 100.0000
5.0000 460,619.86 ZZ
4.6250 2490.85 1
10.0000 2490.85 80
SAN FRANCISCO CA 94110 9.6250 07/28/04
1814060115 0.0000 09/01/04 00
1814060115 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 01 00
O 0.0000
9589586 5.1250 135000.0000 100.0000
5.1250 135,000.00 ZZ
4.7500 576.56 1
10.1250 576.56 32
HENDERSON NV 89074 9.7500 08/18/04
1814070231 0.0000 10/01/04 00
1814070231 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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0.0000 03 00
O 0.0000
9589588 5.2500 337500.0000 100.0000
5.2500 337,500.00 ZZ
4.8750 1476.56 1
10.2500 1476.56 75
OAKLEY CA 94561 9.8750 08/24/04
1814070324 0.0000 10/01/04 00
1814070324 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589590 4.3750 600000.0000 100.0000
4.3750 595,929.38 ZZ
4.0000 2995.71 1
9.3750 2995.71 79
CUPERTINO CA 95014 9.0000 08/25/04
1814080231 0.0000 10/01/04 00
1814080231 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589592 4.8750 375000.0000 100.0000
4.8750 373,611.09 ZZ
4.5000 1984.53 1
9.8750 1984.53 69
ROSEVILLE CA 95747 9.5000 10/23/04
1814090182 0.0000 12/01/04 00
1814090182 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9589594 4.7500 504000.0000 100.0000
4.7500 502,090.16 ZZ
4.3750 2629.10 1
9.7500 2629.10 80
SAN JOSE CA 95124 9.3750 10/13/04
1814090488 0.0000 12/01/04 00
1814090488 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589596 4.7500 462800.0000 100.0000
4.7500 432,451.05 ZZ
4.3750 2414.18 1
9.7500 2414.18 80
MISSION TX 78574 9.3750 10/29/04
1814100041 0.0000 12/01/04 00
1814100041 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589600 4.7500 452000.0000 100.0000
4.7500 447,518.09 ZZ
4.3750 2357.85 1
9.7500 2357.85 80
UPLAND CA 91784 9.3750 08/26/04
1914080017 0.0000 10/01/04 00
1914080017 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589604 5.3750 240000.0000 100.0000
5.3750 238,368.15 ZZ
5.0000 1343.93 1
10.3750 1343.93 80
PARK CITY UT 84098 10.0000 07/21/04
2214070058 0.0000 09/01/04 00
2214070058 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589606 4.8750 440000.0000 100.0000
4.8750 440,000.00 ZZ
4.5000 1787.50 1
9.8750 1787.50 80
CHICAGO IL 60614 9.5000 08/11/04
2314070031 0.0000 10/01/04 00
2314070031 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 01 00
O 0.0000
9589608 5.3750 332100.0000 100.0000
5.3750 331,995.92 ZZ
5.0000 1487.53 1
10.3750 1487.06 58
ELMHURST IL 60126 10.0000 08/16/04
2314070038 0.0000 10/01/04 00
2314070038 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589610 5.3750 500000.0000 100.0000
5.3750 496,498.68 T
5.0000 2799.86 1
10.3750 2799.86 41
VAIL CO 81657 10.0000 07/19/04
2414070012 0.0000 09/01/04 00
2414070012 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589616 5.0000 559200.0000 100.0000
5.0000 555,126.31 ZZ
4.6250 3001.91 1
10.0000 3001.91 80
COLORADO SPRING CO 80919 9.6250 07/30/04
2414070028 0.0000 09/01/04 00
2414070028 0.0000 08/01/34 0.0000
0 2.2500 08/01/09 08/01/09
956/956 1.8750 09/01/09 09/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589618 4.7500 472000.0000 100.0000
4.7500 472,000.00 ZZ
4.3750 1868.33 1
9.7500 1868.33 80
CASTLE ROCK CO 80108 9.3750 08/25/04
2414080022 0.0000 10/01/04 00
2414080022 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589620 5.6250 272000.0000 100.0000
5.6250 271,599.91 ZZ
5.2500 1275.00 1
10.6250 1273.12 80
RANDOLPH MA 02368 10.2500 08/16/04
2814070049 0.0000 10/01/04 00
2814070049 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589622 5.1250 408000.0000 100.0000
5.1250 408,000.00 ZZ
4.7500 1742.50 1
10.1250 1742.50 78
ASHBURNHAM MA 01430 9.7500 08/04/04
2814070053 0.0000 10/01/04 00
2814070053 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589624 4.6250 530400.0000 100.0000
4.6250 527,653.18 ZZ
4.2500 2044.25 1
9.6250 2033.65 80
WELLESLEY MA 02482 9.2500 08/31/04
2814080064 0.0000 10/01/04 00
2814080064 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589626 4.7500 640000.0000 100.0000
4.7500 637,574.81 ZZ
4.3750 3338.54 1
9.7500 3338.54 60
PROVIDENCE RI 02906 9.3750 10/06/04
2814090038 0.0000 12/01/04 00
2814090038 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589628 5.0000 550000.0000 100.0000
5.0000 548,009.17 ZZ
4.6250 2952.52 1
10.0000 2952.52 70
CHELMSFORD MA 01824 9.6250 10/14/04
2814090091 0.0000 12/01/04 00
2814090091 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589632 5.1250 180800.0000 100.0000
5.1250 180,800.00 ZZ
4.7500 772.17 1
10.1250 772.17 80
CINCINNATI OH 45226 9.7500 08/24/04
3314080042 0.0000 10/01/04 00
3314080042 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589634 4.7500 330800.0000 100.0000
4.7500 330,800.00 ZZ
4.3750 1309.42 1
9.7500 1309.42 69
LOUISVILLE KY 40245 9.3750 08/26/04
3314080046 0.0000 10/01/04 00
3314080046 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589636 5.2500 1000000.0000 100.0000
5.2500 1,000,000.00 ZZ
4.8750 4375.00 1
10.2500 4375.00 61
WESTPORT CT 06880 9.8750 08/20/04
3414060054 0.0000 10/01/04 00
3414060054 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589638 5.2500 360000.0000 100.0000
5.2500 359,646.16 ZZ
4.8750 1575.00 1
10.2500 1573.45 66
TRUMBULL CT 06611 9.8750 08/06/04
3414070031 0.0000 10/01/04 00
3414070031 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589640 5.2500 750000.0000 100.0000
5.2500 750,000.00 ZZ
4.8750 3281.25 1
10.2500 3281.25 65
STAMFORD CT 06903 9.8750 09/02/04
3414080029 0.0000 11/01/04 00
3414080029 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589642 4.6250 950000.0000 100.0000
4.6250 946,317.23 ZZ
4.2500 4884.33 1
9.6250 4884.33 60
NEW CANAAN CT 06840 9.2500 10/01/04
3414090069 0.0000 12/01/04 00
3414090069 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589644 4.7500 406000.0000 100.0000
4.7500 404,461.50 ZZ
4.3750 2117.89 1
9.7500 2117.89 37
GREENWICH CT 06870 9.3750 10/05/04
3414090071 0.0000 12/01/04 00
3414090071 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589646 4.8750 500000.0000 100.0000
4.8750 500,000.00 ZZ
4.5000 2031.25 1
9.8750 2031.25 54
BOULDER CO 80304 9.5000 08/05/04
3614070060 0.0000 10/01/04 00
3614070060 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589648 5.3750 348800.0000 100.0000
5.3750 348,800.00 ZZ
5.0000 1562.33 1
10.3750 1562.33 80
OKLAHOMA CITY OK 73013 10.0000 08/31/04
3614080041 0.0000 10/01/04 00
3614080041 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589650 4.6250 329000.0000 100.0000
4.6250 329,000.00 ZZ
4.2500 1268.02 1
9.6250 1268.02 78
ERIE CO 80516 9.2500 08/26/04
3614080052 0.0000 10/01/04 00
3614080052 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9589652 4.8750 284000.0000 100.0000
4.8750 284,000.00 ZZ
4.5000 1153.75 1
9.8750 1153.75 80
BOULDER CO 80303 9.5000 09/02/04
3614080057 0.0000 11/01/04 00
3614080057 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589654 5.2500 190000.0000 100.0000
5.2500 189,958.08 T
4.8750 831.25 1
10.2500 831.07 75
NORTH LAS VEGAS NV 89032 9.8750 08/20/04
3714080019 0.0000 10/01/04 00
3714080019 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589656 5.2500 278900.0000 100.0000
5.2500 278,898.57 ZZ
4.8750 1220.19 1
10.2500 1220.18 69
LAS VEGAS NV 89131 9.8750 08/24/04
3714080020 0.0000 10/01/04 00
3714080020 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9589658 5.0000 141000.0000 100.0000
5.0000 140,767.77 ZZ
4.6250 587.50 1
10.0000 586.53 80
NORTH OLMSTED OH 44070 9.6250 08/23/04
3814080015 0.0000 10/01/04 00
3814080015 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9589660 4.6250 540000.0000 100.0000
4.6250 537,906.65 ZZ
4.2500 2776.35 1
9.6250 2776.35 73
HUDSON OH 44236 9.2500 10/27/04
3814100060 0.0000 12/01/04 00
3814100060 0.0000 11/01/34 0.0000
0 2.2500 11/01/09 11/01/09
956/956 1.8750 12/01/09 12/01/09
45 2.2500 0.0000 0.0000
A 9.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589662 5.2500 106850.0000 100.0000
5.2500 106,208.17 ZZ
4.8750 467.47 1
10.2500 467.44 75
CLEARWATER FL 33765 9.8750 08/06/04
4114070023 0.0000 10/01/04 00
4114070023 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 05 00
O 0.0000
9589664 4.7500 393750.0000 100.0000
4.7500 393,750.00 ZZ
4.3750 1558.59 1
9.7500 1558.59 75
TREASURE ISLAND FL 33706 9.3750 08/30/04
4114080018 0.0000 10/01/04 00
4114080018 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 9.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589666 4.5000 552500.0000 100.0000
4.5000 552,500.00 ZZ
4.1250 2071.88 1
9.5000 2071.88 80
NEPTUNE BEACH FL 32266 9.1250 09/01/04
4114080025 0.0000 11/01/04 00
4114080025 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 9.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589668 5.1250 570950.0000 100.0000
5.1250 568,251.50 ZZ
4.7500 3108.75 1
10.1250 3108.75 80
MIRAMAR FL 33029 9.7500 09/10/04
4214070023 0.0000 11/01/04 00
4214070023 0.0000 10/01/34 0.0000
0 2.2500 10/01/09 10/01/09
956/956 1.8750 11/01/09 11/01/09
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9589670 5.2500 408000.0000 100.0000
5.2500 408,000.00 ZZ
4.8750 1785.00 1
10.2500 1785.00 80
MIAMI FL 33138 9.8750 08/31/04
4214080037 0.0000 10/01/04 00
4214080037 0.0000 09/01/34 0.0000
0 2.2500 09/01/09 09/01/09
956/956 1.8750 10/01/09 10/01/09
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
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CONCORD CA 94521 10.0000 08/06/04
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RIPON CA 95366 10.0000 06/29/04
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CHINO HILLS CA 91709 10.1250 06/03/04
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ELK GROVE CA 95758 9.5000 10/12/04
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SAN JOSE CA 95131 9.1250 02/27/04
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SAN DIEGO CA 92129 9.8750 07/26/04
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ORANGE CA 92866 9.6250 10/04/04
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DALLAS TX 75214 10.0000 09/20/04
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COOPER CITY FL 33026 8.6250 04/28/04
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PLEASANTON CA 94566 8.8750 05/10/04
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ORANGE CA 92867 9.1250 05/20/04
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SANTA ANA CA 92707 9.7500 09/01/04
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MARSHFIELD MA 02050 9.8750 07/20/04
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WEST ROXBURY MA 02132 9.8750 10/21/04
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3.2500 1897.17 1
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CASTAIC CA 91384 8.2500 03/05/04
2914020065 0.0000 05/01/04 00
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LOS ANGELES CA 91423 9.8750 06/03/04
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NORWALK CT 06854 10.0000 08/05/04
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HENDERSON NV 89052 9.6250 07/16/04
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PAINESVILLE OH 44077 10.1250 07/14/04
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4.3750 821.59 1
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SHAKER HTS OH 44120 9.3750 08/27/04
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SILVER SPRING MD 20902 10.2500 08/17/04
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3.6250 3007.72 1
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GLENVIEW IL 60025 8.6250 03/12/04
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4.8750 487,179.07 ZZ
4.5000 2593.12 1
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WHEATON IL 60187 9.5000 10/18/04
4714100011 0.0000 12/01/04 00
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CHANDLER AZ 85226 9.6250 07/30/04
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4.7500 836.33 1
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GILBERT AZ 85233 9.7500 09/08/04
7314080020 0.0000 11/01/04 00
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WALNUT CREEK CA 94596 9.8750 08/06/04
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4.2500 2673.53 1
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BERWYN PA 19312 9.2500 09/02/04
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4.2500 453,472.21 ZZ
3.8750 2243.25 1
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PLYMOUTH MA 02360 8.8750 09/17/04
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9594794 5.5000 486500.0000 100.0000
5.5000 486,500.00 ZZ
5.1250 2229.79 1
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TEMECULA CA 92592 10.1250 08/12/04
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9594796 5.2500 550000.0000 100.0000
5.2500 546,817.93 ZZ
4.8750 3037.12 1
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BIRMINGHAM MI 48009 9.8750 08/09/04
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0 2.2500 09/01/09 09/01/09
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5.0000 2000.22 1
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CARMEL IN 46032 10.0000 08/20/04
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0 2.2500 09/01/09 09/01/09
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5.6250 350,000.00 ZZ
5.2500 1640.63 1
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ATLANTIC BEACH FL 32233 10.2500 07/26/04
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0 2.2500 08/01/09 08/01/09
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4.5000 365,000.00 ZZ
4.1250 1368.75 1
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SAN DIEGO CA 92129 9.1250 05/10/04
1814031869 0.0000 07/01/04 00
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0 2.2500 06/01/09 06/01/09
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4.5000 2004.84 1
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SAN DIEGO CA 92130 9.5000 05/20/04
1814040354 0.0000 07/01/04 00
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5.0000 205,983.26 ZZ
4.6250 866.67 1
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AURORA CO 80015 9.6250 07/29/04
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5.2500 338,472.10 ZZ
4.8750 1884.40 1
10.2500 1884.40 75
NORTH ATTLEBORO MA 02760 9.8750 06/07/04
3414050065 0.0000 08/01/04 00
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45 2.2500 0.0000 0.0000
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9594810 4.7500 600000.0000 100.0000
4.7500 594,652.67 ZZ
4.3750 3129.88 1
9.7500 3129.88 60
LAKE BARRINGTON IL 60010 9.3750 06/10/04
4714050035 0.0000 08/01/04 00
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0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
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9594812 4.5000 534000.0000 100.0000
4.5000 527,510.60 ZZ
4.1250 2705.70 1
9.5000 2705.70 49
GREAT FALLS VA 22066 9.1250 06/15/04
5414050005 0.0000 08/01/04 00
5414050005 0.0000 07/01/34 0.0000
0 2.2500 07/01/09 07/01/09
956/956 1.8750 08/01/09 08/01/09
45 2.2500 0.0000 0.0000
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9609804 5.2500 760000.0000 100.0000
5.2500 760,000.00 ZZ
5.0000 3325.00 1
10.2500 3325.00 63
OAK HILL VA 20171 10.0000 12/29/04
0438876864 0.0000 02/01/05 00
10004132 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
696/G01 2.0000 02/01/10 02/01/10
25 2.2500 0.0000 0.0000
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5.5000 356,000.00 ZZ
5.2500 1631.67 1
10.5000 1631.67 77
ROUND HILL VA 20141 10.2500 01/06/05
0438847071 0.0000 03/01/05 00
25004113 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
A 10.5000 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9628350 5.1250 272000.0000 100.0000
5.1250 272,000.00 ZZ
4.8750 1161.67 1
10.1250 1161.67 80
MANASSAS VA 20110 9.8750 01/14/05
0438887952 0.0000 03/01/05 00
21404165 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
A 10.1250 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9629548 5.3750 1000000.0000 100.0000
5.3750 1,000,000.00 ZZ
5.1250 4479.17 1
10.3750 4479.17 45
CHEVY CHASE MD 20815 10.1250 01/12/05
0438888034 0.0000 03/01/05 00
10004137 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 4 0
0.0000 05 00
O 0.0000
9636970 5.5000 289000.0000 100.0000
5.5000 289,000.00 ZZ
5.2500 1324.58 1
10.5000 1324.58 79
WINCHESTER VA 22602 10.2500 01/27/05
0438895864 0.0000 03/01/05 00
24004121 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
696/G01 2.0000 03/01/10 03/01/10
25 2.2500 0.0000 0.0000
A 10.5000 6 6
360 E 1.0000 1.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9728501 5.3750 424000.0000 100.0000
5.3750 423,524.89 ZZ
5.1250 2374.28 1
10.3750 2374.28 80
EUGENE OR 97405 10.1250 12/09/04
0422699421 0.0000 02/01/05 00
0422699421 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
E22/U57 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9740715 5.2500 292600.0000 100.0000
5.2500 292,600.00 ZZ
5.0000 1280.13 1
10.2500 1280.13 75
BEND OR 97701 10.0000 11/30/04
0438795205 0.0000 02/01/05 00
266021 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
H58/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9740733 5.3750 118500.0000 100.0000
5.3750 118,367.21 ZZ
5.1250 663.57 1
10.3750 663.57 76
ALOHA OR 97007 10.1250 12/01/04
0438793549 0.0000 02/01/05 00
263277 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
H58/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9746325 5.1250 50000.0000 100.0000
5.1250 50,000.00 T
4.8750 213.54 1
10.1250 213.54 32
BULLHEAD CITY AZ 86442 9.8750 12/01/04
0438819310 0.0000 02/01/05 00
1070006304 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
N67/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 03 00
O 0.0000
9746527 5.0000 177600.0000 100.0000
5.0000 177,172.31 ZZ
4.7500 953.40 1
10.0000 953.40 80
PHOENIX AZ 85050 9.7500 11/18/04
0438823494 0.0000 01/01/05 00
1760300712 0.0000 12/01/34 0.0000
0 2.2500 12/01/09 12/01/09
N67/G01 2.0000 01/01/10 01/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9746599 5.3750 145600.0000 100.0000
5.3750 145,263.71 ZZ
5.1250 815.32 1
11.3750 815.32 80
PORTLAND OR 97211 11.1250 11/17/04
0438827669 0.0000 01/01/05 00
3335006246 0.0000 12/01/34 0.0000
0 2.7500 12/01/09 12/01/09
N67/G01 2.5000 01/01/10 01/01/10
25 2.7500 0.0000 0.0000
A 11.3750 6 6
360 E 1.0000 1.0000
6.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9751465 5.3750 414500.0000 100.0000
5.3750 414,035.53 ZZ
5.1250 2321.08 1
10.3750 2321.08 56
LIVERMORE CA 94550 10.1250 12/21/04
0422514182 0.0000 02/01/05 00
0422514182 0.0000 01/01/35 0.0000
0 2.2500 01/01/10 01/01/10
E22/G01 2.0000 02/01/10 02/01/10
45 2.2500 0.0000 0.0000
A 10.3750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9757483 5.5000 204000.0000 100.0000
5.5000 204,000.00 ZZ
5.2500 935.00 1
10.5000 935.00 75
SPARKS NV 89434 10.2500 12/28/04
0422893990 0.0000 03/01/05 00
0422893990 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9765499 5.2500 210400.0000 100.0000
5.2500 210,400.00 ZZ
5.0000 1161.84 1
10.2500 1161.84 80
HUDSON WI 54016 10.0000 01/07/05
0422880070 0.0000 03/01/05 00
0422880070 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9765603 5.1250 165600.0000 100.0000
5.1250 165,600.00 ZZ
4.8750 901.67 1
10.1250 901.67 80
RENTON WA 98058 9.8750 01/05/05
0422938779 0.0000 03/01/05 00
0422938779 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9772019 5.1250 362500.0000 100.0000
5.1250 362,500.00 ZZ
4.8750 1973.77 1
10.1250 1973.77 58
OLYMPIA WA 98516 9.8750 01/03/05
0422832527 0.0000 03/01/05 00
0422832527 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 1 0
0.0000 05 00
O 0.0000
9772275 5.1250 214000.0000 100.0000
5.1250 214,000.00 ZZ
4.8750 1165.20 1
10.1250 1165.20 76
WINCHESTER VA 22602 9.8750 01/10/05
0422934455 0.0000 03/01/05 00
0422934455 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.1250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 5 0
0.0000 03 00
O 0.0000
9776807 5.0000 80000.0000 100.0000
5.0000 80,000.00 ZZ
4.7500 333.33 1
10.0000 333.33 46
MONROE NC 28110 9.7500 01/19/05
0422823781 0.0000 03/01/05 00
0422823781 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9783883 5.0000 157860.0000 100.0000
5.0000 157,860.00 ZZ
4.7500 847.43 1
10.0000 847.43 77
▇▇▇▇▇▇▇ NC 28164 9.7500 01/14/05
0438892325 2.2500 03/01/05 00
28503855 2.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
L21/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.0000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
2.7500 1 0
0.0000 05 00
O 0.0000
9787587 5.5000 174600.0000 100.0000
5.5000 174,600.00 ZZ
5.2500 991.36 1
10.5000 991.36 62
SOUTH PADRE ISL TX 78597 10.2500 01/24/05
0422939165 0.0000 03/01/05 00
0422939165 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 07 00
O 0.0000
9787621 4.8750 203000.0000 100.0000
4.8750 203,000.00 ZZ
4.6250 824.69 1
9.8750 824.69 62
CORAL SPRINGS FL 33076 9.6250 01/24/05
0422962092 0.0000 03/01/05 00
0422962092 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 03 00
O 0.0000
9787771 5.6250 251000.0000 100.0000
5.6250 251,000.00 ZZ
5.3750 1176.56 1
10.6250 1176.56 62
AUBURN WA 98001 10.3750 01/19/05
0423035427 0.0000 03/01/05 00
0423035427 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.6250 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9789013 4.8750 332000.0000 100.0000
4.8750 332,000.00 ZZ
4.6250 1348.75 1
9.8750 1348.75 70
ROCHESTER MI 48307 9.6250 01/26/05
0438894701 0.0000 03/01/05 00
0000039219 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
X64/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 9.8750 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9792513 5.7500 160000.0000 100.0000
5.7500 160,000.00 ZZ
5.5000 933.72 2
10.7500 933.72 80
SALT LAKE CITY UT 84109 10.5000 01/25/05
0423102854 0.0000 03/01/05 00
0423102854 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.7500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9792539 5.5000 120100.0000 100.0000
5.5000 120,100.00 ZZ
5.2500 681.91 1
10.5000 681.91 78
GRAND JUNCTION CO 81503 10.2500 01/27/05
0423082148 0.0000 03/01/05 00
0423082148 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.5000 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
9800861 5.2500 464800.0000 100.0000
5.2500 464,800.00 ZZ
5.0000 2566.64 1
10.2500 2566.64 80
COLORADO SPRING CO 80906 10.0000 02/02/05
0423182351 0.0000 03/01/05 00
0423182351 0.0000 02/01/35 0.0000
0 2.2500 02/01/10 02/01/10
E22/G01 2.0000 03/01/10 03/01/10
45 2.2500 0.0000 0.0000
A 10.2500 12 12
360 L12 2.0000 2.0000
5.0000 S N 0.1250
0.0000 S N 0.1250
0.0000 2 0
0.0000 05 00
O 0.0000
Total Number of Loans: 403
Total Original Balance: 145,797,550.00
Total Principal Balance: 145,023,526.80
Total Original P+I: 695,259.23
Total Current P+I: 694,929.03
Arm Rate Passthru
Loan Number Sub Serv Fee RFC Net Ceiling
Principal Bal Mstr Serv Fee Max Net Mort Rate
Curr Note Rate Alloc Exp Max Post Strip Rate
RFC Net Rate Misc Exp Int Rate Margin
Investor Rate Spread PostStrip Margin
Post Strip Rate Strip
9588924 0.3750 9.8750
504000.00 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9588926 0.3750 10.0000
382500.00 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588928 0.3750 10.2500
575353.93 0.0500 10.2000
5.6250 0.0000 10.2000
5.2500 0.0000 1.8250
5.2000 0.0000 1.8250
5.2000 0.0000
9588930 0.3750 10.0000
629183.30 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588932 0.3750 9.3750
344250.00 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 1.8250
4.3250 0.0000 1.8250
4.3250 0.0000
9588934 0.3750 10.1250
359915.59 0.0500 10.0750
5.5000 0.0000 10.0750
5.1250 0.0000 1.8250
5.0750 0.0000 1.8250
5.0750 0.0000
9588936 0.3750 9.3750
377000.00 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 1.8250
4.3250 0.0000 1.8250
4.3250 0.0000
9588938 0.3750 10.0000
251412.24 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588940 0.3750 9.1250
487466.50 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9588942 0.3750 9.3750
333700.00 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 1.8250
4.3250 0.0000 1.8250
4.3250 0.0000
9588944 0.3750 10.1250
445000.00 0.0500 10.0750
5.5000 0.0000 10.0750
5.1250 0.0000 1.8250
5.0750 0.0000 1.8250
5.0750 0.0000
9588946 0.3750 9.8750
359835.14 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9588948 0.3750 9.1250
233923.45 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9588950 0.3750 9.6250
201496.31 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9588952 0.3750 9.2500
219798.82 0.0500 9.2000
4.6250 0.0000 9.2000
4.2500 0.0000 1.8250
4.2000 0.0000 1.8250
4.2000 0.0000
9588954 0.3750 10.0000
239711.65 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588956 0.3750 10.0000
135837.89 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588958 0.3750 9.6250
642643.51 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9588960 0.3750 10.0000
293000.00 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588962 0.3750 10.2500
300000.00 0.0500 10.2000
5.6250 0.0000 10.2000
5.2500 0.0000 1.8250
5.2000 0.0000 1.8250
5.2000 0.0000
9588964 0.3750 10.0000
130853.64 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588966 0.3750 10.2500
135996.61 0.0500 10.2000
5.6250 0.0000 10.2000
5.2500 0.0000 1.8250
5.2000 0.0000 1.8250
5.2000 0.0000
9588968 0.3750 9.8750
479500.00 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9588970 0.3750 9.5000
172000.00 0.0500 9.4500
4.8750 0.0000 9.4500
4.5000 0.0000 1.8250
4.4500 0.0000 1.8250
4.4500 0.0000
9588972 0.3750 10.0000
461396.64 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588974 0.3750 10.1250
146876.17 0.0500 10.0750
5.5000 0.0000 10.0750
5.1250 0.0000 1.8250
5.0750 0.0000 1.8250
5.0750 0.0000
9588976 0.3750 10.1250
220000.00 0.0500 10.0750
5.5000 0.0000 10.0750
5.1250 0.0000 1.8250
5.0750 0.0000 1.8250
5.0750 0.0000
9588978 0.3750 9.8750
460800.00 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9588980 0.3750 10.0000
355700.00 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588982 0.3750 10.0000
376000.00 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588984 0.3750 10.0000
302436.18 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588986 0.3750 9.6250
471946.05 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9588988 0.3750 10.0000
99977.19 0.0500 9.9500
5.3750 0.0000 9.9500
5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9588990 0.3750 9.7500
395590.23 0.0500 9.7000
5.1250 0.0000 9.7000
4.7500 0.0000 1.8250
4.7000 0.0000 1.8250
4.7000 0.0000
9588992 0.3750 9.5000
358218.58 0.0500 9.4500
4.8750 0.0000 9.4500
4.5000 0.0000 1.8250
4.4500 0.0000 1.8250
4.4500 0.0000
9588994 0.3750 9.6250
156826.68 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9588996 0.3750 9.3750
333600.00 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 1.8250
4.3250 0.0000 1.8250
4.3250 0.0000
9588998 0.3750 9.1250
362129.39 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9589000 0.3750 9.8750
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5.0000 0.0000 1.8250
4.9500 0.0000 1.8250
4.9500 0.0000
9594800 0.3750 10.2500
350000.00 0.0500 10.2000
5.6250 0.0000 10.2000
5.2500 0.0000 1.8250
5.2000 0.0000 1.8250
5.2000 0.0000
9594802 0.3750 9.1250
365000.00 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9594804 0.3750 9.5000
493500.00 0.0500 9.4500
4.8750 0.0000 9.4500
4.5000 0.0000 1.8250
4.4500 0.0000 1.8250
4.4500 0.0000
9594806 0.3750 9.6250
205983.26 0.0500 9.5750
5.0000 0.0000 9.5750
4.6250 0.0000 1.8250
4.5750 0.0000 1.8250
4.5750 0.0000
9594808 0.3750 9.8750
338472.10 0.0500 9.8250
5.2500 0.0000 9.8250
4.8750 0.0000 1.8250
4.8250 0.0000 1.8250
4.8250 0.0000
9594810 0.3750 9.3750
594652.67 0.0500 9.3250
4.7500 0.0000 9.3250
4.3750 0.0000 1.8250
4.3250 0.0000 1.8250
4.3250 0.0000
9594812 0.3750 9.1250
527510.60 0.0500 9.0750
4.5000 0.0000 9.0750
4.1250 0.0000 1.8250
4.0750 0.0000 1.8250
4.0750 0.0000
9609804 0.2500 10.0000
760000.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9616342 0.2500 10.2500
356000.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9628350 0.2500 9.8750
272000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9629548 0.2500 10.1250
1000000.00 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9636970 0.2500 10.2500
289000.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9728501 0.2500 10.1250
423524.89 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9740715 0.2500 10.0000
292600.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9740733 0.2500 10.1250
118367.21 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9746325 0.2500 9.8750
50000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9746527 0.2500 9.7500
177172.31 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9746599 0.2500 11.1250
145263.71 0.0500 11.0750
5.3750 0.0000 11.0750
5.1250 0.0000 2.4500
5.0750 0.0000 2.4500
5.0750 0.0000
9751465 0.2500 10.1250
414035.53 0.0500 10.0750
5.3750 0.0000 10.0750
5.1250 0.0000 1.9500
5.0750 0.0000 1.9500
5.0750 0.0000
9757483 0.2500 10.2500
204000.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9765499 0.2500 10.0000
210400.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
9765603 0.2500 9.8750
165600.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772019 0.2500 9.8750
362500.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9772275 0.2500 9.8750
214000.00 0.0500 9.8250
5.1250 0.0000 9.8250
4.8750 0.0000 1.9500
4.8250 0.0000 1.9500
4.8250 0.0000
9776807 0.2500 9.7500
80000.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9783883 0.2500 9.7500
157860.00 0.0500 9.7000
5.0000 0.0000 9.7000
4.7500 0.0000 1.9500
4.7000 0.0000 1.9500
4.7000 0.0000
9787587 0.2500 10.2500
174600.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9787621 0.2500 9.6250
203000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9787771 0.2500 10.3750
251000.00 0.0500 10.3250
5.6250 0.0000 10.3250
5.3750 0.0000 1.9500
5.3250 0.0000 1.9500
5.3250 0.0000
9789013 0.2500 9.6250
332000.00 0.0500 9.5750
4.8750 0.0000 9.5750
4.6250 0.0000 1.9500
4.5750 0.0000 1.9500
4.5750 0.0000
9792513 0.2500 10.5000
160000.00 0.0500 10.4500
5.7500 0.0000 10.4500
5.5000 0.0000 1.9500
5.4500 0.0000 1.9500
5.4500 0.0000
9792539 0.2500 10.2500
120100.00 0.0500 10.2000
5.5000 0.0000 10.2000
5.2500 0.0000 1.9500
5.2000 0.0000 1.9500
5.2000 0.0000
9800861 0.2500 10.0000
464800.00 0.0500 9.9500
5.2500 0.0000 9.9500
5.0000 0.0000 1.9500
4.9500 0.0000 1.9500
4.9500 0.0000
Total Number of Loans: 403
Total Original Balance: 145,797,550.00
Total Principal Balance: 145,023,526.80
Total Original P+I: 695,259.23
Total Current P+I: 694,929.03
EXHIBIT FOUR
INFORMATION TO BE INCLUDED IN
MONTHLY DISTRIBUTION DATE STATEMENT
(i) (a) the amount of such distribution to the Certificateholders of
such Class applied to reduce the Certificate Principal Balance thereof, and (b)
the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of
Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of Certificates
is less than the full amount that would be distributable to such Holders if
there were sufficient funds available therefor, the amount of the shortfall;
(iv) the amount of any Advance by the Master Servicer pursuant to
Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage
Loans and of the Group I Loans, Group II Loans and Group III Loans determined
separately after giving effect to the distribution of principal on such
Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of
Certificates, after giving effect to the amounts distributed on such
Distribution Date, separately identifying any reduction thereof due to Realized
Losses other than pursuant to an actual distribution of principal;
(vii) the related Subordinate Principal Distribution Amount and
Prepayment Distribution Percentage, if applicable;
(viii) on the basis of the most recent reports furnished to it by
Sub-Servicers, (a) the number and aggregate principal balances of Mortgage Loans
that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and
the number and aggregate principal balance of Mortgage Loans that are in
foreclosure, (b) the number and aggregate principal balances of Reportable
Modified Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and
(3) 90 or more days and the number and aggregate principal balance of Reportable
Modified Mortgage Loans that are in foreclosure and are REO Property, indicating
in each case capitalized Mortgage Loans, other Servicing Modifications and
totals, and (c) for all Reportable Modified Mortgage Loans, the number and
aggregate Stated Principal Balance of Reportable Modified Mortgage Loans that
have been liquidated, the subject of pay-offs and that have been repurchased by
the Master Servicer or Seller;
(ix) the number, aggregate principal balance and book value of any REO
Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any,
for each Class of Certificates, after giving effect to the distribution made on
such Distribution Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount
as of the close of business on such Distribution Date and a description of any
change in the calculation of such amounts;
(xii) [RESERVED];
(xiii) the occurrence of the Credit Support Depletion Date;
(xiv) the related Senior Accelerated Distribution Percentage applicable
to such distribution;
(xv) the related Senior Percentage for such Distribution Date;
(xvi) the aggregate amount of Realized Losses for such Distribution
Date;
(xvii) the aggregate amount of any recoveries on previously foreclosed
loans from Sellers due to a breach of representation or warranty assigned to the
Trustee pursuant to Section 2.04;
(xiii) the weighted average remaining term to maturity of the Mortgage
Loans after giving effect to the amounts distributed on such Distribution Date;
and
(xix) the weighted average Mortgage Rates of the Mortgage Loans after
giving effect to the amounts distributed on such Distribution Date.
In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination.
The Trustee's internet website will initially be located at
▇▇▇▇://▇▇▇.▇▇▇▇▇▇.▇▇▇/▇▇▇. To receive this statement via first class mail,
telephone the Trustee at ▇ (▇▇▇) ▇▇▇-▇▇▇▇.
EXHIBIT FIVE
EXECUTION COPY
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
Dated as of December 1, 2004
Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Through Certificates
TABLE OF CONTENTS
PAGE
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.............................................................1
Section 1.02 Use of Words and Phrases...............................................33
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans...........................................33
Section 2.02 Acceptance by Trustee..................................................39
Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the
Company. 41
Section 2.04 Representations and Warranties of Sellers..............................42
Section 2.05 Execution and Authentication of Certificates/Issuance of Certificates
Evidencing Interests in REMIC I..........................................................45
Section 2.06 Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
Acceptance by the Trustee................................................................45
Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II..............45
Section 2.08 Purposes and Powers of the Trust.......................................45
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer.....................................45
Section 3.02 Subservicing Agreements Between Master Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations....................................47
Section 3.03 Successor Subservicers.................................................48
Section 3.04 Liability of the Master Servicer.......................................49
Section 3.05 No Contractual Relationship Between Subservicer and Trustee or
Certificateholders.......................................................................49
Section 3.06 Assumption or Termination of Subservicing Agreements by Trustee........49
Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to Custodial
Account. 50
Section 3.08 Subservicing Accounts; Servicing Accounts..............................53
Section 3.09 Access to Certain Documentation and Information Regarding the Mortgage
Loans. 54
Section 3.10 Permitted Withdrawals from the Custodial Account.......................54
Section 3.11 Maintenance of the Primary Insurance Policies; Collections Thereunder..56
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity Coverage......57
Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments..........................................................59
Section 3.14 Realization Upon Defaulted Mortgage Loans..............................61
Section 3.15 Trustee to Cooperate; Release of Mortgage Files........................64
Section 3.16 Servicing and Other Compensation; Compensating Interest................66
Section 3.17 Reports to the Trustee and the Company.................................67
Section 3.18 Annual Statement as to Compliance......................................67
Section 3.19 Annual Independent Public Accountants' Servicing Report................68
Section 3.20 Rights of the Company in Respect of the Master Servicer................68
Section 3.21 Administration of Buydown Funds........................................68
Section 3.22 Advance Facility.......................................................69
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account....................................................73
Section 4.02 Distributions..........................................................74
Section 4.03 Statements to Certificateholders; Statements to Rating Agencies;
Exchange Act Reporting...................................................................74
Section 4.04 Distribution of Reports to the Trustee and the Company; Advances by the
Master Servicer. 76
Section 4.05 Allocation of Realized Losses..........................................77
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property..........77
Section 4.07 Optional Purchase of Defaulted Mortgage Loans..........................78
Section 4.08 Surety Bond............................................................78
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.......................................................78
Section 5.02 Registration of Transfer and Exchange of Certificates..................81
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates......................87
Section 5.04 Persons Deemed Owners..................................................87
Section 5.05 Appointment of Paying Agent............................................88
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company and the Master Servicer..........88
Section 6.02 Merger or Consolidation of the Company or the Master Servicer;
Assignment of Rights and Delegation of Duties by Master Servicer.........................88
Section 6.03 Limitation on Liability of the Company, the Master Servicer and Others.89
Section 6.04 Company and Master Servicer Not to Resign..............................90
ARTICLE VII
DEFAULT
Section 7.01 Events of Default......................................................90
Section 7.02 Trustee or Company to Act; Appointment of Successor....................92
Section 7.03 Notification to Certificateholders.....................................94
Section 7.04 Waiver of Events of Default............................................94
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee......................................................94
Section 8.02 Certain Matters Affecting the Trustee..................................96
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans..................98
Section 8.04 Trustee May Own Certificates...........................................98
Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses; Indemnification....98
Section 8.06 Eligibility Requirements for Trustee...................................99
Section 8.07 Resignation and Removal of the Trustee.................................99
Section 8.08 Successor Trustee.....................................................100
Section 8.09 Merger or Consolidation of Trustee....................................101
Section 8.10 Appointment of Co-Trustee or Separate Trustee.........................101
Section 8.11 Appointment of Custodians.............................................102
Section 8.12 Appointment of Office or Agency.......................................103
ARTICLE IX
TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
Section 9.01 Optional Purchase by the Master Servicer of All Certificates;
Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans...103
Section 9.02 Additional Termination Requirements...................................107
Section 9.03 Termination of Multiple REMICs........................................107
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration..................................................108
Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......111
Section 10.03 Designation of REMIC(s)...............................................112
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.............................................................112
Section 11.02 Recordation of Agreement; Counterparts................................115
Section 11.03 Limitation on Rights of Certificateholders............................115
Section 11.04 Governing Law.........................................................116
Section 11.05 Notices...............................................................116
Section 11.06 Required Notices to Rating Agency and Subservicer.....................116
Section 11.07 Severability of Provisions............................................117
Section 11.08 Supplemental Provisions for Resecuritization..........................117
Section 11.09 Allocation of Voting Rights...........................................118
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Seller/Servicer Contract
Exhibit F: Forms of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H: Form of Investor Representation Letter
Exhibit I: Form of Transferor Representation Letter
Exhibit J: Form of Rule 144A Investment Representation Letter
Exhibit K: Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
11.01(e) for a Limited Guaranty
Exhibit L: Form of Limited Guaranty
Exhibit M: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N: Request for Exchange Form
Exhibit O: Form of Form 10-K Certification
Exhibit P: Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q: Information to be Provided by the Master Servicer to the Rating Agencies
Relating to Reportable Modified Mortgage Loans
This is the Standard Terms of Pooling and Servicing Agreement, dated as
of December 1, 2004 (the "Standard Terms", and as incorporated by reference into
a Series Supplement dated as of the Cut-off Date, the "Pooling and Servicing
Agreement" or "Agreement"), among RESIDENTIAL FUNDING MORTGAGE SECURITIES I,
INC., as the company (together with its permitted successors and assigns, the
"Company"), RESIDENTIAL FUNDING CORPORATION, as master servicer (together with
its permitted successors and assigns, the "Master Servicer"), and the trustee
named in the applicable Series Supplement (together with its permitted
successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell certain mortgage pass-through certificates
(collectively, the "Certificates"), to be issued under each Agreement in
multiple classes, which in the aggregate will evidence the entire beneficial
ownership interest in the Mortgage Loans.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Accretion Termination Date: As defined in the Series Supplement.
--------------------------
Accrual Certificates: As defined in the Series Supplement.
--------------------
Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day months. In each case Accrued Certificate Interest on any Class or
Subclass of Certificates will be reduced by the amount of:
(i) Prepayment Interest Shortfalls on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (to the extent not
offset by the Master Servicer with a payment of Compensating
Interest as provided in Section 4.01),
1
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (including Excess
Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses and Extraordinary Losses) not allocated solely to one or
more specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on all Mortgage
Loans or, if the Mortgage Pool is comprised of two or more Loan
Groups, on the Mortgage Loans in the related Loan Group, which
remained unreimbursed following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property or (B) made
with respect to delinquencies that were ultimately determined to
be Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, and
(iv) any other interest shortfalls not covered by the subordination
provided by the Class M Certificates and Class B Certificates,
including interest that is not collectible from the Mortgagor
pursuant to the Relief Act,
with all such reductions allocated (A) among all of the Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised of two or more Loan Groups, the related Senior Percentage of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued Certificate Interest payable from the related Loan Group on such
Distribution Date absent such reductions, with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in proportion to their respective amounts of Accrued Certificate Interest
payable on such Distribution Date absent such reductions. In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any Class of Class B Certificates or any Class of Class M Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.
Addendum and Assignment Agreement: The Addendum and Assignment
Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.
Additional Collateral: Any of the following held, in addition to the
related Mortgaged Property, as security for a Mortgage Loan: (i) all money,
securities, security entitlements, accounts, general intangibles, payment
rights, instruments, documents, deposit accounts, certificates of deposit,
commodities contracts and other investment property and other property of
whatever kind or description now existing or hereafter acquired which is pledged
as security for the repayment of such Mortgage Loan, (ii) third-party
guarantees, and (A) all money, securities, security entitlements, accounts,
2
general intangibles, payment rights, instruments, documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other property of whatever kind or description now existing or hereafter
acquired which is pledged as collateral for such guarantee or (B) any mortgaged
property securing the performance of such guarantee, or (iii) such other
collateral as may be set forth in the Series Supplement.
Additional Collateral Loan: Each Mortgage Loan that is supported by
Additional Collateral.
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.
Advance: As to any Mortgage Loan, any advance made by the Master
Servicer, pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).
Amount Held for Future Distribution: As to any Distribution Date and,
with respect to any Mortgage Pool that is comprised of two or more Loan Groups,
each Loan Group, the total of the amounts held in the Custodial Account at the
close of business on the preceding Determination Date on account of (i)
Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds, Curtailments,
Mortgage Loan purchases made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and
Mortgage Loan substitutions made pursuant to Section 2.03 or 2.04 received or
made in the month of such Distribution Date (other than such Liquidation
Proceeds, Insurance Proceeds and purchases of Mortgage Loans that the Master
Servicer has deemed to have been received in the preceding month in accordance
with Section 3.07(b)), and Principal Prepayments in Full made after the related
Prepayment Period, and (ii) payments which represent early receipt of scheduled
payments of principal and interest due on a date or dates subsequent to the
related Due Date.
Appraised Value: As to any Mortgaged Property, the lesser of (i) the
appraised value of such Mortgaged Property based upon the appraisal made at the
time of the origination of the related Mortgage Loan, and (ii) the sales price
of the Mortgaged Property at such time of origination, except in the case of a
Mortgaged Property securing a refinanced or modified Mortgage Loan as to which
it is either the appraised value determined above or the appraised value
determined in an appraisal at the time of refinancing or modification, as the
case may be.
3
Assigned Contracts: With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement, among GMAC Mortgage
Corporation, National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related Pledged Assets; or such other contracts as may be set forth in the
Series Supplement.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if
permitted by law and accompanied by an Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing Date, between Residential Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the Custodial Account as of the close of business on the
immediately preceding Determination Date, including any Subsequent Recoveries,
and amounts deposited in the Custodial Account in connection with the
substitution of Qualified Substitute Mortgage Loans, (ii) the amount of any
Advance made on the immediately preceding Certificate Account Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section 3.12(a), (iv)
any amount deposited in the Certificate Account pursuant to Section 4.07 and any
amounts deposited in the Custodial Account pursuant to Section 9.01, (v) any
amount that the Master Servicer is not permitted to withdraw from the Custodial
Account or the Certificate Account pursuant to Section 3.16(e), (vi) any amount
received by the Trustee pursuant to the Surety Bond in respect of such
Distribution Date and (vii) the proceeds of any Pledged Assets received by the
Master Servicer, reduced by (b) the sum as of the close of business on the
immediately preceding Determination Date of (x) the Amount Held for Future
Distribution, and (y) amounts permitted to be withdrawn by the Master Servicer
from the Custodial Account in respect of the Mortgage Loans pursuant to clauses
(ii)-(x), inclusive, of Section 3.10(a). Such amount shall be determined
separately for each Loan Group. Additionally, with respect to any Mortgage Pool
that is comprised of two or more Loan Groups, if on any Distribution Date
Compensating Interest provided pursuant to Section 3.16(e) is less than
Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with
4
Principal Prepayments in Full received during the related Prepayment Period and
Curtailments made in the prior calendar month, such Compensating Interest shall
be allocated on such Distribution Date to the Available Distribution Amount for
each Loan Group on a pro rata basis in accordance with the respective amounts of
such Prepayment Interest Shortfalls incurred on the Mortgage Loans in such Loan
Group in respect of such Distribution Date.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
---------------
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee, and designated as such in the Preliminary Statement
to the Series Supplement.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Certificate Account.
Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related Buydown Funds in accordance with a related
buydown agreement.
Capitalization Reimbursement Amount: As to any Distribution Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the related Mortgage Loans during the prior calendar month and
reimbursed to the Master Servicer or Subservicer on or prior to such
Distribution Date pursuant to Section 3.10(a)(vii), plus the Capitalization
Reimbursement Shortfall Amount remaining unreimbursed from any prior
Distribution Date and reimbursed to the Master Servicer or Subservicer on or
prior to such Distribution Date.
Capitalization Reimbursement Shortfall Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
5
preceding calendar month exceeds the amount of principal payments on the
Mortgage Loans included in the Available Distribution Amount for that
Distribution Date.
Call Rights: As defined in Section 9.01(f).
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate Account Deposit Date: As to any Distribution Date, the
Business Day prior thereto.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, and, in respect of any Insured
Certificates, the Certificate Insurer to the extent of Cumulative Insurance
Payments, except that neither a Disqualified Organization nor a Non-United
States Person shall be a holder of a Class R Certificate for purposes hereof
and, solely for the purpose of giving any consent or direction pursuant to this
Agreement, any Certificate, other than a Class R Certificate, registered in the
name of the Company, the Master Servicer or any Subservicer or any Affiliate
thereof shall be deemed not to be outstanding and the Percentage Interest or
Voting Rights evidenced thereby shall not be taken into account in determining
whether the requisite amount of Percentage Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or "Certificateholders" shall reflect the rights of Certificate
Owners as they may indirectly exercise such rights through the Depository and
participating members thereof, except as otherwise specified herein; provided,
however, that the Trustee shall be required to recognize as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.
Certificate Insurer: As defined in the Series Supplement.
-------------------
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Certificate (other
than any Interest Only Certificate), on any date of determination, an amount
equal to:
(i) the Initial Certificate Principal Balance of such Certificate as
specified on the face thereof, plus
(ii) any Subsequent Recoveries added to the Certificate Principal
Balance of such Certificate pursuant to Section 4.02, plus
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(iii) in the case of each Accrual Certificate, an amount equal to the
aggregate Accrued Certificate Interest added to the Certificate
Principal Balance thereof prior to such date of determination,
minus
(iv) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor
Certificate) and applied to reduce the Certificate Principal
Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses which were previously
allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05;
provided, that the Certificate Principal Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the Percentage Interest evidenced by such Certificate
multiplied by the excess, if any, of (A) the then aggregate Certificate
Principal Balance of all Classes of Certificates then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.
Certificate Register and Certificate Registrar: The register maintained
and the registrar appointed pursuant to Section 5.02.
Class: Collectively, all of the Certificates bearing the same
designation. The initial Class A-V Certificates and any Subclass thereof issued
pursuant to Section 5.01(c) shall be a single Class for purposes of this
Agreement.
Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.
Class A-P Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class A-P Principal Distribution Amount: As defined in Section 4.02.
---------------------------------------
Class A-V Certificate: Any one of the Certificates designated as a Class
A-V Certificate, including any Subclass thereof.
Class B Certificate: Any one of the Certificates designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.
Class M Certificate: Any one of the Certificates designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.
Closing Date: As defined in the Series Supplement.
------------
Code: The Internal Revenue Code of 1986.
7
Combined Collateral LLC: Combined Collateral LLC, a Delaware limited
liability company.
Commission: The Securities and Exchange Commission.
----------
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period and Curtailments during the prior
calendar month and included in the Available Distribution Amount for such
Distribution Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal Balance of the Mortgage Loans immediately preceding such
Distribution Date and (b) the sum of the Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders with respect to such Distribution Date; provided that
for purposes of this definition the amount of the Servicing Fee will not be
reduced pursuant to Section 7.02(a) except as may be required pursuant to the
last sentence of such paragraph.
Cooperative: A private, cooperative housing corporation which owns or
leases land and all or part of a building or buildings, including apartments,
spaces used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Credit Repository: Equifax, Transunion and Experian, or their successors
in interest.
8
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
Credit Support Pledge Agreement: The Credit Support Pledge Agreement,
dated as of November 24, 1998, among the Master Servicer, GMAC Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.
Cumulative Insurance Payments: As defined in the Series Supplement.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
Custodial Agreement: An agreement that may be entered into among the
Company, the Master Servicer, the Trustee and a Custodian pursuant to which the
Custodian will hold certain documents relating to the Mortgage Loans on behalf
of the Trustee.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
---------
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto (or due during the month of
the Cut-Off Date), whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any Certificate other than a Book-Entry
Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
9
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly scheduled due date; "60 to 89
days" or "60 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the second following monthly scheduled due date; and so on.
The determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last business day of each month. For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of business on July 31 would then be considered to be 30 to 59 days
delinquent. Delinquency information as of the Cut-off Date is determined and
prepared as of the close of business on the last business day immediately prior
to the Cut-off Date.
Depository: The Depository Trust Company, or any successor Depository
hereafter named. The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede &
Co. The Depository shall at all times be a "clearing corporation" as defined in
Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: As defined in the Series Supplement.
------------------
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the
Discount Net Mortgage Rate. The Discount Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per
annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Rate: As defined in the Series Supplement.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, and if not otherwise
included, any of the following: (i) the United States, any State or political
subdivision thereof, any possession of the United States, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
10
a corporation if all of its activities are subject to tax and, except for
Freddie Mac, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, any international organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv)
rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the holding of an Ownership Interest in a Class R
Certificate by such Person may cause the Trust Fund or any Person having an
Ownership Interest in any Class of Certificates (other than such Person) to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class R
Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.
Due Period: With respect to any Distribution Date, the one-month period
set forth in the Series Supplement.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of JPMorgan Chase Bank, or
(iv) in the case of the Certificate Account, a trust account or accounts
maintained in the corporate trust division of the Trustee, or (v) an account or
11
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Event of Default: As defined in Section 7.01.
----------------
Excess Bankruptcy Loss: Any Bankruptcy Loss, or portion thereof, which
exceeds the then applicable Bankruptcy Amount.
Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the
then applicable Fraud Loss Amount.
Excess Special Hazard Loss: Any Special Hazard Loss, or portion thereof,
that exceeds the then applicable Special Hazard Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or
more Loan Groups, the Excess Subordinate Principal Amount will be allocated
between each Loan Group on a pro rata basis in accordance with the amount of
Realized Losses attributable to each Loan Group and allocated to the
Certificates on such Distribution Date.
Exchange Act: The Securities and Exchange Act of 1934, as amended.
Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity
bond and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.12(b) but are in excess of the coverage maintained
thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination,
all whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by, contributed
to or aggravated by a peril covered by the definition of the term "Special
Hazard Loss";
(c) hostile or warlike action in time of peace or war, including action
in hindering, combating or defending against an actual, impending or expected
attack:
12
1. by any government or sovereign power, de jure or de facto,
or by any authority maintaining or using military, naval
or air forces; or
2. by military, naval or air forces; or
3. by an agent of any such government, power, authority or
forces;
(d) any weapon of war employing atomic fission or radioactive force
whether in time of peace or war; or
(e) insurrection, rebellion, revolution, civil war, usurped power or
action taken by governmental authority in hindering, combating or defending
against such an occurrence, seizure or destruction under quarantine or customs
regulations, confiscation by order of any government or public authority; or
risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
▇▇▇▇▇▇ ▇▇▇: Federal National Mortgage Association, a federally chartered
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
----
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
Fitch: Fitch, Inc. or its successor in interest.
-----
Form 10-K Certification: As defined in Section 4.03(e).
-----------------------
Foreclosure Profits: As to any Distribution Date or related
Determination Date and any Mortgage Loan, the excess, if any, of Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable
therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash Liquidation or REO Disposition occurred in the
related Prepayment Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage
Rate on such unpaid principal balance from the Due Date to which interest was
last paid by the Mortgagor to the first day of the month following the month in
which such Cash Liquidation or REO Disposition occurred.
13
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in
the origination of such Mortgage Loan.
Freddie Mac: Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Highest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with a Certificate Principal Balance
greater than zero, with the earliest priority for payments pursuant to Section
4.02(a), in the following order: Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.
Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company, the Master Servicer and
the Trustee, or any Affiliate thereof, (ii) does not have any direct financial
interest or any material indirect financial interest in the Company, the Master
Servicer or the Trustee or in an Affiliate thereof, and (iii) is not connected
with the Company, the Master Servicer or the Trustee as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.
Initial Certificate Principal Balance: With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.
Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans
for which the Trustee will not be entitled to receive such payment, and as more
specifically defined in the Series Supplement.
Initial Notional Amount: With respect to any Class or Subclass of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically defined in
the Series Supplement.
Initial Subordinate Class Percentage: As defined in the Series
Supplement.
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan (excluding any Certificate Policy (as defined in the
Series Supplement)), to the extent such proceeds are payable to the mortgagee
under the Mortgage, any Subservicer, the Master Servicer or the Trustee and are
not applied to the restoration of the related Mortgaged Property (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance with the procedures that the Master Servicer would
follow in servicing mortgage loans held for its own account.
Insurer: Any named insurer under any Primary Insurance Policy or any
successor thereto or the named insurer in any replacement policy.
14
Interest Accrual Period: As defined in the Series Supplement.
Interest Only Certificates: A Class or Subclass of Certificates not
entitled to ---------------------------- payments of principal, and designated
as such in the Series Supplement. The Interest Only Certificates will have no
Certificate Principal Balance.
Interim Certification: As defined in Section 2.02.
---------------------
Junior Certificateholder: The Holder of not less than 95% of the
Percentage Interests of the Junior Class of Certificates.
Junior Class of Certificates: The Class of Subordinate Certificates
outstanding as of the date of the repurchase of a Mortgage Loan pursuant to
Section 4.07 herein that has the Lowest Priority.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Mortgage Loan through trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.
Loan Group: Any group of Mortgage Loans designated as a separate loan
group in the Series Supplement. The Certificates relating to each Loan Group
will be designated in the Series Supplement.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a Certificate Principal Balance greater than zero, with later
priority for payments pursuant to Section 4.02(a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
Maturity Date: The latest possible maturity date, solely for purposes of
Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which the
Certificate Principal Balance of each Class of Certificates (other than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.
15
MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.
MERS(R) System: The system of recording transfers of Mortgages
electronically maintained by MERS.
MIN: The Mortgage Identification Number for Mortgage Loans registered
with MERS on the MERS(R) System.
MLCC: ▇▇▇▇▇▇▇ ▇▇▇▇▇ Credit Corporation, or its successor in interest.
----
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
Modified Mortgage Rate: As to any Mortgage Loan that is the subject of a
Servicing Modification, the Mortgage Rate minus the rate per annum by which the
Mortgage Rate on such Mortgage Loan was reduced.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
MOM Loan: With respect to any Mortgage Loan, MERS acting as the
mortgagee of such Mortgage Loan, solely as nominee for the originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).
Moody's: ▇▇▇▇▇'▇ Investors Service, Inc., or its successor in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.
16
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Loan Schedule: As defined in the Series Supplement.
----------------------
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification.
Mortgaged Property: The underlying real property securing a Mortgage
Loan or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
---------
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount
Mortgage Loan.
Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United States Person.
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer or Subservicer in respect of a Mortgage Loan (other
than a Deleted Mortgage Loan) which, in the good faith judgment of the Master
Servicer, will not, or, in the case of a proposed Advance, would not, be
ultimately recoverable by the Master Servicer from related Late Collections,
Insurance Proceeds, Liquidation Proceeds, REO Proceeds or amounts reimbursable
to the Master Servicer pursuant to Section 4.02(a) hereof. To the extent that
any Mortgagor is not obligated under the related Mortgage documents to pay or
reimburse any portion of any Servicing Advances that are outstanding with
respect to the related Mortgage Loan as a result of a modification of such
Mortgage Loan by the Master Servicer, which forgives amounts which the Master
Servicer or Subservicer had previously advanced, and the Master Servicer
17
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing Advances shall be deemed to be Nonrecoverable
Advances. The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and any Certificate Insurer.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: With respect to any Class or Subclass of Interest Only
Certificates, an amount used as the principal basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of any REMIC formed under the Series Supplement or compliance with the REMIC
Provisions must, unless otherwise specified, be an opinion of Independent
counsel.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
Pass-Through Rate: As defined in the Series Supplement.
-----------------
Paying Agent: The Trustee or any successor Paying Agent appointed by the
Trustee.
Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such Certificate, which percentage ownership interest shall be
equal to the Initial Certificate Principal Balance thereof or Initial Notional
Amount (in the case of any Interest Only Certificate) thereof divided by the
aggregate Initial Certificate Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate, the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.
18
Permitted Investments: One or more of the following:
---------------------
(i) obligations of or guaranteed as to principal and interest by the
United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United
States;
(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition
thereof, provided that the unsecured obligations of the party
agreeing to repurchase such obligations are at the time rated by
each Rating Agency in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits, time
deposits and bankers' acceptances (which shall each have an
original maturity of not more than 90 days and, in the case of
bankers' acceptances, shall in no event have an original maturity
of more than 365 days or a remaining maturity of more than 30
days) denominated in United States dollars of any U.S. depository
institution or trust company incorporated under the laws of the
United States or any state thereof or of any domestic branch of a
foreign depository institution or trust company; provided that
the debt obligations of such depository institution or trust
company (or, if the only Rating Agency is Standard & Poor's, in
the case of the principal depository institution in a depository
institution holding company, debt obligations of the depository
institution holding company) at the date of acquisition thereof
have been rated by each Rating Agency in its highest short-term
rating available; and provided further that, if the only Rating
Agency is Standard & Poor's and if the depository or trust
company is a principal subsidiary of a bank holding company and
the debt obligations of such subsidiary are not separately rated,
the applicable rating shall be that of the bank holding company;
and, provided further that, if the original maturity of such
short-term obligations of a domestic branch of a foreign
depository institution or trust company shall exceed 30 days, the
short-term rating of such institution shall be A-1+ in the case
of Standard & Poor's if Standard & Poor's is the Rating Agency;
(iv) commercial paper and demand notes (having original maturities of
not more than 365 days) of any corporation incorporated under the
laws of the United States or any state thereof which on the date
of acquisition has been rated by each Rating Agency in its
highest short-term rating available; provided that such
commercial paper shall have a remaining maturity of not more than
30 days;
(v) a money market fund or a qualified investment fund rated by each
Rating Agency in its highest long-term rating available; and
19
(vi) other obligations or securities that are acceptable to each
Rating Agency as a Permitted Investment hereunder and will not
reduce the rating assigned to any Class of Certificates by such
Rating Agency below the lower of the then-current rating or the
rating assigned to such Certificates as of the Closing Date by
such Rating Agency, as evidenced in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of ▇▇▇▇▇'▇, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of ▇▇▇▇▇'▇ and either A-1 by Standard
& Poor's, P-1 by ▇▇▇▇▇'▇ or F-1 by Fitch in the case of Fitch; provided,
however, that any Permitted Investment that is a short-term debt obligation
rated A-1 by Standard & Poor's must satisfy the following additional conditions:
(i) the total amount of debt from A-1 issuers must be limited to the investment
of monthly principal and interest payments (assuming fully amortizing
collateral); (ii) the total amount of A-1 investments must not represent more
than 20% of the aggregate outstanding Certificate Principal Balance of the
Certificates and each investment must not mature beyond 30 days; (iii)
investments in A-1 rated securities are not eligible for the Reserve Fund; (iv)
the terms of the debt must have a predetermined fixed dollar amount of principal
due at maturity that cannot vary; and (v) if the investments may be liquidated
prior to their maturity or are being relied on to meet a certain yield, interest
must be tied to a single interest rate index plus a single fixed spread (if any)
and must move proportionately with that index.
Permitted Transferee: Any Transferee of a Class R Certificate, other
than a Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Pledged Amount: With respect to any Pledged Asset Loan, the amount of
money remitted to Combined Collateral LLC, at the direction of or for the
benefit of the related Mortgagor.
Pledged Asset Loan: Any Mortgage Loan supported by Pledged Assets or
such other collateral, other than the related Mortgaged Property, set forth in
the Series Supplement.
Pledged Assets: With respect to any Mortgage Loan, all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description pledged by Combined
Collateral LLC as security in respect of any Realized Losses in connection with
such Mortgage Loan up to the Pledged Amount for such Mortgage Loan, and any
related collateral, or such other collateral as may be set forth in the Series
Supplement.
20
Pledged Asset Mortgage Servicing Agreement: The Pledged Asset Mortgage
Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master
Servicer.
Pooling and Servicing Agreement or Agreement: With respect to any
Series, this Standard Terms together with the related Series Supplement.
Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances of each Mortgage Loan.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.
Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date is greater than or equal to the sum
of the related Initial Subordinate Class Percentages of such Classes of
Subordinate Certificates.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the portion of the
related Prepayment Period that falls during the prior calendar month, an amount
equal to the excess of one month's interest at the Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the
Stated Principal Balance of such Mortgage Loan over the amount of interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month, an amount equal to one month's interest at the Net Mortgage Rate (or
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the
amount of such Curtailment.
Prepayment Period: As to any Distribution Date and Principal Prepayment
in Full, the period commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance or any replacement policy therefor referred to in Section 2.03(b)(iv)
and (v).
21
Principal Only Certificates: A Class of Certificates not entitled to
payments of interest, and more specifically designated as such in the Series
Supplement.
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is received in advance of its scheduled Due Date
and is not accompanied by an amount as to interest representing scheduled
interest on such payment due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.
Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential Funding's mortgage loan purchase and conduit servicing program and
all supplements and amendments thereto published by Residential Funding from
time to time.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal Balance
thereof to the Due Date in the Due Period related to the Distribution Date
occurring in the month following the month of purchase from the Due Date to
which interest was last paid by the Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, with a copy to the Custodian,
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
22
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment
Agreement; and
(vi) have a Pool Strip Rate equal to or greater than that of the
Deleted Mortgage Loan.
Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan
(i) the Pool Strip Rate of such Qualified Substitute Mortgage Loan
shall be equal to the Pool Strip Rate of the related Deleted
Mortgage Loan for purposes of calculating the Pass-Through Rate
on the Class A-V Certificates and
(ii) the excess of the Pool Strip Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Pool
Strip Rate" over the Pool Strip Rate on the related Deleted
Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
Rating Agency: Each of the statistical credit rating agencies specified
in the Preliminary Statement of the Series Supplement. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company,
notice of which designation shall be given to the Trustee and the Master
Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property):
-------------
(a) as to which a Cash Liquidation or REO Disposition has occurred, an
amount (not less than zero) equal to (i) the Stated Principal Balance of the
Mortgage Loan (or REO Property) as of the date of Cash Liquidation or REO
Disposition, plus (ii) interest (and REO Imputed Interest, if any) at the Net
Mortgage Rate from the Due Date as to which interest was last paid or advanced
to Certificateholders up to the Due Date in the Due Period related to the
Distribution Date on which such Realized Loss will be allocated pursuant to
Section 4.05 on the Stated Principal Balance of such Mortgage Loan (or REO
Property) outstanding during each Due Period that such interest was not paid or
advanced, minus (iii) the proceeds, if any, received during the month in which
such Cash Liquidation (or REO Disposition) occurred, to the extent applied as
recoveries of interest at the Net Mortgage Rate and to principal of the Mortgage
Loan, net of the portion thereof reimbursable to the Master Servicer or any
Subservicer with respect to related Advances, Servicing Advances or other
expenses as to which the Master Servicer or Subservicer is entitled to
reimbursement thereunder but which have not been previously reimbursed,
23
(b) which is the subject of a Servicing Modification, (i) (1) the amount
by which the interest portion of a Monthly Payment or the principal balance of
such Mortgage Loan was reduced or (2) the sum of any other amounts owing under
the Mortgage Loan that were forgiven and that constitute Servicing Advances that
are reimbursable to the Master Servicer or a Subservicer, and (ii) any such
amount with respect to a Monthly Payment that was or would have been due in the
month immediately following the month in which a Principal Prepayment or the
Purchase Price of such Mortgage Loan is received or is deemed to have been
received,
(c) which has become the subject of a Deficient Valuation, the
difference between the principal balance of the Mortgage Loan outstanding
immediately prior to such Deficient Valuation and the principal balance of the
Mortgage Loan as reduced by the Deficient Valuation, or
(d) which has become the object of a Debt Service Reduction, the amount
of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee in writing that the Master Servicer is
diligently pursuing any remedies that may exist in connection with the
representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent such recoveries are applied to reduce the
Certificate Principal Balance of any Class of Certificates on any Distribution
Date.
Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Certificate: Any of the Certificates other than a Class R
Certificate.
Relief Act: The Servicemembers Civil Relief Act or similar legislation
24
or regulations as in effect from time to time.
Relief Act Shortfalls: Shortfalls in interest payable by a Mortgagor
that are not collectible from the Mortgagor pursuant to the Relief Act.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
25
Reportable Modified Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a Mortgage Loan modified in accordance with clause (i) above for a
temporary period shall not be a Reportable Modified Mortgage Loan if such
Mortgage Loan has not been delinquent in payments of principal and interest for
six months since the date of such modification if that interest rate reduction
is not made permanent thereafter.
Request for Release: A request for release, the forms of which are
attached as Exhibit F hereto, or an electronic request in a form acceptable to
the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Required Surety Payment: With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if
any, of (a) the amount of Additional Collateral required at origination with
respect to such Mortgage Loan over (b) the net proceeds realized by the
Subservicer from the related Additional Collateral.
Residential Funding: Residential Funding Corporation, a Delaware
corporation, in its capacity as seller of the Mortgage Loans to the Company and
not in its capacity as Master Servicer, and any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer with particular
responsibility for this transaction, or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.
Retail Certificates: A Senior Certificate, if any, offered in smaller
minimum denominations than other Senior Certificates, and designated as such in
the Series Supplement.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, a Person, including any Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans consistent in all material
respects with those set forth in the Program Guide.
26
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan
Group, 100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on
or prior to the 72nd Distribution Date, the related Senior
Percentage for such Distribution Date plus 70% of the related
Subordinate Percentage for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on
or prior to the 84th Distribution Date, the related Senior
Percentage for such Distribution Date plus 60% of the related
Subordinate Percentage for such Distribution Date;
(iii) for any Distribution Date after the 84th Distribution Date but on
or prior to the 96th Distribution Date, the related Senior
Percentage for such Distribution Date plus 40% of the related
Subordinate Percentage for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on
or prior to the 108th Distribution Date, the related Senior
Percentage for such Distribution Date plus 20% of the related
Subordinate Percentage for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for
such Distribution Date;
provided, however,
-------- -------
(i) that any scheduled reduction to the Senior Accelerated
Distribution Percentage described above shall not occur as of any
Distribution Date unless either
(a)(1)(X) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged
over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last six
months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the
Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of
the sum of the Initial Certificate Principal Balances of the Subordinate
Certificates or
(b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding principal balance of all
Mortgage Loans averaged over the last six months, does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution
Date, if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate Certificates, and
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(ii) that for any Distribution Date on which the Senior Percentage is greater
than the Percentage as of the Closing Date, the Senior Accelerated
Distribution Percentage for such Distribution Date shall be 100%, or, if
the Mortgage Pool is comprised of two or more Loan Groups, for any
Distribution Date on which the weighted average of the Senior
Percentages for each Loan Group, weighted on the basis of the Stated
Principal Balances of the Mortgage Loans in the related Loan Group,
exceeds the weighted average of the initial Senior Percentages
(calculated on such basis) for each Loan Group, each of the Senior
Accelerated Distribution Percentages for such Distribution Date will
equal 100%.
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class A-P
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: As defined in the Series Supplement.
------------------
Senior Percentage: As defined in the Series Supplement.
-----------------
Senior Support Certificate: A Senior Certificate that provides
additional credit enhancement to certain other classes of Senior Certificates
and designated as such in the Preliminary Statement of the Series Supplement.
Series: All of the Certificates issued pursuant to a Pooling and
Servicing Agreement and bearing the same series designation.
Series Supplement: The agreement into which this Standard Terms is
incorporated and pursuant to which, together with this Standard Terms, a Series
of Certificates is issued.
Servicing Accounts: The account or accounts created and maintained
pursuant to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer or a Subservicer in the
performance of its servicing obligations, including, but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment, (ii)
any enforcement or judicial proceedings, including foreclosures, including any
expenses incurred in relation to any such proceedings that result from the
Mortgage Loan being registered on the MERS System, (iii) the management and
liquidation of any REO Property, (iv) any mitigation procedures implemented in
accordance with Section 3.07, and (v) compliance with the obligations under
Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the Master Servicer or any
Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.
28
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan, any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding principal
balance of a Mortgage Loan by adding to the Stated Principal Balance unpaid
principal and interest and other amounts owing under the Mortgage Loan, in each
case pursuant to a modification of a Mortgage Loan that is in default, or for
which, in the judgment of the Master Servicer, default is reasonably
foreseeable, in accordance with Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement of a Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) suffered by such Mortgaged
Property (or Cooperative Apartment) on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's, a division of The ▇▇▇▇▇▇-▇▇▇▇
Companies, Inc., or its successor in interest.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage Loan plus (b) any amount by which the Stated Principal
Balance of the Mortgage Loan is increased pursuant to a Servicing Modification,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such Mortgage Loan or REO Property during each Due Period ending
prior to the most recent Distribution Date which were received or with respect
to which an Advance was made, and (b) all Principal Prepayments with respect to
such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation
Proceeds and REO Proceeds, to the extent applied by the Master Servicer as
recoveries of principal in accordance with Section 3.14 with respect to such
Mortgage Loan or REO Property, in each case which were distributed pursuant to
Section 4.02 on any previous Distribution Date, and (c) any Realized Loss
allocated to Certificateholders with respect thereto for any previous
Distribution Date.
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Subclass: With respect to the Class A-V Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate Certificates immediately prior to such date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.
Subsequent Recoveries: As of any Distribution Date, amounts received by
the Master Servicer (net of any related expenses permitted to be reimbursed
pursuant to Section 3.10) or surplus amounts held by the Master Servicer to
cover estimated expenses (including, but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable Seller's Agreement and assigned to the Trustee pursuant to Section
2.04) specifically related to a Mortgage Loan that was the subject of a Cash
Liquidation or an REO Disposition prior to the related Prepayment Period that
resulted in a Realized Loss.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in
accordance with Section 3.08.
Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company. With respect to
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Additional Collateral Loans subserviced by MLCC, the Subservicing Agreement
shall also include the Addendum and Assignment Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
Surety: Ambac, or its successors in interest, or such other surety as
may be identified in the Series Supplement.
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the
Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage
Loans originated by Novus Financial Corporation, in each case issued by Ambac
for the benefit of certain beneficiaries, including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any Additional Collateral Loans, or such other Surety Bond as may be
identified in the Series Supplement.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC formed under the Series Supplement and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation
or other form of assignment of any Ownership Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
Trust Fund: The segregated pool of assets consisting of:
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(i) the Mortgage Loans and the related Mortgage Files and collateral
securing such Mortgage Loans,
(ii) all payments on and collections in respect of the Mortgage Loans
due after the Cut-off Date (other than Monthly Payments due in
the month of the Cut-Off Date) as shall be on deposit in the
Custodial Account or in the Certificate Account and identified as
belonging to the Trust Fund, including the proceeds from the
liquidation of Additional Collateral for any Additional
Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
not including amounts on deposit in the Initial Monthly Payment
Fund,
(iii) property that secured a Mortgage Loan and that has been acquired
for the benefit of the Certificateholders by foreclosure or deed
in lieu of foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if
any, the Pledged Assets with respect to each Pledged Asset Loan,
and the interest in the Surety Bond transferred to the Trustee
pursuant to Section 2.01,
(v) the Initial Monthly Payment Fund, and
(vi) all proceeds of clauses (i) through (v) above.
Underwriter: As defined in the Series Supplement.
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Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States, provided that, for purposes solely of the
restrictions on the transfer of residual interests, no partnership or other
entity treated as a partnership for United States federal income tax purposes
shall be treated as a United States Person unless all persons that own an
interest in such partnership either directly or through any entity that is not a
corporation for United States federal income tax purposes are required by the
applicable operating agreement to be United States Persons, any state thereof,
or the District of Columbia (except in the case of a partnership, to the extent
provided in Treasury regulations) or any political subdivision thereof, or an
estate that is described in Section 7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate, and more specifically
designated in Article XI of the Series Supplement.
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Section 1.02 Use of Words and Phrases.
"Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definition set forth herein include both the singular and the
plural.
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all
interest and principal received on or with respect to the Mortgage Loans
after the Cut-off Date (other than payments of principal and interest
due on the Mortgage Loans in the month of the Cut-off Date). In
connection with such transfer and assignment, the Company does hereby
deliver to the Trustee the Certificate Policy (as defined in the Series
Supplement), if any. The Company, the Master Servicer and the Trustee
agree that it is not intended that any mortgage loan be included in the
Trust that is (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 or (iii) a "High Cost Home Mortgage Loan" as defined in
the Massachusetts Predatory Home Practices Act effective November 7,
2004.
(b) In connection with such assignment, except as set forth in Section
2.01(c) and subject to Section 2.01(d) below, the Company does hereby
deliver to, and deposit with, the Trustee, or to and with one or more
Custodians, as the duly appointed agent or agents of the Trustee for
such purpose, the following documents or instruments (or copies thereof
as permitted by this Section) (I) with respect to each Mortgage Loan so
assigned (other than a Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse to the order of
the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with
respect to any Destroyed Mortgage Note, an original lost note affidavit
from the related Seller or Residential Funding stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy of
the related Mortgage Note;
(ii) The original Mortgage, noting the presence of the MIN of the Mortgage
Loan and language indicating that the Mortgage Loan is a MOM Loan if the
Mortgage Loan is a MOM Loan, with evidence of recording indicated
thereon or a copy of the Mortgage with evidence of recording indicated
thereon;
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(iii) Unless the Mortgage Loan is registered on the MERS(R) System, an
original Assignment of the Mortgage to the Trustee with evidence of
recording indicated thereon or a copy of such assignment with evidence
of recording indicated thereon;
(iv) The original recorded assignment or assignments of the Mortgage showing
an unbroken chain of title from the originator thereof to the Person
assigning it to the Trustee (or to MERS, if the Mortgage Loan is
registered on the MERS(R) System and noting the presence of a MIN) with
evidence of recordation noted thereon or attached thereto, or a copy of
such assignment or assignments of the Mortgage with evidence of
recording indicated thereon; and
(v) The original of each modification, assumption agreement or preferred
loan agreement, if any, relating to such Mortgage Loan or a copy of each
modification, assumption agreement or preferred loan agreement.
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to the
order of the Trustee and showing an unbroken chain of endorsements from
the originator thereof to the Person endorsing it to the Trustee, or
with respect to any Destroyed Mortgage Note, an original lost note
affidavit from the related Seller or Residential Funding stating that
the original Mortgage Note was lost, misplaced or destroyed, together
with a copy of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment of
Proprietary Lease to the originator of the Cooperative Loan with
intervening assignments showing an unbroken chain of title from such
originator to the Trustee;
(iii) The related Cooperative Stock Certificate, representing the
related Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument)
executed in blank;
(iv) The original recognition agreement by the Cooperative of the
interests of the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative
Loan as secured party, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement
and the Assignment of Proprietary Lease;
34
(vii) Copies of the filed UCC-3 assignments of the security
interest referenced in clause (vi) above showing an unbroken chain of
title from the originator to the Trustee, each with evidence of
recording thereof, evidencing the interest of the originator under the
Security Agreement and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator
in the Security Agreement, Assignment of Proprietary Lease and the
recognition agreement referenced in clause (iv) above, showing an
unbroken chain of title from the originator to the Trustee;
(ix) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Cooperative Loan; and
(x) A duly completed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as
assignee and a duly completed UCC-1 financing statement showing the
Company as debtor and the Trustee as secured party, each in a form
sufficient for filing, evidencing the interest of such debtors in the
Cooperative Loans.
(c) The Company may, in lieu of delivering the original of the documents set
forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section (b)(II)(ii),
(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future Certificateholders until such time as is
set forth in the next sentence. Within thirty Business Days following the
earlier of (i) the receipt of the original of all of the documents or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by such
Section) for any Mortgage Loan and (ii) a written request by the Trustee to
deliver those documents with respect to any or all of the Mortgage Loans then
being held by the Master Servicer, the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.
(d) Notwithstanding the provisions of Section 2.01(c), in connection with any
Mortgage Loan, if the Company cannot deliver the original of the Mortgage, any
assignment, modification, assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently with the execution and delivery of this Agreement because of (i) a
delay caused by the public recording office where such Mortgage, assignment,
modification, assumption agreement or preferred loan agreement as the case may
be, has been delivered for recordation, or (ii) a delay in the receipt of
certain information necessary to prepare the related assignments, the Company
shall deliver or cause to be delivered to the Trustee or the respective
Custodian a copy of such Mortgage, assignment, modification, assumption
agreement or preferred loan agreement.
The Company shall promptly cause to be recorded in the appropriate
public office for real property records the Assignment referred to in clause
(I)(iii) of Section 2.01(b), except (a) in states where, in the opinion of
counsel acceptable to the Master Servicer, such recording is not required to
35
protect the Trustee's interests in the Mortgage Loan against the claim of any
subsequent transferee or any successor to or creditor of the Company or the
originator of such Mortgage Loan or (b) if MERS is identified on the Mortgage or
on a properly recorded assignment of the Mortgage as the mortgagee of record
solely as nominee for the Seller and its successors and assigns, and shall
promptly cause to be filed the Form UCC-3 assignment and UCC-1 financing
statement referred to in clause (II)(vii) and (x), respectively, of Section
2.01(b). If any Assignment, Form UCC-3 or Form UCC-1, as applicable, is lost or
returned unrecorded to the Company because of any defect therein, the Company
shall prepare a substitute Assignment, Form UCC-3 or Form UCC-1, as applicable,
or cure such defect, as the case may be, and cause such Assignment to be
recorded in accordance with this paragraph. The Company shall promptly deliver
or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or Assignment or Form UCC-3 or Form UCC-1, as applicable, (or copy
thereof as permitted by Section 2.01(b)) with evidence of recording indicated
thereon at the time specified in Section 2.01(c). In connection with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation statements with regard to each financing statement and
assignment relating to Cooperative Loans as to which the related Cooperative
Apartment is located outside of the State of New York.
If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim Certification issued
by the Custodian, as contemplated by Section 2.02.
Any of the items set forth in Sections 2.01(b)(I)(ii), (iii), (iv) and
(v) and (II)(vi) and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.
In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System, the Company further agrees that it will cause, at the Company's
own expense, within 30 Business Days after the Closing Date, the MERS(R) System
to indicate that such Mortgage Loans have been assigned by the Company to the
Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans. The Company further agrees that it will
not, and will not permit the Master Servicer to, and the Master ▇▇▇▇▇▇▇▇ agrees
that it will not, alter the codes referenced in this paragraph with respect to
any Mortgage Loan during the term of this Agreement unless and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.
(e) Residential Funding hereby assigns to the Trustee its security interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any Additional Collateral or Pledged Assets
pursuant to the related Subservicing Agreement and its rights as beneficiary
under the Surety Bond in respect of any Additional Collateral Loans. With
36
respect to any Additional Collateral Loan or Pledged Asset Loan, Residential
Funding shall cause to be filed in the appropriate recording office a UCC-3
statement giving notice of the assignment of the related security interest to
the Trust Fund and shall thereafter cause the timely filing of all necessary
continuation statements with regard to such financing statements.
(f) It is intended that the conveyance by the Company to the Trustee of the
Mortgage Loans as provided for in this Section 2.01 be and the Uncertificated
REMIC Regular Interests, if any (as provided for in Section 2.06), be construed
as a sale by the Company to the Trustee of the Mortgage Loans and any
Uncertificated REMIC Regular Interests for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans and any Uncertificated REMIC Regular
Interests by the Company to the Trustee to secure a debt or other obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential Funding, or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended that (a) this Agreement shall be a security agreement within the
meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided for in Section 2.01 shall be deemed to be, and hereby is, (1) a grant
by the Company to the Trustee of a security interest in all of the Company's
right (including the power to convey title thereto), title and interest, whether
now owned or hereafter acquired, in and to any and all general intangibles,
payment intangibles, accounts, chattel paper, instruments, documents, money,
deposit accounts, certificates of deposit, goods, letters of credit, advices of
credit and investment property and other property of whatever kind or
description now existing or hereafter acquired consisting of, arising from or
relating to any of the following: (A) the Mortgage Loans, including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary Lease, Cooperative Stock Certificate and Cooperative
Lease, (ii) with respect to each Mortgage Loan other than a Cooperative Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related Mortgage File, (B) all amounts payable pursuant
to the Mortgage Loans in accordance with the terms thereof, (C) any
Uncertificated REMIC Regular Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B), (C) and (D) granted by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession by the Trustee, the Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
payment intangibles, negotiable documents, goods, deposit accounts, letters of
credit, advices of credit, investment property, certificated securities or
chattel paper shall be deemed to be "possession by the secured party," or
37
possession by a purchaser or a person designated by such secured party, for
purposes of perfecting the security interest pursuant to the Minnesota Uniform
Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction as in effect (including, without limitation, Sections 8-106, 9-313
and 9-106 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, securities intermediaries, bailees or agents of, or persons holding for
(as applicable) the Trustee for the purpose of perfecting such security interest
under applicable law.
The Company and, at the Company's direction, Residential Funding and the
Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
determined to create a security interest in the Mortgage Loans, any
Uncertificated REMIC Regular Interests and the other property described above,
such security interest would be determined to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. Without limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing, or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect the Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated REMIC
Regular Interests, as evidenced by an Officers' Certificate of the Company,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee, if occasioned by a change in the Trustee's name), (2)
any change of location of the place of business or the chief executive office of
Residential Funding or the Company, (3) any transfer of any interest of
Residential Funding or the Company in any Mortgage Loan or (4) any transfer of
any interest of Residential Funding or the Company in any Uncertificated REMIC
Regular Interest.
(g) The Master Servicer hereby acknowledges the receipt by it of the Initial
Monthly Payment Fund. The Master Servicer shall hold such Initial Monthly
Payment Fund in the Custodial Account and shall include such Initial Monthly
Payment Fund in the Available Distribution Amount for the initial Distribution
Date. Notwithstanding anything herein to the contrary, the Initial Monthly
Payment Fund shall not be an asset of any REMIC. To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside reserve fund and not an asset of any REMIC, (2) it
shall be owned by the Seller and (3) amounts transferred by any REMIC to the
Initial Monthly Payment Fund shall be treated as transferred to the Seller or
any successor, all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.
(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over, transfer and
conveyance to the Trustee, without recourse (but subject to the Company's
covenants, representations and warranties specifically provided herein), of all
of the Company's obligations and all of the Company's right, title and interest
in, to and under, whether now existing or hereafter acquired as owner of the
Mortgage Loan with respect to all money, securities, security entitlements,
accounts, general intangibles, instruments, documents, certificates of deposit,
commodities contracts, and other investment property and other property of
whatever kind or description consisting of, arising from or related to (i) the
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Assigned Contracts, (ii) all rights, powers and remedies of the Company as owner
of such Mortgage Loan under or in connection with the Assigned Contracts,
whether arising under the terms of such Assigned Contracts, by statute, at law
or in equity, or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts, including all rights to exercise any
election or option or to make any decision or determination or to give or
receive any notice, consent, approval or waiver thereunder, (iii) all security
interests in and lien of the Company as owner of such Mortgage Loan in the
Pledged Amounts and all money, securities, security entitlements, accounts,
general intangibles, instruments, documents, certificates of deposit,
commodities contracts, and other investment property and other property of
whatever kind or description and all cash and non-cash proceeds of the sale,
exchange, or redemption of, and all stock or conversion rights, rights to
subscribe, liquidation dividends or preferences, stock dividends, rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other distributions of cash or other property that is credited to the
Custodial Account, (iv) all documents, books and records concerning the
foregoing (including all computer programs, tapes, disks and related items
containing any such information) and (v) all insurance proceeds (including
proceeds from the Federal Deposit Insurance Corporation or the Securities
Investor Protection Corporation or any other insurance company) of any of the
foregoing or replacements thereof or substitutions therefor, proceeds of
proceeds and the conversion, voluntary or involuntary, of any thereof. The
foregoing transfer, sale, assignment and conveyance does not constitute and is
not intended to result in the creation, or an assumption by the Trustee, of any
obligation of the Company, or any other person in connection with the Pledged
Assets or under any agreement or instrument relating thereto, including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.
Section 2.02 Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i) and Section 2.01(b)(II)(i), (iii), (v), (vi) and (viii) above
(except that for purposes of such acknowledgment only, a Mortgage Note may be
endorsed in blank) and declares that it, or a Custodian as its agent, holds and
will hold such documents and the other documents constituting a part of the
Mortgage Files delivered to it, or a Custodian as its agent, and the rights of
Residential Funding with respect to any Pledged Assets, Additional Collateral
and the Surety Bond assigned to the Trustee pursuant to Section 2.01, in trust
for the use and benefit of all present and future Certificateholders. The
Trustee or Custodian (such Custodian being so obligated under a Custodial
Agreement) agrees, for the benefit of Certificateholders, to review each
Mortgage File delivered to it pursuant to Section 2.01(b) within 45 days after
the Closing Date to ascertain that all required documents (specifically as set
forth in Section 2.01(b)), have been executed and received, and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it, and to deliver to the Trustee a
certificate (the "Interim Certification") to the effect that all documents
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required to be delivered pursuant to Section 2.01(b) above have been executed
and received and that such documents relate to the Mortgage Loans identified on
the Mortgage Loan Schedule, except for any exceptions listed on Schedule A
attached to such Interim Certification. Upon delivery of the Mortgage Files by
the Company or the Master Servicer, the Trustee shall acknowledge receipt (or,
with respect to Mortgage Loans subject to a Custodial Agreement, and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective Custodian as the duly appointed agent of the Trustee) of the
documents referred to in Section 2.01(c) above.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master Servicer and the Company. Pursuant
to Section 2.3 of the Custodial Agreement, the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage File held by it in respect of the items reviewed by
it pursuant to the Custodial Agreement. If such omission or defect materially
and adversely affects the interests of the Certificateholders, the Master
Servicer shall promptly notify the related Subservicer or Seller of such
omission or defect and request that such Subservicer or Seller correct or cure
such omission or defect within 60 days from the date the Master Servicer was
notified of such omission or defect and, if such Subservicer or Seller does not
correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing, if the Subservicer or
Seller that repurchases the Mortgage Loan is not a member of MERS and the
Mortgage is registered on the MERS(R) System, the Master Servicer, at its own
expense and without any right of reimbursement, shall cause MERS to execute and
deliver an assignment of the Mortgage in recordable form to transfer the
Mortgage from MERS to such Subservicer or Seller and shall cause such Mortgage
to be removed from registration on the MERS(R) System in accordance with MERS'
rules and regulations. It is understood and agreed that the obligation of the
Seller or the Subservicer, as the case may be, to so cure or purchase any
Mortgage Loan as to which a material and adverse defect in or omission of a
constituent document exists shall constitute the sole remedy respecting such
defect or omission available to Certificateholders or the Trustee on behalf of
the Certificateholders.
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Section 2.03 Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) The Master Servicer hereby represents and warrants to the Trustee for
the benefit of the Certificateholders that:
(i) The Master Servicer is a corporation duly organized, validly existing
and in good standing under the laws governing its creation and existence
and is or will be in compliance with the laws of each state in which any
Mortgaged Property is located to the extent necessary to ensure the
enforceability of each Mortgage Loan in accordance with the terms of
this Agreement;
(ii) The execution and delivery of this Agreement by the Master Servicer and
its performance and compliance with the terms of this Agreement will not
violate the Master Servicer's Certificate of Incorporation or Bylaws or
constitute a material default (or an event which, with notice or lapse
of time, or both, would constitute a material default) under, or result
in the material breach of, any material contract, agreement or other
instrument to which the Master Servicer is a party or which may be
applicable to the Master Servicer or any of its assets;
(iii) This Agreement, assuming due authorization, execution and delivery by
the Trustee and the Company, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against it in accordance
with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in
equity or at law;
(iv) The Master Servicer is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have
consequences that would materially and adversely affect the condition
(financial or other) or operations of the Master Servicer or its
properties or might have consequences that would materially adversely
affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master Servicer's
knowledge, threatened against the Master Servicer which would prohibit
its entering into this Agreement or performing its obligations under
this Agreement;
(vi) The Master Servicer will comply in all material respects in the
performance of this Agreement with all reasonable rules and requirements
of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement furnished in
writing or report delivered to the Company, any Affiliate of the Company
or the Trustee by the Master Servicer will, to the knowledge of the
Master Servicer, contain any untrue statement of a material fact or omit
a material fact necessary to make the information, certificate,
statement or report not misleading;
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(viii) The Master Servicer has examined each existing, and will examine each
new, Subservicing Agreement and is or will be familiar with the terms
thereof. The terms of each existing Subservicing Agreement and each
designated Subservicer are acceptable to the Master Servicer and any new
Subservicing Agreements will comply with the provisions of Section 3.02;
and
(ix) The Master Servicer is a member of MERS in good standing, and will
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered
with MERS.
It is understood and agreed that the representations and warranties set
forth in this Section 2.03(a) shall survive delivery of the respective
Mortgage Files to the Trustee or any Custodian.
Upon discovery by either the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section 2.03(a) which materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material respects or (ii) to the extent that such breach is with
respect to a Mortgage Loan or a related document, purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02; provided that if the omission or defect would cause the Mortgage Loan to
be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the
Code, any such cure or repurchase must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders or the Trustee on behalf of the
Certificateholders.
(b) Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.
Section 2.04 Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement (to the extent assigned to the Company pursuant to the
Assignment Agreement) applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's rights under such Seller's Agreement relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies provided thereunder for any
breach of such representations and warranties, such right, title and interest
may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders. Upon the discovery by the Company, the Master Servicer, the
42
Trustee or any Custodian of a breach of any of the representations and
warranties made in a Seller's Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the representations and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase obligation under
the Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party discovering such breach shall give prompt written notice to the other
parties (any Custodian being so obligated under a Custodial Agreement). The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request that such Seller or Residential
Funding, as the case may be, either (i) cure such breach in all material
respects within 90 days from the date the Master Servicer was notified of such
breach or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that in the case of
a breach under the Assignment Agreement Residential Funding shall have the
option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. If the breach of representation and warranty that gave
rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment Agreement was the representation and warranty set
forth in clause (xxxi) of Section 4 thereof, then the Master Servicer shall
request that Residential Funding pay to the Trust Fund, concurrently with and in
addition to the remedies provided in the preceding sentence, an amount equal to
any liability, penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
In the event that Residential Funding elects to substitute a Qualified
Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this
Section 2.04, Residential Funding shall deliver to the Trustee for the benefit
of the Certificateholders with respect to such Qualified Substitute Mortgage
Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders will include the Monthly Payment due on a Deleted
Mortgage Loan for such month and thereafter Residential Funding shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
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was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this Agreement and the related Subservicing
Agreement in all respects, the related Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential Funding's rights in respect of such representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC to fail to qualify as such at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing and to make any additional
payments required under the Assignment Agreement in connection with a breach of
the representation and warranty in clause (xxxi) of Section 4 thereof shall
constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential Funding, then the Trustee shall also have the right to
give the notification and require the purchase or substitution provided for in
the second preceding paragraph in the event of such a breach of a representation
or warranty made by Residential Funding in the Assignment Agreement. In
connection with the purchase of or substitution for any such Mortgage Loan by
Residential Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.
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Section 2.05 Execution and Authentication of Certificates/Issuance
of Certificates Evidencing Interests in REMIC I.
As provided in Section 2.05 of the Series Supplement.
Section 2.06 Conveyance of Uncertificated REMIC I and REMIC II
Regular Interests; Acceptance by the Trustee.
As provided in Section 2.06 of the Series Supplement.
Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.
As provided in Section 2.07 of the Series Supplement.
Section 2.08 Purposes and Powers of the Trust.
The purpose of the trust, as created hereunder, is to engage in the
following activities:
(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;
(b) to enter into and perform its obligations under this Agreement;
(c) to engage in those activities that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and
(d) subject to compliance with this Agreement, to engage in such other
activities as may be required in connection with conservation of the Trust Fund
and the making of distributions to the Certificateholders.
The trust is hereby authorized to engage in the foregoing activities.
Notwithstanding the provisions of Section 11.01, the trust shall not engage in
any activity other than in connection with the foregoing or other than as
required or authorized by the terms of this Agreement while any Certificate is
outstanding, and this Section 2.08 may not be amended, without the consent of
the Certificateholders evidencing a majority of the aggregate Voting Rights of
the Certificates.
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans in
accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration. Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer is hereby authorized and empowered by the Trustee
when the Master Servicer or the Subservicer, as the case may be, believes it
appropriate in its best judgment, to execute and deliver, on behalf of the
Certificateholders and the Trustee or any of them, any and all instruments of
45
satisfaction or cancellation, or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed conveyance,
or of assignment of any Mortgage and Mortgage Note in connection with the
repurchase of a Mortgage Loan and all other comparable instruments, or with
respect to the modification or re-recording of a Mortgage for the purpose of
correcting the Mortgage, the subordination of the lien of the Mortgage in favor
of a public utility company or government agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure, the commencement,
prosecution or completion of judicial or non-judicial foreclosure, the
conveyance of a Mortgaged Property to the related Insurer, the acquisition of
any property acquired by foreclosure or deed in lieu of foreclosure, or the
management, marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure with respect to the Mortgage Loans and with respect
to the Mortgaged Properties. The Master Servicer further is authorized and
empowered by the Trustee, on behalf of the Certificateholders and the Trustee,
in its own name or in the name of the Subservicer, when the Master Servicer or
the Subservicer, as the case may be, believes it is appropriate in its best
judgment to register any Mortgage Loan on the MERS(R) System, or cause the
removal from the registration of any Mortgage Loan on the MERS(R) System, to
execute and deliver, on behalf of the Trustee and the Certificateholders or any
of them, any and all instruments of assignment and other comparable instruments
with respect to such assignment or re-recording of a Mortgage in the name of
MERS, solely as nominee for the Trustee and its successors and assigns. Any
expenses incurred in connection with the actions described in the preceding
sentence shall be borne by the Master Servicer in accordance with Section
3.16(c), with no right of reimbursement; provided, that if, as a result of MERS
discontinuing or becoming unable to continue operations in connection with the
MERS System, it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the Trustee, then any related expenses shall be reimbursable to the Master
Servicer. Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer shall not permit any modification with respect to any Mortgage Loan
that would both constitute a sale or exchange of such Mortgage Loan within the
meaning of Section 1001 of the Code and any proposed, temporary or final
regulations promulgated thereunder (other than in connection with a proposed
conveyance or assumption of such Mortgage Loan that is treated as a Principal
Prepayment in Full pursuant to Section 3.13(d) hereof) and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee shall furnish the Master Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Master Servicer to
service and administer the Mortgage Loans. The Trustee shall not be liable for
any action taken by the Master Servicer or any Subservicer pursuant to such
powers of attorney. In servicing and administering any Nonsubserviced Mortgage
Loan, the Master Servicer shall, to the extent not inconsistent with this
Agreement, comply with the Program Guide as if it were the originator of such
Mortgage Loan and had retained the servicing rights and obligations in respect
46
thereof. In connection with servicing and administering the Mortgage Loans, the
Master Servicer and any Affiliate of the Master Servicer (i) may perform
services such as appraisals and brokerage services that are not customarily
provided by servicers of mortgage loans, and shall be entitled to reasonable
compensation therefor in accordance with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee, obtain credit information in the form
of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans shall not, for the purpose of calculating monthly distributions
to the Certificateholders, be added to the amount owing under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the Certificates providing for the payment by the Master Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain Prepayment Interest Shortfalls on the Mortgage Loans, which
payment obligation will thereafter be an obligation of the Master Servicer
hereunder.
Section 3.02 Subservicing Agreements Between Master Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
47
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders. The
Program Guide and any other Subservicing Agreement entered into between the
Master Servicer and any Subservicer shall require the Subservicer to accurately
and fully report its borrower credit files to each of the Credit Repositories in
a timely manner.
(b) As part of its servicing activities hereunder, the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts to enforce the obligations of each Subservicer under the related
Subservicing Agreement and of each Seller under the related Seller's Agreement
insofar as the Company's rights with respect to such obligation has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's obligation would have a material and adverse effect on a Mortgage
Loan, including, without limitation, the obligation to purchase a Mortgage Loan
on account of defective documentation, as described in Section 2.02, or on
account of a breach of a representation or warranty, as described in Section
2.04. Such enforcement, including, without limitation, the legal prosecution of
claims, termination of Subservicing Agreements or Seller's Agreements, as
appropriate, and the pursuit of other appropriate remedies, shall be in such
form and carried out to such an extent and at such time as the Master Servicer
would employ in its good faith business judgment and which are normal and usual
in its general mortgage servicing activities. The Master Servicer shall pay the
costs of such enforcement at its own expense, and shall be reimbursed therefor
only (i) from a general recovery resulting from such enforcement to the extent,
if any, that such recovery exceeds all amounts due in respect of the related
Mortgage Loan or (ii) from a specific recovery of costs, expenses or attorneys
fees against the party against whom such enforcement is directed. For purposes
of clarification only, the parties agree that the foregoing is not intended to,
and does not, limit the ability of the Master Servicer to be reimbursed for
expenses that are incurred in connection with the enforcement of a Seller's
obligations (insofar as the Company's rights with respect to such Seller's
obligations have been assigned to the Trustee hereunder) and are reimbursable
pursuant to Section 3.10(a)(viii).
Section 3.03 Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
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Section 3.04 Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Mortgage
Loans in accordance with the provisions of Section 3.01 without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the Mortgage Loans. The Master
Servicer shall be entitled to enter into any agreement with a Subservicer or
Seller for indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.
Section 3.05 No Contractual Relationship Between Subservicer and Trustee or
Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
Section 3.06 Assumption or Termination of Subservicing Agreements by Trustee.
(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default), the Trustee, its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing Agreement that may have been entered into. The
Trustee, its designee or the successor servicer for the Trustee shall be deemed
to have assumed all of the Master Servicer's interest therein and to have
replaced the Master Servicer as a party to the Subservicing Agreement to the
same extent as if the Subservicing Agreement had been assigned to the assuming
party except that the Master Servicer shall not thereby be relieved of any
liability or obligations under the Subservicing Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master Servicer, deliver to the assuming party all documents and records
relating to each Subservicing Agreement and the Mortgage Loans then being
serviced and an accounting of amounts collected and held by it and otherwise use
its best efforts to effect the orderly and efficient transfer of each
Subservicing Agreement to the assuming party.
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Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to Custodial
Account.
(a) The Master Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage
Loans, and shall, to the extent such procedures shall be consistent with
this Agreement and the terms and provisions of any related Primary
Insurance Policy, follow such collection procedures as it would employ
in its good faith business judgment and which are normal and usual in
its general mortgage servicing activities. Consistent with the
foregoing, the Master Servicer may in its discretion (i) waive any late
payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the
Due Date for payments due on a Mortgage Loan in accordance with the
Program Guide; provided, however, that the Master Servicer shall first
determine that any such waiver or extension will not impair the coverage
of any related Primary Insurance Policy or materially adversely affect
the lien of the related Mortgage. Notwithstanding anything in this
Section to the contrary, the Master Servicer or any Subservicer shall
not enforce any prepayment charge to the extent that such enforcement
would violate any applicable law. In the event of any such arrangement,
the Master Servicer shall make timely advances on the related Mortgage
Loan during the scheduled period in accordance with the amortization
schedule of such Mortgage Loan without modification thereof by reason of
such arrangements unless otherwise agreed to by the Holders of the
Classes of Certificates affected thereby; provided, however, that no
such extension shall be made if any such advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the
Master Servicer may also waive, modify or vary any term of any Mortgage
Loan or consent to the postponement of strict compliance with any such
term or in any manner grant indulgence to any Mortgagor if in the Master
Servicer's determination such waiver, modification, postponement or
indulgence is not materially adverse to the interests of the
Certificateholders (taking into account any estimated Realized Loss that
might result absent such action); provided, however, that the Master
Servicer may not modify materially or permit any Subservicer to modify
any Mortgage Loan, including without limitation any modification that
would change the Mortgage Rate, forgive the payment of any principal or
interest (unless in connection with the liquidation of the related
Mortgage Loan or except in connection with prepayments to the extent
that such reamortization is not inconsistent with the terms of the
Mortgage Loan), capitalize any amounts owing on the Mortgage Loan by
adding such amount to the outstanding principal balance of the Mortgage
Loan, or extend the final maturity date of such Mortgage Loan, unless
such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; provided, further,
that (1) no such modification shall reduce the interest rate on a
Mortgage Loan below one-half of the Mortgage Rate as in effect on the
Cut-Off Date, but not less than the sum of the rates at which the
Servicing Fee and the Subservicing Fee with respect to such Mortgage
Loan accrues plus the rate at which the premium paid to the Certificate
Insurer, if any, accrues, (2) the final maturity date for any Mortgage
Loan shall not be extended beyond the Maturity Date, (3) the Stated
Principal Balance of all Reportable Modified Mortgage Loans subject to
Servicing Modifications (measured at the time of the Servicing
Modification and after giving effect to any Servicing Modification) can
be no more than five percent of the aggregate principal balance of the
Mortgage Loans as of the Cut-off Date, unless such limit is increased
from time to time with the consent of the Rating Agencies and the
Certificate Insurer, if any. In addition, any amounts owing on a
Mortgage Loan added to the outstanding principal balance of such
Mortgage Loan must be fully amortized over the remaining term of such
Mortgage Loan, and such amounts may be added to the outstanding
principal balance of a Mortgage Loan only once during the life of such
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Mortgage Loan. Also, the addition of such amounts described in the
preceding sentence shall be implemented in accordance with the Program
Guide and may be implemented only by Subservicers that have been
approved by the Master Servicer for such purpose. In connection with any
Curtailment of a Mortgage Loan, the Master Servicer, to the extent not
inconsistent with the terms of the Mortgage Note and local law and
practice, may permit the Mortgage Loan to be reamortized such that the
Monthly Payment is recalculated as an amount that will fully amortize
the remaining Stated Principal Balance thereof by the original Maturity
Date based on the original Mortgage Rate; provided, that such
re-amortization shall not be permitted if it would constitute a
reissuance of the Mortgage Loan for federal income tax purposes, except
if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).
(b) The Master Servicer shall establish and maintain a Custodial Account in
which the Master Servicer shall deposit or cause to be deposited on a
daily basis, except as otherwise specifically provided herein, the
following payments and collections remitted by Subservicers or received
by it in respect of the Mortgage Loans subsequent to the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans
due on or before the Cut-off Date):
(i) All payments on account of principal, including Principal Prepayments
made by Mortgagors on the Mortgage Loans and the principal component of
any Subservicer Advance or of any REO Proceeds received in connection
with an REO Property for which an REO Disposition has occurred;
(ii) All payments on account of interest at the Adjusted Mortgage Rate on the
Mortgage Loans, including Buydown Funds, if any, and the interest
component of any Subservicer Advance or of any REO Proceeds received in
connection with an REO Property for which an REO Disposition has
occurred;
(iii) Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (net
of any related expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to Section 2.02,
2.03, 2.04, 4.07 or 9.01 and all amounts required to be deposited in
connection with the substitution of a Qualified Substitute Mortgage Loan
pursuant to Section 2.03 or 2.04;
(v) Any amounts required to be deposited pursuant to Section 3.07(c) or
3.21;
(vi) All amounts transferred from the Certificate Account to the Custodial
Account in accordance with Section 4.02(a);
(vii) Any amounts realized by the Subservicer and received by the Master
Servicer in respect of any Additional Collateral; and
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(viii) Any amounts received by the Master Servicer in respect of Pledged
Assets.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the institution
maintaining the Custodial Account to invest the funds in the Custodial Account
attributable to the Mortgage Loans in Permitted Investments which shall mature
not later than the Certificate Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain realized from any such investment shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time. The amount of any losses incurred in
respect of any such investments attributable to the investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds immediately as realized without any right
of reimbursement.
(d) The Master Servicer shall give notice to the Trustee and the Company of any
change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof.
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Section 3.08 Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan pursuant to
a Subservicing Agreement, the Master Servicer shall cause the Subservicer,
pursuant to the Subservicing Agreement, to establish and maintain one or more
Subservicing Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The Subservicer will be required thereby to deposit into the Subservicing
Account on a daily basis all proceeds of Mortgage Loans received by the
Subservicer, less its Subservicing Fees and unreimbursed advances and expenses,
to the extent permitted by the Subservicing Agreement. If the Subservicing
Account is not an Eligible Account, the Master Servicer shall be deemed to have
received such monies upon receipt thereof by the Subservicer. The Subservicer
shall not be required to deposit in the Subservicing Account payments or
collections in the nature of prepayment charges or late charges or assumption
fees. On or before the date specified in the Program Guide, but in no event
later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause the
Subservicers for Subserviced Mortgage Loans to, establish and maintain one or
more Servicing Accounts and deposit and retain therein all collections from the
Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
53
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the preceding
subsection that are not timely paid by the Mortgagors or advanced by the
Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09 Access to Certain Documentation and Information Regarding the
Mortgage Loans.
If compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10 Permitted Withdrawals from the Custodial Account.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein
pursuant to Section 3.07 that are attributable to the Mortgage Loans for
the following purposes:
(i) to make deposits into the Certificate Account in the amounts and in the
manner provided for in Section 4.01;
54
(ii) to reimburse itself or the related Subservicer for previously
unreimbursed Advances, Servicing Advances or other expenses made
pursuant to Sections 3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04
or otherwise reimbursable pursuant to the terms of this Agreement, such
withdrawal right being limited to amounts received on the related
Mortgage Loans (including, for this purpose, REO Proceeds, Insurance
Proceeds, Liquidation Proceeds and proceeds from the purchase of a
Mortgage Loan pursuant to Section 2.02, 2.03, 2.04, 4.07 or 9.01) which
represent (A) Late Collections of Monthly Payments for which any such
advance was made in the case of Subservicer Advances or Advances
pursuant to Section 4.04 and (B) recoveries of amounts in respect of
which such advances were made in the case of Servicing Advances;
(iii) to pay to itself or the related Subservicer (if not previously retained
by such Subservicer) out of each payment received by the Master Servicer
on account of interest on a Mortgage Loan as contemplated by Sections
3.14 and 3.16, an amount equal to that remaining portion of any such
payment as to interest (but not in excess of the Servicing Fee and the
Subservicing Fee, if not previously retained) which, when deducted, will
result in the remaining amount of such interest being interest at the
Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a
Modified Mortgage Loan) on the amount specified in the amortization
schedule of the related Mortgage Loan as the principal balance thereof
at the beginning of the period respecting which such interest was paid
after giving effect to any previous Curtailments;
(iv) to pay to itself as additional servicing compensation any interest or
investment income earned on funds and other property deposited in or
credited to the Custodial Account that it is entitled to withdraw
pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation any Foreclosure
Profits, any amounts remitted by Subservicers as interest in respect of
Curtailments pursuant to Section 3.08(b), and any amounts paid by a
Mortgagor in connection with a Principal Prepayment in Full in respect
of interest for any period during the calendar month in which such
Principal Prepayment in Full is to be distributed to the
Certificateholders;
(vi) to pay to itself, a Subservicer, a Seller, Residential Funding, the
Company or any other appropriate Person, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof
that has been purchased or otherwise transferred pursuant to Section
2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon and not
required to be distributed to the Certificateholders as of the date on
which the related Stated Principal Balance or Purchase Price is
determined;
(vii) to reimburse itself or the related Subservicer for any Nonrecoverable
Advance or Advances in the manner and to the extent provided in
subsection (c) below, and any Advance or Servicing Advance made in
connection with a modified Mortgage Loan that is in default or, in the
judgment of the Master Servicer, default is reasonably foreseeable
pursuant to Section 3.07(a), to the extent the amount of the Advance or
Servicing Advance was added to the Stated Principal Balance of the
Mortgage Loan in a prior calendar month, or any Advance reimbursable to
the Master Servicer pursuant to Section 4.02(a);
55
(viii) to reimburse itself or the Company for expenses incurred by and
reimbursable to it or the Company pursuant to Sections 3.01(a), 3.11,
3.13, 3.14(c), 6.03, 10.01 or otherwise, or in connection with
enforcing, in accordance with this Agreement, any repurchase,
substitution or indemnification obligation of any Seller (other than an
Affiliate of the Company) pursuant to the related Seller's Agreement;
(ix) to reimburse itself for Servicing Advances expended by it (a) pursuant
to Section 3.14 in good faith in connection with the restoration of
property damaged by an Uninsured Cause, and (b) in connection with the
liquidation of a Mortgage Loan or disposition of an REO Property to the
extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
and
(x) to withdraw any amount deposited in the Custodial Account that was not
required to be deposited therein pursuant to Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii), (iii),
(v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage Loan
by Mortgage Loan basis, for the purpose of justifying any withdrawal
from the Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the related
Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal
from the Custodial Account of amounts on deposit therein attributable to
the Mortgage Loans on any Certificate Account Deposit Date succeeding
the date of such determination. Such right of reimbursement in respect
of a Nonrecoverable Advance relating to an Advance pursuant to Section
4.04 on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders (and not theretofore reimbursed to the Master
Servicer or the related Subservicer).
Section 3.11 Maintenance of the Primary Insurance Policies; Collections
Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy of any loss which, but for the actions of the Master Servicer or
Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
56
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a policy is obtainable at a reasonable price. The Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy
applicable to a Nonsubserviced Mortgage Loan, or consent to any Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage Loan subserviced by it, that is in effect at the date of the initial
issuance of the Certificates and is required to be kept in force hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose claims-paying ability is acceptable
to each Rating Agency for mortgage pass-through certificates having a rating
equal to or better than the lower of the then-current rating or the rating
assigned to the Certificates as of the Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present or to cause the related
Subservicer to present, on behalf of the Master Servicer, the Subservicer, if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and, in this regard, to take or cause to be taken such reasonable action as
shall be necessary to permit recovery under any Primary Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance
Proceeds collected by or remitted to the Master Servicer under any Primary
Insurance Policies shall be deposited in the Custodial Account, subject to
withdrawal pursuant to Section 3.10.
Section 3.12 Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage Loan
(other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
57
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
If the Master Servicer shall obtain and maintain a blanket fire
insurance policy with extended coverage insuring against hazard losses on all of
the Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the first
sentence of this Section 3.12(a) and there shall have been a loss which would
have been covered by such policy, deposit in the Certificate Account the amount
not otherwise payable under the blanket policy because of such deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account Deposit Date next preceding the Distribution Date which occurs in the
month following the month in which payments under any such policy would have
been deposited in the Custodial Account. In connection with its activities as
administrator and servicer of the Mortgage Loans, the Master Servicer agrees to
present, on behalf of itself, the Trustee and the Certificateholders, claims
under any such blanket policy.
(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect throughout the term of this Agreement a blanket fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities under this Agreement. The amount of coverage
shall be at least equal to the coverage that would be required by ▇▇▇▇▇▇ ▇▇▇ or
Freddie Mac, whichever is greater, with respect to the Master Servicer if the
Master Servicer were servicing and administering the Mortgage Loans for ▇▇▇▇▇▇
▇▇▇ or Freddie Mac. In the event that any such bond or policy ceases to be in
58
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the Program Guide and acceptable to the Company. Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master Servicer
and providing the coverage required by this Section 3.12(b) shall satisfy the
requirements of this Section 3.12(b).
Section 3.13 Enforcement of Due-on-Sale Clauses; Assumption and Modification
Agreements; Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or Subservicer, to the extent it has knowledge of such
conveyance, shall enforce any due-on-sale clause contained in any
Mortgage Note or Mortgage, to the extent permitted under applicable law
and governmental regulations, but only to the extent that such
enforcement will not adversely affect or jeopardize coverage under any
Required Insurance Policy. Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in default under this
Section 3.13(a) by reason of any transfer or assumption which the Master
Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably likely that any
Mortgagor will bring, or if any Mortgagor does bring, legal action to
declare invalid or otherwise avoid enforcement of a due-on-sale clause
contained in any Mortgage Note or Mortgage, the Master Servicer shall
not be required to enforce the due-on-sale clause or to contest such
action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale clause
to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and
such Person is to enter into an assumption or modification agreement or
supplement to the Mortgage Note or Mortgage which requires the signature
of the Trustee, or if an instrument of release signed by the Trustee is
required releasing the Mortgagor from liability on the Mortgage Loan,
the Master Servicer is authorized, subject to the requirements of the
sentence next following, to execute and deliver, on behalf of the
Trustee, the assumption agreement with the Person to whom the Mortgaged
Property is to be conveyed and such modification agreement or supplement
to the Mortgage Note or Mortgage or other instruments as are reasonable
or necessary to carry out the terms of the Mortgage Note or Mortgage or
otherwise to comply with any applicable laws regarding assumptions or
the transfer of the Mortgaged Property to such Person; provided,
however, none of such terms and requirements shall either (i) both (A)
constitute a "significant modification" effecting an exchange or
reissuance of such Mortgage Loan under the REMIC Provisions and (B)
cause any portion of any REMIC formed under the Series Supplement to
fail to qualify as a REMIC under the Code or (subject to Section
10.01(f)), result in the imposition of any tax on "prohibited
transactions" or (ii) constitute "contributions" after the start-up date
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under the REMIC Provisions. The Master Servicer shall execute and
deliver such documents only if it reasonably determines that (i) its
execution and delivery thereof will not conflict with or violate any
terms of this Agreement or cause the unpaid balance and interest on the
Mortgage Loan to be uncollectible in whole or in part, (ii) any required
consents of insurers under any Required Insurance Policies have been
obtained and (iii) subsequent to the closing of the transaction
involving the assumption or transfer (A) the Mortgage Loan will continue
to be secured by a first mortgage lien pursuant to the terms of the
Mortgage, (B) such transaction will not adversely affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully
amortize over the remaining term thereof, (D) no material term of the
Mortgage Loan (including the interest rate on the Mortgage Loan) will be
altered nor will the term of the Mortgage Loan be changed and (E) if the
seller/transferor of the Mortgaged Property is to be released from
liability on the Mortgage Loan, such release will not (based on the
Master Servicer's or Subservicer's good faith determination) adversely
affect the collectability of the Mortgage Loan. Upon receipt of
appropriate instructions from the Master Servicer in accordance with the
foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the
Master Servicer. Upon the closing of the transactions contemplated by
such documents, the Master Servicer shall cause the originals or true
and correct copies of the assumption agreement, the release (if any), or
the modification or supplement to the Mortgage Note or Mortgage to be
delivered to the Trustee or the Custodian and deposited with the
Mortgage File for such Mortgage Loan. Any fee collected by the Master
Servicer or such related Subservicer for entering into an assumption or
substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial
release of the related Mortgaged Property, the granting of an easement
thereon in favor of another Person, any alteration or demolition of the
related Mortgaged Property (or, with respect to a Cooperative Loan, the
related Cooperative Apartment) without any right of reimbursement or
other similar matters if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of
the related Mortgage Loan, that the security for, and the timely and
full collectability of, such Mortgage Loan would not be adversely
affected thereby and that any portion of any REMIC formed under the
Series Supplement would not fail to continue to qualify as a REMIC under
the Code as a result thereof and (subject to Section 10.01(f)) that no
tax on "prohibited transactions" or "contributions" after the startup
day would be imposed on any such REMIC as a result thereof. Any fee
collected by the Master Servicer or the related Subservicer for
processing such a request will be retained by the Master Servicer or
such Subservicer as additional servicing compensation.
(d) Subject to any other applicable terms and conditions of this Agreement,
the Trustee and Master Servicer shall be entitled to approve an
assignment in lieu of satisfaction with respect to any Mortgage Loan,
provided the obligee with respect to such Mortgage Loan following such
proposed assignment provides the Trustee and Master Servicer with a
"Lender Certification for Assignment of Mortgage Loan" in the form
attached hereto as Exhibit M, in form and substance satisfactory to the
Trustee and Master Servicer, providing the following: (i) that the
substance of the assignment is, and is intended to be, a refinancing of
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such Mortgage; (ii) that the Mortgage Loan following the proposed
assignment will have a rate of interest at least 0.25 percent below or
above the rate of interest on such Mortgage Loan prior to such proposed
assignment; and (iii) that such assignment is at the request of the
borrower under the related Mortgage Loan. Upon approval of an assignment
in lieu of satisfaction with respect to any Mortgage Loan, the Master
Servicer shall receive cash in an amount equal to the unpaid principal
balance of and accrued interest on such Mortgage Loan and the Master
Servicer shall treat such amount as a Principal Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.
Section 3.14 Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably convert
(which may include an REO Acquisition) the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07. Alternatively, the Master Servicer may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
a short sale (a payoff of the Mortgage Loan for an amount less than the total
amount contractually owed in order to facilitate a sale of the Mortgaged
Property by the Mortgagor) or permitting a short refinancing (a payoff of the
Mortgage Loan for an amount less than the total amount contractually owed in
order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the Mortgaged Property), (ii) arranging for a repayment plan or (iii)
agreeing to a modification in accordance with Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable, as shall be normal and usual in its general mortgage servicing
activities and as shall be required or permitted by the Program Guide; provided
that the Master Servicer shall not be liable in any respect hereunder if the
Master Servicer is acting in connection with any such foreclosure or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer, however, shall not be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to Holders of
Certificates of one or more Classes after reimbursement to itself for such
expenses or charges and (ii) that such expenses or charges will be recoverable
to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Custodial Account pursuant to Section 3.10, whether or not such expenses and
charges are actually recoverable from related Liquidation Proceeds, Insurance
Proceeds or REO Proceeds). In the event of such a determination by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.
In addition to the foregoing, the Master Servicer shall use its best
reasonable efforts to realize upon any Additional Collateral for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition thereof or otherwise; and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner that would impair the ability to recover against the related
Mortgaged Property, and (ii) the Master Servicer shall proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
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Additional Collateral against amounts owed under the defaulted Mortgage Loan.
Any proceeds realized from such Additional Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the Master Servicer would follow in servicing loans held for its own
account, subject to the terms and conditions of the related Mortgage and
Mortgage Note and to the terms and conditions of any security agreement,
guarantee agreement, mortgage or other agreement governing the disposition of
the proceeds of such Additional Collateral) shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10. Any other payment
received by the Master Servicer in respect of such Additional Collateral shall
be deposited in the Custodial Account subject to withdrawal pursuant to Section
3.10.
For so long as the Master Servicer is the Master Servicer under the
Credit Support Pledge Agreement, the Master Servicer shall perform its
obligations under the Credit Support Pledge Agreement in accordance with such
Agreement and in a manner that is in the best interests of the
Certificateholders. Further, the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged Assets for such of the Pledged Asset Loans
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments pursuant to
Section 3.07; provided that the Master Servicer shall not, on behalf of the
Trustee, obtain title to any such Pledged Assets as a result of or in lieu of
the disposition thereof or otherwise; and provided further that (i) the Master
Servicer shall not proceed with respect to such Pledged Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master Servicer shall proceed with any REO Acquisition in a manner
that preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted Mortgage Loan. Any proceeds realized from such
Pledged Assets (other than amounts to be released to the Mortgagor or the
related guarantor in accordance with procedures that the Master Servicer would
follow in servicing loans held for its own account, subject to the terms and
conditions of the related Mortgage and Mortgage Note and to the terms and
conditions of any security agreement, guarantee agreement, mortgage or other
agreement governing the disposition of the proceeds of such Pledged Assets)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any other payment received by the Master Servicer in respect of
such Pledged Assets shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10.
Concurrently with the foregoing, the Master Servicer may pursue any
remedies that may be available in connection with a breach of a representation
and warranty with respect to any such Mortgage Loan in accordance with Sections
2.03 and 2.04. However, the Master Servicer is not required to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable discretion that one such remedy is
more likely to result in a greater recovery as to the Mortgage Loan. Upon the
occurrence of a Cash Liquidation or REO Disposition, following the deposit in
the Custodial Account of all Insurance Proceeds, Liquidation Proceeds and other
payments and recoveries referred to in the definition of "Cash Liquidation" or
"REO Disposition," as applicable, upon receipt by the Trustee of written
notification of such deposit signed by a Servicing Officer, the Trustee or any
Custodian, as the case may be, shall release to the Master Servicer the related
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Mortgage File and the Trustee shall execute and deliver such instruments of
transfer or assignment prepared by the Master Servicer, in each case without
recourse, as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund. Notwithstanding the foregoing or any other
provision of this Agreement, in the Master Servicer's sole discretion with
respect to any defaulted Mortgage Loan or REO Property as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted Mortgage Loan or REO Property
have been received, and (ii) for purposes of determining the amount of any
Liquidation Proceeds, Insurance Proceeds, REO Proceeds or any other unscheduled
collections or the amount of any Realized Loss, the Master Servicer may take
into account minimal amounts of additional receipts expected to be received or
any estimated additional liquidation expenses expected to be incurred in
connection with the related defaulted Mortgage Loan or REO Property.
(b) If title to any Mortgaged Property is acquired by the Trust Fund as an REO
Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.
(c) If the Trust Fund acquires any REO Property as aforesaid or otherwise in
connection with a default or imminent default on a Mortgage Loan, the Master
Servicer on behalf of the Trust Fund shall dispose of such REO Property as soon
as practicable, giving due consideration to the interests of the
Certificateholders, but in all cases within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section 860G(a)(8) of
the Code (or such shorter period as may be necessary under applicable state
(including any state in which such property is located) law to maintain the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would otherwise expire, an extension of such grace period unless the Master
Servicer (subject to Section 10.01(f)) obtains for the Trustee an Opinion of
Counsel, addressed to the Trustee and the Master Servicer, to the effect that
the holding by the Trust Fund of such REO Property subsequent to such period
will not result in the imposition of taxes on "prohibited transactions" as
defined in Section 860F of the Code or cause any REMIC formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any applicable State
or local) income tax purposes) at any time that any Certificates are
outstanding, in which case the Trust Fund may continue to hold such REO Property
63
(subject to any conditions contained in such Opinion of Counsel). The Master
Servicer shall be entitled to be reimbursed from the Custodial Account for any
costs incurred in obtaining such Opinion of Counsel, as provided in Section
3.10. Notwithstanding any other provision of this Agreement, no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms that would (i) cause such REO Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO Property, including any taxes imposed by reason of
Section 860G(c) of the Code, unless the Master Servicer has agreed to indemnify
and hold harmless the Trust Fund with respect to the imposition of any such
taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds, Insurance
Proceeds or REO Proceeds, will be applied in the following order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section 3.10(a)(ii); second, to the Certificateholders to the extent of
accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed
Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property); fourth, to all
Servicing Fees and Subservicing Fees payable therefrom (and the Master Servicer
and the Subservicer shall have no claims for any deficiencies with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.
(e) In the event of a default on a Mortgage Loan one or more of whose obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure (together, "foreclosure") in respect of such
Mortgage Loan, the Master Servicer will cause compliance with the provisions of
Treasury Regulation Section 1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such foreclosure except to the extent, if any, that proceeds of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.
Section 3.15 Trustee to Cooperate; Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master Servicer of a notification that payment in full will be
escrowed in a manner customary for such purposes, the Master Servicer will
immediately notify the Trustee (if it holds the related Mortgage File) or the
Custodian by a certification of a Servicing Officer (which certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account pursuant to Section 3.07 have been or will be so deposited),
substantially in one of the forms attached hereto as Exhibit F, or, in the case
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of the Custodian, an electronic request in a form acceptable to the Custodian,
requesting delivery to it of the Mortgage File. Within two Business Days of
receipt of such certification and request, the Trustee shall release, or cause
the Custodian to release, the related Mortgage File to the Master Servicer. The
Master Servicer is authorized to execute and deliver to the Mortgagor the
request for reconveyance, deed of reconveyance or release or satisfaction of
mortgage or such instrument releasing the lien of the Mortgage, together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal from the registration on the MERS(R) System of such
Mortgage and to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of satisfaction or
cancellation or of partial or full release. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be chargeable
to the Custodial Account or the Certificate Account.
(b) From time to time as is appropriate for the servicing or foreclosure of any
Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms attached as Exhibit F hereto, or, in the case of the Custodian, an
electronic request in a form acceptable to the Custodian, requesting that
possession of all, or any document constituting part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not invalidate any insurance coverage provided in
respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt
of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage File or any document therein to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Trustee, or the Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage
Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such document has been delivered directly or through a Subservicer to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Master Servicer has delivered directly or through a Subservicer to the
Trustee a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings, requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a Mortgaged Property or to any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity. Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
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shall deliver to the Trustee a certificate of a Servicing Officer requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage, except for the termination of such a lien upon completion of the
foreclosure or trustee's sale.
Section 3.16 Servicing and Other Compensation; Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder, shall be
entitled to receive on each Distribution Date the amounts provided for by
clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid, all
expenses incurred by it in connection with its servicing activities hereunder
(including payment of premiums for the Primary Insurance Policies, if any, to
the extent such premiums are not required to be paid by the related Mortgagors,
and the fees and expenses of the Trustee and any Custodian) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii) and second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
66
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master Servicer (i) will not withdraw from the Custodial Account any such
amount representing all or a portion of the Servicing Fee to which it is
entitled pursuant to Section 3.10(a)(iii) and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).
Section 3.17 Reports to the Trustee and the Company.
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
Section 3.18 Annual Statement as to Compliance.
The Master Servicer will deliver to the Company, the Trustee and any
Certificate Insurer on or before the earlier of (a) March 31 of each year,
beginning with the first March 31 that occurs at least six months after the
Cut-off Date or (b) with respect to any calendar year during which the Company's
annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations of the Commission, the date on which
the annual report on Form 10-K is required to be filed in accordance with the
Exchange Act and the rules and regulations of the Commission, an Officers'
Certificate stating, as to each signer thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year related to
its servicing of mortgage loans and its performance under pooling and servicing
agreements, including this Agreement, has been made under such officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations relating to
this Agreement in all material respects throughout such year, or, if there has
been material noncompliance with such servicing standards or a default in the
fulfillment in all material respects of any such obligation relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof and (iii) to the best of such officers' knowledge,
each Subservicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing Agreement in all material respects throughout such year, or, if
there has been material noncompliance with such servicing standards or a
material default in the fulfillment of such obligations relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof.
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Section 3.19 Annual Independent Public Accountants' Servicing Report.
On or before the earlier of (a) March 31 of each year, beginning with
the first March 31 that occurs at least six months after the Cut-off Date or (b)
with respect to any calendar year during which the Company's annual report on
Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, the date on which the annual report on
Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, the Master Servicer at its expense
shall cause a firm of independent public accountants, which shall be members of
the American Institute of Certified Public Accountants, to furnish a report to
the Company and the Trustee stating its opinion that, on the basis of an
examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
Section 3.20 Rights of the Company in Respect of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21 Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Subservicer has deposited
Buydown Funds in an account that satisfies the requirements for a Subservicing
Account (the "Buydown Account"). The Master Servicer shall cause the
Subservicing Agreement to require that upon receipt from the Mortgagor of the
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amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer will
withdraw from the Buydown Account the predetermined amount that, when added to
the amount due on such date from the Mortgagor, equals the full Monthly Payment
and transmit that amount in accordance with the terms of the Subservicing
Agreement to the Master Servicer together with the related payment made by the
Mortgagor or advanced by the Subservicer.
(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety during the period (the "Buydown Period") when Buydown Funds are
required to be applied to such Buydown Mortgage Loan, the Subservicer shall be
required to withdraw from the Buydown Account and remit any Buydown Funds
remaining in the Buydown Account in accordance with the related buydown
agreement. The amount of Buydown Funds which may be remitted in accordance with
the related buydown agreement may reduce the amount required to be paid by the
Mortgagor to fully prepay the related Mortgage Loan. If the Mortgagor on a
Buydown Mortgage Loan defaults on such Mortgage Loan during the Buydown Period
and the property securing such Buydown Mortgage Loan is sold in the liquidation
thereof (either by the Master Servicer or the insurer under any related Primary
Insurance Policy), the Subservicer shall be required to withdraw from the
Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if instructed by the Master Servicer, pay to the insurer under any related
Primary Insurance Policy if the Mortgaged Property is transferred to such
insurer and such insurer pays all of the loss incurred in respect of such
default. Any amount so remitted pursuant to the preceding sentence will be
deemed to reduce the amount owed on the Mortgage Loan.
Section 3.22 Advance Facility.
(a) The Master Servicer is hereby authorized to enter into a financing or
other facility (any such arrangement, an "Advance Facility") under which
(1) the Master Servicer sells, assigns or pledges to another Person (an
"Advancing Person") the Master Servicer's rights under this Agreement to
be reimbursed for any Advances or Servicing Advances and/or (2) an
Advancing Person agrees to fund some or all Advances and/or Servicing
Advances required to be made by the Master Servicer pursuant to this
Agreement. No consent of the Depositor, the Trustee, the
Certificateholders or any other party shall be required before the
Master Servicer may enter into an Advance Facility. Notwithstanding the
existence of any Advance Facility under which an Advancing Person agrees
to fund Advances and/or Servicing Advances on the Master Servicer's
behalf, the Master Servicer shall remain obligated pursuant to this
Agreement to make Advances and Servicing Advances pursuant to and as
required by this Agreement. If the Master Servicer enters into an
Advance Facility, and for so long as an Advancing Person remains
entitled to receive reimbursement for any Advances including
Nonrecoverable Advances ("Advance Reimbursement Amounts") and/or
Servicing Advances including Nonrecoverable Advances ("Servicing Advance
Reimbursement Amounts" and together with Advance Reimbursement Amounts,
"Reimbursement Amounts") (in each case to the extent such type of
Reimbursement Amount is included in the Advance Facility), as
applicable, pursuant to this Agreement, then the Master Servicer shall
identify such Reimbursement Amounts consistent with the reimbursement
rights set forth in Section 3.10(a)(ii) and (vii) and remit such
Reimbursement Amounts in accordance with this Section 3.22 or otherwise
in accordance with the documentation establishing the Advance Facility
to such Advancing Person or to a trustee, agent or custodian (an
"Advance Facility Trustee") designated by such Advancing Person in an
Advance Facility Notice described below in Section 3.22(b).
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Notwithstanding the foregoing, if so required pursuant to the terms of
the Advance Facility, the Master Servicer may direct, and if so directed
in writing the Trustee is hereby authorized to and shall pay to the
Advance Facility Trustee the Reimbursement Amounts identified pursuant
to the preceding sentence. An Advancing Person whose obligations
hereunder are limited to the funding of Advances and/or Servicing
Advances shall not be required to meet the qualifications of a Master
Servicer or a Subservicer pursuant to Section 3.02(a) or 6.02(c) hereof
and shall not be deemed to be a Subservicer under this Agreement.
Notwithstanding anything to the contrary herein, in no event shall
Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
be included in the Available Distribution Amount or distributed to
Certificateholders.
(b) If the Master Servicer enters into an Advance Facility and makes the
election set forth in Section 3.22(a), the Master Servicer and the
related Advancing Person shall deliver to the Trustee a written notice
and payment instruction (an "Advance Facility Notice"), providing the
Trustee with written payment instructions as to where to remit Advance
Reimbursement Amounts and/or Servicing Advance Reimbursement Amounts
(each to the extent such type of Reimbursement Amount is included within
the Advance Facility) on subsequent Distribution Dates. The payment
instruction shall require the applicable Reimbursement Amounts to be
distributed to the Advancing Person or to an Advance Facility Trustee
designated in the Advance Facility Notice. An Advance Facility Notice
may only be terminated by the joint written direction of the Master
Servicer and the related Advancing Person (and any related Advance
Facility Trustee).
(c) Reimbursement Amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage
Loans for which the Master Servicer would be permitted to reimburse
itself in accordance with Section 3.10(a)(ii) and (vii) hereof, assuming
the Master Servicer or the Advancing Person had made the related
Advance(s) and/or Servicing Advance(s). Notwithstanding the foregoing,
except with respect to reimbursement of Nonrecoverable Advances as set
forth in Section 3.10(c) of this Agreement, no Person shall be entitled
to reimbursement from funds held in the Collection Account for future
distribution to Certificateholders pursuant to this Agreement. Neither
the Depositor nor the Trustee shall have any duty or liability with
respect to the calculation of any Reimbursement Amount, nor shall the
Depositor or the Trustee have any responsibility to track or monitor the
administration of the Advance Facility and the Depositor shall not have
any responsibility to track, monitor or verify the payment of
Reimbursement Amounts to the related Advancing Person or Advance
Facility Trustee. The Master Servicer shall maintain and provide to any
Successor Master Servicer a detailed accounting on a loan-by-loan basis
as to amounts advanced by, sold, pledged or assigned to, and reimbursed
to any Advancing Person. The Successor Master Servicer shall be entitled
to rely on any such information provided by the Master Servicer and the
Successor Master Servicer shall not be liable for any errors in such
information.
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(d) Upon the direction of and at the expense of the Master Servicer, the
Trustee agrees to execute such acknowledgments, certificates, and other
documents provided by the Master Servicer and reasonably satisfactory to
the Trustee recognizing the interests of any Advancing Person or Advance
Facility Trustee in such Reimbursement Amounts as the Master Servicer
may cause to be made subject to Advance Facilities pursuant to this
Section 3.22, and such other documents in connection with such Advance
Facility as may be reasonably requested from time to time by any
Advancing Person or Advance Facility Trustee and reasonably satisfactory
to the Trustee.
(e) Reimbursement Amounts collected with respect to each Mortgage Loan shall
be allocated to outstanding unreimbursed Advances or Servicing Advances
(as the case may be) made with respect to that Mortgage Loan on a
"first-in, first out" ("FIFO") basis, subject to the qualifications set
forth below:
(i) Any successor Master Servicer to Residential Funding (a
"Successor Master Servicer") and the Advancing Person or Advance
Facility Trustee shall be required to apply all amounts
available in accordance with this Section 3.22(e) to the
reimbursement of Advances and Servicing Advances in the manner
provided for herein; provided, however, that after the
succession of a Successor Master Servicer, (A) to the extent
that any Advances or Servicing Advances with respect to any
particular Mortgage Loan are reimbursed from payments or
recoveries, if any, from the related Mortgagor, and Liquidation
Proceeds or Insurance Proceeds, if any, with respect to that
Mortgage Loan, reimbursement shall be made, first, to the
Advancing Person or Advance Facility Trustee in respect of
Advances and/or Servicing Advances related to that Mortgage Loan
to the extent of the interest of the Advancing Person or Advance
Facility Trustee in such Advances and/or Servicing Advances,
second to the Master Servicer in respect of Advances and/or
Servicing Advances related to that Mortgage Loan in excess of
those in which the Advancing Person or Advance Facility Trustee
Person has an interest, and third, to the Successor Master
Servicer in respect of any other Advances and/or Servicing
Advances related to that Mortgage Loan, from such sources as and
when collected, and (B) reimbursements of Advances and Servicing
Advances that are Nonrecoverable Advances shall be made pro rata
to the Advancing Person or Advance Facility Trustee, on the one
hand, and any such Successor Master Servicer, on the other hand,
on the basis of the respective aggregate outstanding
unreimbursed Advances and Servicing Advances that are
Nonrecoverable Advances owed to the Advancing Person, Advance
Facility Trustee or Master Servicer pursuant to this Agreement,
on the one hand, and any such Successor Master Servicer, on the
other hand, and without regard to the date on which any such
Advances or Servicing Advances shall have been made. In the
event that, as a result of the FIFO allocation made pursuant to
this Section 3.22(e), some or all of a Reimbursement Amount paid
to the Advancing Person or Advance Facility Trustee relates to
Advances or Servicing Advances that were made by a Person other
than Residential Funding or the Advancing Person or Advance
Facility Trustee, then the Advancing Person or Advance Facility
Trustee shall be required to remit any portion of such
Reimbursement Amount to the Person entitled to such portion of
such Reimbursement Amount. Without limiting the generality of
the foregoing, Residential Funding shall remain entitled to be
reimbursed by the Advancing Person or Advance Facility Trustee
for all Advances and Servicing Advances funded by Residential
Funding to the extent the related Reimbursement Amount(s) have
not been assigned or pledged to an Advancing Person or Advance
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Facility Trustee. The documentation establishing any Advance
Facility shall require Residential Funding to provide to the
related Advancing Person or Advance Facility Trustee loan by
loan information with respect to each Reimbursement Amount
distributed to such Advancing Person or Advance Facility Trustee
on each date of remittance thereof to such Advancing Person or
Advance Facility Trustee, to enable the Advancing Person or
Advance Facility Trustee to make the FIFO allocation of each
Reimbursement Amount with respect to each Mortgage Loan.
(ii) By way of illustration, and not by way of limiting the
generality of the foregoing, if the Master Servicer resigns or
is terminated at a time when the Master Servicer is a party to
an Advance Facility, and is replaced by a Successor Master
Servicer, and the Successor Master Servicer directly funds
Advances or Servicing Advances with respect to a Mortgage Loan
and does not assign or pledge the related Reimbursement Amounts
to the related Advancing Person or Advance Facility Trustee,
then all payments and recoveries received from the related
Mortgagor or received in the form of Liquidation Proceeds with
respect to such Mortgage Loan (including Insurance Proceeds
collected in connection with a liquidation of such Mortgage
Loan) will be allocated first to the Advancing Person or Advance
Facility Trustee until the related Reimbursement Amounts
attributable to such Mortgage Loan that are owed to the Master
Servicer and the Advancing Person, which were made prior to any
Advances or Servicing Advances made by the Successor Master
Servicer, have been reimbursed in full, at which point the
Successor Master Servicer shall be entitled to retain all
related Reimbursement Amounts subsequently collected with
respect to that Mortgage Loan pursuant to Section 3.10 of this
Agreement. To the extent that the Advances or Servicing Advances
are Nonrecoverable Advances to be reimbursed on an aggregate
basis pursuant to Section 3.10 of this Agreement, the
reimbursement paid in this manner will be made pro rata to the
Advancing Person or Advance Facility Trustee, on the one hand,
and the Successor Master Servicer, on the other hand, as
described in clause (i)(B) above.
(f) The Master Servicer shall remain entitled to be reimbursed for all
Advances and ▇▇▇▇▇▇▇▇▇ Advances funded by the Master Servicer to the
extent the related rights to be reimbursed therefor have not been sold,
assigned or pledged to an Advancing Person.
(g) Any amendment to this Section 3.22 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an
Advance Facility as described generally in this Section 3.22, including
amendments to add provisions relating to a successor master servicer,
may be entered into by the Trustee, the Depositor and the Master
Servicer without the consent of any Certificateholder, with written
confirmation from each Rating Agency that the amendment will not result
in the reduction of the ratings on any class of the Certificates below
the lesser of the then current or original ratings on such Certificates,
and an opinion of counsel as required by Section 11.01(c)
notwithstanding anything to the contrary in Section 11.01 of or
elsewhere in this Agreement.
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(h) Any rights of set-off that the Trust Fund, the Trustee, the Depositor,
any Successor Master Servicer or any other Person might otherwise have
against the Master Servicer under this Agreement shall not attach to any
rights to be reimbursed for Advances or Servicing Advances that have
been sold, transferred, pledged, conveyed or assigned to any Advancing
Person.
(i) At any time when an Advancing Person shall have ceased funding Advances
and/or Servicing Advances (as the case may be) and the Advancing Person
or related Advance Facility Trustee shall have received Reimbursement
Amounts sufficient in the aggregate to reimburse all Advances and/or
Servicing Advances (as the case may be) the right to reimbursement for
which were assigned to the Advancing Person, then upon the delivery of a
written notice signed by the Advancing Person and the Master Servicer or
its successor or assign) to the Trustee terminating the Advance Facility
Notice (the "Notice of Facility Termination"), the Master Servicer or
its Successor Master Servicer shall again be entitled to withdraw and
retain the related Reimbursement Amounts from the Custodial Account
pursuant to Section 3.10.
(j) After delivery of any Advance Facility Notice, and until any such
Advance Facility Notice has been terminated by a Notice of Facility
Termination, this Section 3.22 may not be amended or otherwise modified
without the prior written consent of the related Advancing Person.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account.
(a) The Master Servicer on behalf of the Trustee shall establish and maintain a
Certificate Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate
Account Deposit Date by wire transfer of immediately available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding Distribution
Date, (ii) any amount required to be deposited in the Certificate Account
pursuant to Section 3.12(a), (iii) any amount required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07 and (iv) all
other amounts constituting the Available Distribution Amount for the immediately
succeeding Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer, invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted Investments designated in the name of the
Trustee for the benefit of the Certificateholders, which shall mature or be
payable on demand not later than the Business Day next preceding the
Distribution Date next following the date of such investment (except that (i)
any investment in the institution with which the Certificate Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other investment may mature or be payable on demand on such Distribution
Date if the Trustee shall advance funds on such Distribution Date to the
Certificate Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make
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distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds immediately as realized without any
right of reimbursement.
Section 4.02 Distributions.
As provided in Section 4.02 of the Series Supplement.
Section 4.03 Statements to Certificateholders; Statements to Rating
Agencies; Exchange Act Reporting.
(a) Concurrently with each distribution charged to the Certificate Account and
with respect to each Distribution Date the Master Servicer shall forward to the
Trustee and the Trustee shall either forward by mail or make available to each
Holder and the Company, via the Trustee's internet website, a statement (and at
its option, any additional files containing the same information in an
alternative format) setting forth information as to each Class of Certificates,
the Mortgage Pool and, if the Mortgage Pool is comprised of two or more Loan
Groups, each Loan Group, to the extent applicable. This statement will include
the information set forth in an exhibit to the Series Supplement. Such exhibit
shall set forth the Trustee's internet website address together with a phone
number. The Trustee shall mail to each Holder that requests a paper copy by
telephone a paper copy via first class mail. The Trustee may modify the
distribution procedures set forth in this Section provided that such procedures
are no less convenient for the Certificateholders. The Trustee shall provide
prior notification to the Company, the Master Servicer and the
Certificateholders regarding any such modification. In addition, the Master
Servicer shall provide to any manager of a trust fund consisting of some or all
of the Certificates, upon reasonable request, such additional information as is
reasonably obtainable by the Master Servicer at no additional expense to the
Master Servicer. Also, at the request of a Rating Agency, the Master Servicer
shall provide the information relating to the Reportable Modified Mortgage Loans
substantially in the form attached hereto as Exhibit Q to such Rating Agency
within a reasonable period of time; provided, however, that the Master Servicer
shall not be required to provide such information more than four times in a
calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the
Master Servicer shall prepare, or cause to be prepared, and shall forward, or
cause to be forwarded, to each Person who at any time during the calendar year
was the Holder of a Certificate, other than a Class R Certificate, a statement
containing the information set forth in clauses (i) and (ii) of the exhibit to
the Series Supplement referred to in subsection (a) above aggregated for such
calendar year or applicable portion thereof during which such Person was a
Certificateholder. Such obligation of the Master Servicer shall be deemed to
have been satisfied to the extent that substantially comparable information
shall be provided by the Master Servicer pursuant to any requirements of the
Code.
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(c) Within a reasonable period of time after the end of each calendar year, the
Master Servicer shall prepare, or cause to be prepared, and shall forward, or
cause to be forwarded, to each Person who at any time during the calendar year
was the Holder of a Class R Certificate, a statement containing the applicable
distribution information provided pursuant to this Section 4.03 aggregated for
such calendar year or applicable portion thereof during which such Person was
the Holder of a Class R Certificate. Such obligation of the Master Servicer
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Master Servicer pursuant to any
requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master Servicer, as
soon as reasonably practicable, shall provide the requesting Certificateholder
with such information as is necessary and appropriate, in the Master Servicer's
sole discretion, for purposes of satisfying applicable reporting requirements
under Rule 144A.
(e) The Trustee will make the reports referred to in Section 4.03(a) (and, at
its option, any additional files containing the same information in an
alternative format) available each month to Certificateholders, any Certificate
Insurer and other parties to the Agreement via the Trustee's website, which can
be obtained by calling (▇▇▇) ▇▇▇-▇▇▇▇. Persons that are unable to use the above
website are entitled to have a paper copy mailed to them via first class mail by
calling the Trustee at (▇▇▇) ▇▇▇-▇▇▇▇. The Trustee shall have the right to
change the way the reports referred to in Section 4.03(a) are distributed in
order to make such distribution more convenient and/or more accessible to the
above parties, to the Certificateholders and to any Certificate Insurer. The
Trustee shall provide timely and adequate notification to all the parties
mentioned above and to the Certificateholders regarding any such change.
(f) The Master Servicer shall, on behalf of the Company and in respect of the
Trust Fund, sign and cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules and
regulations of the Commission thereunder. In connection with the preparation and
filing of such periodic reports, the Trustee shall timely provide to the Master
Servicer (I) a list of Certificateholders as shown on the Certificate Register
as of the end of each calendar year, (II) copies of all pleadings, other legal
process and any other documents relating to any claims, charges or complaints
involving the Trustee, as trustee hereunder, or the Trust Fund that are received
by the Trustee, (III) notice of all matters that, to the actual knowledge of a
Responsible Officer of the Trustee, have been submitted to a vote of the
Certificateholders, other than those matters that have been submitted to a vote
of the Certificateholders at the request of the Company or the Master Servicer,
and (IV) notice of any failure of the Trustee to make any distribution to the
Certificateholders as required pursuant to this Agreement. Neither the Master
Servicer nor the Trustee shall have any liability with respect to the Master
Servicer's failure to properly prepare or file such periodic reports resulting
from or relating to the Master Servicer's inability or failure to obtain any
information not resulting from the Master Servicer's own negligence or willful
misconduct. Any Form 10-K filed with the Commission in connection with this
clause (f) shall include a certification, signed by the senior officer in charge
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of the servicing functions of the Master Servicer, in the form attached as
Exhibit O hereto or such other form as may be required or permitted by the
Commission (the "Form 10-K Certification"), in compliance with Rule 13a-14 and
15d-14 under the Exchange Act and any additional directives of the Commission.
In connection with the Form 10-K Certification, the Trustee shall provide the
Master Servicer with a back-up certification substantially in the form attached
hereto as Exhibit P.
Section 4.04 Distribution of Reports to the Trustee and the
Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Determination Date, the Master
Servicer shall furnish a written statement to the Trustee, any Certificate
Insurer, any Paying Agent and the Company (the information in such statement to
be made available to Certificateholders by the Master Servicer on request)
setting forth (i) the Available Distribution Amount and (ii) the amounts
required to be withdrawn from the Custodial Account and deposited into the
Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01(a). The determination by the
Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account Deposit
Date, the Master Servicer shall either (i) deposit in the Certificate Account
from its own funds, or funds received therefor from the Subservicers, an amount
equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Servicing
Modifications, Debt Service Reductions or reductions in the amount of interest
collectable from the Mortgagor pursuant to the Relief Act, on the Outstanding
Mortgage Loans as of the related Due Date, which Monthly Payments were not
received as of the close of business as of the related Determination Date;
provided that no Advance shall be made if it would be a Nonrecoverable Advance,
(ii) withdraw from amounts on deposit in the Custodial Account and deposit in
the Certificate Account all or a portion of the Amount Held for Future
Distribution in discharge of any such Advance, or (iii) make advances in the
form of any combination of (i) and (ii) aggregating the amount of such Advance.
Any portion of the Amount Held for Future Distribution so used shall be replaced
by the Master Servicer by deposit in the Certificate Account on or before 11:00
A.M. New York time on any future Certificate Account Deposit Date to the extent
that funds attributable to the Mortgage Loans that are available in the
Custodial Account for deposit in the Certificate Account on such Certificate
Account Deposit Date shall be less than payments to Certificateholders required
to be made on the following Distribution Date. The Master Servicer shall be
entitled to use any Advance made by a Subservicer as described in Section
3.07(b) that has been deposited in the Custodial Account on or before such
Distribution Date as part of the Advance made by the Master Servicer pursuant to
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this Section 4.04. The amount of any reimbursement pursuant to Section 4.02(a)
in respect of outstanding Advances on any Distribution Date shall be allocated
to specific Monthly Payments due but delinquent for previous Due Periods, which
allocation shall be made, to the extent practicable, to Monthly Payments which
have been delinquent for the longest period of time. Such allocations shall be
conclusive for purposes of reimbursement to the Master Servicer from recoveries
on related Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the
Master Servicer delivered to the Company and the Trustee.
If the Master Servicer determines as of the Business Day preceding any
Certificate Account Deposit Date that it will be unable to deposit in the
Certificate Account an amount equal to the Advance required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than
3:00 P.M., New York time, on such Business Day, specifying the portion of such
amount that it will be unable to deposit. Not later than 3:00 P.M., New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by telecopy) that the Master Servicer shall have directly or indirectly
deposited in the Certificate Account such portion of the amount of the Advance
as to which the Master Servicer shall have given notice pursuant to the
preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights
and obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and obligations of the Master Servicer
hereunder, including the obligation to deposit in the Certificate Account an
amount equal to the Advance for the immediately succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.
Section 4.05 Allocation of Realized Losses.
As provided in Section 4.05 of the Series Supplement.
Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.
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The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
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Section 4.07 Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.
If, however the Master Servicer shall have exercised its right to
repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred such Mortgage Loan to the Junior Certificateholder, the Master
Servicer shall so notify the Trustee in writing.
Section 4.08 Surety Bond.
(a) If a Required Surety Payment is payable pursuant to the Surety Bond with
respect to any Additional Collateral Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably practicable and the Trustee shall promptly
complete the notice in the form of Attachment 1 to the Surety Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety. The
Master Servicer shall upon request assist the Trustee in completing such notice
and shall provide any information requested by the Trustee in connection
therewith.
(b) Upon receipt of a Required Surety Payment from the Surety on behalf of the
Holders of Certificates, the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of a
Certificate any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.
(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D, respectively, and shall, on
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original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein. The Holders of the Book-Entry Certificates shall hold their respective
Ownership Interests in and to each of such Certificates through the book-entry
facilities of the Depository and, except as provided below, shall not be
entitled to Definitive Certificates in respect of such Ownership Interests. All
transfers by Certificate Owners of their respective Ownership Interests in the
Book-Entry Certificates shall be made in accordance with the procedures
established by the Depository Participant or brokerage firm representing such
Certificate Owner. Each Depository Participant shall transfer the Ownership
Interests only in the Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
The Trustee, the Master Servicer and the Company may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
directions from, and votes of, the Depository as Holder of any Class of
Book-Entry Certificates with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Certificate
Owners. The Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give
notice to the Depository of such record date.
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If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the Company, with the consent of a majority of the Certificateholders, advises
the Trustee in writing that it elects to terminate the book-entry system through
the Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates.
In addition, if an Event of Default has occurred and is continuing, each
Certificate Owner materially adversely affected thereby may at its option
request a Definitive Certificate evidencing such Certificate Owner's Percentage
Interest in the related Class of Certificates. In order to make such request,
such Certificate Owner shall, subject to the rules and procedures of the
Depository, provide the Depository or the related Depository Participant with
directions for the Trustee to exchange or cause the exchange of the Certificate
Owner's interest in such Class of Certificates for an equivalent Percentage
Interest in fully registered definitive form. Upon receipt by the Trustee of
instruction from the Depository directing the Trustee to effect such exchange
(such instructions to contain information regarding the Class of Certificates
and the Certificate Balance being exchanged, the Depository Participant account
to be debited with the decrease, the registered holder of and delivery
instructions for the Definitive Certificates and any other information
reasonably required by the Trustee), (i) the Trustee shall instruct the
Depository to reduce the related Depository Participant's account by the
aggregate Certificate Principal Balance of the Definitive Certificates, (ii) the
Trustee shall execute, authenticate and deliver, in accordance with the
registration and delivery instructions provided by the Depository, a Definitive
Certificate evidencing such Certificate Owner's Percentage Interest in such
Class of Certificates and (iii) the Trustee shall execute and authenticate a new
Book-Entry Certificate reflecting the reduction in the aggregate Certificate
Principal Balance of such Class of Certificates by the amount of the Definitive
Certificates.
None of the Company, the Master Servicer or the Trustee shall be liable
for any actions taken by the Depository or its nominee, including, without
limitation, any delay in delivery of any instruction required under this section
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Depository in connection
with the issuance of the Definitive Certificates pursuant to this Section 5.01
shall be deemed to be imposed upon and performed by the Trustee, and the Trustee
and the Master Servicer shall recognize the Holders of the Definitive
Certificates as Certificateholders hereunder.
(c) From time to time Residential Funding, as the initial Holder of the Class
A-V Certificates, may exchange such Holder's Class A-V Certificates for
Subclasses of Class A-V Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated Class A-V REMIC Regular Interests
corresponding to the Class A-V Certificates so surrendered for exchange. Any
Subclass so issued shall bear a numerical designation commencing with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated Class A-V REMIC Regular Interest or Interests specified in
writing by such initial Holder to the Trustee. The Trustee may conclusively,
without any independent verification, rely on, and shall be protected in relying
on, Residential Funding's determinations of the Uncertificated Class A-V REMIC
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Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial Pass-Through Rate on a Subclass as set forth in such Request for
Exchange and the Trustee shall have no duty to determine if any Uncertificated
Class A-V REMIC Regular Interest designated on a Request for Exchange
corresponds to a Subclass which has previously been issued. Each Subclass so
issued shall be substantially in the form set forth in Exhibit A and shall, on
original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery in accordance with Section 5.01(a).
Every Certificate presented or surrendered for exchange by the initial Holder
shall (if so required by the Trustee or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer attached to
such Certificate and shall be completed to the satisfaction of the Trustee and
the Certificate Registrar duly executed by, the initial Holder thereof or his
attorney duly authorized in writing. The Certificates of any Subclass of Class
A-V Certificates may be transferred in whole, but not in part, in accordance
with the provisions of Section 5.02.
Section 5.02 Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or agencies to
be appointed by the Trustee in accordance with the provisions of Section
8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the
registration of Certificates and of transfers and exchanges of
Certificates as herein provided. The Trustee is initially appointed
Certificate Registrar for the purpose of registering Certificates and
transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Master Servicer
with a certified list of Certificateholders as of each Record Date prior
to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at any
office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R
Certificate, upon satisfaction of the conditions set forth below, the
Trustee shall execute and the Certificate Registrar shall authenticate
and deliver, in the name of the designated transferee or transferees,
one or more new Certificates of a like Class (or Subclass) and aggregate
Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be exchanged
for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest, upon surrender of the
Certificates to be exchanged at any such office or agency. Whenever any
Certificates are so surrendered for exchange the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver the
Certificates of such Class which the Certificateholder making the
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exchange is entitled to receive. Every Certificate presented or
surrendered for transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to
the Trustee and the Certificate Registrar duly executed by, the Holder
thereof or his attorney duly authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B Certificate
shall be made unless such transfer, sale, pledge or other disposition is
exempt from the registration requirements of the Securities Act of 1933,
as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that a transfer of a
Class B Certificate is to be made either (i)(A) the Trustee shall
require a written Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Company that such transfer
may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from said Act and laws or is being
made pursuant to said Act and laws, which Opinion of Counsel shall not
be an expense of the Trustee, the Company or the Master Servicer (except
that, if such transfer is made by the Company or the Master Servicer or
any Affiliate thereof, the Company or the Master Servicer shall provide
such Opinion of Counsel at their own expense); provided that such
Opinion of Counsel will not be required in connection with the initial
transfer of any such Certificate by the Company or any Affiliate thereof
to the Company or an Affiliate of the Company and (B) the Trustee shall
require the transferee to execute a representation letter, substantially
in the form of Exhibit H hereto, and the Trustee shall require the
transferor to execute a representation letter, substantially in the form
of Exhibit I hereto, each acceptable to and in form and substance
satisfactory to the Company and the Trustee certifying to the Company
and the Trustee the facts surrounding such transfer, which
representation letters shall not be an expense of the Trustee, the
Company or the Master Servicer; provided, however, that such
representation letters will not be required in connection with any
transfer of any such Certificate by the Company or any Affiliate thereof
to the Company or an Affiliate of the Company, and the Trustee shall be
entitled to conclusively rely upon a representation (which, upon the
request of the Trustee, shall be a written representation) from the
Company, of the status of such transferee as an Affiliate of the Company
or (ii) the prospective transferee of such a Certificate shall be
required to provide the Trustee, the Company and the Master Servicer
with an investment letter substantially in the form of Exhibit J
attached hereto (or such other form as the Company in its sole
discretion deems acceptable), which investment letter shall not be an
expense of the Trustee, the Company or the Master Servicer, and which
investment letter states that, among other things, such transferee (A)
is a "qualified institutional buyer" as defined under Rule 144A, acting
for its own account or the accounts of other "qualified institutional
buyers" as defined under Rule 144A, and (B) is aware that the proposed
transferor intends to rely on the exemption from registration
requirements under the Securities Act provided by Rule 144A. The Holder
of any such Certificate desiring to effect any such transfer, sale,
pledge or other disposition shall, and does hereby agree to, indemnify
the Trustee, the Company, the Master Servicer and the Certificate
Registrar against any liability that may result if the transfer, sale,
pledge or other disposition is not so exempt or is not made in
accordance with such federal and state laws.
(e) (i) In the case of any Class B or Class R Certificate presented for
registration in the name of any Person, either (A) the Trustee shall
require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the
effect that the purchase or holding of such Class B or Class R
Certificate is permissible under applicable law, will not constitute or
result in any non-exempt prohibited transaction under Section 406 of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
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or Section 4975 of the Code (or comparable provisions of any subsequent
enactments), and will not subject the Trustee, the Company or the Master
Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to
those undertaken in this Agreement, which Opinion of Counsel shall not
be an expense of the Trustee, the Company or the Master Servicer or (B)
the prospective Transferee shall be required to provide the Trustee, the
Company and the Master Servicer with a certification to the effect set
forth in paragraph six of Exhibit H (with respect to any Class B
Certificate) or paragraph fifteen of Exhibit G-1 (with respect to any
Class R Certificate), which the Trustee may rely upon without further
inquiry or investigation, or such other certifications as the Trustee
may deem desirable or necessary in order to establish that such
Transferee or the Person in whose name such registration is requested
either (a) is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Code,
or any Person (including an investment manager, a named fiduciary or a
trustee of any such plan) who is using "plan assets" of any such plan to
effect such acquisition (each, a "Plan Investor") or (b) in the case of
any Class B Certificate, the following conditions are satisfied: (i)
such Transferee is an insurance company, (ii) the source of funds used
to purchase or hold such Certificate (or interest therein) is an
"insurance company general account" (as defined in U.S. Department of
Labor Prohibited Transaction Class Exemption ("PTCE") 95-60, and (iii)
the conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied (each entity that satisfies this clause (b), a "Complying
Insurance Company").
(ii) Any Transferee of a Class M Certificate will be deemed to have
represented by virtue of its purchase or holding of such
Certificate (or interest therein) that either (a) such
Transferee is not a Plan Investor, (b) it has acquired and is
holding such Certificate in reliance on Prohibited Transaction
Exemption ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE
2000-58, 65 Fed. Reg. 67765 (November 13, 2000), and PTE
2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the "RFC
Exemption"), and that it understands that there are certain
conditions to the availability of the RFC Exemption including
that such Certificate must be rated, at the time of purchase,
not lower than "BBB-" (or its equivalent) by Standard & Poor's,
Fitch or ▇▇▇▇▇'▇ or (c) such Transferee is a Complying Insurance
Company.
(iii) (A) If any Class M Certificate (or any interest therein) is
acquired or held by any Person that does not satisfy the
conditions described in paragraph (ii) above, then the last
preceding Transferee that either (i) is not a Plan Investor,
(ii) acquired such Certificate in compliance with the RFC
Exemption, or (iii) is a Complying Insurance Company shall be
restored, to the extent permitted by law, to all rights and
obligations as Certificate Owner thereof retroactive to the date
of such Transfer of such Class M Certificate. The Trustee shall
be under no liability to any Person for making any payments due
on such Certificate to such preceding Transferee.
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(B) Any purported Certificate Owner whose acquisition or
holding of any Class M Certificate (or interest therein) was
effected in violation of the restrictions in this Section 5.02(e)
shall indemnify and hold harmless the Company, the Trustee, the
Master Servicer, any Subservicer, each Underwriter and the Trust
Fund from and against any and all liabilities, claims, costs or
expenses incurred by such parties as a result of such acquisition
or holding.
(f) (i) Each Person who has or who acquires any Ownership Interest in a Class R
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and to have
irrevocably authorized the Trustee or its designee under clause (iii)(A) below
to deliver payments to a Person other than such Person and to negotiate the
terms of any mandatory sale under clause (iii)(B) below and to execute all
instruments of transfer and to do all other things necessary in connection with
any such sale. The rights of each Person acquiring any Ownership Interest in a
Class R Certificate are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Permitted Transferee
and shall promptly notify the Trustee of any change or impending
change in its status as a Permitted Transferee.
(B) In connection with any proposed Transfer of any
Ownership Interest in a Class R Certificate, the Trustee shall
require delivery to it, and shall not register the Transfer of
any Class R Certificate until its receipt of, (I) an affidavit
and agreement (a "Transfer Affidavit and Agreement," in the form
attached hereto as Exhibit G-1) from the proposed Transferee, in
form and substance satisfactory to the Master Servicer,
representing and warranting, among other things, that it is a
Permitted Transferee, that it is not acquiring its Ownership
Interest in the Class R Certificate that is the subject of the
proposed Transfer as a nominee, trustee or agent for any Person
who is not a Permitted Transferee, that for so long as it retains
its Ownership Interest in a Class R Certificate, it will endeavor
to remain a Permitted Transferee, and that it has reviewed the
provisions of this Section 5.02(f) and agrees to be bound by
them, and (II) a certificate, in the form attached hereto as
Exhibit G-2, from the Holder wishing to transfer the Class R
Certificate, in form and substance satisfactory to the Master
Servicer, representing and warranting, among other things, that
no purpose of the proposed Transfer is to impede the assessment
or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit
and Agreement by a proposed Transferee under clause (B) above, if
a Responsible Officer of the Trustee who is assigned to this
Agreement has actual knowledge that the proposed Transferee is
not a Permitted Transferee, no Transfer of an Ownership Interest
in a Class R Certificate to such proposed Transferee shall be
effected.
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(D) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall agree (x) to require a
Transfer Affidavit and Agreement from any other Person to whom
such Person attempts to transfer its Ownership Interest in a
Class R Certificate and (y) not to transfer its Ownership
Interest unless it provides a certificate to the Trustee in the
form attached hereto as Exhibit G-2.
(E) Each Person holding or acquiring an Ownership Interest
in a Class R Certificate, by purchasing an Ownership Interest in
such Certificate, agrees to give the Trustee written notice that
it is a "pass-through interest holder" within the meaning of
Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring an Ownership Interest in a Class R
Certificate, if it is, or is holding an Ownership Interest in a
Class R Certificate on behalf of, a "pass-through interest
holder."
(ii) The Trustee will register the Transfer of any Class R Certificate only
if it shall have received the Transfer Affidavit and Agreement, a
certificate of the Holder requesting such transfer in the form attached
hereto as Exhibit G-2 and all of such other documents as shall have been
reasonably required by the Trustee as a condition to such registration.
Transfers of the Class R Certificates to Non-United States Persons and
Disqualified Organizations (as defined in Section 860E(e)(5) of the
Code) are prohibited.
(iii) (A) If any Disqualified Organization shall become a holder of a Class R
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations
as Holder thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. If a Non-United States Person
shall become a holder of a Class R Certificate, then the last preceding
United States Person shall be restored, to the extent permitted by law,
to all rights and obligations as Holder thereof retroactive to the date
of registration of such Transfer of such Class R Certificate. If a
transfer of a Class R Certificate is disregarded pursuant to the
provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3,
then the last preceding Permitted Transferee shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Class R
Certificate. The Trustee shall be under no liability to any Person for
any registration of Transfer of a Class R Certificate that is in fact
not permitted by this Section 5.02(f) or for making any payments due on
such Certificate to the holder thereof or for taking any other action
with respect to such holder under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this
Section 5.02(f) and to the extent that the retroactive
restoration of the rights of the Holder of such Class R
Certificate as described in clause (iii)(A) above shall be
invalid, illegal or unenforceable, then the Master Servicer shall
have the right, without notice to the holder or any prior holder
of such Class R Certificate, to sell such Class R Certificate to
a purchaser selected by the Master Servicer on such terms as the
Master Servicer may choose. Such purported Transferee shall
promptly endorse and deliver each Class R Certificate in
accordance with the instructions of the Master Servicer. Such
purchaser may be the Master Servicer itself or any Affiliate of
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the Master Servicer. The proceeds of such sale, net of the
commissions (which may include commissions payable to the Master
Servicer or its Affiliates), expenses and taxes due, if any, will
be remitted by the Master Servicer to such purported Transferee.
The terms and conditions of any sale under this clause (iii)(B)
shall be determined in the sole discretion of the Master
Servicer, and the Master Servicer shall not be liable to any
Person having an Ownership Interest in a Class R Certificate as a
result of its exercise of such discretion.
(iv) The Master Servicer, on behalf of the Trustee, shall make available,
upon written request from the Trustee, all information necessary to
compute any tax imposed (A) as a result of the Transfer of an Ownership
Interest in a Class R Certificate to any Person who is a Disqualified
Organization, including the information regarding "excess inclusions" of
such Class R Certificates required to be provided to the Internal
Revenue Service and certain Persons as described in Treasury Regulations
Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result of any
regulated investment company, real estate investment trust, common trust
fund, partnership, trust, estate or organization described in Section
1381 of the Code that holds an Ownership Interest in a Class R
Certificate having as among its record holders at any time any Person
who is a Disqualified Organization. Reasonable compensation for
providing such information may be required by the Master Servicer from
such Person.
(v) The provisions of this Section 5.02(f) set forth prior to this clause
(v) may be modified, added to or eliminated, provided that there shall
have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the
effect that the modification, addition to or elimination of such
provisions will not cause such Rating Agency to downgrade its
then-current ratings, if any, of any Class of the Senior, Class M
or Class B Certificates below the lower of the then-current
rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency; and
(B) subject to Section 10.01(f), an Officers' Certificate
of the Master Servicer stating that the Master Servicer has
received an Opinion of Counsel, in form and substance
satisfactory to the Master Servicer, to the effect that such
modification, addition to or absence of such provisions will not
cause any portion of any REMIC formed under the Series Supplement
to cease to qualify as a REMIC and will not cause (x) any portion
of any REMIC formed under the Series Supplement to be subject to
an entity-level tax caused by the Transfer of any Class R
Certificate to a Person that is a Disqualified Organization or
(y) a Certificateholder or another Person to be subject to a
REMIC-related tax caused by the Transfer of a Class R Certificate
to a Person that is not a Permitted Transferee.
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(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class, but the Trustee may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.
Section 5.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Company, the Master Servicer, the Trustee, any Certificate Insurer, the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee, any Certificate Insurer or the Certificate Registrar may treat the
Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 4.02
and for all other purposes whatsoever, except as and to the extent provided in
the definition of "Certificateholder," and neither the Company, the Master
Servicer, the Trustee, any Certificate Insurer, the Certificate Registrar nor
any agent of the Company, the Master Servicer, the Trustee, any Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).
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Section 5.05 Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company and the Master Servicer.
--------------------------------------------------------------
The Company and the Master Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by the Company and the Master Servicer herein. By
way of illustration and not limitation, the Company is not liable for the
servicing and administration of the Mortgage Loans, nor is it obligated by
Section 7.01 or Section 10.01 to assume any obligations of the Master Servicer
or to appoint a designee to assume such obligations, nor is it liable for any
other obligation hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.
Section 6.02 Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties by
Master Servicer.
(a) The Company and the Master Servicer will each keep in full effect its
existence, rights and franchises as a corporation under the laws of the state of
its incorporation, and will each obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Master Servicer may be merged or
consolidated, or any corporation resulting from any merger or consolidation to
which the Company or the Master Servicer shall be a party, or any Person
succeeding to the business of the Company or the Master Servicer, shall be the
successor of the Company or the Master Servicer, as the case may be, hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
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shall be qualified to service mortgage loans on behalf of ▇▇▇▇▇▇ ▇▇▇ or Freddie
Mac; and provided further that each Rating Agency's ratings, if any, of the
Senior, Class M or Class B Certificates in effect immediately prior to such
merger or consolidation will not be qualified, reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to the
contrary, the Master Servicer may assign its rights and delegate its duties and
obligations under this Agreement; provided that the Person accepting such
assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of ▇▇▇▇▇▇ ▇▇▇ or Freddie Mac, is reasonably
satisfactory to the Trustee and the Company, is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement, in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an assumption by such Person of the due and punctual performance and
observance of each covenant and condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately
prior to such assignment and delegation will not be qualified, reduced or
withdrawn as a result of such assignment and delegation (as evidenced by a
letter to such effect from each Rating Agency). In the case of any such
assignment and delegation, the Master Servicer shall be released from its
obligations under this Agreement, except that the Master Servicer shall remain
liable for all liabilities and obligations incurred by it as Master Servicer
hereunder prior to the satisfaction of the conditions to such assignment and
delegation set forth in the next preceding sentence. This Section 6.02 shall not
apply to any sale, transfer, pledge or assignment by Residential Funding of the
Call Rights.
Section 6.03 Limitation on Liability of the Company, the Master Servicer and
Others.
Neither the Company, the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Company, the Master Servicer or any such Person
against any breach of warranties or representations or covenants made herein or
any liability which would otherwise be imposed by reason of willful misfeasance,
bad faith or gross negligence in the performance of duties or by reason of
reckless disregard of obligations and duties hereunder. The Company, the Master
Servicer and any director, officer, employee or agent of the Company or the
Master Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Company, the Master Servicer and any director, officer, employee
or agent of the Company or the Master Servicer shall be indemnified by the Trust
Fund and held harmless against any loss, liability or expense incurred in
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connection with any legal action relating to this Agreement or the Certificates,
other than any loss, liability or expense related to any specific Mortgage Loan
or Mortgage Loans (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Agreement) and any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or gross negligence
in the performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
Section 6.04 Company and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to be distributed
to the Holders of Certificates of any Class any distribution required to
be made under the terms of the Certificates of such Class and this
Agreement and, in either case, such failure shall continue unremedied
for a period of 5 days after the date upon which written notice of such
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failure, requiring such failure to be remedied, shall have been given to
the Master Servicer by the Trustee or the Company or to the Master
Servicer, the Company and the Trustee by the Holders of Certificates of
such Class evidencing Percentage Interests aggregating not less than
25%; or
(ii) the Master Servicer shall fail to observe or perform in any material
respect any other of the covenants or agreements on the part of the
Master Servicer contained in the Certificates of any Class or in this
Agreement and such failure shall continue unremedied for a period of 30
days (except that such number of days shall be 15 in the case of a
failure to pay the premium for any Required Insurance Policy) after the
date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Master Servicer by the Trustee or
the Company, or to the Master Servicer, the Company and the Trustee by
the Holders of Certificates of any Class evidencing, in the case of any
such Class, Percentage Interests aggregating not less than 25%; or
(iii) a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or
appointing a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall
have been entered against the Master Servicer and such decree or order
shall have remained in force undischarged or unstayed for a period of 60
days; or
(iv) the Master Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities, or similar proceedings of, or
relating to, the Master Servicer or of, or relating to, all or
substantially all of the property of the Master Servicer; or
(v) the Master Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage
of, or commence a voluntary case under, any applicable insolvency or
reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
that it is unable to deposit in the Certificate Account an amount equal
to the Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the direction of Holders of Certificates entitled to at least 51% of the
Voting Rights, the Trustee shall, by notice in writing to the Master Servicer
(and to the Company if given by the Trustee or to the Trustee if given by the
Company), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master Servicer and the Company, immediately terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On or after the
receipt by the Master Servicer of such written notice, all authority and power
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of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
Notwithstanding any termination of the activities of Residential Funding
in its capacity as Master Servicer hereunder, Residential Funding shall be
entitled to receive, out of any late collection of a Monthly Payment on a
Mortgage Loan which was due prior to the notice terminating Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice, that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof, and any other amounts payable to Residential Funding hereunder
the entitlement to which arose prior to the termination of its activities
hereunder. Upon the termination of Residential Funding as Master Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.
Section 7.02 Trustee or Company to Act; Appointment of Successor.
(a) On and after the time the Master Servicer receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's consent (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Master Servicer (except for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding the duty to notify related Subservicers or Sellers as set forth in
such Sections, and its obligations to deposit amounts in respect of losses
incurred prior to such notice or termination on the investment of funds in the
Custodial Account or the Certificate Account pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to perform such duties or responsibilities caused by the preceding Master
Servicer's failure to provide information required by Section 4.04 shall not be
considered a default by the Trustee hereunder. As compensation therefor, the
Trustee shall be entitled to all funds relating to the Mortgage Loans which the
Master Servicer would have been entitled to charge to the Custodial Account or
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the Certificate Account if the Master Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with amounts attributable to the Mortgage Loans held in the Custodial
Account or the Certificate Account. If the Trustee has become the successor to
the Master Servicer in accordance with Section 6.04 or Section 7.01, then
notwithstanding the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution,
which is also a ▇▇▇▇▇▇ ▇▇▇- or Freddie Mac-approved mortgage servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the Master Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become successor to the Master Servicer and shall act in such capacity as
hereinabove provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted the
initial Master Servicer hereunder. The Company, the Trustee, the Custodian and
such successor shall take such action, consistent with this Agreement, as shall
be necessary to effectuate any such succession. The Servicing Fee for any
successor Master Servicer appointed pursuant to this Section 7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than 0.20% per annum in the event that the successor
Master Servicer is not servicing such Mortgage Loans directly and it is
necessary to raise the related Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans. The Master
Servicer shall pay the reasonable expenses of the Trustee in connection with any
servicing transition hereunder.
(b) In connection with the termination or resignation of the Master Servicer
hereunder, either (i) the successor Master Servicer, including the Trustee if
the Trustee is acting as successor Master Servicer, shall represent and warrant
that it is a member of MERS in good standing and shall agree to comply in all
material respects with the rules and procedures of MERS in connection with the
servicing of the Mortgage Loans that are registered with MERS, in which case the
predecessor Master Servicer shall cooperate with the successor Master Servicer
in causing MERS to revise its records to reflect the transfer of servicing to
the successor Master Servicer as necessary under MERS' rules and regulations, or
(ii) the predecessor Master Servicer shall cooperate with the successor Master
Servicer in causing MERS to execute and deliver an assignment of Mortgage in
recordable form to transfer the Mortgage from MERS to the Trustee and to execute
and deliver such other notices, documents and other instruments as may be
necessary or desirable to effect a transfer of such Mortgage Loan or servicing
of such Mortgage Loan on the MERS(R) System to the successor Master Servicer.
The predecessor Master Servicer shall file or cause to be filed any such
assignment in the appropriate recording office. The predecessor Master Servicer
shall bear any and all fees of MERS, costs of preparing any assignments of
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Mortgage, and fees and costs of filing any assignments of Mortgage that may be
required under this subsection (b). The successor Master Servicer shall cause
such assignment to be delivered to the Trustee or the Custodian promptly upon
receipt of the original with evidence of recording thereon or a copy certified
by the public recording office in which such assignment was recorded.
Section 7.03 Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to the Master
Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the Trustee
shall transmit by mail to all Holders of Certificates notice of each such Event
of Default hereunder known to the Trustee, unless such Event of Default shall
have been cured or waived.
Section 7.04 Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by a
default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights
affected by such default or Event of Default, such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon except to the extent
expressly so waived.
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived), the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent investor would exercise or use under the circumstances in the
conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Certificateholders of any such documents which do not materially conform to the
requirements of this Agreement in the event that the Trustee, after so
requesting, does not receive satisfactorily corrected documents.
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The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master Servicer such information as the Master Servicer
may reasonably request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement. The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income, prohibited transaction, contribution or
other tax on the Trust Fund to the extent that maintaining such status and
avoiding such taxes are reasonably within the control of the Trustee and are
reasonably within the scope of its duties under this Agreement.
(b) No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after the curing or
waiver of all such Events of Default which may have occurred, the duties
and obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set
forth in this Agreement, no implied covenants or obligations shall be
read into this Agreement against the Trustee and, in the absence of bad
faith on the part of the Trustee, the Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the
Trustee by the Company or the Master Servicer and which on their face,
do not contradict the requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an error of judgment made
in good faith by a Responsible Officer or Responsible Officers of the
Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance
with the direction of Certificateholders of any Class holding
Certificates which evidence, as to such Class, Percentage Interests
aggregating not less than 25% as to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be charged with knowledge of any default (other
than a default in payment to the Trustee) specified in clauses (i) and
(ii) of Section 7.01 or an Event of Default under clauses (iii), (iv)
and (v) of Section 7.01 unless a Responsible Officer of the Trustee
assigned to and working in the Corporate Trust Office obtains actual
knowledge of such failure or event or the Trustee receives written
notice of such failure or event at its Corporate Trust Office from the
Master Servicer, the Company or any Certificateholder; and
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(v) Except to the extent provided in Section 7.02, no provision in this
Agreement shall require the Trustee to expend or risk its own funds
(including, without limitation, the making of any Advance) or otherwise
incur any personal financial liability in the performance of any of its
duties as Trustee hereunder, or in the exercise of any of its rights or
powers, if the Trustee shall have reasonable grounds for believing that
repayment of funds or adequate indemnity against such risk or liability
is not reasonably assured to it.
(c) The Trustee shall timely pay, from its own funds, the amount of any and
all federal, state and local taxes imposed on the Trust Fund or its
assets or transactions including, without limitation, (A) "prohibited
transaction" penalty taxes as defined in Section 860F of the Code, if,
when and as the same shall be due and payable, (B) any tax on
contributions to a REMIC after the Closing Date imposed by Section
860G(d) of the Code and (C) any tax on "net income from foreclosure
property" as defined in Section 860G(c) of the Code, but only if such
taxes arise out of a breach by the Trustee of its obligations hereunder,
which breach constitutes negligence or willful misconduct of the
Trustee.
Section 8.02 Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, Officers' Certificate, certificate of
auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper
or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in
accordance with such Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any of the trusts
or powers vested in it by this Agreement or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such Certificateholders shall have
offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or
thereby; nothing contained herein shall, however, relieve the Trustee of
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the obligation, upon the occurrence of an Event of Default (which has
not been cured or waived), to exercise such of the rights and powers
vested in it by this Agreement, and to use the same degree of care and
skill in their exercise as a prudent investor would exercise or use
under the circumstances in the conduct of such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action taken,
suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon
it by this Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after the
curing or waiver of all Events of Default which may have occurred, the
Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing so to do by Holders
of Certificates of any Class evidencing, as to such Class, Percentage
Interests, aggregating not less than 50%; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses
or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this
Agreement, the Trustee may require reasonable indemnity against such
expense or liability as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Master Servicer,
if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or
attorneys; and
(vii) To the extent authorized under the Code and the regulations promulgated
thereunder, each Holder of a Class R Certificate hereby irrevocably
appoints and authorizes the Trustee to be its attorney-in-fact for
purposes of signing any Tax Returns required to be filed on behalf of
the Trust Fund. The Trustee shall sign on behalf of the Trust Fund and
deliver to the Master Servicer in a timely manner any Tax Returns
prepared by or on behalf of the Master Servicer that the Trustee is
required to sign as determined by the Master Servicer pursuant to
applicable federal, state or local tax laws, provided that the Master
Servicer shall indemnify the Trustee for signing any such Tax Returns
that contain errors or omissions.
(b) Following the issuance of the Certificates, the Trustee shall not accept
any contribution of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of
Counsel to the effect that such contribution will not (i) cause any
portion of any REMIC formed under the Series Supplement to fail to
qualify as a REMIC at any time that any Certificates are outstanding or
(ii) cause the Trust Fund to be subject to any federal tax as a result
of such contribution (including the imposition of any federal tax on
"prohibited transactions" imposed under Section 860F(a) of the Code).
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Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document, or of MERS
or the MERS(R) System. Except as otherwise provided herein, the Trustee shall
not be accountable for the use or application by the Company or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates, or
for the use or application of any funds paid to the Company or the Master
Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the
Custodial Account or the Certificate Account by the Company or the Master
Servicer.
Section 8.04 Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the owner
or pledgee of Certificates with the same rights it would have if it were not
Trustee.
Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification.
(a) The Master Servicer covenants and agrees to pay to the Trustee and any
co-trustee from time to time, and the Trustee and any co-trustee shall
be entitled to, reasonable compensation (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by each of them in the
execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee and
any co-trustee, and the Master Servicer will pay or reimburse the
Trustee and any co-trustee upon request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its
employ, and the expenses incurred by the Trustee or any co-trustee in
connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may
arise from its negligence or bad faith.
(b) The Master Servicer agrees to indemnify the Trustee for, and to hold the
Trustee harmless against, any loss, liability or expense incurred
without negligence or willful misconduct on its part, arising out of, or
in connection with, the acceptance and administration of the Trust Fund,
including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against any claim in connection with the
exercise or performance of any of its powers or duties under this
Agreement, and the Custodial Agreement and the Master Servicer further
agrees to indemnify the Trustee for, and to hold the Trustee harmless
against, any loss, liability or expense arising out of, or in connection
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with, the provisions set forth in Section 2.01(a) hereof, including,
without limitation, all costs, liabilities and expenses (including
reasonable legal fees and expenses) of investigating and defending
itself against any claim, action or proceeding, pending or threatened,
relating to the provisions of such paragraph, provided that:
(i) with respect to any such claim, the Trustee shall have given the Master
Servicer written notice thereof promptly after the Trustee shall have
actual knowledge thereof;
(ii) while maintaining control over its own defense, the Trustee shall
cooperate and consult fully with the Master Servicer in preparing such
defense; and
(iii) notwithstanding anything in this Agreement to the contrary, the Master
Servicer shall not be liable for settlement of any claim by the Trustee
entered into without the prior consent of the Master Servicer which
consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by
this Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06 Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.07.
Section 8.07 Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Company. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.
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(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions of Section 8.06 and shall fail to resign after written request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee. In addition, in the event that the Company
determines that the Trustee has failed (i) to distribute or cause to be
distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Company) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written notice of such failure, requiring that
the same be remedied, shall have been given to the Trustee by the Company, then
the Company may remove the Trustee and appoint a successor trustee by written
instrument delivered as provided in the preceding sentence. In connection with
the appointment of a successor trustee pursuant to the preceding sentence, the
Company shall, on or before the date on which any such appointment becomes
effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written
instrument or instruments, in triplicate, signed by such Holders or their
attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to the Company, one complete set to the Trustee so removed and one
complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
8.08.
Section 8.08 Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor
trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
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successor trustee all Mortgage Files and related documents and statements held
by it hereunder (other than any Mortgage Files at the time held by a Custodian,
which shall become the agent of any successor trustee hereunder), and the
Company, the Master Servicer and the predecessor trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided in this
Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.
Section 8.09 Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10 Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the Master
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
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continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 8.10 all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee, and such separate trustee or co-trustee jointly,
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed (whether as Trustee hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11 Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Company, or shall, at the direction of the Company and the Master Servicer,
appoint one or more Custodians who are not Affiliates of the Company, the Master
Servicer or any Seller to hold all or a portion of the Mortgage Files as agent
for the Trustee, by entering into a Custodial Agreement. Subject to Article
VIII, the Trustee agrees to comply with the terms of each Custodial Agreement
and to enforce the terms and provisions thereof against the Custodian for the
benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
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Section 8.12 Appointment of Office or Agency.
The Trustee will maintain an office or agency at the address designated
in Section 11.05 of the Series Supplement where Certificates may be surrendered
for registration of transfer or exchange. The Trustee will maintain an office at
the address stated in Section 11.05 of the Series Supplement where notices and
demands to or upon the Trustee in respect of this Agreement may be served.
ARTICLE IX
TERMINATION OR OPTIONAL
PURCHASE OF ALL CERTIFICATES
Section 9.01 Optional Purchase by the Master Servicer of All
Certificates; Termination Upon Purchase by the Master
Servicer or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and responsibilities
of the Company, the Master Servicer and the Trustee created hereby in
respect of the Certificates (other than the obligation of the Trustee to
make certain payments after the Final Distribution Date to
Certificateholders and the obligation of the Company to send certain
notices as hereinafter set forth) shall terminate upon the last action
required to be taken by the Trustee on the Final Distribution Date
pursuant to this Article IX following the earlier of:
(i) the later of the final payment or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund
or the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by Residential Funding of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust
Fund at a price equal to 100% of the unpaid principal balance of each
Mortgage Loan or, if less than such unpaid principal balance, the fair
market value of the related underlying property of such Mortgage Loan
with respect to Mortgage Loans as to which title has been acquired if
such fair market value is less than such unpaid principal balance on the
day of repurchase plus unpaid accrued interest thereon at the Mortgage
Rate (or Modified Mortgage Rate in the case of any Modified Mortgage
Loan) from the Due Date to which interest was last paid by the Mortgagor
to, but not including, the first day of the month in which such
repurchase price is distributed, provided, however, that in no event
shall the trust created hereby continue beyond the expiration of 21
years from the death of the last survivor of the descendants of ▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇, the late ambassador of the United States to the Court of St.
▇▇▇▇▇, living on the date hereof and provided further that the purchase
price set forth above shall be increased as is necessary, as determined
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by the Master Servicer, to avoid disqualification of any portion of any
REMIC formed under the Series Supplement as a REMIC. The purchase price
paid by Residential Funding shall also include any amounts owed by
Residential Funding pursuant to Section 4 of the Assignment Agreement in
respect of any liability, penalty or expense that resulted from a breach
of the representation and warranty set forth in clause (xxxi) of such
Section that remain unpaid on the date of such purchase.
The right of Residential Funding to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance as of the Final Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans. If such right is
exercised by Residential Funding, the Master Servicer shall be entitled to
reimbursement for the full amount of any unreimbursed Advances theretofore made
by it with respect to the Mortgage Loans pursuant to Section 3.10. In addition,
the Master Servicer shall provide to the Trustee the certification required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the purchase price, release to Residential Funding the Mortgage Files
pertaining to the Mortgage Loans being purchased.
In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance, prior to giving effect to distributions to be made on
such Distribution Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans, Residential Funding shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of such Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.
(b) The Master Servicer shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer anticipates
that the final distribution will be made to Certificateholders (whether
as a result of the exercise by Residential Funding of its right to
purchase the assets of the Trust Fund or otherwise) or on which the
Master Servicer anticipates that the Certificates will be purchased (as
a result of the exercise by Residential Funding of its right to purchase
the outstanding Certificates). Notice of any termination, specifying the
anticipated Final Distribution Date (which shall be a date that would
otherwise be a Distribution Date) upon which the Certificateholders may
surrender their Certificates to the Trustee (if so required by the terms
hereof) for payment of the final distribution and cancellation or notice
of any purchase of the outstanding Certificates shall be given promptly
by the Master Servicer (if Residential Funding is exercising its right
to purchase the assets of the Trust Fund or to purchase the outstanding
Certificates), or by the Trustee (in any other case) by letter. Such
notice shall be prepared by the Master Servicer (in the case of
Residential Funding exercising its right to purchase the assets of the
Trust Fund or to purchase the outstanding Certificates) or the Trustee
(in any other case) and mailed by the Trustee to the Certificateholders
not earlier than the 15th day and not later than the 25th day of the
month next preceding the month of such final distribution specifying:
(i) the anticipated Final Distribution Date upon which final payment of the
Certificates is anticipated to be made upon presentation and surrender
of Certificates at the office or agency of the Trustee therein
designated where required pursuant to this Agreement or, in the case of
the purchase by the Master Servicer of the outstanding Certificates, the
Distribution Date on which such purchase is to be made,
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(ii) the amount of any such final payment, or in the case of the purchase of
the outstanding Certificates, the purchase price, in either case, if
known, and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable and that payment will be made only upon presentation and
surrender of the Certificates at the office or agency of the Trustee
therein specified.
If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such notice is given to Certificateholders and, if Residential Funding is
exercising its rights to purchase the outstanding Certificates, Residential
Funding shall give such notice to each Rating Agency at the time such notice is
given to Certificateholders. As a result of the exercise by Residential Funding
of its right to purchase the assets of the Trust Fund or the outstanding
Certificates, Residential Funding shall deposit in the Custodial Account before
the Final Distribution Date in immediately available funds an amount equal to
the purchase price for the assets of the Trust Fund, computed as provided above.
(c) Upon presentation and surrender of the Certificates by the
Certificateholders thereof in connection with the exercise by Residential
Funding of its right to purchase the Certificates, the Trustee shall distribute
to the Certificateholders on the Final Distribution Date the respective amounts
determined in accordance with Section 4.02. Nothwithstanding the reduction of
the Certificate Principal Balance of any Class of Subordinate Certificates to
zero, such Class will be outstanding hereunder until the termination of the
respective obligations and responsibilities of the Company, the Master Servicer
and the Trustee hereunder in accordance with Article IX.
(d) If any Certificateholders shall not surrender their Certificates for final
payment and cancellation on or before the Final Distribution Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the Certificate Account not distributed in final distribution to
Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if Residential
Funding exercised its right to purchase the assets of the Trust Fund), or the
Trustee (in any other case) shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within six months after the
second notice any Certificate shall not have been surrendered for cancellation,
the Trustee shall take appropriate steps as directed by the Master Servicer to
contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining the escrow account and of
contacting Certificateholders shall be paid out of the assets which remain in
the escrow account. If within nine months after the second notice any
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Certificates shall not have been surrendered for cancellation, the Trustee shall
pay to the Master Servicer all amounts distributable to the holders thereof and
the Master Servicer shall thereafter hold such amounts until distributed to such
Holders. No interest shall accrue or be payable to any Certificateholder on any
amount held in the escrow account or by the Master Servicer as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.
(e) If any Certificateholders do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding Certificates is to
be made, the Trustee shall on such date cause all funds in the Custodial Account
deposited therein by Residential Funding pursuant to Section 9.01(b) to be
withdrawn therefrom and deposited in a separate escrow account for the benefit
of such Certificateholders, and the Master Servicer shall give a second written
notice to such Certificateholders to surrender their Certificates for payment of
the purchase price therefor. If within six months after the second notice any
Certificate shall not have been surrendered for cancellation, the Trustee shall
take appropriate steps as directed by the Master Servicer to contact the Holders
of such Certificates concerning surrender of their Certificates. The costs and
expenses of maintaining the escrow account and of contacting Certificateholders
shall be paid out of the assets which remain in the escrow account. If within
nine months after the second notice any Certificates shall not have been
surrendered for cancellation in accordance with this Section 9.01, the Trustee
shall pay to the Master Servicer all amounts distributable to the Holders
thereof and the Master Servicer shall thereafter hold such amounts until
distributed to such Holders. No interest shall accrue or be payable to any
Certificateholder on any amount held in the escrow account or by the Master
Servicer as a result of such Certificateholder's failure to surrender its
Certificate(s) for payment in accordance with this Section 9.01. Any Certificate
that is not surrendered on the Distribution Date on which a purchase pursuant to
this Section 9.01 occurs as provided above will be deemed to have been purchased
and the Holder as of such date will have no rights with respect thereto except
to receive the purchase price therefor minus any costs and expenses associated
with such escrow account and notices allocated thereto.
(f) All rights of Residential Funding to purchase the assets of the Trust Fund,
or to purchase specified classes of Certificates, as set forth in Section
9.01(a) are referred to in this Agreement as the "Call Rights". Notwithstanding
any other provision of this Agreement, Residential Funding shall have the right
to sell, transfer, pledge or otherwise assign the Call Rights at any time to any
Person. Upon written notice by Residential Funding to the Trustee and the Master
Servicer of any such assignment of the Call Rights to any assignee, the Trustee
and the Master Servicer shall be obligated to recognize such assignee as the
holder of the Call Rights. Such entity, if not Residential Funding or an
affiliate, shall be deemed to represent, at the time of such sale, transfer,
pledge or other assignment, that one of the following will be, and at the time
the Call Right is exercised is, true and correct: (i) the exercise of such Call
Right shall not result in a non-exempt prohibited transaction under section 406
of ERISA or section 4975 of the Code (including by reason of U.S. Department of
Labor ("DOL") Prohibited Transaction Class Exemption ("PTCE") 75-1 (Part I),
84-14, 90-1, 91-38, 95-60 or 96-23 or other applicable exemption) or (ii) such
entity is (A) not a party in interest under section 3(14) of ERISA or a
disqualified person under section 4975(e)(2) of the Code with respect to any
employee benefit plan subject to section 3(3) of ERISA or any plan subject to
section 4975 of the Code (other than an employee benefit plan or plan sponsored
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or maintained by the entity, provided that no assets of such employee benefit
plan or plan are invested or deemed to be invested in the Certificates) and (B)
not a "benefit plan investor" as described in DOL regulation section
2510.3-101(f)(2). If any such assignee of the Call Right is unable to exercise
such Call Right by reason of the preceding sentence, then the Call Right shall
revert to the immediately preceding assignor of such Call Right subject to the
rights of any secured party therein.
Section 9.02 Additional Termination Requirements.
(a) Each REMIC that comprises the Trust Fund shall be terminated in
accordance with the following additional requirements, unless (subject
to Section 10.01(f)) the Trustee and the Master Servicer have received
an Opinion of Counsel (which Opinion of Counsel shall not be an expense
of the Trustee) to the effect that the failure of each such REMIC to
comply with the requirements of this Section 9.02 will not (i) result in
the imposition on the Trust of taxes on "prohibited transactions," as
described in Section 860F of the Code, or (ii) cause any such REMIC to
fail to qualify as a REMIC at any time that any Certificate is
outstanding:
(i) The Master Servicer shall establish a 90-day liquidation period for each
such REMIC and specify the first day of such period in a statement
attached to the Trust Fund's final Tax Return pursuant to Treasury
regulations Section 1.860F-1. The Master Servicer also shall satisfy all
of the requirements of a qualified liquidation for a REMIC under Section
860F of the Code and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the commencement of such
90-day liquidation period and, at or prior to the time of making of the
final payment on the Certificates, the Trustee shall sell or otherwise
dispose of all of the remaining assets of the Trust Fund in accordance
with the terms hereof; and
(iii) If Residential Funding or the Company is exercising its right to
purchase the assets of the Trust Fund, Residential Funding shall, during
the 90-day liquidation period and at or prior to the Final Distribution
Date, purchase all of the assets of the Trust Fund for cash.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves
and appoints the Master Servicer as its attorney-in-fact to adopt a plan
of complete liquidation for each REMIC at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.
Section 9.03 Termination of Multiple REMICs.
If the REMIC Administrator makes two or more separate REMIC elections,
the applicable REMIC shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.
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ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.
(a) The REMIC Administrator shall make an election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series Supplement. Such
election will be made on Form 1066 or other appropriate federal tax or
information return (including Form 8811) or any appropriate state return for the
taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of each REMIC election in respect of
the Trust Fund, Certificates and interests to be designated as the "regular
interests" and the sole class of "residual interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any REMIC elected in respect of the Trust Fund
other than the "regular interests" and "residual interests" so designated.
(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate representing a
0.01% Percentage Interest each Class of the Class R Certificates and shall be
designated as "the tax matters person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in relation to any tax matter or controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto. The legal expenses, including without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability resulting therefrom shall be expenses of the Trust Fund and the
REMIC Administrator shall be entitled to reimbursement therefor out of amounts
attributable to the Mortgage Loans on deposit in the Custodial Account as
provided by Section 3.10 unless such legal expenses and costs are incurred by
reason of the REMIC Administrator's willful misfeasance, bad faith or gross
negligence. If the REMIC Administrator is no longer the Master Servicer
hereunder, at its option the REMIC Administrator may continue its duties as
REMIC Administrator and shall be paid reasonable compensation not to exceed
$3,000 per year by any successor Master Servicer hereunder for so acting as the
REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns that it determines are required with respect to each REMIC created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing such returns shall be borne by the REMIC Administrator without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability arising from the
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▇▇▇▇▇▇▇'s signing of Tax Returns that contain errors or omissions. The Trustee
and Master Servicer shall promptly provide the REMIC Administrator with such
information as the REMIC Administrator may from time to time request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of each REMIC.
(f) The Master Servicer and the REMIC Administrator shall take such actions and
shall cause each REMIC created hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's control and the scope
of its duties more specifically set forth herein as shall be necessary or
desirable to maintain the status of each REMIC as a REMIC under the REMIC
Provisions (and the Trustee shall assist the Master Servicer and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC Administrator to do so). The Master Servicer and the REMIC Administrator
shall not knowingly or intentionally take any action, cause the Trust Fund to
take any action or fail to take (or fail to cause to be taken) any action
reasonably within their respective control that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) endanger the status of any
portion of any REMIC formed under the Series Supplement as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited transactions as defined in Section 860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code) (either such event, in the absence of an Opinion of Counsel or the
indemnification referred to in this sentence, an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator, as applicable, has received an
Opinion of Counsel (at the expense of the party seeking to take such action or,
if such party fails to pay such expense, and the Master Servicer or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Master Servicer, the REMIC
Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to each REMIC created hereunder, endanger such status or,
unless the Master Servicer, the REMIC Administrator or both, as applicable,
determine in its or their sole discretion to indemnify the Trust Fund against
the imposition of such a tax, result in the imposition of such a tax. Wherever
in this Agreement a contemplated action may not be taken because the timing of
such action might result in the imposition of a tax on the Trust Fund, or may
only be taken pursuant to an Opinion of Counsel that such action would not
impose a tax on the Trust Fund, such action may nonetheless be taken provided
that the indemnity given in the preceding sentence with respect to any taxes
that might be imposed on the Trust Fund has been given and that all other
preconditions to the taking of such action have been satisfied. The Trustee
shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that it has received an Opinion of Counsel to the effect
that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to any REMIC created hereunder
or any related assets thereof, or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement, the Trustee
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will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee, in writing, with respect to whether such action could cause an
Adverse REMIC Event to occur with respect to any such REMIC, and the Trustee
shall not take any such action or cause any such REMIC to take any such action
as to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that an Adverse REMIC Event could occur. The Master
Servicer or the REMIC Administrator, as applicable, may consult with counsel to
make such written advice, and the cost of same shall be borne by the party
seeking to take the action not expressly permitted by this Agreement, but in no
event at the expense of the Master Servicer or the REMIC Administrator. At all
times as may be required by the Code, the Master Servicer will to the extent
within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of any
REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on "net
income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article X, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.10 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal income tax purposes,
maintain books and records with respect to each REMIC created hereunder on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept any contributions of assets to any REMIC created hereunder unless
(subject to Section 10.01(f)) the Master Servicer and the Trustee shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not cause the REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
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(j) Neither the Master Servicer nor the Trustee shall (subject to Section
10.01(f)) enter into any arrangement by which any REMIC created hereunder will
receive a fee or other compensation for services nor permit any such REMIC to
receive any income from assets other than "qualified mortgages" as defined in
Section 860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
Regulations, the "latest possible maturity date" by which the Certificate
Principal Balance of each Class of Certificates (other than the Interest Only
Certificates) representing a regular interest in the applicable REMIC and the
Uncertificated Principal Balance of each Uncertificated REMIC Regular Interest
(other than each Uncertificated REMIC Regular Interest represented by a Class
A-V Certificate, if any) and the rights to the Interest Only Certificates and
Uncertificated REMIC Regular Interest represented by any Class A-V Certificate
would be reduced to zero is the Maturity Date for each such Certificate and
Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal Revenue Service Form 8811, "Information Return for
Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.
(m) Neither the Trustee nor the Master Servicer shall sell, dispose of or
substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of any REMIC created hereunder, (iii)
the termination of any such REMIC pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain nor
accept any contributions to any such REMIC after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b) unless the Master Servicer has determined in its sole discretion to
indemnify the Trust Fund against such tax, cause such REMIC to be subject to a
tax on "prohibited transactions" or "contributions" pursuant to the REMIC
Provisions.
Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by the Trust
Fund, the Company or the Master Servicer, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master Servicer and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company, the Master Servicer or the Trustee, as a result of a breach
of the REMIC Administrator's covenants set forth in this Article X with respect
to compliance with the REMIC Provisions, including without limitation, any
111
penalties arising from the Trustee's execution of Tax Returns prepared by the
REMIC Administrator that contain errors or omissions; provided, however, that
such liability will not be imposed to the extent such breach is a result of an
error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
(c) The Master Servicer agrees to indemnify the Trust Fund, the Company, the
REMIC Administrator and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company, the REMIC Administrator or the Trustee, as a result of a
breach of the Master Servicer's covenants set forth in this Article X or in
Article III with respect to compliance with the REMIC Provisions, including
without limitation, any penalties arising from the Trustee's execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.
Section 10.03 Designation of REMIC(s).
As provided in Section 10.03 of the Series Supplement.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time to
time by the Company, the Master Servicer and the Trustee, without the
consent of any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein, which may be
inconsistent with any other provisions herein or therein or to correct
any error,
(iii) to modify, eliminate or add to any of its provisions to such extent as
shall be necessary or desirable to maintain the qualification of the
Trust Fund as a REMIC at all times that any Certificate is outstanding
or to avoid or minimize the risk of the imposition of any tax on the
Trust Fund pursuant to the Code that would be a claim against the Trust
Fund, provided that the Trustee has received an Opinion of Counsel to
the effect that (A) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of
any such tax and (B) such action will not adversely affect in any
material respect the interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into the Custodial
Account or the Certificate Account or to change the name in which the
Custodial Account is maintained, provided that (A) the Certificate
Account Deposit Date shall in no event be later than the related
Distribution Date, (B) such change shall not, as evidenced by an Opinion
of Counsel, adversely affect in any material respect the interests of
112
any Certificateholder and (C) such change shall not result in a
reduction of the rating assigned to any Class of Certificates below the
lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date, as evidenced by a letter from each
Rating Agency to such effect,
(v) to modify, eliminate or add to the provisions of Section 5.02(f) or any
other provision hereof restricting transfer of the Class R Certificates,
by virtue of their being the "residual interests" in a REMIC, provided
that (A) such change shall not result in reduction of the rating
assigned to any such Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates as of
the Closing Date, as evidenced by a letter from each Rating Agency to
such effect, and (B) such change shall not (subject to Section
10.01(f)), as evidenced by an Opinion of Counsel (at the expense of the
party seeking so to modify, eliminate or add such provisions), cause any
REMIC created hereunder or any of the Certificateholders (other than the
transferor) to be subject to a federal tax caused by a transfer to a
Person that is not a Permitted Transferee,
(vi) to make any other provisions with respect to matters or questions
arising under this Agreement or such Custodial Agreement which shall not
be materially inconsistent with the provisions of this Agreement,
provided that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder, or
(vii) to amend any provision herein or therein that is not material to any of
the Certificateholders.
(b) This Agreement or any Custodial Agreement may also be amended from time
to time by the Company, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not
less than 66% of the Percentage Interests of each Class of Certificates
with a Certificate Principal Balance greater than zero affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial
Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment
shall:
(i) reduce in any manner the amount of, or delay the timing of, payments
which are required to be distributed on any Certificate without the
consent of the Holder of such Certificate,
(ii) reduce the aforesaid percentage of Certificates of any Class the Holders
of which are required to consent to any such amendment, in any such case
without the consent of the Holders of all Certificates of such Class
then outstanding.
113
(c) Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f)
and at the expense of the party seeking such amendment) to the effect
that such amendment or the exercise of any power granted to the Master
Servicer, the Company or the Trustee in accordance with such amendment
is permitted hereunder and will not result in the imposition of a
federal tax on the Trust Fund or cause any REMIC created under the
Series Supplement to fail to qualify as a REMIC at any time that any
Certificate is outstanding.
(d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the
Custodian and each Certificateholder. It shall not be necessary for the
consent of Certificateholders under this Section 11.01 to approve the
particular form of any proposed amendment, but it shall be sufficient if
such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such
reasonable regulations as the Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to obtain and
deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for
the purpose of protecting the Holders of the Class B Certificates
against any or all Realized Losses or other shortfalls. Any such
instrument or fund shall be held by the Trustee for the benefit of the
Class B Certificateholders, but shall not be and shall not be deemed to
be under any circumstances included in the Trust Fund. To the extent
that any such instrument or fund constitutes a reserve fund for federal
income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such
reserve fund shall be owned by the Company, and (iii) amounts
transferred by the Trust Fund to any such reserve fund shall be treated
as amounts distributed by the Trust Fund to the Company or any
successor, all within the meaning of Treasury Regulations Section
1.860G-2(h) as it reads as of the Cut-off Date. In connection with the
provision of any such instrument or fund, this Agreement and any
provision hereof may be modified, added to, deleted or otherwise amended
in any manner that is related or incidental to such instrument or fund
or the establishment or administration thereof, such amendment to be
made by written instrument executed or consented to by the Company but
without the consent of any Certificateholder and without the consent of
the Master Servicer or the Trustee being required unless any such
amendment would impose any additional obligation on, or otherwise
adversely affect the interests of the Senior Certificateholders, the
Class M Certificateholders, the Master Servicer or the Trustee, as
applicable; provided that the Company obtains (subject to Section
10.01(f)) an Opinion of Counsel (which need not be an opinion of
Independent counsel) to the effect that any such amendment will not
cause (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions"
under Section 860F(a)(1) of the Code or on "contributions after the
startup date" under Section 860G(d)(1) of the Code and (b) any REMIC
created hereunder to fail to qualify as a REMIC at any time that any
Certificate is outstanding. In the event that the Company elects to
provide such coverage in the form of a limited guaranty provided by
General Motors Acceptance Corporation, the Company may elect that the
114
text of such amendment to this Agreement shall be substantially in the
form attached hereto as Exhibit K (in which case Residential Funding's
Subordinate Certificate Loss Obligation as described in such exhibit
shall be established by Residential Funding's consent to such amendment)
and that the limited guaranty shall be executed in the form attached
hereto as Exhibit K, with such changes as the Company shall deem to be
appropriate; it being understood that the Trustee has reviewed and
approved the content of such forms and that the Trustee's consent or
approval to the use thereof is not required.
Section 11.02 Recordation of Agreement; Counterparts.
(a) To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee (pursuant to the
request of Holders of Certificates entitled to at least 25% of the Voting
Rights), but only upon direction accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall constitute but one and the same
instrument.
Section 11.03 Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of any of the parties
hereto.
(b) No Certificateholder shall have any right to vote (except as expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, unless such Holder previously shall
have given to the Trustee a written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of Certificates
of any Class evidencing in the aggregate not less than 25% of the related
Percentage Interests of such Class, shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred therein
115
or thereby, and the Trustee, for 60 days after its receipt of such notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action, suit or proceeding it being understood and intended, and being
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of Certificateholders of such Class
or all Classes, as the case may be. For the protection and enforcement of the
provisions of this Section 11.03, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.
Section 11.04 Governing Law.
This agreement and the Certificates shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 11.05 Notices.
As provided in Section 11.05 of the Series Supplement.
Section 11.06 Required Notices to Rating Agency and Subservicer.
The Company, the Master Servicer or the Trustee, as applicable, (i)
shall notify each Rating Agency at such time as it is otherwise required
pursuant to this Agreement to give notice of the occurrence of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below, (ii)
shall notify the Subservicer at such time as it is otherwise required pursuant
to this Agreement to give notice of the occurrence of, any of the events
described in clause (a), (b), (c)(1), (g)(1), or (i) below, or (iii) provide a
copy to each Rating Agency at such time as otherwise required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) (1) the termination or appointment of a successor Master Servicer or (2) the
termination or appointment of a successor Trustee or a change in the majority
ownership of the Trustee,
116
(d) the filing of any claim under the Master Servicer's blanket fidelity bond
and the errors and omissions insurance policy required by Section 3.12 or the
cancellation or modification of coverage under any such instrument,
(e) the statement required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections 3.18 and 3.19,
(g) (1) a change in the location of the Custodial Account or (2) a change in the
location of the Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the Holders of any
Class of Certificates resulting from the failure by the Master Servicer to make
an Advance pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer, if applicable,
of any such event known to the Master Servicer.
Section 11.07 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 11.08 Supplemental Provisions for Resecuritization.
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
117
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
Section 11.09 Allocation of Voting Rights.
As provided in Section 11.09 of the Series Supplement.
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EXHIBIT A
FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
AND [INTEREST ONLY/CLASS A-V] CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
Certificate No. [____] [____]% [Adjustable] [Variable] Pass-Through
Rate [based on a Notional Amount]
Class [A-___] Senior Percentage Interest: ____%
Date of Pooling and Servicing Agreement and Aggregate Initial [Certificate Principal
Cut-off Date: Balance] [Interest Only/Class A-V] [Notional
[______________] Amount] [Subclass Notional Amount] of the
Class [A-___] Certificates: $________
First Distribution Date: [Initial] [Certificate Principal Balance]
[______________] [Interest Only/Class A-V] [Subclass]
[Notional Amount] of this Certificate:
$[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
[--------------] [--------------]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES ________
evidencing a percentage interest in the distributions allocable to
the Class [A-___] Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family
fixed interest rate first mortgage loans formed and sold by
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that _____________ is the registered owner of the
Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial Certificate Principal Balance] [Initial [Interest Only/Class A-V]
Notional Amount] of this Certificate by the aggregate [Initial Certificate
Principal Balance of all Class A- Certificates] [Initial [Interest Only/Class
A-V] Notional Amounts of all [Interest Only/Class A-V] Certificates], both as
specified above)] in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc. (Hereinafter
called the "Company," which term includes any successor entity under the
Agreement referred to below). The Trust Fund was created pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and
Servicing Agreement dated as of ________________ (together, the "Pooling and
Servicing Agreement" or the "Agreement") among the Company, the Master Servicer
and _______________, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to holders of Class
[A-___]Certificates on such Distribution Date. [the [Interest Only/Class A-V]
Notional Amount of the [Interest Only/Class A-V] Certificates as of any date of
determination is equal to the aggregate stated Principal Balance of the Mortgage
Loans corresponding to the uncertificated REMIC regular interests represented by
such [Interest Only/Class A-V] Certificates.]
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The [Initial
Certificate Principal Balance] [Initial [Interest Only/Class A-V] Notional
Amount] of this Certificate is set forth above.] [The Certificate Principal
Balance hereof will be reduced to the extent of distributions allocable to
principal and any Realized Losses allocable hereto.]
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such ▇▇▇▇▇▇'s
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole, but not in part, all of the Certificates from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of any such purchase are distributed is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the trustee has caused this certificate to be duly
executed.
Dated:________________ [TRUSTEE],
as Trustee
By:
----------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [A- __] Certificates referred to in the
within-mentioned Agreement.
[TRUSTEE],
as Certificate Registrar
By:
----------------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Pass- Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
------------------------------ -------------------------------------
Signature by or on behalf of assignor
------------------------------------
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
EXHIBIT B
FORM OF CLASS M CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN, OR ANY OTHER PERSON, ACTING, DIRECTLY OR INDIRECTLY, ON
BEHALF OF OR PURCHASING ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN
INVESTOR"), (B) IT HAS ACQUIRED AND IS HOLDING SUCH CERTIFICATE IN RELIANCE ON
PROHIBITED TRANSACTION EXEMPTION ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29,
1994), AS AMENDED BY PTE 97-34, 62 FED. REG. 39021 (JULY 21, 1997), AND PTE
2000-58, 65 FED. REG. 67765 (NOVEMBER 13, 2000), AND PTE 2002-41, 67 FED. REG.
54487 (AUGUST 22, 2002) (THE "RFC EXEMPTION"), AND THAT IT UNDERSTANDS THAT
THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION INCLUDING
THAT SUCH CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN
"BBB-" (OR ITS EQUIVALENT) BY STANDARD & POOR'S, FITCH OR ▇▇▇▇▇'▇ OR (C)(I) THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT" (WITHIN THE
MEANING OF U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 95-60), AND (III) THE CONDITIONS SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").
IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST PRECEDING
TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR, (II) ACQUIRED SUCH
CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION OR (III) IS A COMPLYING
INSURANCE COMPANY SHALL BE RESTORED, TO THE EXTENT PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE OWNER THEREOF RETROACTIVE TO THE DATE OF
SUCH TRANSFER OF THIS CERTIFICATE. THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS DUE ON THIS CERTIFICATE TO SUCH PRECEDING
TRANSFEREE.
ANY PURPORTED CERTIFICATE OWNER WHOSE ACQUISITION OR HOLDING OF THIS
CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS
IN SECTION 5.02(E) OF THE POOLING AND SERVICING AGREEMENT SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY, THE TRUSTEE, THE MASTER SERVICER, ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.
Certificate No. [____] [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and Principal Balance of the Class [M-___]
Cut-off Date: Certificates: $_______________
[--------------]
First Distribution Date: Initial Certificate Principal Balance of this
[______________] Certificate:
$[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
[--------------] [--------------]
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES ________
evidencing a percentage interest in any distributions allocable
to the Class [M-___] Certificates with respect to the Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that is the registered owner of the Percentage Interest
evidenced by this Certificate (obtained by dividing the Certificate Principal
Balance of this Certificate by the aggregate Certificate Principal Balance of
all Class [M-___] Certificates, both as specified above) in certain
distributions with respect to a Trust Fund consisting primarily of a pool of
conventional one- to four-family fixed interest rate first mortgage loans (the
"Mortgage Loans"), formed and sold by Residential Funding Mortgage Securities I,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Series Supplement, dated as specified above, to the Standard Terms of Pooling
and Servicing Agreement dated as of ________________ (together, the "Pooling and
Servicing Agreement" or the "Agreement") among the Company, the Master Servicer
and ___________, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class [M-___]
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of the
distributions allocable to principal and any Realized Losses allocable hereto.
As described above, any transferee of this Certificate will be deemed to
have represented by virtue of its purchase or holding of this Certificate (or
interest herein) that either (A) such transferee is not a Plan Investor, (B) it
has acquired and is holding this Certificate in reliance on the RFC Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption including that this Certificate must be rated, at the time of
purchase, not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or ▇▇▇▇▇'▇ or (C) the transferee is a Complying Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest herein) was effected in violation of the restrictions in Section
5.02(e) of the Agreement shall indemnify and hold harmless the Company, the
Trustee, the Master Servicer, any Subservicer, and the Trust Fund from and
against any and all liabilities, claims, costs or expenses incurred by such
parties as a result of such acquisition or holding.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such ▇▇▇▇▇▇'s
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole, but not in part, all of the Certificates from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of any such purchase are distributed is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the trustee has caused this certificate to be duly
executed.
Dated:________________ [TRUSTEE],
as Trustee
By:
----------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [A- __] Certificates referred to in the
within-mentioned Agreement.
[TRUSTEE],
as Certificate Registrar
By:
----------------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Pass- Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
------------------------------ -------------------------------------
Signature by or on behalf of assignor
------------------------------------
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES[,] [AND] CLASS M CERTIFICATES[,] [AND] [CLASS B-1 CERTIFICATES]
[AND CLASS B-2 CERTIFICATES] DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE
TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.
Certificate No. [____] [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and Principal Balance of the Class [B-___]
Cut-off Date: Certificates as of the Cut-off Date: $________
[--------------]
First Distribution Date: Initial Certificate Principal Balance of this
[______________] Certificate:
$[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
[--------------] [--------------]
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES _______
evidencing a percentage interest in any distributions allocable
to the Class [B-___] Certificates with respect to the Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that _______________________ is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
Certificate Principal Balance of this Certificate by the aggregate Certificate
Principal Balance of all Class [B-___] Certificates, both as specified above) in
certain distributions with respect to a Trust Fund consisting primarily of a
pool of conventional one- to four-family fixed interest rate first mortgage
loans (the "Mortgage Loans"), formed and sold by Residential Funding Mortgage
Securities I, Inc. (hereinafter called the "Company," which term includes any
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Series Supplement, dated as specified above, to the
Standard Terms of Pooling and Servicing Agreement dated as of ________________
(together, the "Pooling and Servicing Agreement" or the "Agreement") among the
Company, the Master Servicer and ___________, as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of the
distributions allocable to principal and any Realized Losses allocable hereto.
No transfer of this Class [B-___] Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by Section 5.02(e) of the Agreement. The Holder hereof
desiring to effect such transfer shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate Registrar acting
on behalf of the Trustee against any liability that may result if the transfer
is not so exempt or is not made in accordance with such Federal and state laws.
In connection with any such transfer, the Trustee will also require either (i)
an opinion of counsel acceptable to and in form and substance satisfactory to
the Trustee, the Company and the Master Servicer with respect to the
permissibility of such transfer under the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and Section 4975 of the Internal Revenue Code
(the "Code") and stating, among other things, that the transferee's acquisition
of a Class B Certificate will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
(ii) a representation letter, in the form as described by the Agreement, either
stating that the transferee is not an employee benefit or other plan subject to
the prohibited transaction provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan, or stating that the
transferee is an insurance company, the source of funds to be used by it to
purchase the Certificate is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such ▇▇▇▇▇▇'s
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole, but not in part, all of the Certificates from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of any such purchase are distributed is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the trustee has caused this certificate to be duly
executed.
Dated:________________ [TRUSTEE],
as Trustee
By:
----------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [A- __] Certificates referred to in the
within-mentioned Agreement.
[TRUSTEE],
as Certificate Registrar
By:
----------------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Pass- Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
------------------------------ -------------------------------------
Signature by or on behalf of assignor
-------------------------------------
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
EXHIBIT D
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON- UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE
TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN
INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR FREDDIE MAC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES DESCRIBED IN SECTION
521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN
SECTION 1381(A)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
(A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE
OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
Certificate No. [____] [____]% Pass-Through Rate
Class R[-__] Senior
Date of Pooling and Servicing Agreement and Aggregate Initial Certificate Principal
Cut-off Date: Balance of the Class R[-__] Certificates:
[______________] $100.00
First Distribution Date: Initial Certificate Principal Balance of this
[______________] Certificate:
$[--------------]
Master Servicer: Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date: CUSIP
[--------------] [--------------]
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES _______
evidencing a percentage interest in any distributions allocable
to the Class R[-__] Certificates with respect to the Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that is the registered owner of the Percentage Interest
evidenced by this Certificate (obtained by dividing the Initial Certificate
Principal Balance of this Certificate by the aggregate Initial Certificate
Principal Balance of all Class R[-__] Certificates, both as specified above) in
certain distributions with respect to the Trust Fund consisting primarily of a
pool of conventional one- to four-family fixed interest rate first mortgage
loans (the "Mortgage Loans"), formed and sold by Residential Funding Mortgage
Securities I, Inc. (hereinafter called the "Company," which term includes any
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Series Supplement, dated as specified above, to the
Standard Terms of Pooling and Servicing Agreement dated as of ________________
(together, the "Pooling and Servicing Agreement" or the "Agreement") among the
Company, the Master Servicer and ___________, as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class R
Certificates on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
Notwithstanding the reduction of the Certificate Principal Balance hereof to
zero, this Certificate will remain outstanding under the Agreement and the
Holder hereof may have additional obligations with respect to this Certificate,
including tax liabilities, and may be entitled to certain additional
distributions hereon, in accordance with the terms and provisions of the
Agreement.
No transfer of this Class R[-__] Certificate will be made unless the
Trustee has received either (i) an opinion of counsel acceptable to and in form
and substance satisfactory to the Trustee, the Company and the Master Servicer
with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975
of the Internal Revenue Code (the "Code") and stating, among other things, that
the transferee's acquisition of a Class R Certificate will not constitute or
result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or (ii) a representation letter, in the form as
described by the Agreement, stating that the transferee is not an employee
benefit or other plan subject to the prohibited transaction provisions of ERISA
or Section 4975 of the Code (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by the Holder hereof or such ▇▇▇▇▇▇'s
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.
The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole, but not in part, all of the Certificates from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of any such purchase are distributed is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purpose
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the trustee has caused this certificate to be duly
executed.
Dated:________________ [TRUSTEE],
as Trustee
By:
----------------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [A- __] Certificates referred to in the
within-mentioned Agreement.
[TRUSTEE],
as Certificate Registrar
By:
----------------------------------------
Authorized Signatory
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within Mortgage
Pass- Through Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
------------------------------ -------------------------------------
Signature by or on behalf of assignor
-------------------------------------
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________for the account of
__________________ account number ______________-, or, if mailed by check, to
____________________________. Applicable statements should be mailed to
________________________.
This information is provided by _____________________, the assignee
named above, or ________________, as its agent.
EXHIBIT E
FORM OF SELLER/SERVICER CONTRACT
This Seller/Servicer Contract (as may be amended, supplemented or
otherwise modified from time to time, this "Contract") is made this day of
_____________, 20__, by and between Residential Funding Corporation, its
successors and assigns ("Residential Funding") and (the "Seller/Servicer," and,
together with Residential Funding, the "parties" and each, individually, a
"party").
WHEREAS, the Seller/Servicer desires to sell Loans to, and/or service
Loans for, Residential Funding, and Residential Funding desires to purchase
Loans from the Seller/Servicer and/or have the Seller/Servicer service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller and Servicer Guides incorporated herein by reference, as amended,
supplemented or otherwise modified, from time to time (together, the "Guides").
NOW, THEREFORE, in consideration of the premises, and the terms,
conditions and agreements set forth below, the parties agree as follows:
1. INCORPORATION OF GUIDES BY REFERENCE.
The Seller/Servicer acknowledges that it has received and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this Contract, and shall be binding upon the parties; provided,
however, that the Seller/Servicer shall be entitled to sell Loans to and/or
service Loans for Residential Funding only if and for so long as it shall have
been authorized to do so by Residential Funding in writing. Specific reference
in this Contract to particular provisions of the Guides and not to other
provisions does not mean that those provisions of the Guides not specifically
cited in this Contract are not applicable. All terms used herein shall have the
same meanings as such terms have in the Guides, unless the context clearly
requires otherwise.
2. AMENDMENTS.
This Contract may not be amended or modified orally, and no provision of
this Contract may be waived or amended except in writing signed by the party
against whom enforcement is sought. Such a written waiver or amendment must
expressly reference this Contract. However, by their terms, the Guides may be
amended or supplemented by Residential Funding from time to time. Any such
amendment(s) to the Guides shall be binding upon the parties hereto.
3. REPRESENTATIONS AND WARRANTIES.
A. Reciprocal Representations and Warranties.
The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:
(1) Each party is duly organized, validly existing, and in good standing under
the laws of its jurisdiction of organization, is qualified, if necessary, to do
business and in good standing in each jurisdiction in which it is required to be
so qualified, and has the requisite power and authority to enter into this
Contract and all other agreements which are contemplated by this Contract and to
carry out its obligations hereunder and under the Guides and under such other
agreements.
(2) This Contract has been duly authorized, executed and delivered by each party
and constitutes a valid and legally binding agreement of each party enforceable
in accordance with its terms.
(3) There is no action, proceeding or investigation pending or threatened, and
no basis therefor is known to either party, that could affect the validity or
prospective validity of this Contract.
(4) Insofar as its capacity to carry out any obligation under this Contract is
concerned, neither party is in violation of any charter, articles of
incorporation, bylaws, mortgage, indenture, indebtedness, agreement, instrument,
judgment, decree, order, statute, rule or regulation and none of the foregoing
adversely affects its capacity to fulfill any of its obligations under this
Contract. Its execution of, and performance pursuant to, this Contract will not
result in a violation of any of the foregoing.
B. Seller/Servicer's Representations, Warranties and Covenants.
In addition to the representations, warranties and covenants made
by the Seller/Servicer pursuant to subparagraph (a) of this
paragraph 3, the Seller/Servicer makes the representations,
warranties and covenants set forth in the Guides and, upon
request, agrees to deliver to Residential Funding the certified
Resolution of Board of Directors which authorizes the execution
and delivery of this Contract.
4. REMEDIES OF RESIDENTIAL FUNDING.
If an Event of Seller Default or an Event of Servicer Default shall
occur, Residential Funding may, at its option, exercise one or more of those
remedies set forth in the Guides.
5. SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.
At no time shall the Seller/Servicer represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.
6. PRIOR AGREEMENTS SUPERSEDED.
This Contract restates, amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement executed by the Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.
7. ASSIGNMENT.
This Contract may not be assigned or transferred, in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential Funding may sell, assign, convey, hypothecate, pledge or in any
other way transfer, in whole or in part, without restriction, its rights under
this Contract and the Guides with respect to any Commitment or Loan.
8. NOTICES.
All notices, requests, demands or other communications that are to be
given under this Contract shall be in writing, addressed to the appropriate
parties and sent by telefacsimile or by overnight courier or by United States
mail, postage prepaid, to the addresses and telefacsimile numbers specified
below. However, another name, address and/or telefacsimile number may be
substituted by the Seller/Servicer pursuant to the requirements of this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.
If to Residential Funding, notices must be sent to the appropriate address or
telefacsimile number specified in the Guides.
If to the Seller/Servicer, notice must be sent to:
Attention:
Telefacsimile Number: (_____) _____-_________
9. JURISDICTION AND VENUE.
Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding to enforce or defend any right under this Contract or otherwise
arising from any loan sale or servicing relationship existing in connection with
this Contract, and each of the parties irrevocably agrees that all claims in
respect of any such action or proceeding may be heard or determined in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient forum to the maintenance of any such action or proceeding and any
other substantive or procedural rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum. Each of the
parties agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner provided by law. Each of the parties further agrees not
to institute any legal actions or proceedings against the other party or any
director, officer, employee, attorney, agent or property of the other party,
arising out of or relating to this Contract in any court other than as
hereinabove specified in this paragraph 9.
10. MISCELLANEOUS.
This Contract, including all documents incorporated by reference herein,
constitutes the entire understanding between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions contemplated by this Contract. All paragraph headings contained
herein are for convenience only and shall not be construed as part of this
Contract. Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction, and, to this end, the provisions hereof are severable. This
Contract shall be governed by, and construed and enforced in accordance with,
applicable federal laws and the laws of the State of Minnesota.
IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential Funding have executed this Seller/Servicer Contract as of the
date first above written.
ATTEST: SELLER/SERVICER
[Corporate Seal]
(Name of Seller/Servicer)
By: By:
--------------------------------
(Signature) (Signature) By: By:
(Typed Name) (Typed Name)
Title: Title:
-----------------------------
ATTEST: RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By: By:
--------------------------------
(Signature) (Signature) By: By:
(Typed Name) (Typed Name)
Title: Title:
-----------------------------
EXHIBIT F
FORMS OF REQUEST FOR RELEASE
DATE:
TO:
RE: REQUEST FOR RELEASE OF DOCUMENTS
In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage Loan File
described below.
Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one)
Mortgage Loan Prepaid in Full Mortgage Loan Repurchased
"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Pooling and Servicing Agreement."
Residential Funding Corporation
Authorized Signature
******************************************************************************
TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.
Enclosed Documents: [ ] Promissory Note
[ ] Primary Insurance Policy
[ ] Mortgage or Deed of Trust
[ ] Assignment(s) of Mortgage or Deed of Trust
[ ] Title Insurance Policy
[ ] Other:
Name:--------------------
Title:
Date:
EXHIBIT G-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
) ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Pass-Through Certificates, Series _______,
Class R[-__] (the "Owner")), a [savings institution] [corporation] duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" or an electing large partnership as of [date of transfer] within
the meaning of Sections 860E(e)(5) and 775, respectively, of the Internal
Revenue Code of 1986, as amended (the "Code") or an electing large partnership
under Section 775(a) of the Code, (ii) will endeavor to remain other than a
disqualified organization for so long as it retains its ownership interest in
the Class R[-__] Certificates, and (iii) is acquiring the Class R[-__]
Certificates for its own account or for the account of another Owner from which
it has received an affidavit and agreement in substantially the same form as
this affidavit and agreement. (For this purpose, a "disqualified organization"
means an electing large partnership under Section 775 of the Code, the United
States, any state or political subdivision thereof, any agency or
instrumentality of any of the foregoing (other than an instrumentality all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of whose board of directors is not selected by
any such governmental entity) or any foreign government, international
organization or any agency or instrumentality of such foreign government or
organization, any rural electric or telephone cooperative, or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated business
taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large partnerships, under the Code, that applies to all transfers of Class
R[-__] Certificates after March 31, 1988; (ii) that such tax would be on the
transferor (or, with respect to transfers to electing large partnerships, on
each such partnership), or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent; (iii) that the person (other than with respect to transfers to electing
large partnerships) otherwise liable for the tax shall be relieved of liability
for the tax if the transferee furnishes to such person an affidavit that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the
transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding Class R[-__] Certificates if either the pass-through entity is an
electing large partnership under Section 775 of the Code or if at any time
during the taxable year of the pass-through entity a disqualified organization
is the record holder of an interest in such entity. (For this purpose, a "pass
through entity" includes a regulated investment company, a real estate
investment trust or common trust fund, a partnership, trust or estate, and
certain cooperatives.)
5. The Owner is either (i) a citizen or resident of the United States,
(ii) a corporation, partnership or other entity treated as a corporation or a
partnership for U.S. federal income tax purposes and created or organized in or
under the laws of the United States, any state thereof or the District of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.
6. The Owner hereby agrees that it will not cause income from the Class
R[-__] Certificates to be attributable to a foreign permanent establishment or
fixed base (within the meaning of an applicable income tax treaty) of the Owner
of another United States taxpayer.
7. That the Owner is aware that the Trustee will not register the
transfer of any Class R[- __] Certificates unless the transferee, or the
transferee's agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes that any of the representations contained in such affidavit and
agreement are false.
8. That the Owner has reviewed the restrictions set forth on the face of
the Class R[-__] Certificates and the provisions of Section 5.02(f) of the
Pooling and Servicing Agreement under which the Class R[-__] Certificates were
issued (in particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which
authorize the Trustee to deliver payments to a person other than the Owner and
negotiate a mandatory sale by the Trustee in the event the Owner holds such
Certificates in violation of Section 5.02(f)). The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.
9. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R[-__] Certificates will only
be owned, directly or indirectly, by an Owner that is not a disqualified
organization.
10. The Owner's Taxpayer Identification Number is ________________.
11. This affidavit and agreement relates only to the Class R[-__]
Certificates held by the Owner and not to any other holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.
12. That no purpose of the Owner relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making this representation, the Owner warrants that
the Owner is familiar with (i) Treasury Regulation Section 1.860E-1(c) and
recent amendments thereto, effective as of July 19, 2002, and (ii) the preamble
describing the adoption of the amendments to such regulation, which is attached
hereto as Exhibit 1.
13. That the Owner has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R[-__]
Certificate that the Owner intends to pay taxes associated with holding such
Class R[- __] Certificate as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.
14. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.
15. (a) The Purchaser is not an employee benefit plan or other plan
subject to the prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code"), or an investment
manager, named fiduciary or a trustee of any such plan, or any other Person
acting, directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or
(b) The Purchaser will provide the Trustee, the Company and the
Master Servicer with an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee, the Company and the Master Servicer to
the effect that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Trustee, the
Company or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.
Capitalized terms used but not defined herein shall have the meanings
assigned in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, pursuant to the authority of its Board of Directors, by its
[Title of Officer] and its corporate seal to be hereunto attached, attested by
its [Assistant] Secretary, this day of _____,___ 200__.
[NAME OF OWNER]
By:
--------------------------
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Owner.
Subscribed and sworn before me this ___ day of ________, 200 __.
NOTARY PUBLIC
COUNTY OF
---------------------------------
STATE OF
----------------------------------
My Commission expires the ____ day of
_____, 20__ .
EXHIBIT 1
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9004]
RIN 1545-AW98
Real Estate Mortgage Investment Conduits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations relating to safe
harbor transfers of noneconomic residual interests in real estate
mortgage investment conduits (REMICs). The final regulations provide
additional limitations on the circumstances under which transferors may
claim safe harbor treatment.
DATES: Effective Date: These regulations are effective July 19, 2002.
Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).
FOR FURTHER INFORMATION CONTACT: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ at (▇▇▇) ▇▇▇-▇▇▇▇
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information in this final rule has been reviewed
and, pending receipt and evaluation of public comments, approved by the
Office of Management and Budget (OMB) under 44 U.S.C. 3507 and assigned
control number 1545-1675.
The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify
that a taxpayer is complying with the conditions of this regulation.
The collection of information is mandatory and is required. Otherwise,
the taxpayer will not receive the benefit of safe harbor treatment as
provided in the regulation. The likely respondents are businesses and
other for-profit institutions.
Comments on the collection of information should be sent to the
Office of Management and Budget, Attn: Desk Officer for the Department
of the Treasury, Office of Information and Regulatory Affairs,
Washington, DC, 20503, with copies to the Internal Revenue Service,
Attn: IRS Reports Clearance Officer, W:CAR:MP:FP:S, Washington, DC
20224. Comments on the collection of information should be received by
September 17, 2002. Comments are specifically requested concerning:
Whether the collection of information is necessary for the proper
performance of the functions of the Internal Revenue Service, including
whether the information will have practical utility;
The accuracy of the estimated burden associated with the collection
of information (see below);
How the quality, utility, and clarity of the information to be
collected may be enhanced;
How the burden of complying with the collection of information may
be minimized, including through the application of automated collection
techniques or other forms of information technology; and
Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of service to provide information.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a valid
control number assigned by the Office of Management and Budget.
The estimated total annual reporting burden is 470 hours, based on
an estimated number of respondents of 470 and an estimated average
annual burden hours per respondent of one hour.
Books or records relating to a collection of information must be
retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns and
tax return information are confidential, as required by 26 U.S.C. 6103.
Background
This document contains final regulations regarding the proposed
amendments to 26 CFR part 1 under section 860E of the Internal Revenue
Code (Code). The regulations provide the circumstances under which a
transferor of a noneconomic REMIC residual interest meeting the
investigation and representation requirements may avail itself of the
safe harbor by satisfying either the formula test or the asset test.
Final regulations governing REMICs, issued in 1992, contain rules
governing the transfer of noneconomic REMIC residual interests. In
general, a transfer of a noneconomic residual interest is disregarded
for all tax purposes if a significant purpose of the transfer is to
[[Page 47452]]
enable the transferor to impede the assessment or collection of tax. A
purpose to impede the assessment or collection of tax (a wrongful
purpose) exists if the transferor, at the time of the transfer, either
knew or should have known that the transferee would be unwilling or
unable to pay taxes due on its share of the REMIC's taxable income.
Under a safe harbor, the transferor of a REMIC noneconomic residual
interest is presumed not to have a wrongful purpose if two requirements
are satisfied: (1) the transferor conducts a reasonable investigation
of the transferee's financial condition (the investigation
requirement); and (2) the transferor secures a representation from the
transferee to the effect that the transferee understands the tax
obligations associated with holding a residual interest and intends to
pay those taxes (the representation requirement).
The IRS and Treasury have been concerned that some transferors of
noneconomic residual interests claim they satisfy the safe harbor even
in situations where the economics of the transfer clearly indicate the
transferee is unwilling or unable to pay the tax associated with
holding the interest. For this reason, on February 7, 2000, the IRS
published in the Federal Register (65 FR 5807) a notice of proposed
rulemaking (REG-100276-97; REG-122450-98) designed to clarify the safe
harbor by adding the "formula test," an economic test. The proposed
regulation provides that the safe harbor is unavailable unless the
present value of the anticipated tax liabilities associated with
holding the residual interest does not exceed the sum of: (1) The
present value of any consideration given to the transferee to acquire
the interest; (2) the present value of the expected future
distributions on the interest; and (3) the present value of the
anticipated tax savings associated with holding the interest as the
REMIC generates losses.
The notice of proposed rulemaking also contained rules for FASITs.
Section 1.860H-6(g) of the proposed regulations provides requirements
for transfers of FASIT ownership interests and adopts a safe harbor by
reference to the safe harbor provisions of the REMIC regulations.
In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3
I.R.B. 335) to set forth an alternative safe harbor that taxpayers
could use while the IRS and the Treasury considered comments on the
proposed regulations. Under the alternative safe harbor, if a
transferor meets the investigation requirement and the representation
requirement but the transfer fails to meet the formula test, the
transferor may invoke the safe harbor if the transferee meets a two-
prong test (the asset test). A transferee generally meets the first
prong of this test if, at the time of the transfer, and in each of the
two years preceding the year of transfer, the transferee's gross assets
exceed $100 million and its net assets exceed $10 million. A transferee
generally meets the second prong of this test if it is a domestic,
taxable corporation and agrees in writing not to transfer the interest
to any person other than another domestic, taxable corporation that
also satisfies the requirements of the asset test. A transferor cannot
rely on the asset test if the transferor knows, or has reason to know,
that the transferee will not comply with its written agreement to limit
the restrictions on subsequent transfers of the residual interest.
Rev. Proc. 2001-12 provides that the asset test fails to be
satisfied in the case of a transfer or assignment of a noneconomic
residual interest to a foreign branch of an otherwise eligible
transferee. If such a transfer or assignment were permitted, a
corporate taxpayer might seek to claim that the provisions of an
applicable income tax treaty would resource excess inclusion income as
foreign source income, and that, as a consequence, any U.S. tax
liability attributable to the excess inclusion income could be offset
by foreign tax credits. Such a claim would impede the assessment or
collection of U.S. tax on excess inclusion income, contrary to the
congressional purpose of assuring that such income will be taxable in
all events. See, e.g., sections 860E(a)(1), (b), (e) and 860G(b) of the
Code.
The Treasury and the IRS have learned that certain taxpayers
transferring noneconomic residual interests to foreign branches have
attempted to rely on the formula test to obtain safe harbor treatment
in an effort to impede the assessment or collection of U.S. tax on
excess inclusion income. Accordingly, the final regulations provide
that if a noneconomic residual interest is transferred to a foreign
permanent establishment or fixed base of a U.S. taxpayer, the transfer
is not eligible for safe harbor treatment under either the asset test
or the formula test. The final regulations also require a transferee to
represent that it will not cause income from the noneconomic residual
interest to be attributable to a foreign permanent establishment or
fixed base.
Section 1.860E -1(c)(8) provides computational rules that a taxpayer
may use to qualify for safe harbor status under the formula test.
Section 1.860E-1(c)(8)(i) provides that the transferee is presumed to
pay tax at a rate equal to the highest rate of tax specified in section
11(b). Some commentators were concerned that this presumed rate of
taxation was too high because it does not take into consideration
taxpayers subject to the alternative minimum tax rate. In light of the
comments received, this provision has been amended in the final
regulations to allow certain transferees that compute their taxable
income using the alternative minimum tax rate to use the alternative
minimum tax rate applicable to corporations.
Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present
values in the formula test are to be computed using a discount rate
equal to the applicable Federal short-term rate prescribed by section
1274(d). This is a change from the proposed regulation and Rev. Proc.
2001-12. In those publications the provision stated that "present
values are computed using a discount rate equal to the applicable
Federal rate prescribed in section 1274(d) compounded semiannually"
and that "[a] lower discount rate may be used if the transferee can
demonstrate that it regularly borrows, in the course of its trade or
business, substantial funds at such lower rate from an unrelated third
party." The IRS and the Treasury Department have learned that, based
on this provision, certain taxpayers have been attempting to use
unrealistically low or zero interest rates to satisfy the formula test,
frustrating the intent of the test. Furthermore, the Treasury
Department and the IRS believe that a rule allowing for a rate other
than a rate based on an objective index would add unnecessary
complexity to the safe harbor. As a result, the rule in the proposed
regulations that permits a transferee to use a lower discount rate, if
the transferee can demonstrate that it regularly borrows substantial
funds at such lower rate, is not included in the final regulations; and
the Federal short-term rate has been substituted for the applicable
Federal rate. To simplify taxpayers' computations, the final
regulations allow use of any of the published short-term rates,
provided that the present values are computed with a corresponding
period of compounding. With the exception of the provisions relating to
transfers to foreign branches, these changes generally have the
proposed applicability date of February 4, 2000, but taxpayers may
choose to apply the interest rate formula set forth in the proposed
regulation and Rev. Proc. 2001-12 for transfers occurring before August
19, 2002.
It is anticipated that when final regulations are adopted with
respect to
[[Page 47453]]
FASITs, Sec. 1.860H-6(g) of the proposed regulations will be adopted in
substantially its present form, with the result that the final
regulations contained in this document will also govern transfers of
FASIT ownership interests with substantially the same applicability
date as is contained in this document.
Effect on Other Documents
Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August
19, 2002.
Special Analyses
It is hereby certified that these regulations will not have a
significant economic impact on a substantial number of small entities.
This certification is based on the fact that it is unlikely that a
substantial number of small entities will hold REMIC residual
interests. Therefore, a Regulatory Flexibility Analysis under the
Regulatory Flexibility Act (5 U.S.C. chapter 6) is not required. It has
been determined that this Treasury decision is not a significant
regulatory action as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required. It also has been determined that
sections 553(b) and 553(d) of the Administrative Procedure Act (5
U.S.C. chapter 5) do not apply to these regulations.
Drafting Information
The principal author of these regulations is ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇.
However, other personnel from the IRS and Treasury Department
participated in their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and record keeping requirements.
26 CFR Part 602
Reporting and record keeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR parts 1 and 602 are amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
EXHIBIT G-2
FORM OF TRANSFEROR CERTIFICATE
__________ , 20__
Residential Funding Mortgage Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
[Trustee]
Attention: Residential Funding Corporation Series _______
Re: Mortgage Pass-Through Certificates,
Series ________, Class R[-__]
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
________________ (the "Seller") to _____________________(the "Purchaser") of
$______________ Initial Certificate Principal Balance of Mortgage Pass-Through
Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to
Section 5.02 of the Series Supplement, dated as of ________________, to the
Standard Terms of Pooling and Servicing Agreement dated as of ________________
(together, the "Pooling and Servicing Agreement") among Residential Funding
Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding
Corporation, as master servicer, and __________, as trustee (the "Trustee"). All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Seller hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to the transfer of the Certificate
by the Seller to the Purchaser is or will be to impede the assessment or
collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee and the Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.
3. The Seller has at the time of the transfer conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E- 1(c)(4)(i) and, as a result of that
investigation, the Seller has determined that the Purchaser has historically
paid its debts as they become due and has found no significant evidence to
indicate that the Purchaser will not continue to pay its debts as they become
due in the future. The Seller understands that the transfer of a Class R[-__]
Certificate may not be respected for United States income tax purposes (and the
Seller may continue to be liable for United States income taxes Associated
therewith) unless the Seller has conducted such an investigation.
4. The Seller has no actual knowledge that the proposed Transferee is
not both a United States Person and a Permitted Transferee.
Very truly yours,
(Seller)
By:
--------------------------
Name:
Title:
EXHIBIT H
FORM OF INVESTOR REPRESENTATION LETTER
______________ , 20___
Residential Funding Mortgage Securities I, Inc.
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[Trustee]
Residential Funding Corporation
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Attention: Residential Funding Corporation Series ________
RE: Mortgage Pass-Through Certificates,
Series ________, [Class B-]
Ladies and Gentlemen:
_________________- (the "Purchaser") intends to purchase from
_________________ (the "Seller") $_____________ Initial Certificate Principal
Balance of Mortgage Pass-Through Certificates, Series ________, Class (the
"Certificates"), issued pursuant to the Series Supplement, dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________ (together, the "Pooling and Servicing Agreement") among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________, as trustee (the "Trustee"). All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:
1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state securities law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered and qualified pursuant to the provisions of the Act or any state
securities law, or if an exemption from such registration and qualification is
available, (d) the Pooling and Servicing Agreement contains restrictions
regarding the transfer of the Certificates and (e) the Certificates will bear a
legend to the foregoing effect.
2. The Purchaser is acquiring the Certificates for its own account for
investment only and not with a view to or for sale in connection with any
distribution thereof in any manner that would violate the Act or any applicable
state securities laws.
3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters,
and, in particular, in such matters related to securities similar to the
Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic risks of such an
investment and (c) an "accredited investor" within the meaning of Rule 501(a)
promulgated pursuant to the Act.
4. The Purchaser has been furnished with, and has had an opportunity to
review (a) [a copy of the Private Placement Memorandum, dated ___________,
20___, relating to the Certificates (b)] a copy of the Pooling and Servicing
Agreement and [b] [c] such other information concerning the Certificates, the
Mortgage Loans and the Company as has been requested by the Purchaser from the
Company or the Seller and is relevant to the Purchaser's decision to purchase
the Certificates. The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser. [If
the Purchaser did not purchase the Certificates from the Seller in connection
with the initial distribution of the Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum") relating to the original
sale (the "Original Sale") of the Certificates by the Company, the Purchaser
acknowledges that such Memorandum was provided to it by the Seller, that the
Memorandum was prepared by the Company solely for use in connection with the
Original Sale and the Company did not participate in or facilitate in any way
the purchase of the Certificates by the Purchaser from the Seller, and the
Purchaser agrees that it will look solely to the Seller and not to the Company
with respect to any damage, liability, claim or expense arising out of,
resulting from or in connection with (a) error or omission, or alleged error or
omission, contained in the Memorandum, or (b) any information, development or
event arising after the date of the Memorandum.]
5. The Purchaser has not and will not nor has it authorized or will it
authorize any person to (a) offer, pledge, sell, dispose of or otherwise
transfer any Certificate, any interest in any Certificate or any other similar
security to any person in any manner, (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner or (e) take any other action, that (as to any of (a) through (e) above)
would constitute a distribution of any Certificate under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state securities law, or that would require registration or qualification
pursuant thereto. The Purchaser will not sell or otherwise transfer any of the
Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
6. The Purchaser
(a) is not an employee benefit or other plan subject to the prohibited
transaction provisions of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA), or Section 4975 of the Internal Revenue Code of 1986, as
amended ("Plan"), or any other person (including an investment manager, a named
fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf of
or purchasing any Certificate with "plan assets" of any Plan within the meaning
of the Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;
(b) is an insurance company, the source of funds to be used by it to
purchase the Certificates is an "insurance company general account" (within the
meaning of DOL Prohibited Transaction Class Exemption ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or
(c) has provided the Trustee, the Company and the Master Servicer with
an opinion of counsel acceptable to and in form and substance satisfactory to
the Trustee, the Company and the Master Servicer to the effect that the purchase
of Certificates is permissible under applicable law, will not constitute or
result in any non-exempt prohibited transaction under ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master Servicer to
any obligation or liability (including obligations or liabilities under ERISA or
Section 4975 of the Code) in addition to those undertaken in the Pooling and
Servicing Agreement.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a), (b) or (c)
above.
Very truly yours,
By:
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Name:
Title:
EXHIBIT I
FORM OF TRANSFEROR REPRESENTATION LETTER
_________, 20___
Residential Funding Mortgage Securities I, Inc.
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[Trustee]
Attention: Residential Funding Corporation Series ________
Re: Mortgage Pass-Through Certificates,
Series ________, [Class B-]
Ladies and Gentlemen:
In connection with the sale by ____________________ (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class
(the "Certificates"), issued pursuant to the Series Supplement, dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________ (together, the "Pooling and Servicing Agreement") among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer, and __________, as trustee
(the "Trustee"). The Seller hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate. The
Seller has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
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Name:
Title:
EXHIBIT J
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
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The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement, dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated as of ________________ (the "Agreement") among Residential Funding
Corporation as Master Servicer, Residential Funding Mortgage Securities I, Inc.
as depositor pursuant to Section 5.02 of the Agreement and __________, as
trustee, as follows:
(a) The Buyer understands that the Rule 144A Securities have not
been registered under the 1933 Act or the securities laws of any state.
(b) The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and
risks of investment in the Rule 144A Securities.
(c) The Buyer has been furnished with all information regarding
the Rule 144A Securities that it has requested from the Seller, the
Trustee or the Servicer.
(d) Neither the Buyer nor anyone acting on its behalf has
offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Rule 144A Securities, any interest in
the Rule 144A Securities or any other similar security from, or
otherwise approached or negotiated with respect to the Rule 144A
Securities, any interest in the Rule 144A Securities or any other
similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or
taken any other action, that would constitute a distribution of the Rule
144A Securities under the 1933 Act or that would render the disposition
of the Rule 144A Securities a violation of Section 5 of the 1933 Act or
require registration pursuant thereto, nor will it act, nor has it
authorized or will it authorize any person to act, in such manner with
respect to the Rule 144A Securities.
(e) The Buyer is a "qualified institutional buyer" as that term
is defined in Rule 144A under the 1933 Act and has completed either of
the forms of certification to that effect attached hereto as Annex 1 or
Annex 2. The Buyer is aware that the sale to it is being made in
reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
for its own account or the accounts of other qualified institutional
buyers, understands that such Rule 144A Securities may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given
that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
1933 Act.
[3. The Buyer
(a) is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (a "Plan"), or any other
person (including an investment manager, a named fiduciary or a trustee
of any Plan) acting, directly or indirectly, on behalf of or purchasing
any Certificate with "plan assets" of any Plan within the meaning of the
Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;
(b) is an insurance company, the source of funds to be used by it
to purchase the Certificates is an "insurance company general account"
(within the meaning of DOL Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Sections I and III
of PTCE 95-60; or
(c) has provided the Trustee, the Company and the Master Servicer
with an opinion of counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the
effect that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject
the Trustee, the Company or the Master Servicer to any obligation or
liability (including obligations or liabilities under ERISA or Section
4975 of the Code) in addition to those undertaken in the Pooling and
Servicing Agreement. ]
4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
Print Name of Seller Print Name of Buyer
By:
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By:
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Name: Name:
Title: Title:
Taxpayer Identification Taxpayer Identification:
No. No:
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No:
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Date: Date:
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Date:
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ANNEX 1 TO EXHIBIT J
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the Buyer's most recent fiscal year (such amount
being calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.
Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution), Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.
Bank. The Buyer (a) is a national bank or banking institution organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially confined to banking and is supervised by the State or
territorial banking commission or similar official or is a foreign bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual financial statements, a copy of which is
attached hereto.
Savings and Loan. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association or
similar institution, which is supervised and examined by a State or Federal
authority having supervision over any such institutions or is a foreign savings
and loan association or equivalent institution and (b) has an audited net worth
of at least $25,000,000 as demonstrated in its latest annual financial
statements.
Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.
Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the insurance commissioner or a similar official or agency of a State or
territory or the District of Columbia.
State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.
ERISA Plan. The Buyer is an employee benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.
Investment Adviser. The Buyer is an investment adviser registered under
the Investment Advisers Act of 1940.
SBIC. The Buyer is a Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.
Business Development Company. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.
Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established and
maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of
its employees, or (b) employee benefit plans within the meaning of Title I of
the Employee Retirement Income Security Act of 1974, but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.
3. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
Print Name of Buyer
By:
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Name:
Title:
Date:
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ANNEX 2 TO EXHIBIT J
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.
The Buyer owned $ in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year (such
amount being calculated in accordance with Rule 144A).
The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the end of the Buyer's most recent fiscal year (such amount being
calculated in accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
Print Name of Buyer
By:
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Name:
Title:
IF AN ADVISOR:
Print Name of Buyer
Date:
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EXHIBIT K
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
LIMITED GUARANTY]
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited Guaranty.
(a) Subject to subsection (c) below, prior to the later of the third Business
Day prior to each Distribution Date or the related Determination Date, the
Master Servicer shall determine whether it or any Sub-Servicer will be entitled
to any reimbursement pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer Advances previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer Advances reimbursed pursuant to Section
4.02(a), to the extent such Advances or Sub-Servicer Advances have not been
included in the amount of the Realized Loss in the related Mortgage Loan, and
shall distribute the same to the Class B Certificateholders in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).
(b) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether any Realized Losses (other than
Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary Losses) will be allocated to the Class B Certificates on such
Distribution Date pursuant to Section 4.05, and, if so, the Master Servicer
shall demand payment from Residential Funding of the amount of such Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the additional amount of
Accrued Certificate Interest that would have been paid for the Class B
Certificateholders on such Distribution Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate Principal
Balances of the Class B Certificates on such Distribution Date due to such
Realized Loss or Losses. Notwithstanding such payment, such Realized Losses
shall be deemed to have been borne by the Certificateholders for purposes of
Section 4.05. Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.
(c) Demands for payments pursuant to this Section shall be made prior to
the later of the third Business Day prior to each Distribution Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee. The maximum amount that Residential Funding shall be required to
pay pursuant to this Section on any Distribution Date (the "Amount Available")
shall be equal to the lesser of (X) minus the sum of (i) all previous payments
made under subsections (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as described below in subsection (d) and
(Y) the then outstanding Certificate Principal Balances of the Class B
Certificates, or such lower amount as may be established pursuant to Section
12.02. Residential Funding's obligations as described in this Section are
referred to herein as the "Subordinate Certificate Loss Obligation."
(d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and shall demand payment pursuant to the limited guaranty (the "Limited
Guaranty"), executed by General Motors Acceptance Corporation, of Residential
Funding's obligation to make payments pursuant to this Section, in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by delivering to General Motors Acceptance Corporation a written demand for
payment by wire transfer, not later than the second Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.
(e) All payments made by Residential Funding pursuant to this Section or
amounts paid under the Limited Guaranty shall be deposited directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.
(f) The Company shall have the option, in its sole discretion, to
substitute for either or both of the Limited Guaranty or the Subordinate
Certificate Loss Obligation another instrument in the form of a corporate
guaranty, an irrevocable letter of credit, a surety bond, insurance policy or
similar instrument or a reserve fund; provided that (i) the Company obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such substitute corporate guaranty, irrevocable letter of credit,
surety bond, insurance policy or similar instrument or reserve fund will not
cause either (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860(F)(a)(1) of the Code or on "contributions after the startup date"
under Section 860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any Certificate is outstanding, and (ii) no such
substitution shall be made unless (A) the substitute Limited Guaranty or
Subordinate Certificate Loss Obligation is for an initial amount not less than
the then current Amount Available and contains provisions that are in all
material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution shall
not lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument constitutes a legal, valid and
binding obligation of the substitute guarantor or obligor, enforceable in
accordance with its terms, and concerning such other matters as the Master
Servicer and the Trustee shall reasonably request. Neither the Company, the
Master Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited Guaranty or Subordinate Certificate Loss Obligation under any
circumstance.
Section 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XII may be amended in any manner; in each case by
written instrument executed or consented to by the Company and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Company shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class B Certificates at the request of the Company
to the effect that such amendment, reduction, deletion or cancellation will not
lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding or an Affiliate of Residential Funding, or (B) such amendment,
reduction, deletion or cancellation is made in accordance with Section 11.01(e)
and, provided further that the Company obtains (subject to the provisions of
Section 10.01(f) as if the Company was substituted for the Master Servicer
solely for the purposes of such provision), in the case of a material amendment
or supersession (but not a reduction, cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation), an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect that any
such amendment or supersession will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on "prohibited transactions" under Section 860F(a)(1) of the Code or on
"contributions after the startup date" under Section 860G(d)(1) of the Code or
(b) the Trust Fund to fail to qualify as a REMIC at any time that any
Certificate is outstanding. A copy of any such instrument shall be provided to
the Trustee and the Master Servicer together with an Opinion of Counsel that
such amendment complies with this Section 12.02.
EXHIBIT L
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series ________
___________, 20____
[Trustee]
Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware corporation
("Residential Funding"), an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation, a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement, dated as
of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated as of ________________ (together, the "Servicing Agreement"), among
Residential Funding Mortgage Securities I, Inc. (the "Company"), Residential
Funding and __________ (the "Trustee") as amended by Amendment No. thereto,
dated as of , with respect to the Mortgage Pass-Through Certificates, Series
________ (the "Certificates"); and
WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential Funding agrees to make payments to the Holders of the Class B
Certificates with respect to certain losses on the Mortgage Loans as described
in the Servicing Agreement; and
WHEREAS, GMAC desires to provide certain assurances with respect to the
ability of Residential Funding to secure sufficient funds and faithfully to
perform its Subordinate Certificate Loss Obligation;
NOW THEREFORE, in consideration of the premises herein contained and
certain other good and valuable consideration, the receipt of which is ▇▇▇▇▇▇
acknowledged, GMAC agrees as follows:
1. Provision of Funds. (a) GMAC agrees to contribute and deposit in the
Certificate Account on behalf of Residential Funding (or otherwise provide to
Residential Funding, or to cause to be made available to Residential Funding),
either directly or through a subsidiary, in any case prior to the related
Distribution Date, such moneys as may be required by Residential Funding to
perform its Subordinate Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the Trustee in accordance with Section
12.01 of the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall be
absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
2. Waiver. GMAC hereby waives any failure or delay on the part of
Residential Funding, the Trustee or any other person in asserting or enforcing
any rights or in making any claims or demands hereunder. Any defective or
partial exercise of any such rights shall not preclude any other or further
exercise of that or any other such right. GMAC further waives demand,
presentment, notice of default, protest, notice of acceptance and any other
notices with respect to this Limited Guaranty, including, without limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.
3. Modification, Amendment and Termination. This Limited Guaranty may be
modified, amended or terminated only by the written agreement of GMAC and the
Trustee and only if such modification, amendment or termination is permitted
under Section 12.02 of the Servicing Agreement. The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided herein, the
guarantee herein set forth shall be binding upon GMAC and its respective
successors.
5. Governing Law. This Limited Guaranty shall be governed by the laws of
the State of New York.
6. Authorization and Reliance. GMAC understands that a copy of this
Limited Guaranty shall be delivered to the Trustee in connection with the
execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby
authorizes the Company and the Trustee to rely on the covenants and agreements
set forth herein.
7. Definitions. Capitalized terms used but not otherwise defined herein
shall have the meaning given them in the Servicing Agreement.
8. Counterparts. This Limited Guaranty may be executed in any number of
counterparts, each of which shall be deemed to be an original and such
counterparts shall constitute but one and the same instrument.
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.
GENERAL MOTORS ACCEPTANCE CORPORATION
By:
----------------------------------------
Name:
Title:
Acknowledged by:
[Trustee], as Trustee
By:
--------------------------
Name:
Title:
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
By:
--------------------------
Name:
Title:
EXHIBIT M
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
_____________, 20______
Residential Funding Mortgage Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
[Trustee]
Attention: Residential Funding Corporation Series ________
Re: Mortgage Pass-Through Certificates, Series ________
Assignment of Mortgage Loan
Ladies and Gentlemen:
This letter is delivered to you in connection with the assignment by
___________ (the "Trustee") to _____________________ (the "Lender") of
__________________(the "Mortgage Loan") pursuant to Section 3.13(d) of the
Series Supplement, dated as of ________________, to the Standard Terms of
Pooling and Servicing Agreement dated as of ________________ (together, the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"), Residential Funding Corporation, as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing Agreement. The Lender
hereby certifies, represents and warrants to, and covenants with, the Master
Servicer and the Trustee that:
the Mortgage Loan is secured by Mortgaged Property located in a
jurisdiction in which an assignment in lieu of satisfaction is required to
preserve lien priority, minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;
the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the transaction is solely to comply with,
or facilitate the transaction under, such local laws;
the Mortgage Loan following the proposed assignment will be modified to
have a rate of interest at least 0.25 percent below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and such
assignment is at the request of the borrower under the related Mortgage Loan.
Very truly yours,
(Lender)
By:
-----------------------------------
Name:
Title:
EXHIBIT N
FORM OF REQUEST FOR EXCHANGE
[Date]
Bank One, National Association
▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇-▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-0126
Re: Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Through Certificates, Series [________]
Residential Funding Corporation, as the Holder of a ____% Percentage
Interest of the [Class/Subclass] of Class A-V Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:
1. Class A-V Certificates, corresponding to the following
Uncertificated REMIC Regular Interests: [List numbers
corresponding to the related loans and Pool Strip Rates from the
Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
the initial Pass-Through Rate on the Class A-V Certificates will
be $___________ and _____%, respectively.
[2. Repeat as appropriate.]
The Subclasses requested above will represent in the aggregate all of
the Uncertificated REMIC Regular Interests represented by the Class A-V
Certificates surrendered for exchange.
The capitalized terms used but not defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement, dated as of _______,
among Residential Funding Mortgage Securities I, Inc., Residential Funding
Corporation and Bank One National Association, as trustee.
RESIDENTIAL FUNDING
CORPORATION
By:
----------------------------------------
Name:
Title:
EXHIBIT O
FORM OF FORM 10-K CERTIFICATE
I, [identify the certifying individual], certify that:
1. I have reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods included in the year covered by that annual report,
of the trust (the "Trust") created pursuant to the Pooling and Servicing
Agreement dated __________ (the "Agreement") among Residential Funding Mortgage
Securities I, Inc. (the "Company"), Residential Funding Corporation (the "Master
Servicer") and Bank One, National Association (the "Trustee");
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;
3. Based on my knowledge, the servicing information required to be
provided to the Trustee by the Master Servicer under the Agreement for inclusion
in these reports is included in these reports;
4. I am responsible for reviewing the activities performed by the Master
Servicer under the Agreement and based upon my knowledge and the annual
compliance review required under the Agreement, and except as disclosed in the
report, the Master Servicer has fulfilled its obligations under the Agreement;
and
5. The reports disclose all significant deficiencies relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a review
in compliance with the Uniform Single Attestation Program for Mortgage Bankers
as set forth in the Agreement, that is included in these reports.
In giving the certifications above, I have reasonably relied on the
information provided to me by the following unaffiliated parties: [the Trustee].
Date:____________
_________________________________*
[Signature]
Name:
Title:
* - to be signed by the senior officer in charge of the servicing functions of
the Master Servicer
EXHIBIT P
FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE
The undersigned, a Responsible Officer of Bank One, National Association
(the "Trustee") certifies that:
1. The Trustee has performed all of the duties specifically required to
be performed by it pursuant to the provisions of the Pooling and Servicing
Agreement dated _________ (the "Agreement") by and among Residential Funding
Mortgage Securities I, Inc. (the "Company"), Residential Funding Corporation
(the "Master Servicer") and Trustee in accordance with the standards set forth
therein.
2. Based on my knowledge, the list of Certificateholders as shown on the
Certificate Register as of the end of each calendar year that is provided by the
Trustee pursuant to Section 4.03(f)(I) of the Agreement is accurate as of the
last day of the 20___ calendar year.
Capitalized terms used and not defined herein shall have the meanings
given such terms in the Agreement.
IN WITNESS THEREOF, I have duly executed this certificate as of
____________, 20___
Name:_________________
Title:
EXHIBIT Q
INFORMATION TO BE PROVIDED BY THE MASTER SERVICER TO THE RATING AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS
Account number
Transaction Identifier
Unpaid Principal Balance prior to Modification
Next Due Date
Monthly Principal and Interest Payment
Total Servicing Advances
Current Interest Rate
Original Maturity Date
Original Term to Maturity (Months)
Remaining Term to Maturity (Months)
Trial Modification Indicator
Mortgagor Equity Contribution
Total Servicer Advances
Trial Modification Term (Months)
Trial Modification Start Date
Trial Modification End Date
Trial Modification Period Principal and Interest Payment
Trial Modification Interest Rate
Trial Modification Term
Rate Reduction Indicator
Interest Rate Post Modification
Rate Reduction Start Date
Rate Reduction End Date
Rate Reduction Term
Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification
Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan