INDYMAC ABS, INC. INDYMAC HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST, SERIES INDS 2007-1 HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST, SERIES INDS 2007-1 AMENDMENT NO. 1 TO POOLING AND SERVICING AGREEMENT Dated as of May 7, 2007
INDYMAC
ABS, INC.
HOME
EQUITY MORTGAGE LOAN ASSET-BACKED TRUST, SERIES
INDS
2007-1
_____________________
AMENDMENT
NO. 1 TO POOLING AND SERVICING AGREEMENT
Dated
as
of May 7, 2007
AMENDMENT
▇▇. ▇
▇▇▇▇▇▇▇▇▇
▇▇. ▇ to Pooling and Servicing Agreement (the “Amendment”) effective as of May
7, 2007 (the “Effective Date”) among INDYMAC ABS, INC., as depositor (the
“Depositor”), INDYMAC BANK, F.S.B., as seller and servicer (the “Seller” and
“Servicer”, as applicable) and DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee
(the “Trustee”).
PRELIMINARY
STATEMENT
WHEREAS,
the parties hereto are parties to that certain Pooling and Servicing Agreement,
dated as of February 1, 2007, among the Depositor, the Seller, the Servicer
and
the Trustee (the “Agreement”); and
WHEREAS,
Section 10.01 of the Agreement provides that the Agreement may be amended
by the
parties thereto, without the consent of any of the Certificateholders, to
correct any provisions therein or to make or modify any provision therein
with
respect to matters or questions arising under the Agreement which shall not
be
inconsistent with the provisions of the Agreement;
WHEREAS,
the Agreement incorrectly set forth the tables for REMIC I, REMIC III and
REMIC
IV;
WHEREAS,
the Agreement incorrectly stated the definitions of REMIC I Remittance Rate
and
REMIC II Remittance Rate;
NOW,
THEREFORE, in consideration of the foregoing and of other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
the
parties hereto agree:
1.
That, as of the Effective Date, the Agreement is hereby Amended to:
(a) Replace
the REMIC I, REMIC III and REMIC IV tables with the tables set forth on Annex
I
hereto;
(b) Delete
the first sentence of the definition of “REMIC I Remittance Rate”;
(c) Delete
clause (w) from the definition of “REMIC II Remittance Rate”;
(d) Delete
the clause “to REMIC I Regular Interest I and” from the second paragraph of
Section 4.04;
(e) Delete
the clause “REMIC I Regular Interest I” following “to Holders of each of” from
Section 4.09(a)(i); delete the clause “: first, to REMIC I Regular Interest I
until the Uncertificated Balance is reduced to zero and second” from Section
4.09(a)(ii) and delete the clause “first, to REMIC I Regular Interest I until
the Uncertificated Balance has been reduced to zero, and second” from Section
4.09(d).
2.
Except as expressly modified or amended in this Amendment, the parties hereto
agree that all of the terms, covenants, provisions, agreements and conditions
of
the Agreement are hereby ratified and confirmed in every respect and shall
remain unmodified and unchanged and shall continue in full force and
effect.
3.
The Depositor, the Seller and the Servicer hereby certify that all conditions
for the execution of this Amendment have been satisfied.
4.
Capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the Agreement.
5.
This Amendment may be executed in counterparts, each of which shall be an
original but all of which, taken together, shall constitute one and the same
instrument and that this Amendment shall be construed in accordance with
the
laws of the State of New York (excluding provisions regarding conflicts of
laws)
and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
IN
WITNESS WHEREOF, the parties have duly executed this Amendment as of the
date
first above written.
|
INDYMAC
ABS, INC.,
as
Depositor
|
||
| |
|
|
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇ | |
| Name: |
▇▇▇▇ ▇▇▇▇▇▇▇▇ |
|
| Title: | Vice President | |
|
INDYMAC
BANK, F.S.B.,
as
Seller and Servicer
|
||
| |
|
|
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇ | |
| Name: |
▇▇▇▇ ▇▇▇▇▇▇▇▇ |
|
| Title: | Vice President | |
|
DEUTSCHE
BANK NATIONAL TRUST COMPANY,
as
Trustee
|
||
| |
|
|
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ | |
| Name: |
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ |
|
| Title: | Associate | |
| By: | /s/ ▇▇▇▇▇▇ ▇▇▇▇▇ | |
| Name: |
▇▇▇▇▇▇ ▇▇▇▇▇ |
|
| Title: | Associate |
ANNEX
I
REMIC
I
As
provided herein, the Trustee will elect to treat the pool of assets consisting
of the Mortgage Loans and certain other related assets (other than the
Supplemental Interest Trust, the Excess Reserve Fund Account, the Interest
Rate
Swap Agreement and the Pool Policy Reserve Account) subject to this Agreement
as
a REMIC for federal income tax purposes, and such pool of assets will be
designated as REMIC I. The Class R-I Interest will evidence the sole class
of
residual interests in REMIC I for purposes of the REMIC Provisions. The
following table irrevocably sets forth the designation, the REMIC I Remittance
Rate, the initial Uncertificated Balance and, for purposes of satisfying
Treasury Regulation Section 1.860G-1(a)(4)(iii), the latest possible maturity
date for each of the REMIC I Regular Interests (as defined herein). None
of the
REMIC I Regular Interests will be certificated.
|
Designation
|
REMIC
I
Remittance
Rate
|
Initial
Uncertificated
Balance
|
Latest
Possible
Maturity
Date(1)
|
|||||
|
I-1-A
|
Variable(2)
|
$
|
1,701,844.44
|
March
25, 2037
|
||||
|
I-1-B
|
Variable(2)
|
$
|
1,701,844.44
|
March
25, 2037
|
||||
|
I-2-A
|
Variable(2)
|
$
|
2,106,000.00
|
March
25, 2037
|
||||
|
I-2-B
|
Variable(2)
|
$
|
2,106,000.00
|
March
25, 2037
|
||||
|
I-3-A
|
Variable(2)
|
$
|
2,517,500.00
|
March
25, 2037
|
||||
|
I-3-B
|
Variable(2)
|
$
|
2,517,500.00
|
March
25, 2037
|
||||
|
I-4-A
|
Variable(2)
|
$
|
2,923,500.00
|
March
25, 2037
|
||||
|
I-4-B
|
Variable(2)
|
$
|
2,923,500.00
|
March
25, 2037
|
||||
|
I-5-A
|
Variable(2)
|
$
|
3,324,500.00
|
March
25, 2037
|
||||
|
I-5-B
|
Variable(2)
|
$
|
3,324,500.00
|
March
25, 2037
|
||||
|
I-6-A
|
Variable(2)
|
$
|
3,715,500.00
|
March
25, 2037
|
||||
|
I-6-B
|
Variable(2)
|
$
|
3,715,500.00
|
March
25, 2037
|
||||
|
I-7-A
|
Variable(2)
|
$
|
4,059,500.00
|
March
25, 2037
|
||||
|
I-7-B
|
Variable(2)
|
$
|
4,059,500.00
|
March
25, 2037
|
||||
|
I-8-A
|
Variable(2)
|
$
|
4,421,500.00
|
March
25, 2037
|
||||
|
I-8-B
|
Variable(2)
|
$
|
4,421,500.00
|
March
25, 2037
|
||||
|
I-9-A
|
Variable(2)
|
$
|
4,764,000.00
|
March
25, 2037
|
||||
|
I-9-B
|
Variable(2)
|
$
|
4,764,000.00
|
March
25, 2037
|
||||
|
I-10-A
|
Variable(2)
|
$
|
5,081,000.00
|
March
25, 2037
|
||||
|
I-10-B
|
Variable(2)
|
$
|
5,081,000.00
|
March
25, 2037
|
||||
|
I-11-A
|
Variable(2)
|
$
|
4,948,000.00
|
March
25, 2037
|
||||
|
I-11-B
|
Variable(2)
|
$
|
4,948,000.00
|
March
25, 2037
|
||||
|
I-12-A
|
Variable(2)
|
$
|
6,072,500.00
|
March
25, 2037
|
||||
|
I-12-B
|
Variable(2)
|
$
|
6,072,500.00
|
March
25, 2037
|
||||
|
I-13-A
|
Variable(2)
|
$
|
4,631,000.00
|
March
25, 2037
|
||||
|
I-13-B
|
Variable(2)
|
$
|
4,631,000.00
|
March
25, 2037
|
||||
|
I-14-A
|
Variable(2)
|
$
|
4,506,000.00
|
March
25, 2037
|
||||
|
I-14-B
|
Variable(2)
|
$
|
4,506,000.00
|
March
25, 2037
|
||||
|
I-15-A
|
Variable(2)
|
$
|
4,383,500.00
|
March
25, 2037
|
||||
|
I-15-B
|
Variable(2)
|
$
|
4,383,500.00
|
March
25, 2037
|
||||
|
I-16-A
|
Variable(2)
|
$
|
4,265,500.00
|
March
25, 2037
|
||||
|
I-16-B
|
Variable(2)
|
$
|
4,265,500.00
|
March
25, 2037
|
||||
|
I-17-A
|
Variable(2)
|
$
|
4,150,000.00
|
March
25, 2037
|
||||
|
I-17-B
|
Variable(2)
|
$
|
4,150,000.00
|
March
25, 2037
|
||||
|
I-18-A
|
Variable(2)
|
$
|
5,847,000.00
|
March
25, 2037
|
||||
|
I-18-B
|
Variable(2)
|
$
|
5,847,000.00
|
March
25, 2037
|
||||
|
I-19-A
|
Variable(2)
|
$
|
3,820,500.00
|
March
25, 2037
|
||||
|
I-19-B
|
Variable(2)
|
$
|
3,820,500.00
|
March
25, 2037
|
||||
|
I-20-A
|
Variable(2)
|
$
|
3,717,500.00
|
March
25, 2037
|
||||
|
I-20-B
|
Variable(2)
|
$
|
3,717,500.00
|
March
25, 2037
|
||||
|
I-21-A
|
Variable(2)
|
$
|
3,617,000.00
|
March
25, 2037
|
||||
|
I-21-B
|
Variable(2)
|
$
|
3,617,000.00
|
March
25, 2037
|
||||
|
I-22-A
|
Variable(2)
|
$
|
3,520,000.00
|
March
25, 2037
|
||||
|
I-22-B
|
Variable(2)
|
$
|
3,520,000.00
|
March
25, 2037
|
||||
|
I-23-A
|
Variable(2)
|
$
|
3,425,000.00
|
March
25, 2037
|
||||
|
I-23-B
|
Variable(2)
|
$
|
3,425,000.00
|
March
25, 2037
|
||||
|
I-24-A
|
Variable(2)
|
$
|
5,300,500.00
|
March
25, 2037
|
||||
|
I-24-B
|
Variable(2)
|
$
|
5,300,500.00
|
March
25, 2037
|
||||
|
I-25-A
|
Variable(2)
|
$
|
3,158,000.00
|
March
25, 2037
|
||||
|
I-25-B
|
Variable(2)
|
$
|
3,158,000.00
|
March
25, 2037
|
||||
|
I-26-A
|
Variable(2)
|
$
|
3,073,000.00
|
March
25, 2037
|
||||
|
I-26-B
|
Variable(2)
|
$
|
3,073,000.00
|
March
25, 2037
|
||||
|
I-27-A
|
Variable(2)
|
$
|
2,990,000.00
|
March
25, 2037
|
||||
|
I-27-B
|
Variable(2)
|
$
|
2,990,000.00
|
March
25, 2037
|
||||
|
I-28-A
|
Variable(2)
|
$
|
2,910,500.00
|
March
25, 2037
|
||||
|
I-28-B
|
Variable(2)
|
$
|
2,910,500.00
|
March
25, 2037
|
||||
|
I-29-A
|
Variable(2)
|
$
|
2,833,000.00
|
March
25, 2037
|
||||
|
I-29-B
|
Variable(2)
|
$
|
2,833,000.00
|
March
25, 2037
|
||||
|
I-30-A
|
Variable(2)
|
$
|
6,850,000.00
|
March
25, 2037
|
||||
|
I-30-B
|
Variable(2)
|
$
|
6,850,000.00
|
March
25, 2037
|
||||
|
I-31-A
|
Variable(2)
|
$
|
2,598,500.00
|
March
25, 2037
|
||||
|
I-31-B
|
Variable(2)
|
$
|
2,598,500.00
|
March
25, 2037
|
||||
|
I-32-A
|
Variable(2)
|
$
|
2,530,000.00
|
March
25, 2037
|
||||
|
I-32-B
|
Variable(2)
|
$
|
2,530,000.00
|
March
25, 2037
|
||||
|
I-33-A
|
Variable(2)
|
$
|
2,462,000.00
|
March
25, 2037
|
||||
|
I-33-B
|
Variable(2)
|
$
|
2,462,000.00
|
March
25, 2037
|
||||
|
I-34-A
|
Variable(2)
|
$
|
2,396,500.00
|
March
25, 2037
|
||||
|
I-34-B
|
Variable(2)
|
$
|
2,396,500.00
|
March
25, 2037
|
||||
|
I-35-A
|
Variable(2)
|
$
|
2,332,500.00
|
March
25, 2037
|
||||
|
I-35-B
|
Variable(2)
|
$
|
2,332,500.00
|
March
25, 2037
|
||||
|
I-36-A
|
Variable(2)
|
$
|
5,497,500.00
|
March
25, 2037
|
||||
|
I-36-B
|
Variable(2)
|
$
|
5,497,500.00
|
March
25, 2037
|
||||
|
I-37-A
|
Variable(2)
|
$
|
2,130,500.00
|
March
25, 2037
|
||||
|
I-37-B
|
Variable(2)
|
$
|
2,130,500.00
|
March
25, 2037
|
||||
|
I-38-A
|
Variable(2)
|
$
|
2,073,000.00
|
March
25, 2037
|
||||
|
I-38-B
|
Variable(2)
|
$
|
2,073,000.00
|
March
25, 2037
|
||||
|
I-39-A
|
Variable(2)
|
$
|
2,019,000.00
|
March
25, 2037
|
||||
|
I-39-B
|
Variable(2)
|
$
|
2,019,000.00
|
March
25, 2037
|
||||
|
I-40-A
|
Variable(2)
|
$
|
1,965,000.00
|
March
25, 2037
|
||||
|
I-40-B
|
Variable(2)
|
$
|
1,965,000.00
|
March
25, 2037
|
||||
|
I-41-A
|
Variable(2)
|
$
|
1,913,000.00
|
March
25, 2037
|
||||
|
I-41-B
|
Variable(2)
|
$
|
1,913,000.00
|
March
25, 2037
|
||||
|
I-42-A
|
Variable(2)
|
$
|
5,010,000.00
|
March
25, 2037
|
||||
|
I-42-B
|
Variable(2)
|
$
|
5,010,000.00
|
March
25, 2037
|
||||
|
I-43-A
|
Variable(2)
|
$
|
1,737,500.00
|
March
25, 2037
|
||||
|
I-43-B
|
Variable(2)
|
$
|
1,737,500.00
|
March
25, 2037
|
||||
|
I-44-A
|
Variable(2)
|
$
|
1,691,500.00
|
March
25, 2037
|
||||
|
I-44-B
|
Variable(2)
|
$
|
1,691,500.00
|
March
25, 2037
|
||||
|
I-45-A
|
Variable(2)
|
$
|
1,646,500.00
|
March
25, 2037
|
||||
|
I-45-B
|
Variable(2)
|
$
|
1,646,500.00
|
March
25, 2037
|
||||
|
I-46-A
|
Variable(2)
|
$
|
1,603,000.00
|
March
25, 2037
|
||||
|
I-46-B
|
Variable(2)
|
$
|
1,603,000.00
|
March
25, 2037
|
||||
|
I-47-A
|
Variable(2)
|
$
|
1,561,000.00
|
March
25, 2037
|
||||
|
I-47-B
|
Variable(2)
|
$
|
1,561,000.00
|
March
25, 2037
|
||||
|
I-48-A
|
Variable(2)
|
$
|
4,511,000.00
|
March
25, 2037
|
||||
|
I-48-B
|
Variable(2)
|
$
|
4,511,000.00
|
March
25, 2037
|
||||
|
I-49-A
|
Variable(2)
|
$
|
1,404,000.00
|
March
25, 2037
|
||||
|
I-49-B
|
Variable(2)
|
$
|
1,404,000.00
|
March
25, 2037
|
||||
|
I-50-A
|
Variable(2)
|
$
|
1,366,500.00
|
March
25, 2037
|
||||
|
I-50-B
|
Variable(2)
|
$
|
1,366,500.00
|
March
25, 2037
|
||||
|
I-51-A
|
Variable(2)
|
$
|
1,331,500.00
|
March
25, 2037
|
||||
|
I-51-B
|
Variable(2)
|
$
|
1,331,500.00
|
March
25, 2037
|
||||
|
I-52-A
|
Variable(2)
|
$
|
1,296,500.00
|
March
25, 2037
|
||||
|
I-52-B
|
Variable(2)
|
$
|
1,296,500.00
|
March
25, 2037
|
||||
|
I-53-A
|
Variable(2)
|
$
|
1,262,500.00
|
March
25, 2037
|
||||
|
I-53-B
|
Variable(2)
|
$
|
1,262,500.00
|
March
25, 2037
|
||||
|
I-54-A
|
Variable(2)
|
$
|
4,063,000.00
|
March
25, 2037
|
||||
|
I-54-B
|
Variable(2)
|
$
|
4,063,000.00
|
March
25, 2037
|
||||
|
I-55-A
|
Variable(2)
|
$
|
1,131,500.00
|
March
25, 2037
|
||||
|
I-55-B
|
Variable(2)
|
$
|
1,131,500.00
|
March
25, 2037
|
||||
|
I-56-A
|
Variable(2)
|
$
|
1,102,500.00
|
March
25, 2037
|
||||
|
I-56-B
|
Variable(2)
|
$
|
1,102,500.00
|
March
25, 2037
|
||||
|
I-57-A
|
Variable(2)
|
$
|
1,074,000.00
|
March
25, 2037
|
||||
|
I-57-B
|
Variable(2)
|
$
|
1,074,000.00
|
March
25, 2037
|
||||
|
I-58-A
|
Variable(2)
|
$
|
1,046,000.00
|
March
25, 2037
|
||||
|
I-58-B
|
Variable(2)
|
$
|
1,046,000.00
|
March
25, 2037
|
||||
|
I-59-A
|
Variable(2)
|
$
|
1,018,500.00
|
March
25, 2037
|
||||
|
I-59-B
|
Variable(2)
|
$
|
1,018,500.00
|
March
25, 2037
|
||||
|
I-60-A
|
Variable(2)
|
$
|
3,826,000.00
|
March
25, 2037
|
||||
|
I-60-B
|
Variable(2)
|
$
|
3,826,000.00
|
March
25, 2037
|
||||
|
I-61-A
|
Variable(2)
|
$
|
918,000.00
|
March
25, 2037
|
||||
|
I-61-B
|
Variable(2)
|
$
|
918,000.00
|
March
25, 2037
|
||||
|
I-62-A
|
Variable(2)
|
$
|
893,500.00
|
March
25, 2037
|
||||
|
I-62-B
|
Variable(2)
|
$
|
893,500.00
|
March
25, 2037
|
||||
|
I-63-A
|
Variable(2)
|
$
|
871,500.00
|
March
25, 2037
|
||||
|
I-63-B
|
Variable(2)
|
$
|
871,500.00
|
March
25, 2037
|
||||
|
I-64-A
|
Variable(2)
|
$
|
848,500.00
|
March
25, 2037
|
||||
|
I-64-B
|
Variable(2)
|
$
|
848,500.00
|
March
25, 2037
|
||||
|
I-65-A
|
Variable(2)
|
$
|
826,500.00
|
March
25, 2037
|
||||
|
I-65-B
|
Variable(2)
|
$
|
826,500.00
|
March
25, 2037
|
||||
|
I-66-A
|
Variable(2)
|
$
|
3,245,000.00
|
March
25, 2037
|
||||
|
I-66-B
|
Variable(2)
|
$
|
3,245,000.00
|
March
25, 2037
|
||||
|
I-67-A
|
Variable(2)
|
$
|
738,000.00
|
March
25, 2037
|
||||
|
I-67-B
|
Variable(2)
|
$
|
738,000.00
|
March
25, 2037
|
||||
|
I-68-A
|
Variable(2)
|
$
|
719,500.00
|
March
25, 2037
|
||||
|
I-68-B
|
Variable(2)
|
$
|
719,500.00
|
March
25, 2037
|
||||
|
I-69-A
|
Variable(2)
|
$
|
700,500.00
|
March
25, 2037
|
||||
|
I-69-B
|
Variable(2)
|
$
|
700,500.00
|
March
25, 2037
|
||||
|
I-70-A
|
Variable(2)
|
$
|
683,000.00
|
March
25, 2037
|
||||
|
I-70-B
|
Variable(2)
|
$
|
683,000.00
|
March
25, 2037
|
||||
|
I-71-A
|
Variable(2)
|
$
|
665,500.00
|
March
25, 2037
|
||||
|
I-71-B
|
Variable(2)
|
$
|
665,500.00
|
March
25, 2037
|
||||
|
I-72-A
|
Variable(2)
|
$
|
2,458,500.00
|
March
25, 2037
|
||||
|
I-72-B
|
Variable(2)
|
$
|
2,458,500.00
|
March
25, 2037
|
||||
|
I-73-A
|
Variable(2)
|
$
|
595,500.00
|
March
25, 2037
|
||||
|
I-73-B
|
Variable(2)
|
$
|
595,500.00
|
March
25, 2037
|
||||
|
I-74-A
|
Variable(2)
|
$
|
580,500.00
|
March
25, 2037
|
||||
|
I-74-B
|
Variable(2)
|
$
|
580,500.00
|
March
25, 2037
|
||||
|
I-75-A
|
Variable(2)
|
$
|
566,000.00
|
March
25, 2037
|
||||
|
I-75-B
|
Variable(2)
|
$
|
566,000.00
|
March
25, 2037
|
||||
|
I-76-A
|
Variable(2)
|
$
|
552,000.00
|
March
25, 2037
|
||||
|
I-76-B
|
Variable(2)
|
$
|
552,000.00
|
March
25, 2037
|
||||
|
I-77-A
|
Variable(2)
|
$
|
537,000.00
|
March
25, 2037
|
||||
|
I-77-B
|
Variable(2)
|
$
|
537,000.00
|
March
25, 2037
|
||||
|
I-78-A
|
Variable(2)
|
$
|
2,257,000.00
|
March
25, 2037
|
||||
|
I-78-B
|
Variable(2)
|
$
|
2,257,000.00
|
March
25, 2037
|
||||
|
I-79-A
|
Variable(2)
|
$
|
510,500.00
|
March
25, 2037
|
||||
|
I-79-B
|
Variable(2)
|
$
|
510,500.00
|
March
25, 2037
|
||||
|
I-80-A
|
Variable(2)
|
$
|
498,000.00
|
March
25, 2037
|
||||
|
I-80-B
|
Variable(2)
|
$
|
498,000.00
|
March
25, 2037
|
||||
|
I-81-A
|
Variable(2)
|
$
|
484,500.00
|
March
25, 2037
|
||||
|
I-81-B
|
Variable(2)
|
$
|
484,500.00
|
March
25, 2037
|
||||
|
I-82-A
|
Variable(2)
|
$
|
473,500.00
|
March
25, 2037
|
||||
|
I-82-B
|
Variable(2)
|
$
|
473,500.00
|
March
25, 2037
|
||||
|
I-83-A
|
Variable(2)
|
$
|
461,000.00
|
March
25, 2037
|
||||
|
I-83-B
|
Variable(2)
|
$
|
461,000.00
|
March
25, 2037
|
||||
|
I-84-A
|
Variable(2)
|
$
|
19,682,500.00
|
March
25, 2037
|
||||
|
I-84-B
|
Variable(2)
|
$
|
19,682,500.00
|
March
25, 2037
|
||||
________________
| (1) | For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations. |
| (2) |
Calculated
in accordance with the definition of “REMIC I Remittance Rate”
herein.
|
REMIC
III
As
provided herein, the Trustee will elect to treat the pool of assets consisting
of the REMIC II Regular Interests as a REMIC for federal income tax purposes,
and such pool of assets will be designated as REMIC III. The Class R-III
Interest will evidence the sole class of residual interests in REMIC III
for
purposes of the REMIC Provisions. The following table irrevocably sets forth
the
designation, the REMIC III Remittance Rate, the initial Uncertificated Balance
and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii),
the latest possible maturity date for each of the REMIC III Regular Interests
(as defined herein). None of the REMIC III Regular Interests will be
certificated.
|
Designation
|
REMIC
III
Remittance
Rate
|
Initial
Uncertificated
Balance
|
Latest
Possible
Maturity
Date(1)
|
|||||
|
▇▇▇▇-▇▇▇
|
▇▇▇▇▇▇▇▇(▇)
|
(▇)
|
▇▇▇▇▇
▇▇, ▇▇▇▇
|
|||||
|
▇▇▇▇-▇▇
|
Variable(2)
|
$
|
440,999,695.10
|
▇▇▇▇▇
▇▇, ▇▇▇▇
|
||||
|
▇▇▇▇-▇
|
Variable(2)
|
$
|
4,495,500.00
|
March
25, 2037
|
||||
|
LTII-ZZ
|
Variable(2)
|
$
|
4,504,493.78
|
▇▇▇▇▇
▇▇, ▇▇▇▇
|
||||
|
▇▇▇▇-▇
|
Variable(2)
|
$
|
100.00
|
March
25, 2037
|
||||
|
LTII-IO
|
Variable(2)
|
(3)
|
March
25, 2037
|
|||||
_______________
| (1) | For purposes of Treasury Regulation Section 1.860G-1(a)(4)(iii). |
| (2) |
Calculated
in accordance with the definition of REMIC III Remittance Rate
herein.
|
| (3) |
REMIC
III Regular Interest LTII-AIO and REMIC III Regular Interest LTII-IO
will
not have an Uncertificated Balance, but will accrue interest on
its
Uncertificated Notional Amount, as defined
herein.
|
REMIC
IV
As
provided herein, the Trustee will elect to treat the pool of assets consisting
of the REMIC III Regular Interests as a REMIC for federal income tax purposes,
and such pool of assets will be designated as REMIC IV. The Class R-IV Interest
will evidence the sole class of residual interests in REMIC IV for purposes
of
the REMIC Provisions. The following table irrevocably sets forth the
designation, the Pass-Through Rate, the initial aggregate Class Certificate
Balance and, for purposes of satisfying Treasury Regulation Section
1.860G-1(a)(4)(iii), the latest possible maturity date for the indicated
Classes
of Certificates. The Class IO Interest shall represent uncertificated regular
interests in REMIC IV.
Each
of
the Class A Certificates generally represents ownership of a regular interest
in
REMIC IV and also represents (i) the right to receive payments with respect
to
the Net WAC Cap Carry Forward Amount and (ii) the obligation to pay the Class
IO
Distribution Amount (as defined herein). The entitlement to principal of
each
REMIC IV Regular Interest ownership of which is represented by a regular
interest which corresponds to each Certificate shall be equal in amount and
timing to the entitlement to principal of such Certificate.
|
Designation
|
Pass-Through
Rate
|
Initial
Aggregate
Certificate
Balance
|
Latest
Possible
Maturity
Date(1)
|
|||||
|
Class
A-IO
|
3.20%(7)
|
(8)
|
March
25, 2037
|
|||||
|
Class
A
|
Variable(2)
|
$
|
449,550,000.00
|
March
25, 2037
|
||||
|
Class
C
|
Variable(2)(3)
|
$
|
449,588.88
|
March
25, 2037
|
||||
|
Class
P
|
(6)
|
$
|
100.00
|
March
25, 2037
|
||||
|
Class
IO Interest
|
(4)
|
(5)
|
March
25, 2037
|
|||||
________________
|
(1)
|
For
purposes of Treasury Regulation Section
1.860G-1(a)(4)(iii).
|
|
(2)
|
Calculated
in accordance with the definition of Pass-Through Rate
herein.
|
|
(3)
|
The
Class C Certificates will accrue interest at their variable Pass-Through
Rate on the Notional Amount of the Class C Certificates outstanding
from
time to time, which shall equal the aggregate Uncertificated
Balance of
the REMIC III Regular Interests. The Class C Certificates will
not accrue
interest on their Uncertificated Balance.
|
|
(4)
|
For
federal income tax purposes, the Class IO Interest will not have
a
Pass-Through Rate, but will be entitled to 100% of the amounts
distributed
on REMIC III Regular Interest LTII-IO.
|
|
(5)
|
For
federal income tax purposes, the Class IO Interest will not have
an
Uncertificated Balance, but will have a notional amount equal
to the
Uncertificated Notional Amount of REMIC III Regular Interest
LTII-IO.
|
|
(6)
|
The
Class P Certificates will not accrue interest.
|
|
(7)
|
Calculated
in accordance with the definition of “Pass-Through Rate” herein and
subject to the related Net WAC Cap.
|
|
(8)
|
The
Class A-IO Certificates will accrue interest based on a Notional
Amount,
as set forth herein.
|